|                                                                                                |               |             |        |  |   |             |        |  |  |  |  |  |
|------------------------------------------------------------------------------------------------|---------------|-------------|--------|--|---|-------------|--------|--|--|--|--|--|
| CONSOLIDATED RESULTS                                                                           | Third Quarter |             |        |  |
| (in millions, except per share data)                                                           | 2019          |             | 2018   |  |
|                                                                                                |               |             |        |  |
| Net revenue                                                                                    | $             | 306.3  |   |  | $ | 221.3  |   |  |
| Net income from continuing operations                                                          | $             | 15.2   |   |  | $ | 58.0   |   |  |
| Diluted earnings per share ("EPS") from continuing operations                          | $             | 0.37   |   |  | $ | 1.42   |   |  |
| Net income                                                                                     | $             | 14.8   |   |  | $ | 56.3   |   |  |
| Diluted EPS                                                                                    | $             | 0.36   |   |  | $ | 1.38   |   |  |
| Adjusted net income(a)                                                                         | $             | 22.3   |   |  | $ | 21.9   |   |  |
| Adjusted diluted EPS(a)                                                                        | $             | 0.55   |   |  | $ | 0.53   |   |  |
| Adjusted EBITDA(a)                                                                             | $             | 88.0   |   |  | $ | 62.1   |   |  |
|                                                                                                |               |             |        |  |
| (a) This is a non-GAAP measure. See explanation and reconciliation of non-GAAP measures below. |               |             |        |  |

----

|                 |               |            |        |       |        |            |        |  |  |  |  |  |
|-----------------|---------------|------------|--------|-------|--------|------------|--------|--|--|--|--|--|
| Churchill Downs | Third Quarter |            |        |       |
| (in millions)   | 2019          |            | 2018   |       |
|                 |               |            |        |       |
| Net revenue     | $             | 32.7  |   |       | $      | 11.8  |   |  |
|                 |               |            |        |       |
|                 |               |            |        |       |
|                 |               |            |        |       |
| Adjusted EBITDA | 5.2      |       |        | (2.8) |   |            |
|                 |               |            |        |       |
|                 |               |            |        |       |
|                 |               |            |        |       |

|                 |               |            |        |            |        |            |        |  |  |  |  |  |
|-----------------|---------------|------------|--------|------------|--------|------------|--------|--|--|--|--|--|
| Online Wagering | Third Quarter |            |        |            |
| (in millions)   | 2019          |            | 2018   |            |
|                 |               |            |        |            |
| Net revenue     | $             | 70.4  |   |            | $      | 72.1  |   |  |
|                 |               |            |        |            |
|                 |               |            |        |            |
|                 |               |            |        |            |
| Adjusted EBITDA | 15.0     |       |        | 20.8  |   |            |
|                 |               |            |        |            |
|                 |               |            |        |            |
|                 |               |            |        |            |

----

|                 |               |             |        |            |        |             |        |  |  |  |  |  |
|-----------------|---------------|-------------|--------|------------|--------|-------------|--------|--|--|--|--|--|
| Gaming          | Third Quarter |             |        |            |
| (in millions)   | 2019          |             | 2018   |            |
|                 |               |             |        |            |
| Net revenue     | $             | 178.6  |   |            | $      | 110.5  |   |  |
| Adjusted EBITDA | 71.7     |        |        | 44.7  |   |             |

----

----

----

----

|                                                                                 |                                  |               |        |             |                                 |               |               |        |   |               |        |  |   |             |        |  |  |  |  |  |  |  |  |
|---------------------------------------------------------------------------------|----------------------------------|---------------|--------|-------------|---------------------------------|---------------|---------------|--------|---|---------------|--------|--|---|-------------|--------|--|--|--|--|--|--|--|--|
|                                                                                 | Three Months Ended September 30, |               |        |             | Nine Months Ended September 30, |               |               |
| (in millions, except per common share data)                                     | 2019                             |               | 2018   |             | 2019                            |               | 2018          |
| Net revenue:                                                                |                                  |               |        |             |                                 |               |               |
| Churchill Downs                                                                 | $                                | 31.4     |   |             | $                               | 10.8     |          |        | $ | 234.6    |   |  | $ | 167.7  |   |
| Online Wagering                                                                 | 70.2                        |          |        | 71.8   |                            |               | 228.9    |   |   | 228.7    |   |
| Gaming                                                                          | 178.3                       |          |        | 110.4  |                            |               | 524.7    |   |   | 330.0    |   |
| All Other                                                                       | 26.4                        |          |        | 28.3   |                            |               | 60.9     |   |   | 63.6     |   |
| Total net revenue                                                               | 306.3                       |          |        | 221.3  |                            |               | 1,049.1  |   |   | 790.0    |   |
| Operating expense:                                                          |                                  |               |        |             |                                 |               |               |
| Churchill Downs                                                                 | 30.8                        |          |        | 19.5   |                            |               | 127.8    |   |   | 87.4     |   |
| Online Wagering                                                                 | 52.2                        |          |        | 49.1   |                            |               | 159.3    |   |   | 152.6    |   |
| Gaming                                                                          | 137.3                       |          |        | 81.2   |                            |               | 395.5    |   |   | 238.9    |   |
| All Other                                                                       | 22.9                        |          |        | 23.7   |                            |               | 59.9     |   |   | 62.0     |   |
| Selling, general and administrative expense                                     | 34.4                        |          |        | 21.9   |                            |               | 89.4     |   |   | 63.4     |   |
| Transaction expense, net                                                        | 0.9                         |          |        | 5.4    |                            |               | 5.0      |   |   | 8.9      |   |
| Total operating expense                                                         | 278.5                       |          |        | 200.8  |                            |               | 836.9    |   |   | 613.2    |   |
| Operating income                                                                | 27.8                        |          |        | 20.5   |                            |               | 212.2    |   |   | 176.8    |   |
| Other income (expense):                                                     |                                  |               |        |             |                                 |               |               |
| Interest expense, net                                                           | (18.9)                           |          |        | (9.9)       |                            |               | (52.0)        |   |   | (29.2)        |   |
| Equity in income of unconsolidated affiliates                                   | 14.1                        |          |        | 9.1    |                            |               | 27.7     |   |   | 24.4     |   |
| Gain on Ocean Downs transaction                                                 | —                     |          |        | 54.9   |                            |               | —  |   |   | 54.9     |   |
| Miscellaneous, net                                                              | 0.2                         |          |        | 0.1    |                            |               | 0.6      |   |   | 0.5      |   |
| Total other expense                                                             | (4.6)                            |          |        | 54.2   |                            |               | (23.7)        |   |   | 50.6     |   |
|   Income from continuing operations before provision for income taxes | 23.2                        |          |        | 74.7   |                            |               | 188.5    |   |   | 227.4    |   |
| Income tax provision                                                            | (8.0)                            |          |        | (16.7)      |                            |               | (53.1)        |   |   | (52.1)        |   |
| Income from continuing operations, net of tax                                   | 15.2                        |          |        | 58.0   |                            |               | 135.4    |   |   | 175.3    |   |
| (Loss) income from discontinued operations, net of tax                          | (0.4)                            |          |        | (1.7)       |                            |               | (1.9)         |   |   | 166.1    |   |
| Net income                                                                      | $                                | 14.8     |   |             | $                               | 56.3     |          |        | $ | 133.5    |   |  | $ | 341.4  |   |
|                                                                                 |                                  |               |        |             |                                 |               |               |
| Net income (loss) per common share data - basic:                            |                                  |               |        |             |                                 |               |               |
| Continuing operations                                                           | $                                | 0.38     |   |             | $                               | 1.43     |          |        | $ | 3.37     |   |  | $ | 4.22   |   |
| Discontinued operations                                                         | $                                | (0.01)        |   |             | $                               | (0.04)        |          |        | $ | (0.05)        |   |  | $ | 4.00   |   |
| Net income per common share data - basic                                        | $                                | 0.37     |   |             | $                               | 1.39     |          |        | $ | 3.32     |   |  | $ | 8.22   |   |
|                                                                                 |                                  |               |        |             |                                 |               |               |
| Net income (loss) per common share data - diluted:                          |                                  |               |        |             |                                 |               |               |
| Continuing operations                                                           | $                                | 0.37     |   |             | $                               | 1.42     |          |        | $ | 3.33     |   |  | $ | 4.19   |   |
| Discontinued operations                                                         | $                                | (0.01)        |   |             | $                               | (0.04)        |          |        | $ | (0.05)        |   |  | $ | 3.97   |   |
| Net income per common share data - diluted                                      | $                                | 0.36     |   |             | $                               | 1.38     |          |        | $ | 3.28     |   |  | $ | 8.16   |   |
|                                                                                 |                                  |               |        |             |                                 |               |               |
| Weighted average shares outstanding:                                        |                                  |               |        |             |                                 |               |               |
| Basic                                                                           | 40.0                        |          |        | 40.7   |                            |               | 40.2     |   |   | 41.6     |   |
| Diluted                                                                         | 40.7                        |          |        | 41.0   |                            |               | 40.7     |   |   | 41.8     |   |
|                                                                                 |                                  |               |        |             |                                 |               |               |
| Other comprehensive income (loss):                                          |                                  |               |        |             |                                 |               |               |
| Foreign currency translation, net of tax                                        | $                                | —  |   |             | $                               | —  |          |        | $ | —  |   |  | $ | 0.6    |   |
| Change in pension benefits, net of tax                                          | —                     |          |        | 0.2    |                            |               | —  |   |   | (0.2)         |   |
| Other comprehensive income (loss)                                               | —                     |          |        | 0.2    |                            |               | —  |   |   | 0.4      |   |
| Comprehensive income                                                            | $                                | 14.8     |   |             | $                               | 56.5     |          |        | $ | 133.5    |   |  | $ | 341.8  |   |

----

|                                                                                                                                                            |                    |               |                   |               |        |               |        |  |  |  |  |
|------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------|---------------|-------------------|---------------|--------|---------------|--------|--|--|--|--|
| (in millions)                                                                                                                                              | September 30, 2019 |               | December 31, 2018 |
| ASSETS                                                                                                                                                     |                    |               |                   |
| Current assets:                                                                                                                                        |                    |               |                   |
| Cash and cash equivalents                                                                                                                                  | $                  | 189.8    |              |               | $      | 133.3    |   |
| Restricted cash                                                                                                                                            | 44.0          |          |                   | 40.0     |   |
| Accounts receivable, net                                                                                                                                   | 35.4          |          |                   | 28.8     |   |
| Income taxes receivable                                                                                                                                    | 1.4           |          |                   | 17.0     |   |
| Other current assets                                                                                                                                       | 31.3          |          |                   | 22.4     |   |
| Total current assets                                                                                                                                       | 301.9         |          |                   | 241.5    |   |
| Property and equipment, net                                                                                                                                | 895.2         |          |                   | 757.5    |   |
| Investment in and advances to unconsolidated affiliates                                                                                                    | 625.0         |          |                   | 108.1    |   |
| Goodwill                                                                                                                                                   | 363.8         |          |                   | 338.0    |   |
| Other intangible assets, net                                                                                                                               | 355.8         |          |                   | 264.0    |   |
| Other assets                                                                                                                                               | 20.8          |          |                   | 16.1     |   |
| Total assets                                                                                                                                               | $                  | 2,562.5  |              |               | $      | 1,725.2  |   |
|                                                                                                                                                            |                    |               |                   |
| LIABILITIES AND SHAREHOLDERS' EQUITY                                                                                                                       |                    |               |                   |
| Current liabilities:                                                                                                                                   |                    |               |                   |
| Accounts payable                                                                                                                                           | $                  | 75.8     |              |               | $      | 47.0     |   |
| Purses payable                                                                                                                                             | 26.3          |          |                   | 15.8     |   |
| Account wagering deposit liabilities                                                                                                                       | 31.1          |          |                   | 29.6     |   |
| Accrued expense                                                                                                                                            | 124.5         |          |                   | 89.8     |   |
| Current deferred revenue                                                                                                                                   | 14.1          |          |                   | 47.9     |   |
| Current maturities of long-term debt                                                                                                                       | 4.0           |          |                   | 4.0      |   |
| Dividends payable                                                                                                                                          | —       |          |                   | 22.5     |   |
| Total current liabilities                                                                                                                                  | 275.8         |          |                   | 256.6    |   |
| Long-term debt, net of current maturities and loan origination fees                                                                                        | 384.8         |          |                   | 387.3    |   |
| Notes payable, net of debt issuance costs                                                                                                                  | 1,085.4       |          |                   | 493.0    |   |
| Non-current deferred revenue                                                                                                                               | 17.4          |          |                   | 21.1     |   |
| Deferred income taxes                                                                                                                                      | 209.8         |          |                   | 78.2     |   |
| Other liabilities                                                                                                                                          | 38.9          |          |                   | 15.7     |   |
| Total liabilities                                                                                                                                          | 2,012.1       |          |                   | 1,251.9  |   |
| Commitments and contingencies                                                                                                                              |                    |               |                   |
| Shareholders' equity:                                                                                                                                  |                    |               |                   |
| Preferred stock, no par value; 0.3 shares authorized; no shares issued or outstanding                                                              | —       |          |                   | —  |   |
| Common stock, no par value; 150.0 shares authorized; 39.9 shares issued and outstanding at September 30, 2019 and 40.4 shares at December 31, 2018 | —       |          |                   | —  |   |
| Retained earnings                                                                                                                                          | 551.3         |          |                   | 474.2    |   |
| Accumulated other comprehensive loss                                                                                                                       | (0.9)              |          |                   | (0.9)         |   |
| Total shareholders' equity                                                                                                                                 | 550.4         |          |                   | 473.3    |   |
| Total liabilities and shareholders' equity                                                                                                                 | $                  | 2,562.5  |              |               | $      | 1,725.2  |   |

----

|                                                                                                 |                                       |             |        |               |        |             |        |  |  |  |  |
|-------------------------------------------------------------------------------------------------|---------------------------------------|-------------|--------|---------------|--------|-------------|--------|--|--|--|--|
|                                                                                                 | Nine Months Ended September 30,  |        |        |               |
| (in millions)                                                                                   | 2019                                  |             | 2018   |
| Cash flows from operating activities:                                                       |                                       |             |        |
| Net income                                                                                      | $                                     | 133.5  |   |               | $      | 341.4  |   |
| Adjustments to reconcile net income to net cash provided by operating activities:           |                                       |             |        |
| Depreciation and amortization                                                                   | 64.3                             |        |        | 45.8     |   |
| Distributions from unconsolidated affiliates                                                    | 24.7                             |        |        | 14.4     |   |
| Equity in income of unconsolidated affiliates                                                   | (27.7)                                |        |        | (24.4)        |   |
| Stock-based compensation                                                                        | 17.6                             |        |        | 16.5     |   |
| Deferred income taxes                                                                           | 22.0                             |        |        | 24.7     |   |
| Gain on sale of Big Fish Games                                                                  | —                          |        |        | (219.5)       |   |
| Gain on Ocean Downs/Saratoga transaction                                                    | —                          |        |        | (54.9)        |   |
| Other                                                                                           | 2.0                              |        |        | (1.8)         |   |
| Changes in operating assets and liabilities, net of business acquisitions and dispositions: |                                       |             |        |
| Income taxes                                                                                    | 15.5                             |        |        | 31.2     |   |
| Deferred revenue                                                                                | (36.0)                                |        |        | (43.6)        |   |
| Other assets and liabilities                                                                    | 44.3                             |        |        | 5.6      |   |
| Net cash provided by operating activities                                                       | 260.2                            |        |        | 135.4    |   |
| Cash flows from investing activities:                                                       |                                       |             |        |
| Capital maintenance expenditures                                                                | (37.7)                                |        |        | (19.9)        |   |
| Capital project expenditures                                                                    | (53.3)                                |        |        | (105.6)       |   |
| Acquisition of businesses, net of cash acquired                                                 | (172.1)                               |        |        | 13.1     |   |
| Investments in and advances to unconsolidated affiliates                                        | (410.1)                               |        |        | —  |   |
| Distributions of capital from unconsolidated affiliates                                         | 5.8                              |        |        | —  |   |
| Acquisition of gaming licenses                                                                  | (22.1)                                |        |        | —  |   |
| Proceeds from sale of Big Fish Games                                                            | —                          |        |        | 970.7    |   |
| Other                                                                                           | (1.1)                                 |        |        | (9.4)         |   |
| Net cash (used in) provided by investing activities                                             | (690.6)                               |        |        | 848.9    |   |
| Cash flows from financing activities:                                                       |                                       |             |        |
| Proceeds from borrowings under long-term debt obligations                                       | 1,236.0                          |        |        | 129.7    |   |
| Repayments of borrowings under long-term debt obligations                                       | (639.0)                               |        |        | (374.7)       |   |
| Repayment of Ocean Downs debt                                                                   | —                          |        |        | (54.7)        |   |
| Payment of dividends                                                                            | (22.2)                                |        |        | (23.5)        |   |
| Repurchase of common stock                                                                      | (66.8)                                |        |        | (501.8)       |   |
| Taxes paid related to net share settlement of stock awards                                      | (7.7)                                 |        |        | (12.9)        |   |
| Debt issuance costs                                                                             | (8.9)                                 |        |        | —  |   |
| Big Fish Games earnout payment                                                                  | —                          |        |        | (31.8)        |   |
| Big Fish Games deferred payment                                                                 | —                          |        |        | (26.4)        |   |
| Other                                                                                           | (0.5)                                 |        |        | (3.0)         |   |
| Net cash provided by (used in) financing activities                                             | 490.9                            |        |        | (899.1)       |   |
| Net increase in cash, cash equivalents and restricted cash                                      | 60.5                             |        |        | 85.2     |   |
| Effect of exchange rate changes on cash flows                                                   | —                          |        |        | (0.6)         |   |
| Cash, cash equivalents and restricted cash, beginning of period                                 | 173.3                            |        |        | 85.5     |   |
| Cash, cash equivalents and restricted cash, end of period                                       | $                                     | 233.8  |   |               | $      | 170.1  |   |

----

|                                                                        |                                  |            |        |               |                                 |            |               |        |   |               |        |  |   |             |        |  |  |  |  |  |  |  |  |
|------------------------------------------------------------------------|----------------------------------|------------|--------|---------------|---------------------------------|------------|---------------|--------|---|---------------|--------|--|---|-------------|--------|--|--|--|--|--|--|--|--|
|                                                                        | Three Months Ended September 30, |            |        |               | Nine Months Ended September 30, |            |               |
| (in millions)                                                          | 2019                             |            | 2018   |               | 2019                            |            | 2018          |
| GAAP net income                                                        | $                                | 14.8  |   |               | $                               | 56.3  |          |        | $ | 133.5    |   |  | $ | 341.4  |   |
|                                                                        |                                  |            |        |               |                                 |            |               |
| Adjustments, continuing operations:                                |                                  |            |        |               |                                 |            |               |
| Changes in fair value of interest rate swaps related to Midwest Gaming | 3.2                         |       |        | —  |                            |            | 15.4     |   |   | —  |   |
| Recapitalization and transaction costs related to Midwest Gaming       | —                     |       |        | —  |                            |            | 4.7      |   |   | —  |   |
| Transaction expense, net                                               | 0.9                         |       |        | 5.4      |                            |            | 5.0      |   |   | 8.9      |   |
| Legal reserves                                                         | 3.3                         |       |        | —  |                            |            | 3.6      |   |   | —  |   |
| Pre-opening expense and other expense                                  | 1.2                         |       |        | 2.8      |                            |            | 3.6      |   |   | 4.1      |   |
| Gain on Ocean Downs transaction                                        | —                     |       |        | (54.9)        |                            |            | —  |   |   | (54.9)        |   |
| Income tax impact on net income adjustments(a)                         | (2.0)                            |       |        | 10.6     |                            |            | (7.9)         |   |   | 7.5      |   |
| Re-measurement of net deferred tax liabilities                         | 0.5                         |       |        | —  |                            |            | 2.7      |   |   | —  |   |
| Total adjustments, continuing operations                               | 7.1                         |       |        | (36.1)        |                            |            | 27.1     |   |   | (34.4)        |   |
| Gain on Big Fish Transaction, net of tax(b)                            | —                     |       |        | —  |                            |            | —  |   |   | (168.3)       |   |
| Big Fish Games net loss(b)                                             | 0.4                         |       |        | 1.7      |                            |            | 1.9      |   |   | 2.2      |   |
| Total adjustments                                                      | 7.5                         |       |        | (34.4)        |                            |            | 29.0     |   |   | (200.5)       |   |
| Adjusted net income                                                    | $                                | 22.3  |   |               | $                               | 21.9  |          |        | $ | 162.5    |   |  | $ | 140.9  |   |
|                                                                        |                                  |            |        |               |                                 |            |               |
| Adjusted diluted EPS                                                   | $                                | 0.55  |   |               | $                               | 0.53  |          |        | $ | 4.00     |   |  | $ | 3.37   |   |
|                                                                        |                                  |            |        |               |                                 |            |               |
| Weighted average shares outstanding - Diluted                          | 40.7                        |       |        | 41.0     |                            |            | 40.7     |   |   | 41.8     |   |

|                           |                                  |            |        |             |                                 |            |               |        |   |               |        |  |   |             |        |  |  |  |  |  |  |  |  |
|---------------------------|----------------------------------|------------|--------|-------------|---------------------------------|------------|---------------|--------|---|---------------|--------|--|---|-------------|--------|--|--|--|--|--|--|--|--|
|                           | Three Months Ended September 30, |            |        |             | Nine Months Ended September 30, |            |               |
| (in millions)             | 2019                             |            | 2018   |             | 2019                            |            | 2018          |
| Total Handle              |                                  |            |        |             |                                 |            |               |
| Churchill Downs Racetrack | $                                | 53.4  |   |             | $                               | 45.4  |          |        | $ | 576.4    |   |  | $ | 523.3  |   |
| TwinSpires(a)             | 368.7                       |       |        | 341.8  |                            |            | 1,141.9  |   |   | 1,097.9  |   |

----

|                                          |                                  |               |        |               |                                 |               |               |        |   |               |        |  |   |               |        |  |  |  |  |  |  |  |  |
|------------------------------------------|----------------------------------|---------------|--------|---------------|---------------------------------|---------------|---------------|--------|---|---------------|--------|--|---|---------------|--------|--|--|--|--|--|--|--|--|
|                                          | Three Months Ended September 30, |               |        |               | Nine Months Ended September 30, |               |               |
| (in millions)                            | 2019                             |               | 2018   |               | 2019                            |               | 2018          |
| Net revenue from external customers: |                                  |               |        |               |                                 |               |               |
| Churchill Downs:                     |                                  |               |        |               |                                 |               |               |
| Churchill Downs Racetrack                | $                                | 8.9      |   |               | $                               | 8.5      |          |        | $ | 172.2    |   |  | $ | 165.4    |   |
| Derby City Gaming                        | 22.5                        |          |        | 2.3      |                            |               | 62.4     |   |   | 2.3      |   |
| Total Churchill Downs                    | 31.4                        |          |        | 10.8     |                            |               | 234.6    |   |   | 167.7    |   |
| Online Wagering:                     |                                  |               |        |               |                                 |               |               |
| TwinSpires                               | 70.3                        |          |        | 71.8     |                            |               | 228.8    |   |   | 228.7    |   |
| Online Sports Betting and iGaming        | (0.1)                            |          |        | —  |                            |               | 0.1      |   |   | —  |   |
| Total Online Wagering                    | 70.2                        |          |        | 71.8     |                            |               | 228.9    |   |   | 228.7    |   |
| Gaming:                              |                                  |               |        |               |                                 |               |               |
| Oxford                                   | 27.2                        |          |        | 28.9     |                            |               | 77.4     |   |   | 79.3     |   |
| Calder                                   | 24.4                        |          |        | 24.0     |                            |               | 75.4     |   |   | 74.9     |   |
| Riverwalk                                | 13.6                        |          |        | 12.8     |                            |               | 44.1     |   |   | 40.8     |   |
| Harlow’s                           | 13.3                        |          |        | 12.1     |                            |               | 41.9     |   |   | 37.9     |   |
| Fair Grounds and VSI                     | 25.0                        |          |        | 24.5     |                            |               | 93.4     |   |   | 88.4     |   |
| Ocean Downs                              | 26.7                        |          |        | 8.1      |                            |               | 67.0     |   |   | 8.1      |   |
| Presque Isle                             | 38.1                        |          |        | —  |                            |               | 104.9    |   |   | —  |   |
| Lady Luck Nemacolin                      | 10.0                        |          |        | —  |                            |               | 20.6     |   |   | —  |   |
| Saratoga                                 | —                     |          |        | —  |                            |               | —  |   |   | 0.6      |   |
| Total Gaming                             | 178.3                       |          |        | 110.4    |                            |               | 524.7    |   |   | 330.0    |   |
| All Other                                | 26.4                        |          |        | 28.3     |                            |               | 60.9     |   |   | 63.6     |   |
| Net revenue from external customers      | $                                | 306.3    |   |               | $                               | 221.3    |          |        | $ | 1,049.1  |   |  | $ | 790.0    |   |
|                                          |                                  |               |        |               |                                 |               |               |
| Intercompany net revenue:            |                                  |               |        |               |                                 |               |               |
| Churchill Downs                          | $                                | 1.3      |   |               | $                               | 1.0      |          |        | $ | 12.6     |   |  | $ | 10.7     |   |
| Online Wagering                          | 0.2                         |          |        | 0.3      |                            |               | 0.9      |   |   | 1.1      |   |
| Gaming                                   | 0.3                         |          |        | 0.1      |                            |               | 1.8      |   |   | 1.2      |   |
| All Other                                | 3.4                         |          |        | 3.2      |                            |               | 9.0      |   |   | 9.2      |   |
| Eliminations                             | (5.2)                            |          |        | (4.6)         |                            |               | (24.3)        |   |   | (22.2)        |   |
| Intercompany net revenue                 | $                                | —  |   |               | $                               | —  |          |        | $ | —  |   |  | $ | —  |   |

----

|                                     |                                       |            |                 |               |        |            |                |        |           |             |        |  |               |             |        |             |        |            |        |  |   |             |        |  |  |  |  |  |  |  |  |  |  |  |  |
|-------------------------------------|---------------------------------------|------------|-----------------|---------------|--------|------------|----------------|--------|-----------|-------------|--------|--|---------------|-------------|--------|-------------|--------|------------|--------|--|---|-------------|--------|--|--|--|--|--|--|--|--|--|--|--|--|
|                                     | Three Months Ended September 30, 2019 |            |                 |               |        |            |                |        |           |             |        |
| (in millions)                       | Churchill Downs                       |            | Online Wagering |               | Gaming |            | Total Segments |        | All Other |             | Total  |
| Net revenue from external customers |                                       |            |                 |               |        |            |                |        |           |             |        |
| Pari-mutuel:                    |                                       |            |                 |               |        |            |                |        |           |             |        |
| Live and simulcast racing           | $                                     | 5.4   |            |               | $      | 67.1  |           |        | $         | 6.2    |   |  | $             | 78.7   |   |             | $      | 15.0  |   |  | $ | 93.7   |   |
| Historical racing                   | 21.3                             |       |                 | —  |   |            | —   |   |           | 21.3   |   |  | —  |        |        | 21.3   |   |
| Racing event-related services       | 1.6                              |       |                 | —  |   |            | 0.8       |   |           | 2.4    |   |  | 3.1      |        |        | 5.5    |   |
| Gaming(a)                           | —                          |       |                 | —  |   |            | 153.2     |   |           | 153.2  |   |  | —  |        |        | 153.2  |   |
| Other(a)                            | 3.1                              |       |                 | 3.1      |   |            | 18.1      |   |           | 24.3   |   |  | 8.3      |        |        | 32.6   |   |
| Total                               | $                                     | 31.4  |            |               | $      | 70.2  |           |        | $         | 178.3  |   |  | $             | 279.9  |   |             | $      | 26.4  |   |  | $ | 306.3  |   |

|                                     |                                       |            |                 |               |        |            |                |        |           |             |        |  |               |             |        |            |        |            |        |  |   |             |        |  |  |  |  |  |  |  |  |  |  |  |  |
|-------------------------------------|---------------------------------------|------------|-----------------|---------------|--------|------------|----------------|--------|-----------|-------------|--------|--|---------------|-------------|--------|------------|--------|------------|--------|--|---|-------------|--------|--|--|--|--|--|--|--|--|--|--|--|--|
|                                     | Three Months Ended September 30, 2018 |            |                 |               |        |            |                |        |           |             |        |
| (in millions)                       | Churchill Downs                       |            | Online Wagering |               | Gaming |            | Total Segments |        | All Other |             | Total  |
| Net revenue from external customers |                                       |            |                 |               |        |            |                |        |           |             |        |
| Pari-mutuel:                    |                                       |            |                 |               |        |            |                |        |           |             |        |
| Live and simulcast racing           | $                                     | 4.8   |            |               | $      | 68.8  |           |        | $         | 4.3    |   |  | $             | 77.9   |   |            | $      | 16.6  |   |  | $ | 94.5   |   |
| Historical racing                   | 2.2                              |       |                 | —  |   |            | —   |   |           | 2.2    |   |  | —  |        |        | 2.2   |   |
| Racing event-related services       | 2.0                              |       |                 | —  |   |            | 0.8       |   |           | 2.8    |   |  | 3.5      |        |        | 6.3   |   |
| Gaming(a)                           | —                          |       |                 | —  |   |            | 92.8      |   |           | 92.8   |   |  | —  |        |        | 92.8  |   |
| Other(a)                            | 1.8                              |       |                 | 3.0      |   |            | 12.5      |   |           | 17.3   |   |  | 8.2      |        |        | 25.5  |   |
| Total                               | $                                     | 10.8  |            |               | $      | 71.8  |           |        | $         | 110.4  |   |  | $             | 193.0  |   |            | $      | 28.3  |   |  | $ | 221.3  |   |

----

|                                     |                                      |             |                 |               |        |             |                |        |           |             |        |  |               |             |        |             |        |            |        |  |   |               |        |  |  |  |  |  |  |  |  |  |  |  |  |
|-------------------------------------|--------------------------------------|-------------|-----------------|---------------|--------|-------------|----------------|--------|-----------|-------------|--------|--|---------------|-------------|--------|-------------|--------|------------|--------|--|---|---------------|--------|--|--|--|--|--|--|--|--|--|--|--|--|
|                                     | Nine Months Ended September 30, 2019 |             |                 |               |        |             |                |        |           |             |        |
| (in millions)                       | Churchill Downs                      |             | Online Wagering |               | Gaming |             | Total Segments |        | All Other |             | Total  |
| Net revenue from external customers |                                      |             |                 |               |        |             |                |        |           |             |        |
| Pari-mutuel:                    |                                      |             |                 |               |        |             |                |        |           |             |        |
| Live and simulcast racing           | $                                    | 48.1   |            |               | $      | 218.7  |           |        | $         | 23.9   |   |  | $             | 290.7  |   |             | $      | 34.7  |   |  | $ | 325.4    |   |
| Historical racing                   | 58.7                            |        |                 | —  |   |             | —   |   |           | 58.7   |   |  | —  |        |        | 58.7   |   |
| Racing event-related services       | 115.0                           |        |                 | —  |   |             | 3.1       |   |           | 118.1  |   |  | 5.3      |        |        | 123.4  |   |
| Gaming(b)                           | —                         |        |                 | 0.1      |   |             | 442.4     |   |           | 442.5  |   |  | —  |        |        | 442.5  |   |
| Other(b)                            | 12.8                            |        |                 | 10.1     |   |             | 55.3      |   |           | 78.2   |   |  | 20.9     |        |        | 99.1   |   |
| Total                               | $                                    | 234.6  |            |               | $      | 228.9  |           |        | $         | 524.7  |   |  | $             | 988.2  |   |             | $      | 60.9  |   |  | $ | 1,049.1  |   |

|                                     |                                      |             |                 |               |        |             |                |        |           |             |        |  |               |             |        |             |        |            |        |  |   |             |        |  |  |  |  |  |  |  |  |  |  |  |  |
|-------------------------------------|--------------------------------------|-------------|-----------------|---------------|--------|-------------|----------------|--------|-----------|-------------|--------|--|---------------|-------------|--------|-------------|--------|------------|--------|--|---|-------------|--------|--|--|--|--|--|--|--|--|--|--|--|--|
|                                     | Nine Months Ended September 30, 2018 |             |                 |               |        |             |                |        |           |             |        |
| (in millions)                       | Churchill Downs                      |             | Online Wagering |               | Gaming |             | Total Segments |        | All Other |             | Total  |
| Net revenue from external customers |                                      |             |                 |               |        |             |                |        |           |             |        |
| Pari-mutuel:                    |                                      |             |                 |               |        |             |                |        |           |             |        |
| Live and simulcast racing           | $                                    | 45.6   |            |               | $      | 219.5  |           |        | $         | 19.3   |   |  | $             | 284.4  |   |             | $      | 38.1  |   |  | $ | 322.5  |   |
| Historical racing                   | 2.2                             |        |                 | —  |   |             | —   |   |           | 2.2    |   |  | —  |        |        | 2.2    |   |
| Racing event-related services       | 111.6                           |        |                 | —  |   |             | 2.9       |   |           | 114.5  |   |  | 5.7      |        |        | 120.2  |   |
| Gaming(b)                           | —                         |        |                 | —  |   |             | 267.8     |   |           | 267.8  |   |  | —  |        |        | 267.8  |   |
| Other(b)                            | 8.3                             |        |                 | 9.2      |   |             | 40.0      |   |           | 57.5   |   |  | 19.8     |        |        | 77.3   |   |
| Total                               | $                                    | 167.7  |            |               | $      | 228.7  |           |        | $         | 330.0  |   |  | $             | 726.4  |   |             | $      | 63.6  |   |  | $ | 790.0  |   |

----

|                                               |                                       |            |                 |               |        |            |                |        |           |             |              |  |               |             |        |               |        |            |            |        |   |               |        |  |   |             |        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-----------------------------------------------|---------------------------------------|------------|-----------------|---------------|--------|------------|----------------|--------|-----------|-------------|--------------|--|---------------|-------------|--------|---------------|--------|------------|------------|--------|---|---------------|--------|--|---|-------------|--------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
|                                               | Three Months Ended September 30, 2019 |            |                 |               |        |            |                |        |           |             |              |  |               |
| (in millions)                                 | Churchill Downs                       |            | Online Wagering |               | Gaming |            | Total Segments |        | All Other |             | Eliminations |  | Total         |
| Net revenue                                   | $                                     | 32.7  |            |               | $      | 70.4  |           |        | $         | 178.6  |         |  | $             | 281.7  |   |               | $      | 29.8  |       |        | $ | (5.2)         |   |  | $ | 306.3  |   |
|                                               |                                       |            |                 |               |        |            |                |        |           |             |              |  |               |
| Taxes & purses                            | (10.2)                                |       |                 | (4.4)         |   |            | (71.2)         |   |           | (85.8)      |         |  | (5.5)         |        |        | —  |   |            | (91.3)     |   |
| Marketing & advertising                   | (1.1)                                 |       |                 | (3.6)         |   |            | (5.5)          |   |           | (10.2)      |         |  | (0.5)         |        |        | 0.1      |   |            | (10.6)     |   |
| Salaries & benefits                       | (6.8)                                 |       |                 | (3.0)         |   |            | (26.6)         |   |           | (36.4)      |         |  | (7.1)         |        |        | —  |   |            | (43.5)     |   |
| Content expense                               | (0.5)                                 |       |                 | (36.5)        |   |            | (1.6)          |   |           | (38.6)      |         |  | (1.7)         |        |        | 4.8      |   |            | (35.5)     |   |
| Selling, general & administrative expense | (2.1)                                 |       |                 | (1.8)         |   |            | (7.9)          |   |           | (11.8)      |         |  | (12.9)        |        |        | 0.3      |   |            | (24.4)     |   |
| Other operating expense                       | (6.9)                                 |       |                 | (6.1)         |   |            | (21.2)         |   |           | (34.2)      |         |  | (6.0)         |        |        | —  |   |            | (40.2)     |   |
| Other income                                  | 0.1                              |       |                 | —  |   |            | 27.1      |   |           | 27.2   |         |  | —  |        |        | —  |   |            | 27.2  |   |
| Adjusted EBITDA                               | $                                     | 5.2   |            |               | $      | 15.0  |           |        | $         | 71.7   |         |  | $             | 91.9   |   |               | $      | (3.9)      |       |        | $ | —  |   |  | $ | 88.0   |   |

|                                               |                                       |            |                 |               |        |            |                |        |           |             |              |  |               |             |        |               |        |            |            |        |   |               |        |  |   |             |        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-----------------------------------------------|---------------------------------------|------------|-----------------|---------------|--------|------------|----------------|--------|-----------|-------------|--------------|--|---------------|-------------|--------|---------------|--------|------------|------------|--------|---|---------------|--------|--|---|-------------|--------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
|                                               | Three Months Ended September 30, 2018 |            |                 |               |        |            |                |        |           |             |              |  |               |
| (in millions)                                 | Churchill Downs                       |            | Online Wagering |               | Gaming |            | Total Segments |        | All Other |             | Eliminations |  | Total         |
| Net revenue                                   | $                                     | 11.8  |            |               | $      | 72.1  |           |        | $         | 110.5  |         |  | $             | 194.4  |   |               | $      | 31.5  |       |        | $ | (4.6)         |   |  | $ | 221.3  |   |
|                                               |                                       |            |                 |               |        |            |                |        |           |             |              |  |               |
| Taxes & purses                            | (3.6)                                 |       |                 | (4.2)         |   |            | (37.9)         |   |           | (45.7)      |         |  | (6.2)         |        |        | —  |   |            | (51.9)     |   |
| Marketing & advertising                   | (0.6)                                 |       |                 | (0.6)         |   |            | (3.6)          |   |           | (4.8)       |         |  | (0.6)         |        |        | 0.1      |   |            | (5.3)      |   |
| Salaries & benefits                       | (4.5)                                 |       |                 | (2.1)         |   |            | (16.8)         |   |           | (23.4)      |         |  | (7.6)         |        |        | —  |   |            | (31.0)     |   |
| Content expense                               | (0.5)                                 |       |                 | (37.3)        |   |            | (0.9)          |   |           | (38.7)      |         |  | (2.0)         |        |        | 4.2      |   |            | (36.5)     |   |
| Selling, general & administrative expense | (0.8)                                 |       |                 | (1.4)         |   |            | (4.5)          |   |           | (6.7)       |         |  | (10.0)        |        |        | 0.2      |   |            | (16.5)     |   |
| Other operating expense                       | (4.6)                                 |       |                 | (5.7)         |   |            | (14.8)         |   |           | (25.1)      |         |  | (5.7)         |        |        | 0.1      |   |            | (30.7)     |   |
| Other income                                  | —                          |       |                 | —  |   |            | 12.7      |   |           | 12.7   |         |  | —  |        |        | —  |   |            | 12.7  |   |
| Adjusted EBITDA                               | $                                     | (2.8)      |            |               | $      | 20.8  |           |        | $         | 44.7   |         |  | $             | 62.7   |   |               | $      | (0.6)      |       |        | $ | —  |   |  | $ | 62.1   |   |

----

|                                               |                                      |             |                 |               |        |             |                |        |           |             |              |  |           |               |        |               |        |            |            |        |   |               |        |  |   |               |        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-----------------------------------------------|--------------------------------------|-------------|-----------------|---------------|--------|-------------|----------------|--------|-----------|-------------|--------------|--|-----------|---------------|--------|---------------|--------|------------|------------|--------|---|---------------|--------|--|---|---------------|--------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
|                                               | Nine Months Ended September 30, 2019 |             |                 |               |        |             |                |        |           |             |              |  |           |
| (in millions)                                 | Churchill Downs                      |             | Online Wagering |               | Gaming |             | Total Segments |        | All Other |             | Eliminations |  | Total     |
| Net revenue                                   | $                                    | 247.2  |            |               | $      | 229.8  |           |        | $         | 526.5  |         |  | $         | 1,003.5  |   |               | $      | 69.9  |       |        | $ | (24.3)        |   |  | $ | 1,049.1  |   |
|                                               |                                      |             |                 |               |        |             |                |        |           |             |              |  |           |
| Taxes & purses                            | (52.1)                               |        |                 | (12.0)        |   |             | (204.7)        |   |           | (268.8)     |         |  | (13.7)    |          |        | —  |   |            | (282.5)    |   |
| Marketing & advertising                   | (5.8)                                |        |                 | (9.1)         |   |             | (15.7)         |   |           | (30.6)      |         |  | (1.1)     |          |        | 0.3      |   |            | (31.4)     |   |
| Salaries & benefits                       | (24.5)                               |        |                 | (8.2)         |   |             | (76.5)         |   |           | (109.2)     |         |  | (18.5)    |          |        | —  |   |            | (127.7)    |   |
| Content expense                               | (1.8)                                |        |                 | (120.4)       |   |             | (4.5)          |   |           | (126.7)     |         |  | (6.2)     |          |        | 23.0     |   |            | (109.9)    |   |
| Selling, general & administrative expense | (5.8)                                |        |                 | (5.5)         |   |             | (21.2)         |   |           | (32.5)      |         |  | (33.5)    |          |        | 0.8      |   |            | (65.2)     |   |
| Other operating expense                       | (28.8)                               |        |                 | (20.5)        |   |             | (62.0)         |   |           | (111.3)     |         |  | (14.7)    |          |        | 0.2      |   |            | (125.8)    |   |
| Other income                                  | 0.1                             |        |                 | —  |   |             | 70.7      |   |           | 70.8   |         |  | 0.2  |          |        |               |        |            | 71.0  |   |
| Adjusted EBITDA                               | $                                    | 128.5  |            |               | $      | 54.1   |           |        | $         | 212.6  |         |  | $         | 395.2    |   |               | $      | (17.6)     |       |        | $ | —  |   |  | $ | 377.6    |   |

|                                               |                                      |             |                 |         |        |             |                |        |           |             |              |  |           |             |        |               |        |            |            |        |   |               |        |  |   |             |        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-----------------------------------------------|--------------------------------------|-------------|-----------------|---------|--------|-------------|----------------|--------|-----------|-------------|--------------|--|-----------|-------------|--------|---------------|--------|------------|------------|--------|---|---------------|--------|--|---|-------------|--------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
|                                               | Nine Months Ended September 30, 2018 |             |                 |         |        |             |                |        |           |             |              |  |           |
| (in millions)                                 | Churchill Downs                      |             | Online Wagering |         | Gaming |             | Total Segments |        | All Other |             | Eliminations |  | Total     |
| Net revenue                                   | $                                    | 178.4  |            |         | $      | 229.8  |           |        | $         | 331.2  |         |  | $         | 739.4  |   |               | $      | 72.8  |       |        | $ | (22.2)        |   |  | $ | 790.0  |   |
|                                               |                                      |             |                 |         |        |             |                |        |           |             |              |  |           |
| Taxes & purses                            | (31.6)                               |        |                 | (12.2)  |   |             | (111.4)        |   |           | (155.2)     |         |  | (15.3)    |        |        | —  |   |            | (170.5)    |   |
| Marketing & advertising                   | (4.1)                                |        |                 | (4.5)   |   |             | (10.7)         |   |           | (19.3)      |         |  | (1.3)     |        |        | 0.3      |   |            | (20.3)     |   |
| Salaries & benefits                       | (17.3)                               |        |                 | (6.6)   |   |             | (49.3)         |   |           | (73.2)      |         |  | (20.2)    |        |        | —  |   |            | (93.4)     |   |
| Content expense                               | (1.8)                                |        |                 | (119.3) |   |             | (2.9)          |   |           | (124.0)     |         |  | (6.4)     |        |        | 20.3     |   |            | (110.1)    |   |
| Selling, general & administrative expense | (3.0)                                |        |                 | (4.4)   |   |             | (12.3)         |   |           | (19.7)      |         |  | (28.6)    |        |        | 0.9      |   |            | (47.4)     |   |
| Other operating expense                       | (21.6)                               |        |                 | (19.7)  |   |             | (44.2)         |   |           | (85.5)      |         |  | (14.7)    |        |        | 0.7      |   |            | (99.5)     |   |
| Other income                                  | 0.1                             |        |                 |         |        |             | 36.4      |   |           | 36.5   |         |  | 0.5  |        |        | —  |   |            | 37.0  |   |
| Adjusted EBITDA                               | $                                    | 99.1   |            |         | $      | 63.1   |           |        | $         | 136.8  |         |  | $         | 299.0  |   |               | $      | (13.2)     |       |        | $ | —  |   |  | $ | 285.8  |   |

----

|                                                                               |                                  |            |        |               |                                 |             |               |        |   |               |        |  |   |             |        |  |  |  |  |  |  |  |  |
|-------------------------------------------------------------------------------|----------------------------------|------------|--------|---------------|---------------------------------|-------------|---------------|--------|---|---------------|--------|--|---|-------------|--------|--|--|--|--|--|--|--|--|
|                                                                               | Three Months Ended September 30, |            |        |               | Nine Months Ended September 30, |             |               |
| (in millions)                                                                 | 2019                             |            | 2018   |               | 2019                            |             | 2018          |
| Reconciliation of Comprehensive Income to Adjusted EBITDA:                |                                  |            |        |               |                                 |             |               |
|                                                                               |                                  |            |        |               |                                 |             |               |
| Comprehensive income                                                          | $                                | 14.8  |   |               | $                               | 56.5   |          |        | $ | 133.5    |   |  | $ | 341.8  |   |
| Foreign currency translation, net of tax                                      | —                     |       |        | —  |                            |             | —  |   |   | (0.6)         |   |
| Change in pension benefits, net of tax                                        | —                     |       |        | (0.2)         |                            |             | —  |   |   | 0.2      |   |
| Net income                                                                    | 14.8                        |       |        | 56.3     |                            |             | 133.5    |   |   | 341.4    |   |
| Loss (income) from discontinued operations, net of tax                        | 0.4                         |       |        | 1.7      |                            |             | 1.9      |   |   | (166.1)       |   |
| Income from continuing operations, net of tax                                 | 15.2                        |       |        | 58.0     |                            |             | 135.4    |   |   | 175.3    |   |
|                                                                               |                                  |            |        |               |                                 |             |               |
| Additions:                                                                |                                  |            |        |               |                                 |             |               |
| Depreciation and amortization                                                 | 22.0                        |       |        | 16.7     |                            |             | 64.3     |   |   | 45.8     |   |
| Interest expense                                                              | 18.9                        |       |        | 9.9      |                            |             | 52.0     |   |   | 29.2     |   |
| Income tax provision                                                          | 8.0                         |       |        | 16.7     |                            |             | 53.1     |   |   | 52.1     |   |
| EBITDA                                                                        | $                                | 64.1  |   |               | $                               | 101.3  |          |        | $ | 304.8    |   |  | $ | 302.4  |   |
|                                                                               |                                  |            |        |               |                                 |             |               |
| Adjustments to EBITDA:                                                    |                                  |            |        |               |                                 |             |               |
| Selling, general and administrative:                                      |                                  |            |        |               |                                 |             |               |
| Stock-based compensation expense                                              | $                                | 5.5   |   |               | $                               | 3.9    |          |        | $ | 17.6     |   |  | $ | 13.1   |   |
| Legal reserves                                                                | 3.3                         |       |        | —  |                            |             | 3.6      |   |   | —  |   |
|                                                                               |                                  |            |        |               |                                 |             |               |
| Pre-opening expense and other expense                                         | 1.2                         |       |        | 2.8      |                            |             | 3.6      |   |   | 4.1      |   |
| Transaction expense, net                                                      | 0.9                         |       |        | 5.4      |                            |             | 5.0      |   |   | 8.9      |   |
| Gain on Ocean Downs/Saratoga transaction                                  | —                     |       |        | (54.9)        |                            |             | —  |   |   | (54.9)        |   |
| Other income, expense:                                                    |                                  |            |        |               |                                 |             |               |
| Interest, depreciation and amortization expense related to equity investments | 9.7                         |       |        | 3.6      |                            |             | 22.9     |   |   | 12.2     |   |
| Changes in fair value of Midwest Gaming's interest rate swaps                 | 3.2                         |       |        | —  |                            |             | 15.4     |   |   | —  |   |
| Midwest Gaming's recapitalization and transactions costs                      | —                     |       |        | —  |                            |             | 4.7      |   |   | —  |   |
| Other                                                                         | 0.1                         |       |        | —  |                            |             | —  |   |   | —  |   |
| Total adjustments to EBITDA                                                   | 23.9                        |       |        | (39.2)        |                            |             | 72.8     |   |   | (16.6)        |   |
| Adjusted EBITDA                                                               | $                                | 88.0  |   |               | $                               | 62.1   |          |        | $ | 377.6    |   |  | $ | 285.8  |   |
|                                                                               |                                  |            |        |               |                                 |             |               |
| Adjusted EBITDA by segment:                                               |                                  |            |        |               |                                 |             |               |
| Churchill Downs                                                               | $                                | 5.2   |   |               | $                               | (2.8)       |          |        | $ | 128.5    |   |  | $ | 99.1   |   |
| Online Wagering                                                               | 15.0                        |       |        | 20.8     |                            |             | 54.1     |   |   | 63.1     |   |
| Gaming                                                                        | 71.7                        |       |        | 44.7     |                            |             | 212.6    |   |   | 136.8    |   |
| Total segment Adjusted EBITDA                                                 | 91.9                        |       |        | 62.7     |                            |             | 395.2    |   |   | 299.0    |   |
| All Other                                                                     | (3.9)                            |       |        | (0.6)         |                            |             | (17.6)        |   |   | (13.2)        |   |
| Total Adjusted EBITDA                                                         | $                                | 88.0  |   |               | $                               | 62.1   |          |        | $ | 377.6    |   |  | $ | 285.8  |   |

----

|                                          |                                        |             |        |            |        |             |            |                                       |        |             |        |  |             |             |        |            |        |             |        |  |   |             |        |  |  |  |  |  |  |  |  |  |  |  |  |
|------------------------------------------|----------------------------------------|-------------|--------|------------|--------|-------------|------------|---------------------------------------|--------|-------------|--------|--|-------------|-------------|--------|------------|--------|-------------|--------|--|---|-------------|--------|--|--|--|--|--|--|--|--|--|--|--|--|
|                                          | Three Months Ended September 30,  |        |        |            |        |             |            | Nine Months Ended September 30,  |   |             |        |  |             |
| (in millions)                            | 2019                                   |             | 2018   |            | Change |             | 2019       |                                       | 2018   |             | Change |
| Gaming Segment                           |                                        |             |        |            |        |             |            |                                       |        |             |        |
| Revenue                                  | $                                      | 178.6  |   |            | $      | 110.5  |       |                                       | $      | 68.1   |   |  | $           | 526.5  |   |            | $      | 331.2  |   |  | $ | 195.3  |   |
| Adjusted EBITDA                          | 71.7                              |        |        | 44.7  |   |             | 27.0  |                                  |        | 212.6  |   |  | 136.8  |        |        | 75.8  |   |
| Margin                                   | 40.1                              | %           |        | 40.5  | %      |             | (0.4)      | %                                     |        | 40.4   | %      |  | 41.3   | %           |        | (0.9)      | %      |
|                                          |                                        |             |        |            |        |             |            |                                       |        |             |        |
| Wholly-owned casino margin(a)            | 27.5                              | %           |        | 33.4  | %      |             | (5.9)      | %                                     |        | 29.2   | %      |  | 34.3   | %           |        | (5.1)      | %      |
| Same store wholly-owned casino margin(b) | 31.9                              | %           |        | 33.3  | %      |             | (1.4)      | %                                     |        | 34.2   | %      |  | 34.3   | %           |        | (0.1)      | %      |

----

|                                |                                  |             |         |            |                                 |             |             |        |   |             |        |  |   |             |        |  |  |  |  |  |  |  |  |
|--------------------------------|----------------------------------|-------------|---------|------------|---------------------------------|-------------|-------------|--------|---|-------------|--------|--|---|-------------|--------|--|--|--|--|--|--|--|--|
|                                | Summarized Income Statement      |             |         |            |                                 |             |             |
|                                | Three Months Ended September 30, |             |         |            | Nine Months Ended September 30, |             |             |
| (in millions)                  | 2019(a)                          |             | 2018(b) |            | 2019(a)                         |             | 2018(b)     |
| Net revenue                    | $                                | 160.8  |    |            | $                               | 105.2  |        |        | $ | 416.6  |   |  | $ | 322.1  |   |
|                                |                                  |             |         |            |                                 |             |             |
| Operating and SG&A expense | 113.7                       |        |         | 76.4  |                            |             | 293.8  |   |   | 240.5  |   |
| Depreciation and amortization  | 3.6                         |        |         | 5.9   |                            |             | 9.1    |   |   | 19.0   |   |
| Total operating expense        | 117.3                       |        |         | 82.3  |                            |             | 302.9  |   |   | 259.5  |   |
| Operating income               | 43.5                        |        |         | 22.9  |                            |             | 113.7  |   |   | 62.6   |   |
| Interest and other, net        | (17.6)                           |        |         | (1.0)      |                            |             | (59.9)      |   |   | (5.6)       |   |
| Net income                     | $                                | 25.9   |    |            | $                               | 21.9   |        |        | $ | 53.8   |   |  | $ | 57.0   |   |

|                                                 |                          |             |                      |               |        |             |        |  |  |  |  |
|-------------------------------------------------|--------------------------|-------------|----------------------|---------------|--------|-------------|--------|--|--|--|--|
|                                                 | Summarized Balance Sheet |             |                      |
| (in millions)                                   | September 30, 2019(a)    |             | December 31, 2018(c) |
| Assets                                          |                          |             |                      |
| Current assets                                  | $                        | 59.2   |                 |               | $      | 24.0   |   |
| Property and equipment, net                     | 244.0               |        |                      | 95.7     |   |
| Other assets, net                               | 236.2               |        |                      | 106.7    |   |
| Total assets                                    | $                        | 539.4  |                 |               | $      | 226.4  |   |
|                                                 |                          |             |                      |
| Liabilities and Members' Equity                 |                          |             |                      |
| Current liabilities                             | $                        | 75.1   |                 |               | $      | 21.2   |   |
| Long-term debt                                  | 740.5               |        |                      | —  |   |
| Other liabilities                               | 25.5                |        |                      | —  |   |
| Members' (deficit) equity                       | (301.7)                  |        |                      | 205.2    |   |
| Total liabilities and members' (deficit) equity | $                        | 539.4  |                 |               | $      | 226.4  |   |