Churchill Downs (CHDN) 10-Q 29 Jul 15 2015 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Jul. 22, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
false	false
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Entity Registrant Name	CHURCHILL DOWNS INC
Entity Central Index Key	20,212
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		17,580,101

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
ASSETS
Cash and cash equivalents	$ 59,244	$ 67,936
Restricted cash	28,685	26,065
Accounts receivable, net of allowance for doubtful accounts of $3,839 at June 30, 2015 and $4,246 at December 31, 2014	66,885	75,890
Deferred income taxes	18,759	18,519
Income taxes receivable	0	29,455
Game technology and rights, net	8,250	530
Other current assets	33,243	24,135
Total current assets	215,066	242,530
Property and equipment, net	589,552	595,315
Investment in and advances to unconsolidated affiliate	107,465	109,548
Goodwill	840,947	840,947
Other intangible assets, net	521,607	549,972
Other assets	24,353	24,192
Total assets	2,298,990	2,362,504
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable	66,291	45,597
Bank overdraft	5,766	544
Purses payable	21,490	11,169
Account wagering deposit liabilities	21,160	18,137
Accrued expenses	92,665	93,286
Income taxes payable	32,609	0
Tax refund due to Big Fish Games former equity holders	6,313	18,087
Deferred revenue	10,985	51,833
Deferred revenue - Big Fish Games	62,844	41,747
Big Fish Games deferred payment, current	28,100	27,180
Big Fish Games earnout liability, current	272,850	0
Current maturities of long-term debt	13,750	11,250
Dividends payable	0	17,419
Total current liabilities	634,823	336,249
Long-term debt, net of current maturities	299,992	459,105
Notes payable	300,000	300,000
Big Fish Games deferred payment, net of current amount due	54,200	51,620
Big Fish Games earnout liability, net of current amount due	66,050	327,800
Other liabilities	24,521	21,718
Deferred revenue	13,641	16,489
Deferred income taxes	149,326	149,522
Total liabilities	$ 1,542,553	$ 1,662,503
Commitments and contingencies
Shareholders' equity:
Preferred stock, no par value; 250 shares authorized; no shares issued	$ 0	$ 0
Common stock, no par value; 50,000 shares authorized; 17,580 shares issued at June 30, 2015 and 17,472 shares issued at December 31, 2014	265,645	262,280
Accumulated other comprehensive loss	(540)	(125)
Retained earnings	491,332	437,846
Total shareholders' equity	756,437	700,001
Total liabilities and shareholders' equity	$ 2,298,990	$ 2,362,504

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Allowance for doubtful accounts	$ 3,839	$ 4,246
Preferred stock, shares authorized	250	250
Common stock, shares authorized	50,000	50,000
Common stock, shares issued	17,580	17,472

Condensed Consolidated Statemen

Condensed Consolidated Statements Of Comprehensive Earnings - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Net revenues:
Big Fish Games	$ 104,526	$ 0	$ 196,429	$ 0
Casinos	83,770	81,779	169,185	168,165
TwinSpires	60,748	57,076	106,063	103,160
Racing	155,436	159,435	179,874	190,014
Other	4,759	5,182	8,598	9,274
Net revenues	409,239	303,472	660,149	470,613
Operating expenses:
Big Fish Games	83,446	0	165,605	0
Casinos	61,062	62,005	121,843	124,051
TwinSpires	37,607	36,811	69,388	70,388
Racing	75,850	85,483	112,360	128,703
Other	5,303	6,350	10,906	12,048
Research and development	9,847	0	20,079	0
Selling, general and administrative expenses	22,035	18,666	43,607	40,131
Acquisition related charges	8,200	0	14,600	0
Insurance recoveries, net of losses	0	0	0	(431)
Operating income	105,889	94,157	101,761	95,723
Other income (expense):
Interest income	6	5	224	9
Interest expense	(7,112)	(4,961)	(14,596)	(9,934)
Equity in gains of unconsolidated investments	2,907	2,506	5,855	4,796
Gain on sale of equity investment	0		(5,817)	0
Miscellaneous, net	28	393	(160)	368
Nonoperating Income (Expense)	(4,171)	(2,057)	(2,860)	(4,761)
Earnings from continuing operations before provision for income taxes	101,718	92,100	98,901	90,962
Income tax provision	(46,674)	(34,767)	(45,415)	(34,329)
Net earnings	$ 55,044	$ 57,333	$ 53,486	$ 56,633
Earnings Per Share, Basic [Abstract]
Basic	$ 3.12	$ 3.23	$ 3.04	$ 3.20
Earnings Per Share, Diluted [Abstract]
Diluted	$ 3.10	$ 3.21	$ 3.02	$ 3.17
Weighted average shares outstanding:
Basic	17,331	17,531	17,300	17,475
Diluted (in shares)	17,735	17,880	17,698	17,884
Other Comprehensive Loss, Net of Tax [Abstract]
Foreign currency translation, net of tax effect	$ (28)	$ 0	$ (415)	$ 0
Other comprehensive loss	(28)	0	(415)	0
Comprehensive earnings	$ 55,016	$ 57,333	$ 53,071	$ 56,633

Condensed Consolidated Stateme5

Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash flows from operating activities:
Net earnings	$ 53,486	$ 56,633
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	54,677	31,044
Game technology and rights amortization	3,060	0
Acquisition related charges	14,600	0
Asset impairment loss	250	0
Loss on asset disposals	393	66
Gain on sale of equity investment	(5,817)	0
Equity in gains of unconsolidated investments	(5,855)	(4,796)
Dividend from investment in unconsolidated affiliate	7,500	0
Share-based compensation	6,095	8,354
Other	804	302
Increase (decrease) in cash resulting from changes in operating assets and liabilities, net of business acquisition:
Restricted cash	(2,620)	2,385
Accounts receivable	(13,431)	(13,828)
Other current assets	(8,615)	(4,981)
Game technology and rights	(11,217)	0
Accounts payable	26,972	28,433
Purses payable	10,321	2,036
Accrued expenses	(1,028)	(1,775)
Deferred revenue	422	(25,843)
Income taxes receivable and payable	59,045	38,967
Other assets and liabilities	5,136	2,091
Net cash provided by operating activities	194,178	119,088
Cash flows from investing activities:
Additions to property and equipment	(22,681)	(38,475)
Deferred payments to Big Fish Games former equity holders	(959)	0
Investment in joint ventures	(332)	(6,500)
Proceeds from sale of equity investment	6,000	0
Purchases of minority investments	(81)	(273)
Proceeds on sale of property and equipment	81	88
Net cash used in investing activities	(17,972)	(45,160)
Cash flows from financing activities:
Borrowings on bank line of credit	189,871	210,854
Repayments on bank line of credit	(346,484)	(211,247)
Tax refund payments to Big Fish Games equity holders	(11,773)	0
Change in bank overdraft	5,222	5,504
Payment of dividends	(17,419)	(15,186)
Repurchase of common stock	0	(61,561)
Payments for Repurchase of Common Stock	(5,929)	(8,121)
Common stock issued	88	4,525
Windfall tax benefit from share-based compensation	3,103	4,465
Loan origination fees	(26)	(170)
Debt issuance costs	0	(1,029)
Net cash used in financing activities	(183,347)	(71,966)
Net (decrease) increase in cash and cash equivalents	(7,141)	1,962
Effect of exchange rate changes on cash	(1,551)	0
Cash and cash equivalents, beginning of period	67,936	44,708
Cash and cash equivalents, end of period	59,244	46,670
Cash paid during the period for:
Interest	13,589	8,689
Income taxes	527	112
Schedule of non-cash investing and financing activities:
Issuance of common stock in connection with the Company's restricted stock plans	$ 16,247	$ 2,943

Basis Of Presentation

Basis Of Presentation	6 Months Ended
	Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis Of Presentation	NOTE 1 — BASIS OF PRESENTATION The accompanying Condensed Consolidated Financial Statements are presented in accordance with the requirements of this Quarterly Report on Form 10-Q and consequently do not include all of the disclosures normally required by Generally Accepted Accounting Principles ("GAAP") in the United States of America or those normally made in Churchill Downs Incorporated’s (the “Company”) Annual Report on Form 10-K. The year-end Condensed Consolidated Balance Sheet data was derived from audited financial statements but does not include all disclosures required by accounting principles generally accepted in the United States of America. Accordingly, the reader of this Quarterly Report on Form 10-Q should refer to the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 for further information. The accompanying Condensed Consolidated Financial Statements have been prepared in accordance with the Company’s customary accounting practices and have not been audited. In the opinion of management, all adjustments necessary for a fair statement of this information have been made, and all such adjustments are of a normal, recurring nature. Certain amounts for the six months ended June 30, 2014 were reclassified to be consistent with current year presentation. There was no impact from these reclassifications on net loss or cash flows. The Company’s revenues and earnings are seasonal in nature, primarily due to its Racing segment. Therefore, revenues and operating results for any interim quarter are generally not indicative of the revenues and operating results for the year and may not be comparable with results for the corresponding period of the previous year. For instance, the Company historically has had fewer live racing days during the first quarter of each year, and the majority of its live racing revenue occurs during the second quarter, with the running of the Kentucky Derby and the Kentucky Oaks. The Company conducted 66 live thoroughbred racing days during the second quarter of 2015 , which compares to 114 live thoroughbred racing days during the second quarter of 2014 . For the six months ended June 30, 2015, the Company conducted 123 live thoroughbred racing days, which compares to 211 live racing days during the six months ended June 30, 2014. This decrease is primarily related to the cessation of pari-mutuel operations at Calder Race Course in July 2014. Furthermore, casino revenues and earnings have historically been higher during the first quarter due to seasonal revenues from the Company's predominately southern casino properties. The Company's revenues from its Big Fish Games segment also have a seasonal component and are typically lower during the summer months. Customer Loyalty Programs The Company’s customer loyalty programs offer incentives to customers who wager at the Company’s racetracks, through its advance deposit wagering platform, TwinSpires.com, or at its casino facilities. The TSC Elite program is for pari-mutuel wagering at the Company’s racetracks or through TwinSpires.com. The Player’s Club is offered at the Company’s casino facilities in Louisiana, Florida, Maine and Mississippi. At each of June 30, 2015 and December 31, 2014 , the outstanding reward point liabilities were $1.8 million and $1.7 million, respectively, and were included in accrued expenses. Promotional Allowances Promotional allowances, which include the Company’s customer loyalty programs, primarily consist of the retail value of complimentary goods and services provided to guests at no charge. The retail value of these promotional allowances is included in gross revenue and then deducted to arrive at net revenue. During the three months ended June 30, 2015 and 2014 , promotional allowances of $9.5 million and $9.0 million , respectively, were included as a reduction to net revenues. During those periods, TwinSpires promotional allowances were $3.8 million and $3.5 million , respectively. Casino promotional allowances were $5.6 million and $5.3 million , respectively. Racing promotional allowances were $0.2 million and $0.3 million , respectively. The estimated cost of providing casino promotional allowances included in operating expenses for the three months ended June 30, 2015 and 2014 totaled $2.1 million and $2.5 million , respectively. During the six months ended June 30, 2015 and 2014 , promotional allowances of $16.6 million for both periods, were included as a reduction to net revenues. During those periods, TwinSpires promotional allowances were $6.6 million and $6.2 million , respectively. Casino promotional allowances were $9.8 million and $10.0 million , respectively. Racing promotional allowances were $0.3 million and $0.4 million , respectively. The estimated cost of providing casino promotional allowances included in operating expenses for the six months ended June 30, 2015 and 2014 totaled $4.1 million and $4.9 million , respectively. Game Technology and Rights Game technology and rights are purchased from third-party developers both before and after the production or launch of games. The Company pays amounts to these developers as they reach agreed-upon milestones. Once the game is launched, the Company amortizes its game technology and rights on an accelerated basis over the useful life of the game, which is generally one year. Research and Development Costs incurred for research and development activities are expensed as incurred. Development costs associated with software to be sold are capitalized when technological feasibility has been established through the date the product is available for general release. At June 30, 2015 and December 31, 2014, there were no material amounts capitalized. For the three and six months ended June 30, 2015 , the Company incurred research and development expenses of $9.8 million and $20.1 million , respectively, within its Big Fish Games, Inc. ("Big Fish Games") segment, which consisted primarily of compensation related expenses.

Acquisition And New Ventures (N

Acquisition And New Ventures (Notes)	6 Months Ended
	Jun. 30, 2015
Acquisitions and Joint Ventures [Abstract]
Acquisitions And New Ventures	NOTE 2 — NEW VENTURES & ACQUISITIONS California Internet Gaming During May 2015, the Company's Internet real-money gaming operations, Churchill Downs Interactive Gaming ("I-Gaming"), entered into an agreement with a licensed California card room operator ("Licensed Operator") to provide Internet-based interactive gaming services within California, should enabling legislation be enacted which would permit such activities. The term of the agreement commences after enabling legislation and upon the acceptance of the first customer wager, continuing thereafter for a ten-year period. The venture provides for I-Gaming and the Licensed Operator to jointly provide a platform for operations, to obtain and maintain required licenses and regulatory approvals and to otherwise market and operate the venture, which may include poker and other real-money gaming activities, to California residents. At this time, it is difficult to assess whether this legislation will be enacted into law, and the effect it would have on the Company's business, financial condition and results of operation. Big Fish Games On December 16, 2014, the Company completed the acquisition of Big Fish Games. Big Fish Games, which has locations in Seattle, Washington, Oakland, California and Luxembourg, employs approximately 599 employees and develops casual games for PCs and mobile devices worldwide. Big Fish Games operates in three business lines: premium paid, casino and casual free-to-play. The Company acquired Big Fish Games to leverage its casino and casual game experience and assembled workforce, and to position itself in the mobile and online game industry. The Company financed the acquisition with borrowings under its Amended and Restated Credit Agreement (the “Senior Secured Credit Facility”) and the addition of a $200 million Term Loan Facility (“Term Loan”) to the existing Senior Secured Credit Facility. The purchase price consideration was $838.3 million , composed of $401.7 million in cash, a deferred payment to the founder of Big Fish Games of $85.3 million , payable over three years and recorded at fair value of $78.0 million as of the acquisition date, an estimated payable to the Big Fish Games equity holders related to an income tax refund of $18.1 million and $15.8 million payable in 157,115 shares of the common stock of the Company. In addition, the Company may be required to pay additional variable cash consideration that is contingent upon the achievement of certain performance milestones of Big Fish Games through December 31, 2015 and is limited to a maximum of $350 million based on achievement of certain non-GAAP earnings targets before interest and tax. The estimated fair value of the earnout liability at the acquisition date was $324.7 million . The Company estimated the fair value of the deferred payment and the earnout liability using a discounted cash flows analysis over the period in which the obligation is expected to be settled, and applied a discount rate based on the Company’s cost of debt. The cost of debt as of the closing date was based on the observed market yields of the Company’s Senior Unsecured Notes issued in December of 2013 and was adjusted for the difference in seniority and term of the deferred payment and the earnout liability. See Note 7 for further discussion of the fair value measurement of the deferred payment and the earnout liability. The fair values recorded were based upon a preliminary valuation. Estimates and assumptions used in such valuation are subject to change, which could be significant, within the measurement period up to one year from the acquisition date. The primary area of the preliminary valuation that was not finalized at June 30, 2015 related to the 2014 provision to return income tax adjustments which the Company expects to complete during the third quarter of 2015. During the six months ended June 30, 2015, the Company obtained additional information to assist it in determining the values of the liabilities assumed at the acquisition date and changes which occurred during the measurement period. A measurement period adjustment was recorded related to estimated payroll taxes associated with the earnout liability. The Company retroactively adjusted the December 31, 2014 Condensed Consolidated Balance Sheet by increasing deferred income taxes by $0.8 million , increasing goodwill by $1.4 million and increasing accrued expenses by $2.2 million . In addition, the Company made deferred payments of $12.7 million to Big Fish Games former equity holders for the receipt of a federal income tax refund and working capital adjustments related to the acquisition. The following table summarizes (in thousands) the current fair value of the assets acquired and liabilities assumed, net of cash acquired of $34.7 million , at the date of acquisition. Total Accounts receivable $ 19,274 Income taxes receivable 18,087 Prepaid expenses 9,727 Deferred income taxes 1,708 Other assets 1,780 Property and equipment 14,632 Goodwill 540,331 Other intangible assets 362,863 Total assets acquired 968,402 Accounts payable 9,064 Accrued expenses 19,217 Income taxes payable 210 Deferred revenue 37,250 Deferred income taxes 96,182 Other liabilities 2,821 Total liabilities acquired 164,744 Purchase price, net of cash acquired $ 803,658 During the three and six months ended June 30, 2015, Big Fish Games contributed revenues of $104.5 million and $196.4 million , respectively, and earnings from continuing operations before provision for income taxes and acquisition-related charges of $6.8 million and $1.0 million , respectively. Pro Forma The following table illustrates the effect on net revenues and earnings from continuing operations for the three and six months ended June 30, 2014, respectively, as if the Company had acquired Big Fish Games as of the beginning of 2014. The unaudited pro forma results have been prepared for comparative purposes only and do not purport to be indicative of the results of operations that would have occurred had the acquisition of Big Fish Games been consummated at the beginning of 2014 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2014 2014 Net revenues $ 381,993 $ 623,455 Earnings from continuing operations $ 55,699 $ 54,061 Saratoga Harness Racing, Inc. Equity Investment and Management Agreement On October 28, 2014, the Company signed a definitive purchase agreement to acquire a 25% ownership interest in Saratoga Casino Holdings, LLC ("SCH"), a newly formed entity which will own Saratoga Casino and Raceway in Saratoga Springs, NY; Saratoga Harness Racing, Inc.'s ("SHRI") controlling interest in Saratoga Casino Black Hawk in Black Hawk, Colorado; and SHRI's 50% interest in a joint venture with Delaware North Companies to manage the Gideon Putnam Hotel and Resort in Saratoga Springs. In addition, the Company signed a five-year management agreement pursuant to which it will manage Saratoga Casino and Raceway and Saratoga Casino Black Hawk. Both the funding of the equity investment and the commencement of the management agreement are subject to regulatory approval and licensing requirements in New York and Colorado.

Natural Disasters (Notes)

Natural Disasters (Notes)	6 Months Ended
	Jun. 30, 2015
Natural Disasters [Abstract]
Natural Disasters [Text Block]	NOTE 3 — NATURAL DISASTERS On April 28, 2012, a hailstorm caused damage to portions of Louisville, Kentucky including Churchill Downs Racetrack ("Churchill Downs") and its separate training facility known as Trackside Louisville. Both locations sustained damage to their stable areas as well as damages to administrative offices and several other structures. The Company carries property and casualty insurance, subject to a $0.5 million deductible. During 2012 and 2013, the Company received partial payments for the claim from its insurance carriers. During the three months ended March 31, 2014, the Company received final proceeds of $0.4 million , which it recognized as insurance recoveries, net of losses as a component of operating income. The insurance claims for this event have been finalized, and the Company does not expect to receive additional funds from this claim.

Investment in and Advances to U

Investment in and Advances to Unconsolidated Affiliate (Notes)	6 Months Ended
	Jun. 30, 2015
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]
Investments in and Advances to Affiliates, Schedule of Investments [Text Block]	NOTE 4 — INVESTMENT IN AND ADVANCES TO UNCONSOLIDATED AFFILIATE Miami Valley Gaming Joint Venture The Company's 50% joint venture with Delaware North Companies Gaming & Entertainment Inc. (“DNC”) was established during 2012 to develop a new harness racetrack and video lottery terminal (“VLT”) casino facility in Lebanon, Ohio. Through the joint venture agreement, the Company and DNC formed a new company, Miami Valley Gaming, LLC (“MVG”), to manage both the Company’s and DNC’s interests in the development and operation of the racetrack and VLT casino facility. On December 21, 2012, MVG completed the purchase of the harness racing licenses and certain assets held by Lebanon Trotting Club Inc. and Miami Valley Trotting Inc. ("MVG Sellers") for total consideration of $60.0 million , of which $10.0 million was funded at closing with the remainder funded through a $50.0 million note payable with a six year term effective upon the commencement of casino operations. In addition, there is a potential contingent consideration payment of $10.0 million based on the financial performance of the facility during the seven-year period after casino operations commence. On December 12, 2013, the new facility opened in Lebanon, Ohio on a 120 -acre site. The facility includes a 5/8-mile harness racing track and an 186,000 -square-foot casino facility with approximately 1,590 VLTs. MVG invested $204.6 million in the new facility, including a $50.0 million license fee to the Ohio Lottery Commission. Since both DNC and the Company have participating rights over MVG, and both must consent to MVG's operating, investing and financing decisions, the Company accounts for MVG using the equity method. Summarized financial information for MVG is comprised of the following (in thousands): June 30, 2015 December 31, 2014 Assets Current assets $ 23,382 $ 24,943 Property and equipment, net 125,597 130,868 Other assets, net 105,059 105,059 Total assets $ 254,038 $ 260,870 Liabilities and Members' Equity Current liabilities $ 17,110 $ 16,775 Current portion of long-term debt 8,332 8,332 Long-term debt, excluding current portion 23,591 26,584 Other liabilities 75 83 Members' equity 204,930 209,096 Total liabilities and members' equity $ 254,038 $ 260,870 The joint venture's long-term debt consists of a $50.0 million secured note payable from MVG to the MVG Sellers payable quarterly over 6 years through November 2019 at a 5.0% interest rate for which it has funded $12.5 million in principal repayments. During the three and six months ended June 30, 2015 , the Company received distributions from MVG totaling $4.0 million and $7.5 million , respectively. Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Casino revenue $ 33,119 $ 33,124 $ 65,163 $ 64,287 Non-casino revenue 1,879 1,913 3,836 3,544 Net revenues 34,998 35,037 68,999 67,831 Operating and SG&A expenses 25,052 24,777 49,686 48,988 Depreciation & amortization expenses 3,154 3,474 6,298 6,841 Pre-opening expenses — — — 54 Operating income 6,792 6,786 13,015 11,948 Interest (expense) income, net (1,073 ) (1,194 ) (2,181 ) (2,274 ) Net income $ 5,719 $ 5,592 $ 10,834 $ 9,674 The Company's 50% share of MVG's results has been included in our accompanying condensed consolidated financial statements for the three and six months ended June 30, 2015 and 2014 , as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Equity in gains of unconsolidated investments $ 2,859 $ 2,796 $ 5,417 $ 4,837

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2015
Income Tax Disclosure [Abstract]
Income Taxes	NOTE 5 — INCOME TAXES The Company’s effective tax rate from continuing operations for the six months ended June 30, 2015 and 2014 was 46% and 38% , respectively. The effective tax rate for the six months ended June 30, 2015 was greater than the Federal statutory rate due to expenses related to the revaluation of liabilities associated with the purchase of Big Fish Games, state and local income tax expense and certain expenses that were not deductible for tax purposes. These additional tax expenses were partially mitigated by the manufacturing deduction that will be available associated with the development of social games by Big Fish Games. Certain tax authorities may periodically audit the Company, and the Company may occasionally be assessed interest and penalties by tax jurisdictions. The Company recognizes accrued interest from uncertain income tax benefits in its income tax provision, while penalties are accrued in selling, general and administrative expenses. During the six months ended June 30, 2015 , the Company recorded $0.1 million interest expense related to uncertain income tax benefits and had gross uncertain tax benefits of $3.0 million as of June 30, 2015 . If these benefits had been recognized, there would have been a $1.6 million decrease to annual income tax expense. $1.1 million of the uncertain tax positions were related to issues that existed prior to the acquisition of Big Fish Games, and to the extent that these liabilities are incurred, they would be reimbursed by the pre-acquisition shareholders of Big Fish Games, in conjunction with a tax indemnity agreement. During October 2012, the Company funded a $2.9 million income tax payment to the State of Illinois related to a dispute over its state income tax apportionment methodology, which was recorded as an other asset. The Company filed its state income tax returns related to the years 2002 through 2005 following the methodology prescribed by Illinois statute; however, the State of Illinois took a contrary tax position. The Company filed a formal protest with the State of Illinois during the fourth quarter of 2012. The Company won its protest and the state has elected not to appeal the court decision. During July 2015, the Company received the $2.9 million refund. The refund will not have an impact on the Company’s tax rate.

Goodwill And Indefinite-Lived I

Goodwill And Indefinite-Lived Intangible Assets Impairment Test	6 Months Ended
	Jun. 30, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Indefinte-Lived Intangible Assets Impairment Test	NOTE 6 — GOODWILL AND INDEFINITE-LIVED INTANGIBLE ASSETS IMPAIRMENT TEST In accordance with ASU No. 2011-08, Intangibles-Goodwill and Other: Testing Goodwill for Impairment and ASU No. 2012-02 , Intangibles-Goodwill and Other: Testing Indefinite-Lived Intangible Assets for Impairment, the Company completed the required annual impairment tests of goodwill and indefinite-lived intangible assets as of March 31, 2015, and no adjustment to the carrying value of goodwill or indefinite-lived intangible assets was required. The Company assessed its goodwill and indefinite-lived intangible assets by performing its step one fair value calculations on a quantitative basis for each of its reporting units and indefinite-lived intangible assets. The Company concluded that the fair values of its reporting units and indefinite-lived intangible assets exceeded their carrying value and therefore step two of the assessment was not required. Goodwill and definite-lived and indefinite-lived intangible assets are summarized as follows (in thousands): Big Fish Games Casinos TwinSpires Racing Other Investments Total Goodwill as of December 31, 2014 $ 540,331 $ 117,659 $ 127,364 $ 51,659 $ 3,934 $ 840,947 Adjustments — — — — — — Goodwill as of June 30, 2015 $ 540,331 $ 117,659 $ 127,364 $ 51,659 $ 3,934 $ 840,947 June 30, 2015 December 31, 2014 Gross Carrying Value Accumulated Amortization Net Book Value Gross Carrying Value Accumulated Amortization Net Book Value Definite-lived intangible assets $ 231,775 $ (68,511 ) $ 163,264 $ 238,865 $ (47,236 ) $ 191,629 Indefinite-lived intangible assets 358,343 — 358,343 358,343 — 358,343 Total $ 590,118 $ (68,511 ) $ 521,607 $ 597,208 $ (47,236 ) $ 549,972 During the six months ended June 30, 2015, the Company reduced its customer relationships intangible asset and accumulated amortization by $7.0 million , related to TwinSpires, as this amount was fully amortized. In addition, the Company reduced its customer relationships intangible asset and accumulated amortization by $0.1 million , related to Bluff, as this amount was fully amortized.

Fair Value Of Assets And Liabil

Fair Value Of Assets And Liabilities	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value Of Assets And Liabilities	NOTE 7 — FAIR VALUE OF ASSETS AND LIABILITIES The Company endeavors to utilize the best available information in measuring fair value. Financial assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurement. The following tables present the Company’s assets and liabilities measured at fair value as of June 30, 2015 and December 31, 2014 (in thousands): June 30, 2015 Level 1 Level 3 Cash equivalents and restricted cash $ 28,254 $ — Big Fish Games deferred payments — 82,300 Big Fish Games earnout liability — 338,900 Bluff contingent consideration liability — 2,331 Total $ 28,254 $ 423,531 December 31, 2014 Level 1 Level 3 Cash equivalents and restricted cash $ 27,464 $ — Big Fish Games deferred payments — 78,800 Big Fish Games earnout liability — 327,800 Bluff contingent consideration liability — 2,331 Total $ 27,464 $ 408,931 The following table presents the change in fair value of the Company's level 3 liabilities during the six months ended June 30, 2015 (in thousands): Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Big Fish Games Deferred Payments Big Fish Games Earnout Liability Bluff Contingent Consideration Total Balance as of December 31, 2014 $ 78,800 $ 327,800 $ 2,331 $ 408,931 Change in fair value 3,500 11,100 — 14,600 Balance as of June 30, 2015 $ 82,300 $ 338,900 $ 2,331 $ 423,531 The Company's cash equivalents and restricted cash, which are held in interest-bearing accounts, qualify for Level 1 in the fair value hierarchy which includes unadjusted quoted market prices in active markets for identical assets. The Company estimated the fair value of the Big Fish Games deferred payment and earnout liability as of June 30, 2015 using a discounted cash flows analysis over the period in which the obligation is expected to be settled, and applied a discount rate of 2.8% based on the Company’s cost of debt. The cost of debt was based on the observed market yields of the Company's Senior Unsecured Notes issued in December of 2013 and represents a Level 3 fair value measurement and was adjusted for the difference in seniority and term of the deferred payment and earnout liability. The increase in fair values of the Big Fish Games deferred payment and earnout liability of $14.6 million during the six months ended June 30, 2015 was recorded as acquisition related charges in the Consolidated Statements of Comprehensive Income. Changes to the Company's cost of debt could lead to a different fair value estimate for the deferred payment and earnout liability. A one-percentage point change in the discount rate would increase or decrease the fair value of the Big Fish Games deferred payment and earnout liability by $4.8 million . The Company's accrued liability for a contingent consideration recorded in conjunction with the Bluff Media ("Bluff") acquisition was based on significant inputs not observed in the market and represents a Level 3 fair value measurement. The estimate of the contingent consideration liability uses an income approach and is based on the probability of achieving enabling legislation which permits Internet poker gaming and the probability-weighted discounted cash flows. Any change in the fair value of the Bluff contingent consideration subsequent to the acquisition date will be recognized in the Company's Consolidated Statements of Comprehensive Income. The Company's $300 million par value Senior Unsecured Notes are disclosed at their fair value which is based on unadjusted quoted prices for similar liabilities in markets that are not active. The fair value of the Senior Unsecured Notes was $307.9 million and $299.3 million as of June 30, 2015 and December 31, 2014, respectively. The Company currently has no other assets or liabilities subject to fair value measurement on a recurring basis. The following methods and assumptions were used by the Company in estimating its fair value disclosures for financial instruments: Cash Equivalents—The carrying amount reported in the balance sheet for cash equivalents approximates its fair value due to the short-term maturity of these instruments. During the six months ended June 30, 2015 , the Company did not measure any assets at fair value on a non-recurring basis.

Long-term Incentive Plan (Notes

Long-term Incentive Plan (Notes)	6 Months Ended
	Jun. 30, 2015
LTIP [Abstract]
Long-term Incentive Plan	NOTE 8 — LONG-TERM INCENTIVE PLAN During 2013, the Board of Directors approved the terms and conditions of performance share awards issued pursuant to the Churchill Downs Incorporated 2007 Omnibus stock incentive plan (the "New Company LTIP"). As a way to continue to encourage innovation, an entrepreneurial approach, and careful risk assessment, and in order to retain key executives, the New Company LTIP offers long-term incentive compensation to the Company's named executive officers and other key executives ("Grantees") as reported in the Company's Schedule 14A Proxy Statement filing. During the six months ended June 30, 2015, Grantees and certain Big Fish Games employees received approximately 129,700 restricted shares of the Company's common stock vesting over service periods ranging from seven months to three years. During 2013, the Grantees received 92,000 restricted shares of the Company's common stock vesting over approximately four years and 324,000 restricted shares of the Company's common stock with vesting contingent upon the Company's common stock reaching certain closing prices on NASDAQ for 20 consecutive trading days. During the years ended December 31, 2014 and 2013, the Company's closing stock price achieved the twenty consecutive trading days closing stock price requirement for 239,500 restricted shares. During the six months ended June 30, 2015, the Company's closing stock price achieved the stock price requirement for the final 84,500 restricted shares. During the three and six months ended June 30, 2015, the Company recognized $2.4 million and $4.2 million , respectively, of compensation expense included in selling general and administrative expenses related to service period awards under the New Company LTIP, which includes compensation expense for the Big Fish Games employee grant. As of June 30, 2015, unrecognized compensation expense attributable to unvested service period awards was $11.0 million . The weighted average period over which the Company expects to recognize the remaining compensation expense under service period awards approximates 17 months at June 30, 2015. There is no remaining unrecognized expense under the market condition awards. See Note 15, Subsequent Event, for discussion of the effect of an executive retirement on 2015 long-term incentive compensation expense.

Earnings Per Common Share Compu

Earnings Per Common Share Computations	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Earnings Per Common Share Computations	NOTE 9 — EARNINGS PER COMMON SHARE COMPUTATIONS The following is a reconciliation of the numerator and denominator of the earnings per common share computations (in thousands, except per share data): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Numerator for basic earnings per common share: Net earnings $ 55,044 $ 57,333 $ 53,486 $ 56,633 Net earnings allocated to participating securities (913 ) (674 ) (889 ) (668 ) Numerator for basic earnings per common share $ 54,131 $ 56,659 $ 52,597 $ 55,965 Numerator for diluted earnings per common share $ 55,044 $ 57,333 $ 53,486 $ 56,633 Denominator basic and diluted net loss per common share: Basic 17,331 17,531 17,300 17,475 Plus dilutive effect of stock options and restricted stock 112 140 106 200 Plus dilutive effect of participating securities 292 209 292 209 Diluted 17,735 17,880 17,698 17,884 Earnings per common share: Basic $ 3.12 $ 3.23 $ 3.04 $ 3.20 Diluted $ 3.10 $ 3.21 $ 3.02 $ 3.17

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2015
Segment Reporting [Abstract]
Segment Information	NOTE 10 — SEGMENT INFORMATION The Company operates in the following five segments: (1) Big Fish Games; (2) Casinos, which includes video poker and casino operations at Calder Casino, Fair Grounds Slots, Harlow’s Casino Resort & Spa ("Harlow's"), the Company's equity investment in MVG, Oxford Casino (“Oxford”), Riverwalk Casino Hotel ("Riverwalk") and Video Services, LLC (“VSI”); (3) TwinSpires, which includes TwinSpires, our Advance Deposit Wagering (“ADW”) business, Fair Grounds Account Wagering, Bloodstock Research Information Services and Velocity, a business focused on high wagering-volume international customers, as well as the Company's equity investment in HRTV, LLC, prior to its sale during January 2015; (4) Racing, which includes Churchill Downs, Arlington International Race Course ("Arlington") and its ten off-track betting facilities ("OTBs"), and Fair Grounds Race Course ("Fair Grounds") and the pari-mutuel activity generated at its twelve OTBs; and (5) Other Investments, which includes United Tote, Bluff, I-Gaming and the Company's other minor investments. Eliminations include the elimination of intersegment transactions. In order to evaluate the performance of these operating segments internally, the Company's chief operating decision maker uses Adjusted EBITDA (defined as earnings before interest, taxes, depreciation, amortization, and adjusted for insurance recoveries net of losses, share-based compensation expenses, pre-opening expenses, the impairment of assets, Big Fish Games transaction expenses, Big Fish Games acquisition-related charges, changes in Big Fish Games deferred revenue and other charges or recoveries). Big Fish Games transaction expenses include legal, accounting and other deal-related expenses. Big Fish Games acquisition-related charges reflect the change in fair value of the Big Fish Games earnout and deferred consideration liability recorded each reporting period. Changes in Big Fish Games deferred revenue reflect reductions in revenue from business combination accounting rules when deferred revenue balances assumed as part of an acquisition are adjusted to their fair values. Fair value approximates the cost of fulfilling the service obligation, plus a reasonable profit margin. Adjusted EBITDA also includes 50% of the operating income or loss of our joint venture, MVG. The Company utilizes the Adjusted EBITDA metric because it believes the inclusion or exclusion of certain recurring and non-recurring items is necessary to provide a more accurate measure of its core operating results and enables management and investors to evaluate and compare from period to period our operating performance in a meaningful and consistent manner. Adjusted EBITDA should not be considered as an alternative to operating income as an indicator of performance, as an alternative to cash flows from operating activities as a measure of liquidity, or as an alternative to any other measure provided in accordance with GAAP. The Company's calculation of Adjusted EBITDA may be different from the calculation used by other companies and, therefore, comparability may be limited. The table below presents information about the reported segments for the three and six months ended June 30, 2015 and 2014 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Net revenues from external customers: Big Fish Games $ 104,526 $ — $ 196,429 $ — Casinos: Calder Casino 19,786 19,873 40,165 40,456 Fair Grounds Slots 9,053 9,586 20,535 21,370 VSI 9,389 8,479 18,573 17,233 Harlow's Casino 12,050 11,777 25,730 26,228 Oxford Casino 20,958 19,402 38,461 36,921 Riverwalk Casino 12,534 12,662 25,721 25,957 Total Casinos 83,770 81,779 169,185 168,165 TwinSpires 60,748 57,076 106,063 103,160 Racing: Churchill Downs 126,792 118,348 128,800 120,490 Arlington 18,119 21,193 23,931 27,315 Calder 717 9,714 1,391 17,738 Fair Grounds 9,808 10,180 25,752 24,471 Total Racing 155,436 159,435 179,874 190,014 Other Investments 4,502 4,778 8,107 8,615 Corporate 257 404 491 659 Net revenues from external customers $ 409,239 $ 303,472 $ 660,149 $ 470,613 Intercompany net revenues: TwinSpires $ 250 $ 244 $ 547 $ 474 Racing: Churchill Downs 5,384 4,945 5,617 5,173 Arlington 1,486 1,777 2,444 2,794 Calder — 351 — 707 Fair Grounds — (3 ) 858 729 Total Racing 6,870 7,070 8,919 9,403 Other Investments 1,093 1,210 1,888 2,108 Eliminations (8,213 ) (8,524 ) (11,354 ) (11,985 ) Net revenues $ — $ — $ — $ — Reconciliation of segment Adjusted EBITDA to net earnings: Big Fish Games $ 28,238 $ — $ 48,264 $ — Casinos 27,955 26,174 56,742 53,425 TwinSpires 16,717 14,087 27,907 24,037 Racing 85,195 78,079 75,998 67,829 Other Investments 781 (223 ) 113 (1,576 ) Total segment Adjusted EBITDA 158,886 118,117 209,024 143,715 Corporate Adjusted EBITDA (1,687 ) (1,141 ) (3,554 ) (2,247 ) Insurance recoveries, net of losses — — — 431 Big Fish Games acquisition charges (8,200 ) — (14,600 ) — Big Fish Games changes in deferred revenue (8,220 ) — (21,096 ) — Share-based compensation (3,372 ) (3,113 ) (6,095 ) (8,354 ) MVG interest expense, net (536 ) (597 ) (1,090 ) (1,137 ) Other charges and recoveries, net (777 ) (450 ) 5,361 (477 ) Depreciation and amortization (27,270 ) (15,760 ) (54,677 ) (31,044 ) Interest (expense) income, net (7,106 ) (4,956 ) (14,372 ) (9,925 ) Income tax provision (46,674 ) (34,767 ) (45,415 ) (34,329 ) Net earnings 55,044 57,333 53,486 56,633 Foreign currency translation, net of tax effect (28 ) — (415 ) — Comprehensive earnings $ 55,016 $ 57,333 $ 53,071 $ 56,633 The table below presents equity in earnings of unconsolidated investments included in the Company’s reported segments for the three months and six ended June 30, 2015 and 2014 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Casinos $ 2,859 $ 2,796 $ 5,417 $ 4,837 TwinSpires — 28 — 248 Other Investments 48 (318 ) 438 (289 ) $ 2,907 $ 2,506 $ 5,855 $ 4,796 The table below presents total assets for the reported segments (in thousands): June 30, 2015 December 31, 2014 Total assets: Big Fish Games $ 1,032,810 $ 1,009,668 Casinos 616,015 621,240 TwinSpires 188,194 182,322 Racing 426,176 518,517 Other Investments 35,795 30,757 $ 2,298,990 $ 2,362,504 The table below presents total capital expenditures for the reported segments for the six months ended June 30, 2015 and 2014 (in thousands): Six Months Ended June 30, 2015 2014 Capital expenditures: Big Fish Games $ 1,924 $ — Casinos 11,421 4,119 TwinSpires 1,997 3,174 Racing 6,582 27,915 Other Investments 757 3,267 $ 22,681 $ 38,475

Commitments And Contingencies

Commitments And Contingencies	6 Months Ended
	Jun. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments And Contingencies	NOTE 11 — COMMITMENTS AND CONTINGENCIES Legal Proceedings The Company records an accrual for legal contingencies to the extent that it concludes that it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. Except as disclosed below, no estimate of the possible loss or range of loss in excess of amounts accrued, if any, can be made at this time regarding the matters specifically described below. We do not believe that the final outcome of these matters will have a material adverse impact on our business, financial condition and results of operations. Big Fish Casino On April 17, 2015, Cheryl Kater, by and through counsel, filed a Complaint - Class Action styled Cheryl Kater v. Churchill Downs Incorporated . Plaintiff, Cheryl Kater, filed the purported class action lawsuit in the United States District Court, for the Western District of Washington, in Seattle, alleging, among other claims, that the Company’s “Big Fish Casino” violates Washington law, including the Washington Consumer Protection Act, by facilitating unlawful gambling through its virtual casino games (namely the Company’s slots, blackjack, poker, and roulette games offered through Big Fish Casino). On June 30, 2015, the Company filed its Motion to Dismiss the Complaint. On July 15, 2015, Plaintiff and the Company, (collectively, the "Parties"), filed a Stipulation and Proposed Order to Extend the Briefing Schedule for Defendants' Motion to Dismiss. On July 16, 2015, the U.S. District Court accepted the Parties Stipulation and issued an Order extending Plaintiffs' deadline to file opposition to the Company's Motion to Dismiss to August 7, 2015, and moving the Company's deadline to file its reply to Plaintiff's opposition to August 28, 2015. As this case is in the early stages and the Plaintiff, through counsel, did not specify or claim specific damages in their Complaint, the Company is unable to reasonably estimate the magnitude or extent, if at all, this litigation will have a material impact on its business or financial results. Louisiana Horsemens' Purses On April 21, 2014, John L. Soileau and other individuals filed a Petition for Declaratory Judgment, Permanent Injunction, and Damages - Class Action styled John L. Soileau, et. al. versus Churchill Downs Louisiana Horseracing, LLC, Churchill Downs Louisiana Video Poker Company, LLC (Suit No. 14-3873) in the Parish of Orleans, State of Louisiana. The petition defines the “alleged plaintiff class” as quarter-horse owners, trainers and jockeys that have won purses at the “Fair Grounds Race Course & Slots” facility in New Orleans, Louisiana since the first effective date of La. R.S. 27:438 and specifically since 2008. The petition alleges that Churchill Downs Louisiana Horseracing, L.L.C. and Churchill Downs Louisiana Video Poker Company, L.L.C. (“Fair Grounds”) have collected certain monies through video draw poker devices that constitute monies earned for purse supplements and all of those supplemental purse monies have been paid to thoroughbred horsemen during Fair Grounds’ live thoroughbred horse meets while La. R.S. 27:438 requires a portion of those supplemental purse monies to be paid to quarter-horse horsemen during Fair Grounds’ live quarter-horse meets. The petition requests that the Court declare that Fair Grounds violated La. R.S. 27:438, issue a permanent and mandatory injunction ordering Fair Grounds to pay all future supplements due to the plaintiff class pursuant to La. R.S. 27:438, and to pay the plaintiff class such sums as it finds to reasonably represent the value of the sums due to the plaintiff class. On August 14, 2014, the plaintiffs filed an amendment to their petition naming the Horsemen’s Benevolent and Protective Association 1993, Inc. (“HBPA”) as an additional defendant and alleging that HBPA is also liable to plaintiffs for the disputed purse funds. On October 9, 2014, HBPA and Fair Grounds filed exceptions to the suit, including an exception of primary jurisdiction seeking a referral to the Louisiana Racing Commission. By Judgment dated November 21, 2014, the District Court granted the exception of primary jurisdiction and referred the matter to the Louisiana Racing Commission. On January 26, 2015, the Louisiana Fourth Circuit Court of Appeals denied the plaintiffs’ request for supervisory review of the Judgment. The Louisiana Racing Commission requested and received memoranda from the parties in the case on the issue of whether plaintiffs have standing to pursue the claims against Fair Grounds. The Racing Commission heard oral argument on this issue on April 20, 2015 and is expected to make a ruling at its next meeting scheduled for August 24, 2015 Illinois Department of Revenue In October 2012, the Company filed a verified complaint for preliminary and permanent injunctive relief and for declaratory judgment (the “Complaint”) against the Illinois Department of Revenue (the “Department”). The Company's complaint was filed in response to Notices of Deficiency issued by the Department on March 18, 2010, and September 6, 2012. In response to said Notices of Deficiency, the Company, on October 4, 2012, issued a payment in protest in the amount of $2.9 million (the “Protest Payment”) under the State Officers and Employees Money Disposition Act and recorded this amount in other assets. The Company subsequently filed its complaint in November 2012 alleging that the Department erroneously included handle, instead of the Company's commissions from handle, in the computation of the Company's sales factor (a computation of the Company's gross receipts from wagering within the State of Illinois) for determining the applicable tax owed. On October 30, 2012, the Company's Motion for Preliminary Injunctive Relief was granted, which prevents the Department from depositing any monies from the Protest Payment into the State of Illinois General Fund and from taking any further action against the Company until the Circuit Court takes final action on the Company's Complaint. On December 3, 2014, the Company filed its Motion for Summary Judgment on all material aspects of its case. Also on December 3, 2014, the Department, by and through its counsel, the Illinois Attorney General, filed its Cross-Motion for Summary Judgment. Oral arguments on the parties’ Motions for Summary Judgment occurred on March 5, 2015. On May 14, 2015, the Tax and Miscellaneous Remedies Section of the Circuit Court of Cook County issued an Opinion and Order, granting in part, the Company’s Motion for Summary Judgment on the issue of the Department’s erroneous inclusion of handle in the sales factor used to determine applicable tax owed to the State of Illinois. In rendering its Opinion and Order, the Court found that the Company is entitled to a full refund of the Protest Payment. The State of Illinois did not appeal the Order of the Court, and the Company received a refund of the $2.9 million Protest Payment on July 16, 2015. Kentucky Downs On September 5, 2012, Kentucky Downs Management, Inc. (“KDMI”) filed a petition for declaration of rights in Kentucky Circuit Court located in Simpson County, Kentucky styled Kentucky Downs Management Inc. v. Churchill Downs Incorporated (Civil Action No. 12-CI-330) (the “Simpson County Case”) requesting a declaration that the Company does not have the right to exercise its put right and require Kentucky Downs, LLC (“Kentucky Downs”) and/or Kentucky Downs Partners, LLC (“KDP”) to purchase the Company’s ownership interest in Kentucky Downs. On September 18, 2012, the Company filed a complaint in Kentucky Circuit Court located in Jefferson County, Kentucky, styled Churchill Downs Incorporated v. Kentucky Downs, LLC; Kentucky Downs Partners, LLC; and Kentucky Downs Management Inc. (Civil Action No. 12-CI-04989) (the “Jefferson County Case”) claiming that Kentucky Downs and KDP had breached the operating agreement for Kentucky Downs and requesting a declaration that the Company had validly exercised its put right and a judgment compelling Kentucky Downs and/or KDP to purchase the Company’s ownership interest in Kentucky Downs pursuant to the terms of the applicable operating agreement. On October 9, 2012, the Company filed a motion to dismiss the Simpson County Case and Kentucky Downs, KDP and KDMI filed a motion to dismiss the Jefferson County Case. A hearing for the motion to dismiss in the Simpson County Case occurred November 30, 2012. At that hearing the Company’s motion to dismiss the Simpson County Case was denied. Subsequently, Kentucky Downs, KDMI and KDP’s motion to dismiss the Jefferson County Case was granted on January 23, 2013, due to the Simpson County Circuit Court’s assertion of jurisdiction over the dispute. On May 16, 2013, Kentucky Downs, KDP and KDMI filed a Motion for Summary Judgment against the Company and Turfway Park, LLC. On September 19, 2013, the Company filed its response to the Motion for Summary Judgment. A hearing occurred before the Simpson County Circuit Court on September 23, 2013, on the Kentucky Downs, KDP and KDMI Motion for Summary Judgment. All parties appeared before the Simpson County Court and oral arguments were heard. On October 31, 2013, the Simpson County Court entered an Order Denying Petitioners’ (Kentucky Downs Management Inc. et al.) Motion for Summary Judgment. The case will now move forward through discovery and to trial. No trial date has been set. There are no other material pending legal proceedings.

Accounting Pronouncements (Note

Accounting Pronouncements (Notes)	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
New Accounting Pronouncements, Policy [Policy Text Block]	NOTE 12 — RECENT ACCOUNTING PRONOUNCEMENTS In April 2015, the Financial Accounting Standards Board ("FASB") issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs , which requires debt issuance cost to be presented in the balance sheet as a direct deduction of the carrying value of the associated debt liability, consistent with the presentation of a debt discount. Prior to the issuance of the standard, debt issuance costs were required to be presented in the balance sheet as a deferred asset. The new standard will become effective for annual fiscal periods beginning after December 15, 2015. The Company does not expect adoption to have a material impact on the Company's business, financial condition or results of operations. In August 2014, the FASB issued ASU No. 2014-15, Disclosures of Uncertainties about an Entity's Ability to Continue as a Going Concern , which explicitly requires management to assess an entity's ability to continue as a going concern, and to provide related footnote disclosures in certain circumstances. Management will be required to assess, in each interim and annual period, if there is substantial doubt of an entity's ability to continue as a going concern as evidenced by relevant known or knowable conditions including an entity's ability to meet its future obligations. Management will be required to provide disclosures regardless of whether substantial doubt is alleviated by management's plans. The guidance will become effective for annual fiscal periods ending after December 15, 2016. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers , which provides a five-step analysis of transactions to determine when and how revenue is recognized. The core principle is that a company should recognize revenue in a manner that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The revised guidance will become effective for annual periods beginning after December 15, 2017 and will be applied retrospectively to each period presented or as a cumulative-effect adjustment as of the date of adoption. The Company is assessing the impact of the new accounting guidance and cannot currently estimate the financial statement impact of adoption.

Calder Racing Operations (Notes

Calder Racing Operations (Notes)	6 Months Ended
	Jun. 30, 2015
Calder Racing [Abstract]
Calder Racing Operations [Text Block]	NOTE 13 — CALDER RACING On July 1, 2014, the Company finalized an agreement with The Stronach Group (“TSG”) under which TSG operates, at TSG’s expense, live racing and maintains certain facilities used for racing and training at Calder. The agreement, which expires on December 31, 2020, involves a lease to TSG of Calder’s racetrack and certain other racing and training facilities. TSG operates live horse racing at Calder, under Calder’s racing permits, in compliance with all applicable laws and licensing requirements and maintains the racing and training facilities at Calder on a year-round basis. Furthermore, TSG is responsible for substantially all of the direct and indirect costs associated with these activities and receives the associated revenues. The Company continues to own and operate the Calder Casino. As a result of the agreement with TSG, Calder recognized accelerated depreciation expense of approximately $2.4 million during the year ended December 31, 2014 primarily related to Calder's barns, which were not expected to be utilized subsequent to December 31, 2014. During the six months ended June 30, 2015, the Company continued its assessment of potential alternative uses of its Calder facility not associated with the lease agreement. As a result, Calder commenced the demolition of its barns not associated with the TSG agreement. During the six months ended June 30, 2015, Calder expensed approximately $0.8 million within its operating expenses for construction costs related to the removal of the barns and to prepare the stable area for alternate future uses. See further discussion of the demolition of Calder's grandstand in Note 15, Subsequent Events.

HRTV Equity Investment Divestit

HRTV Equity Investment Divestiture (Notes)	6 Months Ended
	Jun. 30, 2015
HRTV Equity Investiture Divestiture [Abstract]
Mergers, Acquisitions and Dispositions Disclosures [Text Block]	NOTE 14 — HRTV EQUITY INVESTMENT DIVESTITURE As part of the TSG agreement related to the cessation of Calder pari-mutuel operations during 2014, the Company modified its HRTV operating and ownership agreement with TSG resulting in the divestiture of the Company's interest in HRTV effective January 2, 2015. During January 2015, we received $6.0 million in proceeds from the sale of the ownership interest. During the six months ended June 30, 2015, the Company recorded a gain of $5.8 million in its Other Investments segment, which has been excluded from Segment Adjusted EBITDA and is included in other charges and recoveries in the reconciliation of Segment Adjusted EBITDA to Comprehensive Earnings.

Subsequent Events (Notes)

Subsequent Events (Notes)	6 Months Ended
	Jun. 30, 2015
Subsequent Events [Abstract]
Subsequent Events [Text Block]	NOTE 15 — SUBSEQUENT EVENTS Retirement of the Executive Chairman of the Board of Directors On July 14, 2015, the Company's Executive Chairman of the Board of Directors and former Chief Executive Officer, Robert L. Evans, announced his retirement as Executive Chairman, effective September 30, 2015. Mr. Evans will continue with the Company as the non-executive Chairman of the Board. In conjunction with Mr. Evans' retirement, the Company amended his previous Change in Control, Severance, and Indemnity Agreement and upon his retirement, Mr. Evans will receive a 2015 annual bonus award of $0.6 million . In addition, the Company will accelerate vesting on 29,218 shares of restricted stock which were previously awarded. The Company will record compensation expense of $1.3 million during the three months ended September 30, 2015 for the acceleration of the restricted stock awards. Calder Grandstand Demolition On July 28, 2015, the Board of Directors of the Company approved a plan to demolish the Calder grandstand and recognize impairment expense equal to the net book value of the property. The Company expects to obtain operational efficiencies as a result of the demolition including savings in property taxes, repair and maintenance, utilities, permitting and environmental maintenance expenditures. Under the approved plan, the Company will record an impairment charge of approximately $12.4 million during the three months ended September 30, 2015 to reduce the net book value of the grandstand assets to zero. In addition, the Company expects to incur demolition costs of approximately $3.6 million , which will be expensed as incurred. The Company expects to recognize such expense beginning in the fourth quarter of 2015 and continuing through the third quarter of 2016.

Basis Of Presentation (Policies

Basis Of Presentation (Policies)	6 Months Ended
	Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Revenue Recognition	The Company’s revenues and earnings are seasonal in nature, primarily due to its Racing segment. Therefore, revenues and operating results for any interim quarter are generally not indicative of the revenues and operating results for the year and may not be comparable with results for the corresponding period of the previous year. For instance, the Company historically has had fewer live racing days during the first quarter of each year, and the majority of its live racing revenue occurs during the second quarter, with the running of the Kentucky Derby and the Kentucky Oaks. The Company conducted 66 live thoroughbred racing days during the second quarter of 2015 , which compares to 114 live thoroughbred racing days during the second quarter of 2014 . For the six months ended June 30, 2015, the Company conducted 123 live thoroughbred racing days, which compares to 211 live racing days during the six months ended June 30, 2014. This decrease is primarily related to the cessation of pari-mutuel operations at Calder Race Course in July 2014. Furthermore, casino revenues and earnings have historically been higher during the first quarter due to seasonal revenues from the Company's predominately southern casino properties.
Customer Loyalty Programs	The Company’s customer loyalty programs offer incentives to customers who wager at the Company’s racetracks, through its advance deposit wagering platform, TwinSpires.com, or at its casino facilities. The TSC Elite program is for pari-mutuel wagering at the Company’s racetracks or through TwinSpires.com. The Player’s Club is offered at the Company’s casino facilities in Louisiana, Florida, Maine and Mississippi. At each of June 30, 2015 and December 31, 2014 , the outstanding reward point liabilities were $1.8 million and $1.7 million, respectively, and were included in accrued expenses.
Promotional Allowances	Promotional allowances, which include the Company’s customer loyalty programs, primarily consist of the retail value of complimentary goods and services provided to guests at no charge. The retail value of these promotional allowances is included in gross revenue and then deducted to arrive at net revenue.
Game Technology and Rights [Policy Text Block]	Game Technology and Rights Game technology and rights are purchased from third-party developers both before and after the production or launch of games. The Company pays amounts to these developers as they reach agreed-upon milestones. Once the game is launched, the Company amortizes its game technology and rights on an accelerated basis over the useful life of the game, which is generally one year.
Research and Development Expense, Policy [Policy Text Block]	Research and Development Costs incurred for research and development activities are expensed as incurred. Development costs associated with software to be sold are capitalized when technological feasibility has been established through the date the product is available for general release.

Acquisition and New Ventures (T

Acquisition and New Ventures (Tables)	6 Months Ended
	Jun. 30, 2015
Acquisitions and New Ventures [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]	Total Accounts receivable $ 19,274 Income taxes receivable 18,087 Prepaid expenses 9,727 Deferred income taxes 1,708 Other assets 1,780 Property and equipment 14,632 Goodwill 540,331 Other intangible assets 362,863 Total assets acquired 968,402 Accounts payable 9,064 Accrued expenses 19,217 Income taxes payable 210 Deferred revenue 37,250 Deferred income taxes 96,182 Other liabilities 2,821 Total liabilities acquired 164,744 Purchase price, net of cash acquired $ 803,658
Business Acquisition, Pro Forma Information [Table Text Block]	The unaudited pro forma results have been prepared for comparative purposes only and do not purport to be indicative of the results of operations that would have occurred had the acquisition of Big Fish Games been consummated at the beginning of 2014 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2014 2014 Net revenues $ 381,993 $ 623,455 Earnings from continuing operations $ 55,699 $ 54,061

Investment in and Advances to23

Investment in and Advances to Unconsolidated Affiliate (Tables)	6 Months Ended
	Jun. 30, 2015
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]
Affiliate Balance Sheet [Table Text Block]	Summarized financial information for MVG is comprised of the following (in thousands): June 30, 2015 December 31, 2014 Assets Current assets $ 23,382 $ 24,943 Property and equipment, net 125,597 130,868 Other assets, net 105,059 105,059 Total assets $ 254,038 $ 260,870 Liabilities and Members' Equity Current liabilities $ 17,110 $ 16,775 Current portion of long-term debt 8,332 8,332 Long-term debt, excluding current portion 23,591 26,584 Other liabilities 75 83 Members' equity 204,930 209,096 Total liabilities and members' equity $ 254,038 $ 260,870
Affiliate Income Statement [Table Text Block]	Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Casino revenue $ 33,119 $ 33,124 $ 65,163 $ 64,287 Non-casino revenue 1,879 1,913 3,836 3,544 Net revenues 34,998 35,037 68,999 67,831 Operating and SG&A expenses 25,052 24,777 49,686 48,988 Depreciation & amortization expenses 3,154 3,474 6,298 6,841 Pre-opening expenses — — — 54 Operating income 6,792 6,786 13,015 11,948 Interest (expense) income, net (1,073 ) (1,194 ) (2,181 ) (2,274 ) Net income $ 5,719 $ 5,592 $ 10,834 $ 9,674
Investments in and Advances to Affiliates [Table Text Block]	The Company's 50% share of MVG's results has been included in our accompanying condensed consolidated financial statements for the three and six months ended June 30, 2015 and 2014 , as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Equity in gains of unconsolidated investments $ 2,859 $ 2,796 $ 5,417 $ 4,837

Goodwill And Indefinite-Lived24

Goodwill And Indefinite-Lived Intangible Assets Impairment Test (Tables)	6 Months Ended
	Jun. 30, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill [Table Text Block]	Big Fish Games Casinos TwinSpires Racing Other Investments Total Goodwill as of December 31, 2014 $ 540,331 $ 117,659 $ 127,364 $ 51,659 $ 3,934 $ 840,947 Adjustments — — — — — — Goodwill as of June 30, 2015 $ 540,331 $ 117,659 $ 127,364 $ 51,659 $ 3,934 $ 840,947
Schedule of Indefinite and Finite Lived Assets	June 30, 2015 December 31, 2014 Gross Carrying Value Accumulated Amortization Net Book Value Gross Carrying Value Accumulated Amortization Net Book Value Definite-lived intangible assets $ 231,775 $ (68,511 ) $ 163,264 $ 238,865 $ (47,236 ) $ 191,629 Indefinite-lived intangible assets 358,343 — 358,343 358,343 — 358,343 Total $ 590,118 $ (68,511 ) $ 521,607 $ 597,208 $ (47,236 ) $ 549,972 During the six months ended June 30, 2015, the Company reduced its customer relationships intangible asset and accumulated amortization by $7.0 million , related to TwinSpires, as this amount was fully amortized. In addition, the Company reduced its customer relationships intangible asset and accumulated amortization by $0.1 million , related to Bluff, as this amount was fully amortized.

Fair Value Of Assets And Liab25

Fair Value Of Assets And Liabilities (Tables)	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value Measurements, Recurring and Nonrecurring	The following tables present the Company’s assets and liabilities measured at fair value as of June 30, 2015 and December 31, 2014 (in thousands): June 30, 2015 Level 1 Level 3 Cash equivalents and restricted cash $ 28,254 $ — Big Fish Games deferred payments — 82,300 Big Fish Games earnout liability — 338,900 Bluff contingent consideration liability — 2,331 Total $ 28,254 $ 423,531 December 31, 2014 Level 1 Level 3 Cash equivalents and restricted cash $ 27,464 $ — Big Fish Games deferred payments — 78,800 Big Fish Games earnout liability — 327,800 Bluff contingent consideration liability — 2,331 Total $ 27,464 $ 408,931 The following table presents the change in fair value of the Company's level 3 liabilities during the six months ended June 30, 2015 (in thousands): Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Big Fish Games Deferred Payments Big Fish Games Earnout Liability Bluff Contingent Consideration Total Balance as of December 31, 2014 $ 78,800 $ 327,800 $ 2,331 $ 408,931 Change in fair value 3,500 11,100 — 14,600 Balance as of June 30, 2015 $ 82,300 $ 338,900 $ 2,331 $ 423,531

Earnings Per Common Share Com26

Earnings Per Common Share Computations (Tables)	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following is a reconciliation of the numerator and denominator of the earnings per common share computations (in thousands, except per share data): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Numerator for basic earnings per common share: Net earnings $ 55,044 $ 57,333 $ 53,486 $ 56,633 Net earnings allocated to participating securities (913 ) (674 ) (889 ) (668 ) Numerator for basic earnings per common share $ 54,131 $ 56,659 $ 52,597 $ 55,965 Numerator for diluted earnings per common share $ 55,044 $ 57,333 $ 53,486 $ 56,633 Denominator basic and diluted net loss per common share: Basic 17,331 17,531 17,300 17,475 Plus dilutive effect of stock options and restricted stock 112 140 106 200 Plus dilutive effect of participating securities 292 209 292 209 Diluted 17,735 17,880 17,698 17,884 Earnings per common share: Basic $ 3.12 $ 3.23 $ 3.04 $ 3.20 Diluted $ 3.10 $ 3.21 $ 3.02 $ 3.17

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2015
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	The table below presents information about the reported segments for the three and six months ended June 30, 2015 and 2014 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Net revenues from external customers: Big Fish Games $ 104,526 $ — $ 196,429 $ — Casinos: Calder Casino 19,786 19,873 40,165 40,456 Fair Grounds Slots 9,053 9,586 20,535 21,370 VSI 9,389 8,479 18,573 17,233 Harlow's Casino 12,050 11,777 25,730 26,228 Oxford Casino 20,958 19,402 38,461 36,921 Riverwalk Casino 12,534 12,662 25,721 25,957 Total Casinos 83,770 81,779 169,185 168,165 TwinSpires 60,748 57,076 106,063 103,160 Racing: Churchill Downs 126,792 118,348 128,800 120,490 Arlington 18,119 21,193 23,931 27,315 Calder 717 9,714 1,391 17,738 Fair Grounds 9,808 10,180 25,752 24,471 Total Racing 155,436 159,435 179,874 190,014 Other Investments 4,502 4,778 8,107 8,615 Corporate 257 404 491 659 Net revenues from external customers $ 409,239 $ 303,472 $ 660,149 $ 470,613 Intercompany net revenues: TwinSpires $ 250 $ 244 $ 547 $ 474 Racing: Churchill Downs 5,384 4,945 5,617 5,173 Arlington 1,486 1,777 2,444 2,794 Calder — 351 — 707 Fair Grounds — (3 ) 858 729 Total Racing 6,870 7,070 8,919 9,403 Other Investments 1,093 1,210 1,888 2,108 Eliminations (8,213 ) (8,524 ) (11,354 ) (11,985 ) Net revenues $ — $ — $ — $ — Reconciliation of segment Adjusted EBITDA to net earnings: Big Fish Games $ 28,238 $ — $ 48,264 $ — Casinos 27,955 26,174 56,742 53,425 TwinSpires 16,717 14,087 27,907 24,037 Racing 85,195 78,079 75,998 67,829 Other Investments 781 (223 ) 113 (1,576 ) Total segment Adjusted EBITDA 158,886 118,117 209,024 143,715 Corporate Adjusted EBITDA (1,687 ) (1,141 ) (3,554 ) (2,247 ) Insurance recoveries, net of losses — — — 431 Big Fish Games acquisition charges (8,200 ) — (14,600 ) — Big Fish Games changes in deferred revenue (8,220 ) — (21,096 ) — Share-based compensation (3,372 ) (3,113 ) (6,095 ) (8,354 ) MVG interest expense, net (536 ) (597 ) (1,090 ) (1,137 ) Other charges and recoveries, net (777 ) (450 ) 5,361 (477 ) Depreciation and amortization (27,270 ) (15,760 ) (54,677 ) (31,044 ) Interest (expense) income, net (7,106 ) (4,956 ) (14,372 ) (9,925 ) Income tax provision (46,674 ) (34,767 ) (45,415 ) (34,329 ) Net earnings 55,044 57,333 53,486 56,633 Foreign currency translation, net of tax effect (28 ) — (415 ) — Comprehensive earnings $ 55,016 $ 57,333 $ 53,071 $ 56,633
Reconciliation of Assets from Segment to Consolidated	The table below presents equity in earnings of unconsolidated investments included in the Company’s reported segments for the three months and six ended June 30, 2015 and 2014 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Casinos $ 2,859 $ 2,796 $ 5,417 $ 4,837 TwinSpires — 28 — 248 Other Investments 48 (318 ) 438 (289 ) $ 2,907 $ 2,506 $ 5,855 $ 4,796 The table below presents total capital expenditures for the reported segments for the six months ended June 30, 2015 and 2014 (in thousands): Six Months Ended June 30, 2015 2014 Capital expenditures: Big Fish Games $ 1,924 $ — Casinos 11,421 4,119 TwinSpires 1,997 3,174 Racing 6,582 27,915 Other Investments 757 3,267 $ 22,681 $ 38,475 The table below presents total assets for the reported segments (in thousands): June 30, 2015 December 31, 2014 Total assets: Big Fish Games $ 1,032,810 $ 1,009,668 Casinos 616,015 621,240 TwinSpires 188,194 182,322 Racing 426,176 518,517 Other Investments 35,795 30,757 $ 2,298,990 $ 2,362,504

Basis Of Presentation (Details)

Basis Of Presentation (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015USD ($)d	Jun. 30, 2014USD ($)d	Jun. 30, 2015USD ($)d	Jun. 30, 2014USD ($)d	Dec. 31, 2014USD ($)
Promotional Allowance [Line Items]
Research and development	$ 9,847	$ 0	$ 20,079	$ 0
Live Racing Days | d	66	114	123	211
Promotional Allowances	$ 9,500	$ 9,000	$ 16,600	$ 16,600
Estimated Cost Of Providing Promotional Allowances	2,100	2,500	4,100	4,900
Customer Loyalty Program Liability, Current	1,800		1,800		$ 1,700
TwinSpires [Member]
Promotional Allowance [Line Items]
Promotional Allowances	3,800	3,500	6,600	6,200
Racing Segment [Member]
Promotional Allowance [Line Items]
Promotional Allowances	200	300	300	400
Casino Segment [Member]
Promotional Allowance [Line Items]
Promotional Allowances	$ 5,600	$ 5,300	$ 9,800	$ 10,000

Acquisitions And New Ventures (

Acquisitions And New Ventures (Details) - Equity Method Investment, by Funding [Domain] - USD ($) $ in Thousands	Dec. 16, 2014	Dec. 31, 2014	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Oct. 28, 2014
Schedule of Equity Method Investments [Line Items]
Revenues			$ 0	$ 0	$ 0	$ 0
Tax refund due to Big Fish Games former equity holders		$ 18,087	6,313		6,313
Goodwill, Purchase Accounting Adjustments			1,400
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Deferred Income Taxes			800
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Accrued Expenses			2,200
Deferred payments to Big Fish Games former equity holders					12,700
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest			101,718	$ 92,100	98,901	$ 90,962
Big Fish Games [Member]
Schedule of Equity Method Investments [Line Items]
Revenues			104,500		196,400
Payments to Acquire Businesses, Gross	$ 838,300
Future Business Acquisition, Cost Of Acquired Entity, Cash paid	401,700
Deferred Payment-Founder	85,300
Deferred Founders Payment,Time Payable		3 years
Deferred Payment-Founder, Fair Value	78,000
Tax refund due to Big Fish Games former equity holders	18,100
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned	15,800
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares		157,115
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High	350,000
Business Combination, Contingent Consideration, Liability	324,700
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents	$ 34,700
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest			$ 6,800		$ 1,000
Saratoga Casino Holdings, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage							25.00%
Secured Debt [Member]
Schedule of Equity Method Investments [Line Items]
Other Loans Payable, Long-term, Noncurrent		$ 200,000
Gideon Putnam Hotel and Resort [Member] | Saratoga Casino Holdings, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage							50.00%

Acquisitions And New Ventures I

Acquisitions And New Ventures Identifiable Assets Acquired and Liabilities Assumed (Details) - Big Fish Games [Member] $ in Thousands	Dec. 16, 2014USD ($)
Business Acquisition [Line Items]
Accounts receivable	$ 19,274
Income taxes receivable	18,087
Prepaid expenses	9,727
Deferred income taxes	1,708
Other assets	1,780
Property and equipment	14,632
Goodwill	540,331
Other intangible assets	362,863
Total assets acquired	968,402
Accounts payable	9,064
Accrued expenses	19,217
Income taxes payable	210
Deferred revenue	37,250
Deferred income taxes	96,182
Other liabilities	2,821
Total liabilities acquired	164,744
Purchase price, net of cash acquired	$ 803,658

Acquisitions And New Ventures P

Acquisitions And New Ventures Pro Forma Information (Details) - Jun. 30, 2014 - USD ($) $ in Thousands	Total	Total
Business Acquisition [Line Items]
Net revenues	$ 381,993	$ 623,455
Earnings from continuing operations	$ 55,699	$ 54,061

Natural Disasters (Details)

Natural Disasters (Details) - Churchill Downs - Hail [Member] - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2014	Dec. 31, 2012
Business Interruption Loss [Line Items]
Insurance Deductible		$ 0.5
Insurance Settlements, Cash Settlement Received	$ 0.4

Investment in and Advances to33

Investment in and Advances to Unconsolidated Affiliate (Details) $ in Thousands	Dec. 21, 2012USD ($)	Jun. 30, 2015USD ($)terminal	Jun. 30, 2015USD ($)terminal	Jun. 30, 2014USD ($)	Dec. 31, 2014USD ($)ft²ami
Investments in and Advances to Affiliates [Line Items]
Repayments of Notes Payable			$ 12,500
Dividend from investment in unconsolidated affiliate		$ 4,000	$ 7,500	$ 0
Miami Valley Gaming and Racing [Member]
Investments in and Advances to Affiliates [Line Items]
Equity Method Investment, Ownership Percentage					50.00%
Equity Method Investments	$ 60,000
Note Payable, Term	6 years
Equity Method Investments, Contingent Payable	$ 10,000
Acres | a					120
Race Track, Length | mi					0.625
Square footage of Casino | ft²					186,000
Number of Lottery Terminals | terminal		1,590	1,590
Equity Method Investments, Facility Cost					$ 204,600
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate		5.00%	5.00%
Funded at Closing [Member] | Miami Valley Gaming and Racing [Member]
Investments in and Advances to Affiliates [Line Items]
Equity Method Investments	10,000
Notes Payable, Other Payables [Member] | Miami Valley Gaming and Racing [Member]
Investments in and Advances to Affiliates [Line Items]
Equity Method Investments	$ 50,000

Investment in and Advances to34

Investment in and Advances to Unconsolidated Affiliate Equity Method Investment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Schedule of Equity Method Investments [Line Items]
Income (Loss) from Equity Method Investments	$ 2,907	$ 2,506	$ 5,855	$ 4,796
Equity Method Investment-Casino Revenue	33,119	33,124	65,163	64,287
Equity Method Investment-Non-Casino Revenue	1,879	1,913	3,836	3,544
Equity Method Investment, Summarized Financial Information, Revenue	34,998	35,037	68,999	67,831
Equity Method Investment-Expenses	25,052	24,777	49,686	48,988
Equity Method, Depreciation & Amortization	3,154	3,474	6,298	6,841
Equity Method Investment-Pre-Opening Expenses	0	0	0	54
Equity Method Investment Operating Income Loss	6,792	6,786	13,015	11,948
Equity Method Investment-Interest	(1,073)	(1,194)	(2,181)	(2,274)
Equity Method Investment, Summarized Financial Information, Net Income (Loss)	5,719	5,592	10,834	9,674
Miami Valley Gaming and Racing [Member]
Schedule of Equity Method Investments [Line Items]
Income (Loss) from Equity Method Investments	$ 2,859	$ 2,796	$ 5,417	$ 4,837

Investment in and Advances to35

Investment in and Advances to Unconsolidated Affiliate Affiliate Balance Sheet (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014	Dec. 31, 2012
Investments in and Advances to Affiliates, Affiliate Balance Sheet [Abstract]
Equity Method Investment, Summarized Financial Information, Current Assets	$ 23,382	$ 24,943
Equity Method Investment-Property Plant & Equipment	125,597	130,868
Equity Method Investment, Summarized Financial Information, Noncurrent Assets	105,059	105,059
Equity Method Investment, Summarized Financial Information, Assets	254,038	260,870
Equity Method Investment, Summarized Financial Information, Current Liabilities	17,110	16,775
Equity Method Investment-Long-term Debt, Current Maturities	8,332	8,332
Equity Method Investment, Summarized Financial Information, Noncurrent Liabilities	23,591	26,584	$ 50,000
Investment Affiliate-Other Liabilities	75	83
Equity Method Investment Summarized Financial Information, Equity	204,930	209,096
Equity Method Investment, Summarized Financial Information, Liabilities and Equity	$ 254,038	$ 260,870

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Oct. 04, 2012
Income Tax Contingency [Line Items]
Effective Income Tax Rate Reconciliation, Percent	46.00%	38.00%
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued	$ 0.1
Other Assets			$ 2.9
Gross unrecognized tax benefits	3
Total amount of unrecognized tax benefits, if recognized, would affect the effective tax rate	1.6
Business Combination, Indemnification Assets, Amount as of Acquisition Date	$ 1.1

Goodwill And Indefinite-Lived37

Goodwill And Indefinite-Lived Intangible Assets Impairment Test - Intangible Assets (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Finite-Lived Intangible Assets, Gross	$ 231,775	$ 238,865
Finite-Lived Intangible Assets, Accumulated Amortization	(68,511)	(47,236)
Finite-Lived Intangible Assets, Net	163,264	191,629
Intangible Assets, Net (Excluding Goodwill)	521,607	549,972
Indefinite-Lived Intangible Assets (Excluding Goodwill)	358,343	358,343
Intangible Assets Excluding Goodwill, Gross	590,118	597,208
Goodwill	840,947	840,947
Goodwill, Acquired During Period	0
Big Fish Games [Member]
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Goodwill	540,331	540,331
Goodwill, Acquired During Period	0
Casino Segment [Member]
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Goodwill	117,659	117,659
Goodwill, Acquired During Period	0
TwinSpires [Member]
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Goodwill	127,364	127,364
Goodwill, Acquired During Period	0
Racing Segment [Member]
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Goodwill	51,659	51,659
Goodwill, Acquired During Period	0
Other Investments Segment [Member]
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Goodwill	3,934	$ 3,934
Goodwill, Acquired During Period	0
Customer Relationships [Member] | TwinSpires [Member]
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Finite-Lived Intangible Assets, Gross	7,000
Customer Relationships [Member] | Bluff Media Acquisition [Member]
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Finite-Lived Intangible Assets, Gross	$ 100

Fair Value Of Assets And Liab38

Fair Value Of Assets And Liabilities (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Inputs, Discount Rate	2.80%
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value	$ 423,531
Long-term debt, net of current maturities	299,992	$ 459,105
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings	14,600
Fair Value Inputs, Sensitivity Analysis, Hypothetical Discount Rate	4,800
Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents and restricted cash	28,254	27,464
Deferred Payment-Founder, Fair Value	0	0
Contingent consideration liability	0	0
Business Combination, Contingent Consideration, Liability	0	0
Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term Debt, Fair Value	307,900	299,300
Fair Value, Inputs, Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred Payment-Founder, Change in Fair Value	3,500
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability	11,100
Cash equivalents and restricted cash	0	0
Deferred Payment-Founder, Fair Value	82,300	78,800
Contingent consideration liability	2,331	2,331
Business Combination, Contingent Consideration, Liability	338,900	$ 327,800
Unsecured Debt [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, net of current maturities	$ 300,000

Long-term Incentive Plan (Detai

Long-term Incentive Plan (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended	24 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2013	Dec. 31, 2014	Mar. 21, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	129,700		129,700				92,000
Allocated Share-based Compensation Expense	$ 3,372	$ 3,113	$ 6,095	$ 8,354
Trading Days					20 days
Share-Based Compensation Arrangements by Share Based Payment Award, Equity Instruments Other than options vested in period			84,500			239,500
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized	11,000		$ 11,000
Omnibus Stock Incentive Plans, 2007 New LTIP [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated Share-based Compensation Expense	$ 2,400		$ 4,200
Common Stock [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term			7 months
Common Stock [Member] | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term			3 years
Weighted average period over which unrecognized compensation is expected to be recognized for equity-based compensation plan	17 months
Performance-Based Awards [Member] | Restricted Stock [Member] | Churchill 2004 and 2007 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number					324,000

Earnings Per Common Share Com40

Earnings Per Common Share Computations (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Earnings Per Share [Abstract]
Net earnings	$ 55,044	$ 57,333	$ 53,486	$ 56,633
Net earnings allocated to participating securities	(913)	(674)	(889)	(668)
Numerator for basic earnings per common share	(54,131)	(56,659)	(52,597)	(55,965)
Numerator for diluted earnings per common share	$ 55,044	$ 57,333	$ 53,486	$ 56,633
Earnings Per Share, Basic and Diluted [Abstract]
Basic	17,331	17,531	17,300	17,475
Plus dilutive effect of stock options and restricted stock	112	140	106	200
Plus dilutive effect of participating securities	292	209	292	209
Diluted	17,735	17,880	17,698	17,884
Earnings Per Share, Diluted [Abstract]
Basic	$ 3.12	$ 3.23	$ 3.04	$ 3.20
Diluted	$ 3.10	$ 3.21	$ 3.02	$ 3.17

Segment Information - Informati

Segment Information - Information About Reported Segments (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015USD ($)Off_Track_Betting_PalorsSegments	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)
Segment Reporting Information [Line Items]
Number of Operating Segments | Segments	5
Net revenues from external customers	$ 409,239	$ 303,472	$ 660,149	$ 470,613
Intercompany net revenues	0	0	0	0
Adjusted Segment EBITDA	158,886	118,117	209,024	143,715
Adjusted Corporate EBITDA	(1,687)	(1,141)	(3,554)	(2,247)
Insurance Recoveries, Net of Losses	0	0	0	431
Acquisition Related Contingent Consideration Costs	(8,200)	0	(14,600)	0
Increase (Decrease) in Deferred Revenue of Acquisition	(8,220)	0	(21,096)	0
Allocated Share-based Compensation Expense	(3,372)	(3,113)	(6,095)	(8,354)
MVG interest expense, net	(536)	(597)	(1,090)	(1,137)
Other Nonrecurring Expense	(777)	(450)	5,361	(477)
Depreciation and Amortization	(27,270)	(15,760)	(54,677)	(31,044)
Interest Income (Expense), Net	(7,106)	(4,956)	(14,372)	(9,925)
Income tax provision	(46,674)	(34,767)	(45,415)	(34,329)
Net earnings	55,044	57,333	53,486	56,633
Foreign currency translation, net of tax effect	(28)	0	(415)	0
Comprehensive earnings	$ 55,016	57,333	53,071	56,633
Arlington Park
Segment Reporting Information [Line Items]
Number Of Off Track Betting Palors | Off_Track_Betting_Palors	10
Fair Grounds
Segment Reporting Information [Line Items]
Number Of Off Track Betting Palors | Off_Track_Betting_Palors	12
Big Fish Games [Member]
Segment Reporting Information [Line Items]
Net revenues from external customers	$ 104,526	0	196,429	0
Adjusted Segment EBITDA	28,238	0	48,264	0
Casino Segment [Member]
Segment Reporting Information [Line Items]
Net revenues from external customers	83,770	81,779	169,185	168,165
Adjusted Segment EBITDA	27,955	26,174	56,742	53,425
Casino Segment [Member] | Calder Casinos
Segment Reporting Information [Line Items]
Net revenues from external customers	19,786	19,873	40,165	40,456
Casino Segment [Member] | Fair Grounds Slots
Segment Reporting Information [Line Items]
Net revenues from external customers	9,053	9,586	20,535	21,370
Casino Segment [Member] | VSI
Segment Reporting Information [Line Items]
Net revenues from external customers	9,389	8,479	18,573	17,233
Casino Segment [Member] | Harlows Casino
Segment Reporting Information [Line Items]
Net revenues from external customers	12,050	11,777	25,730	26,228
Casino Segment [Member] | Oxford Acquisition [Member]
Segment Reporting Information [Line Items]
Net revenues from external customers	20,958	19,402	38,461	36,921
Casino Segment [Member] | Riverwalk Casino
Segment Reporting Information [Line Items]
Net revenues from external customers	12,534	12,662	25,721	25,957
TwinSpires [Member]
Segment Reporting Information [Line Items]
Net revenues from external customers	60,748	57,076	106,063	103,160
Intercompany net revenues	250	244	547	474
Adjusted Segment EBITDA	16,717	14,087	27,907	24,037
Racing Segment [Member]
Segment Reporting Information [Line Items]
Net revenues from external customers	155,436	159,435	179,874	190,014
Intercompany net revenues	6,870	7,070	8,919	9,403
Adjusted Segment EBITDA	85,195	78,079	75,998	67,829
Racing Segment [Member] | Churchill Downs
Segment Reporting Information [Line Items]
Net revenues from external customers	126,792	118,348	128,800	120,490
Intercompany net revenues	5,384	4,945	5,617	5,173
Racing Segment [Member] | Arlington Park
Segment Reporting Information [Line Items]
Net revenues from external customers	18,119	21,193	23,931	27,315
Intercompany net revenues	1,486	1,777	2,444	2,794
Racing Segment [Member] | Calder
Segment Reporting Information [Line Items]
Net revenues from external customers	717	9,714	1,391	17,738
Intercompany net revenues	0	351	0	707
Racing Segment [Member] | Fair Grounds
Segment Reporting Information [Line Items]
Net revenues from external customers	9,808	10,180	25,752	24,471
Intercompany net revenues	0	(3)	858	729
Other Investments Segment [Member]
Segment Reporting Information [Line Items]
Net revenues from external customers	4,502	4,778	8,107	8,615
Intercompany net revenues	1,093	1,210	1,888	2,108
Adjusted Segment EBITDA	781	(223)	113	(1,576)
Corporate
Segment Reporting Information [Line Items]
Net revenues from external customers	257	404	491	659
Intersegment Elimination
Segment Reporting Information [Line Items]
Intercompany net revenues	$ (8,213)	$ (8,524)	$ (11,354)	$ (11,985)

Segment Information - Equity in

Segment Information - Equity in Earnings of Unconsolidated Investments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Segment Reporting, Other Significant Reconciling Item [Line Items]
Equity in gains of unconsolidated investments	$ 2,907	$ 2,506	$ 5,855	$ 4,796
Casino Segment [Member]
Segment Reporting, Other Significant Reconciling Item [Line Items]
Equity in gains of unconsolidated investments	2,859	2,796	5,417	4,837
TwinSpires [Member]
Segment Reporting, Other Significant Reconciling Item [Line Items]
Equity in gains of unconsolidated investments	0	28	0	248
Other Investments Segment [Member]
Segment Reporting, Other Significant Reconciling Item [Line Items]
Equity in gains of unconsolidated investments	$ 48	$ (318)	$ 438	$ (289)

Segment Information - Total Ass

Segment Information - Total Asset Information For Segments (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 2,298,990		$ 2,362,504
Capital expenditures	22,681	$ 38,475
Big Fish Games [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	1,032,810		1,009,668
Capital expenditures	1,924	0
Casino Segment [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	616,015		621,240
Capital expenditures	11,421	4,119
TwinSpires [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	188,194		182,322
Capital expenditures	1,997	3,174
Racing Segment [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	426,176		518,517
Capital expenditures	6,582	27,915
Other Investments Segment [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	35,795		$ 30,757
Capital expenditures	$ 757	$ 3,267

Commitments And Contingencies -

Commitments And Contingencies - Loss Contingencies (Details) $ in Millions	Oct. 04, 2012USD ($)
Loss Contingencies [Line Items]
Other Assets	$ 2.9

Calder Racing Operations (Detai

Calder Racing Operations (Details) $ in Millions	3 Months Ended
	Jun. 30, 2015USD ($)
Calder Racing [Abstract]
Restructuring and Related Cost, Accelerated Depreciation	$ 2.4
Demolition Expense	$ 0.8

HRTV Equity Investment Divest46

HRTV Equity Investment Divestiture (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2015	Jun. 30, 2014
HRTV Equity Investiture Divestiture [Abstract]
Payments for (Proceeds from) Investments	$ 6,000
Gain on sale of equity investment	$ 0	$ 5,817	$ 0

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2015	Jun. 30, 2015	Jun. 30, 2015	Jun. 30, 2014	Mar. 21, 2013
Subsequent Event [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized		129,700	129,700		92,000
Asset impairment loss			$ 250	$ 0
Demolition Expense		$ 800
Subsequent Event [Member]
Subsequent Event [Line Items]
Officers' Compensation	$ 1,300
Accrued Bonuses	$ 600
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	29,218
Asset impairment loss	$ 12,400
Demolition Expense	$ 3,600