It builds on the operator’s portfolio of sponsorships, having previously sponsored the Lincoln at Doncaster, the Punchestown Champion Chase, and its status as official betting partner of the Randox Grand National Festival.

Spokesperson for William Hill, Lee Phelps, commented: “We’re delighted to become the Official Betting Partner of the Qipco Guineas Festival, strengthening our relationship with The Jockey Club on the back of a fantastic Grand National Festival.

“It’s brilliant for William Hill to be associated directly with such a prestigious event at Newmarket, the home of the thoroughbred, for this season’s first two Classics. The company has a close connection with the history of the 2000 Guineas, as William Hill himself bred the 1949 winner Nimbus, who then went on to win the Derby.

“We’re excited to be involved at racing’s key meetings and see the Qipco Guineas Festival as the perfect sponsorship as the British Flat season kicks into gear.”

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The gaming and racing group’s top line witnessed third quarter year-on-year growth of 49.43 per cent to $572.5m (2022: $383.1m), with net income up seven per cent to $61m (2022: $57m) and adjusted EBITDA closing at $218.2m, an increase of 34 per cent from $163.2m.

The lion’s share of Churchill Downs’ revenue came via its land-based gaming network, which saw records hit across both revenue and AEBITDA. 

The former delivered an increase of 32 per cent to $244.9m (2022: $185.9), driven by New York and Iowa properties gained in the company’s $2.48bn Peninsula Pacific Entertainment transaction. 

These were offset by a $8.7m decrease in Pennsylvania primarily due to a decision not to renew the management agreement at Lady Luck, as well as a $2.5m net decrease from our other gaming properties.

Earnings are up ten per cent to $122.3m (2022: $111.6m), with increases regarding the aforementioned properties being offset by numerous factors.

These include decreases of $6.5m from equity investments, $4.9m from other wholly-owned gaming properties, and $2.9m attributable to proceeds for business interruption insurance claims related to Hurricane Ida. 

“We received $4.1m of business interruption insurance proceeds in the third quarter of 2022, compared to $1.2m during the third quarter of 2023,” the group noted.

In addition, live and historical racing also delivered a best performance across revenue and AEBITDA, with the former more than doubling to record $225.5m (2022: $102.4m).

This is put down to increases of $89m courtesy of Virginia venues gained from the aforementioned purchase, $14.7m from properties acquired in the Ellis Park and Chasers transactions, $8.8m due to the opening of Turfway Park in Northern Kentucky in September 2022, $7.4m from Derby City Gaming property in Louisville, and $4.3m from Oak Grove in Southwestern Kentucky. 

These were partially offset by a $1.1m decrease at Churchill Downs Racetrack due to the decision to move July race days as part of the spring meet to Ellis Park. 

Earnings rose 134 per cent to $80.9m (2022: $34.5m), which each of the above cited once again, as well as a portion of benefit coming from the group’s Exacta purchase.

The TwinSpires horse racing online wagering business saw revenue increase five percentage points to $112.4m (2022: $107.4m), while AEBITDA through Q3 hit a high of $33.9m (2022: $31.1m).

Increases were attributable to the gain of Exacta and B2B expansion strategy associated with United Tote totalisator fees, with headwinds coming from a reduction in online casino and sports betting following a much publicised decision to exit these segments.

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The former of the acquisitions regards the $2.48bn gain of substantially all of the assets” of Peninsula Pacific Entertainment that was first detailed in February and comprises interests within Virginia and New York, as well as the operations of Illinois’ Hard Rock Hotel & Casino in Sioux City.

Issuing an update on the deal, the group has gained ownership approval from the Virginia Racing Commission and is awaiting similar rubber stamps being issued by the New York State Gaming Commission and the Iowa Racing and Gaming Commission. The transaction is expected to close before the end of 2022.

Elsewhere, CDI expects to finalise a deal for Salem, New Hampshire’s Chasers Poker Room during the third quarter of 2022.

“Following the closing of the acquisition, the company plans to develop an expanded charitable gaming facility in Salem to accommodate historical racing machines,” it was noted by the firm.

“The company expects the total investment in Salem, inclusive of the Chasers purchase price, to be approximately $150m.”

As the elimination of capacity restrictions brought a significant boost to CDI’s live and historical racing segment, the company saw record revenue and adjusted EBITDA performances through Q2 via upticks of 13 per cent and 24.81 per cent to $582.5m (2021: $515.1m) and $291.2m (2021: $233.3m), respectively.

Furthermore, the group also scored a high in net income courtesy of a significant increase to $339.3m (2021: $108.3m) through the three month period, although the group does note a number of factors impacting comparability.

Most notably among these is a $193.6m after-tax gain on the sale of 115.7 acres of excess land near Florida’s Calder Casino to Link Logistics, a Blackstone portfolio company.

Delving into these figures further, and it’s the aforementioned racing division that has raced to the summit, with revenue and AEBITDA up 44.82 per cent and 66.56 per cent to $275.9m (2021: $190.5m) and $163.9m (2021: $98.4m), respectively.

This is aligned with the running of the Kentucky Derby in 2022 without capacity restrictions that were in place in 2021, as historical racing machine properties also benefited from this as well as the overall continued growth in the businesses.

On a land-based gaming basis, decreases were felt across both revenue and AEBITDA to $184.5m (2021: $186m) and $106.8m (2021: $119.8m), respectively, primarily as a result of the current economic conditions and competitive pressures.

Twinspires saw revenue decrease 2.85 per cent to $138.5m (2021: $142.6m) which is put down to the decision to exit the online sports betting and igaming space, in addition to a drop across horse racing as punters returned to wagering at brick-and-mortar facilities.

AEBITDA increased 37.8 per cent to $33.9m (2021: $24.6m) driven by a $10.8m increase across sports and casino due to decreased online marketing and promotional activities, which was offset by a $1.2m horse racing drop.

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“Our properties’ extensive operating protocols have been extremely effective and have allowed us to operate safely during the pandemic,” said Bill Carstanjen, CDI CEO, in a statement. “We have continued to refine and improve our efficiencies and safety protocols in the fourth quarter.” 

Net income increased threefold in the period compared to Q3 2019, jumping to $43.2m, while adjusted EBITDA also rose strongly, up 39 per cent to $121.9m.

Despite the successful reopening of all CDI properties, the Q3 numbers were still impacted by the rescheduling of the Kentucky Derby.

The iconic race is usually held at Churchill Downs at the beginning of May but, following the COVID-related shut down of racing in the US, this year took place in Q3 without spectators.

CDI also saw a marked increase in online wagering operations in the third quarter of the year, with net revenue rising to $126.4m, up from $70.4m a year prior. Adjusted EBITDA more than doubled from Q3 2019, coming in at $31.9m. 

The leap in revenue was almost entirely attributable to the growth of CDI’s online betting operation, Twinspires.com, which posted a $54.1m increase in revenue.

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Becoming the first land-based property within the state to launch the system, beginning later in the year Gulfstream guests will have the opportunity to enjoy system-delivered slot tournaments, catered casino loyalty rewards and offers.

Konami’s Synkros offers patrons a mix of personalised rewards spanning vouchers, free play, drawing tickets, bonus points, and more, with direct access right on the slot machine’s screen or LCD display.

Furthermore, players can even qualify to compete in slot tournaments, with Synkros’ ‘True-Time Tournaments’ delivering a library of available themes for on-demand or synchronised events.

“Gulfstream Park and Casino combines an array of entertainment under one roof, with an energy and excitement that is entirely unto its own,” said Jay Bertsch, senior vice president, North American games and global systems sales at Konami Gaming. 

“Konami is proud to partner alongside Gulfstream Park and Casino to take the patron experience to even further possibilities through Synkros’ top technology and robust reliability.”

Lauded as “the centerpiece attraction of a 255-acre entertainment destination,” Gulfstream Park and Casino showcases thoroughbred racing, racing simulcasting, more than 700 slot games, and 20 live poker tables.

“We selected Konami Gaming to replace our previous system, due to Synkros’ demonstrated extremely high reliability and Konami’s reputation of customer support and responsiveness,” said Dana Leibovitz, casino manager at Gulfstream Park and Casino.

“In addition, Synkros’ unmatched marketing and data analytics capabilities further enhance Gulfstream’s leading market edge, while empowering our teams to deliver greater entertainment to players directly at their slot machine.”

Last month Konami Gaming announced that Synkros was to replace an existing system at Pearl River Resort’s Bok Gina Casino in Sandersville, Mississippi.

Via Synkros, guests will now be able to access its loyalty rewards across every Pearl River Resort gaming destinations, including Silver Star Hotel and Casino and Golden Moon Hotel and Casino in Choctaw, Mississippi.

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As revenue dropped five per cent during 2020’s opening period to $252.9m (2019: $265.4m), Churchill Downs Racetrack received approval from state officials to reopen its stable areas on Monday 11 May under strict guidelines to effectively mitigate the impact of the health crisis.

The home of the Kentucky Derby, which has shifted to September 5 from its original May 2 scheduling, says that opening day of the 2020 Spring Meet with spectator-free racing will be communicated in the coming days.

“There will be no fans for racing. I will tell you this is one of the most detailed plans that we have seen about specific security checks that everybody has to go through and be temperature-checked to masking to having a very limited group that is there,” explained Kentucky Governor Andy Beshear.

CDI, which began property closures on May 14 before announcing the temporary furlough of employees eleven days later, saw net loss finish at $23.4m for Q1 as opposed to income of $11.6m a year earlier. Adjusted EBITDA dropped 25.8 per cent to $55.3m (2019: $74.6m).

“We continue to assess the situation at our properties and operations on a daily basis; however, we are unable to determine when we will be able to reopen our properties and operations and the conditions upon which we will reopen,” the company noted in the financial report.

“Our second quarter of 2020 financial results will be materially impacted by the rescheduling of the Kentucky Oaks and Derby from the second quarter of 2020 to the third quarter of 2020, by the continued closure and suspended operations of our wholly-owned gaming properties and certain wholly-owned racing operations, and by the continued closure of the casino properties related to our two equity investments.”

The latest update is in stark contrast to that of two months ago when record fourth quarter and full-year EBITDA saw CDI laud an expanded US footprint in its 2019 review.

“During this unprecedented pandemic, we remain focused on the health and safety of our team members, customers and communities,” explained Bill Carstanjen, CEO of CDI.

“We appreciate the support we are receiving from our state and local government and regulatory officials as well as our community leaders who are reviewing our proposed safety protocols and working with us to determine the appropriate timing for re-opening our properties.

“Our strong balance sheet and the deep experience and resilience of our team will enable us to emerge from these challenging times as a stronger company ready to execute on all of the growth opportunities we have shared with our investors.”

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Via a three-way partnership with Churchill Downs Incorporated and Ainsworth Game Technology, Scientific Games will deliver games to two CDI gaming properties that will work on the Ainsworth proprietary HHR system, which utilises race data under an exclusive license.

“The team at Scientific Games is extremely excited to partner with CDI and Ainsworth in this new venture,” said Robert Parente, EVP and chief revenue officer for Scientific Games.  “Both companies have been pioneers in opening up this burgeoning new segment of the gaming market and we are honoured they have chosen to work with us in offering the very best in player experiences.”

Gaining approval from the Kentucky Horse Racing Commission, Louisville’s Derby City Gaming will receive the first delivery of SG games beginning in February 2020.  

This will be followed by Oak Grove Racing and Gaming, which is to receive its first delivery of machines when it opens its gaming facilities later in the year.

“Scientific Games makes some of the best-performing games in the industry and we are delighted to add them to our Derby City and Oak Grove properties,” stated Austin Miller, senior vice president, gaming operations for CDI.  

“The sheer depth of their content library, along with their diverse and innovative hardware portfolio, enables us to considerably expand our game offering, giving our players the very best gaming action in the market. Our guests will recognise the Scientific Games themes and they will love the way the games play.”

Scientific Games will supply a selection of slot titles including 88 Fortunes, Tree of Wealth, Quick Hit, Lock It Link, and Ultimate Fire Link, among others.  

“We have enjoyed a great partnership with the CDI team, and are excited to bring in Scientific Games to this unique partnership,” added Ryan Comstock, chief operating officer for Ainsworth Game Technology. “The addition of SG games and platforms on our proprietary HHR system will create an even more robust gaming mix for both these properties.”

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CDI purchased Turfway in October 2019 for $46m from Jack Ohio, an affiliate of Jack Entertainment, and Hard Rock International, and subsequently dropped plans to construct New Latonia Racing and Gaming, a new $200m thoroughbred racing facility in Northern Kentucky.

The new £5.6m investment will replace the existing track with a new Tapeta synthetic track, lauded as one of the world’s leading surfaces for racing and training.

Become only the third track in the US to utilise the surface, joined the CDI-owned Presque Isle Downs in Pennsylvania, removal and installation is to commence on Saturday 28 March, with completion expected to be achieved for the 2020 ‘Holiday Meet’ beginning on December 2. 

The works form one component of CDI’s investment that will make way for development of Turfway Park Racing and Gaming, an up to $150m state-of-the art live and historical thoroughbred racing facility.

“The Tapeta team are all delighted to have been chosen to install a Tapeta surface at Turfway Park,” said Jan Wakefield, vice president of Tapeta Footings. “We look forward to working with CDI and can only applaud them for a huge commitment in upgrading the entire facility. It is a huge boost for Northern Kentucky and comes at a welcome time for the racing industry.”

The redevelopment of Turfway is anticipated to support up to 400 direct full and part-time equivalent positions and create an estimated 800 direct construction jobs. The project will include a historical racing machine facility featuring up to 1,500 machines and new ‘state-of-the-art’ clubhouse as well as food/beverage venues.  

“The agreement with Tapeta is the first of many exciting initiatives to come for Turfway,” said Kevin Flanery, president of Churchill Downs Racetrack and Turfway Park. “By partnering with Tapeta to provide the safest racing conditions for Turfway’s winter meets, we will be able to deliver one of the key elements supporting our goal of bringing a first-class racing product to Northern Kentucky.”  

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Proposing to conduct racing in January through March and in December 2020, phase one of the project include a historical racing machine facility featuring up to 1,500 machines, a clubhouse, food and beverage venues, one-mile synthetic main race track, inner dirt track and stabling facilities.

The application requests that NKYRG, a wholly owned subsidiary of CDI, be issued a racing license to conduct live racing, with the New Latonia Racing and Gaming entity to remain open year-round as a training facility.

CDI states that allocation of the dates to NKYRG “is a critical, short-term measure to support the thoroughbred racing circuit in Kentucky.”

If approved by the Kentucky Horse Racing Commission, upon completion of the new racing facility, the race dates would permanently move to the proposed New Latonia facility.

Phase Two of the proposed project would see the addition of a hotel, representing an incremental investment of up to $50m.

Kevin Flanery, president of Churchill Downs Racetrack, explained: “Churchill Downs is stepping up to protect and grow Kentucky’s Thoroughbred racing circuit. Our willingness to make a sizeable investment in the neglected northern Kentucky market is our latest effort to improve Kentucky’s valuable horse racing and agriculture industries.

“Just as Derby City Gaming’s historical racing machines have supercharged purses at Churchill Downs Racetrack, we plan to do the same for northern Kentucky’s racing fans at New Latonia. 

“Our goal is to deliver an ultra-competitive racing product with more entries and high-quality horses that appeal to bettors and horseplayers nationwide.”

Turfway Park, which is in the middle of changing hands from Jack Entertainment to Hard Rock international, has expressed shock at the news to apply for winter dates that it traditionally holds.

“We are shocked and thoroughly disappointed by Churchill Downs’ recent attack on Turfway Park, which has been a significant part of the northern Kentucky community for over 60 years,” said Mark Dunkeson, CEO of Jack Entertainment.

Issuing its own statement on the news, HRI said: “Hard Rock’s Turfway Park project, that was recently presented to members of the Kentucky Horse Racing Commission, is a rewarding project, not only for Florence, but for all thoroughbred racing in Kentucky.

“We’ve heard of another company trying to take over the existing race dates, however, we are focused on bringing our world-class entertainment to Northern Kentucky, as well as working hard to keep those dates at our venue, which were submitted by the Jack team on July 30, 2019 to the Kentucky Horse Racing Commission.

“With venues in 74 countries, Hard Rock is a world-renowned entertainment company with proven success in restaurants, horse racing, hotels and casinos. In phase one, we will invest significant dollars to provide a first-class facility for horse racing and we’re excited to add historical horse racing machines, which will significantly increase purses and provide an improved horse racing experience in Northern Kentucky.”

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The deals come in anticipation of the country introducing a new regulatory framework on January 1, 2019.

Svenska Spel is the largest and most established gaming operator in the Swedish market with brands including Lotto, Triss, Stryktipset, Oddset, Vegas and Casino Cosmopol.

ATG is the country’s only trotting and thoroughbred racing betting operator, offering betting opportunities to thousands of players at as many as 900 race days a year across Sweden, as well as online and in retail outlets.

Both operators will complement their comprehensive offers with Yggdrasil’s portfolio of casino slot games including latest releases Penguin City, Hanzo’s Dojo and Wolf Hunters.

Fredrik Elmqvist, CEO of Yggdrasil, said of the Svenska Spel deal: “We’re really happy to have agreed terms with Svenska Spel ahead of the Swedish market regulating next year.

“Our strategy to expand our regulated market footprint is ahead of schedule and demand from operators across a wide variety of regulated and newly regulating markets is rapidly growing. We will be ready to go well ahead of the January 2019 launch date.”

Fredrik Wastenson, managing director of Svenska Spel Sport and Casino, added: “Yggdrasil was an obvious choice when selecting a casino gaming solutions partner. The innovative offering performs well in regulated markets and we are confident they will attract a large following in Sweden.”

Referencing the ATG racing deal, Elmqvist commented: “Our range of innovative casino slots games has proven very popular throughout Europe, so we’re thrilled also to be partnering with ATG, one of Sweden’s most respected operators and which has a large, loyal and dedicated customer base.”

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