Churchill Downs, VICI Properties Announce Buyback Binges

Plenty of casino stocks are in the dumps this year, but some industry executives see value in their companies’ battered shares as highlighted by a new wave of buyback announcements.

In conjunction with the releases of their third-quarter earnings today, both Churchill Downs (NASDAQ: CHDN) and casino real estate giant VICI Properties (NYSE: VICI) unveiled new repurchase programs. The racetrack operator said its board of directors signed off on a fresh $750 million repurchase plan.

Churchill Downs’ existing share retirement effort was announced in July 2025. The company said it returned $48 million to investors during the third quarter via share repurchases.

VICI Getting in on the Act

VICI Properties, the largest owner of casino real estate, is also making a splash on the buyback front.

“Subsequent to quarter-end, on October 27, 2026, VICI’s Board of Directors authorized a share repurchase program for up to $2.0 billion in shares of the Company’s common stock, which will expire on September 30, 2029,” according to a statement issued by the Caesars Palace owner.

The real estate investment trust (REIT) unveiled the new share repurchase program less than two months after it announced its eighth consecutive dividend hike.

VICI is in position to return capital to investors because it concluded the third quarter with $270.3 million in cash and cash equivalents. The gaming property owner also raised its 2026 acquired funds from operations (AFFO) guidance to between $2.69 billion and $2.7 billion. AFFO is a primary gauge of a REIT’s financial health, including its ability to return cash to investors.

Good Time for Churchill Downs, VICI to Buy Back Stock

Regardless of industry, one of the buyback mistakes often made in Corporate America is companies repurchasing their stock after it runs higher, not when it’s slumping. In other words, they’re buying high, not low.

Churchill Downs and VICI may avoid that fate because their shares are off 28.3% and 11.2%, respectively, year-to-date. Those pullbacks may provide the companies with enticing entry points to commence purchases of their equity over the near-term.

Over the past several years, domestic companies have allocated more capital to buybacks than dividends because the former are more tax-efficient and offer flexibility. Corporations aren’t required to buy back the full amount in their announced plans and those programs can be halted at any time if the company in question opts to conserve or direct it elsewhere.