The twin spires at Churchill Downs racetrack in Kentucky. Churchill Downs cautioned the strategic review doesn’t guarantee a transaction will be reached nor did the operator reveal a timeline for conclusion of the review. “Our read is a potential sale has already been well-discussed, and this disclosure provides CHDN flexibility to pursue potential capital structure transactions,” notes Stifel analyst Jeffrey Stantial. Now that Churchill Downs has confirmed it’s looking at shedding some assets, it may be able to resume buybacks. There’s been some chatter that beyond other commercial operators, potential buyers of Churchill Downs assets could include private equity firms and tribal casino entities.