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
State Concentration and Expansion Limits
Shawn outlines why HRM operations concentrate in Kentucky, Virginia, and New Hampshire and barriers to nationwide rollout.
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.
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- 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.
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