Churchill Downs Incorporated (CDI) has launched a review that could reshape parts of its gaming portfolio while simultaneously strengthening its position in horse-racing technology through a separate acquisition agreement involving United Tote Company.

The Louisville-based company disclosed in a filing with the U.S. Securities and Exchange Commission (pdf) that it is evaluating strategic alternatives for nine wholly owned gaming properties across multiple states. On the same day, CDI also announced a definitive agreement to reacquire the remaining 49% stake in United Tote from a subsidiary of the New York Racing Association (NYRA), a move that would return the wagering technology provider to full CDI ownership.

Together, the developments signal a potential shift in how the company allocates capital and prioritizes its long-term business interests.

Churchill stated in its SEC filing that it had completed “a comprehensive review of the Company’s operational portfolio and long-term capital allocation priorities” before deciding to explore options for several regional gaming assets.

The properties under review include Presque Isle Downs & Casino in Pennsylvania, Ocean Downs Casino and Racetrack in Maryland, Calder Casino in Florida, Terre Haute Casino Resort in Indiana, Hard Rock Hotel & Casino in Iowa, Oxford Casino Hotel in Maine, del Lago Resort and Casino in New York, Harlow’s Casino Resort and Spa in Mississippi, and Riverwalk Casino Hotel in Mississippi.

Regional Gaming Assets Enter Strategic Review

The portfolio review covers seven casinos and two racinos located in eight states. Among the most prominent assets on the list is Presque Isle Downs & Casino in Erie, Pennsylvania, which Churchill acquired in 2019 and which is currently conducting its 2026 Thoroughbred racing season.

Ocean Downs Casino and Racetrack in Maryland is the second racing property included in the review. The venue conducts Standardbred racing and became fully controlled by CDI through its acquisition of interests previously held by Saratoga Casino Holdings.

Churchill emphasized that the review remains exploratory. According to Horse Racing Nation, the company stated that it “can provide no assurances that its exploration of strategic alternatives will result in the Company pursuing a transaction or that any transaction, if pursued, will be completed on defined terms or at all.”

The filing also noted that no timeline has been established for the process and that the company does not intend to provide updates unless disclosure becomes legally required.

Should any sales proceed, racing operations at Presque Isle or Ocean Downs would not automatically cease. Racing requirements in both Pennsylvania and Maryland are linked to gaming licenses and state regulations, meaning future owners would inherit obligations associated with those licenses.

The review marks a notable departure from a strategy that previously emphasized expansion through acquisitions. During the past decade, Churchill added several regional gaming properties to its portfolio, including assets obtained through the 2022 acquisition of Peninsula Pacific Entertainment. That transaction brought properties such as del Lago Resort and Casino and the Hard Rock property in Sioux City, Iowa, under CDI ownership. The company also opened Terre Haute Casino Resort in Indiana during 2024.

Not included in the review are CDI’s core racing assets. Churchill Downs Racetrack, home of the Kentucky Derby, remains outside the process, along with Turfway Park, Ellis Park, Fair Grounds Race Course, Colonial Downs, Derby City Gaming facilities, and the company’s historical horse racing operations in Kentucky.

Churchill is expected to provide additional context when it discusses second-quarter financial results during an investor conference call scheduled for July 30.

CDI Moves to Regain Full Ownership of United Tote

While considering potential gaming property sales, Churchill is also taking steps to increase control over a key wagering technology business.

The company announced that it has signed a definitive agreement to purchase NYRA Content Management Solutions’ 49% stake in United Tote Company. NYRA Content Management Solutions is a subsidiary of the New York Racing Association.

CDI originally sold the same 49% interest to NYRA in April 2024 as part of a broader arrangement under which NYRA agreed to use United Tote’s pari-mutuel wagering systems for its racing and gaming operations.

As part of the new agreement, NYRA will continue utilizing United Tote’s services through 2035, extending a relationship that remains central to the transaction.

The acquisition is expected to close by Aug. 5, 2026.

Focus on Wagering Technology and Racing Services

United Tote develops and operates pari-mutuel wagering systems used by racetracks, off-track betting facilities, and other wagering operators. Its technology includes totalizator services that collect wagers, calculate payouts, and provide wagering information to bettors. The company serves both Churchill-owned facilities and third-party operators across the racing industry.

According to CDI, regaining complete ownership of United Tote aligns with its long-term plans for racing-related technology and services. The company said the transaction supports its strategy of owning and integrating key components connected to pari-mutuel wagering and horse racing operations.

Churchill also noted that United Tote strengthens its ability to develop and manage wagering technology while supporting its role as a business-to-business supplier of horse-racing content and racing services.

The twin announcements highlight contrasting directions within CDI’s broader business. While the company evaluates whether to reduce its exposure to several regional gaming markets, it is simultaneously increasing investment in technology and infrastructure tied directly to horse racing and pari-mutuel wagering.