TERRE HAUTE, IN - Churchill Downs (NASDAQ:CHDN) Incorporated (NASDAQ:CHDN), known for its flagship Kentucky Derby, has expanded its portfolio with the opening of the Terre Haute Casino Resort in Indiana. The $290 million project, which officially opened its doors today, features a casino floor with 1,000 slot machines, 36 table games, and a state-of-the-art sportsbook.
The 400,000-square-foot entertainment venue also offers a variety of dining options, including the Four Cornered Steakhouse and the Rockwood Bar & Grill, among others. According to CDI's CEO, Bill Carstanjen, the opening represents not just the culmination of efforts to bring the project to fruition but also the beginning of the venue's potential impact on Vigo County and Indiana.
Local officials, including Terre Haute Mayor Brandon Sakbun, have expressed optimism about the casino resort's ability to draw visitors from across the Midwest and create opportunities for the community. The development has already generated nearly 1,000 construction jobs and is expected to provide around 550 permanent jobs in full-time and part-time capacities.
While the casino and dining amenities are now operational, the resort's 122-room luxury hotel, rooftop lounge, and coffee shop are set to open on May 15, 2024. This marks CDI's first foray into Indiana, extending its reach to 14 states.
The Terre Haute Casino Resort, with its extensive range of facilities including a luxury hotel and various bars and restaurants, aims to become a regional entertainment hub. The project's completion follows the initial groundbreaking in June 2022, with Wilhelm Construction serving as the construction management partner.
This information is based on a press release statement from Churchill Downs Incorporated.
InvestingPro Insights
Churchill Downs Incorporated (NASDAQ:CHDN), the company behind the recently inaugurated Terre Haute Casino Resort, has demonstrated a strong financial performance in the past, with a market capitalization of $8.93 billion. The company's commitment to shareholder returns is evident as it has raised its dividend for an impressive 13 consecutive years, showcasing its financial stability and confidence in future earnings. This is particularly noteworthy for investors looking for companies with consistent dividend growth.
The company's Price to Earnings (P/E) ratio stands at 21.86, which is a reflection of the market's valuation of the company's profitability relative to its share price. Additionally, Churchill Downs has achieved a significant revenue growth rate of 36.02% in the last twelve months as of Q4 2023, indicating a strong upward trajectory in its financial performance. This growth is supported by a solid operating income margin of 24.11%, underscoring the company's ability to efficiently manage its operations amidst expansion efforts like the Terre Haute Casino Resort.
Investors should also note that, according to InvestingPro Tips, Churchill Downs is trading at a high Price / Book multiple of 10.0, which might suggest a premium valuation compared to the book value of its assets. Moreover, analysts have revised their earnings expectations downwards for the upcoming period, indicating potential headwinds or recalibrated projections that could impact future profitability. Nevertheless, the company is profitable over the last twelve months and analysts predict it will remain profitable this year.
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