{"id":4172,"date":"2024-12-20T20:55:05","date_gmt":"2024-12-20T21:55:05","guid":{"rendered":"http:\/\/restaurace-pohoda.eu\/?p=4172"},"modified":"2025-01-09T13:42:25","modified_gmt":"2025-01-09T13:42:25","slug":"churchill-downs-might-come-up-roses-in-virginia","status":"publish","type":"post","link":"http:\/\/restaurace-pohoda.eu\/index.php\/2024\/12\/20\/churchill-downs-might-come-up-roses-in-virginia\/","title":{"rendered":"Churchill Downs Might Come Up Roses in Virginia"},"content":{"rendered":"

The Kentucky Derby \u2014 the marquee event on Churchill Downs\u2019 (NASDAQ: CHDN) annual slate \u2014 is known as \u201cthe run for the roses,\u201d but a different rose could be additive to the operators investment thesis.<\/p>\n

\"Churchill
An aerial view of The Rose Gaming Resort, a $460 million development from Churchill Downs. An analyst said the new property could be a catalyst for the operator. (Image: Prince William Times<\/em>)<\/figcaption><\/figure>\n

The operator\u2019s recently opened Rose casino hotel<\/a> in Dumfries, Va. hasn\u2019t yet been open to the general public for two months and while there\u2019s been lumpiness in its early innings, Stifel analyst Jeffrey Stantial said there are positive signs emerging from the new gaming venue. In a recent report to clients, he reiterated a \u201cbuy\u201d rating on the stock with a $164 price target. That implies upside of 24% from current levels<\/strong>.<\/p>\n

\n

As expected, the property has been successful drawing players from Manassas, Woodbridge, and Fredericksburg, as well as Washington, DC where CHDN competes against MGM\u2019s National Harbor,\u201d wrote the analyst.<\/p>\n<\/blockquote>\n

Churchill\u2019s venues in Kentucky and Virginia<\/a> are widely viewed as growth drivers for the operator and though it\u2019s still in its infancy, The Rose\u2019s early trajectory indicates the venue could live up to its billing as a catalyst for Churchill stock.<\/p>\n

The Rose Could Outperform<\/h2>\n

The gaming company has an expansive portfolio of live and historical (L&H) horseracing venues in Virginia and consensus estimates indicate those properties should generate $15 million to $16 million in monthly gross gaming revenue (GG)R into next year.<\/p>\n

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The Rose could top those figures<\/a>. Citing \u201canecdotal feedback and alternative data,\u201d Stantial noted it\u2019s possible the new gaming venue could notch a monthly GGR run rate of $15 million to $20 million.<\/p>\n<\/div>\n

\u201cManagement noted CHDN is investing in marketing currently to help build database (TV, social media, radio, online ads, billboards), with margins expected to ramp gradually through 2025 as a result. CHDN is also making typical post-opening staffing optimization adjustments, though employee turnover has been better than expected \u2013 partly due to the ability to train pre-opening at Rosie\u2019s,\u201d according to the analyst.<\/p>\n

He added that using the operator\u2019s Derby City property as a comparison, The Rose could eventually notch earnings before interest, taxes, depreciation, and amortization (EBITDA) margins of 50%.<\/p>\n

The Rose Has Advantages<\/h2>\n

The population of gaming venues in Virginia<\/a> is expanding, implying intensifying competition, but The Rose has some geographic advantages.<\/p>\n

\u201cDevelopment is underpinned by limited competitive supply & attractive local demographics. MGM\u2019s National Harbor is the only competitive property within a 60-minute drive of The Rose, and has an encatchment area mostly limited to the DC metro area,\u201d added Stantial.<\/strong><\/p>\n

The analyst pointed out that The Rose could eventually generate better margins than the MGM property because of Virginia\u2019s lower gaming taxes and competition in Fairfax County is unlikely to come to fruition.<\/p>\n

The post Churchill Downs Might Come Up Roses in Virginia<\/a> appeared first on Casino.org<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Kentucky Derby \u2014 the marquee event on Churchill Downs\u2019 (NASDAQ: CHDN) annual slate \u2014 is known as \u201cthe run for the roses,\u201d but a different rose could be additive to the operators investment thesis. An aerial view of The Rose Gaming Resort, a $460 million development from Churchill Downs. An analyst said the new…<\/p>\n","protected":false},"author":1,"featured_media":4174,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[17],"tags":[],"_links":{"self":[{"href":"http:\/\/restaurace-pohoda.eu\/index.php\/wp-json\/wp\/v2\/posts\/4172"}],"collection":[{"href":"http:\/\/restaurace-pohoda.eu\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/restaurace-pohoda.eu\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/restaurace-pohoda.eu\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/restaurace-pohoda.eu\/index.php\/wp-json\/wp\/v2\/comments?post=4172"}],"version-history":[{"count":2,"href":"http:\/\/restaurace-pohoda.eu\/index.php\/wp-json\/wp\/v2\/posts\/4172\/revisions"}],"predecessor-version":[{"id":4175,"href":"http:\/\/restaurace-pohoda.eu\/index.php\/wp-json\/wp\/v2\/posts\/4172\/revisions\/4175"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/restaurace-pohoda.eu\/index.php\/wp-json\/wp\/v2\/media\/4174"}],"wp:attachment":[{"href":"http:\/\/restaurace-pohoda.eu\/index.php\/wp-json\/wp\/v2\/media?parent=4172"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/restaurace-pohoda.eu\/index.php\/wp-json\/wp\/v2\/categories?post=4172"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/restaurace-pohoda.eu\/index.php\/wp-json\/wp\/v2\/tags?post=4172"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}