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
HRMs vs. Traditional Casino Unit Economics
Daniel and Shawn compare win-per-unit metrics across venues and explain why geography affects HRM productivity.
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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