![]() This decrease is primarily related to the cessation of pari-mutuel operations at Calder Race Course in July 2014. For the nine months ended September 30, 2015, the Company conducted 183 live thoroughbred racing days, which compares to 276 live racing days during the nine months ended September 30, 2014. The Company conducted 60 live thoroughbred racing days during the third quarter of 2015, which compares to 65 live thoroughbred racing days during the third quarter of 2014. For instance, the Company historically has had fewer live racing days during the first quarter of each year, and the majority of its live racing revenue occurs during the second quarter, with the running of the Kentucky Derby and the Kentucky Oaks. Therefore, revenues and operating results for any interim quarter are generally not indicative of the revenues and operating results for the year and may not be comparable with results for the corresponding period of the previous year. The Company’s revenues and earnings are seasonal in nature, primarily due to its Racing segment.
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