Churchill Downs is a gaming and entertainment company built around three core businesses: the Kentucky Derby and Churchill Downs Racetrack, a growing network of Historical Racing Machine (HRM) venues, and a portfolio of regional casinos. The Kentucky Derby, run every first Saturday in May, is CDI's highest-value asset — a 150-year-old event CDI has expanded into a week-long experience attracting over 370,000 attendees. Revenue comes from premium tiered ticketing, pari-mutuel wagering, NBC broadcast rights, and corporate sponsorships. CDI systematically converts lower-value seating into premium hospitality to increase per-seat revenue. HRMs are electronic gaming devices legally classified as pari-mutuel wagering on historical horse race outcomes — functionally similar to slot machines. CDI operates roughly 20 HRM venues across Kentucky, Virginia, and New Hampshire, with about 10,200 HRMs deployed. Revenue is driven by machine count, utilization, and operating leverage, with Virginia properties running best-in-class EBITDA margins. CDI also operates Exacta, a B2B technology business that licenses its HRM central determinant system to CDI's own venues and third-party operators. The regional casino segment includes 11 wholly owned properties across multiple states, offering slots, table games, hotels, and food and beverage — a more mature business CDI manages with cost discipline. CDI's growth strategy centers on expanding Derby premium capacity, growing the HRM footprint into new states, and scaling Exacta's third-party technology licensing.