Churchill Downs Inc. experienced a significant stock decline, falling nearly 7% on Thursday. This marks the lowest share price in six years. The company announced a strategic shift, planning to divest nine of its regional casinos. This move signals a deliberate pivot towards concentrating on its core horseracing operations, notably the prestigious Kentucky Derby.

The decision to sell off a substantial portion of its casino portfolio comes as Churchill Downs aims to streamline its business and bolster its identity as a premier thoroughbred racing and pari-mutuel wagering company. While the specific terms and buyers for the casinos were not immediately disclosed, the market reacted negatively to the news, reflecting investor sentiment regarding the company's future direction and the potential impact on its overall revenue streams. The company emphasized its commitment to maintaining and enhancing its horseracing assets, including the iconic Kentucky Derby, which remains a cornerstone of its brand and a significant revenue generator.