Episode Details

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(!)⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠
• Sign up for ⁠⁠⁠⁠The Intrinsic Value Newsletter.⁠⁠⁠⁠
• 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 Squa