Casino and betting operator Churchill Downs Incorporated (CDI) saw its annual revenue top the $1b mark for the second year in a row despite flat online wagering operations.

Figures released Wednesday show CDI generated revenue of $280.6m in the last three months of 2019, a 28% rise over Q4 2018. Adjusted earnings were up 72% to a record $73.8m while adjusted net income rose 95% to $16.8m. That said, actual net income attributable to CDI fell nearly two-thirds to $4m.

A similar schism was on full display in the FY19 results, which shows revenue up 32% to $1.33b, adjusted earnings up 37% to a record $451.4m and adjusted net income up 19% to $179m. Actual net income attributable to CDI was down 61% to $137.5m.

Like many gaming operators, CDI has spent the past few years frantically wheeling and dealing, acquiring properties from rivals, selling off pieces of itself while venturing into new businesses and markets, with all the associated tax adjustments, financing charges and earn-out payments.