Churchill Downs Inc. Grows with Casino Expansion

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Last updated: August 2, 2024

Churchill Downs Incorporated — the company behind the world-famous Kentucky Derby horse race — added a new property to its portfolio of racing and gambling locations this year with the opening of the Terre Haute Casino Resort.

The $290 million project opened in part in April 2024, with a flurry of fanfare, though the project is just the tip of the iceberg for the ever-expanding company. Churchill Downs has also reported record-breaking revenue for Q2 2024 between its various business holdings.

Stunning Hotel with Many Entertainment Options

Starting on the casino side of things, Terre Haute Casino Resort is open in the town of the same name, located in Indiana. The property boasts state-of-the-art hotel accommodation and gambling facilities, including 1,000 slot machines, a sportsbook and several dozen table games.

In addition, guests can enjoy 400,000 square feet of entertainment space, including a variety of dining facilities that feature food from the region.

Opening Ceremony

The opening of the casino space began with a celebratory event consisting of a ribbon-cutting ceremony, live entertainment acts, speeches from leaders of the company, and a donation to a local soup kitchen. It was attended by well over 2,000 people.

One of those who made a speech at the time was the CEO of Churchill Downs Inc., Bill Carstanjen, who remarked: “Today’s grand opening of Terre Haute Casino Resort is a time to reflect on the promises Churchill Downs made, kept and delivered for this community. An occasion like today feels like the end of all the effort to successfully get us to this point, but it’s actually just the beginning of what this project can do for Vigo County and the State of Indiana.”

His hopeful statement was echoed by the mayor of the city, Brandon Sakbun. Sakbun stated: “This premier gaming facility will make it possible to welcome visitors from across the Midwest, the nation and the world here to Terre Haute. The opportunity this creates for the people of our community is a true testament to the leaders who have worked on this project for years.”

Both men emphasized the importance of the development for the local community, both in terms of permanent jobs as well as the potential for a boost to tourism. Official figures show that 1,000 construction jobs were generated by the casino and that 550 staff are needed to run it now that it is open.

Their statements are harked back to the fact that the opening was the culmination of hard work and years of planning. Building partner Wilhelm Construction started work on the property in June 2022.

Though Churchill Downs Inc. started in Kentucky with the Derby, it has since expanded into 14 states. The Terre Haute project is its first in the state of Indiana. In addition to its physical operations, “CDI” is traded on the stock exchange and enjoys global brand recognition thanks to its iconic and eponymous horse racing venue. The venue still acts as home to the Kentucky Derby today.

The company recently reported that its earnings grew by 15.9% in year-on-year reports covering Q2 2024, thanks to a variety of ventures such as its partnership with Bet365, but especially due to horse racing profits.