adjusted ebitda excludes : transaction expense , net which includes : ◦ acquisition and disposition related charges , including fair value adjustments related to earnouts and deferred payments ; and ◦ other transaction expense , including legal , accounting and other deal-related expense ; stock-based compensation expense ; asset impairments ; gain on calder land sale ; calder exit costs ; loss on extinguishment of debt ; and other charges , recoveries and expenses 34 for segment reporting , adjusted ebitda includes intercompany revenue and expense totals that are eliminated in the consolidated statements of comprehensive income . see the reconciliation of comprehensive income to adjusted ebitda included in this section for additional information . business highlights in 2017 , we continued to take steps to position ourselves for sustainable value creation over the long term . we delivered growth in revenue and record net income , diluted eps , and adjusted ebitda . ◦ net revenue grew 7.3 % to $ 882.6 million ; ◦ net income grew 30.0 % to $ 140.5 million ; ◦ diluted net income per share grew 36.6 % to $ 8.77 ; and ◦ adjusted ebitda grew 9.6 % to $ 366.5 million . our kentucky derby and oaks week set all time-records for attendance and all sources handle . we announced two capital projects during 2017 reflecting our commitment to grow this iconic event , to expand the derby capacity and pricing , and to enhance customer experiences . our wholly-owned casino properties delivered strong organic growth from successful marketing and promotional activities . our casino equity investments also had strong performance . on january 3 , 2017 , we acquired an effective 62.5 % equity interest in the casino and racetrack at ocean downs in maryland . our twinspires.com handle grew to $ 1.3 billion , up 16.9 % compared to 2016 as we outpaced the industry growth by 15.3 percentage points . our twinspires.com handle represented 11.8 % of all pari-mutuel industry handle in 2017 , up 1.6 percentage points from 2016. on november 29 , 2017 , the company entered into the stock purchase agreement to sell its mobile gaming subsidiary , big fish games to aristocrat technologies , inc. ( the “ purchaser ” ) . on january 9 , 2018 , the company completed the big fish transaction and the purchaser paid the company an aggregate consideration of $ 990.0 million in cash . we redeemed our $ 600.0 million 5.375 % senior notes due in 2021 and issued $ 500.0 million 4.75 % senior notes due in 2028 in december 2017. in addition , we re-financed our 2014 senior secured credit agreement ( the `` 2014 credit agreement `` ) into a new $ 700.0 million revolving credit facility ( the `` revolver `` ) and a $ 400.0 million senior secured term loan b due 2024 ( the `` term loan b `` ) ( collectively , the `` 2017 credit agreement `` ) in december 2017. we maintained our focus on cost reductions across all properties and continued to be disciplined in our maintenance and project capital expenditures . we accomplished these initiatives while returning approximately $ 212.4 million to shareholders through dividends and share repurchases in 2017 and completed $ 500.0 million of additional share repurchases with a portion of the proceeds from the big transaction on february 12 , 2018. as we look to 2018 and beyond , we remain committed to delivering long-term sustainable growth and strong financial results for our shareholders . we have strong cash flow and a solid balance sheet that supports organic growth as well as other strategic acquisitions and investment opportunities that will create additional long-term value for our shareholders in the coming years . our operations we manage our operations through five continuing operations segments : racing , casino , twinspires , other investments and corporate . due to the big fish transaction , our big fish games segment is now included as a discontinued operation . refer to item 1. business for more information on our operating segments and a description of our competition and government regulations and potential legislative changes that affect our business . 35 consolidated financial results the following table reflects our net revenue , operating income , net income , adjusted ebitda , and certain other financial information : replace_table_token_5_th year ended december 31 , 2017 , compared to the year ended december 31 , 2016 our net revenue increased $ 60.2 million driven by a $ 34.0 million increase from twinspires due to a 34.8 % increase in active players and 16.9 % increase in handle , a $ 17.7 million increase from casino due to successful marketing and promotional activities , a $ 6.2 million increase in racing primarily due to a strong kentucky derby and oaks week performance , and a $ 2.3 million increase from other investments . our operating income decreased $ 26.8 million driven by a $ 23.7 million gain on calder land sale in 2016 that did not recur in 2017 , a $ 21.7 million impairment of our i-gaming and intangible assets associated with twinspires and arlington recorded in the fourth quarter of 2017 , a $ 3.8 million increase in other expenses primarily due to the elimination of our bluff contingent liability in 2016 that did not recur in 2017 , a $ 3.7 million increase in selling , general and administrative expense , and a $ 0.2 million increase from other sources . partially offsetting these decreases were an $ 11.7 million increase from our casino segment performance , a $ 10.5 million increase at twinspires driven by an increase in active players and handle growth , a $ 1.7 million decrease in our calder exit costs , a $ 1.4 million increase from racing and a $ 1.0 million increase from other investments . story_separator_special_tag other investments increased $ 1.0 million driven primarily by incremental international equipment sales and higher totalisator fees from new customers of united tote . big fish games adjusted ebitda decreased $ 1.9 million driven by an $ 8.0 million decrease in revenue less platform and developments fees and a $ 5.3 million increase in expense related to increased headcount and associated benefits and bonuses . these decreases were partially offset by an $ 11.4 million decrease in user acquisition spending . year ended december 31 , 2016 , compared to the year ended december 31 , 2015 racing adjusted ebitda increased $ 7.9 million due to a $ 5.2 million increase at churchill downs in profitability from the kentucky derby and oaks week driven by increased ticket sales revenue , increased media revenue and record attendance , a $ 1.8 million increase at calder from reduced property taxes and insurance savings from the cessation of pari-mutuel operations , a $ 0.8 million increase at arlington on higher pari-mutuel revenue associated with 37 additional host days during 2016 , a $ 0.8 million increase at churchill downs from non-kentucky derby and oaks week handle increases during the racing meets and a $ 0.6 million increase from a decrease in corporate allocated expense . partially offsetting these improvements was a $ 1.3 million decrease at fair grounds from a decline in revenue associated with five fewer live race days in 2016 and unfavorable development of general liability insurance claims . casino adjusted ebitda increased $ 10.9 million driven by a $ 5.1 million increase at saratoga from a full year of management fee revenue and equity income , a $ 3.3 million increase at mvg from higher equity income driven primarily 43 by market share growth and higher net revenue from successful promotional activities , a $ 2.7 million increase at oxford from a strong regional gaming market and higher market share combined with operational expense efficiencies , a $ 1.7 million increase at calder from the implementation of successful marketing and promotional campaigns and a $ 1.4 million decrease in corporate expense allocated to the casino segment . partially offsetting these improvements was a $ 2.0 million decrease at our mississippi properties due to overall market revenue declines and aggressive local promotional activity and a $ 1.3 million decrease at fair grounds slots and vsi as strong competition from the mississippi gulf coast gaming market negatively impacted the new orleans gaming market . twinspires adjusted ebitda increased $ 6.7 million driven by a $ 7.3 million favorable impact of increased wagering , net of content costs , associated with handle growth of 13.7 % and a 23.3 % increase in active players , a $ 1.0 million increase at velocity driven by handle growth of 7.2 % and a $ 0.5 million increase in other twinspires income . these increases were partially offset by a $ 0.6 million increase in net taxes and purses , which included the benefit of a $ 1.7 million pennsylvania tax refund in 2016 , and a $ 1.5 million increase in marketing and advertising costs primarily associated with the addition and retention of customers acquired during kentucky derby and oaks week . corporate adjusted ebitda decreased $ 4.0 million driven by a $ 1.3 million benefit in 2015 related to deferred compensation expense which did not recur in 2016 , a $ 0.9 million increase in salary expense , a $ 0.9 million increase in professional expense , a $ 0.6 million decrease in expenses allocated to the other operating segments , and a $ 0.3 million increase in expenses from other sources . big fish games adjusted ebitda increased $ 10.7 million driven by a $ 72.5 million increase in revenue primarily from our casual and mid-core free-to-play growth , partially offset by a $ 36.3 million increase in platform and developer fees , a $ 20.2 million increase in user acquisition fees and a $ 5.3 million increase in other expenses . 44 reconciliation of comprehensive income to adjusted ebitda replace_table_token_12_th consolidated balance sheet the following table is a summary of our overall financial position : replace_table_token_13_th total assets increased $ 105.0 million driven by a $ 47.4 million increase in property and equipment , net due to our capital project and maintenance expenditures partially offset by depreciation expense , a $ 32.2 million increase in investments in unconsolidated affiliates primarily due to the acquired interest of ocean downs , a $ 28.0 million increase in income tax receivable related to estimated payments in 2017 , and a $ 16.1 million increase in goodwill due to the 45 acquisition of betamerica . partially offsetting these increases were a $ 13.6 million decrease in escrow receivable related to the calder land sale from the fourth quarter of 2016 and a $ 5.1 million decrease in all other assets . total liabilities increased $ 149.7 million driven by a $ 207.5 million increase in long-term debt primarily due to share repurchases , a $ 11.5 million increase in deferred revenue primarily due to advance sales revenue associated with the 2018 kentucky derby and oaks , a $ 4.6 million increase in accounts payable primarily due to simulcast payables , and a $ 5.6 million increase in all other liabilities . partially offsetting these increases were a $ 35.5 million decrease in non-current liabilities of discontinued operations held for sell primarily due to a decrease in deferred income tax associated with the tax act , a $ 24.6 million decrease in deferred income tax primarily due to the tax act and a $ 19.4 million decrease in current liabilities of discontinued operations held for sell primarily due to a decrease in the big fish games earnout liability . total shareholders ' equity decreased $ 44.7 million driven by $ 190.9 million in repurchases of common stock and $ 23.6 million from our annual dividend declared . partially offsetting these decreases were $ 140.5 million in current

liquidity and capital resources the following table is a summary of our liquidity and cash flows : replace_table_token_14_th included in cash flows from investing activities are capital maintenance expenditures and capital project expenditures . capital maintenance expenditures relate to the replacement of existing fixed assets with a useful life greater than one year that are obsolete , exhausted , or no longer cost effective to repair . capital project expenditures represent fixed asset additions related to land or building improvements to new or existing assets or purchases of new ( non-replacement ) equipment or software related to specific projects deemed necessary expenditures . year ended december 31 , 2017 , compared to the year ended december 31 , 2016 cash provided by operating activities decreased $ 8.6 million driven by a $ 28.0 million increase to income tax receivable related to estimated payments in 2017 , a $ 15.1 million increase in accounts receivable primarily driven by big fish games platform fees and a $ 6.3 million increase in other operating activities . partially offsetting these decreases were a $ 23.5 million decrease in gain on sale of assets from the calder land sale in 2016 and a $ 17.3 million decrease in big fish games earnout payments . we anticipate that cash flows from operations over the next twelve months will be adequate to fund our business operations and capital expenditures .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```liquidity and capital resources the following table is a summary of our liquidity and cash flows : replace_table_token_14_th included in cash flows from investing activities are capital maintenance expenditures and capital project expenditures . capital maintenance expenditures relate to the replacement of existing fixed assets with a useful life greater than one year that are obsolete , exhausted , or no longer cost effective to repair . capital project expenditures represent fixed asset additions related to land or building improvements to new or existing assets or purchases of new ( non-replacement ) equipment or software related to specific projects deemed necessary expenditures . year ended december 31 , 2017 , compared to the year ended december 31 , 2016 cash provided by operating activities decreased $ 8.6 million driven by a $ 28.0 million increase to income tax receivable related to estimated payments in 2017 , a $ 15.1 million increase in accounts receivable primarily driven by big fish games platform fees and a $ 6.3 million increase in other operating activities . partially offsetting these decreases were a $ 23.5 million decrease in gain on sale of assets from the calder land sale in 2016 and a $ 17.3 million decrease in big fish games earnout payments . we anticipate that cash flows from operations over the next twelve months will be adequate to fund our business operations and capital expenditures .
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 Suspicious Activity Report : adjusted ebitda excludes : transaction expense , net which includes : ◦ acquisition and disposition related charges , including fair value adjustments related to earnouts and deferred payments ; and ◦ other transaction expense , including legal , accounting and other deal-related expense ; stock-based compensation expense ; asset impairments ; gain on calder land sale ; calder exit costs ; loss on extinguishment of debt ; and other charges , recoveries and expenses 34 for segment reporting , adjusted ebitda includes intercompany revenue and expense totals that are eliminated in the consolidated statements of comprehensive income . see the reconciliation of comprehensive income to adjusted ebitda included in this section for additional information . business highlights in 2017 , we continued to take steps to position ourselves for sustainable value creation over the long term . we delivered growth in revenue and record net income , diluted eps , and adjusted ebitda . ◦ net revenue grew 7.3 % to $ 882.6 million ; ◦ net income grew 30.0 % to $ 140.5 million ; ◦ diluted net income per share grew 36.6 % to $ 8.77 ; and ◦ adjusted ebitda grew 9.6 % to $ 366.5 million . our kentucky derby and oaks week set all time-records for attendance and all sources handle . we announced two capital projects during 2017 reflecting our commitment to grow this iconic event , to expand the derby capacity and pricing , and to enhance customer experiences . our wholly-owned casino properties delivered strong organic growth from successful marketing and promotional activities . our casino equity investments also had strong performance . on january 3 , 2017 , we acquired an effective 62.5 % equity interest in the casino and racetrack at ocean downs in maryland . our twinspires.com handle grew to $ 1.3 billion , up 16.9 % compared to 2016 as we outpaced the industry growth by 15.3 percentage points . our twinspires.com handle represented 11.8 % of all pari-mutuel industry handle in 2017 , up 1.6 percentage points from 2016. on november 29 , 2017 , the company entered into the stock purchase agreement to sell its mobile gaming subsidiary , big fish games to aristocrat technologies , inc. ( the “ purchaser ” ) . on january 9 , 2018 , the company completed the big fish transaction and the purchaser paid the company an aggregate consideration of $ 990.0 million in cash . we redeemed our $ 600.0 million 5.375 % senior notes due in 2021 and issued $ 500.0 million 4.75 % senior notes due in 2028 in december 2017. in addition , we re-financed our 2014 senior secured credit agreement ( the `` 2014 credit agreement `` ) into a new $ 700.0 million revolving credit facility ( the `` revolver `` ) and a $ 400.0 million senior secured term loan b due 2024 ( the `` term loan b `` ) ( collectively , the `` 2017 credit agreement `` ) in december 2017. we maintained our focus on cost reductions across all properties and continued to be disciplined in our maintenance and project capital expenditures . we accomplished these initiatives while returning approximately $ 212.4 million to shareholders through dividends and share repurchases in 2017 and completed $ 500.0 million of additional share repurchases with a portion of the proceeds from the big transaction on february 12 , 2018. as we look to 2018 and beyond , we remain committed to delivering long-term sustainable growth and strong financial results for our shareholders . we have strong cash flow and a solid balance sheet that supports organic growth as well as other strategic acquisitions and investment opportunities that will create additional long-term value for our shareholders in the coming years . our operations we manage our operations through five continuing operations segments : racing , casino , twinspires , other investments and corporate . due to the big fish transaction , our big fish games segment is now included as a discontinued operation . refer to item 1. business for more information on our operating segments and a description of our competition and government regulations and potential legislative changes that affect our business . 35 consolidated financial results the following table reflects our net revenue , operating income , net income , adjusted ebitda , and certain other financial information : replace_table_token_5_th year ended december 31 , 2017 , compared to the year ended december 31 , 2016 our net revenue increased $ 60.2 million driven by a $ 34.0 million increase from twinspires due to a 34.8 % increase in active players and 16.9 % increase in handle , a $ 17.7 million increase from casino due to successful marketing and promotional activities , a $ 6.2 million increase in racing primarily due to a strong kentucky derby and oaks week performance , and a $ 2.3 million increase from other investments . our operating income decreased $ 26.8 million driven by a $ 23.7 million gain on calder land sale in 2016 that did not recur in 2017 , a $ 21.7 million impairment of our i-gaming and intangible assets associated with twinspires and arlington recorded in the fourth quarter of 2017 , a $ 3.8 million increase in other expenses primarily due to the elimination of our bluff contingent liability in 2016 that did not recur in 2017 , a $ 3.7 million increase in selling , general and administrative expense , and a $ 0.2 million increase from other sources . partially offsetting these decreases were an $ 11.7 million increase from our casino segment performance , a $ 10.5 million increase at twinspires driven by an increase in active players and handle growth , a $ 1.7 million decrease in our calder exit costs , a $ 1.4 million increase from racing and a $ 1.0 million increase from other investments . story_separator_special_tag other investments increased $ 1.0 million driven primarily by incremental international equipment sales and higher totalisator fees from new customers of united tote . big fish games adjusted ebitda decreased $ 1.9 million driven by an $ 8.0 million decrease in revenue less platform and developments fees and a $ 5.3 million increase in expense related to increased headcount and associated benefits and bonuses . these decreases were partially offset by an $ 11.4 million decrease in user acquisition spending . year ended december 31 , 2016 , compared to the year ended december 31 , 2015 racing adjusted ebitda increased $ 7.9 million due to a $ 5.2 million increase at churchill downs in profitability from the kentucky derby and oaks week driven by increased ticket sales revenue , increased media revenue and record attendance , a $ 1.8 million increase at calder from reduced property taxes and insurance savings from the cessation of pari-mutuel operations , a $ 0.8 million increase at arlington on higher pari-mutuel revenue associated with 37 additional host days during 2016 , a $ 0.8 million increase at churchill downs from non-kentucky derby and oaks week handle increases during the racing meets and a $ 0.6 million increase from a decrease in corporate allocated expense . partially offsetting these improvements was a $ 1.3 million decrease at fair grounds from a decline in revenue associated with five fewer live race days in 2016 and unfavorable development of general liability insurance claims . casino adjusted ebitda increased $ 10.9 million driven by a $ 5.1 million increase at saratoga from a full year of management fee revenue and equity income , a $ 3.3 million increase at mvg from higher equity income driven primarily 43 by market share growth and higher net revenue from successful promotional activities , a $ 2.7 million increase at oxford from a strong regional gaming market and higher market share combined with operational expense efficiencies , a $ 1.7 million increase at calder from the implementation of successful marketing and promotional campaigns and a $ 1.4 million decrease in corporate expense allocated to the casino segment . partially offsetting these improvements was a $ 2.0 million decrease at our mississippi properties due to overall market revenue declines and aggressive local promotional activity and a $ 1.3 million decrease at fair grounds slots and vsi as strong competition from the mississippi gulf coast gaming market negatively impacted the new orleans gaming market . twinspires adjusted ebitda increased $ 6.7 million driven by a $ 7.3 million favorable impact of increased wagering , net of content costs , associated with handle growth of 13.7 % and a 23.3 % increase in active players , a $ 1.0 million increase at velocity driven by handle growth of 7.2 % and a $ 0.5 million increase in other twinspires income . these increases were partially offset by a $ 0.6 million increase in net taxes and purses , which included the benefit of a $ 1.7 million pennsylvania tax refund in 2016 , and a $ 1.5 million increase in marketing and advertising costs primarily associated with the addition and retention of customers acquired during kentucky derby and oaks week . corporate adjusted ebitda decreased $ 4.0 million driven by a $ 1.3 million benefit in 2015 related to deferred compensation expense which did not recur in 2016 , a $ 0.9 million increase in salary expense , a $ 0.9 million increase in professional expense , a $ 0.6 million decrease in expenses allocated to the other operating segments , and a $ 0.3 million increase in expenses from other sources . big fish games adjusted ebitda increased $ 10.7 million driven by a $ 72.5 million increase in revenue primarily from our casual and mid-core free-to-play growth , partially offset by a $ 36.3 million increase in platform and developer fees , a $ 20.2 million increase in user acquisition fees and a $ 5.3 million increase in other expenses . 44 reconciliation of comprehensive income to adjusted ebitda replace_table_token_12_th consolidated balance sheet the following table is a summary of our overall financial position : replace_table_token_13_th total assets increased $ 105.0 million driven by a $ 47.4 million increase in property and equipment , net due to our capital project and maintenance expenditures partially offset by depreciation expense , a $ 32.2 million increase in investments in unconsolidated affiliates primarily due to the acquired interest of ocean downs , a $ 28.0 million increase in income tax receivable related to estimated payments in 2017 , and a $ 16.1 million increase in goodwill due to the 45 acquisition of betamerica . partially offsetting these increases were a $ 13.6 million decrease in escrow receivable related to the calder land sale from the fourth quarter of 2016 and a $ 5.1 million decrease in all other assets . total liabilities increased $ 149.7 million driven by a $ 207.5 million increase in long-term debt primarily due to share repurchases , a $ 11.5 million increase in deferred revenue primarily due to advance sales revenue associated with the 2018 kentucky derby and oaks , a $ 4.6 million increase in accounts payable primarily due to simulcast payables , and a $ 5.6 million increase in all other liabilities . partially offsetting these increases were a $ 35.5 million decrease in non-current liabilities of discontinued operations held for sell primarily due to a decrease in deferred income tax associated with the tax act , a $ 24.6 million decrease in deferred income tax primarily due to the tax act and a $ 19.4 million decrease in current liabilities of discontinued operations held for sell primarily due to a decrease in the big fish games earnout liability . total shareholders ' equity decreased $ 44.7 million driven by $ 190.9 million in repurchases of common stock and $ 23.6 million from our annual dividend declared . partially offsetting these decreases were $ 140.5 million in current

