Churchill Downs is one of those names that doesn’t need an introduction. The iconic twin spires, the roses, the “My Old Kentucky Home” — it is American sports history. But behind the racetrack that hosts the Kentucky Derby every year is a large, publicly traded company that most people have never heard of. So who actually owns Churchill Downs?
The racetrack is owned and operated by Churchill Downs Incorporated. But that’s just the beginning of the story.
| Full Name | Churchill Downs Incorporated (CDI) |
| Founded | 1875 |
| Founder | Colonel Meriwether Lewis Clark Jr. |
| Headquarters | Louisville, Kentucky, USA |
| Stock Exchange | NASDAQ: CHDN |
| CEO | Bill Carstanjen (since 2014) |
| Market Cap | ~$7.72 billion (as of 2025) |
| Type | Publicly traded company |
| Known For | Kentucky Derby, casinos, TwinSpires online wagering |
Who Owns Churchill Downs?
Churchill Downs Incorporated is a publicly traded company, meaning its shares are owned by a multitude of investors, including individuals and large institutions. As of July 2025, the company trades on Nasdaq under the ticker CHDN with a market capitalization of approximately $7.72 billion USD.
No single person or family owns Churchill Downs outright. Institutional investors own 78% of the company. The largest shareholders include Capital Research and Management Company with 13% of shares, The Vanguard Group with 9.1%, and BlackRock, Inc. with 8.3% of shares outstanding.
| Shareholder | Type | Approx. Stake |
|---|---|---|
| Capital Research & Management | Institutional | ~13% |
| The Vanguard Group | Institutional | ~9.1% |
| BlackRock, Inc. | Institutional | ~8.3% |
| Bill Carstanjen (CEO) | Company Insider | ~2.4% |
| General Public / Retail Investors | Individual shareholders | ~12% |
This public ownership model means that while management operates the company, ultimate control rests with the shareholders who elect the board of directors.
History — From Family Track to Public Company
Colonel Meriwether Lewis Clark Jr., grandson of explorer William Clark, founded Churchill Downs. Inspired by European racing, he aimed to revive Kentucky’s horse racing industry. The Louisville Jockey Club and Driving Park Association was incorporated in 1874, with land leased from the Churchill family — the name that stuck.
By 1902, a new group of investors including Matt J. Winn took control. Under Winn’s leadership, the track achieved its first profit in 1903 — a turnaround that came after 28 years of financial losses.
Over the next century, Churchill Downs evolved from a struggling racetrack into one of America’s most powerful entertainment companies.
Key Milestones
| Year | Milestone |
|---|---|
| 1875 | Churchill Downs opens; first Kentucky Derby held |
| 1874 | Louisville Jockey Club incorporated; land leased from Churchill family |
| 1902 | Matt J. Winn leads new investor group; track turns profitable by 1903 |
| 2014 | Bill Carstanjen named 12th CEO of Churchill Downs Incorporated |
| 2023 | CDI acquires Peninsula Pacific Entertainment properties for $2.75 billion |
| 2024 | Terre Haute Casino Resort opens in Indiana; Rose Gaming Resort opens in Virginia |
| 2025 | CDI completes acquisition of 90% of Casino Salem in New Hampshire for $180M |
| April 2026 | CDI announces purchase of Preakness Stakes intellectual property rights for $85 million |
Leadership — Who Runs Churchill Downs?
Bill Carstanjen was named Churchill Downs Incorporated’s twelfth Chief Executive Officer in August 2014 and appointed to the Board of Directors in July 2015. He served as CDI’s President and COO (2011–2014), COO (2009–2011), and EVP/General Counsel/Chief Development Officer (2005–2009). Prior to joining CDI, he served as an executive with General Electric Company and began his career as an attorney at Cravath, Swaine & Moore LLP in New York City, specializing in mergers and acquisitions.
Throughout his tenure, he has led CDI’s diversification strategy into online wagering and regional casino gaming, as well as the growth of the Kentucky Oaks and Kentucky Derby events.
What Does Churchill Downs Incorporated Actually Own?
Most people think CDI is just a racetrack. It is far more than that. Churchill Downs Incorporated has expanded through the development of live and historical racing entertainment venues, the growth of the TwinSpires horse racing online wagering business, and the operation and development of regional casino gaming properties.
Three main business segments:
1. Live & Historical Racing — The Kentucky Derby, Churchill Downs Racetrack, and Historical Racing Machine (HRM) venues across Kentucky and Virginia.
2. Wagering Services & Solutions — The TwinSpires online horse race wagering platform, advanced deposit wagering (ADW) business, United Tote, and historical horse racing technology through Exacta.
3. Gaming — Casino properties and associated racetrack or jai alai facilities that support casino licenses across multiple states.
Interestingly, Churchill Downs the racetrack is actually the smallest division in terms of contribution to profitability. Online gambling via TwinSpires and casino operations contribute far more to earnings than the racetrack itself.
The Biggest News — Preakness Stakes Acquisition (2026)
In April 2026, CDI made a historic move. On April 21, 2026, CDI announced it had agreed to purchase the intellectual property rights to the Preakness Stakes and the Black-Eyed Susan Stakes for $85 million from 1/ST Maryland LLC, an affiliate of 1/ST Racing — the Stronach Group entity.
With the Preakness IP, CDI now holds two of the three Triple Crown brand properties. The Belmont Stakes remains outside CDI’s portfolio, owned and operated by NYRA.
CEO Bill Carstanjen said: “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.”
My Take on Churchill Downs Incorporated
Churchill Downs Incorporated is one of the most quietly powerful companies in American sports. Most fans know the twin spires and the roses — but very few realize they’re looking at a $7+ billion publicly traded company that owns casinos across 14 states, the largest online horse racing wagering platform in the US, and now the brand rights to two of the three Triple Crown races. Bill Carstanjen has turned what was once a beloved but financially struggling racetrack into a diversified entertainment empire. The Preakness acquisition in 2026 is perhaps the boldest move yet — a signal that CDI isn’t just the home of the Kentucky Derby; it wants to be the defining institution of American thoroughbred racing itself.
Frequently Asked Questions
Q: Who owns Churchill Downs?
Churchill Downs is owned by Churchill Downs Incorporated (CDI), a publicly traded company on NASDAQ (ticker: CHDN).
Q: Is Churchill Downs privately or publicly owned?
It is a publicly traded company. No single individual or family owns it outright.
Q: Who is the CEO of Churchill Downs Incorporated?
Bill Carstanjen, who has served as CEO since August 2014.
Q: Where is Churchill Downs Incorporated headquartered?
In Louisville, Kentucky, USA.
Q: What is Churchill Downs Incorporated’s market cap?
Approximately $7.72 billion USD as of 2025.
Q: Does CDI only own the racetrack? No. CDI also owns TwinSpires (online wagering), multiple casinos across the US, and as of 2026, the intellectual property rights to the Preakness Stakes.
Q: Who are the biggest shareholders of Churchill Downs?
The largest institutional shareholders include Capital Research & Management, Vanguard Group, and BlackRock.
Q: Who founded Churchill Downs?
Colonel Meriwether Lewis Clark Jr., grandson of explorer William Clark, founded it in 1875.
