TIVP055: Churchill Downs, Inc. (CHDN): Investing in the Greatest Two Minutes in Sports w/ Shawn O’Malley & Daniel Mahncke
The Intrinsic Value Podcast - The Investor’s Podcast Network
Investment Conclusion and Watchlist Stance
Shawn summarizes risks, attraction at depressed prices, and preference to watch for future buying opportunities.
Shawn O’Malley and Daniel Mahncke break down Churchill Downs, Inc. (ticker: CHDN), a gaming company that is uniquely tied to the world of horse racing.
IN THIS EPISODE, YOU’LL LEARN: 00:00:00 - Intro 00:02:48 - What makes the Kentucky Derby such a cherished event and a masterclass on luxury hospitality 00:05:30 - Why Churchill Downs is so much more than just a gambling company 00:07:54 - What to make of the surge in historical racing machines that are powering the company’s growth 00:17:22 - Why Churchill Downs gave up on mobile-app-based casino gaming 00:34:16 - How the company has used its relationships and lobbying powers to protect its business and even lower its taxes 00:38:18 - The risks and moats of entrenched gambling businesses 00:40:43 - What the future of horse racing looks like 00:45:09 - Why Churchill Downs is such an asset-heavy business 00:57:27 - How to think about modeling CHDN’s intrinsic value 01:01:21 - Whether Shawn and Daniel add CHDN to their Intrinsic Value Portfolio
*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.
BOOKS AND RESOURCES
- The Investors Podcast Network is excited to debut a new community known as The Intrinsic Value Community for investors to learn, share ideas, network, and join calls with experts: Sign up for the waitlist(!)
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- Shawn & Daniel use Fiscal.ai for every company they research — use their referral link to get started with a 15% discount!
- Learn how to join us in Omaha for the 2026 Berkshire Hathaway shareholder meeting.
- 2023 Value Investors Club pitch for CHDN.
- 2025 Value Investors Club pitch for CHDN.
- Churchill Downs’ investor relations page.
- Explore our previous Intrinsic Value breakdowns: Uber, Nike, Reddit, Nintendo, Airbnb, AutoZone, Alphabet, Ulta, John Deere, Madison Square Garden Sports.
- Related books mentioned in the podcast.
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