Benzinga | Sep 29, 2021 05:20PM EDT

Churchill Downs Announces New $500M Share Repurchase Program

Churchill Downs Incorporated ("CDI" or "Company") (NASDAQ:CHDN) announced today that the Company's Board of Directors approved a $500 million share repurchase program. The new share repurchase program replaces the prior $300 million program that was authorized in October 2018 and had unused authorization of $97.9 million as of September 29, 2021. The new share repurchase program includes and is not in addition to any unspent amount remaining under the prior authorization. Share repurchases may be made at management's discretion from time to time in the open market (either with or without a 10b5-1 plan) or through privately negotiated transactions. The repurchase program has no time limit and may be suspended or discontinued at any time.



"Today's authorization of a new share repurchase program reflects our Board of Directors' confidence in CDI's strong free cash flow and our ability to deliver long-term growth for our investors," said Bill Carstanjen, CEO of CDI. "We are excited about the future growth potential for each of our businesses and remain committed to creating long-term shareholder return through our unique pipeline of organic investments, accretive transactions, share repurchases, and annual dividends."