Churchill Downs and VICI authorise share repurchase programmes

Churchill Downs and VICI Properties each announced a new share repurchase programme on 28 October 2026, alongside their third-quarter earnings releases, the companies said. Churchill Downs' board approved a $750m plan, while VICI's board authorised repurchases of up to $2.0bn in common stock, expiring on 30 September 2029.

The Churchill Downs programme replaces its prior $500m authorisation, which was approved in July 2025. The new plan includes, and is not in addition to, the $306m remaining under the earlier authorisation as of the close of trading on 27 October 2026, according to the company's statement. Churchill Downs said it returned $48m to investors through share repurchases during the third quarter.

VICI's authorisation was granted on 27 October 2026, after the end of its third quarter, the company said. The real estate investment trust ended the quarter with $270.3m in cash and cash equivalents and raised its 2026 acquired funds from operations guidance to between $2.69bn and $2.7bn. VICI announced the programme less than two months after its eighth consecutive dividend increase.

The source gives no statement from either company on the reasons for the programmes beyond the announcements. It notes that companies are not required to buy back the full amount in an announced plan and that programmes can be halted at any time. No appeal status or further deadline is given.