Churchill Downs Launches Marshall Yards In Kentucky
Churchill Downs has unveiled its latest venue, a Historical Horse Racing Machine (HRM) venue in Calvert City, Kentucky.
The new site, which is Churchill Downs’ eighth in the state, houses 225 HRMs, sports betting kiosks and a selection of dining and drinking experiences.
Marshall Yards will act as financial support for Oak Grove Racing in Oak Grove, Kentucky.
It will provide support purse funding, which means a portion of the new venue’s revenue will go towards supplementing race purses at Oak Grove.
Marshall Yards Racing & Gaming Kentucky
The company, which has an annual turnover of around $1billion per year, has said it hopes the new site will appeal to local players as well as visiting tourists.
Churchill Downs Incorporated’s CEO, Bill Carstanjen, said of the new venue: “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.”
Kentucky has limited gambling options with no commercial casinos and seemingly very little interest in introducing them.
"The new site, which is Churchill Downs’ eighth in the state, houses 225 HRMs, sports betting kiosks and a selection of dining and drinking experiences."
However, horse racing and pari-mutuel betting have been legal for more than a century and a half. This has allowed the introduction and widespread adoption of HRMs.
Although similar in appearance to traditional slots, HRMs do not use random number generators and, instead, enable users to bet on historical races.
This enables instant results, and because player wagers are pooled together, players are betting against other people, so the machines meet pari-mutuel requirements.
According to proponents of the machines, they are essential to the survival of horse racing because they provide much-needed funding for tracks and venues.
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About Churchill Downs
Churchill Downs is one company that has leant heavily towards the use of HRMs. Marshall Yards is the company’s eighth Kentucky venue to offer this type of betting.
The company started in 1875, when it opened the original Churchill Downs thoroughbred racetrack in Louisville, Kentucky, home to the Kentucky Derby.
Today, Churchill Downs Incorporated operates in nearly 10 states and runs brick-and-mortar casinos as well as racetracks and HRM venues, competing in a broader gaming landscape that also includes the best online casinos.
The Kentucky-based business released its fourth-quarter results in the past few days, beating market expectations. Its earnings per share were $0.97 compared to an estimate of $0.89.
Quarterly revenue of $665.9m exceeded the expected $656.07m, driven by the company’s horse racing segment, which includes both live and historical events, while HRMs continue to attract players who enjoy experiences similar to the best online slots.
The Q4 results mean full-year revenue of $2.93bn, a 7% increase over 2024.
Although the company’s shares have suffered in the past few years, falling from a $150 high in 2023 to a recent low of $89.13, prices have recovered on the back of the Marshall Yards opening and strong annual results.
