Churchill Downs Incorporated has announced unprecedented second-quarter revenues and adjusted EBITDA, attributed to a successful Kentucky Derby week and expansion at its historical racing machine venues, while simultaneously finalizing an acquisition for complete ownership of wagering technology provider United Tote.

Net revenue for the second quarter saw a 5% increase year-over-year, reaching a historic $980 million, while adjusted EBITDA rose 6% to a record $477 million. Furthermore, net income attributable to the company increased by 11% to $241 million.

Churchill Downs indicated that its quarterly success stemmed from robust activities during Kentucky Derby Week, driven by heightened wagering, enhanced media rights, sponsorships, ticket sales, and licensing revenues.

The Live and Historical Racing division also gained from the ongoing expansion of historical racing machine venues in Kentucky and Virginia, with recent property investments yielding increased revenue and profit.

“Our flagship Kentucky Derby and historical racing machine venues consistently produce outstanding outcomes, showcasing the strength of our diverse portfolio of racing and gaming assets,” stated Chief Executive Officer Bill Carstanjen.

The company is dedicated to widening its historical racing footprint and continues to invest in the long-term growth of its racing operations, as per CDI management’s declaration.

In a separate transaction, Churchill Downs has finalized the acquisition of the remaining 49% share in United Tote from NYRA Content Management Solutions, reclaiming total ownership of the pari-mutuel wagering technology provider.

This transaction is anticipated to close around August 5, subject to customary closing conditions.

As part of this agreement, the New York Racing Association has extended its contract with United Tote through 2035, ensuring continued provision of pari-mutuel wagering technology and totalisator services.

Carstanjen remarked that the acquisition will bolster Churchill Downs’ position within the racing technology sector and solidify a long-term partnership with NYRA.

Churchill Downs highlighted that full ownership of United Tote would enhance its investment capabilities in wagering technology while simplifying its ownership structure. United Tote supplies pari-mutuel wagering systems and services to racetracks, off-track betting facilities, and advance-deposit wagering operators throughout North America.