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How to Fill out IRS Form 11 (with Form) - wikiHow - illinois w2 form
How to Fill out IRS Form 11 (with Form) – wikiHow – illinois w2 form | illinois w2 form

Churchill Downs Inc  (NASDAQ:CHDN)Q3 2018 Antithesis Appointment CallNov. 01, 2018, 9:00 a.m. ET

Operator

Good day, ladies and gentlemen, and acceptable to the Churchill Downs Incorporated 2018 Third Division Antithesis Appointment Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer affair and instructions will be accustomed at that time. As a reminder, this appointment alarm is actuality recorded.

I’d now like to acquaint your host for today’s conference, Mr. Nick Zangari, Vice President, Treasury and Investor Relations.

Nick Zangari — Vice President, Treasury, Investor Relations

Thank you, Ashley. Acceptable morning, and acceptable to our 2018 Third Division Antithesis Appointment Call. Afterwards the company’s able remarks, we will accessible the alarm for your questions.

The company’s 2018 third division business after-effects were appear bygone afternoon. A archetype of this absolution advertisement after-effects and added banking and statistical advice about the aeon to be presented in this appointment call, including advice adapted by Regulation G is accessible at the breadth of the company’s website blue-blooded News, amid at churchilldownsincorporated.com, as able-bodied as in the website’s Investors section.

Before we get started, I would like to admonish you that some of the statements we accomplish today may accommodate advanced statements. These statements absorb a cardinal of risks and uncertainties that could account complete after-effects to alter materially. All advanced statements should be advised in affiliation with the cautionary statements in our antithesis absolution and the accident factors included in our filings with the SEC. Specifically, the best contempo address on Form 10-Q and Form 10-K. Any advanced statements that we accomplish are based on assumptions as of today and we undertake no obligation to amend these statements as a aftereffect of new advice or approaching events.

During this call, we will present both GAAP and non-GAAP banking measures. A adaptation of GAAP to non-GAAP measures is included in today’s antithesis columnist release. The columnist absolution and Form 10-Q are accessible on our website at churchilldownsincorporated.com.

And now, I’ll about-face the alarm over to our Chief Controlling Officer, Mr. Bill Carstanjen.

William Carstanjen — Chief Controlling Officer

Thanks, Nick. Acceptable morning, everyone. With me today are several associates of our team, including Bill Mudd, our President and Chief Operating Officer, Marcia Dall, our Chief Banking Officer and Brad Blackwell, our Accepted Counsel. As adumbrated in our third division antithesis release, net revenues were up 12% and adapted EBITDA was up 7% over above-mentioned year. We had a able quarter. Marcia will accommodate accommodation on our after-effects while I’ll focus on several above cardinal initiatives. Afterwards we accomplished with our comments, we will be blessed to booty your questions.

We issued a columnist absolution bygone advertisement our admission into a complete acceding to admission at atomic 50.1% of the Rivers Casino in Des Plaines, Illinois. Our final buying allotment will depend on the elections fabricated by several boyhood ally who may accept to abide a allotment of our collective adventure or avenue forth with the Clairvest Group, who is affairs to us their complete buying stake. We are captivated to accomplice with Neil Bluhm and Rush Street Gaming, and absorption this as an important cardinal accretion for our company.

We think, we are accomplishing the following. Majority buying in a best-in-class bounded Casino asset with cogent approaching upside, befalling for abounding accord in the iGaming and sports action bazaar in Illinois, which is the sixth best crawling state, if Illinois authorizes these added forms of gaming. Buying of an asset we accept is able-bodied positioned to abide threats from approaching gaming amplification in the state, if any. An adorable acknowledgment on our invested capital, which will be anon accretive to chargeless banknote breeze and antithesis per share, and an accomplished aggressive position in a Casino gaming bazaar we accept consistently admired as we assignment with the Illinois assembly and controlling annex to actuate the approaching of our Arlington Park racetrack adjacent in Arlington Heights, Illinois.

Generally, we’ve been afraid to appoint aggressively in advancing bounded Casino acquisitions appropriately far in 2018, because multiples are aerial comparatively. However, this asset is one of the few we abnormally admired for the affidavit I aloof noted, and because Neil Bluhm and his alignment would be our partner. We acutely account his organization’s business and political accuracy and it was analytical to our assay that he basic to accumulate his buying accord and captivation activity forward.

Our aing affair is the columnist absolution we issued afterwards this week’s Board Meeting acclamation our 2019 dividend, our Board’s allotment of a new allotment repurchase affairs and our Board’s approval of a three-for-one banal split. Marshall will animadversion on the specifics, decidedly the banal split, but I basic to accomplish a brace of remarks. A 7% allotment advance amount is constant with our appearance of our acceptable amoebic advance in chargeless banknote breeze and banking performance. We accept the markets appearance us as a advance stock, which is how we appearance ourselves, but our investors additionally acknowledge our constant convenance of advantageous and growing our dividend.

With account to the Board’s allotment of a new $300 actor allotment repurchase program, we abide to accept acerb in our company’s abiding affairs and our adeptness to conservatively accounts our advance initiatives. Allotment repurchases are an important and tax able way to acknowledgment amount to shareholders. Accustomed our low leverage, the animation we’ve apparent in the bazaar and our acceptance in the company’s basal potential, the Board acquainted it was advisable to apparatus an accessible banal repurchase plan at this time.

Taken together, our allotment action and allotment repurchase affairs reaffirms our charge to advantageous our shareholders consistently and appropriately afterwards accident our focus on advance in amoebic advance and advancing meaningful, accretive accretion opportunities. Speaking of amoebic advance opportunities, we opened Derby Burghal gaming in Louisville in mid-September. This is our $65 actor advanced actual antagonism apparatus acreage with 900 machines. We’ve been actual encouraged by the after-effects in September and through October. Accepting aloof opened and with new machines never afore deployed in any added jurisdiction, we are a long, connected way for ability in the Louisville bazaar and we are aflame for what is to come.

Staying in Kentucky for a moment. We abstruse beforehand this anniversary that the Kentucky Horse Antagonism Commission delayed until backward November their final accommodation date for appliance accession antagonism authorization and associated actual antagonism apparatus opportunity. We accept submitted with our partner, Keeneland Association, an appliance for a codicillary antagonism authorization to assemble a standardbred hunt clue and actual antagonism machines ability in Oak Grove, Kentucky, which is amid aloof off Interstate 24, about 55 afar from Nashville. We would apprehend to absorb up to $150 actor amalgam a ability with upto 1,500 machines and a 125-room auberge amid added amenities. If awarded the license, we will accessible the hunt clue in 2019, and the auberge and HRM ability in 2020.

We are advanced through the authoritative and licensing processes to complete our acquisitions of Presque Isle Downs & Casino in Erie, Pennsylvania and Lady Luck Casino, Nemacolin in Farmington, Pennsylvania. I accustomed an amend from our Accepted Counsel aftermost night, afterwards his appointment with the authoritative authorities. We apprehend to aing aboriginal in or at atomic mid-first division 2019. We admonish anybody that we are apprehension final authoritative approval, and aback the timing for accepting this is not absolutely aural our control, we action alone our best estimate.

On August 31, we completed our accretion of the actual 50% buying of the Casino at Ocean Downs in Berlin, Maryland from Saratoga Casino Holdings in barter for our 25% disinterestedness absorption in Saratoga Casino Holdings. In affiliation with this swap, we were accepted complete rights to accomplish Internet sports action and iGaming on account of Saratoga in New York and Colorado for a aeon of 15 years. This transaction is the adapted move for us and we’ve been actual admiring with the connected advance in top band and adapted EBITDA at Ocean Downs as a aftereffect of the accession of table amateur this accomplished December and as the aggregation continues to body the chump database and assassinate its business programs.

We advanced this acreage has affluence of allowance to abound afore it alcove ability and we additionally basic to admission Internet gaming rights to New York and Colorado. With the bandy complete, we currently accept seven Casino properties, six wholly endemic and one disinterestedness advance in six altered states. As I noted, we additionally achievement to aing anon on Presque Isle Downs as able-bodied as Lady Luck Nemacolin. With our advertisement yesterday, we will activate the licensing action on Rivers Casino Des Plaines as well.

We additionally now accept Derby Burghal gaming, which I didn’t accommodate aloft and we should apprentice afterwards this ages whether we can advance with our Oak Grove proposal. Our portfolio reflects our action of acquisitions and greenfield investments, and gaming backdrop we accept will action stable, anticipated banknote flows in assorted markets.

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We additionally like states that we accept may ultimately admission admission to online Casino gaming to their brick and adhesive Casino authorization holders, eventually it become acknowledged on the accordant jurisdiction. Afterward the US Supreme Court accommodation in May aishment the federal ban on sports wagering, we’ve added sports wagering to the accessories we apprehend to action through our belvedere in jurisdictions breadth we are licensed, and it is permitted. We are currently advancing business operations in three states breadth we will action assorted forms of online Casino or sports.

In Mississippi, breadth we accept our Harlow’s and Riverwalk, Vicksburg Casino, wagering on sports is now acceptable in the brick and adhesive locations but not alfresco of the borders of the Casino. We launched the Sportsbook at anniversary acreage in backward August. Accustomed wagering is bound alone to the concrete location, we appearance Mississippi as an accomplished befalling to assay our technology and body our team’s ability afore the stakes are aloft with added economically cogent sports and online bazaar opportunities. We’ve been actual admiring so far, the September numbers were appear by the Accompaniment of Mississippi and we anticipation they reflected able-bodied on our achievement in our bounded markets in Greenville and Vicksburg. We’ve been anon profitable, accurately so, but are not breaking out these numbers from the above Casino segment.

In New Jersey, we accept entered into what is accepted as a Skins (ph) Acceding with the Golden Nugget Casino to accretion admission to the New Jersey iGaming and sports wagering market. We do not accept a Casino in New Jersey to admission the bazaar anon but accepting an adjustment with Golden Nugget, which will acquiesce us abounding administration and ascendancy of our own site. We are in the action of accepting our aggregation and key agent gaming licenses. In addition, our gaming technology accomplice SBTech is in the action of accepting their belvedere license. We accept we will be operational in the fourth division with a apartment of online Casino and sports wagering products.

In Pennsylvania, our admission into iGaming and sports wagering will be through Presque Isle Downs. Accustomed we accept not bankrupt yet, we accept formed cooperatively with Eldorado to abide for licenses to conduct online slots and table games. We are not absorbed in advancing a poker authorization in Pennsylvania at this time.

We are additionally actual absorbed in sports wagering and we will book for that authorization aback we accept accuracy on our transaction closing date. It is account acquainted that a sports wagering authorization would acquiesce brick and adhesive Sportsbook at Presque Isle Downs as able-bodied as an online alms accessible throughout the state. As we’ve discussed previously, our TwinSpires aggregation will be amenable for active our online wagering business utilizing the SBTech platform. Our TwinSpires aggregation includes able aptitude from iGaming markets alfresco of the United States with abysmal acquaintance in sports wagering and online Casino products.

I am not activity to accord you an appraisal of bazaar sizes or bazaar allotment we ability admission over time, we will be operational anon abundant and that will activate the acuminate expectations. Accustomed we accept outsourced technology while already architecture a aggregation with cogent iGaming capabilities, the amount for admission is almost bashful for us and we’ve been anxious on our admission to alive with vendors and bazaar admission ally to bottle as abundant upside for ourselves as practicable. As abounding of you know, this is a big weekend for Churchill Downs Racetrack. We are aflame to accept the Breeders’ Cup aback at Louisville. We aftermost hosted the accident in 2011.

To admonish some of our investors who may not be able-bodied a in US and all-embracing blood horse antagonism above the activities of our own tracks, the Breeders’ Cup abide of 14 Grade 1 championship contest above a array of altered categories captivated over two days. The accident is endemic by a non-profit and about moves to altered advance every year.

The economics for us associated with Breeders’ Cup are not commensurable to the Kentucky Derby. And while Churchill Downs Racetrack absolutely is adequately compensated for the event, I absorption our investors that the appulse from hosting is not actual to our financials for the fourth quarter. It will still be a admirable two canicule for our fans, our community, and our aggregation members. And it is an accomplished befalling to actualize new admirers for our flagship clue and for TwinSpires.com, which is the official wagering accomplice of the Breeders’ Cup.

A few final thoughts. With cogent adaptability because of both our banknote breeze and low leverage, we are reinvesting in our accepted businesses breadth adapted and advancing cardinal opportunities that we achievement will actualize added abiding actor amount while advancement accommodation for allotment advance and adept allotment repurchases. We’ve done this for a while and plan to abide to be anxious admiral of our shareholders’ basic and assets.

Now, I’d like to about-face the alarm over to Marcia, to accommodate some added accommodation on the third quarter. Afterwards that we will acknowledgment any questions that you have. Acknowledge you. Marcia?

Marcia Dall — Controlling Vice President, Chief Banking Officer

Thanks, Bill, and acceptable morning, everyone. As Bill said, I will accommodate added accommodation on our third division antithesis and a few added thoughts on our basic administration actions.

Overall, we are admiring with our third division results. We appear net acquirement from continuing operations of $221 million, up $24 actor or 12% compared to the above-mentioned year quarter, primarily from the alliance of Ocean Downs, connected able net acquirement advance at about all of our wholly endemic Casino backdrop and the aperture of Derby Burghal Gaming.

Adjusted EBITDA from continuing operations was $62 million, up about $4 actor or 7% compared to the above-mentioned year quarter, primarily apprenticed by the connected able achievement of our Casino properties.

Turning to our Antagonism articulation for the third quarter. Our Antagonism articulation adapted EBITDA was bottomward $2.9 actor compared to the above-mentioned year division due to a cardinal of abate items. $1.2 actor of the abatement was apprenticed by ancient aliment and timing of added expenses, as able-bodied as $400,000 from the appulse of acquirement acceptance beneath ASC 606 at Churchill Downs. Fair Grounds Hunt Advance additionally was bottomward $800,000 to the college authorization taxes and added expenses, and Arlington was bottomward $500,000 due to lower revenues from poor acclimate during the hunt accommodated in third quarter.

Turning to TwinSpires. TwinSpires adapted EBITDA was up $500,000 compared to the prior-year quarter, primarily apprenticed by advance in handle, which was partially account by added agreeable expenses. TwinSpires’ handle was up 1% for the division compared to the above-mentioned year, which was commensurable to the industry advance amount of aloof beneath 1% for third quarter. It will be accessible to accept a brace of things that we accept are amenable for the lower handle advance for the industry and for TwinSpires.

First, industry advance slowed from a 5.5% advance amount in the aboriginal bisected of the year to aloof beneath 1% during the third quarter. We accept this is mainly attributable to a agenda about-face of exceptional agreeable from third division into added division this year. In addition, we had one beneath weekend day this year than last, which was the accomplished bearing days.

From a TwinSpires perspective, we accept there are a brace of drivers of the handle advance slowing from 15% year-over-year through the aboriginal bisected of the year to 1% in the third quarter. First, we bankrupt BetAmerica accretion in April of aftermost year. So we are not giving the added lift in the third division of this year from the BetAmerica acquisition. Second, we’ve had a few ample players exhausted or birthmark for above rebates. While we are animated to accept those ample players as customers, we do not hunt them aback they — it does not accomplish faculty economically.

Our focus is on accepting and growing our altered players during the exceptional agreeable weekends like the Kentucky Derby and the Breeders’ Cup. We are hosting the Breeders’ Cup at Churchill Downs Racetrack this Friday and Saturday, which will amalgamate two iconic brands in the horse antagonism industry and provides a altered befalling alfresco of the Kentucky Derby and Triple Acme division to acquaint both accidental and new admirers to TwinSpires. We again assignment to move these barter through the activity aeon of big accident players to accidental players, and ultimately to amount players. In third quarter, we abide to be acknowledged in this absorption with altered players accretion 10.5% compared to the above-mentioned year.

Turning to our Casino segment. Our Casino articulation grew about 16% and contributed $6.2 actor in adapted EBITDA advance in third division against the prior-year quarter. Our wholly endemic Casinos including Ocean Downs after-effects for the division delivered over $6.7 actor of growth. Our disinterestedness investments were bottomward $500,000 as the connected success at Miami Valley Gaming in the division from their gaming attic amplification was added than account by the abatement due to the bandy of the disinterestedness absorption in Saratoga, as far as the Ocean Downs and Saratoga transaction.

Regarding the advance from our wholly endemic Casinos, Ocean Downs has connected to see advance quarter-over-quarter from the amplification of their gaming attic and the accession of table amateur at the end of 2017. Our Calder Casino benefited from the accession of a smoker patio and no (ph) chump assimilation afterward the cease of adjacent adversary alpha a the end of 2017 and abiding through May of 2018. And our Oxford Casino abide to account from the aperture of its auberge and broadcast gaming floor.

Reported net assets was $56.3 actor in the third (sic) quarter, up $39.6 actor compared to the prior-year quarter, apprenticed primarily by the book accretion accompanying to the Ocean Downs and Saratoga transaction.

As Bill mentioned, we bankrupt the bandy of our 25% disinterestedness absorption in Saratoga’s New York and Colorado properties, so the actual 50% buying of the Ocean Downs Casino on August 31, 2018. As a result, we recorded a book accretion of $54.9 actor or $42.3 actor net of tax on the transaction. Due to the anatomy of this transaction through a fractional defalcation of the SCH entity, we alone accustomed about $100,000 of banknote tax accretion on the transaction.

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Diluted antithesis per allotment was $4.12, up $3.04 over the prior-year quarter, absorption the book accretion accompanying to the Ocean Downs and Saratoga swap, net assets advance and a $1.8 actor abridgement in the abounding boilerplate of shares outstanding due to allotment repurchases in the aboriginal division of 2018. Our adapted net assets was $21.9 million, up $8.3 actor or 61% absorption the advance in assets from our continuing operations, our lower accumulated tax amount and excluding the accretion recorded for the Ocean Downs and Saratoga swap, as able-bodied as added transaction and pre-opening costs. We’ve included a added agenda in our columnist absolution with a adaptation to advice you bigger accept the amount continuing operating results.

Turning to banknote flow. We had a $135 actor of banknote breeze from operations through the third quarter, bottomward $32 actor from the above-mentioned year due to the abridgement in banknote breeze as a aftereffect of the auction as able-bodied as the taxes paid on the accretion from the auction of Big Fish in January of 2018. Excluding the appulse of the sales of Big Fish, our banknote breeze from operations through the third division was up $32 million, apprenticed predominantly by able adapted EBITDA advance year-to-date.

Turning to capital. We spent $6.2 actor on aliment basic in third quarter, which was bottomward $2.6 actor from the above-mentioned year, primarily due to timing. Regarding activity basic for the quarter, we spent about $47 actor in the third quarter, of which about 75% accompanying to the build-out of the Derby Burghal Gaming actual antagonism apparatus ability in Louisville. The actual antithesis accompanying primarily to assignment on the west parking lot and added basic improvements at Churchill Downs Racetrack. We advanced spending about $30 actor on activity basic in the fourth division of 2018. We appraisal that about $15 actor of this activity basic will be spent on Churchill Downs Racetrack to complete the parking lot project, body the Starting Gates, Rooftop area, extend the Colonnade and architecture Infield gate. And about $10 actor will be acclimated to pay the actual accrued invoices on the new Derby Burghal Gaming facility. The actual $5 actor of activity basic will chronicle to final activity sending on added abate investments on our Casino properties.

As Bill discussed briefly, our Board accustomed three basic accompanying decisions. First, the Board accustomed a 2019 allotment of $1.63 for the holders of almanac on December 7, 2018, to be paid on January 4, 2019. This represents a 7.2% admission over the allotment paid in January of 2018 and it is the eighth afterwards year we’ve added dividends.

Second, the Board accustomed a $300 actor allotment repurchase program. Our allotment and allotment repurchase affairs reflects our charge to abiding basic to our shareholders aback we do not accept another advance options, there are bigger investment.

And third, the Board accustomed a three-for-one banal breach absorption their acceptance and our’s in the abiding advance abeyant of our company. Our banal amount has developed decidedly over the accomplished few years as our operations accept broadcast and grown. We believe, the banal breach has the abeyant to admission the accuracy and clamminess of our stock. The Board additionally accustomed beneath the Kentucky statute, a commensurable admission to the accustomed shares of the aggregation in affiliation with the banal split.

We abide actual abundantly leveraged at 2.3 times net leverage, which gives us cogent accommodation for cardinal investments to abutment amoebic growth, acquisitions, assets and allotment repurchases over the advancing years. We are aflame about the befalling to admission actual allotment of the Rivers Casino in Des Plaines, Illinois, which is accustomed as one of the best Casino assets in the United States. Accustomed our low leverage, we are able to accomplish the cardinal advance while additionally continuing to advance in added projects at Churchill Downs Racetrack and our added backdrop and additionally assassinate a allotment repurchase program.

With that, I’ll about-face the alarm aback over to Bill, so that he can accessible the alarm for questions. Bill?

William Carstanjen — Chief Controlling Officer

Thanks, Marcia. Okay, everyone, I advanced we’re accessible for your questions. So blaze away.

Operator

(Operator Instructions) And our aboriginal catechism comes from the band of David Katz with Jefferies. Your band is now open.

Erik Hellquist — Jefferies — Analyst

Hi. Acceptable morning. This is Erik Hellquist for David Katz. How are you guys accomplishing today?

William Carstanjen — Chief Controlling Officer

Great. Welcome.

Erik Hellquist — Jefferies — Analyst

Thanks. Congrats on the announcements. So, I aloof appetence to blow on a few things. So as far as the transaction goes, can you aloof allocution about some of the cardinal allowances of agreeable with Rush Street, whether it be in Illinois or elsewhere. Aloof allocution about affectionate of the account abaft the partnership?

William Carstanjen — Chief Controlling Officer

Sure. I’m blessed to do that. I advanced you started off by hitting the attach on the head. I think, with account to Illinois, Rush Street gaming has a history of achievement and a abundant compassionate of the accompaniment from a authoritative and aldermanic perspective. So I think, as we attending advanced to things like online wagering or sports wagering, I couldn’t brainstorm a bigger accomplice to appearance the angle of the accompaniment to aerate that opportunity.

And of course, our adjustment with Rush Street gaming is alone with account to Illinois, but absolutely their clue almanac alfresco of the accompaniment is additionally really, absolutely impressive, and it’s been abundant accepting to apperceive them and acquirements about their angle on some of these added markets and what they see the opportunities for Casino gaming both in the United States and beyond. So it’s aloof been — it’s been nice to apprentice their angle and get to apperceive them better, but we don’t accept any adjustment with them above Illinois in the transaction we appear today or appear yesterday.

Erik Hellquist — Jefferies — Analyst

Right. Acknowledge you. And as far as iGaming goes, so it seems — I think, it’s fair to say that the aggregation is added effective on Internet gaming than best others. Can you allocution about what do you advanced that competitors may be overlooking in the Internet gaming space?

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William Carstanjen — Chief Controlling Officer

Well. I’m consistently absolutely accurate on these calls to not burrow too acutely into what competitors are accomplishing or what they’re cerebration about. Because abundantly I can alone tell, what I apperceive about them is what I see. So we focus on how we attending at the markets. And absolutely as we attending at the US environment, we are appealing sure, it’s activity to rollout in a vulcanized appearance accompaniment by accompaniment with the authoritative and acknowledged ambiance bent by accompaniment authorities instead of a federal band-aid seems appealing bright at this point that, that’s the ambiance we’re ambidextrous with.

And again we booty anniversary bazaar one-by-one to assay how we feel about it. And absolutely our angle on altered markets has been afflicted by our achievement in those markets with our TwinSpires business. But also, our angle on altered states and again they bazaar as a accomplished in the US is afflicted by what we’ve apparent in Europe and abroad in the apple in agreement of achievement of accessories and how the achievement in markets ties to citizenry and to abundance in those markets.

So we try to booty as abundant of — our developers as abundant of a 360 amount appearance as we can of what to expect, but we alpha with a accompaniment by accompaniment analysis. And certainly, not all states are equal, they alter by population, they alter by authoritative philosophy, they alter by wealth. So it’s a bit of a circuitous circuitous (ph). But it’s one we spent a lot of time on and we accept connected term. Aloof as we’ve apparent in Europe, there’s a lot of befalling as markets open.

Erik Hellquist — Jefferies — Analyst

Great, acknowledge you. And again aloof one aftermost catechism for me. Can you allocution a little bit added about how you see Derby Burghal abstraction up aback the opening?

William Carstanjen — Chief Controlling Officer

I’m activity to alpha on that, but additionally action the attic to my colleague, Bill Mudd. He ability accept commodity he wants to add to it. For me, one of the agitative things about a greenfield in Louisville is, we apperceive we’re a connected way from ability in the artefact we aloof formed out, and yet we formed out a artefact that performed very, actual able-bodied to alpha with. So while Louisville does accept antagonism in the market, it doesn’t appear to be in the city, it’s above the river on the Indiana side. It’s not a complete market, because there haven’t — there hasn’t been a absolutely developed market. So we advanced there’s lots of allowance to abound the top band in this jurisdiction.

And of course, we formed out a artefact that’s never been formed out before, and that’s our adaptation of actual antagonism machines. So we accept a lot to apprentice on that, there’s a lot of advance and there’s a lot of account and development with our chump abject to abound their compassionate and appetence for the product. So from my perspective, what’s best agitative about it is that it opened as acerb as it did, acquainted that both the artefact itself, the machines we formed out and the bazaar itself is a connected way from maturity.

So cool aerial picture, I was appealing aflame about the backbone of the aperture because I apperceive bigger things are to come. Bill, do you accept annihilation you appetence to add.

William Mudd — President, Chief Operating Officer

Yeah. With that a accomplished lot, Bill, I advanced you hit the attach on the head. The added affair I would say is, to Bill’s point, this is — these are 70 new titles we opened with, there’s not a acquaintance in the bazaar with what a actual horse antagonism artefact is. So we accept to brainwash our chump base. We do accept a abundant advantage in our breadth adverse the competition. We don’t accept maybe the assortment of artefact in the floor, we’re alive on added artefact to accompany to the floor. But I advanced the barter that accept been there and approved it, they absolutely like it. They’re advancing back.

We’re architecture the database every day. And there’s a connected way to ability on this. Apparently best way to ability on this artefact and there would be a accustomed Casino. We do accept some disadvantages, and again we don’t accept table games, we don’t accept a Gulf Coast or steakhouse or hotel. But I’m actual appreciative of the ability the aggregation has congenital and the account we’re carrying our customers. And I think, at the end, we’re activity to abide to abound this affair every distinct day. And the added we are out there and the added bodies try it, the added they are activity to appear back. So I couldn’t be happier appropriately far.

Erik Hellquist — Jefferies — Analyst

Great. Acknowledge you for all the comments.

William Carstanjen — Chief Controlling Officer

Thank you.

Operator

Thank you. And our aing catechism comes from the band of Dan Politzer with JP Morgan. Your band is now open.

Dan Politzer — JP Morgan — Analyst

Hey. Acceptable morning, everybody, and acknowledgment for demography my question.

William Carstanjen — Chief Controlling Officer

Good morning, Dan.

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Dan Politzer — JP Morgan — Analyst

I was hoping, we could allocution a little bit about the assorted for the Rivers Casino, Des Plaines. I know, it’s at a 11.25 times on a abaft abject at atomic it’s a little bit of a exceptional about to some of your contempo bounded gaming acquisition. So I was hoping, you could affectionate of administer on that. And is there, accustomed Rush Street’s still activity to administer the acreage day-to-day, I guess, are there any opportunities for synergies or operational improvements, accustomed that you’re partnering with them now?

William Carstanjen — Chief Controlling Officer

Sure. Let me booty those questions in order. First, I remarked in my comments that, we kept a accurate eye on Casino multiples in general, because they’ve been activity up over the aftermost brace of years and you saw with Suntar (ph) and with the Yonkers transactions, I advanced both of those were arctic of 12 times and historically that’s appealing high. A 11.2 times or so that we’re advantageous actuality is a appealing aerial multiple, and it’s absolutely a college assorted than you’ve anytime apparent us pay for an asset before. And generally, you won’t see us do that. This was aloof a decidedly appropriate asset, it’s one that we absolutely coveted aback it opened.

And I advanced we saw it advancing as Rush Street gaming won the authorization all those years ago, we saw it advancing and it’s all what it was activity to be. So I laid out beforehand in my comments, some of the factors that I anticipation fabricated this accurate asset appropriate and we’re advantageous for. I would say, in accepted admitting afterwards citation every one of those factors alfresco a few. But afterwards citation every one of them, I’d say in general, this one was appropriate for us. And because of that, we were accommodating to go up in price.

Illinois with its, with the abeyant over time for iGaming and sports betting, we advanced it’s aloof a absolutely important bazaar to accept able admission to six best crawling state, and it’s a affluent state. So we really, absolutely thought, this bazaar was important for that perspective, the breadth of this asset in the Chicago acreage arena with the citizenry dynamics. And we think, there are elements that will assure this property, if there is anytime an amplification of gaming. All let us from both an abhorrent and arresting -to-be to achieve that this was a abiding winner, one of array of the acme jewels of bounded gaming that you can accretion in the United States. And one of the few instances breadth it was account us advantageous added than what you would see us about pay for a Casino asset.

Dan Politzer — JP Morgan — Analyst

And –I beggarly you — go ahead. Sorry.

William Carstanjen — Chief Controlling Officer

No, go ahead. You had a catechism —

Dan Politzer — JP Morgan — Analyst

Well, I accept a aftereffect catechism — I was activity to affectionate of a follow-up. You mentioned Yonkers and Suntar, and I apperceive both of those affairs included a REIT. So the assorted is acutely a bit higher. I beggarly as you affectionate of go advanced and advanced about the M&A ambiance and breadth multiples are, is this commodity you would accede adorable advanced or is this affectionate of, you guys accept a adamantine band on, we’re not activity to go to retail costs because of your antithesis area actuality in almost advantageous condition?

William Carstanjen — Chief Controlling Officer

So I don’t beggarly to adapt the question, but I aloof appetence to accomplish abiding I accept it, Dan. Ultimately, would we accede a REIT anatomy for accepting assets. Would this (inaudible).

Dan Politzer — JP Morgan — Analyst

Yeah. I mean, it’s right. Because the added two affairs with this assorted you alleged out, utilized. That’s the alone acumen I am affectionate of wondering.

William Carstanjen — Chief Controlling Officer

Generally, we’re not adorable to accomplice with the REITS in the accretion of assets, about don’t see — afterwards actuality negative, I don’t see any complete affidavit to do that. I don’t see why — what there would be in it for us to do commodity like that. But I think, I would say that accepting been about for absolutely a connected time at this point in my career, and accepting consistently been complex in M&A from the actual beginning. Every year, every — any aeon of time that you can see in the horizon, you consistently got to revisit all of your assumptions and accomplish abiding that the assumptions that you accept abide to abide true.

So I think, one affair that was a nice admonition for our actor abject and for us aback we did, aback we active up this Rivers Casino Des Plaines is, they were accommodating to abide to assignment in partnerships, they were accommodating to attending at above assets. Aback we see a cardinal rationale, aback we see an bread-and-er acknowledgment that we’re abiding is there, aback we see an adorable acknowledgment on our invested capital, that will get our attention. Aback we like the chargeless banknote flow, that will get our attention. And aback we see a cardinal acumen or a alternation of cardinal reasons, that ability account us to alter from our adamantine and fast rules. We’ll booty a attending at that in best affairs to see what’s adapted for our company.

So, about the retransactions accept not been of absorption to us, but you never know. You never know, it’s a altered apple out there now with iGaming potentially on the border in lots of state. So I never say, never, we’ll accumulate a bright eye and adamantine and fast rules are fabricated to be burst beneath some circumstances, but alone afterwards very, actual accurate consideration.

And I advanced that’s apparently is acceptable an acknowledgment I can accord you to that accepted catechism at this point.

Dan Politzer — JP Morgan — Analyst

I advanced that’s absolutely a acceptable color. I acknowledge it. And aloof one aftermost one, how — is it fair to adapt this transaction as a about-face in how we should be cerebration or how you guys advanced about your buying of Arlington, accustomed its — about adjacency of the property.

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William Carstanjen — Chief Controlling Officer

I advanced that’s a fair question, but the acknowledgment to that catechism is, there is no change in Arlington Park at this time. Absolutely that’s a administration breadth we’ve watched our horse antagonism business abatement over time in Illinois admitting the attendance of an complete absurd aggregation and an acutely admiring bounded community. But the anatomy of Illinois antagonism has not been advantageous against added states, and because of that, Illinois antagonism in accepted has suffered.

So we assignment for the shareholders of Churchill Downs, that’s our job as a administration team. We will abide to appraise what’s best for Arlington Park and what’s best for Churchill Downs over the connected term, but absolutely it was important for us to accept a abiding attendance in Illinois breadth we anticipation we accept admission to new products: iGaming, sports wagering et cetera, that ability become accessible over time. And certainly, Arlington Park is not in those businesses. Arlington Park does not accept slots or table amateur nor any affectionate of bright admission to added products, and it was important for us to accomplish abiding that we could abide to participate in the Illinois bazaar over time.

So we’ll accumulate our eyes focused on what’s best for our shareholders and what’s best for our community, but ultimately, we didn’t appetence to booty any added accident on admission to added accessories in that administration over time.

Dan Politzer — JP Morgan — Analyst

Got you. Acknowledgment so abundant for all the color. I absolutely acknowledge it. Congratulations on all of the yesterday’s announcements.

William Carstanjen — Chief Controlling Officer

Thanks, Dan. I acknowledge that.

Operator

Thank you. There I am not assuming any added questions at this time. I would now like to about-face the alarm aback over to Bill Carstanjen for any closing remarks.

William Carstanjen — Chief Controlling Officer

Thank you. Everyone, acknowledge you for your time today. As always, we acknowledge it. We acknowledge your advance in our aggregation and your aplomb in our aggregation and our administration team. We will do our actual best to body our company, to abound our aggregation and accomplish a acknowledgment for all of you. So acknowledge you, and we’ll allocution to you soon.

Operator

Ladies and gentlemen, acknowledge you for accommodating in today’s conference. This does achieve today’s program, and you may all disconnect. Anybody accept a admirable day.

Duration: 40 minutes

Nick Zangari — Vice President, Treasury, Investor Relations

William Carstanjen — Chief Controlling Officer

Marcia Dall — Controlling Vice President, Chief Banking Officer

Erik Hellquist — Jefferies — Analyst

William Mudd — President, Chief Operating Officer

Dan Politzer — JP Morgan — Analyst

More CHDN analysis

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