CHDN vs GLPI: How Churchill Downs Incorporated and Gaming and Leisure Properties Compare (2026)

Same yardstick, side by side (as of July 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. CHDN and GLPI share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined CHDN and GLPI exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

Churchill Downs Incorporated operates through three reportable segments: Live and Historical Racing (the Churchill Downs Racetrack that hosts the Kentucky Derby plus Derby City Gaming and a growing fleet of historical racing machine, or HRM, venues in Kentucky and Virginia), Wagering Services and Solutions (the TwinSpires online horse-race wagering platform, the Exacta HRM technology business, and United Tote), and Gaming (regional casino and racetrack properties). The Kentucky Derby remains the crown jewel, generating record luxury ticket sales and TV audiences, while HRM parlors have become the primary growth engine as new venues open across Kentucky and Virginia.

Full CHDN guide

Gaming and Leisure Properties is a real estate investment trust that owns the physical property, land, buildings, and parking, underneath casinos and gaming facilities, then leases it back to the companies that actually run the gaming operations. It uses long-term triple-net master leases, meaning tenants cover taxes, insurance, and maintenance, and most leases carry fixed or CPI-linked rent escalators plus rent-coverage covenants. As of the end of 2025, GLPI owned interests in 69 gaming and related facilities across 20 states, all 100% occupied, making it one of the two dominant landlords in US gaming real estate alongside VICI Properties. Roughly 97% of its cash rent comes from five tenants: PENN Entertainment (its largest, spun off from in 2013), Caesars, Boyd, Cordish, and Bally's.

Full GLPI guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• CHDN drivers: Historical racing machine expansion; Kentucky Derby franchise and pricing power.
• GLPI drivers: High, contractually backed dividend; Escalator-linked rent and 100% occupancy.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: Churchill Downs carries substantial leverage, with net debt of roughly $4.9 billion and a debt-to-equity ratio well above peers, which magnifies both returns and downside as interest costs and maturities in 2027 and 2028 come due. For GLPI, gLPI depends on a small number of tenants, with about 97% of cash rent coming from just five operators, so financial trouble at PENN, Caesars, Boyd, Cordish, or Bally's would directly threaten rent collection.

Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick CHDN if you believe its drivers more; GLPI if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the CHDN and GLPI guides.

CHDN. Churchill Downs trades at a mid-teens earnings multiple after record Q1 2026 revenue of about $663 million and adjusted EBITDA near $257 million, with diluted EPS of $1.16. The valuation reflects steady growth alongside heavy leverage (net debt around $4.9 billion), so much of the equity story hinges on HRM expansion continuing to compound EBITDA faster than interest costs rise.

GLPI. GLPI is valued like an income-focused net-lease REIT, trading around 10.5x forward AFFO with a yield near 7%, roughly in line with peer VICI on multiple but at a persistent discount that reflects its heavier regional-casino tenant mix. Because it distributes most of its rental cash flow, the durability of tenant rent and the level of interest rates drive the shares far more than headline growth. Figures are approximate and based on Q1 2026 results and 2026 guidance.

Headline figures (approximate, July 2026): CHDN shows revenue (ttm) ~$2.9B, fy2025 net income ~$383M, q1 2026 revenue ~$663M (record), q1 2026 adjusted ebitda ~$257M (record); GLPI shows total revenue (q1 2026) ~$420 million (up ~6.3% YoY), affo (q1 2026) ~$297 million (~$1.02 per diluted share), 2026 affo guidance ~$4.08 to $4.12 per share, dividend ~$3.12 annualized (~$0.78/quarter).

CHDN and GLPI are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined CHDN and GLPI exposure against your real portfolio. It is not an investment adviser.