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Segment Information (Tables)
 9 Months Ended
Sep. 30, 2023
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:
 Three Months Ended September 30,Nine Months Ended September 30,
(in millions)2023202220232022
Net revenue from external customers:
Live and Historical Racing:
Churchill Downs Racetrack$10.6 $6.4 $191.3 $182.6 
Louisville48.9 41.5 138.2 128.5 
Northern Kentucky19.5 10.0 63.1 29.2 
Southwestern Kentucky37.6 33.3 111.7 97.8 
Western Kentucky11.6 0.2 25.8 0.2 
Virginia88.1 — 280.4 — 
New Hampshire3.2 0.9 8.4 0.9 
Total Live and Historical Racing$219.5 $92.3 $818.9 $439.2 
TwinSpires:$108.5 $106.2 $340.7 $343.3 
Gaming:
Florida$24.4 $26.3 $76.5 $81.2 
Iowa24.0 — 72.5 — 
Louisiana32.2 28.5 110.1 107.2 
Maine30.9 31.6 88.1 87.8 
Maryland32.0 33.3 82.9 82.0 
Mississippi24.2 24.5 77.5 78.0 
New York46.2 — 135.3 — 
Pennsylvania30.4 39.2 97.3 108.8 
Total Gaming$244.3 $183.4 $740.2 $545.0 
All Other0.2 1.2 0.7 2.2 
Net revenue from external customers$572.5 $383.1 $1,900.5 $1,329.7 
Intercompany net revenues:
Live and Historical Racing$6.0 $10.1 $30.4 $26.3 
TwinSpires3.9 1.2 7.1 4.0 
Gaming0.6 2.5 4.2 4.6 
All Other— — — — 
Eliminations(10.5)(13.8)(41.7)(34.9)
Intercompany net revenue$— $— $— $— 
Three Months Ended September 30, 2023
(in millions)Live and Historical RacingTwinSpiresGamingTotal SegmentsAll OtherTotal
Net revenue from external customers
Pari-mutuel:
Live and simulcast racing$16.0 $86.3 $5.1 $107.4 $— $107.4 
Historical racing(a)
179.9 — 7.5 187.4 — 187.4 
Racing event-related services3.3 — 1.4 4.7 — 4.7 
Gaming(a)
3.1 5.3 203.0 211.4 — 211.4 
Other(a)
17.2 16.9 27.3 61.4 0.2 61.6 
Total$219.5 $108.5 $244.3 $572.3 $0.2 $572.5 

Three Months Ended September 30, 2022
(in millions)Live and Historical RacingTwinSpiresGamingTotal SegmentsAll OtherTotal
Net revenue from external customers
Pari-mutuel:
Live and simulcast racing$1.8 $91.0 $3.6 $96.4 $— $96.4 
Historical racing(a)
78.7 — 3.5 82.2 — 82.2 
Racing event-related services3.0 — 0.1 3.1 — 3.1 
Gaming(a)
0.9 5.3 160.6 166.8 — 166.8 
Other(a)
7.9 9.9 15.6 33.4 1.2 34.6 
Total$92.3 $106.2 $183.4 $381.9 $1.2 $383.1 
(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 racing pari-mutuel revenue for HRMs or gaming revenue for our casino properties. These amounts were $13.3 million for the three months ended September 30, 2023 and $8.4 million for the three months ended September 30, 2022.
Nine Months Ended September 30, 2023
(in millions)Live and Historical RacingTwinSpiresGamingTotal SegmentsAll OtherTotal
Net revenue from external customers
Pari-mutuel:
Live and simulcast racing$67.2 $283.2 $19.9 $370.3 $— $370.3 
Historical racing(a)
549.3 — 20.5 569.8 — 569.8 
Racing event-related services141.0 — 4.8 145.8 — 145.8 
Gaming(a)
8.2 10.9 615.4 634.5 — 634.5 
Other(a)
53.2 46.6 79.6 179.4 0.7 180.1 
  Total$818.9 $340.7 $740.2 $1,899.8 $0.7 $1,900.5 

Nine Months Ended September 30, 2022
(in millions)Live and Historical RacingTwinSpiresGamingTotal SegmentsAll OtherTotal
Net revenue from external customers
Pari-mutuel:
Live and simulcast racing$53.9 $290.9 $22.0 $366.8 $— $366.8 
Historical racing(a)
230.7 — 4.8 235.5 — 235.5 
Racing event-related services125.4 — 0.7 126.1 — 126.1 
Gaming(a)
0.9 21.8 469.6 492.3 — 492.3 
Other(a)
28.3 30.6 47.9 106.8 2.2 109.0 
Total$439.2 $343.3 $545.0 $1,327.5 $2.2 $1,329.7 
(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 $37.8 million for the nine months ended September 30, 2023 and $23.2 million for the nine months ended September 30, 2022.
The tables below present net revenue from external customers, Adjusted EBITDA by segment and reconciles comprehensive income to Adjusted EBITDA:
Net revenue by segment is comprised of the following:
Three Months Ended September 30,Nine Months Ended September 30,
(in millions)2023202220232022
Live and Historical Racing$219.5 $92.3 $818.9 $439.2 
TwinSpires108.5 106.2 340.7 343.3 
Gaming244.3 183.4 740.2 545.0 
All Other0.2 1.2 0.7 2.2 
Net Revenue$572.5 $383.1 $1,900.5 $1,329.7 
Schedule of Segment Reporting Information
Adjusted EBITDA by segment is comprised of the following:
Three Months Ended September 30, 2023
(in millions)Live and Historical RacingTwinSpiresGaming
Revenues$225.5 $112.4 $244.9 
Taxes and purses(62.0)(5.8)(81.4)
Marketing and advertising(7.6)(1.3)(8.9)
Salaries and benefits(27.9)(7.0)(35.2)
Content expense(1.6)(49.4)(2.4)
Selling, general and administrative expense(7.4)(3.0)(9.9)
Other operating expense(39.0)(12.0)(32.1)
Other income 0.9 — 47.3 
Adjusted EBITDA$80.9 $33.9 $122.3 
Three Months Ended September 30, 2022
(in millions)Live and Historical RacingTwinSpiresGaming
Revenues$102.4 $107.4 $185.9 
Taxes and purses(31.6)(6.6)(70.6)
Marketing and advertising(3.6)(1.3)(4.1)
Salaries and benefits(13.3)(6.3)(24.6)
Content expense(0.6)(49.3)(2.7)
Selling, general and administrative expense(3.4)(2.7)(7.1)
Other operating expense(15.6)(10.1)(21.7)
Other income 0.2 — 56.5 
Adjusted EBITDA$34.5 $31.1 $111.6 
Nine Months Ended September 30, 2023
(in millions)Live and Historical RacingTwinSpiresGaming
Revenues$849.3 $347.8 $744.4 
Taxes and purses(203.9)(17.8)(246.7)
Marketing and advertising(27.9)(8.0)(26.5)
Salaries and benefits(80.0)(20.7)(109.2)
Content expense(5.1)(161.1)(6.9)
Selling, general and administrative expense(23.4)(8.1)(32.4)
Other operating expense(123.6)(36.0)(92.1)
Other income 1.1 1.1 144.6 
Adjusted EBITDA$386.5 $97.2 $375.2 

Nine Months Ended September 30, 2022
(in millions)Live and Historical RacingTwinSpiresGaming
Revenues$465.5 $347.3 $549.6 
Taxes and purses(118.0)(21.3)(206.1)
Marketing and advertising(12.9)(11.4)(11.3)
Salaries and benefits(43.1)(19.9)(72.0)
Content expense(2.2)(160.5)(6.4)
Selling, general and administrative expense(9.7)(7.9)(20.4)
Other operating expense(53.6)(37.2)(63.9)
Other income 0.3 — 140.0 
Adjusted EBITDA$226.3 $89.1 $309.5 
Adjusted EBITDA by segment is comprised of the following:
Three Months Ended September 30,Nine Months Ended September 30,
(in millions)2023202220232022
Reconciliation of Comprehensive Income to Adjusted EBITDA:
Net income and comprehensive income $61.0 $57.0 $359.7 $438.4 
Additions:
Depreciation and amortization42.1 27.5 121.8 78.7 
Interest expense, net67.9 36.2 197.8 92.6 
Income tax provision 20.8 16.4 130.2 173.5 
EBITDA$191.8 $137.1 $809.5 $783.2 
Adjustments to EBITDA:
Stock-based compensation expense $8.1 $9.1 $24.8 $23.5 
Legal reserve— — — 3.2 
Pre-opening expense5.0 4.2 11.4 8.9 
Arlington exit costs0.1 1.4 9.4 5.7 
Other expenses, net0.7 — 7.6 — 
Transaction expense, net1.5 1.2 1.8 7.4 
Asset impairments— — 24.5 4.9 
Other income, expense:
Interest, depreciation and amortization expense related to equity investments10.1 10.1 29.8 31.7 
Changes in fair value of Rivers Des Plaines' interest rate swaps— — — (12.6)
Rivers Des Plaines' legal reserves and transaction costs— 0.1 — 0.6 
Other charges and recoveries, net0.9 — — 1.0 
Gain on sale of assets— — (114.0)(274.6)
Total adjustments to EBITDA26.4 26.1 (4.7)(200.3)
Adjusted EBITDA$218.2 $163.2 $804.8 $582.9 
Adjusted EBITDA by segment:
Live and Historical Racing$80.9 $34.5 $386.5 $226.3 
TwinSpires33.9 31.1 97.2 89.1 
Gaming122.3 111.6 375.2 309.5 
Total segment Adjusted EBITDA237.1 177.2 858.9 624.9 
All Other(18.9)(14.0)(54.1)(42.0)
Total Adjusted EBITDA$218.2 $163.2 $804.8 $582.9 
Schedule of Total Assets and Capital Expenditures by Operating Segment
The table below presents total asset information for each of our segments:
(in millions) September 30, 2023December 31, 2022
Total assets:
Live and Historical Racing$3,742.1 $3,345.4 
TwinSpires461.4 287.9 
Gaming1,844.2 1,824.2 
Total segment assets6,047.7 5,457.5 
All Other702.8 749.3 
Total assets$6,750.5 $6,206.8 
The table below presents total capital expenditures for each of our segments:
Nine Months Ended September 30,
(in millions)20232022
Capital expenditures:
Live and Historical Racing$358.3 $177.4 
TwinSpires12.0 9.3 
Gaming120.5 63.0 
Total segment capital expenditures490.8 249.7 
All Other7.3 14.0 
Total capital expenditures$498.1 $263.7