Description of Churchill Downs Inc's Business Segments

Churchill Downs Incorporated (CDI) offers a diverse array of segments, products, and services, primarily centered around live and historical racing, gaming, and advanced online wagering platforms. Below is a comprehensive overview of each segment and the associated offerings within CDI:

Live and Historical Racing Segment

This segment represents one of CDIs core operations and encompasses live and historical racing related revenue and expenses across various properties, including Churchill Downs Racetrack, Derby City Gaming, Oak Grove, Turfway Park, and Newport.

Churchill Downs Racetrack
- Location: Louisville, Kentucky
- Overview: Home of the iconic Kentucky Derby, Churchill Downs has been a staple in thoroughbred racing since 1875, with the Derby being America’s longest continuously held sporting event. The racetrack hosts live thoroughbred races and is designed to attract a diverse range of spectators, sponsors, and corporate partners.
- Revenue Sources:
- Pari-mutuel wagering on live races
- Historical race wagering
- Simulcast fees from other wagering sites
- Admissions, sponsorships, and TV rights
- Food and beverage services

Derby City Gaming
- Overview: Opened in September 2018, this state-of-the-art Historical Racing Machine (HRM) facility occupies 85,000 square feet at the Churchill Downs auxiliary training facility.
- Features:
- Approximately 1,225 HRMs
- A simulcast center
- Dining facilities offering both casual and upscale dining experiences
- Licensing: Operates under the Churchill Downs pari-mutuel racing license.

Oak Grove
- Overview: Situated about one hour north of Nashville, Tennessee, Oak Grove features both live harness racing and historical racing.
- Features:
- Premier facilities located on 240 acres
- A comprehensive HRM gaming operation
- Events and amenities catering to a high-end clientele.

Turfway Park
- Overview: Located in Florence, Kentucky, Turfway Park conducts live thoroughbred racing, featuring a modern racing surface and facilities.
- Features: Offers live racing events and is known for its commitment to quality and innovation in horse racing.

Newport
- Overview: An ancillary HRM facility that operates under the pari-mutuel racing license of Turfway Park, providing additional gaming options and experiences for patrons.

TwinSpires Segment

This segment encompasses both online horse racing wagering and sports betting, making it an integral part of CDIs operations.

TwinSpires Horse Racing
- Operation: TwinSpires.com and BetAmerica.com are the primary online platforms for horse racing wagering.
- Features:
- Provides advance deposit wagering (ADW) for customers in select states.
- Streaming capabilities for live horse races, including replays.
- Bloodstock Research Information Services platform for statistical data.
- Partnerships for white-label platforms to third parties, generating commission through technology services.

Sports and Casino
- Operation: Offers a comprehensive sports betting experience across multiple states, featuring mobile and online wagering.
- Features:
- Retail sportsbooks across states, including Colorado, Indiana, Maryland, Michigan, Pennsylvania, and Mississippi.
- iGaming options, including casino games available via online platforms in Michigan, New Jersey, and Pennsylvania.
- Integration with retail and online sports betting venues.

Gaming Segment

This segment focuses on the expansive casino operations and associated facilities supporting various gaming licenses across several states.

Key Properties
- Calder Casino: Located in Miami Gardens, Florida; features approximately 1,100 slot machines, two dining facilities, an entertainment venue, and a racetrack for thoroughbred horse racing.

- Fair Grounds and VSI: Located in New Orleans, Louisiana; includes a racecourse and a slots facility with about 600 slot machines, complemented by various amenities.

- Harlow’s Casino Resort and Spa: A premier destination in the Mississippi gaming market providing casino gaming, hotel accommodations, and unique dining experiences.

- Ocean Downs Casino: Located in Maryland, offering a mix of gaming and hospitality along with horse racing.

- Oxford Casino and Hotel: A full-service casino and hotel in Maine featuring a variety of slot machines and table games.

- Presque Isle Downs and Casino: Located in Pennsylvania with a racetrack, gaming facilities, and various dining options.

- Riverwalk Casino Hotel: Situated in Vicksburg, Mississippi, combining a hotel and casino experience.

Conclusion

Churchill Downs Inc. operates within a multi-faceted gaming ecosystem that includes live and historical racing venues, advanced online wagering platforms, and extensive casino operations. The company continues to innovate in the racing and gaming industries, aligning its offerings to provide comprehensive entertainment experiences for a diverse audience while maintaining its commitment to high-quality racing and gaming standards.

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Composition of Churchill Downs Inc Revenues by Segments


Live and Historical Racing	89.39 %	of total Revenue
Wagering Services and Solutions	30.2 %	of total Revenue
Gaming	54.29 %	of total Revenue
Live and Historical External Customer Gaming	0.41 %	of total Revenue
Intersegment Eliminations	-6.63 %	of total Revenue
Pari-Mutuel, Live and Simulcast Racing	29.8 %	of total Revenue
Pari-Mutuel, Historical Racing	53.27 %	of total Revenue
Racing Event-Related Services	19.8 %	of total Revenue
Product and Service, Other	17.14 %	of total Revenue

Q2 three months ended (Jun 30 2026)
Revenues by Business Segments	Revenues (in millions $)	% (of total Revenues)
Live and Historical Racing	876.00	89.39 %
Wagering Services and Solutions	296.00	30.2 %
Gaming	532.00	54.29 %
Live and Historical External Customer Gaming	4.00	0.41 %
Intersegment Eliminations	-65.00	-6.63 %
Pari-Mutuel, Live and Simulcast Racing	292.00	29.8 %
Pari-Mutuel, Historical Racing	522.00	53.27 %
Racing Event-Related Services	194.00	19.8 %
Product and Service, Other	168.00	17.14 %
Total	980.00	100 %

Q2 three months ended (Jun 30 2026)
Revenue Growth rates by Segment	Y/Y Revenue %	Q/Q Revenue %
Live and Historical Racing	61.95 %	191.03 %
Wagering Services and Solutions	75.77 %	150.85 %
Gaming	99.77 %	103.05 %
Live and Historical External Customer Gaming	33.33 %	0 %
Intersegment Eliminations	-	-
Pari-Mutuel, Live and Simulcast Racing	-	-
Pari-Mutuel, Historical Racing	-	-
Racing Event-Related Services	-	-
Product and Service, Other	-	-
Total	4.88 %	47.81 %

Q2 three months ended (Jun 30 2026)
Income by Business Segments	Income (in millions $)	% (Profit Margin)
Total	242.00	24.69 %

Q2 three months ended (Jun 30 2026)
Income Growth rates by Segment	Y/Y Income %	Q/Q Income %
Total	11.21 %	191.57 %

Annual Report on Churchill Downs Inc Divisions, Sales by Country


Live and Historical Racing	47.67 %	of total Revenue
Wagering Services and Solutions	17.99 %	of total Revenue
Gaming	35.86 %	of total Revenue
External Customer	100 %	of total Revenue
External Customer Racing event-related services	6.32 %	of total Revenue
External Customer Gaming	35.64 %	of total Revenue
External Customer Other	10.75 %	of total Revenue
Live and Historical	49.3 %	of total Revenue
Wagering Services and Solutions Related Party	1.3 %	of total Revenue
Wagering Services and Solutions External Customer	16.69 %	of total Revenue
Wagering Services and Solutions External Customer Gaming	0.67 %	of total Revenue
Wagering Services and Solutions External Customer Other	3.46 %	of total Revenue
Gaming Related Party	0.22 %	of total Revenue
Gaming External Customer	35.64 %	of total Revenue
Gaming External Customer Racing event-related services	0.05 %	of total Revenue
Gaming External Customer Gaming	30.21 %	of total Revenue
Gaming External Customer Other	4.03 %	of total Revenue
All Other Related Party	0.29 %	of total Revenue
Eliminations Related Party	-3.45 %	of total Revenue
Florida Gaming	3.35 %	of total Revenue
Iowa Gaming	3.21 %	of total Revenue
Indiana Gaming	4.44 %	of total Revenue
Louisiana Gaming	4.49 %	of total Revenue
Maine Gaming	3.64 %	of total Revenue
Maryland Gaming	3.39 %	of total Revenue
Mississippi Gaming	3.2 %	of total Revenue
New York Gaming	6.31 %	of total Revenue
Pennsylvania Gaming	3.62 %	of total Revenue
External Customer Live and Historical Racing	47.67 %	of total Revenue
External Customer Wagering Services and Solutions	16.69 %	of total Revenue
Other	0 %	of total Revenue
All Other	0 %	of total Revenue
All Other External Customer	0 %	of total Revenue
All Other External Customer Other	0 %	of total Revenue
External Customer Live and simulcast racing	16.8 %	of total Revenue
External Customer Historical racing	34.76 %	of total Revenue
Live and Historical Racing Related Party	1.63 %	of total Revenue
Live and Historical Racing External Customer	47.67 %	of total Revenue
Live and Historical Racing External Customer Live and simulcast racing	3.36 %	of total Revenue
Live and Historical Racing External Customer Historical racing	34.29 %	of total Revenue
Live and Historical Racing External Customer Racing event-related services	6.27 %	of total Revenue
Live and Historical Racing External Customer Gaming	0.48 %	of total Revenue
Live and Historical Racing External Customer Other	3.26 %	of total Revenue
Wagering Services and Solutions External Customer Live and simulcast racing	12.55 %	of total Revenue
Gaming External Customer Live and simulcast racing	0.89 %	of total Revenue
Gaming External Customer Historical racing	0.47 %	of total Revenue
Churchill Downs Racetrack Live and Historical Racing	8.97 %	of total Revenue
Louisville Live and Historical Racing	7.42 %	of total Revenue
Northern Kentucky Live and Historical Racing	3.87 %	of total Revenue
Southwestern Kentucky Live and Historical Racing	5.75 %	of total Revenue
Western Kentucky Live and Historical Racing	2.35 %	of total Revenue
Virginia Live and Historical Racing	18.66 %	of total Revenue
New Hampshire Live and Historical Racing	0.65 %	of total Revenue

Twelve months ended 2025
CHDN s Annual Revenue by Geography and Business Segments	Sales (in millions $)	% (of total Sales)
Live and Historical Racing	1,394.70	47.67 %
Wagering Services and Solutions	526.30	17.99 %
Gaming	1,049.30	35.86 %
Total	2,925.90	100 %
External Customer	2,925.80	100 %
External Customer Racing event-related services	185.00	6.32 %
External Customer Gaming	1,042.90	35.64 %
External Customer Other	314.50	10.75 %
Live and Historical	1,442.40	49.3 %
Wagering Services and Solutions Related Party	38.10	1.3 %
Wagering Services and Solutions External Customer	488.20	16.69 %
Wagering Services and Solutions External Customer Gaming	19.70	0.67 %
Wagering Services and Solutions External Customer Other	101.30	3.46 %
Gaming Related Party	6.40	0.22 %
Gaming External Customer	1,042.90	35.64 %
Gaming External Customer Racing event-related services	1.40	0.05 %
Gaming External Customer Gaming	883.90	30.21 %
Gaming External Customer Other	117.90	4.03 %
All Other Related Party	8.60	0.29 %
Eliminations Related Party	-100.80	-3.45 %
Florida Gaming	97.90	3.35 %
Iowa Gaming	93.90	3.21 %
Indiana Gaming	129.90	4.44 %
Louisiana Gaming	131.40	4.49 %
Maine Gaming	106.50	3.64 %
Maryland Gaming	99.30	3.39 %
Mississippi Gaming	93.50	3.2 %
New York Gaming	184.50	6.31 %
Pennsylvania Gaming	106.00	3.62 %
External Customer Live and Historical Racing	1,394.70	47.67 %
External Customer Wagering Services and Solutions	488.20	16.69 %
Other	0.10	0 %
All Other	0.10	0 %
All Other External Customer	0.10	0 %
All Other External Customer Other	0.10	0 %
External Customer Live and simulcast racing	491.50	16.8 %
External Customer Historical racing	1,017.10	34.76 %
Live and Historical Racing Related Party	47.70	1.63 %
Live and Historical Racing External Customer	1,394.70	47.67 %
Live and Historical Racing External Customer Live and simulcast racing	98.30	3.36 %
Live and Historical Racing External Customer Historical racing	1,003.40	34.29 %
Live and Historical Racing External Customer Racing event-related services	183.60	6.27 %
Live and Historical Racing External Customer Gaming	14.10	0.48 %
Live and Historical Racing External Customer Other	95.30	3.26 %
Wagering Services and Solutions External Customer Live and simulcast racing	367.20	12.55 %
Gaming External Customer Live and simulcast racing	26.00	0.89 %
Gaming External Customer Historical racing	13.70	0.47 %
Churchill Downs Racetrack Live and Historical Racing	262.40	8.97 %
Louisville Live and Historical Racing	217.10	7.42 %
Northern Kentucky Live and Historical Racing	113.20	3.87 %
Southwestern Kentucky Live and Historical Racing	168.30	5.75 %
Western Kentucky Live and Historical Racing	68.70	2.35 %
Virginia Live and Historical Racing	546.10	18.66 %
New Hampshire Live and Historical Racing	18.90	0.65 %

Twelve months ended 2025
CHDN s Annual Income by Country and Business Segments	Income (in millions $)	% (Profit Margin)
Total	385.50	13.18 %

Twelve months ended 2025
Annual Revenue and Income Growth by Country and Business Segments	% Y/Y Sales Growth	% Y/Y Income Growth
Live and Historical Racing	13.8 %	-
Wagering Services and Solutions	5.11 %	-
Gaming	0.37 %	-
Total	7.01 %	-10.16 %
External Customer	7.01 %	-
External Customer Racing event-related services	-4.93 %	-
External Customer Gaming	0.37 %	-
External Customer Other	7.74 %	-
Live and Historical	13.84 %	-
Wagering Services and Solutions Related Party	22.12 %	-
Wagering Services and Solutions External Customer	3.98 %	-
Wagering Services and Solutions External Customer Gaming	13.87 %	-
Wagering Services and Solutions External Customer Other	1.3 %	-
Gaming Related Party	1.59 %	-
Gaming External Customer	0.37 %	-
Gaming External Customer Racing event-related services	-78.79 %	-
Gaming External Customer Gaming	3.26 %	-
Gaming External Customer Other	4.24 %	-
All Other Related Party	32.31 %	-
Eliminations Related Party	-	-
Florida Gaming	-2.3 %	-
Iowa Gaming	0.64 %	-
Indiana Gaming	34.47 %	-
Louisiana Gaming	-12.52 %	-
Maine Gaming	0.47 %	-
Maryland Gaming	-2.46 %	-
Mississippi Gaming	-5.27 %	-
New York Gaming	0.82 %	-
Pennsylvania Gaming	-3.02 %	-
External Customer Live and Historical Racing	13.8 %	-
External Customer Wagering Services and Solutions	3.98 %	-
Other	0 %	-
All Other	0 %	-
All Other External Customer	0 %	-
All Other External Customer Other	0 %	-
External Customer Live and simulcast racing	4.6 %	-
External Customer Historical racing	14.04 %	-
Live and Historical Racing Related Party	15.22 %	-
Live and Historical Racing External Customer	13.8 %	-
Live and Historical Racing External Customer Live and simulcast racing	7.67 %	-
Live and Historical Racing External Customer Historical racing	17.37 %	-
Live and Historical Racing External Customer Racing event-related services	-2.34 %	-
Live and Historical Racing External Customer Gaming	11.9 %	-
Live and Historical Racing External Customer Other	20.94 %	-
Wagering Services and Solutions External Customer Live and simulcast racing	4.26 %	-
Gaming External Customer Live and simulcast racing	-1.52 %	-
Gaming External Customer Historical racing	-62.97 %	-
Churchill Downs Racetrack Live and Historical Racing	1.12 %	-
Louisville Live and Historical Racing	3.83 %	-
Northern Kentucky Live and Historical Racing	14.46 %	-
Southwestern Kentucky Live and Historical Racing	6.32 %	-
Western Kentucky Live and Historical Racing	138.54 %	-
Virginia Live and Historical Racing	19.18 %	-
New Hampshire Live and Historical Racing	47.66 %	-

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