Churchill Downs betting Thoroughbred Championship Series will add value

Churchill Downs is betting a new expansion of horse racing will succeed. During Thursday’s earnings call, CEO Bill Carstanjen said the Thoroughbred Championship Series (TCS), which will debut next year, will be a boon for the sport and financially beneficial to the operator. “I couldn’t be more excited about TCS,” Carstanjen said during the call. “It’s something that hasn’t existed in horse racing, which has historically been built around specific marquee events that haven’t really been successfully linked together, at least not sufficiently in recent times.” Revenue for the third quarter of 2026 was $696 million, up $13 million or…