Churchill Downs and VICI authorize share buybacks
Churchill Downs Incorporated and VICI Properties have announced share repurchase authorizations alongside their third-quarter financial disclosures. Churchill Downs approved a $750 million program, while VICI authorized purchases of up to $2 billion of its common stock.
Churchill Downs’ authorization replaces the $500 million program approved in July 2025. The new amount includes the $306 million remaining under that earlier authorization at the close of trading on October 27, rather than adding a separate $750 million to the outstanding balance.
VICI’s board approved its program on October 27, with an expiration date of September 30, 2029. The authorization permits purchases through the open market, privately negotiated transactions, Rule 10b5-1 plans, or other methods consistent with securities laws.
The authorizations allow purchases without requiring either company to spend the full amount
Churchill Downs said repurchases would take place at management’s discretion. Its announcement sets no time limit for the program and allows it to be suspended or discontinued. The company repurchased shares worth $48 million during the third quarter.
The company also reported third-quarter net revenue of $696 million and net income attributable to Churchill Downs of $80 million. Its board declared an annual dividend of $0.469 per share, payable January 5, 2027, to shareholders of record on December 4, 2026.
VICI reported quarterly revenue of $1.1 billion and adjusted funds from operations attributable to common stockholders of $685.2 million. Its exchange filing states that the buyback program does not require any particular quantity of purchases and may be suspended or discontinued at any time.
