CHDN · CIK 20212
What Churchill Downs Incorporated told the SEC could break it.
2 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
A limited set so far, we surface every cited disclosure we’ve extracted for CHDN. More may follow as additional filings are processed.
In its own words
What could break it.
Other disclosures
- dependence on agreements with horsemen and other racetracksmedium
In certain jurisdictions, Churchill Downs' operations depend on agreements with industry constituents — including horsemen and other racetracks — and failure to enter into or maintain these agreements on acceptable terms could materially harm its racing and wagering business.
“Our operations in certain jurisdictions depend on agreements with industry constituents including horsemen and other racetracks, and the failure to enter into or maintain these agreements on terms acceptable to us could have a material adverse effect on our business, results of operations, and financial condition”
SEC filing →As of 2026
Regulatory & policy
- state gaming-legality risk — Louisiana Supreme Court ruling ended HRM operations in Louisianamedium
Churchill Downs' gaming/racing operations are subject to state-by-state legal challenges: a final, enforceable Louisiana Supreme Court ruling (May 2025) forced it to discontinue Historical Racing Machine operations in Louisiana and relocate the HRMs to other venues, reducing revenue.
“The Louisiana Supreme Court denied the Company's Application for Rehearing on May 8, 2025. The opinion became final and enforceable as of this date, at which time the Company discontinued its HRM operations in Louisiana and moved the HRMs in the Louisiana OTBs to other HRM venues, primarily located in Virginia.”
SEC filing →As of 2026
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its customers
Liberty Live Holdings, Inc. (Quint)
“Quint derives substantially all of its revenue from the sale of premium, ticket inclusive experiential packages. Quint's principal partners are Formula 1, MotoGP, Churchill Downs and the NBA.”
Cited →
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