Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-07-02

Churchill Downs (CHDN)

Fiscal year 2025 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$19,172,839
William Carstanjen total, FY2025
67th
CEO pay percentile vs peers
573:1
CEO-to-median pay ratio
84.6%
Say-on-pay support, latest vote
Companies that benchmark against CHDN
11 companies name CHDN as a compensation peer

Each company listed discloses CHDN in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named CHDN in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
William Carstanjen$1,800,000$0$11,443,380$0$5,763,331$0$166,128$19,172,839
Chief Executive Officer
William Mudd1,265,94903,814,74402,038,106090,6877,209,486
President and Chief Operating Officer
Marcia Dall944,09102,193,48301,338,374076,3544,552,302
Executive Vice President and Chief Financial Officer
Bradley Blackwell770,19201,621,3730992,574022,2253,406,364
Executive Vice President and General Counsel
Maureen Adams659,349550,00000615,101032,9321,857,382
Former Executive Vice President, Gaming Operations

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY20242025
William Carstanjen$19,172,839$15,103,663$12,211,634+4,069,176
William Mudd7,209,4866,462,8986,140,275+746,588
Marcia Dall4,552,3024,583,3984,384,427−31,096
Bradley Blackwell3,406,3642,947,0402,695,474+459,324
Maureen Adams1,857,3822,597,6902,463,501−740,308

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

02

Equity transactions since the proxy statement was filed

Every insider equity transaction reported on Form 4 after the 2025 proxy statement — acquisitions, dispositions, exercises, and withholdings — and therefore not reflected in any table in that document.

InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
Dividend-equivalent accruals2026-03-192,8982 insiders, 2 accrual rows
Douglas C. GrissomDirector2026-03-31A382.6700CommonForm 4 ↗
Karole F. LloydDirector2026-04-21A2,25700CommonForm 4 ↗
Daniel P. HarringtonDirector2026-04-21A2,25700CommonForm 4 ↗
Daniel P. HarringtonDirector2026-04-21A000CommonForm 4 ↗
Paul C. VargaDirector2026-04-21A2,25700CommonForm 4 ↗
Andréa CarterDirector2026-04-21A2,25700CommonForm 4 ↗
R. Alex RankinDirector2026-04-21A2,25700CommonForm 4 ↗
Douglas C. GrissomDirector2026-04-21A2,25700CommonForm 4 ↗
Douglas C. GrissomDirector2026-06-30A383.4800CommonForm 4 ↗

Transaction codes per Form 4: A acquisition · S open-market sale · F tax withholding · M option exercise · G gift. Value = shares × price as reported. Dividend-equivalent and fractional-share accrual rows (derivative Class A, under $10,000 and under 2,000 shares) are aggregated per date; every row appears in full below.

View all 11 transactions
InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
William MuddPresident and COO2026-03-19A1,449$0$0Derivative, Class A CommonForm 4 ↗
Marcia DallEVP, and CFO2026-03-19A1,44900Derivative, Class A CommonForm 4 ↗
Douglas C. GrissomDirector2026-03-31A382.6700CommonForm 4 ↗
Karole F. LloydDirector2026-04-21A2,25700CommonForm 4 ↗
Daniel P. HarringtonDirector2026-04-21A2,25700CommonForm 4 ↗
Daniel P. HarringtonDirector2026-04-21A000CommonForm 4 ↗
Paul C. VargaDirector2026-04-21A2,25700CommonForm 4 ↗
Andréa CarterDirector2026-04-21A2,25700CommonForm 4 ↗
R. Alex RankinDirector2026-04-21A2,25700CommonForm 4 ↗
Douglas C. GrissomDirector2026-04-21A2,25700CommonForm 4 ↗
Douglas C. GrissomDirector2026-06-30A383.4800CommonForm 4 ↗
03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
William CarstanjenRSU2025-02-0648,675$6,000,167
Bradley BlackwellPSU2025-02-062,5866,89617,240771,180
William MuddRSU2025-02-0616,2272,000,302
Marcia DallRSU2025-02-069,3301,150,109
Marcia DallPSU2025-02-063,4999,33023,3251,043,374
William MuddPSU2025-02-066,08416,22540,5631,814,442
William CarstanjenPSU2025-02-0618,25348,674121,6855,443,213
Bradley BlackwellRSU2025-02-066,897850,193
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
William Carstanjen$6,000,167$5,443,213$047.6%
Bradley Blackwell850,193771,180047.6%
William Mudd2,000,3021,814,442047.6%
Marcia Dall1,150,1091,043,374047.6%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Bradley BlackwellRSU12,995$1,370,130
William CarstanjenRSU224,18222,716,539
William CarstanjenPSU76,3178,683,348
Bradley BlackwellPSU11,3681,293,451
William CarstanjenRSU41,6654,740,644
William MuddRSU125,08912,627,630
William MuddPSU28,4213,233,741
Marcia DallRSU21,2352,170,854
Marcia DallPSU18,2742,079,216
William MuddRSU14,8841,693,502
Maureen AdamsRSU10,5481,090,430
Marcia DallRSU9,2021,047,004
Maureen AdamsPSU4,472508,824
Bradley BlackwellRSU6,089692,806
Maureen AdamsRSU1,491169,646
05

Incentive-plan design — the Compensation Discussion & Analysis

The fundamental philosophy of the Committee is to provide an executive compensation program that links pay to business strategy and performance in a manner that is effective in attracting, motivating and retaining key executives while also aligning the interests of the executives with the interests of shareholders over the long-term. To that end, the Committee evaluates the pay practices of its peers and generally considers the median of the peer group.

CEO STI target (% of salary)250%
CEO LTI target (% of salary)
Independent consultantFrederic W. Cook & Co., Inc.
Clawback policyNEOs' incentive compensation is subject to clawback in the event of a restatement of the Company's financial statements due to material noncompliance. The amount to be recovered shall be the excess of the incentive-based compensation received during the three fiscal years prior to the restatement based on the erroneous data over what would have been received based on restated financial information.
Anti-hedgingDirectors, officers and other employees are prohibited from engaging in hedging and monetization transactions and transactions that involve exchange-traded options or short sales of the Company's securities
Anti-pledgingTrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-04-2150,404,4619,078,57199,92884.6%Passed
20252025-04-2259,339,8181,920,601109,70096.69%Passed
20242024-04-2361,668,2831,547,436145,13997.55%Passed
20232023-04-2529,463,576592,78856,88298.03%Passed
20222022-04-2629,427,9012,254,66659,23792.71%Passed
20212021-04-2024,881,5226,239,3631,014,50279.95%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-04-2184.6%a
20252025-04-2296.69%b
20242024-04-2397.55%c

a. Approved under the standard stated in the filing — “An abstention has the same effect as a vote "against" this proposal.”.

b. Approved under the standard stated in the filing — “An abstention has the same effect as a vote "against" this proposal.”.

c. Approved under the standard stated in the filing — “Abstentions or "withhold" votes, as applicable, and broker non-votes are not counted in determining the number of votes required for the election of a director or passage of any matter submitted to the shareholders.”.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)573 : 1
CEO total compensation$19,172,839
Median employee compensation$33,486
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
R. Alex RankinIndependent · Board Chair · Executive (Chair)$260,000$205,000$0$0$0$465,000
Karole F. LloydIndependent · Audit (Chair) · Nominating and Governance150,000205,000000355,000
Daniel P. HarringtonIndependent · Executive · Audit · Compensation (Chair)145,000205,000000350,000
Douglas C. GrissomIndependent · Compensation · Nominating and Governance (Chair)137,500205,000000342,500
Paul C. VargaIndependent · Audit · Compensation132,500205,000000337,500
Andréa CarterIndependent · Compensation · Nominating and Governance127,500205,000000332,500
Ulysses L. Bridgeman, JrIndependent · Departed during FY · Partial-year service28,750000028,750
William C. CarstanjenEmployee director · Partial-year service00000
09

Board fee structure and ownership guideline

Annual cash retainer$105,000
Annual equity retainer$205,000
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)
Stock ownership guideline$525,000
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$981,250
Equity awards (grant-date value)$1,230,000
All other compensation$0
Total cost of the board$2,211,250

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies Churchill Downs names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including Churchill Downs.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1MGM Resorts International2025William Hornbuckle$2,000,000$10,052,751$0$5,000,000$25,329,156
2PENN Entertainment, Inc.2025Jay Snowden1,800,00014,249,9894,750,0042,984,40024,126,651
3DraftKings Inc.2025Jason Robins119,203,6720022,621,941
4Churchill Downs2025William Carstanjen1,800,00011,443,38005,763,33119,172,839
5Caesars Entertainment, Inc.2025Thomas Reeg2,060,00011,991,46702,945,80017,199,029
6Wynn Resorts, Limited2025Craig Billings2,000,0009,624,11003,433,75015,090,901
7Boyd Gaming Corporation2025Keith Smith1,850,0009,124,85803,700,00014,697,487
8Gaming and Leisure Properties Inc.2025Peter Carlino1,808,4688,600,90003,089,46614,054,918
9Red Rock Resorts Inc.2025Frank Fertitta1,000,0004,856,8144,856,797011,319,292
Light & Wonder, Inc.not in coverage universe
Flutter Entertainment PLCnot in coverage universe

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Churchill Downs128.0%PSU 50 · RSU 50NoFrederic W. Cook & Co., Inc.
Boyd Gaming Corporation100%PSU 60 · RSU 40NoExequity
Caesars Entertainment, Inc.71.5%RSU 50 · PSU 50Yes — relative total shareholder return (rTSR)Aon
DraftKings Inc.not disclosedRSU 50 · PSU 50NoFrederic W. Cook & Co., Inc.
Flutter Entertainment PLCnot disclosednot disclosednot disclosednot disclosed
Gaming and Leisure Properties Inc.171%PSU 80 · RSU 20Yes — TSR measured against the US MSCI Index and triple-net REIT peersFPC
Light & Wonder, Inc.not disclosednot disclosednot disclosednot disclosed
MGM Resorts International100%PSU 50 · RSU 50Yes — Relative TSRF.W. Cook
PENN Entertainment, Inc.66.3%PSU 50 · RSU 25 · Options 25NoSemler Brossy Consulting Group, LLC
Red Rock Resorts Inc.100%Options 50 · RSU 50not disclosedPay Governance
Wynn Resorts, Limited256%PSU 55 · RSU 45NoRadford

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, William CarstanjenDEF 14A2026-03-120001193125-26-104118Section “2025 SUMMARY COMPENSATION TABLE” · page 42. As printed: 19,172,839. Filing ↗machine: r4 · c25 · span 874946–874956
2Section 01, William MuddDEF 14A2026-03-120001193125-26-104118Section “2025 SUMMARY COMPENSATION TABLE” · page 42. As printed: 7,209,486. Filing ↗machine: r8 · c25 · span 883274–883283
3Section 01, Marcia DallDEF 14A2026-03-120001193125-26-104118Section “2025 SUMMARY COMPENSATION TABLE” · page 42. As printed: 4,552,302. Filing ↗machine: r12 · c25 · span 891626–891635
4Section 01, Bradley BlackwellDEF 14A2026-03-120001193125-26-104118Section “2025 SUMMARY COMPENSATION TABLE” · page 42. As printed: 3,406,364. Filing ↗machine: r16 · c25 · span 899955–899964
5Section 01, Maureen AdamsDEF 14A2026-03-120001193125-26-104118Section “2025 SUMMARY COMPENSATION TABLE” · page 42. As printed: 1,857,382. Filing ↗machine: r20 · c25 · span 908335–908344
6Section 03, William Carstanjen RSUDEF 14A2026-03-120001193125-26-104118Section “Grants of Plan-Based Awards for Fiscal Year Ended December 31, 2025” · grants of plan-based awards table. Filing ↗machine: t239 · r5 · c3 · span 733545–733551
7Section 03, Bradley Blackwell PSUDEF 14A2026-03-120001193125-26-104118Section “Grants of Plan-Based Awards for Fiscal Year Ended December 31, 2025” · grants of plan-based awards table. Filing ↗machine: t239 · r11 · c11 · span 750332–750337
8Section 03, William Mudd RSUDEF 14A2026-03-120001193125-26-104118Section “Grants of Plan-Based Awards for Fiscal Year Ended December 31, 2025” · grants of plan-based awards table. Filing ↗machine: t239 · r7 · c3 · span 738646–738652
9Section 03, Marcia Dall RSUDEF 14A2026-03-120001193125-26-104118Section “Grants of Plan-Based Awards for Fiscal Year Ended December 31, 2025” · grants of plan-based awards table. Filing ↗machine: t239 · r9 · c3 · span 743745–743750
10Section 03, Marcia Dall PSUDEF 14A2026-03-120001193125-26-104118Section “Grants of Plan-Based Awards for Fiscal Year Ended December 31, 2025” · grants of plan-based awards table. Filing ↗machine: t239 · r9 · c3 · span 743745–743750
11Section 03, William Mudd PSUDEF 14A2026-03-120001193125-26-104118Section “Grants of Plan-Based Awards for Fiscal Year Ended December 31, 2025” · grants of plan-based awards table. Filing ↗machine: t239 · r7 · c11 · span 740133–740139
12Section 03, William Carstanjen PSUDEF 14A2026-03-120001193125-26-104118Section “Grants of Plan-Based Awards for Fiscal Year Ended December 31, 2025” · grants of plan-based awards table. Filing ↗machine: t239 · r5 · c11 · span 735032–735038
13Section 03, Bradley Blackwell RSUDEF 14A2026-03-120001193125-26-104118Section “Grants of Plan-Based Awards for Fiscal Year Ended December 31, 2025” · grants of plan-based awards table. Filing ↗machine: t239 · r11 · c3 · span 748848–748853
14Section 07, pay ratioDEF 14A2026-03-120001193125-26-104118Section “CEO Pay Ratio”. As printed: 573 : 1. Filing ↗machine: t311 · r3 · c3 · span 1187854–1187860
15Section 08, R. Alex RankinDEF 14A2026-03-120001193125-26-104118Section “Director Compensation”. As printed: 465,000. Filing ↗machine: t87 · r14 · c11 · span 375299–375306
16Section 08, Karole F. LloydDEF 14A2026-03-120001193125-26-104118Section “Director Compensation”. As printed: 355,000. Filing ↗machine: t87 · r12 · c11 · span 373493–373500
17Section 08, Daniel P. HarringtonDEF 14A2026-03-120001193125-26-104118Section “Director Compensation”. As printed: 350,000. Filing ↗machine: t87 · r10 · c11 · span 371686–371693
18Section 08, Douglas C. GrissomDEF 14A2026-03-120001193125-26-104118Section “Director Compensation”. As printed: 342,500. Filing ↗machine: t87 · r8 · c11 · span 369818–369825
19Section 08, Paul C. VargaDEF 14A2026-03-120001193125-26-104118Section “Director Compensation”. As printed: 337,500. Filing ↗machine: t87 · r16 · c11 · span 377104–377111
20Section 08, Andréa CarterDEF 14A2026-03-120001193125-26-104118Section “Director Compensation”. As printed: 332,500. Filing ↗machine: t87 · r6 · c11 · span 367952–367959
21Section 08, Ulysses L. Bridgeman, JrDEF 14A2026-03-120001193125-26-104118Section “Director Compensation”. As printed: 28,750. Filing ↗machine: t87 · r4 · c3 · span 365244–365250
22Section 08, William C. CarstanjenDEF 14A2026-03-120001193125-26-104118Section “Director Compensation”. As printed: 0. Filing ↗
23Section 02, William Mudd 2026-03-19Form 42026-03-200001415049-26-000004Insider equity transaction reported since the proxy statement. Filing ↗
24Section 02, Marcia Dall 2026-03-19Form 42026-03-200001460624-26-000003Insider equity transaction reported since the proxy statement. Filing ↗
25Section 02, Douglas C. Grissom 2026-03-31Form 42026-04-060001246240-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
26Section 02, Karole F. Lloyd 2026-04-21Form 42026-04-230001694416-26-000003Insider equity transaction reported since the proxy statement. Filing ↗
27Section 02, Daniel P. Harrington 2026-04-21Form 42026-04-230001180740-26-000003Insider equity transaction reported since the proxy statement. Filing ↗
28Section 02, Daniel P. Harrington 2026-04-21Form 42026-04-230001180740-26-000003Insider equity transaction reported since the proxy statement. Filing ↗
29Section 02, Paul C. Varga 2026-04-21Form 42026-04-230001257384-26-000003Insider equity transaction reported since the proxy statement. Filing ↗
30Section 02, Andréa Carter 2026-04-21Form 42026-04-230001959476-26-000003Insider equity transaction reported since the proxy statement. Filing ↗
31Section 02, R. Alex Rankin 2026-04-21Form 42026-04-230001444804-26-000003Insider equity transaction reported since the proxy statement. Filing ↗
32Section 02, Douglas C. Grissom 2026-04-21Form 42026-04-230001246240-26-000004Insider equity transaction reported since the proxy statement. Filing ↗
33Section 02, Douglas C. Grissom 2026-06-30Form 42026-07-020001246240-26-000006Insider equity transaction reported since the proxy statement. Filing ↗
34Section 06, 2026 voteForm 8-K2026-04-210000020212-26-000033Item 5.07 · say-on-pay result. As reported: 84.6% (votes for as printed: 50,404,461). Filing ↗
35Section 06, 2025 voteForm 8-K2025-04-220000020212-25-000062Item 5.07 · say-on-pay result. As reported: 96.69% (votes for as printed: 59,339,818). Filing ↗
36Section 06, 2024 voteForm 8-K2024-04-230000020212-24-000063Item 5.07 · say-on-pay result. As reported: 97.55% (votes for as printed: 61,668,283). Filing ↗
37Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
38Section 03b vehicle mix (computed)ComputedcomputedRSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
39Section 09b board cost (computed)ComputedcomputedCash 981,250 + equity 1,230,000 + all other 0 = 2,211,250, summed across the director compensation table rows.machine: formula: Σ = 2,211,250
40MGM Resorts International, Section 10b CEO totalDEF 14A2026-03-270001193125-26-129074CEO total compensation as printed in MGM Resorts International's own proxy. As printed: 25,329,156. Filing ↗machine: span 1064000–1064010
41PENN Entertainment, Inc., Section 10b CEO totalDEF 14A2026-04-270001140361-26-016846CEO total compensation as printed in PENN Entertainment, Inc.'s own proxy. As printed: 24,126,651. Filing ↗machine: r2 · c25 · span 1628709–1628719
42DraftKings Inc., Section 10b CEO totalDEF 14A2026-03-260001104659-26-035176CEO total compensation as printed in DraftKings Inc.'s own proxy. As printed: 22,621,941. Filing ↗machine: r1 · c41 · span 613685–613695
43Churchill Downs (subject), Section 10b CEO totalDEF 14A2026-03-120001193125-26-104118CEO total compensation as printed in Churchill Downs's own proxy. As printed: 19,172,839. Filing ↗machine: r4 · c25 · span 874946–874956
44Caesars Entertainment, Inc., Section 10b CEO totalDEF 14A2026-04-230001193125-26-174058CEO total compensation as printed in Caesars Entertainment, Inc.'s own proxy. As printed: 17,199,029. Filing ↗machine: r3 · c23 · span 649787–649797
45Wynn Resorts, Limited, Section 10b CEO totalDEF 14A2026-03-250001193125-26-124077CEO total compensation as printed in Wynn Resorts, Limited's own proxy. As printed: 15,090,901. Filing ↗machine: r4 · c29 · span 740637–740647
46Boyd Gaming Corporation, Section 10b CEO totalDEF 14A2026-03-200001193125-26-116798CEO total compensation as printed in Boyd Gaming Corporation's own proxy. As printed: 14,697,487. Filing ↗machine: r3 · c34 · span 359765–359775
47Gaming and Leisure Properties Inc., Section 10b CEO totalDEF 14A2026-04-240001193125-26-177324CEO total compensation as printed in Gaming and Leisure Properties Inc.'s own proxy. As printed: 14,054,918. Filing ↗
48Red Rock Resorts Inc., Section 10b CEO totalDEF 14A2026-04-230001193125-26-173964CEO total compensation as printed in Red Rock Resorts Inc.'s own proxy. As printed: 11,319,292. Filing ↗machine: r6 · c27 · span 339865–339875
49Section 10a, Wynn Resorts, Limited reciprocityDEF 14A0001193125-26-124077Wynn Resorts, Limited's most recent proxy was read; its disclosed peer group does not include Churchill Downs. Filing ↗
50Section 10a, Red Rock Resorts Inc. reciprocityDEF 14A0001193125-26-173964Red Rock Resorts Inc. names Churchill Downs in its own disclosed peer group (read from its most recent proxy). Filing ↗
51Section 10a, DraftKings Inc. reciprocityDEF 14A0001104659-26-035176DraftKings Inc. names Churchill Downs in its own disclosed peer group (read from its most recent proxy). Filing ↗
52Section 10a, Boyd Gaming Corporation reciprocityDEF 14A0001193125-26-116798Boyd Gaming Corporation names Churchill Downs in its own disclosed peer group (read from its most recent proxy). Filing ↗
53Section 10a, MGM Resorts International reciprocityDEF 14A0001193125-26-129074MGM Resorts International's most recent proxy was read; its disclosed peer group does not include Churchill Downs. Filing ↗
54Section 10a, Gaming and Leisure Properties Inc. reciprocityDEF 14A0001193125-26-177324Gaming and Leisure Properties Inc.'s most recent proxy was read; its disclosed peer group does not include Churchill Downs. Filing ↗
55Section 10a, PENN Entertainment, Inc. reciprocityDEF 14A0001140361-26-016846PENN Entertainment, Inc.'s most recent proxy was read; its disclosed peer group does not include Churchill Downs. Filing ↗
56Section 10a, Caesars Entertainment, Inc. reciprocityDEF 14A0001193125-26-174058Caesars Entertainment, Inc.'s most recent proxy was read; its disclosed peer group does not include Churchill Downs. Filing ↗