Churchill Downs Incorporated
(NASDAQ:CHDN)

Churchill Downs Incorporated operates as a racing, online wagering, and gaming entertainment company in the United States. It operates through three segments: Churchill Downs, Online Wagering, and Gaming. As of March 18, 2021, the company owned and operated three pari-mutuel gaming entertainment ven...

Website: http://www.churchilldownsincorporated.com

Founded: 1875

Full Time Employees: 5,500

Sector: Consumer Cyclical

Industry: Gambling

Consumer Cyclical Gambling Entertainment

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At a glance:

Bull Thesis:

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Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31	2006-09-30	2006-06-30	2006-03-31	2005-12-31	2005-09-30	2005-06-30	2005-03-31	2004-12-31	2003-12-31	2003-06-30	2003-03-31	2002-06-30	2002-03-31

net revenue:
live and historical racing	297,000,000	312,300,000	300,000,000	509,900,000	272,500,000	268,300,000	247,500,000	464,700,000	245,100,000	228,400,000	219,500,000	385,000,000	175,400,000	92,300,000	260,900,000	86,000,000	90,300,000	79,700,000	175,900,000	63,200,000
wagering services and solutions	109,000,000	104,900,000	118,000,000	158,400,000	106,900,000
gaming	257,000,000	248,700,000	265,000,000	266,000,000	263,200,000	256,000,000	269,700,000	274,200,000	239,200,000	228,400,000	244,300,000	245,900,000	210,900,000	183,400,000	184,300,000	177,300,000	172,100,000	185,300,000	186,000,000	152,000,000	121,700,000	134,800,000	37,300,000	147,600,000	167,700,000	178,300,000	177,600,000	168,800,000																	62,579,500	81,805,000	81,958,000	86,555,000	78,665,000	79,832,000	66,887,000	72,089,000	62,912,000	49,493,000	51,371,000	59,336,000	52,161,000	51,922,000	49,459,000	57,754,000
all other				100,000				100,000		200,000	200,000	200,000	700,000	1,200,000	500,000	500,000	7,800,000	26,200,000	17,600,000	9,400,000	27,400,000	16,300,000	3,300,000	14,500,000	11,700,000	26,400,000	22,000,000	12,500,000
total net revenue	663,000,000	665,900,000	683,000,000	934,400,000	642,600,000	624,200,000	628,500,000	890,700,000	590,900,000	561,200,000	572,500,000	768,500,000	480,100,000	383,100,000	582,500,000	364,100,000	364,800,000	393,000,000	515,100,000	324,300,000	278,200,000	337,800,000	185,100,000	252,900,000	280,600,000	306,300,000	477,400,000	265,400,000	219,000,000	221,300,000	379,400,000	189,300,000	-163,600,000	314,800,000	451,900,000	279,500,000	278,300,000	303,400,000	438,500,000
yoy	3.17%	6.68%	8.67%	4.91%	8.75%	11.23%	9.78%	15.90%	23.08%	46.49%	-1.72%	111.07%	31.61%	-2.52%	13.08%	12.27%	31.13%	16.34%	178.28%	28.23%	-0.86%	10.28%	-61.23%	-4.71%	28.13%	38.41%	25.83%	40.20%	-233.86%	-29.70%	-16.04%	-32.27%	-158.79%	3.76%	3.06%
qoq	-0.44%	-2.50%	-26.90%	45.41%	2.95%	-0.68%	-29.44%	50.74%	5.29%	-1.97%	-25.50%	60.07%	25.32%	-34.23%	59.98%	-0.19%	-7.18%	-23.70%	58.83%	16.57%	-17.64%	82.50%	-26.81%	-9.87%	-8.39%	-35.84%	79.88%	21.19%	-1.04%	-41.67%	100.42%	-215.71%	-151.97%	-30.34%	61.68%	0.43%	-8.27%	-30.81%
operating expense:
selling, general and administrative expense	59,000,000	71,500,000	59,300,000	60,900,000	54,500,000	65,700,000	59,800,000	57,400,000	54,800,000	51,700,000	50,200,000	48,100,000	51,500,000	38,400,000	38,400,000	35,900,000	38,800,000	36,100,000	33,400,000	30,200,000	29,500,000	38,800,000	22,400,000	24,100,000	32,600,000	34,400,000	30,100,000	24,900,000	27,300,000	21,700,000	23,100,000	18,400,000	5,500,000	26,800,000	26,700,000	24,100,000	24,900,000	27,600,000	24,600,000	23,100,000
transaction expense	1,000,000	1,700,000	1,900,000	1,100,000	400,000	-12,800,000	-4,000,000	600,000	4,100,000	3,000,000	1,500,000	500,000	34,700,000	1,200,000	1,200,000	5,000,000	5,800,000	2,000,000		100,000		500,000	200,000	300,000	300,000	900,000	600,000	3,500,000	1,400,000	5,400,000	2,100,000	1,400,000
total operating expense	520,000,000	542,400,000	585,000,000	606,700,000	508,000,000	497,400,000	502,600,000	560,700,000	464,600,000	455,000,000	460,200,000	542,900,000	468,400,000	320,100,000	382,800,000	316,700,000	330,100,000	325,400,000	379,700,000	277,600,000	255,500,000	288,300,000	185,500,000	264,500,000	277,100,000	278,500,000	321,000,000	237,400,000	207,000,000	200,800,000	242,800,000	169,600,000	-129,300,000	281,800,000	322,400,000	262,000,000	234,600,000	276,600,000	321,100,000
operating income	143,000,000	123,500,000	98,000,000	327,700,000	134,600,000	126,800,000	125,900,000	330,000,000	126,300,000	106,200,000	112,300,000	225,600,000	11,700,000	63,000,000	199,700,000	47,400,000	34,700,000	67,600,000	135,400,000	46,700,000	22,700,000	49,500,000	-400,000	-11,600,000	3,500,000	27,800,000	156,400,000	28,000,000	12,000,000	20,500,000	136,600,000	19,700,000	-34,300,000	33,000,000	129,500,000	17,500,000	43,700,000	26,800,000	117,400,000	6,300,000	12,369,000	9,482,000	105,889,000	-4,128,000	-13,703,000	8,373,000	94,157,000	1,566,000	-5,168,000	10,173,000	82,102,000	2,993,000	3,036,000	7,813,000	82,183,000	3,720,000	6,301,000	10,087,000	67,475,000	-2,853,000	-4,270,000	3,295,000	47,224,000	-16,226,000	-9,854,000	2,460,000	51,122,000	-8,995,000				2,580,000				-14,124,000	2,972,000	4,988,000	56,781,000	-17,306,000	-7,537,000	6,065,000	8,682,000				48,306,000		41,054,000
yoy	6.24%	-2.60%	-22.16%	-0.70%	6.57%	19.40%	12.11%	46.28%	979.49%	68.57%	-43.77%	375.95%	-66.28%	-6.80%	47.49%	1.50%	52.86%	36.57%	-33950.00%	-502.59%	548.57%	78.06%	-100.26%	-141.43%	-70.83%	35.61%	14.49%	42.13%	-134.99%	-37.88%	5.48%	12.57%	-178.49%	23.13%	10.31%	177.78%	253.30%	182.64%	10.87%	-252.62%	-190.26%	13.24%	12.46%	-363.60%	165.15%	-17.69%	14.68%	-47.68%	-270.22%	30.21%	-0.10%	-19.54%	-51.82%	-22.54%	21.80%	-230.39%	-247.56%	206.13%	42.88%	-82.42%	-56.67%	33.94%	-7.62%	80.39%				-448.64%				-118.27%				-18.39%	-139.43%	-17.76%	554.01%				-82.03%
qoq	15.79%	26.02%	-70.09%	143.46%	6.15%	0.71%	-61.85%	161.28%	18.93%	-5.43%	-50.22%	1828.21%	-81.43%	-68.45%	321.31%	36.60%	-48.67%	-50.07%	189.94%	105.73%	-54.14%	-12475.00%	-96.55%	-431.43%	-87.41%	-82.23%	458.57%	133.33%	-41.46%	-84.99%	593.40%	-157.43%	-203.94%	-74.52%	640.00%	-59.95%	63.06%	-77.17%	1763.49%	-49.07%	30.45%	-91.05%	-2665.14%	-69.88%	-263.66%	-91.11%	5912.58%	-130.30%	-150.80%	-87.61%	2643.13%	-1.42%	-61.14%	-90.49%	2109.22%	-40.96%	-37.53%	-85.05%	-2465.05%	-33.19%	-229.59%	-93.02%	-391.04%	64.66%	-500.57%	-95.19%	-668.34%									-575.24%	-40.42%	-91.22%	-428.10%	129.61%	-224.27%	-30.14%
operating margin %	21.57%	18.55%	14.35%	35.07%	20.95%	20.31%	20.03%	37.05%	21.37%	18.92%	19.62%	29.36%	2.44%	16.44%	34.28%	13.02%	9.51%	17.20%	26.29%	14.40%	8.16%	14.65%	-0.22%	-4.59%	1.25%	9.08%	32.76%	10.55%	5.48%	9.26%	36.00%	10.41%	20.97%	10.48%	28.66%	6.26%	15.70%	8.83%	26.77%	Infinity%	Infinity%	Infinity%	Infinity%	-Infinity%	-Infinity%	Infinity%	Infinity%	Infinity%	-Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	-Infinity%	-Infinity%	Infinity%	Infinity%	-Infinity%	-Infinity%	Infinity%	Infinity%	-Infinity%	NaN%	NaN%	NaN%	Infinity%	NaN%	NaN%	NaN%	-Infinity%	Infinity%	Infinity%	Infinity%	-Infinity%	-Infinity%	Infinity%	Infinity%	NaN%		NaN%	Infinity%	NaN%	Infinity%	NaN%
other income:
interest expense	-72,000,000	-75,600,000	-75,600,000	-74,200,000	-72,300,000	-72,800,000	-73,100,000	-73,500,000	-70,400,000	-70,600,000	-67,900,000	-65,200,000	-54,700,000	-36,200,000	-35,100,000	-21,300,000	-21,600,000	-21,700,000	-22,000,000	-19,400,000	-20,700,000	-19,700,000	-20,300,000	-19,300,000	-18,900,000	-18,900,000	-19,400,000	-13,700,000	-10,900,000	-9,900,000	-9,700,000	-9,600,000	-13,300,000	-12,600,000	-11,600,000	-11,800,000	-10,900,000	-11,100,000	-11,100,000	-10,600,000	-7,259,000	-6,740,000	-7,112,000	-7,484,000	-5,735,000	-5,173,000	-4,961,000	-4,973,000	-2,092,000	-1,407,000	-1,256,000	-1,476,000	-1,453,000	-873,000	-982,000	-1,223,000	-1,427,000	-1,576,000	-3,461,000	-2,460,000	-1,876,000	-1,625,000	-1,420,000	-1,258,000	-885,000	-245,000	-211,000	-316,000	-384,750	-362,000	-276,000	-901,000				-290,000			-579,000	-603,000
equity in income of unconsolidated affiliates	36,000,000	34,000,000	35,000,000	37,100,000	33,300,000	36,000,000	33,400,000	37,700,000	37,800,000	35,900,000	33,300,000	38,800,000	37,300,000	42,400,000	40,500,000	32,500,000	40,200,000	41,700,000	36,400,000	24,900,000	3,300,000	27,600,000	-11,100,000	-3,300,000	6,925,000	14,100,000	9,500,000
miscellaneous	6,000,000	1,400,000	3,800,000	1,400,000	300,000	1,000,000	-100,000	100,000	8,100,000	400,000	4,100,000		2,600,000	4,200,000	200,000		400,000	100,000	100,000	100,000	200,000	-400,000	300,000		400,000	200,000	400,000		200,000	100,000	300,000	100,000	2,100,000	-1,000,000	200,000		500,000	-200,000	400,000	-500,000	6,196,000	-186,000	28,000	-188,000	137,000	114,000	393,000	-25,000	199,000	4,438,000	1,023,000	7,000	180,000	569,000	37,000	33,000	94,000	19,934,000	3,158,000	457,000	412,000	1,832,000	359,000	294,000	462,000	322,000	400,000	320,000	-1,181,000	292,000	461,000	372,000	-1,318,000	484,000	932,000	160,000	-297,000		14,000	653,000	580,000	713,000	2,000	537,000			151,000	402,000
total other income	-30,000,000	-40,200,000	-36,800,000	-35,700,000	-38,700,000	-35,800,000	-39,800,000	-35,700,000	-24,500,000	-34,300,000	-30,500,000	-26,400,000	-14,800,000	10,400,000	280,200,000	11,200,000	19,000,000	20,100,000	14,500,000	5,600,000	-6,000,000	7,500,000			4,400,000	-4,600,000		-9,600,000	-5,500,000	54,200,000			-3,525,000	-4,700,000		-5,700,000	-6,500,000	-6,400,000	-5,900,000
income from operations before provision for income taxes	113,000,000	83,300,000	61,200,000	292,000,000	95,900,000	91,000,000	86,100,000	294,300,000	101,800,000	122,475,000	81,800,000	199,200,000	152,975,000	73,400,000	479,900,000	58,600,000																	41,475,000	28,300,000	125,800,000
income tax provision	-30,000,000	-31,800,000	-22,000,000	-74,400,000	-18,700,000	-18,700,000	-19,900,000	-84,100,000	-21,400,000	-14,300,000	-20,800,000	-56,200,000	-43,375,000	-16,400,000	-140,600,000	-16,500,000									-13,275,000	-8,000,000	-38,600,000	-6,500,000	-13,025,000	-16,700,000	-32,800,000	-2,600,000	-15,900,000	-11,600,000	-47,500,000		-10,400,000	-11,700,000	-41,700,000		-727,000	-750,000	-46,674,000		5,014,000	-846,000	-34,767,000		4,032,000	-3,165,000	-31,029,000	-311,000	1,051,000	-1,096,000	-32,133,000				-27,698,000				-18,285,000		-5,105,750	-3,578,000	-20,324,000
net income	83,000,000	51,500,000	39,200,000	217,600,000	77,200,000	72,300,000	66,200,000	210,200,000	80,400,000	57,600,000	61,000,000	143,000,000	1,000,000	57,000,000	339,300,000	42,100,000	43,300,000	61,400,000	108,300,000	36,100,000	17,100,000	43,100,000	-118,800,000	-23,500,000	3,700,000	14,800,000	107,100,000	11,600,000	11,400,000	56,300,000	103,100,000	182,000,000	38,200,000	16,700,000	78,300,000	7,300,000	26,800,000	8,700,000	69,800,000	2,800,000				-1,558,000																-3,185,000				-8,668,000												-8,191,000				-10,273,000								-11,496,000
yoy	7.51%	-28.77%	-40.79%	3.52%	-3.98%	25.52%	8.52%	46.99%	7940.00%	1.05%	-82.02%	239.67%	-97.69%	-7.17%	213.30%	16.62%	153.22%	42.46%	-191.16%	-253.62%	362.16%	191.22%	-210.92%	-302.59%	-67.54%	-73.71%	3.88%	-93.63%	-70.16%	237.13%	31.67%	2393.15%	42.54%	91.95%	12.18%	160.71%				-279.72%																				-63.26%																-20.27%
qoq	61.17%	31.38%	-81.99%	181.87%	6.78%	9.21%	-68.51%	161.44%	39.58%	-5.57%	-57.34%	14200.00%	-98.25%	-83.20%	705.94%	-2.77%	-29.48%	-43.31%	200.00%	111.11%	-60.32%	-136.28%	405.53%	-735.14%	-75.00%	-86.18%	823.28%	1.75%	-79.75%	-45.39%	-43.35%	376.44%	128.74%	-78.67%	972.60%	-72.76%	208.05%	-87.54%	2392.86%
net income margin %	12.52%	7.73%	5.74%	23.29%	12.01%	11.58%	10.53%	23.60%	13.61%	10.26%	10.66%	18.61%	0.21%	14.88%	58.25%	11.56%	11.87%	15.62%	21.03%	11.13%	6.15%	12.76%	-64.18%	-9.29%	1.32%	4.83%	22.43%	4.37%	5.21%	25.44%	27.17%	96.14%	-23.35%	5.30%	17.33%	2.61%	9.63%	2.87%	15.92%	Infinity%	NaN%	NaN%	NaN%	-Infinity%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	-Infinity%	NaN%	NaN%	NaN%	-Infinity%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	-Infinity%	NaN%	NaN%	NaN%	-Infinity%	NaN%	NaN%	NaN%	NaN%		NaN%	NaN%	-Infinity%	NaN%	NaN%
net income attributable to noncontrolling interest				700,000	500,000	600,000	800,000	900,000
net income and comprehensive income attributable to churchill downs incorporated	83,000,000				76,700,000												43,300,000	61,400,000	108,300,000	36,100,000
net income attributable to churchill downs incorporated per common share data:
basic net income	1,160,000	730,000	540,000	3,020,000	1,020,000	950,000	870,000	2,820,000	1,090,000	770,000	810,000	1,900,000	2,880,000	1,510,000	8,910,000	1,100,000																	1,607,500	1,090,000	4,860,000	440,000	1,670,000	520,000	4,160,000
diluted net income	1,160,000	740,000	540,000	2,990,000	1,020,000	950,000	860,000	2,790,000	1,080,000	800,000	790,000	1,860,000	2,840,000	1,490,000	8,790,000	1,080,000																	1,580,000	1,080,000	4,810,000	440,000	1,630,000	520,000	4,110,000
weighted-average shares outstanding:
basic	70,000,000	71,400,000	70,300,000	71,700,000	73,700,000	74,000,000	73,900,000	73,900,000	74,100,000	75,200,000	75,200,000	75,300,000	37,900,000	37,800,000	38,100,000	38,300,000	38,600,000	38,600,000	38,700,000	39,000,000	39,600,000	39,500,000	39,500,000	39,700,000	40,100,000	40,000,000	40,100,000	40,400,000	41,300,000	13,600,000	13,500,000	14,400,000	15,700,000	15,300,000	16,100,000	16,300,000	16,400,000	16,400,000	16,500,000	16,500,000	17,225,000	17,347,000	17,331,000	17,268,000	17,271,000	17,020,000	17,531,000	17,419,000	17,294,000	17,328,000	17,268,000	17,209,000	17,047,000	17,130,000	16,978,000	16,903,000	16,638,000	16,858,000	16,444,000	16,358,000	15,186,000	16,311,000	14,440,000	13,609,000	13,582,000	13,587,000	13,573,000	13,573,000		13,549,000	13,529,000	13,522,000	13,458,000	13,509,000	13,427,000		13,159,000	13,149,000	13,124,000		12,920,000	12,913,000				13,189,000	13,174,000		13,115,000
diluted	70,000,000	71,800,000	71,000,000	72,300,000	74,400,000	74,600,000	74,600,000	74,600,000	74,700,000	76,100,000	77,100,000	76,900,000	38,500,000	38,400,000	38,600,000	38,800,000	39,200,000	39,200,000	39,300,000	39,600,000	40,100,000	40,100,000	39,500,000	39,700,000	40,600,000	40,700,000	40,700,000	40,600,000	41,600,000	13,700,000	13,600,000	14,500,000	16,000,000	15,500,000	16,300,000	16,800,000	16,800,000	16,900,000	17,000,000	17,000,000	17,576,000	17,769,000	17,735,000	17,268,000	17,589,000	17,303,000	17,880,000	17,419,000	17,938,000	17,955,000	17,921,000	17,828,000	17,475,000	17,575,000	17,502,000	17,433,000	17,125,000	16,974,000	16,935,000	16,358,000	15,666,000	16,768,000	14,895,000	13,609,000	14,040,000	13,587,000	14,031,000	13,573,000		14,025,000	13,998,000	14,010,000	13,972,000	14,038,000	13,903,000		13,667,000	13,656,000	13,623,000		13,500,000	13,511,000				13,392,000	13,380,000		13,338,000
asset impairments			45,100,000	2,400,000			3,900,000			100,000		24,500,000	33,400,000			4,900,000	4,100,000		11,200,000
net income attributable to noncontrolling interests		200,000	1,100,000
net income attributable to churchill downs incorporated		82,925,000	38,100,000	216,900,000		88,775,000	65,400,000	209,300,000
twinspires						92,400,000	111,300,000	151,700,000	106,600,000	104,200,000	108,500,000	137,400,000	93,100,000	106,200,000	136,800,000	100,300,000	94,600,000	101,800,000	135,600,000	99,700,000									57,175,000	71,800,000	93,700,000	63,200,000	57,200,000	65,900,000	80,500,000	52,000,000	48,300,000	54,700,000	68,200,000	49,400,000	43,759,000	50,346,000	60,748,000	45,315,000
gain on sale of arlington
net income per common share data:
gain on sale of assets										28,500,000																																															3,404,000		157,000																		82,000	4,197,000			-21,000	69,917,000
gain on calder land sale															274,600,000
income from continuing operations before benefit for income taxes																	72,475,000	87,700,000	149,900,000																																									-5,204,000				-16,636,000
income tax benefit																	-10,400,000	-26,300,000	-41,600,000	-16,200,000	-300,000	-13,900,000	7,900,000	11,600,000												-4,500,000				3,800,000				1,259,000				438,000								-974,000	-8,513,500	-8,374,000		2,018,000	-2,508,500	638,000		8,227,000				3,479,000				-563,000				5,348,000				6,660,000				11,200,000				7,728,000		7,858,000
income from continuing operations, net of tax																	51,450,000	61,400,000	108,300,000	36,100,000	16,400,000	43,100,000	-23,600,000	-22,600,000	4,200,000	15,200,000	108,300,000	11,900,000	7,300,000	58,000,000	103,200,000	14,100,000
loss from discontinued operations, net of tax																					-24,025,000		-95,200,000	-900,000
net loss attributable to noncontrolling interest																						-100,000		-100,000
net income per common share data - basic:																													6,160,000	4,150,000	7,600,000	12,610,000
continuing operations																	1,140,000	1,590,000	2,800,000	930,000	410,000	1,090,000	-590,000	-570,000	120,000	380,000	2,690,000	300,000	-8,230,000	4,270,000	7,610,000	980,000
discontinued operations																					20,000		-2,410,000	-20,000	-10,000	-10,000	-30,000	-10,000	-7,870,000	-120,000	-10,000	11,630,000																	-20								200		10		150	-260		-20		-80		10		10		-10				20	92.5	440			50	5,070
net income per common share data - basic																	1,327,500	1,590,000	2,800,000	930,000	-625,000	1,090,000	-3,000,000	-590,000	830,000	370,000	2,660,000	290,000
net income per common share data - diluted:																													6,125,000	4,120,000	7,550,000	12,550,000
net income per common share data - diluted																	1,307,500	1,570,000	2,760,000	910,000	-625,000	1,080,000	-3,000,000	-590,000	820,000	360,000	2,630,000	290,000
impairment of intangible assets																								17,500,000
income from continuing operations before provision for income taxes																				52,300,000	16,700,000	57,000,000	-31,500,000	-34,200,000	7,900,000	23,200,000	146,900,000	18,400,000	6,500,000	74,700,000	136,000,000	16,700,000
churchill downs																					35,200,000	60,800,000	23,300,000	23,500,000	39,600,000	31,400,000	182,200,000	21,000,000
online wagering																					93,900,000	125,900,000	121,200,000	67,300,000	61,600,000	70,200,000	95,600,000	63,100,000
net income and comprehensive income attributable to cdi																					-24,750,000	43,200,000	-118,800,000	-23,400,000
total other expense																							-31,100,000	-22,600,000			-9,500,000				-600,000	-3,000,000			-3,700,000
gain on ocean downs/saratoga transaction																														54,900,000
income from discontinued operations, net of tax																									-500,000	-400,000	-1,200,000	-300,000	4,100,000	-1,700,000	-100,000	167,900,000
other comprehensive income:
foreign currency translation, net of tax																													200,000	400,000			-200,000	500,000	-300,000	-100,000			200,000
change in pension benefits, net of tax																														200,000	-200,000		25,000	100,000
other comprehensive income																														600,000							50,000		200,000
comprehensive income																									33,375,000	14,800,000	107,100,000	11,600,000	11,400,000	56,900,000	102,900,000	182,000,000	37,900,000	17,300,000	78,000,000	7,200,000	26,000,000	8,700,000	70,000,000	2,800,000
equity in income of unconsolidated investments																												4,100,000	5,200,000	9,100,000	8,800,000	6,500,000	2,800,000	8,900,000	7,700,000	6,100,000	3,900,000	4,900,000	4,800,000	3,800,000
racing																													30,500,000	37,600,000	182,500,000	23,700,000	29,300,000	38,800,000	165,300,000	23,900,000	30,300,000	38,500,000	156,100,000	26,200,000	29,862,000	38,867,000	155,436,000	24,438,000	30,384,000	41,055,000	159,435,000	30,579,000	38,382,000	50,687,000	157,387,000	27,813,000	48,547,000	62,919,000	160,440,000	30,182,000	51,898,000	66,539,000	148,205,000
casino																													109,900,000	105,000,000	98,200,000	98,100,000
other investments																													17,100,000	6,900,000	5,000,000	4,300,000	5,200,000	4,700,000	5,200,000	4,100,000	4,000,000	4,500,000	4,400,000	4,000,000
corporate																													400,000	600,000	600,000	500,000	200,000	600,000	500,000	700,000	200,000	400,000	200,000	200,000
calder exit costs																																		200,000	200,000	400,000	100,000	500,000	1,500,000	400,000	364,000	12,737,000
other comprehensive loss:
other comprehensive loss																															-200,000					-100,000							-28,000	-387,000
casinos																																	65,825,000	87,500,000	88,300,000	87,500,000	78,900,000	83,000,000	84,400,000	86,500,000	80,435,000	82,679,000	83,770,000	85,415,000
big fish games																																	85,625,000	117,900,000	112,600,000	112,000,000	116,600,000	122,300,000	125,200,000	122,100,000	113,716,000	103,540,000	104,526,000	91,903,000
research and development																																	7,475,000	9,700,000	9,900,000	10,300,000	9,700,000	8,800,000	9,700,000	10,800,000	9,370,000	9,950,000	9,847,000	10,232,000
acquisition expense																																	425,000	700,000
other comprehensive gain																																	50,000	600,000	-300,000
acquisition expenses																																			800,000	200,000
income from operations before benefit from income taxes																																				11,800,000
acquisition-related charges																																					1,225,000	1,100,000	1,100,000	2,700,000	4,338,000	2,810,000
interest income																																									-190,000	8,000	6,000	218,000	5,000	6,000	5,000	4,000	7,000	6,000	89,000	10,000	6,000	31,000	35,000	18,000	228,000	116,000	56,000	68,000	27,000	30,000	17,000	111,000	116,000	393,000	264,000	123,000	119,500	144,000	157,000	177,000	118,000	163,000	393,000	272,000	232,000	272,000	243,000	119,000	326,000	135,000	13,000	86,000			73,000	62,000	93,000
income before income tax provision																																					32,725,000	20,400,000	111,500,000
income from continuing operations before income tax benefit																																								-1,000,000				-2,817,000																																-13,778,000				-16,933,000
net income per common share data:
basic
diluted
net revenues:
other																																									3,232,750	4,333,000	4,759,000	3,839,000	4,470,000	4,539,000	5,182,000	4,092,000	4,214,000	6,605,000	6,968,000	5,255,000	6,086,000	6,872,000	6,303,000	4,643,000	5,134,000	5,873,000	5,496,000
operating expenses:
selling, general and administrative expenses																																									17,062,500	24,643,000	22,035,000	21,572,000	24,510,000	20,473,000	18,666,000	21,465,000	22,604,000	21,188,000	22,096,000	17,558,000	19,323,000	18,237,000	20,070,000	16,199,000	14,086,000	16,138,000	18,301,000	16,004,000	18,497,000	15,281,000	15,956,000	13,371,000	13,427,000	13,092,000	11,986,000	12,449,000	9,427,000	12,006,000	13,545,000	12,157,000	15,576,000	13,009,000	13,069,000	9,825,000	9,695,000	11,452,000	11,921,000	10,462,000	11,029,000	9,274,000	2,134,000	14,142,000			8,765,000	8,108,000	8,872,000	8,396,000
insurance recoveries, net of losses																																																-431,000				-375,000	-492,000		-5,003,000	-1,511,000																				-784,000			-9,614,000
equity in gains of unconsolidated investments																																									2,061,000	2,389,000	2,907,000	2,948,000	475,000	1,057,000	2,506,000	2,290,000
gain on sale of equity investment																																									1,454,250			5,817,000
earnings from continuing operations before benefit from income taxes																																									25,963,500	4,953,000	101,718,000		-18,821,000	4,377,000	92,100,000	-1,138,000	-9,514,000	12,323,000	81,327,000	1,370,000	1,323,000	7,069,000	80,709,000	2,328,000	4,506,000	28,094,000	67,688,000		-5,961,000	3,062,000	45,890,000		-10,480,000	2,362,000	51,180,000		13,845,500	3,699,000	50,285,000		-8,731,000	2,878,000	48,975,000		2,951,000	4,846,000	56,663,000		-7,053,000	6,852,000
net earnings																																									14,422,250	4,203,000	55,044,000		46,353,560	210	3,230	-40	-320	520			150	340	2,820		7,613,000	19,780,000	40,147,000		-1,895,000	-689,000	27,605,000		-6,882,000	-2,325,000	30,861,000	-4,826,000	8,155,500	2,468,000	29,412,000	742,000	-6,215,000	818,000	29,319,000		-2,016,000	8,747,000	33,353,000		-3,016,000	71,635,000	1,508,000				28,025,000		23,108,000
net earnings per common share data:
basic																																																			2,850	60				80																															2,130
diluted
other comprehensive earnings:
foreign currency translation, net of tax effect																																									-89,250	58,000	-28,000
other comprehensive earnings																																									-89,250	58,000
comprehensive earnings																																									14,333,000	4,261,000	55,016,000																																		-2,016,000	8,747,000	33,353,000		-3,016,000	71,420,000
acquisition related charges																																											8,200,000	6,400,000
foreign currency translation, net of (328) tax effect																																												-387,000
comprehensive loss																																												-1,945,000																																				-10,273,000				-12,828,000
online																																													37,356,500	46,266,000	57,076,000	46,084,000	40,572,000	48,522,000	52,531,000	42,916,000	40,949,000	45,593,000	52,702,000	44,035,000	40,072,000	42,015,000	46,526,000
earnings from continuing operations																																													-13,807,000	3,531,000	57,333,000	-700,000	-5,482,000	9,158,000	50,298,000	1,059,000	2,374,000	5,973,000	48,576,000	1,354,000	4,271,000	19,720,000	39,990,000		-4,268,000	3,700,000	27,605,000
discontinued operations, net of income taxes:
earnings from operations																																																	22,500	91,000			-250			-1,000	15,250	60,000		1,000				-259,000	10,000	-1,109,000	5,000	241,000	-607,000	120,000	-19,000	-93,000				421,000	186,000	1,832,000
net earnings and comprehensive income																																													15,041,000	3,531,000	57,333,000	-700,000	-5,705,000	9,249,000	50,298,000	1,058,000	2,374,000	5,973,000	48,576,000
net earnings per common share data:
basic																																																			2,850	60				80																															2,130
net earnings																																									14,422,250	4,203,000	55,044,000		46,353,560	210	3,230	-40	-320	520			150	340	2,820		7,613,000	19,780,000	40,147,000		-1,895,000	-689,000	27,605,000		-6,882,000	-2,325,000	30,861,000	-4,826,000	8,155,500	2,468,000	29,412,000	742,000	-6,215,000	818,000	29,319,000		-2,016,000	8,747,000	33,353,000		-3,016,000	71,635,000	1,508,000				28,025,000		23,108,000
diluted
net earnings from continuing operations																																													850	200																			-6,892,000	-1,216,000	30,856,000	-5,067,000	-13,397,000	2,348,000	29,431,000	835,000	-5,131,000	1,137,000	29,462,000		3,331,000	2,718,000	33,353,000		-3,852,000	3,842,000
income from operations																																																				-1,000									-250,000	-4,389,000
equity in losses of unconsolidated investments																																																	-2,460,000	-887,000	-631,000	-164,000	-446,000	-471,000
net earnings																																									14,422,250	4,203,000	55,044,000		46,353,560	210	3,230	-40	-320	520			150	340	2,820		7,613,000	19,780,000	40,147,000		-1,895,000	-689,000	27,605,000		-6,882,000	-2,325,000	30,861,000	-4,826,000	8,155,500	2,468,000	29,412,000	742,000	-6,215,000	818,000	29,319,000		-2,016,000	8,747,000	33,353,000		-3,016,000	71,635,000	1,508,000				28,025,000		23,108,000
diluted
net revenues																																																													102,826,500	135,744,000	200,512,000	75,050,000	88,667,500	100,896,000	180,037,000	73,737,000	86,155,250	99,603,000	179,297,000	65,721,000	80,420,000	103,905,000	169,933,000	47,842,000	81,171,000	106,350,000	175,025,000	45,028,000	81,758,750	112,016,000	49,369,000	56,252,000			180,496,000	33,789,000	172,627,000	30,972,000
operating expenses																																																													82,883,250	117,168,000	137,332,000	77,905,000	68,139,000	85,344,000	116,929,000	70,283,000	66,538,750	83,302,000	114,669,000	68,184,000	61,941,500	86,264,000	108,577,000	52,925,000	64,002,500	91,742,000	115,937,000	51,872,000	65,988,750	96,677,000	38,553,000	65,389,000			123,425,000	43,542,000	122,701,000	39,729,000
net earnings per common share data:
basic																																																			2,850	60				80																															2,130
diluted																																																			2,810	60				80																															2,090
equity in gain of unconsolidated investments																																																							-564,000
equity loss of unconsolidated investments																																																								-220,000
net earnings and comprehensive earnings																																																								1,353,000
equity in loss of unconsolidated investments																																																									-690,000	-467,000			-254,000	-470,000			-319,000	-568,000	-395,000		-660,000	-670,000	-1,140,000	-830,000
discontinued operations																					20,000		-2,410,000	-20,000	-10,000	-10,000	-30,000	-10,000	-7,870,000	-120,000	-10,000	11,630,000																	-20								200		10		150	-260		-20		-80		10		10		-10				20	92.5	440			50	5,070
diluted
weighted-average shares outstanding
basic	70,000,000	71,400,000	70,300,000	71,700,000	73,700,000	74,000,000	73,900,000	73,900,000	74,100,000	75,200,000	75,200,000	75,300,000	37,900,000	37,800,000	38,100,000	38,300,000	38,600,000	38,600,000	38,700,000	39,000,000	39,600,000	39,500,000	39,500,000	39,700,000	40,100,000	40,000,000	40,100,000	40,400,000	41,300,000	13,600,000	13,500,000	14,400,000	15,700,000	15,300,000	16,100,000	16,300,000	16,400,000	16,400,000	16,500,000	16,500,000	17,225,000	17,347,000	17,331,000	17,268,000	17,271,000	17,020,000	17,531,000	17,419,000	17,294,000	17,328,000	17,268,000	17,209,000	17,047,000	17,130,000	16,978,000	16,903,000	16,638,000	16,858,000	16,444,000	16,358,000	15,186,000	16,311,000	14,440,000	13,609,000	13,582,000	13,587,000	13,573,000	13,573,000		13,549,000	13,529,000	13,522,000	13,458,000	13,509,000	13,427,000		13,159,000	13,149,000	13,124,000		12,920,000	12,913,000				13,189,000	13,174,000		13,115,000
diluted	70,000,000	71,800,000	71,000,000	72,300,000	74,400,000	74,600,000	74,600,000	74,600,000	74,700,000	76,100,000	77,100,000	76,900,000	38,500,000	38,400,000	38,600,000	38,800,000	39,200,000	39,200,000	39,300,000	39,600,000	40,100,000	40,100,000	39,500,000	39,700,000	40,600,000	40,700,000	40,700,000	40,600,000	41,600,000	13,700,000	13,600,000	14,500,000	16,000,000	15,500,000	16,300,000	16,800,000	16,800,000	16,900,000	17,000,000	17,000,000	17,576,000	17,769,000	17,735,000	17,268,000	17,589,000	17,303,000	17,880,000	17,419,000	17,938,000	17,955,000	17,921,000	17,828,000	17,475,000	17,575,000	17,502,000	17,433,000	17,125,000	16,974,000	16,935,000	16,358,000	15,666,000	16,768,000	14,895,000	13,609,000	14,040,000	13,587,000	14,031,000	13,573,000		14,025,000	13,998,000	14,010,000	13,972,000	14,038,000	13,903,000		13,667,000	13,656,000	13,623,000		13,500,000	13,511,000				13,392,000	13,380,000		13,338,000
equity in earnings of unconsolidated investments																																																											460,000	-416,000			-290,000	443,000				322,000
pari-mutuel wagering																																																												62,363,000
other operating																																																												11,437,000
purses and pari-mutuel taxes																																																												20,456,000
gaming taxes																																																												13,935,000
other direct expenses																																																												84,012,000
income from continuing operations																																																												-3,186,000				-8,409,000
net income per common share data:
basic
earnings from continuing operations before benefit for income taxes																																																																				-8,546,000				1,398,000
insurance recoveries																																																																					-4,300,000			-17,200,000
operating profit																																																																					14,489,500	4,295,000	51,083,000		9,698,750	4,632,000	48,287,000
benefit from income taxes																																																																					-5,692,000	-1,351,000	-20,854,000								-23,310,000
(loss) on sale of business
net earnings per common share:
basic																																																			2,850	60				80																															2,130
loss on sale of business																																																																												-182,000
net earnings																																									14,422,250	4,203,000	55,044,000		46,353,560	210	3,230	-40	-320	520			150	340	2,820		7,613,000	19,780,000	40,147,000		-1,895,000	-689,000	27,605,000		-6,882,000	-2,325,000	30,861,000	-4,826,000	8,155,500	2,468,000	29,412,000	742,000	-6,215,000	818,000	29,319,000		-2,016,000	8,747,000	33,353,000		-3,016,000	71,635,000	1,508,000				28,025,000		23,108,000
basic
other income
gain on sale of business
gross profit																																																																											61,356,000		6,390,000	14,608,000	59,088,000		3,492,000	15,339,000	10,816,000				57,071,000		49,926,000
yoy																																																																											3.84%		82.99%	-4.77%	446.30%				-81.05%
qoq																																																																													-56.26%	-75.28%			-77.23%	41.82%
gross margin %	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	Infinity%	NaN%	Infinity%	Infinity%	Infinity%	NaN%	Infinity%	Infinity%	Infinity%	NaN%		NaN%	Infinity%	NaN%	Infinity%	NaN%
unrealized gain on derivative instruments																																																																											204,000	204,000	205,000	204,000	204,000	204,000	204,000	204,000		206,000
gross loss																																																																												-5,083,000				-6,844,000
net income from continuing operations																																																																												-8,430,000				-10,273,000
basic and diluted net income per common share:
basic and diluted weighted-average shares outstanding																																																																												13,371,000				13,074,000				12,881,000				13,159,000
other comprehensive income, net of income taxes:
change in fair value of cash flow hedges																																																																																				1,069,000
asset impairment loss
intangible impairment loss
other comprehensive loss, net of income taxes:
earnings before benefit from income taxes																																																																																			5,416,000				47,051,000		38,410,000
income before income tax benefit
other comprehensive loss, net of tax:
basic and diluted net income per common share																																																																																				-1,080				-870
(5,384
earnings per common share data:
basic																																																																																									1,760
diluted																																																																																									1,730
basic and diluted weighted-average
shares outstanding																																																																																										13,105,000
the accompanying notes are an intergral part of the condensed consolidated financial statements.

Balance Sheets:

Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31	2006-09-30	2006-06-30	2006-03-31	2005-12-31	2005-09-30	2005-06-30	2005-03-31	2004-12-31	2003-12-31	2003-06-30	2003-03-31	2002-12-31	2002-06-30	2002-03-31	2001-12-31

assets
current assets:
cash and cash equivalents	200,000,000	200,600,000	180,500,000	182,400,000	174,200,000	175,500,000	152,700,000	140,300,000	149,400,000	144,500,000	129,900,000	374,000,000	129,800,000	110,600,000	310,200,000	294,500,000	291,300,000	315,700,000	342,200,000	147,700,000	67,400,000	622,000,000	649,200,000	700,900,000	96,200,000	189,800,000	202,700,000	119,700,000	133,300,000	131,300,000	254,600,000	202,700,000	51,700,000	57,800,000	41,800,000	54,900,000	48,700,000	56,900,000	55,100,000	51,100,000	74,528,000	51,112,000	59,244,000	49,525,000	67,936,000	42,041,000	46,670,000	47,164,000	44,708,000	43,751,000	38,917,000	39,288,000	37,177,000	29,999,000	31,787,000	28,882,000	27,325,000	26,883,000	31,031,000	27,348,000	26,901,000	14,533,000	24,251,000	17,360,000	13,643,000	16,552,000	14,818,000	16,822,000	12,658,000	13,314,000	18,631,000	22,128,000	15,345,000	15,599,000	21,798,000	27,627,000		24,863,000	39,986,000	14,659,000		38,244,000	14,568,000	15,097,000		16,440,000	27,185,000	11,084,000	14,662,000	26,381,000		15,732,000
restricted cash	91,000,000	87,900,000	88,000,000	103,200,000	97,000,000	77,200,000	78,700,000	90,600,000	72,600,000	77,300,000	63,300,000	67,100,000	74,900,000	1,582,600,000	1,589,300,000	65,500,000	64,300,000	70,600,000	69,200,000	48,000,000	53,600,000	57,600,000	49,800,000	43,600,000	46,300,000	44,000,000	42,800,000	37,700,000	40,000,000	38,800,000	40,100,000	31,500,000	31,200,000	37,300,000	31,600,000	25,000,000	34,300,000	31,300,000	31,500,000	23,200,000	29,686,000	27,928,000	28,685,000	20,772,000	26,065,000	27,144,000	35,740,000	30,548,000	36,074,000	40,026,000	44,058,000	33,727,000	38,241,000	44,985,000	53,619,000	41,907,000	44,559,000	50,472,000	67,371,000	54,956,000	61,891,000	61,101,000	57,376,000	30,687,000	35,125,000	13,453,000	11,169,000	5,505,000	13,738,000	14,670,000	11,516,000	4,506,000	11,295,000	12,396,000	3,073,000	1,028,000		16,721,000	10,682,000	7,323,000		16,097,000	9,107,000	3,906,000		1,613,000	14,168,000	629,000	3,247,000	16,931,000		10,535,000
accounts receivable	99,000,000	93,500,000	89,700,000	118,400,000	108,600,000	98,700,000	93,200,000	136,100,000	115,000,000	106,900,000	102,200,000	79,500,000	81,500,000	69,400,000	65,400,000	46,000,000	42,300,000	50,600,000	50,400,000	45,300,000	36,500,000	53,000,000	47,500,000	36,500,000	37,300,000	35,400,000	72,800,000	47,500,000	28,800,000	33,800,000	37,300,000	34,600,000	49,600,000	74,000,000	70,600,000	62,300,000	81,400,000	50,800,000	61,500,000	52,200,000	67,715,000	61,659,000	66,885,000	60,361,000	75,890,000	35,410,000	45,913,000	35,231,000	46,572,000	40,278,000	46,645,000	26,630,000	47,152,000	38,210,000	44,111,000	24,118,000	49,773,000	33,083,000	41,196,000	15,143,000	33,307,000	22,472,000	28,469,000	16,666,000	33,446,000	23,401,000	36,719,000	22,688,000	40,909,000	26,493,000	41,018,000	32,588,000	46,335,000	30,580,000	42,777,000	19,328,000		38,268,000	40,357,000	20,238,000		31,444,000	35,544,000	21,905,000		36,693,000	45,695,000	17,435,000	34,435,000	35,814,000		28,472,000
income taxes receivable	6,000,000	17,000,000				14,500,000				12,600,000	5,900,000		14,000,000			59,800,000	66,000,000	54,700,000	39,100,000	69,400,000	49,400,000	40,700,000	36,800,000	25,200,000	14,500,000	1,400,000		16,700,000	17,000,000				35,600,000			1,000,000	7,600,000			6,600,000	1,037,000			14,560,000	29,455,000			8,195,000	12,398,000			3,375,000	2,915,000			3,569,000	3,679,000			6,504,000	11,674,000			7,818,000			923,000	20,181,000	16,895,000	2,370,000		12,741,000	13,414,000	6,030,000	3,301,000	18,830,000		2,079,000		9,911,000				11,305,000
other current assets	56,000,000	44,200,000	56,700,000	60,000,000	72,600,000	46,400,000	62,800,000	69,000,000	79,000,000	59,500,000	69,300,000	62,600,000	44,300,000	43,700,000	40,000,000	54,500,000	37,600,000	36,500,000	31,700,000	36,400,000	28,200,000	33,300,000	34,400,000	36,800,000	26,900,000	31,300,000	30,200,000	37,800,000	22,400,000	26,400,000	22,100,000	26,000,000	18,900,000	59,300,000	54,200,000	57,700,000	50,800,000	51,700,000	51,500,000	53,400,000	39,524,000	38,807,000	33,243,000	35,131,000	24,665,000	16,393,000	18,362,000	20,764,000	12,036,000	14,497,000	17,368,000	22,127,000	13,352,000	11,959,000	14,031,000	17,551,000	10,399,000	18,782,000	20,210,000	25,215,000	20,086,000	19,555,000	24,684,000	25,019,000	16,003,000	15,443,000	17,147,000	16,222,000	10,362,000	11,738,000	13,545,000	17,422,000	10,396,000	10,329,000	12,984,000	15,062,000		12,046,000	15,574,000	19,181,000		5,907,000	6,615,000	9,547,000		4,120,000	5,564,000	16,834,000	5,988,000	6,093,000		4,983,000
total current assets	452,000,000	443,200,000	414,900,000	464,000,000	452,400,000	412,300,000	387,400,000	436,000,000	416,000,000	400,800,000	370,600,000	583,200,000	344,500,000	1,806,300,000	2,004,900,000	520,300,000	501,500,000	528,100,000	532,600,000	346,800,000	235,100,000	806,600,000	817,700,000	843,000,000	221,200,000	301,900,000	348,500,000	259,400,000	241,500,000	230,300,000	354,100,000	294,800,000	256,100,000	234,800,000	208,800,000	213,300,000	246,000,000	201,200,000	209,600,000	198,000,000	222,829,000	209,051,000	215,066,000	202,673,000	241,727,000	126,345,000	153,879,000	149,002,000	160,715,000	147,563,000	156,255,000	133,374,000	147,064,000	133,210,000	151,566,000	124,045,000	144,462,000	145,637,000	177,683,000	145,302,000	169,995,000	125,892,000	142,397,000	103,958,000	104,625,000	75,029,000	86,676,000	87,318,000	100,462,000	74,937,000	91,207,000	95,882,000	103,282,000	81,204,000	90,207,000	88,149,000		97,884,000	110,653,000	75,261,000		93,966,000	236,832,000	64,964,000		62,633,000	95,655,000	48,495,000	60,491,000	87,241,000		59,722,000
property and equipment	2,910,000,000	2,918,600,000	2,925,500,000	2,917,400,000	2,907,300,000	2,874,900,000	2,805,500,000	2,752,400,000	2,668,500,000	2,561,200,000	2,383,600,000	2,229,900,000	1,978,300,000	1,240,900,000	1,130,100,000	1,035,800,000	994,900,000	1,053,400,000	1,057,600,000	1,068,700,000	1,082,100,000	1,081,800,000	1,043,200,000	990,800,000	937,300,000	895,200,000	880,000,000	866,500,000	757,500,000	753,400,000	668,500,000	634,900,000	608,000,000	619,400,000	602,800,000	590,700,000	574,400,000	573,300,000	577,900,000	573,200,000	573,172,000	571,457,000	589,552,000	590,170,000	595,315,000	591,678,000	595,926,000	590,586,000	585,498,000	576,142,000	537,333,000	539,238,000	542,882,000	469,520,000	471,954,000	475,480,000	477,356,000	482,005,000	486,973,000	501,977,000	507,476,000	465,922,000	471,254,000	463,482,000	458,222,000	386,876,000	372,549,000	372,679,000	375,418,000	371,372,000
investment in and advances to unconsolidated affiliates	685,000,000	684,600,000	674,900,000	668,800,000	663,100,000	661,200,000	650,200,000	648,800,000	647,800,000	655,900,000	660,100,000	644,800,000	659,400,000	661,000,000	658,700,000	655,500,000	663,600,000	655,100,000	644,600,000	633,700,000	630,600,000	634,000,000	615,400,000	630,000,000	634,500,000	625,000,000	621,800,000	625,700,000	108,100,000	107,900,000	176,800,000	173,400,000	171,300,000	173,900,000	168,000,000	164,700,000	139,100,000	131,400,000	130,400,000	129,800,000	129,746,000				109,548,000
goodwill	900,000,000	900,200,000	900,200,000	900,200,000	900,200,000	900,200,000	900,200,000	900,200,000	900,200,000	899,900,000	899,900,000	722,900,000	723,800,000	375,700,000	366,800,000	366,800,000	366,800,000	366,800,000	366,800,000	366,800,000	366,800,000	366,800,000	366,800,000	367,100,000	367,100,000	363,800,000	363,800,000	363,800,000	338,000,000	337,800,000	317,600,000	317,600,000	317,600,000	848,300,000	847,200,000	832,200,000	832,200,000	841,700,000	841,700,000	841,700,000	841,724,000	841,360,000	840,947,000	840,947,000	839,520,000	300,616,000	300,616,000	300,616,000	300,616,000	298,225,000	250,414,000	250,414,000	250,414,000	217,741,000	217,741,000	216,883,000	213,712,000	213,712,000	213,752,000	214,318,000	214,528,000	183,394,000	183,394,000	115,349,000	115,349,000	115,349,000	115,349,000	115,349,000	115,349,000	115,349,000	115,349,000	115,349,000	108,349,000	107,034,000	106,993,000	53,528,000		53,528,000	53,528,000	53,528,000		53,528,000	53,528,000	53,528,000		52,239,000	52,239,000	52,239,000	52,239,000	52,239,000
other intangible assets	2,516,000,000	2,515,300,000	2,517,800,000	2,406,000,000	2,406,300,000	2,409,000,000	2,411,700,000	2,414,400,000	2,415,000,000	2,418,400,000	2,417,300,000	2,364,900,000	2,391,800,000	485,000,000	352,800,000	351,900,000	348,100,000	349,300,000	348,200,000	349,400,000	350,600,000	351,800,000	350,800,000	351,100,000	369,800,000	355,800,000	354,700,000	345,000,000	264,000,000	264,800,000	166,500,000	167,800,000	169,400,000	425,400,000	434,200,000	435,400,000	445,700,000	458,400,000	471,700,000	482,700,000	496,153,000	509,971,000	521,607,000	535,732,000	549,972,000	191,915,000	192,493,000	195,321,000	198,149,000	205,864,000	139,372,000	140,131,000	143,141,000	102,907,000	103,237,000	106,811,000	103,827,000	106,729,000	109,632,000	110,409,000	113,436,000	56,842,000	56,830,000	32,388,000	34,329,000	34,847,000	32,118,000	32,420,000	32,939,000	33,659,000	34,180,000	34,841,000	39,087,000	39,850,000	40,581,000	15,940,000		17,594,000	17,717,000	17,864,000		18,395,000	18,660,000	18,925,000		7,464,000	7,313,000	7,404,000	7,495,000
other assets	22,000,000	22,600,000	21,500,000	19,300,000	17,800,000	18,300,000	17,500,000	18,300,000	19,300,000	19,300,000	19,000,000	32,900,000	27,000,000	23,200,000	23,400,000	18,800,000	18,900,000	20,800,000	20,800,000	21,700,000	21,200,000	22,000,000	22,100,000	21,800,000	21,100,000	20,800,000	19,700,000	18,100,000	16,100,000	17,500,000	13,100,000	12,500,000	13,600,000	12,300,000	12,300,000	11,700,000	10,700,000	13,500,000	13,000,000	12,900,000	13,820,000	22,174,000	24,353,000	24,242,000	24,192,000	22,512,000	22,737,000	20,866,000	21,132,000	60,019,000	45,740,000	33,983,000	30,836,000	15,812,000	14,917,000	13,969,000	8,665,000	8,787,000	10,463,000	11,864,000	12,284,000	12,508,000	12,877,000	13,278,000	12,877,000	10,854,000	10,513,000	15,235,000	13,499,000	13,829,000	15,049,000	15,444,000	16,112,000	15,568,000	16,926,000	16,312,000		13,120,000	13,690,000	13,709,000		14,095,000	17,678,000	18,748,000		15,941,000	11,962,000	10,707,000	10,606,000	12,064,000		10,105,000
total assets	7,485,000,000	7,484,500,000	7,454,800,000	7,375,700,000	7,347,100,000	7,275,900,000	7,172,500,000	7,170,100,000	7,066,800,000	6,955,500,000	6,750,500,000	6,578,600,000	6,206,800,000	4,674,100,000	4,619,600,000	3,036,900,000	2,981,600,000	2,973,500,000	2,970,600,000	2,787,100,000	2,686,400,000	3,263,000,000	3,216,000,000	3,203,800,000	2,551,000,000	2,562,500,000	2,588,500,000	2,478,500,000	1,725,200,000	1,711,700,000	1,696,600,000	1,601,000,000	2,359,400,000	2,327,400,000	2,282,000,000	2,256,100,000	2,254,400,000	2,224,700,000	2,248,100,000	2,238,300,000	2,277,444,000	2,260,315,000	2,298,990,000	2,302,370,000	2,360,274,000	1,332,264,000	1,363,139,000	1,351,083,000	1,352,261,000	1,287,813,000	1,129,114,000	1,097,140,000	1,114,337,000	939,190,000	959,415,000	937,188,000	948,022,000	956,870,000	998,503,000	983,870,000	1,017,719,000	849,931,000	872,985,000	728,455,000	725,402,000	622,955,000	617,205,000	623,001,000	637,667,000	609,146,000	621,714,000	626,042,000	624,816,000	599,295,000	606,465,000	515,983,000	546,328,000	529,670,000	544,328,000	510,761,000	514,542,000	528,774,000	675,302,000	629,995,000	641,958,000	505,506,000
liabilities and shareholders' equity
current liabilities:
accounts payable	218,000,000	184,300,000	194,000,000	231,000,000	207,100,000	180,300,000	182,400,000	215,000,000	187,800,000	158,500,000	169,000,000	164,200,000	145,500,000	109,100,000	139,100,000	96,900,000	81,600,000	92,400,000	124,500,000	74,700,000	70,700,000	108,200,000	105,800,000	80,600,000	57,800,000	75,800,000	107,200,000	72,100,000	47,000,000	60,100,000	79,000,000	59,800,000	54,100,000	61,600,000	87,300,000	56,100,000	53,200,000	53,900,000	74,400,000	57,500,000	39,120,000	52,159,000	66,291,000	51,988,000	45,597,000	49,024,000	70,610,000	51,697,000	43,123,000	71,685,000	81,518,000	63,516,000	62,278,000	59,000,000	68,930,000	53,422,000	56,514,000	42,512,000	56,302,000	46,240,000	47,703,000	38,149,000	61,719,000	36,167,000	38,772,000	32,742,000	53,534,000	36,347,000	40,745,000	34,151,000	61,027,000	31,632,000	32,032,000	31,383,000	38,652,000	14,900,000		23,843,000	37,552,000	23,410,000		30,580,000	37,535,000	18,425,000		34,466,000	64,435,000	27,296,000	31,189,000	75,070,000		41,618,000
accrued expenses and other current liabilities	397,000,000	400,500,000	411,600,000	392,200,000	423,600,000	402,000,000	430,100,000	419,100,000	423,300,000	426,800,000	401,400,000	359,100,000	361,000,000	300,200,000	282,600,000	224,300,000	232,600,000	227,400,000	214,900,000	171,000,000	167,800,000	192,400,000	164,600,000	161,400,000	173,400,000
current deferred revenue	158,000,000	54,700,000	27,800,000	17,500,000	146,800,000	52,900,000	26,800,000	19,200,000	153,300,000	73,200,000	30,500,000	25,800,000	39,000,000	14,500,000	12,100,000	104,000,000	47,700,000	25,700,000	23,100,000	52,500,000	32,800,000	42,400,000	89,800,000	98,100,000	42,500,000	14,100,000	15,100,000	96,800,000	47,900,000	12,800,000	13,600,000	91,500,000
current maturities of long-term debt	63,000,000	63,100,000	63,100,000	63,100,000	63,100,000	63,100,000	63,100,000	68,000,000	68,000,000	68,000,000	68,000,000	68,000,000	47,000,000	7,000,000	7,000,000	7,000,000	7,000,000	7,000,000	7,000,000	7,000,000	4,000,000	4,000,000	4,000,000	4,000,000	4,000,000	4,000,000	4,000,000	4,000,000	4,000,000	4,000,000	4,000,000	4,000,000	4,000,000	17,700,000	16,500,000	15,300,000	14,200,000	13,000,000	11,800,000	10,600,000	16,250,000	15,000,000	13,750,000	12,500,000	11,250,000							187,318,000	209,728,000
dividends payable		30,700,000	700,000	700,000	700,000	31,000,000	600,000	600,000	700,000	29,300,000	1,000,000	1,000,000	27,000,000				26,100,000				24,900,000				23,500,000				22,500,000				23,700,000				21,800,000				19,110,000				17,419,000				15,186,000								10,110,000				8,165,000				6,777,000				6,767,000				6,750,000													6,625,000			6,578,000			6,549,000
total current liabilities	836,000,000	733,300,000	725,200,000	772,100,000	846,100,000	729,300,000	710,100,000	763,200,000	837,200,000	755,800,000	669,900,000	648,000,000	621,600,000	491,700,000	528,400,000	432,200,000	395,000,000	352,500,000	369,500,000	305,200,000	424,200,000	471,000,000	488,200,000	344,100,000	301,200,000	275,800,000	308,800,000	297,700,000	256,600,000	210,900,000	274,100,000	289,400,000	453,200,000	412,300,000	441,200,000	421,900,000	468,100,000	391,000,000	431,600,000	420,400,000	640,102,000	613,574,000	634,823,000	341,573,000	334,019,000	167,281,000	220,632,000	214,774,000	213,206,000	179,606,000	203,011,000	378,252,000	406,570,000	158,645,000	185,892,000	171,613,000	173,451,000	158,802,000	208,890,000	194,484,000	188,551,000	175,223,000	194,383,000	186,384,000	184,986,000	138,471,000	125,137,000	129,856,000	130,377,000	101,519,000	143,217,000	137,541,000	120,841,000	95,025,000	105,036,000	102,136,000		110,651,000	131,633,000	124,694,000		138,427,000	138,516,000	108,495,000		104,388,000	116,923,000	83,997,000	85,660,000	122,613,000		94,267,000
long-term debt	1,783,000,000	1,985,900,000	1,963,200,000	1,863,500,000	1,736,500,000	1,767,900,000	1,695,700,000	1,717,600,000	1,786,500,000	1,697,100,000	1,585,000,000	1,482,600,000	2,081,600,000	684,400,000	665,800,000	667,200,000	668,600,000	670,000,000	671,400,000	672,900,000	530,500,000	1,076,300,000	1,077,100,000	1,071,600,000	384,000,000	384,800,000	385,600,000	386,500,000	387,300,000	388,200,000	389,000,000	390,100,000	632,900,000	510,700,000	459,900,000	358,000,000		312,700,000	319,700,000	382,700,000	171,862,000	272,136,000	299,992,000	387,257,000	459,105,000	383,391,000	368,798,000	365,750,000	369,191,000	324,782,000	153,484,000			69,998,000	62,964,000	107,761,000	127,563,000	156,270,000	184,961,000	222,871,000	265,117,000	109,500,000	113,512,000	80,328,000	71,132,000			32,000,000	43,140,000	36,000,000	10,000,000	50,000,000	67,989,000	55,049,000	69,024,000	13,919,000		19,154,000	22,614,000	32,019,000		18,086,000	237,462,000	246,382,000								132,787,000
notes payable, net of debt issuance costs	3,082,000,000		3,079,900,000	3,078,700,000	3,077,400,000		3,074,900,000	3,073,700,000	3,072,400,000		3,069,800,000	3,068,800,000		2,489,400,000	2,488,500,000	1,292,700,000		1,292,000,000	1,291,700,000	1,291,400,000		1,087,300,000	1,086,800,000	1,086,300,000		1,085,400,000	1,084,900,000	1,084,300,000		492,900,000	492,700,000	492,500,000
non-current deferred revenue	15,000,000	15,400,000	18,500,000	18,400,000	20,000,000	20,000,000	20,100,000	20,100,000	11,800,000	11,800,000	9,500,000	9,500,000	11,800,000	11,900,000	10,900,000	13,300,000	13,300,000	13,300,000	14,400,000	18,400,000	17,100,000	14,200,000	15,100,000	16,700,000	16,700,000	17,400,000	17,200,000	21,000,000	21,100,000	21,100,000	21,100,000	25,000,000
deferred income taxes	539,000,000	519,900,000	490,800,000	436,200,000	432,800,000	432,700,000	417,800,000	407,900,000	393,100,000	388,200,000	386,100,000	373,200,000	340,800,000	279,600,000	273,300,000	263,100,000	252,900,000	255,900,000	250,500,000	248,800,000	213,900,000	205,400,000	188,000,000	210,900,000	212,800,000	209,800,000	199,900,000	194,000,000	78,200,000	66,400,000	48,600,000	43,800,000	40,600,000	140,200,000	145,300,000	150,300,000	153,100,000	133,500,000	126,000,000	127,800,000		18,989,000	18,759,000	17,707,000	17,716,000	5,357,000	7,194,000	7,100,000	8,927,000	9,011,000	9,267,000	8,227,000	8,227,000	8,057,000	8,018,000	8,018,000	8,727,000	16,417,000	17,875,000	16,136,000	16,136,000	8,231,000	7,617,000	6,408,000	6,408,000	6,180,000	5,900,000	5,900,000	5,900,000	6,352,000	6,497,000	6,497,000	6,497,000	6,270,000	6,274,000	6,274,000		3,907,000	4,054,000	3,949,000		2,274,000	3,618,000	3,204,000		3,767,000	3,043,000	2,513,000	2,159,000	15,119,000		15,124,000
other liabilities	86,000,000	93,000,000	98,100,000	142,700,000	141,200,000	146,500,000	139,000,000	140,600,000	138,900,000	137,800,000	141,500,000	142,700,000	122,400,000	104,400,000	49,800,000	50,600,000	52,600,000	51,000,000	55,700,000	48,200,000	45,800,000	36,600,000	38,100,000	38,600,000	39,400,000	38,900,000	38,800,000	38,100,000	15,700,000	17,500,000	17,900,000	16,600,000	16,000,000	19,200,000	18,300,000	17,500,000	16,300,000	15,600,000	15,200,000	18,400,000	18,282,000	23,779,000	24,521,000	23,119,000	21,718,000	20,061,000	19,572,000	18,299,000	17,753,000	18,220,000	23,246,000	21,513,000	21,030,000	22,458,000	31,976,000	30,621,000	29,542,000	30,181,000	16,035,000	18,887,000	17,775,000	20,147,000	20,508,000	19,403,000	19,137,000	21,141,000	19,605,000	19,018,000	18,223,000	20,605,000	21,567,000	20,737,000	20,452,000	21,983,000	22,876,000	22,189,000		23,215,000	23,388,000	21,989,000		21,544,000	21,876,000	20,788,000		11,719,000	14,053,000	12,997,000	12,603,000	13,585,000		11,302,000
total liabilities	6,341,000,000	6,428,700,000	6,375,700,000	6,311,600,000	6,254,000,000	6,172,600,000	6,057,600,000	6,123,100,000	6,239,900,000	6,061,900,000	5,861,800,000	5,724,800,000	5,655,300,000	4,061,400,000	4,016,700,000	2,719,100,000	2,674,800,000	2,634,700,000	2,653,200,000	2,584,900,000	2,319,300,000	2,890,800,000	2,893,300,000	2,768,200,000	2,040,000,000	2,012,100,000	2,035,200,000	2,021,600,000	1,251,900,000	1,197,000,000	1,243,400,000	1,257,400,000	1,719,100,000	1,701,100,000	1,680,700,000	1,567,200,000	1,569,400,000	1,529,300,000	1,568,300,000	1,618,900,000	1,660,247,000	1,494,146,000	1,542,553,000	1,603,627,000	1,660,273,000	617,265,000	654,054,000	646,457,000	647,472,000	563,585,000	420,194,000	443,000,000	470,042,000	284,835,000	313,814,000	344,407,000	363,992,000	371,081,000	434,207,000	477,532,000	511,505,000	335,372,000	358,828,000	328,047,000	318,380,000	202,644,000	195,604,000	233,062,000	243,776,000	205,236,000	221,586,000	256,359,000	257,258,000	219,272,000	229,626,000	172,396,000	196,249,000	176,582,000	201,748,000	203,345,000	198,311,000	205,167,000	425,323,000	403,673,000	403,530,000	250,530,000	263,890,000	239,462,000
commitments and contingencies
redeemable noncontrolling interest	48,000,000	46,100,000	44,200,000	22,500,000	21,400,000	19,700,000	17,900,000	16,100,000
shareholders' equity:
preferred stock
common stock	3,000,000						1,700,000					8,000,000							8,800,000	1,700,000	18,200,000	15,500,000	6,100,000				2,900,000			11,500,000	6,000,000		7,300,000			113,200,000	116,500,000	130,700,000	123,800,000	133,400,000	134,026,000	271,116,000	265,645,000	262,967,000	262,280,000	246,001,000	243,618,000	296,492,000	295,955,000	294,037,000	287,978,000	283,496,000	274,709,000	274,622,000	271,841,000	267,597,000	260,199,000	259,336,000	257,623,000	239,812,000	236,503,000	234,712,000	233,621,000	147,477,000	145,423,000	145,037,000	144,002,000	143,201,000	142,327,000				137,761,000		134,888,000	130,955,000		123,260,000	121,499,000	119,688,000		117,824,000	115,624,000	115,578,000				126,302,000	126,043,000			124,750,000
retained earnings	1,094,000,000	1,010,700,000	1,035,900,000	1,042,600,000	1,072,700,000	1,084,600,000	1,096,300,000	1,031,900,000	827,800,000	894,500,000	889,600,000	846,700,000	552,400,000	613,600,000	603,800,000	318,700,000	307,700,000	339,700,000	309,500,000	201,400,000	349,800,000	357,600,000	314,900,000	433,900,000	509,200,000	551,300,000	551,300,000	457,800,000	474,200,000	504,100,000	448,100,000	344,500,000	634,300,000	627,300,000	602,800,000	577,000,000	569,700,000	565,100,000	556,400,000	486,600,000	483,759,000	495,535,000	491,332,000	436,288,000	437,846,000	468,998,000	465,467,000	408,134,000	408,834,000	430,191,000	420,942,000	370,644,000	369,586,000	379,733,000	373,760,000	325,184,000	323,831,000	326,453,000	306,673,000	266,526,000	269,711,000	279,847,000	280,536,000	252,931,000	261,599,000	275,274,000	277,599,000	246,738,000	251,564,000	262,419,000	259,951,000	230,539,000	229,797,000	242,769,000	241,951,000	212,632,000		229,828,000	221,081,000	187,728,000		207,537,000	135,902,000	111,716,000		126,754,000	125,770,000	97,745,000	109,241,000	105,923,000		94,850,000
accumulated other comprehensive loss	-1,000,000	-1,000,000	-1,000,000	-1,000,000	-1,000,000	-1,000,000	-1,000,000	-1,000,000	-900,000	-900,000	-900,000	-900,000	-900,000	-900,000	-900,000	-900,000	-900,000	-900,000	-900,000	-900,000	-900,000	-900,000	-900,000	-900,000	-900,000	-900,000	-900,000	-900,000	-900,000	-900,000	-900,000	-900,000	-1,300,000	-1,000,000	-1,500,000	-1,300,000	-1,200,000	-400,000	-400,000	-600,000	-588,000	-482,000	-540,000	-512,000	-125,000																																										-1,517,000		-222,000
total churchill downs incorporated shareholders' equity	1,096,000,000		1,034,900,000	1,041,600,000	1,071,700,000		1,097,000,000	1,030,900,000													367,100,000	372,200,000	320,100,000	433,000,000	508,300,000
total liabilities and shareholders' equity	7,485,000,000	7,484,500,000	7,454,800,000	7,375,700,000	7,347,100,000	7,275,900,000	7,172,500,000	7,170,100,000	7,066,800,000	6,955,500,000	6,750,500,000	6,578,600,000	6,206,800,000	4,674,100,000	4,619,600,000	3,036,900,000	2,981,600,000	2,973,500,000	2,970,600,000	2,787,100,000	2,686,400,000	3,263,000,000	3,216,000,000	3,203,800,000	2,551,000,000	2,562,500,000	2,588,500,000	2,478,500,000	1,725,200,000	1,711,700,000	1,696,600,000	1,601,000,000	2,359,400,000	2,327,400,000	2,282,000,000	2,256,100,000	2,254,400,000	2,224,700,000	2,248,100,000	2,238,300,000		2,260,315,000	2,298,990,000	2,302,370,000		1,332,264,000	1,363,139,000	1,351,083,000		1,287,813,000	1,129,114,000	1,097,140,000		939,190,000	959,415,000																															505,506,000
notes payable		3,081,200,000				3,076,200,000				3,071,200,000			2,477,100,000				1,292,400,000				1,087,800,000				1,085,900,000				493,000,000				492,300,000	595,600,000	595,300,000	595,000,000	594,700,000	594,500,000	594,200,000	593,900,000	593,670,000	300,000,000	300,000,000	300,000,000	300,000,000
preferred stock, no par value; 0.3 shares authorized; no shares issued or outstanding
total shareholders' equity		1,009,700,000				1,083,600,000			826,900,000	893,600,000	888,700,000	853,800,000	551,500,000	612,700,000	602,900,000	317,800,000	306,800,000	338,800,000	317,400,000	202,200,000	367,100,000	372,200,000	322,700,000	435,600,000	511,000,000	550,400,000	553,300,000	456,900,000	473,300,000	514,700,000	453,200,000	343,600,000	640,300,000	626,300,000	601,300,000	688,900,000	685,000,000	695,400,000	679,800,000	619,400,000		766,169,000	756,437,000	698,743,000		714,999,000	709,085,000	704,626,000		724,228,000	708,920,000	654,140,000		654,355,000	645,601,000																										316,231,000					254,976,000
income taxes payable			28,000,000	67,600,000	4,800,000		7,100,000	41,300,000	4,100,000			29,900,000	2,100,000	60,900,000	87,600,000												15,000,000			500,000	24,500,000	21,400,000		16,900,000	42,300,000			22,000,000	36,800,000			8,938,000	32,609,000			4,513,000	24,836,000			7,173,000	26,888,000			8,470,000	27,314,000			16,120,000	19,658,000			501,000	7,745,000		1,997,000	6,378,000					5,625,000								9,117,000			40,836,000	4,859,000			1,016,000	8,510,000		727,000	5,155,000		971,000
long-term assets held for sale													82,000,000	82,000,000	82,900,000	87,800,000	87,800,000
current liabilities of discontinued operations																					124,000,000	124,000,000	124,000,000
noncontrolling interest																							2,600,000	2,600,000	2,700,000
purses payable																										26,300,000	33,000,000	16,100,000	15,800,000	20,800,000	26,300,000	8,400,000	12,500,000	19,200,000	23,200,000	9,500,000	12,500,000	18,900,000	22,800,000	8,900,000	12,139,000	18,249,000	21,490,000	6,162,000	11,169,000	12,503,000	20,874,000	13,394,000	18,839,000	22,148,000	22,041,000	15,766,000	19,084,000	25,169,000	23,009,000	20,275,000	20,066,000	23,315,000	18,293,000	9,075,000	12,265,000	16,223,000	17,895,000	10,224,000	11,857,000	15,472,000	17,583,000	10,394,000	11,301,000	12,876,000	15,945,000	8,920,000	12,816,000	15,211,000	17,983,000	10,009,000		26,727,000	27,327,000	19,921,000		14,397,000	17,022,000	14,271,000
account wagering deposit liabilities																										31,100,000	29,600,000	30,700,000	29,600,000	29,700,000	31,500,000	28,700,000	24,000,000	25,900,000	25,000,000	21,500,000	25,000,000	22,100,000	23,500,000	20,300,000	20,351,000	20,291,000	21,160,000	19,294,000	18,137,000	18,275,000	20,731,000	19,700,000	18,679,000
accrued expense																										124,500,000	104,900,000	78,000,000	89,800,000	83,000,000	95,200,000	75,600,000	75,800,000	111,200,000	93,900,000	92,400,000	100,100,000	101,000,000			97,836,000
current assets of discontinued operations held for sale																																	69,100,000
long-term assets of discontinued operations held for sale																																	823,400,000
current liabilities of discontinued operations held for sale																																	188,200,000
non-current liabilities of discontinued operations held for sale																																	54,800,000
receivable from escrow																																				3,500,000	13,600,000
deferred revenue																																	70,900,000								46,029,000	9,719,000	10,985,000	75,758,000	51,833,000	12,496,000	11,061,000	70,413,000	49,078,000	12,119,000	11,905,000	64,333,000	43,916,000	12,231,000	10,528,000	56,035,000	33,472,000	18,750,000	14,388,000	50,127,000	24,512,000	17,597,000	17,668,000	50,140,000	30,972,000	6,145,000	7,454,000	43,083,000	28,178,000	7,947,000	8,989,000	48,730,000	25,455,000	10,399,000	9,726,000	43,373,000		14,725,000	11,381,000	40,420,000		8,387,000	7,148,000	43,229,000		18,050,000	7,653,000	28,579,000	14,876,000	5,842,000		14,241,000
game software development																																		6,400,000	10,600,000	8,900,000	9,600,000
deferred revenue - big fish games																																		85,600,000	79,600,000	80,200,000	81,300,000	86,300,000	90,100,000	87,400,000	81,301,000	73,750,000	62,844,000	54,623,000	41,747,000
deferred revenue - all other																																		12,000,000	11,500,000	85,200,000	64,300,000	11,100,000	12,300,000	81,100,000
big fish games deferred payment, current																																		28,300,000	28,100,000	28,000,000	27,800,000	28,600,000	28,300,000	28,000,000	28,050,000	28,280,000	28,100,000	27,710,000	27,180,000
big fish games earnout liability, current																																		33,900,000	33,800,000	33,700,000	67,900,000	34,100,000	33,700,000	33,600,000	279,490,000	276,570,000	272,850,000
preferred stock, no par value; 0.3 shares authorized; no shares issued
tax refund due to big fish games former equity holders																																							400,000	400,000	426,000	6,342,000	6,313,000	6,313,000	18,087,000
long-term debt (net of current maturities and loan origination fees of 0.5 in 2016 and 0.6 in 2015																																					312,800,000
big fish games deferred payment, net of current amount due																																						27,500,000	27,300,000	27,000,000	26,670,000	54,520,000	54,200,000	52,690,000	51,620,000
big fish games earnout liability, net of current amount due																																						33,100,000	32,900,000	32,500,000		64,640,000	66,050,000
software development																																						10,500,000	10,000,000
accrued expenses																																							97,500,000	92,600,000		99,894,000	92,665,000	85,934,000	91,056,000	62,891,000	65,061,000	51,808,000	67,328,000	61,557,000	53,312,000	44,925,000	65,537,000	51,336,000	49,358,000	39,649,000	47,816,000	47,826,000	49,191,000	45,050,000	49,754,000	52,384,000	52,869,000	41,823,000	46,603,000	44,734,000	46,566,000	40,032,000	43,386,000	46,545,000	51,631,000	48,259,000	43,788,000	38,032,000	38,675,000	33,854,000		45,356,000	46,256,000	40,943,000				32,570,000		38,491,000	35,853,000	27,609,000	31,782,000	36,056,000		30,327,000
game technology and rights																																								11,500,000	10,339,000	10,556,000	8,250,000	4,617,000
liabilities and shareholders’ equity
big fish games earnout liability																																									65,710,000			332,600,000	327,800,000
shareholders’ equity:
preferred stock, no par value; 250 shares authorized; no shares issued
total shareholders’ equity																																									617,197,000				700,001,000				704,789,000				644,295,000			592,781,000	584,030,000	585,789,000	564,296,000	506,338,000	506,214,000	514,559,000	514,157,000	400,408,000	407,022,000	420,311,000	421,601,000	389,939,000	393,891,000	403,910,000	400,128,000	369,683,000	367,558,000	380,023,000	376,839,000	343,587,000	350,079,000	353,088,000	342,580,000	307,416,000		323,607,000	249,979,000	226,322,000	238,428,000
total liabilities and shareholders’ equity																																									2,277,444,000				2,360,274,000				1,352,261,000				1,114,337,000			937,188,000	948,022,000	956,870,000	998,503,000	983,870,000	1,017,719,000	849,931,000	872,985,000	728,455,000	725,402,000	622,955,000	617,205,000	623,001,000	637,667,000	609,146,000	621,714,000	626,042,000	624,816,000	599,295,000	606,465,000	515,983,000		529,670,000	544,328,000	510,761,000		528,774,000	675,302,000	629,995,000
investment in and advances to unconsolidated affiliate																																										106,302,000	107,465,000	108,606,000		99,198,000			86,151,000
bank overdraft																																										4,382,000	5,766,000	1,291,000	544,000	2,553,000	6,477,000	2,818,000	973,000	4,924,000	7,347,000	2,394,000	6,027,000	2,439,000	6,753,000	2,232,000	5,473,000	10,279,000	6,819,000	1,597,000	5,660,000	10,667,000
accrued interest payable																																														5,026,000	982,000	4,944,000
investment in and advance to unconsolidated affiliate																																															97,488,000	94,692,000
deferred riverboat subsidy																																																											44,239,000	42,395,000	40,492,000	38,613,000	36,487,000	23,987,000	23,965,000
convertible note payable, related party																																																												15,180,000	15,075,000	14,970,000	14,865,000	14,670,000	14,655,000	14,550,000	14,444,000	14,339,000	14,234,000	14,550,000	14,444,000	14,339,000	14,234,000	14,129,000
note payable, related party																																																																24,043,000	24,043,000
liabilities associated with assets held for dissolution																																																														1,089,000
current portion of long-term debt																																																																		33,000,000
preferred stock; no par value; 250 shares authorized; no shares issued
common stock; no par value; 50,000 shares authorized; 13,682 shares issued september 30, 2008 and 13,672 shares issued december 31, 2007																																																																						141,491,000
plant and equipment																																																																							365,929,000	364,526,000	357,986,000	355,639,000	351,758,000	342,054,000		347,544,000	348,740,000	350,399,000		348,790,000	348,604,000	473,830,000		367,229,000	347,699,000	343,910,000	338,381,000	338,696,000		339,419,000
common stock; no par value; 50,000 shares authorized; 13,673 shares issued june 30, 2008 and 13,672 shares issued december 31, 2007																																																																							140,177,000
common stock; no par value; 50,000 shares authorized; 13,673 shares issued march 31, 2008 and 13,672 shares issued december 31, 2007																																																																								139,144,000
assets held for sale																																																																																			167,380,000
liabilities associated with assets held for sale																																																																																			29,888,000
common stock; no par value; 50,000 shares authorized; 13,683 shares issued september 30, 2007 and 13,420 shares issued december 31, 2006																																																																										137,254,000
unearned stock compensation																																																																																		-1,754,000
unearned compensation																																																																																			-1,762,000
accrued expenses and other liabilities																																																																																		44,227,000	42,064,000
accumulated other comprehensive
accumulated other comprehensive income																																																																																			215,000	889,000
long-term debt, current portion																																																																																						5,740,000	472,000	513,000	508,000	490,000		561,000
long-term debt, due after one year																																																																																						121,096,000	119,811,000	127,646,000	122,840,000	116,672,000
preferred stock, no par value;
250 shares authorized; no shares issued
authorized; issued: 13,250 shares in 2003 and
13,157 shares in 2002																																																																																						128,583,000
note receivable for common stock																																																																																									-65,000
the accompanying notes are an integral part of the consolidated financial statements
authorized; issued: 13,183 shares june 30, 2003, 13,157
shares december 31, 2002, and 13,115 shares june 30, 2002																																																																																							126,725,000
deferred income tax assets																																																																																										2,022,000
intangible assets																																																																																										7,678,000		61,469,000
issued: 13,115 shares june 30, 2002, 13,098 shares
december 31, 2001, and 13,084 shares june 30, 2001																																																																																										125,132,000
net revenues																																																																																											30,972,000
operating expenses																																																																																											39,729,000
gross loss
selling, general and administrative expenses																																																																																											8,396,000
operating income
other income:

Cashflow Statements:

Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-09-30	2012-06-30	2012-03-31	2011-09-30	2011-06-30	2011-03-31	2010-09-30	2010-06-30	2010-03-31	2009-09-30	2009-06-30	2009-03-31	2008-09-30	2008-06-30	2008-03-31	2007-09-30	2007-06-30	2007-03-31	2006-09-30	2006-06-30	2006-03-31	2005-09-30	2005-06-30	2005-03-31	2003-06-30	2003-03-31	2002-12-31	2002-06-30	2002-03-31	2001-12-31	2001-06-30

cash flows from operating activities:
net income	83,000,000	51,500,000	39,200,000	217,600,000	77,200,000	72,300,000	66,200,000	210,200,000	80,400,000	57,600,000	61,000,000	1,000,000	57,000,000	339,300,000	42,100,000	43,300,000	61,400,000	108,300,000	36,100,000	17,100,000	43,100,000	-118,800,000	-23,500,000	3,700,000	14,800,000	107,100,000	11,600,000	11,400,000	56,300,000	103,100,000	182,000,000	38,200,000	16,700,000	78,300,000	7,300,000	26,800,000	8,700,000	69,800,000	2,800,000				-1,558,000																	-8,668,000									-8,191,000								-11,496,000
adjustments to reconcile net income to net cash from operating activities:
depreciation and amortization	56,000,000	59,600,000	56,500,000	57,800,000	59,200,000	53,400,000	49,600,000	49,200,000	46,900,000	47,200,000	42,100,000	35,000,000	27,500,000	26,100,000	25,100,000	25,300,000	25,900,000	26,000,000	26,000,000	26,400,000	22,400,000	22,100,000	22,000,000	32,100,000	22,000,000	21,500,000	20,800,000	17,800,000	16,700,000	15,300,000	13,800,000	23,800,000	24,000,000	24,800,000	24,500,000	27,200,000	27,500,000	26,900,000	27,000,000	27,577,000	27,452,000	27,270,000	27,407,000	19,933,000	17,280,000	15,760,000	15,284,000	15,928,000	15,796,000	14,991,000	15,035,000	40,815,000	27,445,000	13,807,000	41,319,000	27,878,000	13,986,000	34,410,000	22,015,000	10,025,000	22,399,000	14,876,000	7,417,000	21,446,000	14,275,000	7,155,000	16,759,000	10,619,000	4,976,000	15,670,000	10,573,000	5,298,000	18,883,000	13,563,000	5,993,000	10,171,000	5,062,000	5,014,000	9,661,000
distributions from unconsolidated affiliates	36,000,000	24,300,000	28,900,000	31,400,000	31,400,000	24,900,000	32,100,000	36,700,000	45,000,000	28,500,000	34,900,000	39,000,000	40,000,000	37,300,000	40,600,000	31,700,000	30,200,000	25,500,000	22,000,000	17,900,000	8,000,000	3,500,000	1,300,000	13,400,000	13,200,000	5,500,000	6,000,000
equity in income of unconsolidated affiliates	-36,000,000	-34,000,000	-35,000,000	-37,100,000	-33,300,000	-36,000,000	-33,400,000	-37,700,000	-37,800,000	-35,900,000	-33,300,000	-37,300,000	-42,400,000	-40,500,000	-32,500,000	-40,200,000				-14,500,000				-22,900,000	-14,100,000	-9,500,000	-4,100,000
stock-based compensation	5,000,000	12,000,000	7,400,000	7,200,000	3,600,000	12,900,000	7,100,000	8,900,000	7,200,000	8,100,000	8,100,000	8,300,000	9,100,000	7,400,000	7,000,000	7,400,000	7,800,000	7,100,000	5,500,000	6,400,000	6,900,000	6,100,000	4,300,000	6,200,000	5,500,000	7,400,000	4,700,000	4,600,000	3,900,000	6,500,000	6,100,000	9,600,000	5,800,000	6,800,000	4,900,000	4,600,000	4,900,000	5,300,000	4,100,000
deferred income taxes	19,000,000	28,700,000	54,600,000			14,900,000	9,900,000	14,800,000	4,900,000	2,100,000	12,900,000	82,000,000	6,300,000	10,200,000	10,200,000	-3,000,000	5,400,000	1,700,000	5,700,000	8,500,000	17,400,000	-22,900,000	-1,900,000	9,500,000	9,900,000	5,700,000	6,400,000	11,800,000	17,800,000	4,800,000	2,100,000	-52,000,000																																																		197,000
amortization of operating lease assets	2,000,000	1,600,000	1,600,000	1,600,000	1,600,000	1,500,000	1,400,000	1,300,000	1,400,000	1,400,000	1,300,000	1,400,000	1,200,000	1,400,000	1,300,000	1,000,000	1,600,000	2,500,000	200,000	1,300,000	1,200,000	1,300,000	1,200,000
other	2,000,000	800,000	4,000,000	1,700,000	2,300,000	600,000	4,300,000	3,100,000	1,700,000	-1,100,000	2,900,000	1,600,000	2,900,000	1,700,000	1,200,000	-600,000	2,800,000	1,900,000	1,200,000	1,000,000	1,700,000	900,000	900,000	800,000	900,000	700,000	400,000	600,000	500,000	800,000	900,000	700,000	300,000	400,000	300,000	500,000	400,000	400,000	700,000	3,452,000	403,000	402,000	402,000	161,000	156,000	153,000	149,000	134,000	134,000	177,000	244,000	668,000	455,000	228,000	2,139,000	1,990,000	271,000	1,192,000	889,000	511,000	-154,000	-110,000	153,000	-154,000	-103,000	-50,000	806,000	744,000	67,000	1,301,000	880,000	436,000	870,000
changes in operating assets and liabilities:
income taxes	11,000,000	-45,100,000	-39,600,000	62,200,000	19,000,000	-21,600,000	-35,800,000	35,900,000	17,000,000	-7,100,000	-35,600,000	-99,100,000	-26,700,000	147,600,000	6,400,000	-10,900,000	-15,700,000	30,300,000	9,200,000	-8,100,000	-3,800,000	-11,700,000	-10,700,000	-13,000,000	-16,400,000	31,600,000	300,000	-17,400,000	-24,100,000	2,900,000	52,400,000	-51,900,000	-25,500,000	43,400,000	6,600,000	-34,700,000	-7,700,000	41,500,000	-5,700,000																															13,244,000	6,019,000	2,550,000		5,511,000	385,000	3,442,000	400,000	4,094,000	3,260,000	850,000	11,828,000	1,740,000
deferred revenue	103,000,000	23,800,000	10,400,000	-130,900,000	93,900,000	26,000,000	7,600,000	-125,800,000	80,100,000	45,000,000	4,700,000	21,900,000	3,300,000	-94,200,000	56,300,000	22,300,000	1,000,000	-33,600,000	21,000,000	-6,400,000	-45,400,000	-9,900,000	53,400,000	26,700,000	900,000	-83,100,000	46,200,000	33,300,000	100,000	-79,500,000	35,800,000	44,600,000	7,500,000	-77,300,000	42,400,000	25,400,000	-3,300,000	-58,100,000	53,900,000	25,004,000	12,907,000	-55,517,000	55,939,000	25,436,000	1,046,000	-58,942,000	33,099,000	23,129,000	-830,000	-53,648,000	37,378,000	-7,689,000	-7,061,000	38,782,000	2,121,000	3,306,000	37,774,000	11,423,000	10,441,000	30,442,000	-3,253,000	-3,389,000	26,416,000	-4,767,000	-7,392,000	30,698,000			28,472,000			21,849,000	-2,949,000		32,136,000		13,703,000			9,576,000
other assets and liabilities	14,000,000	-27,200,000	14,600,000	22,200,000	-8,400,000	-18,300,000	56,500,000	20,400,000	7,900,000	-39,400,000	-2,800,000	-900,000	-34,500,000	83,900,000	-27,400,000	-11,900,000	-22,000,000	85,600,000	2,200,000	-169,000,000	36,500,000	151,700,000	-24,300,000	-31,700,000	9,200,000	57,100,000	-22,000,000	100,000	-38,600,000	55,900,000	-11,400,000	3,300,000	9,400,000	-6,000,000	-1,200,000	2,500,000	1,900,000	-3,900,000	800,000	-5,696,000	485,000	1,488,000	3,648,000	-800,000	247,000	1,580,000	511,000	1,478,000	411,000	276,000	234,000	1,728,000	2,467,000	782,000	16,498,000	1,780,000	1,106,000	1,815,000	1,612,000	-877,000	-5,801,000	1,070,000	-430,000	2,517,000	2,893,000	498,000	4,493,000	4,657,000	3,861,000	1,859,000	1,397,000	-121,000	5,943,000	1,281,000		1,857,000	2,003,000	-2,298,000	1,695,000	101,000		955,000
net cash from operating activities	295,000,000	96,000,000	187,700,000	239,600,000	246,500,000	130,600,000	169,400,000	217,000,000	254,700,000	106,500,000	96,200,000	86,300,000	43,700,000	245,600,000	135,200,000	68,500,000	180,700,000	230,100,000	-19,800,000	4,600,000	60,400,000	33,400,000	43,500,000	29,400,000	45,900,000	144,000,000	70,300,000	62,400,000	-26,900,000	106,400,000	55,900,000	54,000,000	-6,900,000	96,500,000	74,600,000	37,800,000	22,200,000	100,200,000	66,600,000	41,330,000	29,018,000	104,504,000	89,674,000	27,374,000	-4,843,000	67,157,000	51,931,000	30,542,000	14,109,000	53,549,000	46,715,000	102,109,000	96,050,000	55,109,000	131,632,000	104,809,000	60,475,000	55,341,000	57,886,000	21,273,000	62,869,000	65,169,000	27,997,000	74,642,000	84,969,000	44,509,000				46,704,000	51,643,000	10,401,000	32,508,000	36,667,000	9,359,000	44,179,000	10,302,000
capital expenditures	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-9,600,000	-18,100,000	-16,400,000	-12,672,000	-8,157,000	-12,897,000	-9,784,000	-5,632,000	-10,379,000	-18,306,000	-20,169,000	-18,913,000	-6,086,000	-10,078,000	-13,694,000	-25,456,000	-16,473,000	-9,120,000	-16,802,000	-10,867,000	-5,517,000	-56,493,000	-52,148,000	-18,963,000	-32,305,000	-10,968,000	-4,160,000	-28,562,000	0	0				0	0	0	0	0	0	0	0
free cash flows	295,000,000	96,000,000	187,700,000	239,600,000	246,500,000	130,600,000	169,400,000	217,000,000	254,700,000	106,500,000	96,200,000	86,300,000	43,700,000	245,600,000	135,200,000	68,500,000	180,700,000	230,100,000	-19,800,000	4,600,000	60,400,000	33,400,000	43,500,000	29,400,000	45,900,000	144,000,000	70,300,000	62,400,000	-26,900,000	106,400,000	55,900,000	54,000,000	-6,900,000	96,500,000	74,600,000	37,800,000	12,600,000	82,100,000	50,200,000	28,658,000	20,861,000	91,607,000	79,890,000	21,742,000	-15,222,000	48,851,000	31,762,000	11,629,000	8,023,000	43,471,000	33,021,000	76,653,000	79,577,000	45,989,000	114,830,000	93,942,000	54,958,000	-1,152,000	5,738,000	2,310,000	30,564,000	54,201,000	23,837,000	46,080,000	84,969,000	44,509,000				46,704,000	51,643,000	10,401,000	32,508,000	36,667,000	9,359,000	44,179,000	10,302,000
cash flows from investing activities:
capital maintenance expenditures	-19,000,000	-17,300,000	-21,400,000	-18,900,000	-12,600,000	-33,800,000	-15,000,000	-22,400,000	-12,400,000	-25,300,000	-22,200,000	-13,100,000	-14,100,000	-13,000,000	-10,000,000	-17,200,000	-8,600,000	-9,000,000	-4,700,000	-4,800,000	-5,000,000	-4,200,000	-9,000,000	-10,600,000	-11,500,000	-12,300,000	-13,900,000	-9,700,000	-6,200,000	-6,200,000	-7,500,000	-6,600,000	-8,800,000	-7,700,000	-10,200,000
capital project expenditures	-40,000,000	-33,000,000	-38,400,000	-65,800,000	-67,500,000	-95,600,000	-110,600,000	-114,600,000	-142,600,000	-153,100,000	-163,500,000	-146,700,000	-82,500,000	-98,600,000	-45,500,000	-22,500,000	-13,900,000	-8,300,000	-7,600,000	-19,300,000	-73,800,000	-78,800,000	-39,300,000	-29,600,000	-20,700,000	-18,400,000	-14,200,000	-14,200,000	-46,900,000	-32,200,000	-26,500,000	-21,200,000	-16,300,000	-18,800,000	-27,300,000
net cash from investing activities	-61,000,000	-50,100,000	-255,300,000	-86,000,000	-80,100,000	-129,400,000	-125,700,000	-136,700,000	-153,400,000	-168,500,000	-430,500,000	-2,996,700,000	-211,600,000	167,400,000	-62,800,000	-45,200,000	-24,700,000	-18,200,000	-12,300,000	-26,600,000	-81,000,000	-83,500,000	-48,300,000	-90,600,000	-36,700,000	-34,800,000	-619,100,000	-24,800,000	-43,500,000	-44,300,000	936,700,000	-29,000,000	-27,300,000	-45,900,000	-51,400,000	-4,500,000	-10,600,000	-20,600,000	-15,000,000	-37,131,000	-10,382,000	-12,888,000	-5,084,000	-380,885,000	-12,211,000	-19,335,000	-27,877,000	-60,930,000	-178,418,000	-22,721,000	-19,803,000	-35,914,000	-27,994,000	-22,848,000	-19,277,000	-13,944,000	-5,083,000	-92,072,000	-85,416,000	-19,507,000	-40,634,000	-12,478,000	-4,187,000	-35,361,000	-19,315,000	-10,068,000			-20,341,000			-9,953,000	207,732,000
cash flows from financing activities:
proceeds from borrowings under long-term debt obligations	245,000,000	150,400,000	306,200,000	421,800,000	219,700,000	215,100,000	133,000,000	261,900,000	355,500,000	350,300,000	197,500,000	1,642,400,000	20,000,000			0	0	0	780,800,000	100,000	-100,000	6,300,000	719,800,000	300,000	700,000	3,400,000	1,231,900,000	5,300,000	12,500,000
repayments of borrowings under long-term debt obligations	-449,000,000	-128,100,000	-206,900,000	-295,300,000	-251,400,000	-143,300,000	-159,200,000	-331,600,000	-266,700,000	-238,900,000	-95,700,000	-200,100,000	-1,800,000	-1,700,000	-1,800,000	-1,700,000	-1,800,000	-1,700,000	-425,700,000	-546,000,000	-1,000,000	-1,000,000	-32,400,000	-1,300,000	-1,700,000	-4,400,000	-632,900,000	-6,300,000	-13,400,000
payment of dividends	-31,000,000	-600,000	0	-100,000	-30,100,000	-500,000	100,000	-200,000	-28,600,000	-300,000	-100,000	-300,000	0	0	-25,700,000	0	0	0	-24,800,000	0	0	0	-23,400,000	0	0	0	-22,200,000	-200,000	0	200,000	-23,700,000	300,000	0	0	-21,800,000	0	0	0	-19,100,000	0	0	0	-17,419,000	0	0	0	-15,186,000					-10,110,000	-10,110,000	-10,110,000	-8,165,000	-8,165,000	-8,165,000	-6,777,000	-6,777,000	-6,777,000	-6,767,000	-6,767,000	-6,767,000	-6,750,000	-6,750,000				-6,670,000			-6,520,000	-6,430,000
repurchase of common stock		-32,000,000	-54,900,000	-254,500,000	-86,400,000	-27,300,000	-4,000,000	-13,000,000	-141,700,000	-20,100,000	-35,300,000	-31,400,000	-59,000,000	-60,200,000	-24,300,000	-55,100,000	-48,500,000	0	-193,900,000	0	0	0	-28,400,000	-28,200,000	-21,300,000	-11,400,000	-34,100,000	-32,300,000	0	-300,000	-514,400,000	-9,800,000	-100,000	-172,400,000	-8,600,000	-19,000,000	-2,400,000	-16,800,000	-800,000				-4,870,000	0	0	-54,159,000	-7,402,000	-4,783,000	-1,894,000	-3,039,000	-1,007,000	-2,846,000	-2,033,000	-268,000	-732,000	-445,000	-151,000	-1,354,000	-1,187,000	-48,000	-89,000	-42,000		-82,000
taxes paid related to net share settlement of stock awards	-3,000,000	-12,900,000	-100,000	-100,000	-3,900,000	-19,500,000	-100,000	-100,000	-10,400,000	-12,300,000	0	-15,200,000	0	-100,000	-13,100,000	0	-300,000	0	-12,600,000	-3,600,000	0	0	-15,100,000	-3,800,000	-100,000
change in bank overdraft	6,000,000	-600,000	3,300,000	-9,600,000	4,600,000	-3,400,000	-10,100,000	11,200,000	-8,600,000	600,000	17,600,000	15,100,000	1,200,000	0	-3,000,000	2,900,000	-7,300,000	6,700,000	-12,800,000																						-1,384,000	4,475,000	747,000	-2,009,000	-3,924,000	3,659,000	1,845,000	-3,950,000	-2,423,000	4,953,000	-3,633,000	-3,034,000	1,280,000	-3,241,000
net cash from financing activities	-232,000,000	-25,900,000	50,500,000	-139,200,000	-147,900,000	20,100,000	-43,200,000	-72,400,000	-101,100,000	90,600,000	86,400,000	1,395,900,000	-38,400,000	1,126,500,000	-68,000,000	-54,000,000	-57,100,000	3,800,000	106,800,000	-536,600,000	1,200,000	4,600,000	606,800,000	-30,100,000	-20,900,000	-21,100,000	532,900,000	-34,200,000	-54,200,000	-1,100,000	-843,800,000	-27,800,000	49,600,000	-64,300,000	-17,000,000	-41,900,000	-9,100,000	-75,800,000	-75,100,000	19,712,000	-27,009,000	-82,242,000	-101,105,000	379,538,000	12,425,000	-48,316,000	-21,598,000	31,345,000	169,143,000	-31,199,000	-24,801,000	-63,521,000	-63,594,000	-30,704,000	-112,373,000	-86,735,000	-54,945,000	37,621,000	38,138,000	1,951,000	-18,341,000	-50,531,000	-19,646,000	-41,312,000	-62,368,000	-27,658,000						-8,277,000	-229,708,000
net increase in cash, cash equivalents and restricted cash	2,000,000	20,000,000	-17,100,000	14,400,000	18,500,000	21,300,000	500,000	8,900,000	200,000	28,600,000	-247,900,000	-1,488,500,000	-206,300,000	1,539,500,000	4,400,000	-30,700,000	-25,100,000	215,700,000	74,700,000	-558,600,000	-19,400,000	-45,500,000	602,000,000	-91,300,000	-11,700,000	88,100,000	-15,900,000	3,400,000	-124,600,000	61,000,000	148,800,000
cash, cash equivalents and restricted cash, beginning of period	289,000,000		0	0	252,700,000		0	0	221,800,000		0		0	0	355,600,000		0	0	121,000,000		0	0	142,500,000		0	0	173,300,000		0	0	85,500,000
cash, cash equivalents and restricted cash, end of period	291,000,000		-17,100,000	14,400,000	271,200,000		500,000	8,900,000	222,000,000		-247,900,000		-206,300,000	1,539,500,000	360,000,000		-25,100,000	215,700,000	195,700,000		-19,400,000	-45,500,000	744,500,000		-11,700,000	88,100,000	157,400,000		-124,600,000	60,500,000	234,200,000
asset impairments		0	85,100,000			0				100,000	0	33,400,000	0	0	4,900,000	4,100,000	0
gain on settlement of liability		0
gain on sale of assets										0	0
changes in operating assets and liabilities, net of businesses acquired and dispositions:
acquisition of businesses, net of cash acquired										0		-2,836,800,000												-34,500,000	0	-800,000	-171,300,000
acquisition of gaming rights, net of cash acquired		0										0
proceeds from sale of assets										0	0
proceeds from pending equity transaction
debt issuance costs		0			-300,000	-100,000				-700,000	-100,000	-14,500,000	-1,400,000			0	-100,000	-1,000,000	-5,800,000	-300,000	0	-800,000	-900,000	0	-300,000	-1,100,000	-7,500,000																	-3,000	0	0	-1,029,000
cash flows from discontinued operations:
operating cash flows of discontinued operations
cash, cash equivalents and restricted cash, beginning of year
cash, cash equivalents and restricted cash, end of year
operating activities of discontinued operations							0				0					0
gain on sale of arlington
proceeds from sale of arlington
loss from discontinued operations, net of tax
income from continuing operations, net of tax																43,300,000
gain on calder land sale												0	0
proceeds from the calder land sale
cash settlement of stock awards																				0	0	0	-12,700,000
proceeds from calder land sale													0
investments in and advances to unconsolidated affiliates																								0	0	-300,000	-409,800,000
acquisition of other intangible assets
equity in loss of unconsolidated affiliates																		-36,400,000	-24,900,000			11,100,000	3,300,000
current liabilities of discontinued operations																		0	-124,000,000
impairment of intangible assets																				0	0	0	17,500,000
gain on ocean downs/saratoga transaction																												0
gain on sale of big fish games																												0	0	0	-219,500,000
proceeds from sale of big fish games																												0	0	0	970,700,000
repayment of ocean downs debt																												0
big fish games earnout and deferred payments
effect of exchange rate changes on cash																														-500,000	-100,000	-700,000	600,000							-495,000	241,000	345,000	-1,896,000
changes in operating assets and liabilities, net of business acquisitions and dispositions:
distributions of capital from unconsolidated affiliates																									-2,300,000
acquisition of gaming licenses																									0											0	0
loss on impairment of assets
loss on extinguishment of debt
game software development amortization																														0	400,000	4,000,000	4,800,000	4,300,000	4,400,000
game software development																												0	0	0	-300,000	-5,000,000	-5,800,000	-6,000,000	-5,300,000
receivable from escrow																																0	0	3,500,000	10,100,000
call premium on 2021 senior notes
big fish games earnout payment																													0	0	-2,400,000	100,000	0	0	-2,500,000	0	0	0	-19,700,000
big fish games deferred payment																													0	0	-2,000,000
effect of exchange rate changes on cash flows																																					-700,000	200,000	100,000
earnings from equity investments																															-6,500,000	-2,800,000	-8,900,000	-7,700,000	-6,100,000
distributed earnings from equity investments																												5,400,000			4,500,000	6,300,000	3,000,000	4,400,000	4,300,000
loss on sale of assets
acquisition of businesses, net of cash
investment in joint ventures																																								-110,000	-18,000	-5,000	-327,000	-8,531,000
common stock issued																																0			100,000					0	1,125,000			0	2,950,000	4,457,000	68,000	0	891,000	191,000	53,000	6,160,000	4,416,000	391,000	635,000			459,000			427,000			448,000	36,000	36,000	3,140,000	2,307,000	1,317,000	3,549,000	2,023,000	1,125,000	2,623,000	670,000	624,000	682,000	259,000	469,000	382,000	382,000	0	1,258,000
game technology and rights amortization																																							3,700,000	3,832,000	2,786,000	2,335,000	725,000
acquisition expenses																																2,200,000	700,000	800,000	200,000
equity in income of unconsolidated investments																																					-4,900,000	-4,800,000	-3,800,000
increase in cash resulting from changes in operating assets and liabilities, net of business acquisitions and dispositions:
investment in joint venture																																														0	-6,500,000	-43,500,000	-14,500,000	-9,000,000	-3,500,000	-6,525,000	-5,400,000	-4,275,000
distributed earnings from unconsolidated affiliates
acquisition of a business																																	0
investment in unconsolidated affiliates																																	0	0	-24,000,000
borrowings on bank line of credit																															100,900,000		225,500,000	304,500,000	239,100,000	162,400,000	122,600,000	150,000,000	292,100,000	321,766,000	192,541,000	114,251,000	75,620,000	487,607,000	106,525,000	117,787,000	93,067,000	98,466,000	290,709,000	247,569,000	103,387,000	291,574,000	182,545,000	79,135,000	230,311,000	157,403,000	72,436,000	204,260,000	132,498,000	50,112,000	253,314,000	133,366,000	62,429,000	235,853,000	151,977,000	56,438,000	250,765,000	200,073,000	68,964,000	217,480,000	159,885,000	68,412,000	445,202,000	217,423,000	81,751,000	172,453,000	51,354,000	103,857,000		53,081,000	64,142,000	121,739,000
repayments of bank line of credit																															-343,900,000		-173,500,000	-201,500,000	-192,700,000	-161,200,000	-128,400,000	-211,800,000	-87,000,000																											-74,427,000			-63,814,000			-70,648,000	-570,202,000
gain on sale of equity investments
increase in cash resulting from changes in operating assets and liabilities, net of business acquisitions:
other current assets and liabilities																																-9,600,000	-25,900,000	30,300,000	-5,200,000	-21,900,000	-8,500,000
tax refund payments to big fish games equity holders																																				0				-5,938,000	0	0	-11,773,000
net increase in cash and cash equivalents																																-2,800,000			6,200,000							9,374,000	-16,515,000	26,027,000	-4,629,000	-494,000	2,456,000	957,000	4,834,000	-371,000	2,111,000	2,674,000	4,462,000	1,557,000	-18,000	4,130,000	447,000	890,000	10,608,000	3,717,000	3,894,000	2,160,000	4,164,000		3,286,000	6,783,000				2,375,000	17,498,000		10,532,000			12,523,000			10,649,000			11,708,000
cash and cash equivalents, beginning of year																																																																		15,345,000
cash and cash equivalents, end of year																																																																		22,128,000
loan origination fees and debit issuance costs
cash and cash equivalents, beginning of period																																	0	0	48,700,000		0	0	74,500,000		0	0	67,936,000		0	0	44,708,000		0	0	37,177,000	27,325,000	27,325,000	27,325,000	26,901,000	26,901,000	26,901,000	13,643,000	13,643,000	13,643,000	12,658,000	12,658,000	12,658,000	15,345,000	15,345,000		28,072,000	28,072,000	28,072,000	22,488,000	22,488,000	22,488,000	27,712,000	27,712,000	27,712,000	14,662,000	14,662,000	-170,000	15,732,000	15,732,000	0	10,807,000
cash and cash equivalents, end of period																																	16,000,000	-13,100,000	54,900,000		1,800,000	4,000,000	51,100,000		-8,132,000	9,719,000	49,525,000		-4,629,000	-494,000	47,164,000		4,834,000	-371,000	39,288,000	29,999,000	31,787,000	28,882,000	26,883,000	31,031,000	27,348,000	14,533,000	24,251,000	17,360,000	16,552,000	14,818,000	16,822,000	13,314,000	18,631,000		15,599,000	21,798,000	27,627,000	24,863,000	39,986,000	14,659,000	38,244,000	21,474,000	15,097,000	27,185,000	11,084,000	-913,000	26,381,000	13,828,000	-19,000	22,515,000
net decrease in cash and cash equivalents																																					2,500,000	3,800,000	-23,500,000																									-2,031,000					-445,000			-7,829,000
proceeds from sale of equity investment																																				0	400,000	0	1,400,000	0	0	0	6,000,000
loan origination fees and debt issuance costs																																				0	0	0	-1,400,000
deferred tax benefit
(gain) loss on sale of assets
distributions of capital from equity investments
proceeds from note issuance
windfall tax provision from stock-based compensation
software development amortization																																					4,200,000
acquisition-related charges																																					1,100,000	1,100,000	2,700,000
asset impairment loss																																									12,698,000											25,000		1,369,000	482,000	157,000	60,000	1,598,000	1,598,000	298,000
gain on sale of equity investment																																									0	0	-5,817,000
dividend from investment in unconsolidated affiliates																																					4,100,000	4,200,000	4,000,000
software development																																					-6,200,000
additions to property and equipment																																					-9,600,000	-18,100,000	-16,400,000	-12,672,000	-8,157,000	-12,897,000	-9,784,000	-5,632,000	-10,379,000	-18,306,000	-20,169,000	-18,913,000	-6,086,000	-10,078,000	-13,694,000	-25,456,000	-16,473,000	-9,120,000	-16,802,000	-10,867,000	-5,517,000	-56,493,000	-52,148,000	-18,963,000	-32,305,000	-10,968,000	-4,160,000	-28,562,000
deferred payments to big fish games former equity holders																																									0	0	-959,000
loss on asset disposals																																										16,000	377,000
other current assets																																							300,000	-3,599,000	-3,081,000	2,347,000	-10,962,000	91,000	1,635,000	3,902,000	-8,883,000	2,165,000	3,537,000	4,640,000	-8,970,000	-1,895,000	-4,013,000	-7,280,000	-3,865,000	-5,136,000	-5,129,000	-1,549,000	-6,677,000	-9,016,000	-394,000	-2,097,000	-5,861,000	-2,065,000	-3,149,000	-7,027,000			-5,920,000			-10,096,000	-2,576,000			424,000
game technology and rights																																							-4,200,000	-3,553,000	-5,030,000	-6,405,000	-4,812,000
impairment and acquisition charges
equity in (income) losses of unconsolidated investments
gain on sale of business and asset dispositions
purchases of minority investments																																								-24,438,000	0	0	-81,000	-329,000	0	0	-273,000	-277,000	-260,000	0	-365,000	-2,092,000	-1,600,000	-1,482,000	-158,000			-400,000			-1,894,000	-1,338,000				-602,000			-61,000
net earnings																																									4,203,000													1,353,000	56,742,000	36,962,000		18,248,000	18,937,000		23,710,000	26,035,000	-4,826,000	32,622,000	30,154,000	742,000	21,946,000	21,128,000		31,827,000	23,080,000		81,924,000	10,289,000		16,529,000		1,987,000	11,073,000		4,050,000	10,935,000
adjustments to reconcile net earnings to net cash from operating activities:
gain on asset disposals
equity in gains of unconsolidated investments																																									-2,389,000	-2,907,000	-2,948,000
dividend from investment in unconsolidated affiliate																																									3,500,000	4,000,000	3,500,000
share-based compensation																																									4,485,000	3,372,000	2,723,000	1,364,000	2,213,000	3,113,000	5,241,000				3,363,000	6,083,000	4,414,000	1,924,000	4,332,000	2,966,000	1,531,000	2,388,000	1,586,000	801,000	2,338,000	1,684,000	841,000	3,344,000	2,364,000	1,331,000	4,669,000	3,164,000	333,000
increase in cash resulting from changes in operating assets and liabilities, net of business acquisition:
restricted cash																																									757,000	-7,913,000	5,293,000	943,000	6,140,000	-4,162,000	6,547,000	4,303,000	4,235,000	-8,937,000	6,758,000	2,938,000	-2,409,000	4,327,000	11,536,000	-4,607,000	6,547,000	-20,395,000	-15,834,000	4,995,000	-22,000	2,749,000	8,268,000	-1,962,000	736,000	7,607,000	2,993,000	9,806,000	11,334,000			-2,377,000	-5,477,000		3,361,000		2,618,000	678,000		9,195,000
accounts receivable																																									3,876,000	-11,187,000	-2,244,000	-164,000	12,373,000	-13,675,000	-153,000	7,987,000	8,682,000	-21,577,000	4,413,000	-12,500,000	-20,157,000	7,160,000	1,825,000	-7,810,000	10,451,000	2,099,000	-4,943,000	5,529,000	-2,657,000	-14,529,000	6,757,000	5,716,000	-5,141,000	6,324,000	3,450,000		11,380,000			15,296,000	1,869,000		14,026,000		17,000,000			15,038,000
accounts payable																																									-18,361,000	17,440,000	9,532,000	-11,257,000	-25,561,000	18,914,000	9,519,000	-11,691,000	-10,593,000	16,608,000	-203,000	395,000	6,488,000	-2,399,000	229,000	10,865,000	-420,000	-6,656,000	9,448,000	-882,000	-6,231,000	13,371,000	-2,658,000	5,071,000	25,552,000	2,341,000	2,382,000	11,589,000	-7,093,000	242,000	13,756,000	-3,901,000	-1,298,000	24,143,000		34,928,000			34,577,000		-3,301,000	38,596,000
purses payable																																									-3,241,000	15,328,000	-5,007,000	-1,333,000	-8,372,000	7,481,000	-5,445,000	-3,310,000	-6,240,000	6,274,000	-3,318,000	-3,497,000	2,944,000	209,000	11,051,000	6,028,000	-3,189,000	4,367,000	6,039,000	-1,633,000	4,172,000	6,283,000	-906,000	60,000	3,129,000	-3,896,000		2,342,000	-5,632,000	12,287,000	12,763,000	5,357,000	5,933,000	8,558,000	5,807,000
accrued expenses																																									5,761,000	4,893,000	-5,921,000	5,623,000	4,482,000	5,204,000	-6,979,000	2,664,000	2,803,000	8,379,000	-8,980,000	5,732,000	3,798,000	-5,462,000	3,099,000	4,312,000	-4,703,000	7,250,000	6,646,000	210,000	4,848,000	3,181,000	-3,354,000	-938,000	636,000	-2,722,000			-7,335,000			-1,649,000				1,891,000		-2,132,000	6,621,000			1,504,000
income taxes receivable and payable																																									-20,978,000	46,048,000	12,997,000		-18,485,000	32,937,000	6,030,000		-19,458,000	29,223,000	-460,000	12,149,000	30,993,000	110,000			5,163,000			-9,815,000	23,273,000	15,972,000	-3,286,000	11,049,000	19,045,000
acquisition of gaming license																																																	0			-2,250,000			-2,250,000	-2,250,000		-2,750,000			-3,250,000
proceeds on sale of property and equipment																																									43,000	14,000	67,000		837,000	2,000	86,000		2,000			88,000	88,000	65,000	50,000	46,000	46,000	16,000	13,000	13,000	8,000	8,000	8,000
repayments on bank line of credit																																									-219,147,000	-200,266,000	-146,218,000		-91,932,000	-114,738,000	-96,509,000		-119,412,000	-281,403,000	-125,796,000	-349,139,000	-247,143,000	-98,936,000	-339,158,000	-237,560,000	-114,683,000	-141,849,000	-66,075,000	-40,915,000	-263,454,000	-176,506,000	-73,569,000	-267,843,000	-209,966,000
repurchase of common stock from share-based compensation																																									-1,254,000			-5,723,000	-1,177,000
windfall tax benefit from share-based compensation																																									1,115,000	269,000	2,834,000		2,439,000	1,835,000	2,630,000					819,000	640,000	443,000										19,000	13,000	13,000	509,000	479,000	367,000	483,000	573,000
loan origination fees																																									-5,000	0	-26,000	-899,000	0	-67,000	-103,000	-220,000	-2,000	-1,987,000	-49,000
acquisition related charges																																										8,200,000	6,400,000
equity in (gains) losses of unconsolidated investments
deferred tax provision																																																								-1,566,000
proceeds from insurance recoveries																																																				10,413,000	9,870,000	1,369,000
proceeds from bond issuance
windfall tax provision from share-based compensation
net earnings and comprehensive income																																													3,531,000	57,333,000	-700,000	-5,705,000	9,249,000	50,298,000	1,058,000	55,902,000	49,929,000
adjustments to reconcile net earnings and comprehensive income to net cash from operating activities:
gain on asset disposition																																													-471,000	65,000	1,000		-494,000	0	-1,000		-27,000	-21,000		-46,000							-8,000	63,000
equity in (gain) loss of unconsolidated investments																																													-1,057,000	-2,506,000	-2,290,000																-322,000
acquisition of business, net of cash																																																				-6,728,000	-6,728,000	-6,630,000
acquisition of intangible asset
change in deposit wagering asset																																													2,456,000	-1,031,000	-1,021,000	-351,000	-202,000	-1,395,000	-2,244,000	-3,364,000	-6,651,000	-1,675,000	-117,000	-873,000	388,000	-37,000	-873,000	-557,000	307,000	-180,000	-35,000	-690,000	-957,000	-819,000
change in deposit wagering liability																																													-2,456,000	1,031,000	1,021,000	351,000	202,000	1,395,000	2,244,000	3,055,000	6,811,000	1,882,000	118,000	873,000	-318,000	-4,000	332,000	54,000	269,000	736,000	302,000	444,000	759,000	433,000		385,000
increase in cash resulting from changes in operating assets and liabilities:
gain on sale of business																																																							-271,000	-271,000
(gain) loss on asset disposition
equity in losses of unconsolidated investments																																																						220,000	423,000
unrealized gain on derivative instruments																																																									-204,000	-612,000	-408,000	-204,000			-204,000						-204,000			-204,000	-614,000
deferred riverboat subsidy																																																							-40,492,000
equity in loss of unconsolidated investments																																																	887,000	631,000	164,000	1,255,000					416,000	317,000			641,000	73,000		2,640,000	1,970,000	830,000	2,271,000	911,000
share based compensation																																																	5,990,000
windfall tax benefit from share based compensation																																																	1,072,000
assumption of note receivable																																																					-1,100,000	-1,100,000
payments of dividends																																																																		-6,750,000
windfall (shortfall) tax provision from share-based compensation
gain on derivative instruments																																																							-3,096,000	-3,096,000
equity in gain of unconsolidated investments																																																					784,000							-443,000
contingency payment for acquisition of business																																																													-3,500,000			-3,500,000
change in book overdraft																																																							4,618,000	1,159,000	-4,064,000	6,929,000	3,390,000	-475,000	-2,041,000	-1,318,000	-2,041,000	-3,401,000	1,563,000	-3,401,000	2,670,000					-646,000	-901,000	1,285,000
income taxes payable																																																							27,560,000	31,097,000		-554,000	6,690,000												9,814,000		40,740,000	4,763,000		7,783,000			4,184,000			5,426,000
acquisition of business, net of cash acquired																																																										-32,408,000	-32,408,000
repayment of note payable, related party																																																										-24,043,000	-24,043,000
net loss																																																									-3,185,000															-10,273,000			-13,897,000
adjustments to reconcile net loss to net cash from operating activities:
proceeds from sale of business, net of cash sold																																																																					-8,897,000
(shortfall) windfall tax provision from share-based compensation
equity in (earnings) loss of unconsolidated investments																																																											-153,000
cash flows from financing activities;
cash and cash equivalents included in assets held for sale
cash and cash equivalents in continuing operations																																																																			15,599,000	21,798,000	27,627,000	24,863,000	39,986,000	14,659,000	38,244,000	14,568,000
loss on sale of business																																																																			297,000	297,000	297,000
acquisitions of businesses
proceeds from the sale of business, net of cash sold
purchases of investments																																																																-2,609,000	-1,863,000
additions to plant and equipment																																																																	-16,495,000	-8,647,000			-11,533,000			-9,953,000	-40,591,000
proceeds on sale of plant and equipment																																																																			2,975,000	2,320,000
increase in cash resulting from changes in operating assets and liabilities, net of business acquisitions
income taxes receivable																																																																		678,000	6,188,000	8,916,000	-6,613,000			-9,214,000
repayments of senior notes																																																																									-100,000,000
increase (decrease) in cash resulting from changes in operating assets and liabilities:
net cash provided by operating activities																																																																			55,341,000	52,620,000	19,732,000										41,758,000			39,042,000
acquisition of businesses
net cash provided by financing activities																																																																			59,501,000	56,651,000	164,000
net (decrease) increase in cash and cash equivalents
proceeds on sale of fixed assets																																																																					150,000	15,000	7,000			2,000
cash paid during the period for:
interest																																																																					235,000	622,000	519,000	295,000		6,909,000	3,545,000	3,398,000	1,699,000	1,338,000	4,648,000	2,272,000	2,557,000	6,555,000
schedule of non-cash activities:
plant and equipment additions included in accounts payable/accrued expenses																																																																					1,497,000	1,483,000	1,453,000	2,206,000		4,004,000	98,000
assignment of notes receivable																																																																					4,000,000
adjustments to reconcile net earnings to net cash provided by operating activities:
asset impairment losses
gain on sale of businesses
unrealized (gain) loss on derivative instruments
proceeds from sale of business
payments on other long-term debt
net increase (decrease) in cash and cash equivalents
loss (gain) on sale of business																																																																						3,666,000
accrued expenses and other liabilities																																																																						5,950,000	4,556,000		1,630,000	10,739,000
issuance of common stock in connection with restricted stock plan																																																																						216,000	216,000			30,000	30,000
the accompanying notes are an integral part of the condensed consolidated financial statements.
gain on sale of hollywood park
gain on sale of kentucky downs interest
increase (decrease) in cash resulting from changes in operating assets and liabilities, net of business acquisitions and dispositions:
acquisition of additional interest in cbt
proceeds from sale of hollywood park
repayments of revolving loan facility for refinancing
(repayments of) proceeds from senior notes, net of expenses
decrease in other long-term debt
proceeds from note receivable for common stock																																																																												65,000	65,000
gain on sale of assets of hollywood park																																																																									-112,370,000
asset impairment
intangible impairment
increase (decrease) in cash resulting from changes in operating assets and liabilities, net of assets and liabilities sold:
net cash proceeds from sale of assets of hollywood park																																																																									248,323,000
repayments of long-term debt
amortization of discount on convertible note payable																																																																										210,000	105,000
amortization of restricted stock grant																																																																										198,000	98,000
loss on asset disposition																																																																										72,000
invoicing for future events																																																																										1,208,000	3,994,000					2,503,000
unrealized loss on derivative instruments
increase (decrease) in cash resulting from changes in operating assets and liabilities, net of business acquisitions:
proceeds from senior notes, net of expenses																																																																												98,229,000
increase (decrease) in other long-term debt
amortization of goodwill
gain on sale of hoosier park interest
increase in cash resulting from changes in operating assets and liabilities
proceeds from sale of hoosier park interest
increase in other long-term debt
supplemental disclosures of cash flow information:
assignment of loan to centaur related to sale of hoosier park interest
plant & equipment additions included in accounts payable/accrued expenses
the accompanying notes are an integral part of the consolidated financial statements.
adjustments to reconcile net earnings to
net cash from operating activities:
increase in cash resulting from
decrease in long-term debt
plant and equipment additions included in accounts payable																																																																												233,000	1,843,000
deferred compensation
proceeds from the sale of hoosier park interest in 2001 and training facility assets in 2000
increase in long-term debt																																																																															-1,035,000			9,000
change in book overdaraft
net increase cash and cash equivalents
issuance of common stock related to merger with arlington park
adjustments to reconcile net earnings to net cash from (used in) operating activities:
borrowings on bank working line of credit																																																																															108,731,000
repayments of bank working line of credit
borrowings on bank revolving line of credit																																																																															33,000,000
repayments of bank revolving line of credit
depreciation and amortization, including amortization of loan origination costs classified as interest expense of 152 in 2002 and 2001																																																																																4,967,000
net cash (used in) provided by operating activities
net cash provide by financing activities																																																																																3,758,000
acquisition of businesses, net of cash acquired of 4,200 in 1999
payment of loan origination costs
capital contribution by minority interest in subsidiary
depreciation and amortization, including amortization of loan costs classified as interest expense of 457 in 2001 and 2000
proceeds from the sale of training facility assets
accrued merger costs related to arlington park
issuance of common stock related to the merger with arlington park
depreciation and amortization, including amortization of loan origination costs classified as interest expense of 305 in 2001 and 2000																																																																																		10,100,000

Churchill Downs Incorporated(NASDAQ:CHDN)

Churchill Downs Incorporated
(NASDAQ:CHDN)