Question · Q3 2025
Daniel Brian Politzer asked for a broad overview of the M&A environment, including the level of activity and interest, especially in light of recent transactions and Churchill Downs' acquisition of Casino Salem.
Answer
CEO Bill Carstanjen acknowledged a recent pickup in M&A activity in the brick-and-mortar space, which provides clarity on property valuations. He stated that Churchill Downs is an opportunistic acquirer and seller, remaining a flexible participant in the market.