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Condensed Consolidated Statements of Comprehensive Income - USD ($)
shares in Thousands, $ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Net revenue:        
Net revenue $ 768.5 $ 582.5 $ 1,328.0 $ 946.6
Operating expense:        
Selling, general and administrative expense 48.1 38.4 100.4 74.3
Asset impairments 24.5 0.0 24.5 4.9
Transaction expense, net 0.5 1.2 0.3 6.2
Total operating expense 542.9 382.8 982.5 699.5
Operating income 225.6 199.7 345.5 247.1
Other (expense) income:        
Interest expense, net (65.2) (35.1) (129.9) (56.4)
Equity in income of unconsolidated affiliates 38.8 40.5 77.1 73.0
Gain on sale of assets 0.0 274.6 114.0 274.6
Miscellaneous, net 0.0 0.2 1.4 0.2
Total other (expense) income (26.4) 280.2 62.6 291.4
Income from operations before provision for income taxes 199.2 479.9 408.1 538.5
Income tax provision (56.2) (140.6) (109.4) (157.1)
Net income $ 143.0 $ 339.3 $ 298.7 $ 381.4
Net income per common share data:        
Basic net income (in dollars per share) $ 1.90 $ 4.45 $ 3.97 $ 4.99
Diluted net income (in dollars per share) $ 1.86 $ 4.39 $ 3.90 $ 4.92
Weighted average shares outstanding:        
Basic (in shares) 75,300 76,200 75,300 76,400
Diluted (in shares) 76,900 77,200 76,500 77,400
Live and Historical        
Net revenue:        
Net revenue $ 385.0 $ 260.9 $ 599.4 $ 346.9
Operating expense:        
Operating expense 204.2 121.4 347.5 189.1
TwinSpires        
Net revenue:        
Net revenue 137.4 136.8 232.2 237.1
Operating expense:        
Operating expense 80.7 90.2 146.4 165.1
Gaming        
Net revenue:        
Net revenue 245.9 184.3 495.9 361.6
Operating expense:        
Operating expense 179.2 128.8 352.7 254.0
All Other        
Net revenue:        
Net revenue 0.2 0.5 0.5 1.0
Operating expense:        
Operating expense $ 5.7 $ 2.8 $ 10.7 $ 5.9