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Segment Information (Tables)
 9 Months Ended
Sep. 30, 2021
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, net revenue from external customers for each group of similar services, Adjusted EBITDA by segment, and a reconciliation of comprehensive income (loss) to Adjusted EBITDA:
Three Months Ended September 30,Nine Months Ended September 30,
(in millions)2021202020212020
Net revenue from external customers:
Live and Historical Racing:
Churchill Downs Racetrack$7.4 $34.9 $114.6 $52.4 
Derby City Gaming40.2 25.9 113.0 55.2 
Oak Grove27.1 2.4 72.1 2.4 
Turfway Park0.7 0.6 5.8 5.2 
Newport4.3 — 13.3 — 
Total Live and Historical Racing79.7 63.8 318.8 115.2 
TwinSpires:
Horse Racing93.1 124.0 313.0 310.5 
Sports and Casino8.7 3.1 24.1 7.0 
Total TwinSpires101.8 127.1 337.1 317.5 
Gaming:
Fair Grounds and VSI24.8 27.9 98.2 70.6 
Presque Isle35.9 27.5 90.2 56.4 
Ocean Downs31.7 24.3 78.7 42.2 
Calder25.9 6.5 74.2 34.0 
Oxford31.8 12.2 72.1 32.4 
Riverwalk 14.5 15.2 47.3 34.6 
Harlow’s 13.3 12.7 43.9 29.7 
Lady Luck Nemacolin7.4 7.2 18.7 16.8 
Total Gaming185.3 133.5 523.3 316.7 
All Other26.2 13.4 53.2 26.4 
Net revenue from external customers$393.0 $337.8 $1,232.4 $775.8 
Three Months Ended September 30,Nine Months Ended September 30,
(in millions)2021202020212020
Intercompany net revenue:
Live and Historical Racing$1.8 $7.3 $17.9 $15.3 
TwinSpires0.4 0.5 1.1 1.2 
Gaming0.3 0.2 2.3 1.7 
All Other3.6 3.8 10.2 9.0 
Eliminations(6.1)(11.8)(31.5)(27.2)
Intercompany net revenue$— $— $— $— 
Three Months Ended September 30, 2021
(in millions)Live and Historical RacingTwinSpiresGamingTotal SegmentsAll OtherTotal
Net revenue from external customers
Pari-mutuel:
Live and simulcast racing$5.4 $89.4 $4.9 $99.7 $12.6 $112.3 
Historical racing(a)
66.2 — — 66.2 — 66.2 
Racing event-related services1.8 — 0.1 1.9 5.0 6.9 
Gaming(a)
— 8.7 166.6 175.3 — 175.3 
Other(a)
6.3 3.7 13.7 23.7 8.6 32.3 
Total$79.7 $101.8 $185.3 $366.8 $26.2 $393.0 
Three Months Ended September 30, 2020
(in millions)Live and Historical RacingTwinSpiresGamingTotal SegmentsAll OtherTotal
Net revenue from external customers
Pari-mutuel:
Live and simulcast racing$14.9 $119.0 $4.6 $138.5 $8.4 $146.9 
Historical racing(a)
27.1 — — 27.1 — 27.1 
Racing event-related services19.1 — 0.7 19.8 0.2 20.0 
Gaming(a)
— 3.1 122.3 125.4 — 125.4 
Other(a)
2.7 5.0 5.9 13.6 4.8 18.4 
Total$63.8 $127.1 $133.5 $324.4 $13.4 $337.8 
(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 pari-mutuel revenue for HRMs or gaming revenue for our casino properties. These amounts were $6.1 million for the three months ended September 30, 2021 and $2.1 million for the three months ended September 30, 2020.
Nine Months Ended September 30, 2021
(in millions)Live and Historical RacingTwinSpiresGamingTotal SegmentsAll OtherTotal
Net revenue from external customers
Pari-mutuel:
Live and simulcast racing$50.9 $300.2 $21.0 $372.1 $27.2 $399.3 
Historical racing(a)
184.0 — — 184.0 — 184.0 
Racing event-related services65.3 — 1.0 66.3 6.9 73.2 
Gaming(a)
— 24.1 469.3 493.4 — 493.4 
Other(a)
18.6 12.8 32.0 63.4 19.1 82.5 
Total$318.8 $337.1 $523.3 $1,179.2 $53.2 $1,232.4 
Nine Months Ended September 30, 2020
(in millions)Live and Historical RacingTwinSpiresGamingTotal SegmentsAll OtherTotal
Net revenue from external customers
Pari-mutuel:
Live and simulcast racing$35.0 $298.5 $16.2 $349.7 $14.9 $364.6 
Historical racing(a)
54.8 — — 54.8 — 54.8 
Racing event-related services19.6 — 2.7 22.3 0.3 22.6 
Gaming(a)
— 7.0 275.5 282.5 — 282.5 
Other(a)
5.8 12.0 22.3 40.1 11.2 51.3 
Total$115.2 $317.5 $316.7 $749.4 $26.4 $775.8 
(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 pari-mutuel revenue for HRMs or gaming revenue for our casino properties. These amounts were $15.0 million for the nine months ended September 30, 2021 and $10.5 million for the nine months ended September 30, 2020.
Schedule of Segment Reporting Information
Adjusted EBITDA by segment is comprised of the following:
Three Months Ended September 30, 2021
(in millions)Live and Historical RacingTwinSpiresGaming
Net revenue$81.5 $102.2 $185.6 
Taxes and purses(24.6)(8.0)(71.8)
Marketing and advertising(2.9)(10.6)(3.6)
Salaries and benefits(10.9)(3.6)(22.5)
Content expense(0.5)(47.1)(1.2)
Selling, general and administrative expense(3.1)(2.2)(7.1)
Other operating expense(11.8)(10.0)(19.7)
Other income — — 51.0 
Adjusted EBITDA$27.7 $20.7 $110.7 
Three Months Ended September 30, 2020
(in millions)Live and Historical RacingTwinSpiresGaming
Net revenue$71.1 $127.6 $133.7 
Taxes and purses(20.4)(8.2)(51.5)
Marketing and advertising(2.7)(6.9)(0.6)
Salaries and benefits(8.8)(3.1)(19.1)
Content expense(0.2)(62.7)(1.2)
Selling, general and administrative expense(2.8)(3.9)(8.2)
Other operating expense(12.1)(10.2)(14.3)
Other income — — 35.9 
Adjusted EBITDA$24.1 $32.6 $74.7 
Adjusted EBITDA by segment is comprised of the following:
Nine Months Ended September 30, 2021
(in millions)Live and Historical RacingTwinSpiresGaming
Net revenue$336.7 $338.2 $525.6 
Taxes and purses(95.4)(22.7)(201.1)
Marketing and advertising(9.9)(35.8)(7.5)
Salaries and benefits(36.2)(9.9)(63.0)
Content expense(1.9)(162.1)(3.5)
Selling, general and administrative expense(9.2)(6.8)(19.0)
Other operating expense(39.8)(34.6)(52.9)
Other income 0.1 — 134.3 
Adjusted EBITDA$144.4 $66.3 $312.9 
Nine Months Ended September 30, 2020
(in millions)Live and Historical RacingTwinSpiresGaming
Net revenue$130.5 $318.7 $318.4 
Taxes and purses(43.9)(19.2)(124.5)
Marketing and advertising(4.2)(13.3)(6.3)
Salaries and benefits(21.3)(9.6)(57.6)
Content expense(1.0)(154.4)(2.6)
Selling, general and administrative expense(5.7)(7.0)(18.8)
Other operating expense(25.7)(28.0)(44.8)
Other income — 0.1 57.0 
Adjusted EBITDA$28.7 $87.3 $120.8 
Three Months Ended September 30,Nine Months Ended September 30,
(in millions)2021202020212020
Reconciliation of Comprehensive Income (Loss) to Adjusted EBITDA:
Net income (loss) and comprehensive income (loss) attributable to Churchill Downs Incorporated$61.4 $43.2 $205.8 $(99.0)
Net loss attributable to noncontrolling interest— 0.1 — 0.2 
Net income (loss) before noncontrolling interest61.4 43.1 205.8 (99.2)
Loss from discontinued operations, net of tax— — — 96.1 
Income (loss) from continuing operations, net of tax61.4 43.1 205.8 (3.1)
Additions:
Depreciation and amortization25.9 22.4 77.9 66.5 
Interest expense21.7 19.7 63.1 59.3 
Income tax provision (benefit) 26.3 13.9 84.1 (5.6)
EBITDA$135.3 $99.1 $430.9 $117.1 
Adjustments to EBITDA:
Selling, general and administrative:
Stock-based compensation expense $7.8 $6.9 $20.4 $17.3 
Other charges— 0.8 0.2 0.7 
Pre-opening expense and other expense1.7 6.2 3.8 9.8 
Asset impairments— — 11.2 17.5 
Transaction expense, net2.0 0.5 2.1 1.0 
Other income, expense:
Interest, depreciation and amortization expense related to equity investments10.7 9.9 30.8 29.2 
Changes in fair value of Rivers Des Plaines' interest rate swaps(2.0)(1.5)(8.0)14.7 
Rivers Des Plaines' legal reserves and transaction costs0.6 — 8.6 — 
Total adjustments to EBITDA20.8 22.8 69.1 90.2 
Adjusted EBITDA$156.1 $121.9 $500.0 $207.3 
Adjusted EBITDA by segment:
Live and Historical Racing$27.7 $24.1 $144.4 $28.7 
TwinSpires20.7 32.6 66.3 87.3 
Gaming110.7 74.7 312.9 120.8 
Total segment Adjusted EBITDA159.1 131.4 523.6 236.8 
All Other(3.0)(9.5)(23.6)(29.5)
Total Adjusted EBITDA$156.1 $121.9 $500.0 $207.3 
Schedule of Equity in Income of Unconsolidated Investments The table below presents information about equity in income of unconsolidated affiliates included in our reported segments:
Three Months Ended September 30,Nine Months Ended September 30,
(in millions)2021202020212020
Gaming$41.6 $27.6 $102.9 $13.2 
Schedule of Total Assets and Capital Expenditures by Operating Segment
The table below presents total asset information for each of our segments:
September 30, 2021December 31, 2020
Total assets:
Live and Historical Racing$651.0 $664.1 
TwinSpires282.1 257.2 
Gaming980.9 949.3 
Total segment assets1,914.0 1,870.6 
All Other1,059.5 815.8 
Total assets$2,973.5 $2,686.4 
The table below presents total capital expenditures for each of our segments:
Nine Months Ended September 30,
(in millions)20212020
Capital expenditures, net:
Live and Historical Racing$32.3 $190.9 
TwinSpires7.9 9.6 
Gaming9.3 5.1 
Total segment capital expenditures49.5 205.6 
All Other2.6 4.5 
Total capital expenditures$52.1 $210.1