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Churchill Downs Incorporated to sell 49% of United Tote Company to New York Racing Association11 August 2022(PRESS RELEASE) -- Churchill Downs Incorporated announced today that the Company has entered into an agreement to sell 49% of United Tote Company, a wholly-owned subsidiary of CDI, to NYRA Content Management Solutions, LLC, a subsidiary of the New York Racing Association, Inc. NYRA is a not-for-profit corporation that operates the three largest Thoroughbred horse racing tracks in the state of New York - Aqueduct Racetrack in South Ozone Park, Queens; Belmont Park in Elmont; and Saratoga Race Course in Saratoga Springs. The transaction is subject to usual and customary closing conditions, including applicable regulatory notices and approvals, and is expected to close by the end of 2022. As part of the agreement, the United Tote pari-mutuel settlements business will be excluded and will remain with CDI. CDI and NYRA intend to work together to create and provide a comprehensive and efficient industry-leading pari-mutuel solution through United Tote that will expedite the expansion of horse racing seamlessly onto sports wagering platforms to reach new customers. Pending the appropriate regulatory approvals, NYRA will transition its pari-mutuel wager processing to United Tote in 2023 under a separate agreement. |