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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
| | | | | |
☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended June 30, 2020
OR
| | | | | |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission file number 001-33998
Churchill Downs Incorporated
(Exact name of registrant as specified in its charter)
| | | | | | | | | | | | | | | | | |
Kentucky | | | | 61-0156015 | |
(State or other jurisdiction of incorporation or organization) | | | | (I.R.S. Employer Identification No.) | |
| | | | | |
600 North Hurstbourne Parkway, Suite 400 | | | | | |
Louisville, | Kentucky | | | 40222 | |
(Address of Principal Executive Offices) | | | | (Zip Code) | |
(502) 636-4400
Registrant's telephone number, including area code
Securities registered pursuant to Section 12(b) of the Act:
| | | | | | | | |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Common Stock, No Par Value | CHDN | The Nasdaq Stock Market LLC |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
| | | | | | | | | | | | | | |
Large accelerated filer | ☒ | | Accelerated filer | ☐ |
Non-accelerated filer | ☐ | | Smaller reporting company | ☐ |
| | | Emerging growth company | ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
The number of shares outstanding of registrant’s common stock at July 15, 2020 was 39,434,148 shares.
CHURCHILL DOWNS INCORPORATED
INDEX TO QUARTERLY REPORT ON FORM 10-Q
For the Quarter Ended June 30, 2020
| | | | | | | | |
FORM 10-Q FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2020 | | |
| 2 | |
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
CHURCHILL DOWNS INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | | | Six Months Ended June 30, | | |
(in millions, except per common share data) | 2020 | | 2019 | | 2020 | | 2019 |
Net revenue: | | | | | | | |
Churchill Downs | $ | 23.3 | | | $ | 182.2 | | | $ | 46.8 | | | $ | 203.2 | |
Online Wagering | 121.2 | | | 95.6 | | | 188.5 | | | 158.7 | |
Gaming | 37.3 | | | 177.6 | | | 184.9 | | | 346.4 | |
All Other | 3.3 | | | 22.0 | | | 17.8 | | | 34.5 | |
Total net revenue | 185.1 | | | 477.4 | | | 438.0 | | | 742.8 | |
Operating expense: | | | | | | | |
Churchill Downs | 31.1 | | | 73.6 | | | 57.7 | | | 97.0 | |
Online Wagering | 74.6 | | | 62.0 | | | 124.7 | | | 107.1 | |
Gaming | 45.6 | | | 133.2 | | | 170.4 | | | 258.2 | |
All Other | 11.6 | | | 21.5 | | | 32.7 | | | 37.0 | |
Selling, general and administrative expense | 22.4 | | | 30.1 | | | 46.5 | | | 55.0 | |
Impairment of intangible assets | — | | | — | | | 17.5 | | | — | |
Transaction expense, net | 0.2 | | | 0.6 | | | 0.5 | | | 4.1 | |
Total operating expense | 185.5 | | | 321.0 | | | 450.0 | | | 558.4 | |
Operating (loss) income | (0.4) | | | 156.4 | | | (12.0) | | | 184.4 | |
Other income (expense): | | | | | | | |
Interest expense, net | (20.3) | | | (19.4) | | | (39.6) | | | (33.1) | |
Equity in (loss) income of unconsolidated affiliates | (11.1) | | | 9.5 | | | (14.4) | | | 13.6 | |
Miscellaneous, net | 0.3 | | | 0.4 | | | 0.3 | | | 0.4 | |
Total other expense | (31.1) | | | (9.5) | | | (53.7) | | | (19.1) | |
(Loss) income from continuing operations before provision for income taxes | (31.5) | | | 146.9 | | | (65.7) | | | 165.3 | |
Income tax benefit (provision) | 7.9 | | | (38.6) | | | 19.5 | | | (45.1) | |
(Loss) income from continuing operations, net of tax | (23.6) | | | 108.3 | | | (46.2) | | | 120.2 | |
Loss from discontinued operations, net of tax | (95.2) | | | (1.2) | | | (96.1) | | | (1.5) | |
Net (loss) income | (118.8) | | | 107.1 | | | (142.3) | | | 118.7 | |
Net loss attributable to noncontrolling interest | — | | | — | | | (0.1) | | | — | |
Net (loss) income and comprehensive (loss) income attributable to CDI | $ | (118.8) | | | $ | 107.1 | | | $ | (142.2) | | | $ | 118.7 | |
| | | | | | | |
Net (loss) income per common share data - basic: | | | | | | | |
Continuing operations | $ | (0.59) | | | $ | 2.69 | | | $ | (1.16) | | | $ | 2.99 | |
Discontinued operations | $ | (2.41) | | | $ | (0.03) | | | $ | (2.43) | | | $ | (0.04) | |
Net (loss) income per common share data - basic | $ | (3.00) | | | $ | 2.66 | | | $ | (3.59) | | | $ | 2.95 | |
| | | | | | | |
Net (loss) income per common share data - diluted: | | | | | | | |
Continuing operations | $ | (0.59) | | | $ | 2.66 | | | $ | (1.16) | | | $ | 2.96 | |
Discontinued operations | $ | (2.41) | | | $ | (0.03) | | | $ | (2.43) | | | $ | (0.04) | |
Net (loss) income per common share data - diluted | $ | (3.00) | | | $ | 2.63 | | | $ | (3.59) | | | $ | 2.92 | |
| | | | | | | |
Weighted average shares outstanding: | | | | | | | |
Basic | 39.5 | | | 40.1 | | | 39.6 | | | 40.3 | |
Diluted | 39.5 | | | 40.7 | | | 39.6 | | | 40.7 | |
The accompanying notes are an integral part of the condensed consolidated financial statements.
| | | | | | | | |
FORM 10-Q FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2020 | | |
| 3 | |
CHURCHILL DOWNS INCORPORATED
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
| | | | | | | | | | | |
(in millions) | June 30, 2020 | | December 31, 2019 |
ASSETS | | | |
Current assets: | | | |
Cash and cash equivalents | $ | 649.2 | | | $ | 96.2 | |
Restricted cash | 49.8 | | | 46.3 | |
Accounts receivable, net | 47.5 | | | 37.3 | |
Income taxes receivable | 36.8 | | | 14.5 | |
Other current assets | 34.4 | | | 26.9 | |
Total current assets | 817.7 | | | 221.2 | |
Property and equipment, net | 1,043.2 | | | 937.3 | |
Investment in and advances to unconsolidated affiliates | 615.4 | | | 634.5 | |
Goodwill | 366.8 | | | 367.1 | |
Other intangible assets, net | 350.8 | | | 369.8 | |
Other assets | 22.1 | | | 21.1 | |
| | | |
Total assets | $ | 3,216.0 | | | $ | 2,551.0 | |
| | | |
LIABILITIES AND SHAREHOLDERS' EQUITY | | | |
Current liabilities: | | | |
Accounts payable | $ | 105.8 | | | $ | 57.8 | |
Accrued expenses and other current liabilities | 164.6 | | | 173.4 | |
Current deferred revenue | 89.8 | | | 42.5 | |
Current maturities of long-term debt | 4.0 | | | 4.0 | |
Dividends payable | — | | | 23.5 | |
Current liabilities of discontinued operations | 124.0 | | | — | |
Total current liabilities | 488.2 | | | 301.2 | |
Long-term debt, net of current maturities and loan origination fees | 1,077.1 | | | 384.0 | |
Notes payable, net of debt issuance costs | 1,086.8 | | | 1,085.9 | |
Non-current deferred revenue | 15.1 | | | 16.7 | |
Deferred income taxes | 188.0 | | | 212.8 | |
Other liabilities | 38.1 | | | 39.4 | |
Total liabilities | 2,893.3 | | | 2,040.0 | |
Commitments and contingencies | | | |
Shareholders' equity: | | | |
Preferred stock | — | | | — | |
Common stock | 6.1 | | | — | |
Retained earnings | 314.9 | | | 509.2 | |
Accumulated other comprehensive loss | (0.9) | | | (0.9) | |
Total Churchill Downs Incorporated shareholders' equity | 320.1 | | | 508.3 | |
Noncontrolling interest | 2.6 | | | 2.7 | |
Total shareholders' equity | 322.7 | | | 511.0 | |
Total liabilities and shareholders' equity | $ | 3,216.0 | | | $ | 2,551.0 | |
The accompanying notes are an integral part of the condensed consolidated financial statements.
| | | | | | | | |
FORM 10-Q FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2020 | | |
| 4 | |
CHURCHILL DOWNS INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | |
| Common Stock | | | | Retained Earnings | | Accumulated Other Comprehensive Loss | | Noncontrolling Interest | | Total Shareholders' Equity |
(in millions, except per common share data) | Shares | | Amount | | | | | | | | |
Balance, December 31, 2019 | 39.7 | | $ | — | | | $ | 509.2 | | | $ | (0.9) | | | $ | 2.7 | | | $ | 511.0 | |
Net loss | | | | | (23.4) | | | | | (0.1) | | | (23.5) | |
| | | | | | | | | | | |
Repurchase of common stock | (0.3) | | | (4.3) | | | (23.6) | | | | | | | (27.9) | |
Cash settlement of stock awards | | | | | (12.7) | | | | | | | (12.7) | |
Taxes paid related to net share settlement of stock awards | | | | | (15.1) | | | | | | | (15.1) | |
Stock-based compensation | | | 4.3 | | | | | | | | 4.3 | |
Adoption of ASC 326 | | | | | (0.5) | | | | | | | (0.5) | |
Balance, March 31, 2020 | 39.4 | | | — | | | 433.9 | | | (0.9) | | | 2.6 | | | 435.6 | |
Net loss | | | | | (118.8) | | | | | | | (118.8) | |
Stock-based compensation | | | 6.1 | | | | | | | | 6.1 | |
Other | | | | | (0.2) | | | | | | | (0.2) | |
Balance, June 30, 2020 | 39.4 | | | $ | 6.1 | | | $ | 314.9 | | | $ | (0.9) | | | $ | 2.6 | | | $ | 322.7 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | |
| Common Stock | | | | Retained Earnings | | Accumulated Other Comprehensive Loss | | Noncontrolling Interest | | Total Shareholders' Equity |
(in millions, except per common share data) | Shares | | Amount | | | | | | | | |
Balance, December 31, 2018 | 40.4 | | | $ | — | | | $ | 474.2 | | | $ | (0.9) | | | $ | — | | | $ | 473.3 | |
Net income | | | | | 11.6 | | | | | | | 11.6 | |
Issuance of common stock | 0.1 | | | — | | | | | | | | | — | |
Repurchase of common stock | (0.3) | | | (4.7) | | | (20.3) | | | | | | | (25.0) | |
Taxes paid related to net share settlement of stock awards | (0.1) | | | — | | | (7.6) | | | | | | | (7.6) | |
Issuance of restricted stock awards, net of forfeitures | 0.1 | | | — | | | | | | | | | — | |
Stock-based compensation | | | 4.7 | | | | | | | | | 4.7 | |
Adoption of ASC 842 | | | | | (0.3) | | | | | | | (0.3) | |
Other | | | | | 0.2 | | | | | | | 0.2 | |
Balance, March 31, 2019 | 40.2 | | | — | | | 457.8 | | | (0.9) | | | — | | | 456.9 | |
Net income | | | | | 107.1 | | | | | | | 107.1 | |
Repurchase of common stock | (0.2) | | | (4.4) | | | (13.6) | | | | | | | (18.0) | |
Stock-based compensation | | | 7.4 | | | | | | | | | 7.4 | |
Other | | | (0.1) | | | | | | | | | (0.1) | |
Balance, June 30, 2019 | 40.0 | | | $ | 2.9 | | | $ | 551.3 | | | $ | (0.9) | | | $ | — | | | $ | 553.3 | |
The accompanying notes are an integral part of the condensed consolidated financial statements.
| | | | | | | | |
FORM 10-Q FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2020 | | |
| 5 | |
CHURCHILL DOWNS INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
| | | | | | | | | | | |
| Six Months Ended June 30, | | |
(in millions) | 2020 | | 2019 |
Cash flows from operating activities: | | | |
Net (loss) income | $ | (142.3) | | | $ | 118.7 | |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | | | |
Depreciation and amortization | 44.1 | | | 42.3 | |
Distributions from unconsolidated affiliates | 4.8 | | | 11.5 | |
Equity in loss (income) of unconsolidated affiliates | 14.4 | | | (13.6) | |
Stock-based compensation | 10.4 | | | 12.1 | |
Deferred income taxes | (24.8) | | | 12.1 | |
Impairment of intangible assets | 17.5 | | | — | |
Amortization of operating lease assets | 2.5 | | | 2.2 | |
Other | 1.8 | | | 1.1 | |
Changes in operating assets and liabilities, net of business acquisitions and dispositions: | | | |
Income taxes | (22.4) | | | 31.9 | |
Deferred revenue | 43.5 | | | (36.9) | |
Other assets and liabilities | 127.4 | | | 32.9 | |
Net cash provided by operating activities | 76.9 | | | 214.3 | |
Cash flows from investing activities: | | | |
Capital maintenance expenditures | (13.2) | | | (26.2) | |
Capital project expenditures | (118.1) | | | (32.6) | |
Acquisition of businesses, net of cash acquired | — | | | (172.1) | |
Investments in and advances to unconsolidated affiliates | — | | | (410.1) | |
Distributions of capital from unconsolidated affiliates | — | | | 8.1 | |
Acquisition of gaming licenses | — | | | (22.1) | |
Other | (0.5) | | | 1.1 | |
Net cash used in investing activities | (131.8) | | | (653.9) | |
Cash flows from financing activities: | | | |
Proceeds from borrowings under long-term debt obligations | 726.1 | | | 1,235.3 | |
Repayments of borrowings under long-term debt obligations | (33.4) | | | (637.3) | |
Payment of dividends | (23.4) | | | (22.2) | |
Repurchase of common stock | (28.4) | | | (45.5) | |
Cash settlement of stock awards | (12.7) | | | — | |
Taxes paid related to net share settlement of stock awards | (15.1) | | | (7.6) | |
Debt issuance costs | (1.7) | | | (8.6) | |
Other | — | | | (2.3) | |
Net cash provided by financing activities | 611.4 | | | 511.8 | |
Net increase in cash, cash equivalents and restricted cash | 556.5 | | | 72.2 | |
Cash, cash equivalents and restricted cash, beginning of period | 142.5 | | | 173.3 | |
Cash, cash equivalents and restricted cash, end of period | $ | 699.0 | | | $ | 245.5 | |
The accompanying notes are an integral part of the condensed consolidated financial statements.
| | | | | | | | |
FORM 10-Q FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2020 | | |
| 6 | |
CHURCHILL DOWNS INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
(Unaudited)
| | | | | | | | | | | |
| Six Months Ended June 30, | | |
(in millions) | 2020 | | 2019 |
Supplemental disclosures of cash flow information: | | | |
Cash paid during the period for: | | | |
Interest | $ | 39.7 | | | $ | 23.6 | |
Income taxes | 0.7 | | | 1.3 | |
Schedule of non-cash investing and financing activities: | | | |
Deferred tax liability assumed from equity investment | $ | — | | | $ | 103.2 | |
Property and equipment additions included in accounts payable and accrued expenses | 28.1 | | | 6.8 | |
| | | |
The accompanying notes are an integral part of the condensed consolidated financial statements.
| | | | | | | | |
FORM 10-Q FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2020 | | |
| 7 | |
| | | | | | | | |
Churchill Downs Incorporated | | |
Notes to Condensed Consolidated Financial Statements | | |
(Unaudited) | | |
1. DESCRIPTION OF BUSINESS
Basis of Presentation
The Churchill Downs Incorporated (the "Company", "we", "us", "our") financial statements are presented in conformity with the requirements of this Quarterly Report on Form 10-Q and consequently do not include all of the disclosures normally required by U.S. generally accepted accounting principles ("GAAP") or those normally made in our Annual Report on Form 10-K. The December 31, 2019 condensed consolidated balance sheet data was derived from audited financial statements but does not include all disclosures required by GAAP.
The following information is unaudited. All per share amounts assume dilution unless otherwise noted. This report should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2019.
In the opinion of management, all adjustments necessary for a fair statement of this information have been made, and all such adjustments are of a normal, recurring nature.
We conduct our business through three reportable segments: Churchill Downs, Online Wagering, and Gaming. We aggregate our other businesses as well as certain corporate operations, and other immaterial joint ventures, in All Other. We report net revenue and operating expense associated with these reportable segments in the accompanying condensed consolidated statements of comprehensive income.
Impact of COVID-19 Pandemic
In March 2020, the World Health Organization declared the COVID-19 outbreak a global pandemic. Considerable uncertainty still surrounds the COVID-19 virus and its potential effects, and the extent of and effectiveness of responses taken on international, national and local levels. Measures taken to limit the impact of COVID-19, including shelter-in-place orders, social distancing measures, travel bans and restrictions, and business and government shutdowns, have resulted and continue to result in significant negative economic impacts in the United States and in relation to our business. The long-term impact of COVID-19 on the United States and world economies and continuing impact on our business remains uncertain, the duration and scope of which cannot currently be predicted.
In response to the measures taken to limit the impact of COVID-19 described above, and for the protection of our employees, customers, and communities, we temporarily suspended operations at our properties in March 2020. In May 2020, we began to reopen our properties with patron capacity limitations and gaming restrictions. We also implemented other initiatives to facilitate social distancing and enhanced cleaning, such as increased frequency of cleaning and sanitizing of all high-touch surfaces, mandatory temperature checks of all guests and team members upon entry and required training for all team members on safety protocols. Certain amenities at our properties have continued to be suspended, including all of our food buffets and valet services, and certain restaurants and food outlets. Below is a summary of the temporary closures or suspended operations and the current status of each property:
Churchill Downs
•Churchill Downs Racetrack conducted 27 spectator-free live racing days from May 16, 2020 through June 28, 2020. Churchill Downs Racetrack suspended simulcast operations on March 15, 2020 and such operations currently remain closed.
•Derby City Gaming temporarily suspended operations on March 15, 2020 and reopened on June 8, 2020. Derby City Gaming is currently restricted to 50% of patron capacity and has implemented social distancing measures, which has limited its gaming capacity to approximately 66%.
Gaming
Wholly-Owned Properties
•Calder Casino and Racing ("Calder") temporarily suspended operations on March 16, 2020 and reopened on June 12, 2020. Operations were temporarily suspended again on July 2, 2020 following a Miami-Dade Emergency Order issued by the county's mayor to close all entertainment venues in Miami-Dade county.
•Fair Grounds Slots, Fair Grounds Race Course and Video Services, LLC ("VSI") (collectively, "Fair Grounds and VSI"):
◦Fair Grounds Slots temporarily suspended operations on March 16, 2020 and reopened on June 13, 2020. Fair Grounds Slots is currently restricted to 25% patron capacity and has implemented social distancing measures, which has limited its gaming capacity to approximately 50%;
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FORM 10-Q FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2020 | | |
| 8 | |
| | | | | | | | |
Churchill Downs Incorporated | | |
Notes to Condensed Consolidated Financial Statements | | |
(Unaudited) | | |
◦Fair Grounds Race Course conducted spectator-free live racing from March 13, 2020 through March 21, 2020 and did not have any live race days during the second quarter of 2020; and
◦VSI temporarily suspended operations on March 16, 2020 and reopened on May 18, 2020. VSI is currently restricted to 50% patron capacity and has implemented social distancing measures, which has limited its gaming capacity to approximately 70%.
•Harlow's Casino Resort and Spa ("Harlow's") temporarily suspended operations on March 16, 2020 and reopened on May 21, 2020. Harlow’s is currently restricted to 50% of patron capacity and has implemented social distancing measures, which has limited its slot gaming capacity to approximately 66% and its table games capacity to approximately 60%.
•Ocean Downs Casino and Racetrack ("Ocean Downs") temporarily suspended operations on March 15, 2020 and reopened on June 19, 2020. Ocean Downs is currently restricted to 50% of patron capacity and has implemented social distancing measures, which has limited its video lottery terminals ("VLTs") capacity to approximately 70% and its table game capacity to approximately 60%.
•Oxford Casino and Hotel ("Oxford") temporarily suspended operations on March 16, 2020 and reopened on July 9, 2020. Oxford is currently restricted to 200 persons on the gaming floor and only allows slot gaming.
•Presque Isle Downs and Casino ("Presque Isle") temporarily suspended operations on March 16, 2020 and reopened on June 26, 2020. Presque Isle is currently restricted to 50% of patron capacity and has implemented social distancing measures, which has limited its slot gaming capacity to approximately 60% and its table game capacity to approximately 60%.
•Riverwalk Casino Hotel ("Riverwalk") temporarily suspended operations on March 16, 2020 and reopened on May 21, 2020. Riverwalk is currently restricted to 50% of patron capacity and has implemented social distancing measures, which has limited its slot gaming capacity to approximately 66% and its table games capacity to approximately 60%.
Managed Properties
•Lady Luck Casino Nemacolin ("Lady Luck Nemacolin") temporarily suspended operations on March 16, 2020 and reopened on June 12, 2020. Lady Luck Nemacolin is currently restricted to 50% of patron capacity and has implemented social distancing measures, which has limited its slot gaming capacity to approximately 50% and its table game capacity to approximately 60%.
Equity Investments
•Rivers Casino Des Plaines ("Rivers Des Plaines") temporarily suspended operations on March 15, 2020 and reopened on July 1, 2020. Rivers Des Plaines is currently restricted to 50% of patron capacity and has implemented social distancing measures, which has limited its slot gaming capacity to approximately 66% and its table games capacity to approximately 60%.
•Miami Valley Gaming and Racing ("MVG") temporarily suspended operations on March 14, 2020 and reopened on June 19, 2020. MVG is currently restricted to 50% of patron capacity and has implemented social distancing measures, which has limited its VLT capacity to approximately 50%.
All Other
•Arlington International Racecourse ("Arlington") temporarily suspended operations of its off-track betting facilities ("OTBs") and simulcast operations on March 16, 2020. Four OTBs reopened on June 5, 2020 and the remaining OTBs reopened on various dates in July 2020. Arlington is scheduled to conduct 30 spectator-free live racing days from July 23, 2020 through September 26, 2020.
•