Churchill Downs sold 49% of the United Tote to NYRA Content Management Solutions, LLC for an undisclosed amount. [Image: Shutterstock.com]
Financial details were not disclosed
Churchill Downs Incorporated has announced plans to sell a large percentage of its subsidiary United Tote. NYRA Content Management Solutions, LLC will acquire 49% of the company, and the deal is expected to close at the end of the year. It’s unclear how much the New York Racing Association (NYRA) subsidiary spent to secure the agreement.
Includes all United Tote business segments except for Equal Settlements
The sale of Churchill Downs Incorporated (CDI) includes all segments of United Tote’s business except for the Equal Settlements segment. United Tote offers many service options as a product and technical supplier to racetracks and other types of equivalent facilities.
The buyer, NYRA, is a non-profit corporation responsible for three New York Thoroughbred racetracks. The company operates Saratoga Racecourse, Aqueduct Racecourse and Belmont Park. NYRA has signed a separate deal to utilize the services of United Tote within these three properties by 2023.
NYRA and CDI plan to work together to create a comprehensive and effective solution to equal differences across the United Tote that leads the industry in quality and performance. The goal is to expand the horse racing industry within the sports betting platform to reach a new customer base.
United Tote designs, manufactures and operates equivalent betting systems across North America and internationally. The company has over 150 racing companies it works with and several off-track betting facilities as well.
Other great CDI discounts
Churchill Downs Incorporated was too busy selling real estate. In June, the company announced the sale of 115.7 acres of land near Calder Casino, Florida, to Link Logistics for $291 million. Link Logistics is a subsidiary of private equity firm Blackstone.
After completing the sale, CDI still holds the 54 acres in Miami Garden, the site of Calder Casino.
CDI plans to use the money from the land sale to purchase real estate linked to its recent acquisition of Peninsula Pacific Gaming.