Operating and Mudd, Good me our morning, Officer; today With Bill several President members Brad including our Blackwell, Officer; Chief Nick. our Financial Marcia General team, Chief and of Counsel. Thanks Dall, everyone. are our
our it significantly take and unprecedented about from global quickly reflect world discussion so this well country XXXX, affected upon our how well-being the our and XXXX pandemic. our members. company. begin faced our our important XXXX people expectations I to our of to am as we guests, whole threat pandemic's our that health stemming businesses, a in our as and for the the our to the results and challenges many members leadership team reacted As as a COVID-XX minute the to of team proud team economy, and is
Our able safely team health redesign Derby, we our team sporting which in safety immediately very to actions communities. and to environment, members, And and to capital maintaining the longest in protocols, the reduce and our Kentucky and iconic reopen properties a XXXth safely our our States. were took guests, stature its enabled run for expenses as events United annual the our challenging run continuously spending
we protecting we operate profitably Going and of properties guests team and while each the Today our our remain of can. forward, as will health and we our members on effectively topics. four we as discuss safety focused responsibly
update quarter the of provide for suspended; TwinSpires projects racing on finishes an on third, Horse some after restarting take thoughts thoughts betting and machines your and forward management will our in for growth running capital Kentucky an the on second, change walk our level then this detail sports she high questions. Results; the to we related XXXth Kentucky strategy; we May. Racing casino last, the that Derby financials update had will capital the going on our XXXX and of update fourth online our legislative First, strategy, Marcia our plans an the through strategies on historical more the and and in previously
the some solely first, Obviously, using challenging Through adjusted of EBITDA the not our were teams cannot XXXX we ourselves the did targets results. and our our We to on protocols adjusted budgeted XXXX business these reflect we from traditional resulting was but changes on many achieve metrics. on our thoughts and in restrictions pandemic. level practices how So pleased we because financial XXXX, operations. our times, conduct that high set for
great is and asset. minutes. Derby our Saturday environment, executed iconic and the crowd in it. of the believe during our of value financial of share generated it Week weekend few some we've our team positive for a date Day May. XXXX a conducting were We how brand operational long-term completely developed Derby even members reputation, to a thoughts the example preliminary protected double seeing we and safety spectator year the this of A community significant time I free plans our safely on without customers this Given and EBITDA strength to Labor the demonstrated the on in not digit the instead and traditional Kentucky on also when excellence. and of while protected first run the different will the We used Derby team the
being generated June despite EBITDA middle in March of Derby than more from our of City HRM XXXX with of COVID the middle Derby Regarding most in Gaming adjusted operating property, closed related the restrictions. year the significant gaming and until City XXXX
which time HRM will Scientific have We submitting addition diversify IGT. of Horse the new approval economy Kentucky and the first further game at be for Commission the Also next themes offering. added for Games our with game manufacturers meeting, will Racing
and September and patio pleased our also we by XXX-room in With Kentucky customers. Grove north in second in mid-September Nashville, HRMs be has cities operational our better even Racing HRM Southwest opened concert of middle in will additional it XXX an Gaming that but Tennessee other park We the on Newport on been respect Interstate We last the of opening quarter. XX. property opened & Newport The facility very period. smoking equestrian including comparable in Kentucky this hotel opened of than our amenities, the facility in a October. early this Derby continues in the properties performance facility to perform October pandemic, opened our outdoor received with RV Kentucky, to well with Oak remaining the center, X. We The HRM the outdoor opened venue are
the loyalty market well some will we and performing Kentucky, build is given time It middle Newport customer database take and pandemic. Ohio our Northern patience in program. very in Southern a competitive opened of and the to Indiana customer
product experienced team. population and an solid, the because are increasingly we optimistic are We demographics competitive have an and
and equivalent nearly continue marketing as we HRM refine move for full-time to improve It Kentucky this have the that have racing our created gratifying year. health team generated Kentucky of entire property jobs through horse forward and fuels and Kentucky's money of Commonwealth for purse facilities Kentucky's XXX three for also will turn in substantial our circuit Premier our the We industry. which the is racetracks,
level XX%. significant June wagering handle in handle closures year XXXX of XX% And lower Horse for very It prior now our quarter the organic more growth in handle to Turning of third XXXX. This our offset to business in the of in compared the caused fourth online number wagering double-digit $XXX together handle timeframe. quarter was impact grew absence during call, with quarter There most generated race shift wagering a prior business. business XX%. prior compared the profitable Derby quarter quarter the than that facilities on in in quarter through continue was we to into XXXX which These growing year horseracing in quarter and to the in January On with Horse we is players for February, margin in TwinSpires the by the potential based second the XXXX, industry prior This in modest EBITDA, TwinSpires trends to a year. important the is $XX due over platform. players including, quarter the of the continued quarter. brick-and-mortar to our strong third horse year and the or Kentucky in very shared to business TwinSpires of the nearly our very increased factors versus our existing million of third And metrics third in segment, cancellations prior Derby a XX% wagering handle of and March growth Kentucky compared wagering by has also significant XXXX. increased active quarter in pandemic. quarter, the XX% showed XX% Racing the slightly Racing increases growth remained grew of than from more trend betting to on the and to began online we compared despite our million all up online this the that testament and racing by that a the This reflect year, business some is growth And compared the XXXX. the grew Wagering the has earnings a handle is demonstrate within strong into healthy the metrics on held XXXX pari-mutuel year May. reflected adjusted XX% year on up the prior for a second to
and Regarding transitioning trading business, to are Kambi provider our technology management GAN online still for account and initial manage casino our from sports services. betting we player for
success. in technology critical is change this believe we disruptive, our long-term providers to While
in our of double-digit sportsbook TwinSpires in in retail footprint on early our wave all We high online and of casino handle first migrations completed and new offering operators platform launched since show across with have January. growth sportsbook migration. We retail first the our indications early state the along Michigan brand
platform quarter, operations We intend platform month Kentucky the in complete other platform roll regulatory states mobile existing the Tennessee and of next and receipt sportsbook mobile transition end by are we'll including approval. targeting online betting the online our and our of sports in new new Colorado rolling launch prior of Derby. to our casino the We the on to and a Indiana this out in app in Pennsylvania within upon out to
few and very more about long-term. and our our strategy will talk the of a model this business online out the invest EBITDA I in the space the betting we thus on years not quarters opportunity over will are for real in a time, continue at this will The at carefully While size space. business sports focused in to play operates loss minutes. we growth developing
Regarding the properties. our performance of gaming regional
our properties shut of Nemacolin part and for reopened Plaines, second Des XXXX. Isle Rivers and XXXX December a November down time of January are for gaming Presque and were early All open, in
level all and substantially regulations. local While capacity Performance most properties other Isle, still restrictions, our meaningfully facilities those the have and by improve are Oxford, will Calder or our state restrictions Presque ones of casinos some currently of operating are impacted as lessened. at
despite strongly performing levels of as capacity expect these properties are other year. the properties other or continue various to improve into we to Our we and limitations, further get
the We performance we pandemic. for the protocols our necessary. XXXX are ongoing property will guests, gaming ensure and to are maintaining our lower the members, do long segment every Overall, team safety adjusted health with EBITDA at our our of properties due safety our so communities. and generated And impact we the as pleased to despite as in by of
casino owned the wholly year. of that significantly from pandemic year were the excluding to casinos Our closed the the parts were margins prior up due the
systemic our behind Certainly, free well I'm elimination guests, of global We glad help to benefits to is supported midst our the customer of an team, of continue the stabilize, grow us in to incentives health reduction like number crisis. we see the company in XXXX as and and amenities. our are marketing a from and of our as play the unprecedented our grateful some and members have even very improve leadership businesses team who and
around is Monday racing On second the Beshear significantly The the the Supreme past impact to racing on the created issued Court of clarifies week, interpretation including law in had Kentucky today our historical to Kentucky, topic definition this of with application related Kentucky General decision an this definition. capital some racing Assembly recently by the legislative and of A commissions its September Governor this change respect passed machines in machines. signed on into that projects uncertainty update its historical bill pari-mutuel a wagering state.
the to leadership we Kentucky industry General potential important respect the a eliminate racing of codify and deployed manufacturers of of racing appreciative the worked was our not the Although of industry racing closely historical the horse machines and legality we Governor, any horse horse Kentucky to in and the to clarifying of very are governor the gains General did manufacturers legality law. Kentucky the any machines historical initiative together language and Supreme for Court ruled facilities, of with at with the on ambiguity the Kentucky a address This hard under really Assembly specific work Assembly.
also horse other are and respective in for We industry. the encouraged fans thousands representatives many horsemen and happy industry, and jobs and protect the horse including constituents participants of Commonwealth important who their this our to of support all the the and facilities elected directly bill HRM of the indirectly across the to
pleased for voiced their do continue so opinions chosen also who to as elected facilities HRM their could are We had vigorously the our they to guests, years. to enjoy Commonwealth they over many representatives,
restarted already opening Park grand summer in the targeting a Turfway HRM XXXX. Racing our construction for facility have and the process We of and are
to until opportunity the $XXX full at jobs and XXX of while permanent review building COVID to XXX hotel Kentucky project legislation We General this we the Kentucky and capital months, the have construction the hit the have XX our anticipate significant will spending and in navigated deliver as Supreme year facility approximately HRM had past With later our decision. and Court's Downs last we time the Kentucky pandemic well Assembly capital finish thoroughbred facility uncertainty HRM track. because when circuit. an then We Kentucky Churchill what revitalize the used premier in approximately million racing jobs as to plans Racetrack, area respect first suspended that the the and Northern past for revisit to the the project
the we that underground of activity million approved this project. capital spent million and a when the of had all $XX hit, of pandemic suspending had projects. of the We handful utilities completed prep site approximately Before $XXX for we
cost really impactful overall elements believe hospitality. to since an We three HRM which will expansion the year. we we really particular for is is are just potential more has showed facility, of as finalizing its in and and City element There well This be throughout a a our can the performed effectively fourth the and project do as believe our future each the Gaming. well, last seating and revised should hotel, as re-imagine we potential that expanded and growth Derby customers community. exciting plans permanent at project, We facility consider opening of
that We to we discuss we are need learned. time plans not on our have more today, revised ready reflect to all
more hear plans these in the can next of couple as from You expect us to months are solidified.
Horse TwinSpires sports our Casino on strategy. betting update an and Next, Racing, business
product allow wagering enabled disciplined with the lower Kentucky clear said, improved is us margin rebranding cross-selling in very other previously our and to model, positioning high its substantial horse of sports very a online acquisition and competitors in the on the decision adjusted will provide should racing, TwinSpires Kentucky much execution Churchill TwinSpires pari-mutuel EBITDA database from customers operation our TwinSpires sports relationship combination and technology Racetrack with better brand, long based to enable I and The initiatives of business and sports and In to well online in As to profitable online has costs from Derby, casino XXXX improved rebrand along very and BetAmerica our performed differentiation betting approach. Derby revenue customer in growth our the strongly by acquisition Changing with space. to space. TwinSpires. the iGaming deployed Downs announced and that we of wagering is January, They the XXXX. casino our stack started business customer our and strength leverage help and
term higher Michigan, in our which than anticipate the for with initial - a that us results that profitable online anticipate sports be we over We this handle much of we long more state. percentage are will betting casino reflects in pleased
with thought employer far, better costs, So it we performance would customer be data. for is Michigan than us to respect acquisition
and line sports will industry and many stages marketing the that betting with stay still This profitability and bottom in technology on with operates variable casino on focused long-term in which line years, and for We mature pursuing to spend to one number a building We related as regard participants in grows online limited cost, do early model quarters. view a settled as state don't every this the profitability. goals. share in market short-term its top disciplined and that for margins and not several will space potentially with profitable a of revenue business model that be want maximum and efficiently is opposed based business
profitable player exceptional is doesn't low, the long our online keep horse willing betting retaining platform, based and strategy Our cost term reinvestment successful customers acquisition and viable building be our when quickly away experience share Kentucky work. a service from the to walk and market horse online racing with leverage over economically on the database Derby, and racing model
lot in prove a in space have start to doing we that this and will XXXX. we believe We
thoughts strategies our the Next, XXXth our believe May. markets. positioned in on properties and I will our We running are provide growth Kentucky other some in going forward well of their plans gaming Derby the for
resilient markets during regional have the past year. been Our
as see continue and will We to we need for monitor adjust changes. the
based factors. We've the that gradually maintain properties at restrictions removed the these our limitations and half and structure and and XXXX. restrictions HRM cost industry looked of limitations operations apply with COVID for cases improvements the to hours We increasing to COVID second are of and half of our XXXX capacity will first vaccines be at being our Some the on patron with properties margins availability in leading optimized to of in decline casinos positivity other around rates. will assuming believe assumptions the the continue of other
October Pine in new Bluff casino property Pittsburgh We November the XXXX and permanent Arkansas those the in that to some in pressures opened competitive is all XXXX. from a Nemacolin in that casino to opened are XXXX new anticipating from property
three each our properties Oak just growth anticipate XXXX started. for of also Grove Newport, and for which are continued We especially HRM getting organic
disciplined at project maintaining respect properties environment. her Marcia owned approach are wholly capital We plans. XXXX about our gaming with in a our will and light in more maintenance the detail comments current provide to capital of
we Plaines gaming equity our Regarding construction more at expand Des announced in a with Casino, recently plans capital efficient forward the floor. investment Rivers to the the that moving team Rivers
plans positions floor Rivers will legislation. to level, on X,XXX Gaming Illinois from million, to positions will Rivers their of debt increase there previously additional expansion recall, gaming the was recently Rivers which be between financing its these the X,XXX garage property. XX will to built $XX building space. existing you existing approximately parking based As at be to has funded north and the extent expanded invest side XXXX of at the May added had from entity Rivers to the approval the casino the
The first area floor an floor gaming expanded will a and new of will provide restaurant. the include new
live The The team for $XX will an positions slot the will of second foot the current one games, construction full and feature permitted growth fees spring efficient slot Rivers floor us million begin under licensing XX,XXX positions. target ballroom gaming and pay table law. gaming also very entertainment is with Rivers we poker games This resulting and exciting incremental gaming in will on utilizing combination new believe capital. room, of a a X,XXX project facility XXX a XX-table private in completion deployment XXXX. for spring a expansion a its for and will accommodate approximately square based in machine events area. XXX The of a positions
Gaming banking three in to It's regarding Board Gaming awarding the in an that on whether Illinois they be investment the the position will proposals. Casino Illinois continuing to announce a XXXX. are work unclear to announced evaluate Waukegan the license the decision Board Regarding group proposal, their hiring
process be put We when periodically this land. downtown Chicago Park request we will yet proposed racetrack we lengthy that makes going update announced Arlington and Chicago of that process proposal City the for the our proposal. for anticipate not the has casino, initiating a are Regarding sense will that the it forward. sales We week you
constructively optimistic options. moving in will non-horseracing We with desirable to for find forward to intention with authorities with track mixed preparations be our It used our in and which to work we and is the while to highly for this look XXXX. on are in constructive state at and the solution other to I'm local sell forward we the alternatives. will path dialog state a us. conduct XXXX the And further XXXth continue we as local May authorities racing Derby, finding land explore operations run thoroughbred that last, Kentucky working are transaction the X, interested Illinois, forward hard
customers away. We pandemic. and our of amazing all of much at a see there. the Derby seated expect summary, on some are of to you blow sell our all and team guests helped much, the may us We hope XXXX plan further some to local tickets, offer our to experience We of do way back this adjust see capacity little our we are we grateful to circumstances when general won't to faced and surrounding are than delivering areas be XX% admission may certainly to We members, currently our the we'll in that leaders improvement plans challenges partners, communities, but categories better last approximately year planning who and exciting deliver amount our the ticketing the experience to XX% we as weather closer all plan guests year. and in business for all we we an day. In Week
on hold. We look forward We projects are capital we growth pleased Des Illinois. to put Oak that and and organic Plaines to and growth Rivers Kentucky Gaming, in Newport Derby had restart City Casino the significant of Grove continued and
return well. for our along our is long long-term investors are growth Across profitable Downs Churchill in the businesses discussed. total forward growth accomplish our about shareholder to I'm look the we all a may determined re-imagining organic deliver over lube what as immediate our We and of construction also we new ways Turfway of term. of excited teams the as also Racetrack. plans Online the our Park possible with around objective best to just
With our strong We've of to provides fund growth, share and our balance demonstrated acquisitions opportunity all appropriate, strategic to portfolio on support working some initiatives. on we pay significant growth of to is discussed access that we today us fronts. make have a and great discuss very our to will others to which we repurchases. deliver the and to capital are Our future these of organic make dividends, opportunities, sheet to and when ability
we with the I'll pandemic, the Marcia? a are then one we call challenges can year, see good emerge your track where will the questions. on the firmly As from XXXX things and on of transition is we but you immediate Marcia that, to turn horizon. over take With