Casino, betting and online gambling operator Churchill Downs Inc. (CDI) reported soaring revenue in the first quarter of 2019 following its year of brick-and-mortar acquisitions and the launch of a pseudo-slots business.

Figures released Wednesday show CDI generated revenue of $265.4m in the three months ending March 31, a 40% improvement over the same period last year. Earnings were up 52% to $74.6m but net income fell to $11.6m from $182m in Q1 2018.

Lest anyone panic, it bears mentioning that Q1 2018’s profits were artificially boosted by $168.3m via the sale of CDI’s social gaming unit Big Fish Games to Australia’s Aristocrat Leisure Ltd.

CDI has traveled a long way since its days as a pure racing operator, so the company has restructured its financial reporting into three new segments: Churchill Downs (pari-mutuel wagering at Churchill Downs Racetrack and historical racing at Derby City Gaming), Online Wagering (the TwinSpires advance deposit wagering site plus online sports betting and iGaming), and Gaming (land-based casino and jai-alai operations). Past results have been recalculated to reflect this realignment.