Churchill Downs plans Thoroughbred Championship Series for 2027

Churchill Downs plans to launch the Thoroughbred Championship Series (TCS) next year in collaboration with the New York Racing Association, chief executive Bill Carstanjen said on the company's earnings call. The series will begin with the Kentucky Derby and then run through the Belmont Stakes, the Matt Winn Stakes at Churchill Downs Racetrack, the Jim Dandy Stakes and the Travers Stakes at Saratoga Racetrack in New York, and the TCS Championship Race at Churchill Downs.

Carstanjen said the series would combine existing race days with new events to create new big days, and that he expects wagering contributions from it. "I think you’ll see significant wagering contributions right away," he said. He said the concept was to link marquee events that had not been successfully connected in recent times.

For the third quarter of 2026, Churchill Downs posted revenue of $696 million, a gain of $13 million, or 2%, from a year earlier. Net income came to $80 million, against $38 million in 3Q25. Adjusted EBITDA was $264 million, an increase of $2 million, or 1%, year-over-year. According to the company, every figure it reported set a quarterly record.

Carstanjen cited Kentucky Derby viewership as evidence of appetite for the series. He said viewership peaked at 24 million and average viewership during Derby coverage was 19-20 million, and he compared those figures with other sports and said Churchill Downs tracks social media metrics closely.

VISA has become the preferred payment partner of Churchill Downs and of the 153rd Kentucky Derby, to be held in 2027. Carstanjen said he sees additional agreements of this kind being struck around the TCS to generate value. He described working alongside existing sponsors, Churchill Downs Racetrack and the New York Racing Association, which owns Belmont Park and Saratoga, saying the aim is "to further monetize that and expand that as we go from a week of greatness with the (Kentucky) Derby to five months (the time frame of TCS) of assets and properties".

Churchill Downs is also selling nine regional properties, including Calder Casino in Miami Gardens, Florida, and Presque Isle Downs & Casino in Erie, Pennsylvania. Carstanjen said each property has been marketed individually and that some or all could go to the same buyer. He said the company expects to complete transactions by the end of the year.