Financial

Churchill Downs Acquires 49% of United Tote, Updates Three Derby Projects

Posted on: July 29, 2026, 05:01h.

Last updated on: July 29, 2026, 05:01h.

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Todd Shriber Todd Shriber is a senior news reporter covering gaming financials, casino business, stocks, and mergers and acquisitions for Casino.org. Todd got his start in financial markets as a reporter with Bloomberg News...
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Key Points

Churchill Downs announces it is buying back the 49% of United Tote it sold in 2024
The company provided an update on three Kentucky Derby-related expansion projects
It expects some of those enhancements to be ready in advance of the 2027 Derby

Shares of Churchill Downs (NASDAQ: CHDN) rallied in after-hours trading after the racetrack operator announced estimate-beating second-quarter results and an acquisition while updating investors on projects at its namesake Kentucky track.

Churchill Downs, CDI, New York Horseracing Association, NYRA, Horseracing Integrity and Safety Authority, HISA — Churchill Downs in Kentucky. The company is buying 49% of United Tote and updated investors on three Kentucky Derby projects. (Image: Churchill Downs)

The gaming company said it entered into a definitive agreement to reacquire the 49% of United Tote it sold to a unit of the New York Racing Association (NYRA) in April 2024. At the time of the 2024 deal, the NYRA agreed to use United Tote for racetrack and “gaming related pari-mutuel wagering systems.” Under the terms of the new transaction, that agreement is extended through 2035.

“This acquisition supports Churchill Downs’ (CDI) long-term strategy to own and vertically integrate key technologies and services related to pari-mutuel wagering and horse racing, while strengthening the Company’s position as a leading business-to-business distributor of horse racing content and provider of racing services,” according to a statement. “United Tote also enhances CDI’s ability to develop, deploy, and manage critical horse racing related wagering technology.”

Financial terms of the acquisition, which is slated to close on Aug. 5, weren’t disclosed. United Tote makes and operates pari-mutuel wagering systems used by racetracks, off-track-betting (OTB) facilities and other gaming entities.

Churchill Downs Sprucing Up Ahead of 2027 Kentucky Derby

Coming off a 2026 Kentucky Derby in which Derby Week racing wagering activity topped earnings before interest, taxes, depreciation and amortization (EBITDA) records, Churchill Downs updated shareholders on a trio of projects at its eponymous Kentucky racecourse.

Those include Victory run, which will be located between the First Turn Club and the Skye Terrace. Last October, the gaming company forecast spending of $280 million to $300 million on that project. While those figures weren’t mentioned today, the company said it expects Victory Run enhancements to be ready for the 2028 Derby, with temporary amenities available for the 2027 Run for the Roses.

The Homestretch expansion, which includes new bars and restaurants and added VIP seating, is expected to be ready for the 2027 Derby as is the infield seating upgrade.

“We will be removing the tote boards so we can create new customer experiences in a very desirable area of the infield with exceptional views of the homestretch, the finish line, and the Derby winner’s trophy presentation,” said the company regarding the infield upgrade. “We are adding 1,400 temporary seats and will be testing a new infield cabana offering with 500 covered reserved seats along the turf course.”

Churchill Downs Posts Solid Q2 Results

With the aforementioned help of a strong Derby Week, Churchill Downs delivered sturdy quarterly results. In the June quarter, the operator earned $3.45 a share on sales of $980 million. Analysts expected earnings of $3.43 on revenue of $987.5 million.

That revenue tally and adjusted EBITDA of $477 million set records. Revenue in the company’s Kentucky and Virginia historical racing machine (HRM) operations rose by $12 million and $1 million, respectively.

Todd Shriber is a senior news reporter covering gaming financials, casino business, stocks, and mergers and acquisitions for Casino.org.

Todd got his start in financial markets as a reporter with Bloomberg News. Later, he became a trader at a Southern California-based long/short hedge fund, where he specialized in the trading sector and international ETFs leading up to and during the financial crisis. He joined Casino.org in 2019.

Currently, Todd analyzes, researches, and writes on ETFs for various web-based publications and financial services firms. Shriber has been featured and quoted in Barron's, CNBC.com, and The Wall Street Journal. His work can also be found on Benzinga, ETF Daily News, ETF Trends, MarketWatch, Fox Business, and Nasdaq.com.

He currently resides in Las Vegas, where he enjoys golf and taking his black lab to the dog park. He's also an avid sports fan and likes to wager on college football and the NBA. You can also find him at the three-card poker and roulette table, even though he knows better.

Contact Todd at todd.shriber@casino.org.