Churchill Downs Expands Virginia Casino Footprint

Article by : Erik Gibbs Oct 4, 2023

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Churchill Downs Incorporated (CDI) has announced the opening of its latest Rosie’s Gaming Emporium in Emporia, Virginia. This new venue on West Atlantic Street offers 150 Historical Racing Machines, a simulcast horse racing, a restaurant and a bar.

To mark the occasion, CDI donated $25,000 to five local charities. This opening brings the total number of Rosie’s Gaming Emporiums to seven venues.

CDI’s C.E.O., Bill Carstanjen, commented on this expansion, stating, “This marks our seventh Rosie’s gaming property and adds to our tremendous success in Virginia, taking us to the state’s Southern border for the first time.”

The Emporia location is expected to create over 100 full and part-time jobs and generate nearly $1 million in annual tax revenue for the city. Carstanjen emphasized CDI’s commitment to providing quality jobs and contributing to tax revenue while delivering entertainment.

CDI also demonstrated its commitment to the community through its “Rosie’s Gives Back” program.

At the opening, CDI donated $25,000 to five local charities, including The Family Y.M.C.A. of Emporia/Greensville, Community Youth Center, Ltd, Emporia Greensville Recreation Association, Communities in Schools of Virginia and H.E.A.R. Me Out Inc.

In addition to its activities in Virginia, CDI has been exploring opportunities in its home market, Kentucky.

The company recently received approval from the Kentucky Horse Racing Commission to operate six racing and sportsbooks on its properties. Kentucky’s online gambling went live recently, while land-based operators, including CDI, began accepting in-person sports bets on September 7.

Truist Securities analyst Barry Jonas expressed optimism after visiting Churchill Downs’ Virginia assets, including Colonial Downs, Rosie’s Richmond and the in-progress Rosie’s Dumfries.

They discussed the Urban One-branded casino project in Richmond, where Churchill Downs holds a 50 percent stake. Jonas believes that with Churchill Downs’ political experience and a broader campaign audience, victory in the November 7 referendum is more likely.

If victorious, the company plans to skip opening a temporary casino and proceed directly to constructing the permanent facility, including expansions financed out of cash flow.

Churchill Downs is experiencing competitive pressures in the Portsmouth area, but they expect competition to normalize over the next few months. Additional competition is coming from the

Pamunkey Tribe’s HeadWaters Casino in Norfolk, although it is still a few years away.

Churchill Downs is less affected by other Virginia casinos like Caesars Danville and Hard Rock Bristol, except for its small Collinsville parlour.