Non-binding term sheet aims to refinance all existing debt and provide fresh liquidity.
Adjusted EBITDA rose to HK$14.5bn (US$1.85bn) for the year as the operator expanded its entertainment portfolio.
Despite also reporting a 7% increase in FY2025 revenue to just over $2.9bn, Churchill Downs also witnessed a net income decrease during the full-year period, falling 10.3% to $383m.
The company’s net income for the fourth quarter of 2025 fell 1.6% to $604.8m, however, while adjusted funds from operations (AFFO) totaled $642.5m during the period and increased 6.8%.
Authorities claim that Grubi was involved in a corruption scheme in which roughly €8m ($9.44m) was embezzled through the improper procurement of electronic lottery terminals.
Online gambling was a significant contributor to market growth, with online casinos recording double-digit year-on-year increases.
Online betting taxation contributed BR1.5bn ($290m) to federal coffers in January, as overall tax revenue reached the highest monthly figure in 32 years.
One of the initiators of the criminal complaints argued that lawmakers may have acted in the interest of certain operators.
Lawmakers advanced the Antifaction PL Antifacção while stripping out a proposed levy on operators.
These latest results have seen revenue rise by 1% year-on-year, paired with an EBITDA rise of 14.3%.