Churchill Downs Incorporated Announces Temporary Employee Furloughs at Certain Properties

LOUISVILLE, Ky., March 25, 2020 (GLOBE NEWSWIRE) -- Churchill Downs Incorporated (“CDI” or “the Company”) (Nasdaq: CHDN) announced today the temporary furlough of employees at certain properties that temporarily ceased operations following local or state government-ordered closure undertaken to combat the impact of the COVID-19 pandemic.

Temporary furloughs at properties that have been impacted by the closures will begin immediately. CDI is taking steps to limit the impact of these actions on team members by continuing to provide health, dental, vision and life insurance benefits to furloughed employees.

All remaining salaried employees across the Company will receive a salary reduction based on a percentage that varies dependent upon the amount of each employee’s salary. The most senior level of executive management will receive the largest salary decrease based on both percentage and dollar amount. These salary reductions will be in effect until the Company begins to return to normalized operations.

CDI is fully committed to working with relevant authorities in each state to determine when each property is permitted to reopen.

“This is not a decision any company ever wishes to make and it is particularly tough when those affected are deeply respected team members who have helped us build great facilities and strong businesses of which we are all very proud,” said Bill Carstanjen, CEO of CDI. “We look forward to welcoming our team members and customers back when we are able to reopen our properties and return to normal operations.”   

CDI properties that will be affected by the temporary furloughs include:

• Derby City Gaming (Louisville, KY)
• Calder Casino (Miami Gardens, FL)
• Fair Grounds Slots and VLT operations (New Orleans, LA)
• Harlow’s Casino (Greenville, MS)
• Lady Luck Casino Nemacolin (Farmington, PA)
• Ocean Downs Casino (Berlin, MD)
• Oxford Casino (Oxford, ME)
• Presque Isle Downs & Casino (Erie, PA)
• Riverwalk Casino (Vicksburg, MS)
• Arlington International Racecourse (Arlington Heights, IL)

As previously announced, preparations are underway at Churchill Downs Racetrack for the 146^th Kentucky Oaks and Kentucky Derby to be held on September 4^th and 5^th, 2020. Kentucky Derby week race dates and related events will begin on September 1, 2020.