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Segment Information (Tables)
 12 Months Ended
Dec. 31, 2018
Segment Reporting [Abstract]  
Net Revenue From External Customers and Intercompany Revenue From Each Operating Segment
The tables below present net revenue from external customers and intercompany revenue from each of our operating segments, Adjusted EBITDA by segment and reconciles comprehensive income to Adjusted EBITDA:
 
Years Ended December 31,
(in millions)
2018
 
2017
 
2016
Net revenue from external customers:
 
 
 
 
 
Racing:
 
 
 
 
 
Churchill Downs
$
181.0

 
$
161.3

 
$
155.2

Arlington
55.0

 
57.2

 
55.3

Fair Grounds
35.8

 
36.3

 
38.0

Calder Racing
2.5

 
2.5

 
2.6

Total Racing
274.3

 
257.3

 
251.1

Online Wagering
290.2

 
255.6

 
221.6

Casino:
 
 
 
 
 
Oxford
102.0

 
90.8

 
84.6

Calder
96.1

 
85.4

 
79.1

Fair Grounds Slots and VSI
81.9

 
74.8

 
73.8

Riverwalk
54.5

 
48.2

 
46.1

Harlow’s
50.2

 
50.0

 
48.4

Ocean Downs
25.9

 
—

 
—

Saratoga
0.6

 
1.3

 
0.8

Total Casino
411.2

 
350.5

 
332.8

Other Investments
33.3

 
19.2

 
16.9

Net revenue from external customers
$
1,009.0

 
$
882.6

 
$
822.4

Intercompany net revenue:
 
 
 
 
 
Racing:
 
 
 
 
 
Churchill Downs
$
12.7

 
$
11.4

 
$
10.0

Arlington
6.7

 
6.3

 
5.5

Fair Grounds
1.6

 
1.6

 
1.5

Calder Racing
0.1

 
—

 
—

Total Racing
21.1

 
19.3

 
17.0

Online Wagering
1.3

 
1.1

 
1.3

Other Investments
4.5

 
4.5

 
3.9

Eliminations
(26.9
)
 
(24.9
)
 
(22.2
)
Intercompany net revenue
$
—

 
$
—

 
$
—
Schedule of Segment Reporting Information
Adjusted EBITDA by segment is comprised of the following:
 
Year Ended December 31, 2018
(in millions)
Racing
 
Online Wagering
 
Casino
 
Other Investments
 
Corporate
Net revenue
$
295.4

 
$
291.5

 
$
411.2

 
$
37.8

 
$
—

 
 
 
 
 
 
 
 
 
 
Taxes & purses
(67.3
)
 
(15.2
)
 
(139.9
)
 
(4.3
)
 
—

Marketing & advertising
(6.5
)
 
(6.0
)
 
(14.7
)
 
(1.0
)
 
—

Salaries & benefits
(44.0
)
 
(9.2
)
 
(58.5
)
 
(15.0
)
 
—

Content expense
(14.4
)
 
(152.0
)
 
(0.3
)
 
—

 
—

SG&A expense
(17.8
)
 
(12.1
)
 
(26.1
)
 
(5.3
)
 
(11.0
)
Other operating expense
(53.6
)
 
(24.2
)
 
(45.5
)
 
(7.0
)
 
(0.4
)
Other income
0.6

 
—

 
43.3

 
0.1

 
0.2

 
 
 
 
 
 
 
 
 
 
Adjusted EBITDA
$
92.4

 
$
72.8

 
$
169.5

 
$
5.3

 
$
(11.2
)
 
Year Ended December 31, 2017
(in millions)
Racing
 
Online Wagering
 
Casino
 
Other Investments
 
Corporate(a)
Net revenue
$
276.6

 
$
256.7

 
$
350.5

 
$
23.7

 
$
—

 
 
 
 
 
 
 
 
 
 
Taxes & purses
(65.4
)
 
(14.7
)
 
(117.0
)
 
—

 
—

Marketing & advertising
(4.9
)
 
(8.2
)
 
(12.1
)
 
—

 
—

Salaries & benefits
(41.7
)
 
(9.9
)
 
(53.2
)
 
(12.0
)
 
—

Content expense
(15.2
)
 
(125.0
)
 
—

 
—

 
—

SG&A expense
(16.8
)
 
(12.4
)
 
(22.6
)
 
(3.3
)
 
(12.2
)
Other operating expense
(48.9
)
 
(22.1
)
 
(41.6
)
 
(5.1
)
 
(0.5
)
Other income
0.8

 
—

 
42.0

 
0.4

 
0.3

 
 
 
 
 
 
 
 
 
 
Adjusted EBITDA
$
84.5

 
$
64.4

 
$
146.0

 
$
3.7

 
$
(12.4
)
 
Year Ended December 31, 2016
(in millions)
Racing
 
Online Wagering
 
Casino
 
Other Investments
 
Corporate(a)
Net revenue
$
268.1

 
$
222.9

 
$
332.8

 
$
20.8

 
$
—

 
 
 
 
 
 
 
 
 
 
Taxes & purses
(64.2
)
 
(11.6
)
 
(110.9
)
 
—

 
—

Marketing & advertising
(4.6
)
 
(6.3
)
 
(12.7
)
 
—

 
—

Salaries & benefits
(40.9
)
 
(9.4
)
 
(50.8
)
 
(10.9
)
 
—

Content expense
(15.6
)
 
(107.6
)
 
—

 
—

 
—

SG&A expense
(16.2
)
 
(12.0
)
 
(21.2
)
 
(3.4
)
 
(11.7
)
Other operating expense
(47.4
)
 
(19.8
)
 
(39.1
)
 
(4.1
)
 
(0.6
)
Other income
0.5

 
—

 
27.7

 
0.3

 
0.2

 
 
 
 
 
 
 
 
 
 
Adjusted EBITDA
$
79.7

 
$
56.2

 
$
125.8

 
$
2.7

 
$
(12.1
)

(a) The Corporate segment includes corporate and other certain expenses of $3.6 million in 2017 and $3.1 million in 2016 that have not been allocated to Big Fish Games as a result of the Big Fish Transaction and the Big Fish Games segment reported as held for sale and discontinued operations in the accompanying consolidated financial statements and these notes.
The table below presents information about earnings (losses) from equity investments, net included in our reported segments:
 
Years Ended December 31,
(in millions)
2018
 
2017
 
2016
Casino
$
29.4

 
$
25.3

 
$
17.4

Other Investments
0.2

 
0.2

 
—

 
$
29.6

 
$
25.5

 
$
17.4

 
Years Ended December 31,
(in millions)
2018
 
2017
 
2016
Reconciliation of Comprehensive Income to Adjusted EBITDA:
 
 
 
 
 
 
 
 
 
 
 
Comprehensive income
$
353.2

 
$
140.4

 
$
107.5

Foreign currency translation, net of tax
(0.6
)
 
0.1

 
(0.2
)
Change in pension benefits, net of tax
0.2

 
—

 
0.8

Net income
352.8

 
140.5

 
108.1

Income from discontinued operations, net of tax
(170.2
)
 
(18.1
)
 
(11.4
)
Income from continuing operations, net of tax
182.6

 
122.4

 
96.7

 
 
 
 
 
 
Additions:
 
 
 
 
 
Depreciation and amortization
63.6

 
56.0

 
58.4

Interest expense
40.1

 
49.3

 
43.7

Loss on extinguishment of debt
—

 
20.7

 
—

Income tax provision (benefit)
51.3

 
(19.9
)
 
50.7

EBITDA
$
337.6

 
$
228.5

 
$
249.5

 
 
 
 
 
 
Adjustments to EBITDA:
 
 
 
 
 
Selling, general and administrative:
 
 
 
 
 
Stock-based compensation expense
$
17.7

 
$
16.0

 
$
13.3

Other, net
(0.6
)
 
0.5

 
2.5

Pre-opening expense
4.8

 
0.5

 
—

Other income, expense:
 
 
 
 
 
Interest, depreciation and amortization expense related to equity investments
13.9

 
16.7

 
10.0

Other charges and recoveries, net
—

 
—

 
0.5

Gain on Ocean Downs/Saratoga transaction
(54.9
)
 
—

 
—

Transaction expense, net
10.3

 
2.3

 
0.2

Impairment of tangible and other intangible assets
—

 
21.7

 
—

Gain on Calder land sale
—

 
—

 
(23.7
)
Total adjustments to EBITDA
(8.8
)
 
57.7

 
2.8

Adjusted EBITDA
$
328.8

 
$
286.2

 
$
252.3

 
 
 
 
 
 
Adjusted EBITDA by segment:
 
 
 
 
 
Racing
$
92.4

 
$
84.5

 
$
79.7

Online Wagering
72.8

 
64.4

 
56.2

Casino
169.5

 
146.0

 
125.8

Other Investments
5.3

 
3.7

 
2.7

Corporate(a)
(11.2
)
 
(12.4
)
 
(12.1
)
Adjusted EBITDA
$
328.8

 
$
286.2

 
$
252.3


(a) The Corporate segment includes corporate and other certain expenses of $3.6 million in 2017 and $3.1 million in 2016 that have not been allocated to Big Fish Games as a result of the Big Fish Transaction and the Big Fish Games segment reported as held for sale and discontinued operations in the accompanying consolidated financial statements and these notes.
Schedule of Total Assets and Capital Expenditures by Operating Segment
The table below presents total asset information for each of our operating segments, as well as Big Fish Games, which is no longer reported as an operating segment but is presented as a discontinued operation:
 
As of December 31,
(in millions)
2018
 
2017
Total assets:
 
 
 
Racing
$
498.9

 
$
483.0

Online Wagering
222.8

 
215.9

Casino
774.1

 
679.6

Other Investments
78.9

 
15.2

Corporate
150.5

 
73.2

Big Fish Games (discontinued operation)
—

 
892.5

 
$
1,725.2

 
$
2,359.4

The table below presents total capital expenditures for each of our operating segments, as well as Big Fish Games, which is no longer reported as an operating segment but is presented as a discontinued operation:
 
Years Ended December 31,
(in millions)
2018
 
2017
 
2016
Capital expenditures:
 
 
 
 
 
Racing
$
59.9

 
$
57.8

 
$
26.1

Online Wagering
9.7

 
9.0

 
7.0

Casino
15.9

 
37.5

 
13.9

Other Investments
61.7

 
3.4

 
1.0

Corporate
2.2

 
1.3

 
1.2

Big Fish Games (discontinued operation)
—

 
7.9

 
5.5

 
$
149.4

 
$
116.9

 
$
54.7