Churchill Downs Incorporated (CDI) has announced that it has entered into a definitive agreement to acquire the intellectual property, including all trademarks and associated rights, of the Preakness Stakes and Black-Eyed Susan Stakes (the Preakness IP Rights) from 1/ST Maryland LLC, an affiliate of 1/ST Racing, for a purchase price of $85 million, subject to customary closing conditions (the Transaction).

The Preakness IP Rights are subject to an Exclusive License Agreement pursuant to which CDI will license to the State of Maryland the intellectual property rights necessary to conduct the running of the Preakness Stakes and Black-Eyed Susan Stakes in exchange for an annual fee.

The Preakness Stakes, first run in 1873, is the second leg of the Triple Crown of Thoroughbred Racing. The Black-Eyed Susan is a leading race for three-year-old fillies traditionally conducted at Pimlico Race Course on the day before Preakness.

“This acquisition adds one of the most iconic brands in American sports to our portfolio and is consistent with our strategy of investing in premier Thoroughbred racing assets with long-term growth potential. In keeping ownership of the Preakness intellectual property in the racing industry, CDI will support efforts to fully realize the potential of a redeveloped Pimlico and Preakness Stakes within the Triple Crown and the broader sports and entertainment landscape,” said Bill Carstanjen, Chief Executive Officer of CDI.

The parties expect the Transaction to close after the running of the 2026 Preakness Stakes. The Transaction will be funded with cash on hand and the Company’s existing credit facility.

Marshall Yards Racing & Gaming in southwestern Kentucky opened its doors to the public. It is the eighth historical horse racing and entertainment venue in the state for Churchill Downs Incorporated (CDI).

The 23,000 square foot venue in Calvert City, Kentucky features 225 state-of-the-art historical racing machines (HRM), a retail sportsbook, simulcast wagering, and various food and beverage offerings. The new HRM entertainment venue will support purse funding for Oak Grove Racing, Gaming & Hotel’s (Oak Grove) racing meet in Oak Grove, Kentucky.

“We are setting a new pace for growth as we expand CDI’s footprint in Southwestern Kentucky. Marshall Yards reflects our vision to build destination experiences that generate local economic opportunities, inspire regional tourism, and secure our place at the forefront of racing and entertainment,” said Bill Carstanjen, CEO of CDI.

Churchill Downs Incorporated (CDI) has announced new development details related to its charitable gaming facility in Salem, New Hampshire. The company currently operates Casino Salem, located in 19,000 square-feet within The Mall at Rockingham Park. Casino Salem will be redeveloped as Rockingham Grand Casino.

Rockingham Grand Casino will occupy 160,000 square-feet over three floors and will feature 825 historical racing machines, 32 table games, 12 electronic table game seats, a 900-seat live entertainment venue, and several food and beverage concepts, including a center bar and full-service sports bar and restaurant. The Company received approval from the Salem Planning Board for its development plan in December.

Rockingham Grand Casino will be a key tenant of The Mall at Rockingham Park which is the largest shopping mall in New Hampshire. Rockingham Grand Casino is also positioned near Tuscan Village, a prominent mixed-use development offering dining, entertainment, retail shopping, residential areas, hotels, and commercial office space. CDI plans to open Rockingham Grand Casino in mid-2027, with an expected capital investment of $180-200 million.

“We are proud to officially begin our development of Rockingham Grand Casino in partnership with Joe Faro and Sal Lupoli. We look forward to contributing to New Hampshire’s charitable organizations while bringing outstanding entertainment experiences to our guests across the greater Boston region,” said Bill Carstanjen, Chief Executive Officer of CDI.

“We are excited to take the next step alongside our valued partners at Churchill Downs as we begin our journey to bring Rockingham Grand Casino to life. We remain fully committed to strengthening our local economy through the creation of vibrant consumer destinations,” said Joe Faro and Sal Lupoli.