Segment Information (Tables)

12 Months Ended

Dec. 31, 2019

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 segments, Adjusted EBITDA by segment and reconciles comprehensive income to Adjusted EBITDA:

	Years Ended December 31,
(in millions)	2019		2018		2017
Net revenue from external customers:
Churchill Downs:
Churchill Downs Racetrack	$	187.6	$	181.0	$	161.3
Derby City Gaming	86.6		14.8		—
Total Churchill Downs	274.2		195.8		161.3
Online Wagering:
TwinSpires	289.9		290.2		255.6
Online Sports Betting and iGaming	0.6		—		—
Total Online Wagering	290.5		290.2		255.6
Gaming:
Presque Isle	138.5		—		—
Fair Grounds and VSI	123.0		117.7		111.1
Oxford Casino	101.7		102.0		90.8
Calder	99.8		98.6		87.9
Ocean Downs	85.9		25.9		—
Riverwalk Casino	58.9		54.5		48.2
Harlow’s Casino	55.3		50.2		50.0
Lady Luck Nemacolin	29.3		—		—
Saratoga	—		0.6		1.3
Total Gaming	692.4		449.5		389.3
All Other	72.6		73.5		76.4
Net revenue from external customers	$	1,329.7	$	1,009.0	$	882.6
Intercompany net revenues:
Churchill Downs	$	15.2	$	12.7	$	11.4
Online Wagering	1.1		1.3		1.1
Gaming:
Fair Grounds and VSI	1.8		1.6		1.6
Calder	0.1		0.1		—
Presque Isle	0.5		—		—
Total Gaming	2.4		1.7		1.6
All Other	11.6		11.2		10.8
Eliminations	(30.3)		(26.9)		(24.9)
Intercompany net revenue	$	—	$	—	$	—

	Twelve Months Ended December 31, 2019
(in millions)	Churchill Downs		Online Wagering		Gaming		Total Segments		All Other		Total
Net revenue from external customers
Pari-mutuel:
Live and simulcast racing	$	59.0	$	277.1	$	30.7	$	366.8	$	41.1	$	407.9
Historical racing(a)	81.6		—		—		81.6		—		81.6
Racing event-related services	118.7		—		4.1		122.8		5.6		128.4
Gaming(a)	—		0.6		585.2		585.8		—		585.8
Other(a)	14.9		12.8		72.4		100.1		25.9		126.0
Total	$	274.2	$	290.5	$	692.4	$	1,257.1	$	72.6	$	1,329.7

	Twelve Months Ended December 31, 2018
(in millions)	Churchill Downs		Online Wagering		Gaming		Total Segments		All Other		Total
Net revenue from external customers
Pari-mutuel:
Live and simulcast racing	$	54.9	$	278.4	$	27.1	$	360.4	$	43.1	$	403.5
Historical racing(a)	13.8		—		—		13.8		—		13.8
Racing event-related services	115.2		—		3.9		119.1		5.8		124.9
Gaming(a)	—		—		365.9		365.9		—		365.9
Other(a)	11.9		11.8		52.6		76.3		24.6		100.9
Total	$	195.8	$	290.2	$	449.5	$	935.5	$	73.5	$	1,009.0

	Twelve Months Ended December 31, 2017
(in millions)	Churchill Downs		Online Wagering		Gaming		Total Segments		All Other		Total
Net revenue from external customers
Pari-mutuel:
Live and simulcast racing	$	52.0	$	239.6	$	27.1	$	318.7	$	44.8	$	363.5
Historical racing(a)	—		—		—		—		—		—
Racing event-related services	100.5		—		4.2		104.7		6.4		111.1
Gaming(a)	—		—		315.6		315.6		—		315.6
Other(a)	8.8		16.0		42.4		67.2		25.2		92.4
Total	$	161.3	$	255.6	$	389.3	$	806.2	$	76.4	$	882.6

(a)Food and beverage, hotel, and other services furnished to customers for free as an inducement to wager or through the redemption of our customers' loyalty points are recorded at the estimated standalone selling prices in Other revenue with a corresponding offset recorded as a reduction in historical racing pari-mutuel revenue for HRMs or gaming revenue for our casino properties. These amounts were $33.4 million in 2019, $26.1 million in 2018, and $21.5 million in 2017.

Schedule of Segment Reporting Information

Adjusted EBITDA by segment is comprised of the following:

	Year Ended December 31, 2019
(in millions)	Churchill Downs		Online Wagering		Gaming
Net revenue	$	289.4	$	291.6	$	694.8
Taxes and purses	(66.5)		(15.3)		(270.3)
Marketing and advertising	(7.1)		(12.2)		(21.5)
Salaries and benefits	(32.0)		(11.4)		(103.3)
Content expense	(2.4)		(152.8)		(6.0)
Selling, general and administrative expense	(8.0)		(7.2)		(29.0)
Other operating expense	(35.9)		(26.4)		(84.1)
Other income	0.2		—		100.3
Adjusted EBITDA	$	137.7	$	66.3	$	280.9

	Year Ended December 31, 2018
(in millions)	Churchill Downs		Online Wagering		Gaming
Net revenue	$	208.5	$	291.5	$	451.2
Taxes and purses	(41.3)		(15.2)		(153.4)
Marketing and advertising	(5.7)		(6.0)		(15.5)
Salaries & benefits	(23.7)		(9.2)		(68.9)
Content expense	(2.2)		(152.0)		(4.1)
Selling, general and administrative expense	(5.3)		(5.9)		(18.6)
Other operating expense	(28.0)		(24.2)		(60.0)
Other income	0.1		—		43.3
Adjusted EBITDA	$	102.4	$	79.0	$	174.0

	Year Ended December 31, 2017
(in millions)	Churchill Downs		Online Wagering		Gaming
Net revenue	$	172.7	$	256.7	$	390.9
Taxes and purses	(34.1)		(14.7)		(130.7)
Marketing and advertising	(2.7)		(8.2)		(13.0)
Salaries & benefits	(19.3)		(9.9)		(63.4)
Content expense	(2.4)		(125.0)		(4.0)
Selling, general and administrative expense	(4.0)		(6.9)		(17.1)
Other operating expense	(21.3)		(22.1)		(56.1)
Other income	0.1		—		42.0
Adjusted EBITDA	$	89.0	$	69.9	$	148.6

	Years Ended December 31,
(in millions)	2019		2018		2017
Reconciliation of Comprehensive Income to Adjusted EBITDA:
Comprehensive income attributable to CDI	$	137.5	$	353.2	$	140.4
Foreign currency translation, net of tax	—		(0.6)		0.1
Change in pension benefits, net of tax	—		0.2		—
Net income attributable to CDI	137.5		352.8		140.5
Net loss attributable to noncontrolling interest	0.3		—		—
Net income before noncontrolling interest	137.2		352.8		140.5
Loss (income) from discontinued operations, net of tax	2.4		(170.2)		(18.1)
Income from continuing operations, net of tax	139.6		182.6		122.4
Additions:
Depreciation and amortization	96.4		63.6		56.0
Interest expense	70.9		40.1		49.3
Loss on extinguishment of debt	—		—		20.7
Income tax provision (benefit)	56.8		51.3		(19.9)
EBITDA	$	363.7	$	337.6	$	228.5
Adjustments to EBITDA:
Selling, general and administrative:
Stock-based compensation expense	$	23.8	$	17.7	$	16.0
Legal reserves	3.6		—		—
Other, net	0.4		(0.6)		0.5
Pre-opening expense	5.1		4.8		0.5
Other income, expense:
Interest, depreciation and amortization expense related to equity investments	32.6		13.9		16.7
Changes in fair value of Midwest Gaming's interest rate swaps	12.4		—		—
Midwest Gaming's recapitalization and transactions costs	4.7		—		—
Other charges and recoveries, net	(0.2)		—		—
Gain on Ocean Downs/Saratoga transaction	—		(54.9)		—
Transaction expense, net	5.3		10.3		2.3
Impairment of tangible and other intangible assets	—		—		21.7
Total adjustments to EBITDA	87.7		(8.8)		57.7
Adjusted EBITDA	$	451.4	$	328.8	$	286.2
Adjusted EBITDA by segment:
Churchill Downs	$	137.7	$	102.4	$	89.0
Online Wagering	66.3		79.0		69.9
Gaming	280.9		174.0		148.6
Total segment Adjusted EBITDA	484.9		355.4		307.5
All Other	(33.5)		(26.6)		(21.3)
Total Adjusted EBITDA	$	451.4	$	328.8	$	286.2

The table below presents information about equity in income of unconsolidated affiliates included in our reported segments:

	Years Ended December 31,
(in millions)	2019		2018		2017
Gaming	$	50.5	$	29.4	$	25.3
All Other	0.1		0.2		0.2
	$	50.6	$	29.6	$	25.5

Schedule of Total Assets and Capital Expenditures by Operating Segment

The table below presents total asset information for each of our segments:

	As of December 31,
(in millions)	2019		2018
Total assets:
Churchill Downs	$	370.3	$	359.6
Online Wagering	241.5		222.8
Gaming	1,030.1		877.1
Total segment assets	1,641.9		1,459.5
All Other	909.1		265.7
	$	2,551.0	$	1,725.2

The table below presents total capital expenditures for each of our segments:

	Years Ended December 31,
(in millions)	2019		2018		2017
Capital expenditures:
Churchill Downs	$	31.4	$	109.6	$	54.1
Online Wagering	9.7		9.7		9.0
Gaming	37.1		20.7		39.7
Total segment capital expenditures	78.2		140.0		102.8
All Other	53.0		9.4		6.2
Total capital expenditures	$	131.2	$	149.4	$	109.0