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Recast Segment Information - Recast Segment Operating Results (Tables)
Apr. 20, 2021
Accounting Changes and Error Corrections [Abstract]  
Net Revenue From External Customers and Intercompany Revenue From Each Operating Segment
Three Months Ended Year Ended December 31,
(in millions)March 31, 2021June 30, 2021September 30, 2021December 31, 202120212020
Net revenue:
Live and Historical Racing$63.2 $175.9 $79.7 $90.3 $409.1 $169.6 
TwinSpires103.5 140.8107.599.6451.4 430.1 
Gaming152.0 186.0185.3172.1695.4 435.3 
All Other5.6 12.420.52.841.3 19.0 
Total net revenue324.3 515.1393.0364.81,597.2 1,054.0 
Operating expense:
Live and Historical Racing54.7 100.3 62.3 71.6 288.9 179.0 
TwinSpires77.5 102.1 83.0 83.2 345.8 293.1 
Gaming106.3 121.0 127.7 121.3 476.3 357.9 
All Other8.8 11.7 14.3 5.3 40.1 30.5 
Selling, general and administrative expense30.2 33.4 36.1 38.8 138.5 114.8 
Asset impairments— 11.2 — 4.1 15.3 17.5 
Transaction expense, net0.1 — 2.0 5.8 7.9 1.0 
Total operating expense277.6 379.7 325.4 330.1 1,312.8 993.8 
Operating income $46.7 $135.4 $67.6 $34.7 $284.4 $60.2 
Three Months EndedYear Ended December 31,
(in millions)March 31, 2021June 30, 2021September 30, 2021December 31, 202120212020
Net revenue from external customers:
Live and Historical Racing:
Churchill Downs Racetrack$2.0 $105.2 $7.4 $13.5 $128.1 $63.3 
Derby City Gaming32.9 39.9 40.2 41.3 154.3 79.5 
Oak Grove19.4 25.6 27.1 28.6 100.7 16.6 
Turfway Park4.5 0.7 0.7 2.3 8.1 7.1 
Newport4.4 4.5 4.3 4.6 17.9 3.1 
Total Live and Historical Racing63.2 175.9 79.7 90.3 409.1 169.6 
TwinSpires:
Horse Racing96.5 132.4 98.8 88.9 416.6 418.8 
Sports and Casino7.0 8.4 8.7 10.7 34.8 11.3 
Total TwinSpires103.5 140.8 107.5 99.6 451.4 430.1 
Gaming:
Fair Grounds and VSI38.3 35.1 24.8 35.4 133.6 97.6 
Presque Isle23.8 30.5 35.9 29.4 119.6 73.1 
Calder20.9 27.4 25.9 25.8 100.0 51.8 
Oxford15.7 24.6 31.8 27.7 99.8 44.9 
Ocean Downs20.0 27.0 31.7 21.9 100.6 60.2 
Riverwalk14.4 18.4 14.5 13.9 61.2 46.3 
Harlow’s14.0 16.6 13.3 12.2 56.1 40.7 
Lady Luck Nemacolin4.9 6.4 7.4 5.8 24.5 20.7 
Total Gaming152.0 186.0 185.3 172.1 695.4 435.3 
All Other5.6 12.4 20.5 2.8 41.3 19.0 
Net revenue from external customers$324.3 $515.1 $393.0 $364.8 $1,597.2 $1,054.0 
(in millions)Three Months EndedYear Ended December 31,
Intercompany net revenue:March 31, 2021June 30, 2021September 30, 2021December 31, 202120212020
Live and Historical Racing$1.5 $14.6 $1.8 $3.6 $21.5 $19.2 
TwinSpires1.5 1.8 1.5 1.6 6.4 5.5 
Gaming2.0 — 0.3 0.7 3.0 2.5 
All Other1.6 2.4 2.5 1.4 7.9 7.8 
Eliminations(6.6)(18.8)(6.1)(7.3)(38.8)(35.0)
Intercompany net revenue$— $— $— $— $— $— 
Year Ended December 31, 2021
(in millions)Live and Historical RacingTwinSpiresGamingAll OtherEliminationsTotal
Net revenue$430.6 $457.8 $698.4 $49.2 $(38.8)$1,597.2 
Taxes and purses(126.3)(30.7)(264.4)(13.1)— (434.5)
Marketing and advertising(12.9)(49.4)(11.8)(0.5)0.1 (74.5)
Salaries and benefits(48.4)(27.0)(87.1)(7.8)— (170.3)
Content expense(2.5)(206.6)(4.7)(5.7)36.9 (182.6)
Selling, general and administrative expense(12.8)(11.0)(27.9)(55.2)1.5 (105.4)
Other operating expense(53.0)(50.4)(72.3)(10.0)0.4 (185.3)
Other income0.3 — 181.7 0.5 (0.1)182.4 
Adjusted EBITDA$175.0 $82.7 $411.9 $(42.6)$— $627.0 

Year Ended December 31, 2020
(in millions)Live and Historical RacingTwinSpiresGamingAll OtherEliminationsTotal
Net revenue$188.8 $435.6 $437.8 $26.8 $(35.0)$1,054.0 
Taxes and purses(64.1)(25.1)(171.6)(7.5)— (268.3)
Marketing and advertising(6.2)(16.5)(7.5)(0.2)0.2 (30.2)
Salaries and benefits(32.5)(24.6)(75.9)(5.8)— (138.8)
Content expense(1.5)(202.7)(3.5)(3.7)33.0 (178.4)
Selling, general and administrative expense(8.7)(10.4)(25.4)(42.3)1.5 (85.3)
Other operating expense(36.8)(40.5)(59.7)(8.9)0.3 (145.6)
Other income0.1 0.1 78.9 — — 79.1 
Adjusted EBITDA$39.1 $115.9 $173.1 $(41.6)$— $286.5 
Three Months Ended March 31, 2021
(in millions)Live and Historical RacingTwinSpiresGamingAll OtherEliminationsTotal
Net revenue$64.7 $105.0 $154.0 $7.2 $(6.6)$324.3 
Taxes and purses(20.0)(6.4)(59.3)(3.1)— (88.8)
Marketing and advertising(2.1)(8.5)(1.4)(0.1)— (12.1)
Salaries and benefits(10.0)(6.2)(19.9)(1.2)— (37.3)
Content expense(0.6)(46.5)(1.0)(1.3)6.2 (43.2)
Selling, general and administrative expense(3.0)(2.6)(6.0)(12.6)0.3 (23.9)
Other operating expense(10.7)(11.7)(15.5)(2.2)0.1 (40.0)
Other income— — 31.5 0.1 — 31.6 
Adjusted EBITDA$18.3 $23.1 $82.4 $(13.2)$— $110.6 

Three Months Ended June 30, 2021
(in millions)Live and Historical RacingTwinSpiresGamingAll OtherEliminationsTotal
Net revenue$190.5 $142.6 $186.0 $14.8 $(18.8)$515.1 
Taxes and purses(50.8)(8.3)(70.0)(3.9)— (133.0)
Marketing and advertising(4.9)(16.7)(2.5)— — (24.1)
Salaries and benefits(15.3)(6.8)(20.6)(2.3)— (45.0)
Content expense(0.8)(68.5)(1.3)(1.8)18.4 (54.0)
Selling, general and administrative expense(3.1)(2.9)(5.9)(13.4)0.4 (24.9)
Other operating expense(17.3)(14.8)(17.7)(2.9)— (52.7)
Other income0.1 — 51.8 — — 51.9 
Adjusted EBITDA$98.4 $24.6 $119.8 $(9.5)$— $233.3 
Schedule of Segment Reporting Information
Three Months Ended September 30, 2021
(in millions)Live and Historical RacingTwinSpiresGamingAll OtherEliminationsTotal
Net revenue$81.5 $109.0 $185.6 $23.0 $(6.1)$393.0 
Taxes and purses(24.6)(8.0)(71.8)(4.9)— (109.3)
Marketing and advertising(2.9)(10.6)(3.6)(0.3)— (17.4)
Salaries and benefits(10.9)(7.0)(22.5)(3.1)— (43.5)
Content expense(0.5)(47.1)(1.2)(1.4)5.6 (44.6)
Selling, general and administrative expense(3.1)(2.6)(7.1)(14.3)0.4 (26.7)
Other operating expense(11.8)(11.6)(19.7)(3.5)0.1 (46.5)
Other income— — 51.0 0.1 — 51.1 
Adjusted EBITDA$27.7 $22.1 $110.7 $(4.4)$— $156.1 

Three Months Ended December 31, 2021
(in millions)Live and Historical RacingTwinSpiresGamingAll OtherEliminationsTotal
Net revenue$93.9 $101.2 $172.8 $4.2 $(7.3)$364.8 
Taxes and purses(30.9)(8.0)(63.3)(1.2)— (103.4)
Marketing and advertising(3.0)(13.6)(4.3)(0.1)0.1 (20.9)
Salaries and benefits(12.2)(7.0)(24.1)(1.2)— (44.5)
Content expense(0.6)(44.5)(1.2)(1.2)6.7 (40.8)
Selling, general and administrative expense(3.6)(2.9)(8.9)(14.9)0.4 (29.9)
Other operating expense(13.2)(12.3)(19.4)(1.4)0.2 (46.1)
Other income0.2 — 47.4 0.3 (0.1)47.8 
Adjusted EBITDA$30.6 $12.9 $99.0 $(15.5)$— $127.0 
Three Months EndedYear Ended December 31,
March 31, 2021June 30, 2021September 30, 2021December 31, 202120212020
(in millions)
Comprehensive income (loss)$36.1 $108.3 $61.4 $43.3 $249.1 $(81.9)
Net income (loss) and comprehensive income (loss) attributable to CDI
Net loss attributable to noncontrolling interest— — — — — 0.2 
Net income (loss) before noncontrolling interest36.1 108.3 61.4 43.3 249.1 (82.1)
Income (loss) from discontinued operations, net of tax— — — — — 95.4 
Income (loss) from continuing operations, net of tax36.1 108.3 61.4 43.3 249.1 13.3 
Additions:
Depreciation and amortization26.0 26.0 25.9 25.3 103.2 92.9 
Interest expense19.4 22.0 21.7 21.6 84.7 80.0 
Income tax provision (benefit)16.2 41.6 26.3 10.4 94.5 (5.3)
EBITDA$97.7 $197.9 $135.3 $100.6 $531.5 $180.9 
Adjustments to EBITDA:
Selling, general and administrative:
Stock-based compensation expense$5.5 $7.1 $7.8 $7.4 $27.8 23.7 
Other charges— 0.2 — — 0.2 0.8 
Pre-opening expense and other expense0.6 1.5 1.7 2.0 5.8 11.2 
Other income, expense:
Interest, depreciation and amortization expense related to equity investments9.6 10.5 10.7 10.7 41.5 38.5 
Changes in fair value of Rivers Des Plaines' interest rate swaps(4.2)(1.8)(2.0)(4.9)(12.9)12.9 
Rivers Des Plaines' legal reserves and transaction costs1.3 6.7 0.6 1.3 9.9 — 
Transaction expense, net0.1 — 2.0 5.8 7.9 1.0 
Impairment of tangible and other intangible assets— 11.2 — 4.1 15.3 17.5 
Total adjustments to EBITDA12.9 35.4 20.8 26.4 95.5 105.6 
Adjusted EBITDA$110.6 $233.3 $156.1 $127.0 $627.0 $286.5 
Adjusted EBITDA by segment:
Live and Historical Racing$18.3 $98.4 $27.7 $30.6 $175.0 $39.1 
TwinSpires23.1 24.6 22.1 12.9 82.7 115.9 
Gaming82.4 119.8 110.7 99.0 411.9 173.1 
Total segment Adjusted EBITDA123.8 242.8 160.5 142.5 669.6 328.1 
All Other(13.2)(9.5)(4.4)(15.5)(42.6)(41.6)
Total Adjusted EBITDA$110.6 $233.3 $156.1 $127.0 $627.0 $286.5