Johnny issues being a Sucker? Look everyone has probably stuck around a little too long because the rack was great. The booty was insane. But if she is trash all of that eye candy will only suck your time and money down the drain.

Here is all you need to know.

Adjusted EBITDA for ALL Segments at Churchill Downs for the 9 months ended 9/30/25 was down to 43.89% from 45.49% in 9/30/24.

Margins on the Segment called "Live and Historical Racing" were down to 39.8% as of nine months ended 9/30/25 compared to 42.53% for 9/30/24.

But Top Line is growing...hmmmm!

The once named segment Twinspires grew top line by 8.48% nine months ended 9/30/24 year over year. The growth in nine months ended 9/30/25 was 3.7%. So they changed the line name to "Wagering Services and Solutions".

I could go into more like how "Live and HISTORICAL Racing" includes a technology they bought where people can bet on races that are already over. Now before Fairmount and Oscar start going at it again this is more like a slot. And they think it's a growth area. Now I would rather bet a football or basketball game and a few hours later learn that I am an idiot than sit down at Slot Machine and have everyone know it instantly.

But why is Historical Race Wagering being grouped with Live Race Wagering when it sounds like Gaming their third revenue segment? Something to hide? Like the Margins are better so its hiding some of the squeeze on the Live side as it grows?

The game is becoming like Musical Chairs. Good Luck this weekend everyone. And Go Canes!!