Churchill Downs and VICI Properties Announce New Buyback Programs

Many casino stocks have lost value this year. Churchill Downs (NASDAQ: CHDN) and VICI Properties (NYSE: VICI), the largest owner of casino real estate, announced new share buyback programs along with their third-quarter results.

The Churchill Downs board approved a new buyback plan of 750 million dollars. The plan replaces the previous 500 million dollar program announced in July 2025. The company reported that it returned 48 million dollars to investors through share repurchases in the third quarter. The 306 million dollars remaining from the previous authorization is also included in the new program.

VICI Properties authorized share buybacks of up to 2 billion dollars. The program will end on September 30, 2029. The REIT took this step about two months after announcing its eighth consecutive dividend increase. The company closed the third quarter with 270.3 million dollars in cash and cash equivalents and raised its 2026 AFFO guidance to a range of 2.69 billion to 2.7 billion dollars.

One common mistake in share buybacks is buying after prices have risen. Churchill Downs shares have fallen 28.3 percent year to date, while VICI shares have dropped 11.2 percent. These declines could be good entry points for the companies. On the other hand, companies are not obliged to spend the full amount in their plans, and these programs can be stopped at any time.