In a move that demonstrates CDI’s push to diversify and strengthen its regional footprint, the news follows the release last month of its $642.6 million Q1 revenue report. This represented a 9% year-over-year increase from 2024.

Opened on July 9, Casino Salem is located at The Mall at Rockingham Park in Salem and is ideally situated to tap into the Boston market, just 30 minutes from the Downtown region.

The venue currently operates approximately 100 historical horse racing machines (HRMs), accompanied by a designated gaming area featuring 13 live dealer tables.

Developers Retain Operational Control with Future Rebranding on the Cards

Despite obtaining a majority share, the casino’s local developers, Joe Faro and Sal Lupoli, will retain ownership interests in the venture relating to their ongoing roles in the further development and management of Casino Salem.

In a statement, developers Faro and Lupoli commented: “With our vision for Salem, we remain committed to driving economic stimulus to our local economy, creating new jobs, and increasing tourism while delivering a world-class destination that will create lasting benefits for the community for decades.”

CDI has also expressed interest in expanding the gaming floor, as well as introducing several food and beverage outlets in the coming months. 

Additionally, they are expected to rebrand the venue, subject to the completion of the agreement.

The reasoning behind the planned rebrand and expansion is to upscale Casino Salem into a state-of-the-art regional gaming and entertainment venue, to boost CDI’s in-person casino portfolio offerings.

CDI’s Strategic Shift From Sports Betting

Industry analysts believe CDI’s latest acquisition of Casino Salem demonstrates the firm’s desire to expand its presence in the New Hampshire gaming sector, having already attained the neighboring Chasers Poker Room in Salem in 2022.

However, CDI’s statement on Monday maintained that Churchill Downs will continue to run Chasers Poker Room as a separate entity from the Casino Salem procurement.

Further details about the purchase were included in the press release, stating: “The Company will finance the Salem Transaction using its existing credit facility. Closing of the Transaction is subject to usual and customary closing conditions, including receipt of approval by the New Hampshire Lottery Commission. The Transaction is anticipated to close during the third quarter of 2025.”

The news also comes just five months after Churchill Downs shut its doors on its sports betting premises in February of this year, reflecting the organization’s continued shift towards gaming and entertainment venues, such as Chasers Poker Room and Casino Salem.

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Greentube

Greentube has promoted Steven Batchelor-Manning to the role of director of games technology, as the Novomatic interactive division aims to unveil a “transformative igaming platform”.

Having previously occupied numerous roles with the company during the course of the last eight years, including his most recent role as lead architect, Batchelor-Manning is lauded as playing a key role in the development of the company’s brand new RGS platform.

In his new appointment, he will lead on the delivery of technology which will allow the supplier to bolster its product catalogue with market-leading features.

Michael Bauer, Greentube CFO/CGO, said: “Steven’s technical vision and ambition to leverage modern technologies is a major asset for Greentube and it’s been fantastic to watch his career advance within our company.

“As we start rolling out our innovative RGS platform in Q1 next year, Steven’s appointment comes at a critical time for our business and he will play a key part in driving the future direction of our games vertical.”

Scientific Games

Scientific Games has appointed Laura Probert as chief people officer for the company’s digital team, where she will gain responsibility for the business unit’s HR function.

Probert joins from global advertising agency WPP, where she was group VP of talent for outcome media company, Xaxis. In the new role, Probert will be reporting to Scientific Games Digital group CEO Jordan Levin and global CHRO Eileen Moore Johnson.

Levin said: “Laura’s extremely experienced in HR management having worked with some of the world’s leading brands and will be a fantastic addition to our team.

“Our people continue to drive the transformation of our technology and products and their well-being has always be one of our key priorities. Laura has exceptional experience in this area and a passion for putting diversity, inclusion and people performance at the heart of business strategy.”

Penn National Gaming

Carl Sottosanti, executive vice president, general counsel and secretary of Penn National Gaming, is to retire at the end of this year, following a “distinguished” 17-year career at the firm.

Sottosanti is praised as having played a critical role in helping drive the company’s growth and evolution from a small regional gaming operator into a country wide omnichannel provider of retail and interactive gaming, sports betting and entertainment.

Subject to customary regulatory approvals, Harper Ko will join the firm as EVP, chief legal officer and secretary, effective January 1, 2021. Ko joins PNG from Everi, where she has served as EVP and chief legal officer – general counsel.

“Throughout his career at Penn National, Carl has been known for his tireless work ethic, dogged determination, and fierce advocacy in support of our company’s interests,” said Jay Snowden, president and CEO.

“Carl has been a trusted personal advisor and a consummate teammate, and while he’ll be leaving behind some big shoes to fill, I’m confident that Harper Ko will do a great job in carrying on the standard of excellence that Carl has established for our legal department.”

Adding: “Harper brings a wealth of expertise regarding the industry’s complex regulatory and compliance requirements that will serve us well as we continue to execute our growth strategies across our land-based, interactive and sports betting platforms. We’re excited to add someone of her calibre to our team.”

Churchill Downs

Churchill Downs Incorporated has announced that after 11 years at the helm of the legendary racetrack, Kevin Flanery has decided to retire as president of Churchill Downs at the end of 2020.

Flanery’s 15-year tenure at CDI began in December 2005 as vice president of national public affairs, with subsequent promotions seeing him named senior vice president of national public affairs and communications in March 2008 before being appointed to the role of thirteenth president of Churchill Downs Racetrack and a SVP of CDI in July 2009.

CDI says that it will immediately begin the search to fill the role of president of Churchill Downs Racetrack. Bill Mudd, president and chief operating officer of CDI, will act as interim president of Churchill Downs Racetrack until a successor is named.

“Kevin has been a pivotal leader in the growth and evolution of Churchill Downs, not only at the racetrack, but across the company,” commented Bill Carstanjen, CEO of CDI.

“His focus on bold capital investments and unmatched fan experiences has had a direct and enduring impact on the success of the Kentucky Derby and his leadership has navigated Churchill Downs Racetrack through many unexpected challenges, not the least of which has been the unforeseen circumstances of 2020.

“Having worked side by side with Kevin over the last 15 years, I offer sincere gratitude for his friendship and his leadership and we wish him all the best in his retirement. His has been an important and impactful chapter in the history of Churchill Downs Racetrack.”

HeadsUp Entertainment

HeadsUp Entertainment International has announced that Doug Wilson has been named as the company’s president and CEO, joining fellow recent recruit Mark Hutchinson in joining the firm’s management team.

Boasting over three decades of experience operating firms across various technology sectors, Wilson also currently consults to several other business entities, including a land asset firm as well as private equity interests primarily focused on digital media, gaming and charity sectors.

HeadsUp Entertainment says that additional members of the gaming, broadcasting, entertainment, and interactive technology sectors will be announced next as part of the firms new strategic advisory board. Both Wilson and Hutchinson will also be nominated for addition to the board of directors.

“I look forward to the challenge of leading HeadsUp into the new era of digital gaming as the new landscape for North American and global licensing is quickly opening up billion-dollar markets,” stated Wilson.

Condor Gaming

Alexendre Ouknine has been recruited as CTO of Condor Gaming as the firm, which boasts five casino and sportsbook brands as part of its stable, aims to secure the next stage of its strategic expansion.

Ouknine bring over two decades of experience to the role, and his appointment strengthens the company’s tech hubs in Croatia and Bulgaria, as plans emanate of potential expansion across Europe and Asia. India, Japan, CIS and Canada are stipulated as key targets for the group’s expansion.

“I’m honoured to get the chance to start at this stage of Condor gaming’s development. We all intend to bring this company to a technological level unparalleled in the industry. The sky’s the limit,” Ouknine noted.

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Betting and Gaming Council

The Betting and Gaming Council has confirmed Kevin Schofield as the new director of communications and digital.

Schofield will join later this year after a 25 year career in journalism where he worked for a range of newspapers across the UK, including The Scotsman, The Herald, Daily Record and The Sun. His current role is the editor of PoliticsHome, where he has been since 2015.

On his appointment, Schofield said: “I am absolutely thrilled to be joining the Betting and Gaming Council and can’t wait to get started. 

“I know that they have big ambitions for the years ahead and I’m looking forward to working with the team to help drive up standards in the industry.”

Next phase for Kathy McCracken

Kathy McCracken has been confirmed as the new executive vice president and general manager of Wind Creek Bethlehem.

A long tenured veteran of the gaming industry with deep a background in operations, marketing and systems, McCracken steps into the role as Wind Creek launches a number of initiatives to help enhance the property’s position in the region.

James Dorris, president & chief executive officer of Wind Creek, said: “Kathy brings upbeat and collaborative leadership to the property. Her ability to help the employees continue through the ongoing expansion efforts will be invaluable.

“We are very pleased that she is willing to lead the team to establish Wind Creek Bethlehem as the premier gaming and entertainment destination in the Northeast.”

Churchill Downs 

Churchill Downs Incorporated has announced the appointment of Paul Varga to the company’s board of directors.

Varga recently served as chairman and chief executive officer at Brown-Forman Corporation until retirement in December 2018.

Bill Carstanjen, chief executive officer of Churchill Downs Incorporated, commented on the appointment. He said: “I am thrilled to have Paul Varga join the board of directors of Churchill Downs Incorporated.

“His record of achievement as a public company CEO and board member as well as his deep understanding of the prominence and potential of The Kentucky Derby makes him an exceptional addition to our board. We feel very fortunate that Paul will join us.

On his appointment, Varas said: “It is an exciting time to be a part of a company with such a distinguished legacy and dynamic future.

“I truly look forward to this opportunity to make meaningful contributions to the ongoing success of CDI.”

Ziggy says goodbye

Tabcorp Holdings has announced the retirement of Ziggy Switkowski from the board effective immediately.

A non-executive director since 2006, Dr Switkowski served on several board committees, including the chairman of the people and remuneration committee.

As part of a planned renewal process for its board, Tabcorp recently announced the appointment of Anne Brennan and David Callop to the board of non-executive directors.

On the departure, Paula Dwyer, Tabcorp chairman, said: “Dr Switkowski has been a significant contributor to Tabcorp as part of a distinguished career in Australian business, more broadly.

“While we will miss his input and insights in Tabcorp Board deliberations, we wish him all the best in his future endeavours.” 

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While revenues climbed, predominantly driven by growth in its gaming and historical racing machine (HRM) venues, net income fell 5% to $76.7 million. This was attributed to multi-venue operators’ higher expenses and lower insurance recoveries, which impacted the company’s bottom line.

Gaming and HRM Segments Drive Churchill Downs Q1 Growth

In contrast to the operator’s overall net decline, CDI’s gaming revenues rose by over 9.9% to $267.2 million. Analysts say this was fueled by the company’s opening of the Terre Haute Casino Resort in Indiana in April last year and its ongoing expansion of its Virginia HRM properties.

Nevertheless, the organizations’ Live and Historical Racing segment attributed stronger growth results, increasing revenues to $276.4 million, equating to a rise of 11%,

Churchill Downs’ adjusted EBITDA subsequently edged up 1% to $245.1 million, which accounted for the modest operational gains witnessed across its operational portfolio. Its Gaming segment EBITDA rose slightly to $123.5 million, while Live and Historical Racing and Wagering Services delivered $102 million and $41.3 million, respectively.

TwinSpires – CDI’s sportsbook platform – held firm after posting $115.8 million despite declaring a $2.2 million decline in sports betting revenues. As a result, Churchill Downs formally exited Kentucky’s competitive sportsbook market earlier this year, citing its continued underperformance in its on-site operations.

However, the firm’s newest properties helped offset the regional problems faced, with its Terre Haute Casino Resort in Indiana alone injecting $31.6 million in revenue following its first full year of operations. Similarly, the Rose Gaming Resort in Virginia added a further $18.2 million, having launched in November 2024.

Yet, despite the additional revenue from these successful expansion venues, Churchill Downs ultimately missed Wall Street analysts’ expectations. Overall, CDI’s revenues fell short of the $647 million consensus by 0.68%, while its Earnings Per Share came in at $1.07 versus an expected $1.08.

Share Repurchase Program and Dividend Update

In a bid to recalibrate its capital strategy, particularly amid its broader income uncertainty, CDI has had to pause several high-profile development projects at its Churchill Downs Racetrack.

These have included delaying the completion of the Skye and Conservatory enhancements. However, the planned upgrades of its Finish Line Suites and The Mansion remain on schedule ahead of the upcoming 152nd Kentucky Derby next month.

Among other headlines following CDI’s Q1 results was the confirmation of a new $500 million share repurchase program previously approved in March. In Q1 alone, Churchill Downs successfully repurchased nearly 800,000 shares, an expenditure calculated at $89.4 million, and paid out its 14th consecutive annual dividend increase.

Financially, Churchill Downs Incorporated has demonstrated stable liquidity, reporting that after an amended credit agreement to reduce borrowing costs, its net debt is four times its annual EBITDA. Nevertheless, investors have seen the CDI share price fall by 8.9% in the last month, a notable decline given the S&P 500’s 6.6% overall decline.

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Wilna van Wyk

Senior executives from companies such as Churchill Downs, Monarch Casino & Resort, and The Cordish Companies have joined to launch the National Association Against iGaming (NAAiG). 

The Association announced its inception by releasing a study called the “Economic Impacts of iGaming Expansion,” undertaken by The Innovation Group. 

NAAiG’s Mission: Preventing iGaming Expansion

The NAAiG’s aim is simple: to prevent further legalization of iGaming. The Association’s key advocacy priorities are:

• Strengthening regulations and oversight to enhance consumer protection.
• Preventing further legalization of iGaming to avoid job losses, addiction, and financial instability.
• Promoting visitors to brick-and-mortar venues, as they ‘support local economies’ and provide in-built safeguards. 
• Educating policymakers as to ‘the real risks’ of iGaming.

NAAiG Board Member Jason Gumer, Executive Vice President and General Counsel of Monarch Casino & Resort, commented: “Beyond the lack of any real upside for states, iGaming puts vulnerable individuals at greater risk of problem gambling and financial instability. NAAiG is uniting stakeholders to push back and stop the spread of these harmful trends and advocate for responsible gaming policies.”

The comprehensive study published shows limited benefits to iGaming expansion yet highlights many problems. One of the advantages of iGaming legalization is states “bolstering their gaming tax receipts.” It outlines that the National Council of Legislators from Gaming States has recommended a tax rate of between 15 and 25 percent. It suggests that higher tax rates will mean operators are less able to reinvest in areas such as compliance, player acquisition, player retention, and technological improvements that can better equip them to compete with the unregulated market. 

The Cannibalization Debate: How Online Gambling Affects Retail Casinos

The cannibalization debate has been a significant barrier to iGaming expansion across states. The Innovation Group’s report suggests brick-and-mortar casino revenue underperforms by 16.5 percent following iGaming legalization. 

This number is derived from comparing the results of iGaming states, which saw an approximate 4.3 percent decline in retail revenue, against those in non-iGaming states, which achieved 12.2 percent growth over the last five years. The report suggests this may grow as the channel shift continues and ‘digital natives’ become the gambling industry’s core customers. 

The NAAiG has highlighted that the 16 percent revenue drop would lead to “substantial job losses, hundreds of millions of dollars in lost economic output, and reduced tax contributions that fund public services.” 

The study analyzes several states individually and models the potential economic impact of legalized iGaming in each. It projects that by 2029, New York will see 4,921 job cuts, and Illinois will see 4,733

Further, the report estimates that New York would see a tax revenue benefit of $140.8 million but a net impact of negative $1.2 billion from the introduction of iGaming. Ohio would generate $223.9 million in tax revenue but at an economic cost of $602 million. 

The NAAiG has stressed that gambling losses from iGaming in the United States are expected to surpass the $1 trillion mark. This suggests that this causes significant strain on local economies and public health resources. 

NAAiG Warns of Rising Gambling Addiction and Productivity Losses

The study expands on existing media reports and studies linking further legalization to gambling addiction rates and job displacement, stating that social costs to governments “could well exceed $100 million annually, plus additional downstream economic losses from a 4-5x loss in productivity.” 

The Association also highlights that 81 percent of gambling addicts “engage in online gaming” and that online gamblers are eight times more likely to report compulsive gambling. It also suggests that in areas where iGaming has been legalized, household investments have declined by 14 percent. 

“iGaming is eroding our communities,” said Shannon McCracken, Senior Director of Government Relations at Churchill Downs Incorporated and NAAIG board member. “This isn’t just about responsible gaming—it’s about protecting local family-sustaining jobs and preventing financial harm. In Maryland alone, iGaming could cost $372 million in economic output, $342.6 million in lost casino revenue and nearly $110 million in annual wages. We must act now to protect our state and local economies nationwide.”

Written By

Wilna van Wyk

Wilna van Wyk is an online casino enthusiast with over a decade of experience working with some of the world’s biggest gambling affiliates, including Thunderstruck Media and OneTwenty Group. She specializes in gambling sites and games and provides expert knowledge on the online casino industry’s essential fundamentals.

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Signalling the casino proposal’s second rejection after it previously fell through with a 51 per cent vote against in 2021, the Richmond Grand Casino & Resort would have seen Urban One and Churchill Downs construct and operate the $1.3bn resort in the southside of the city. 

Witnessing the downfall of its second Richmond casino referendum, Richmond Wins, Vote Yes, responded:  “We are proud to have run a community-centred campaign to create more opportunities for residents of this great city to rise into the middle class. We are grateful to the thousands of Richmonders who voted for good jobs and a stronger city, especially those in Southside who poured their hearts into this project.”

While the proposal received a larger amount of votes against this time round, the campaigners had been eager to have the venue approved in hopes that a casino resort in the city’s south side would see the area benefit from economic growth. 

With Virginian casinos currently operating in Bristol, Portsmouth and Danville, Richmond’s Mayor Levar Stoney supported the declined project early, acknowledging the economic impact witnessed in Bristol after its Hard Rock casino opened in July 2022. 

Stoney stated: “I will continue to be a voice for communities that have been historically overlooked and underserved. I will work for more accessible and affordable child care, for good paying jobs, and for an abundance of opportunities for all Richmonders – no matter their zip code or socioeconomic status.”

In addition to those aforementioned Virginia locations, a fourth establishment is under construction in Norfolk. Each of these venues have been launched in response to the state’s General Assembly legalisation of land-based gaming in 2020. 

While many had planned for Richmond to be the latest destination for a casino resort, attention may turn to another area as plans for a third referendum become increasingly unlikely.  

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

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

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

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

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

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

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

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

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

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

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

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

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

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Light & Wonder

Light & Wonder is to added Kelsy Foster to its roster of game designers next year, when she will lead a studio of game designers out of offices in Reno, Nevada.

This move will bring an end to more than two decades at IGT, where Foster most recently served as Vice President of Vibe Studio to bring to market several games, including Prosperity Link and Mystery of the Lamp. 

“We are thrilled to welcome Kelsy to the Light & Wonder team,” said Siobhan Lane, Light & Wonder CEO of Gaming. 

“Her 20-year journey in the gaming industry speaks to her unparalleled expertise, and we look forward to her leadership as we continue to shape the future of gaming and deliver the best games.”

Codere

Codere continues its senior management reorganisation by appointing Agustin Gonzalez as Director of Technology and Digitalisation of the Spanish and LatAm gambling group.

Working directly with new Chief Executive Gonzaga Higuero, Gonzalez will spearhead the omni-channel digitisation projects for Codere across all core markets.

In a statement, the company said. “Agustín González takes on the challenge of leading the company’s digital transformation, identifying opportunities where technology contributes to improving processes.

In addition, it will focus on the development and execution of a technological strategy aligned with the group’s general objectives, ensuring that technology is a lever for generating value.”

Mohegan

Guy Greene has been named as Vice President of Online Marketing of Mohegan Digital, where he will be charged with supporting the expanding footprint of its digital products. These include MoheganSunCasino in Connecticut and PlayFallsViewCasino in Ontario, Canada.

Greene, whose career started at Mohegan Sun when it opened in 1996, will lead a dedicated online marketing team as they continue to develop brand positioning, advertising campaigns, acquisition efforts and product management for the company’s igaming and online sports betting offerings

“Guy Greene has a wealth of Marketing knowledge and experience in the gaming industry and Mohegan is thrilled to have him lead our Online Marketing team,” said Rich Roberts, President of Mohegan Digital. 

“Our igaming business has seen tremendous success and to carry that success forward, and to further evolve and meet new demands in this fast-growing industry, a proven leader like Greene will be vital.”

Scientific Games

Angela Goodwin has been named as Vice President of SGEP Operations at Scientific Games, where she will lead the company’s instant game management program.

Having joined the group in 2007, she brings 16 years of lottery instant product manufacturing and management experience to the position.

Scientific Games’ enhanced partnership programs provide instant game portfolio management to over 20 partner lotteries, including eight of the top 10-performing instant game lotteries worldwide.

Prior to her new role, Goodwin served as Senior Director of SGEP Operations and Global Instant Products for Scientific Games. She has advanced through various roles since joining the company as Instant Game Manufacturing Coordinator.

“We believe that Angela’s natural leadership skills, overall management philosophy and extensive knowledge of our SGEP operations will provide the strategic vision to evolve the program and achieve growth for our lottery customers by responsibly driving instant product performance,” noted John Schulz, President of Americas and Global Instant Products for Scientific Games.

RLJ Companies

Scott Royster has been appointed as Chief Financial Officer at CAGE Companies, a RLJ Companies majority-owned company.

At the group, an operator of gaming systems, terminals and games in the Caribbean and South America, he will be charged with building on decades of experience to drive financial growth, discipline, and strategies.

Robert Johnson, Founder of The RLJ Companies and majority owner of the CAGE Companies, noted: “We are excited about Scott joining the CAGE Companies as its new CFO and sharing his vast experience as a CFO, entrepreneur and investment banker as CAGE continues its strategic growth and diversification into sports betting, virtual sports and igaming.  

“Scott has also previously served as a Director of one of my companies, RLJ Entertainment.”

Churchill Downs

Churchill Downs has named Patrick Neely as President of its Exacta Systems subsidiary, which was purchased for a total consideration of $250m, subject to certain working capital and other purchase price adjustments, in August.

Bringing over 25 years of experience to the position, Neely will gain responsibility for the overall strategy and operations of the newly acquired business unit, which operates within the company’s TwinSpires segment. The promotion is effective immediately.

“As CDI continues to lead in the Historical Horse Racing market, Patrick’s wealth of experience and knowledge will be invaluable additions to our leadership team,” stated Ben Murr, SVP of CDI & President of TwinSpires and Online Gaming. 

“We look forward to continuing to grow this business with Patrick and the Exacta team.”

Accel Entertainment

Accel Entertainment has announced that Mark Phelan, formerly Chief Revenue Officer, has been promoted to the newly created position of President of US Gaming.

The gaming terminal provider noted that Phelan will be primarily responsible for setting and guiding Accel’s growth strategy, including leading the execution of key expansion and diversification initiatives. 

In addition, he will also continue to oversee business development as well as the company’s M&A strategy. He will remain an active member of the executive team, and report directly to President and CEO Andy Rubenstein.

“Since joining Accel, Mark has been an exceptional leader of our sales and revenue team,” stated Rubenstein. “Throughout this time, Mark has driven significant revenue growth and helped shepherd Accel’s expansion into new markets. 

“This newly created position will enable Mark to focus even more of his time and energy on our go-forward strategy to expand our geographical presence and the breadth of our offerings. This appointment is a true testament to Mark’s expertise and I look forward to continuing to partner with him in this new capacity.”

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It is hoped that the transaction will allow the casino and entertainment operator to enhance recent acquisitions made in the world of horse racing, as well as realising “significant and immediate” synergies related to CDI’s Virginia operations. This includes the region’s Colonial Downs Racetrack and Rosie’s Gaming Emporium facilities.

Furthermore, as a result of the transaction, which was funded with cash on hand and via the company’s existing credit facility, CDI also expects to achieve additional operational improvements through the diversification of games available at its historical racing machine facilities.

Exacta will operate within the company’s TwinSpires horse racing segment and will continue to service its growing portfolio of third-party HHR operators in Kentucky, Wyoming, and New Hampshire.

The company has integrated a number of HRM developers into its platform including AGS, IGT, Light & Wonder, Everi, Konami and Incredible Technologies. 

As the group first detailed the purchase in December 2022, Chief Executive Officer Bill Carstanjen stated: “For nearly a decade, Exacta has been a creative force supporting the growth of historical horse racing in the US.”

“We look forward to expanding Exacta’s national footprint and further diversifying the game offerings available to players at HRM facilities around the country.”

Last month, CDI declared record Q2 net revenue for the quarter of $768.5m, up 32 per cent year-over-year in comparison to Q2 2022’s performance of $582.5m, following significant gains across the live and historical racing and gaming divisions.

This was helped along by 2022’s $2.48bn acquisition of substantially all of the assets” of Peninsula Pacific Entertainment that was first detailed in February and comprises interests within Virginia and New York, as well as the operations of Illinois’ Hard Rock Hotel & Casino in Sioux City.

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Live and historical racing continued to be a high-performing business unit for the group, with CDI’s network of land-based gaming facilities, bolstered by recent acquisitions, overtaking to sit top. 

In a fourth quarter and full-year update, a 31.6 per cent Q4 revenue uptick to $480.1m (2021: £364.8m) helped nudge the company’s 12-month figure to a record $1.8bn, up 13.31 per cent from $1.59bn year-on-year.

However, Q4 net income plummeted to $1m, compared to the $43.3m tracked one year earlier, with a number of items cited as affecting comparability.

These include a $22.2m increase in non-cash after-tax increase in asset impairments at Presque Isle, $23.3m after-tax increase in expenses related to transaction, pre-opening and other expenses, $3.6m after-tax reduction in the benefit related to an equity portion of the non-cash change in the fair value of Rivers Des Plaines‘ interest rate swaps and $400,000 in after-tax increase in legal reserves.

Across the year, the figure reached a record $439.4m, up 76.39 per cent from $249.1m, with a $198.7m gain on the sale of Calder Casino assets and $6.5m after tax decrease in expense related to Rivers Des Plaines’ legal reserves and transaction costs.

Following the trend of best performances, a 42.28 per cent Q4 adjusted EBITDA increase to $180.7m (2021: $127m), saw the group’s FY figure hit a record $763.6m, an increase of 21.78 per cent to $763.6m (2021: $627m).

Breaking this down by segment, live and historical horse racing saw revenue and AEBITDA through Q4 reach $180.9m (2021: $93.9m) and $61.2 (2021: $30.6m), with FY figures closing at $646.4m (2021: $430.6m) and $287.5m (2021: $175m).

These increases were aligned to properties gained in the Peninsula Pacific Entertainment transaction, as well as running of the 2022 Kentucky Derby without capacity restrictions that were in place one year earlier.

CDI’s land-based gaming network also felt an uplift from acquired properties, with revenue during Q4 and FY up 19 per cent and nine per cent from $212.2m (2021: $172.8m) and $761.8m (2021: $698.4m). AEBITDA closed at 112.4m (2021: 99m) and $421.9m (2021: $411.9m), respectively.

In the digital domain, TwinSpires saw revenue fall through Q4 and FY to $94.3m (2021: $101.2m) and $441.6m (2021: $457.8m) with AEBITDA up across each time frame to $25m (2021: $12.9m) and $114.1m (2021: $82.7m). 

This, the company said, reflects a decision to exit the online sports betting and igaming segments, which in turn brought decreased marketing and promotional activities.

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