By Bill FinleyChurchill Downs Inc. (CDI) stock fell nearly 7 percent Thursday after the company announced plans to sell nine casinos and refocus on its horse racing businesses. Among the properties Churchill may put up for sale is Presque Isle Downs in Erie, Pennsylvania. In what is called a Form 8-K that has been presented to the United States Securities and Exchange Commission, Churchill reported that it “is exploring various options to sell the following wholly owned regional gaming properties: Calder Casino in Florida, Terre Haute Casino Resort in Indiana, Hard Rock Hotel & Casino in Iowa, Oxford Casino Hotel in Maine, Ocean Downs Casino and Racetrack in Maryland, Harlow's Casino Resort and Spa and Riverwalk Casino Hotel in Mississippi, del Lago Resort and Casino in New York, and Presque Isle Downs and Casino in Pennsylvania.” According to Bloomberg.com, Churchill CEO William Carstanjen said on a conference call with analysts that divesting the casinos will allow the company to focus on horse racing in Kentucky, where it owns Churchill Downs, Turfway Park and Ellis Park, in Louisiana, where it owns Fair Grounds, and in Virginia, where it owns Colonial Downs. “Our intention is to use any asset sale proceeds to significantly reduce our leverage, reinvest selectively in Churchill Downs racetrack and in other high-return projects, and fund the repurchase of shares of our stock,” Carstanjen said.