Midterm outlook favors Churchill Downs, not Sands, analyst says
Photo: CDC Gaming Reports
Churchill Downs has reason to be upbeat about the midterm elections, but Las Vegas Sands doesn’t, in the view of Jefferies Equity Research analyst David Katz and expressed in an investor note Wednesday. Local Virginia referenda in Amherst and Pulaski counties on historical horse racing machines (HHR) were expected to swing in Churchill Downs’s direction, Katz wrote. The company has been facing competitive pressures in Virginia since the opening of a Cordish Cos. casino in Petersburg. Admittedly, Katz noted, a pro-HHR referendum in Amherst County failed in 2021 by eight points.
Source: CDC Gaming Reports
