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Segment Information (Tables)
 6 Months Ended
Jun. 30, 2022
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 to Adjusted EBITDA:
Three Months Ended June 30,Six Months Ended June 30,
(in millions)2022202120222021
Net revenue from external customers:
Live and Historical Racing:
Churchill Downs Racetrack$174.2 $105.2 $176.2 $107.2 
Derby City Gaming44.2 39.9 87.0 72.8 
Oak Grove34.1 25.6 64.5 45.0 
Turfway Park1.0 0.7 5.5 5.2 
Newport7.4 4.5 13.7 8.9 
Total Live and Historical Racing260.9 175.9 346.9 239.1 
TwinSpires:
Horse Racing130.6 132.4 220.6 228.9 
Sports and Casino6.2 8.4 16.5 15.4 
Total TwinSpires136.8 140.8 237.1 244.3 
Gaming:
Fair Grounds and VSI37.2 35.1 78.7 73.4 
Presque Isle30.3 30.5 57.5 54.3 
Ocean Downs27.4 27.0 48.7 47.0 
Calder27.9 27.4 54.9 48.3 
Oxford29.4 24.6 56.2 40.3 
Riverwalk 14.0 18.4 28.4 32.8 
Harlow’s 12.0 16.6 25.1 30.6 
Lady Luck Nemacolin6.1 6.4 12.1 11.3 
Total Gaming184.3 186.0 361.6 338.0 
All Other0.5 12.4 1.0 18.0 
Net revenue from external customers$582.5 $515.1 $946.6 $839.4 
Three Months Ended June 30,Six Months Ended June 30,
(in millions)2022202120222021
Intercompany net revenue:
Live and Historical Racing$15.0 $14.6 $16.2 $16.1 
TwinSpires1.7 1.8 2.83.3
Gaming0.2 — 2.1 2.0 
All Other— 2.4 — 4.0 
Eliminations(16.9)(18.8)(21.1)(25.4)
Intercompany net revenue$— $— $— $— 
Three Months Ended June 30, 2022
(in millions)Live and Historical RacingTwinSpiresGamingTotal SegmentsAll OtherTotal
Net revenue from external customers
Pari-mutuel:
Live and simulcast racing$46.5 $118.4 $5.5 $170.4 $— $170.4 
Historical racing(a)
78.4 — 1.3 79.7 — 79.7 
Racing event-related services121.9 — 0.2 122.1 — 122.1 
Gaming(a)
— 6.2 158.1 164.3 — 164.3 
Other(a)
14.1 12.2 19.2 45.5 0.5 46.0 
Total$260.9 $136.8 $184.3 $582.0 $0.5 $582.5 
Three Months Ended June 30, 2021
(in millions)Live and Historical RacingTwinSpiresGamingTotal SegmentsAll OtherTotal
Net revenue from external customers
Pari-mutuel:
Live and simulcast racing$39.6 $121.6 $4.4 $165.6 $9.5 $175.1 
Historical racing(a)
64.9 — — 64.9 — 64.9 
Racing event-related services63.5 — 0.2 63.7 1.9 65.6 
Gaming(a)
— 8.4 170.2 178.6 — 178.6 
Other(a)
7.9 10.8 11.2 29.9 1.0 30.9 
Total$175.9 $140.8 $186.0 $502.7 $12.4 $515.1 
(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 $7.7 million for the three months ended June 30, 2022 and $5.2 million for the three months ended June 30, 2021.
Six Months Ended June 30, 2022
(in millions)Live and Historical RacingTwinSpiresGamingTotal SegmentsAll OtherTotal
Net revenue from external customers
Pari-mutuel:
Live and simulcast racing$52.1 $199.9 $18.4 $270.4 $— $270.4 
Historical racing(a)
152.0 — 1.3 153.3 — 153.3 
Racing event-related services122.4 — 0.6 123.0 — 123.0 
Gaming(a)
— 16.5 309.0 325.5 — 325.5 
Other(a)
20.4 20.7 32.3 73.4 1.0 74.4 
Total$346.9 $237.1 $361.6 $945.6 $1.0 $946.6 
Six Months Ended June 30, 2021
(in millions)Live and Historical RacingTwinSpiresGamingTotal SegmentsAll OtherTotal
Net revenue from external customers
Pari-mutuel:
Live and simulcast racing$45.5 $210.8 $16.1 $272.4 $14.6 $287.0 
Historical racing(a)
117.8 — — 117.8 — 117.8 
Racing event-related services63.5 — 0.9 64.4 1.9 66.3 
Gaming(a)
— 15.4 302.7 318.1 — 318.1 
Other(a)
12.3 18.1 18.3 48.7 1.5 50.2 
Total$239.1 $244.3 $338.0 $821.4 $18.0 $839.4 
(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 $14.8 million for the six months ended June 30, 2022 and $8.9 million for the six months ended June 30, 2021.
Schedule of Segment Reporting Information
Adjusted EBITDA by segment is comprised of the following:
Three Months Ended June 30, 2022
(in millions)Live and Historical RacingTwinSpiresGaming
Net revenue$275.9 $138.5 $184.5 
Taxes and purses(59.6)(7.2)(68.2)
Marketing and advertising(6.4)(5.0)(3.7)
Salaries and benefits(18.9)(6.9)(23.5)
Content expense(1.0)(68.1)(2.2)
Selling, general and administrative expense(3.0)(2.6)(6.7)
Other operating expense(23.2)(14.8)(22.2)
Other income 0.1 — 48.8 
Adjusted EBITDA$163.9 $33.9 $106.8 
Three Months Ended June 30, 2021
(in millions)Live and Historical RacingTwinSpiresGaming
Net revenue$190.5 $142.6 $186.0 
Taxes and purses(50.8)(8.3)(70.0)
Marketing and advertising(4.9)(16.7)(2.5)
Salaries and benefits(15.3)(6.8)(20.6)
Content expense(0.8)(68.5)(1.3)
Selling, general and administrative expense(3.1)(2.9)(5.9)
Other operating expense(17.3)(14.8)(17.7)
Other income 0.1 — 51.8 
Adjusted EBITDA$98.4 $24.6 $119.8 
Adjusted EBITDA by segment is comprised of the following:
Six Months Ended June 30, 2022
(in millions)Live and Historical RacingTwinSpiresGaming
Net revenue$363.1 $239.9 $363.7 
Taxes and purses(86.4)(14.7)(135.5)
Marketing and advertising(9.3)(10.1)(7.2)
Salaries and benefits(29.8)(13.6)(47.4)
Content expense(1.6)(111.2)(3.7)
Selling, general and administrative expense(6.3)(5.2)(13.3)
Other operating expense(38.0)(27.1)(42.2)
Other income 0.1 — 83.5 
Adjusted EBITDA$191.8 $58.0 $197.9 
Six Months Ended June 30, 2021
(in millions)Live and Historical RacingTwinSpiresGaming
Net revenue$255.2 $247.6 $340.0 
Taxes and purses(70.8)(14.7)(129.3)
Marketing and advertising(7.0)(25.2)(3.9)
Salaries and benefits(25.3)(13.0)(40.5)
Content expense(1.4)(115.0)(2.3)
Selling, general and administrative expense(6.1)(5.5)(11.9)
Other operating expense(28.0)(26.5)(33.2)
Other income 0.1 — 83.3 
Adjusted EBITDA$116.7 $47.7 $202.2 
Three Months Ended June 30,Six Months Ended June 30,
(in millions)2022202120222021
Reconciliation of Comprehensive Income to Adjusted EBITDA:
Net income and comprehensive income $339.3 $108.3 $381.4 $144.4 
Additions:
Depreciation and amortization26.1 26.0 51.2 52.0 
Interest expense35.1 22.0 56.4 41.4 
Income tax provision 140.6 41.6 157.1 57.8 
EBITDA$541.1 $197.9 $646.1 $295.6 
Adjustments to EBITDA:
Stock-based compensation expense $7.4 $7.1 $14.4 $12.6 
Legal reserve3.2 — 3.2 — 
Pre-opening expense2.6 1.5 4.7 2.1 
Other expenses, net1.8 0.2 4.3 0.2 
Asset impairments— 11.2 4.9 11.2 
Transaction expense, net1.2 — 6.2 0.1 
Other income, expense:
Interest, depreciation and amortization expense related to equity investments10.5 10.5 21.6 20.1 
Changes in fair value of Rivers Des Plaines' interest rate swaps(2.2)(1.8)(12.6)(6.0)
Rivers Des Plaines' legal reserves and transaction costs0.2 6.7 0.5 8.0 
Other charges— — 1.0 — 
Gain on Calder land sale(274.6)— (274.6)— 
Total adjustments to EBITDA(249.9)35.4 (226.4)48.3 
Adjusted EBITDA$291.2 $233.3 $419.7 $343.9 
Adjusted EBITDA by segment:
Live and Historical Racing$163.9 $98.4 $191.8 $116.7 
TwinSpires33.9 24.6 58.0 47.7 
Gaming106.8 119.8 197.9 202.2 
Total segment Adjusted EBITDA304.6 242.8 447.7 366.6 
All Other(13.4)(9.5)(28.0)(22.7)
Total Adjusted EBITDA$291.2 $233.3 $419.7 $343.9 
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 June 30,Six Months Ended June 30,
(in millions)2022202120222021
Gaming$40.5 $36.4 $73.0 $61.3 
Schedule of Total Assets and Capital Expenditures by Operating Segment
The table below presents total asset information for each of our segments:
(in millions) June 30, 2022December 31, 2021
Total assets:
Live and Historical Racing$810.8 $682.7 
TwinSpires296.1 289.6 
Gaming1,288.7 1,003.3 
Total segment assets2,395.6 1,975.6 
All Other2,224.0 1,006.0 
Total assets$4,619.6 $2,981.6 
The table below presents total capital expenditures for each of our segments:
Six Months Ended June 30,
(in millions)20222021
Capital expenditures, net:
Live and Historical Racing$119.8 $16.9 
TwinSpires6.0 4.8 
Gaming40.4 6.5 
Total segment capital expenditures166.2 28.2 
All Other0.9 1.4 
Total capital expenditures$167.1 $29.6