Churchill Downs' Board of Directors approves 2-for-1 stock split

Churchill Downs Incorporated announced Tuesday that at its regularly scheduled meeting held on April 25, 2023, the Board of Directors approved a two-for-one stock split.

The stock split will be effectuated by distributing to each shareholder one additional share for every outstanding share held as of May 5, 2023. 

"The company expects the additional shares to be distributed on May 19, 2023, and the stock to begin trading at the split-adjusted price starting on May 22, 2023,” according to a statement issued by the Kentucky-based firm," according to a statement issued by the Kentucky-based firm. 

Churchill Downs stock closed at $253.85 on Tuesday, meaning that if the 2-for-1 split was implemented at that price, the post-split price would be $126.92. The company’s last year's share split, also on a 2-for-1 basis, was implemented in April 1998, according to its investor relations website.

With Tuesday's closing print of $253.85, Churchill Downs is the only stock in the gaming/wagering and leisure industry groups that trades with a triple-digit price, a status that will be maintained immediately following the split.

The firm announced the stock split ahead of its first-quarter earnings update, scheduled for Wednesday after the close of US markets. Analysts expect the racetrack operator will report earnings per share (EPS) of $1.81 on revenue of $536.57 million, implying year-over-year growth of 67.6% and 47.4%, respectively.