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Churchill Downs, Inc. (CHDN): Three Bays Capital Discloses 5% Passive Stake

Matthew Sidman’s Three Bays Capital has revealed a new stake in Churchill Downs, Inc. (NASDAQ:CHDN). The position contains almost 921,900 shares, which represent 5.3% of the company’s common stock. At the current price of Churchill Downs, Inc. (NASDAQ:CHDN), the value of the passive position amounts to roughly $90.33 million.

Churchill Downs

Matthew Sidman is a former employee of Jonathon Jacobson‘s Highfields Capital Management, who launched his fund at the beginning of 2014, after serving for around 14 years at Highfields. According to a Wall Street Journal report, Sidman, who launched his own funds with over $500 million, was managing a long/short portfolio worth some $1 billion.

Churchill Downs, Inc. (NASDAQ:CHDN) is a company engaged in pari-mutuel horseracing, casino gaming, and entertainment. Aside from Three Bays Capital, another shareholder of the company is Paul Reeder and Edward Shapiro‘s PAR Capital Management, which disclosed holding some 1.29 million shares in its latest 13F filing. Mario Gabelli‘s GAMCO Investors owns a smaller stake, which contains some 902,300 shares as of the end of June.

At the beginning of this month, William Mudd, Churchill Downs, Inc. (NASDAQ:CHDN)’s Chief Financial Officer, has sold around 10,600 shares of the company in two transactions at a price of $96.00 per unit.

The stock of the $1.70 billion market cap company gained around 10% since the beginning of the year. A couple of days ago, Churchill Downs, Inc. (NASDAQ:CHDN) announced in a press release that its namesack racetrack entered into a five-year agreement with Yum! Brands, Inc. (NYSE:YUM), following which the latter will be the presenting sponsor of the $2 million-guaranteed Kentucky Derby. For the second quarter of this year, the company reported revenues worth $303.65 million, up from $283.59 million a year ago. Its net profit amounted to approximately $57.33 million, which represents an increase from $50.30 million posted for the same period of 2013.

Disclosure: none

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