{"id":1867,"date":"2021-06-18T11:18:19","date_gmt":"2021-06-18T18:18:19","guid":{"rendered":"https:\/\/wagers.com\/staging\/4285\/?p=1867"},"modified":"2021-11-06T11:22:21","modified_gmt":"2021-11-06T18:22:21","slug":"churchill-downs-analyst-initiation","status":"publish","type":"post","link":"https:\/\/wagers.com\/staging\/4285\/news\/churchill-downs-analyst-initiation\/","title":{"rendered":"Churchill Downs analyst initiation"},"content":{"rendered":"<p><strong>My Old Kentucky Home: <\/strong>Macquarie have initiated coverage of Churchill Downs with an outperform rating, citing the iconic status of the Kentucky Derby (c25% of company EBITDA generated in a single day), the \u201cunderappreciated\u201d historical racing machines story (33% mix; Macquarie believes the Kentucky market could be worth $750m at maturity) and the growth opportunity represented by the re-launched TwinSpires online arm (currently 16% mix). Macquaries believes Churchill Down can build on its online horseracing betting position. Note, in Kentucky TwinSpires has over 50% wagering market share. Gaming (51% revenue mix) remains a \u201ccore driver of earnings.\u201d<\/p>\n<p><strong>The Kentucky Derby is Decadent and Depraved:<\/strong> The Macquarie team adds some colour around the Derby. The Derby was first run in 1875 and it the longest-running sporting event in the US. The event draws in c160,000 people and is a \u201cone-of-a-kind experience it is near impossible to replicate.\u201d For more on that experience, read the famous article from long-time Louisville resident and Gonzo journalist, the late Hunter S. Thompson, written 51 years ago, but still relevant for the <a href=\"http:\/\/grantland.com\/features\/looking-back-hunter-s-thompson-classic-story-kentucky-derby\/\" rel=\"\">mint julep drinking classes<\/a>.<\/p>\n<h3>Also available today on Earnings + More:<\/h3>\n<ul>\n<li><a href=\"https:\/\/wagersearningsmore.substack.com\/p\/18-jun-weekend-edition-no-1\" target=\"_blank\" rel=\"noopener\">888 analyst price push<\/a><\/li>\n<li><a href=\"https:\/\/wagersearningsmore.substack.com\/p\/18-jun-weekend-edition-no-1\" target=\"_blank\" rel=\"noopener\">Denmark: Playing down the channels<\/a><\/li>\n<li><a href=\"https:\/\/wagersearningsmore.substack.com\/p\/18-jun-weekend-edition-no-1\" target=\"_blank\" rel=\"noopener\">Portugal: Taxing times<\/a><\/li>\n<li><a href=\"https:\/\/wagersearningsmore.substack.com\/p\/18-jun-weekend-edition-no-1\" target=\"_blank\" rel=\"noopener\">DraftKings and Hindenburg<\/a><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<div>\n<hr \/>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>My Old Kentucky Home: Macquarie have initiated coverage of Churchill Downs with an outperform rating, citing the iconic status of the Kentucky Derby (c25% of company EBITDA generated in a single day), the \u201cunderappreciated\u201d historical racing machines story (33% mix; Macquarie believes the Kentucky market could be worth $750m at maturity) and the growth opportunity [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","footnotes":""},"categories":[337,324],"tags":[587,608,590,735,734],"class_list":["post-1867","post","type-post","status-publish","format-standard","hentry","category-analyst-notes","category-news","tag-587","tag-churchill-downs","tag-draftkings","tag-hindenburg","tag-kentucky-derby"],"_links":{"self":[{"href":"https:\/\/wagers.com\/staging\/4285\/wp-json\/wp\/v2\/posts\/1867","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wagers.com\/staging\/4285\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wagers.com\/staging\/4285\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wagers.com\/staging\/4285\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/wagers.com\/staging\/4285\/wp-json\/wp\/v2\/comments?post=1867"}],"version-history":[{"count":2,"href":"https:\/\/wagers.com\/staging\/4285\/wp-json\/wp\/v2\/posts\/1867\/revisions"}],"predecessor-version":[{"id":1870,"href":"https:\/\/wagers.com\/staging\/4285\/wp-json\/wp\/v2\/posts\/1867\/revisions\/1870"}],"wp:attachment":[{"href":"https:\/\/wagers.com\/staging\/4285\/wp-json\/wp\/v2\/media?parent=1867"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wagers.com\/staging\/4285\/wp-json\/wp\/v2\/categories?post=1867"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wagers.com\/staging\/4285\/wp-json\/wp\/v2\/tags?post=1867"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}