Question · Q3 2025
Daniel Edward Guglielmo questioned the incremental mid-to-long-term benefits of wholly owning brick-and-mortar properties across both live/historical racing and gaming segments, beyond avoiding rent, and whether the market adequately credits the company for this full ownership.
Answer
CEO Bill Carstanjen explained that the philosophy of owning real estate provides stability and predictability, which aligns with the company's focus on growing and stabilizing these businesses. He also noted that he doesn't believe the market fully credits the company for this strategy.