Churchill Downs Inc. (CHDN), the renowned racetrack operator and gaming company, saw its stock soar 5.41% in pre-market trading on Thursday. This surge came after the company reported better-than-expected fourth-quarter revenue and unveiled a multi-year series of capital projects to enhance the Kentucky Derby experience.

The Louisville, Kentucky-based company posted Q4 revenue of $624.2 million, surpassing Wall Street's expectations and marking an 11.2% year-over-year increase. While adjusted earnings per share of $0.92 missed analyst estimates by a narrow margin, the company's overall performance was solid, with growth across its Horse Racing, Gaming, and TwinSpires segments.

In addition to the strong financial results, Churchill Downs announced its plans to invest in a series of capital projects aimed at expanding and improving the Kentucky Derby experience. These investments are expected to further solidify the company's position as a leading player in the horse racing and gaming industry.