Financial

Churchill Downs Reacquires Full Control of United Tote, Updates Derby Projects

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

Last updated on: July 30, 2026, 04:28h.

Written by

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...
Click for more

Key Points

Churchill Downs is reacquiring the remaining 49% stake in United Tote from NYRA to restore 100% ownership
Management detailed updates for three Churchill Downs Racetrack expansion projects spanning 2027 and 2028
Two key enhancements—the Homestretch Club expansion and an upgraded infield seating area—are slated to launch ahead of the 153rd Derby in 2027

Shares of Churchill Downs (NASDAQ: CHDN) rose after hours as the company paired estimate-beating second-quarter results with a tote technology acquisition and capital updates at its flagship 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

Driven by a record-setting Kentucky Derby Week, Churchill Downs Incorporated (NASDAQ: CHDN) delivered impressive second-quarter results. The Louisville-based operator posted adjusted diluted earnings of $3.45 per share on net revenue of $980 million. While GAAP earnings of $3.42 per share narrowly missed consensus estimates, top-line net revenue grew 5% year-over-year to hit an all-time company record.

The performance was anchored by the Live and Historical Racing segment, which generated $575 million in revenue and $318 million in Adjusted EBITDA. Flagship venue Churchill Downs Racetrack led the way with a $21 million revenue lift, bolstered by record-breaking media rights fees from NBC, ticketing sales, sponsorships, and handle.

Meanwhile, Historical Racing Machine (HRM) properties provided sustained top-line momentum. Revenue across Kentucky HRM venues climbed by $12 million—driven by gains in Southwestern, Northern, and Western Kentucky—while Virginia HRM operations added $1 million. Across all divisions, consolidated Adjusted EBITDA hit a record $477 million, up 6% from the prior-year period.

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.