Churchill Downs (CHDN) 10-K 24 Feb 16 2015 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2015	Feb. 19, 2016	Jun. 30, 2015
Document And Entity Information [Abstract]
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
Document Type	10-K
Document Period End Date	Dec. 31, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Common Stock, Shares Outstanding		16,594,321
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float			$ 1,706,838,462

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 74,528	$ 67,936
Restricted cash	29,686	26,065
Accounts receivable, net of allowance for doubtful accounts of $3,761 in 2015 and $4,246 in 2014	67,715	75,890
Deferred income taxes	0	18,519
Income taxes receivable	1,037	29,455
Game technology and rights, net	10,339	530
Other current assets	39,524	24,135
Total current assets	222,829	242,530
Property and equipment, net	573,172	595,315
Investment in and advances to unconsolidated affiliates	129,746	109,548
Goodwill	841,724	840,947
Other intangible assets, net	496,153	549,972
Other assets	13,820	17,941
Total assets	2,277,444	2,356,253
Current liabilities:
Accounts payable	39,120	45,182
Purses payable	12,139	11,169
Account wagering deposit liabilities	20,351	18,137
Accrued expense	97,836	93,286
Tax refund due to Big Fish Games former equity holders	426	18,087
Deferred revenue	46,029	51,833
Deferred revenue - Big Fish Games	81,301	41,747
Big Fish Games deferred payment, current	28,050	28,139
Big Fish Games earnout liability, current	279,490	0
Current maturities of long-term debt	16,250	11,250
Dividends payable	19,110	17,419
Total current liabilities	640,102	336,249
Long-term debt (net of current maturities and loan origination fees of $638 in 2015 and $787 in 2014)	171,862	458,318
Notes payable (including premium of $2,978 in 2015 and net of debt issuance costs of $9,308 in 2015 and $5,464 in 2014)	593,670	294,536
Big Fish Games deferred payment, net of current amount due	26,670	51,620
Big Fish Games earnout liability	65,710	327,800
Deferred revenue	16,068	16,489
Deferred income taxes	127,883	149,522
Other liabilities	18,282	21,718
Total liabilities	$ 1,660,247	$ 1,656,252
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; 16,600 shares issued at December 31, 2015 and 17,472 shares issued at December 31, 2014	134,026	262,280
Retained earnings	483,759	437,846
Accumulated other comprehensive loss	(588)	(125)
Total shareholders’ equity	617,197	700,001
Total liabilities and shareholders’ equity	$ 2,277,444	$ 2,356,253

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Accounts receivable, allowance for doubtful accounts	$ 3,761	$ 4,246
Long-term debt, current maturities and loan origination fees	638	787
Notes payable, premium	2,978
Notes payable, debt issuance costs	$ 9,308	$ 5,464
Preferred stock, no par value (in dollars per share)	$ 0	$ 0
Preferred stock, shares authorized	250	250
Preferred stock, shares issued	0	0
Common stock, no par value (in dollars per share)	$ 0	$ 0
Common stock, shares authorized	50,000	50,000
Common stock, shares issued	16,600	17,472

Consolidated Statements Of Comp

Consolidated Statements Of Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Net revenue:
Racing	$ 248,603	$ 261,453	$ 274,269
Casinos	332,299	328,294	297,176
TwinSpires	200,168	190,333	184,541
Big Fish Games	413,685	13,855	0
Other Investments	16,636	17,125	21,899
Corporate	910	1,158	1,143
Net revenue	1,212,301	812,218	779,028
Operating expense:
Racing	190,225	216,269	233,286
Casinos	240,868	243,335	222,581
TwinSpires	133,302	133,553	123,449
Big Fish Games	340,088	15,971	0
Other Investments	18,418	22,247	25,079
Corporate	0	1,941	1,462
Selling, general and administrative expense	90,787	82,385	83,071
Research and development	39,399	0	0
Calder exit costs	13,854	2,298	0
Acquisition-related charges	21,748	3,826	0
Operating income	123,612	90,393	90,100
Other income (expense):
Interest income	42	20	112
Interest expense	(28,595)	(20,842)	(6,231)
Equity in income (losses) of unconsolidated investments	11,180	6,328	(4,142)
Miscellaneous, net	5,850	619	5,667
Total other income (expense)	(11,523)	(13,875)	(4,594)
Income from continuing operations before provision for income taxes	112,089	76,518	85,506
Income tax provision	(46,892)	(30,161)	(30,473)
Income from continuing operations	65,197	46,357	55,033
Discontinued operations, net of income taxes:
Loss from operations	0	0	(50)
Loss on sale of assets	0	0	(83)
Net income	$ 65,197	$ 46,357	$ 54,900
Basic
Income from continuing operations (in dollars per share)	$ 3.75	$ 2.67	$ 3.13
Discontinued operations (in dollars per share)	0	0	(0.01)
Net income (in dollars per share)	3.75	2.67	3.12
Diluted
Income from continuing operations (in dollars per share)	3.71	2.64	3.07
Discontinued operations (in dollars per share)	0	0	(0.01)
Net income (in dollars per share)	$ 3.71	$ 2.64	$ 3.06
Weighted average shares outstanding:
Basic (in shares)	17,225	17,271	17,294
Diluted (in shares)	17,576	17,589	17,938
Foreign currency translation, net of tax	$ (463)	$ (125)	$ 0
Other comprehensive loss	(463)	(125)	0
Comprehensive income	$ 64,734	$ 46,232	$ 54,900

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity - USD ($)	Total	Common Stock	Retained Earnings	Accumulated Other Comprehensive Loss
Shares, Outstanding, Beginning of Period (in shares) at Dec. 31, 2012		17,448,000
Shareholders' Equity Attributable to Parent, Beginning of Period at Dec. 31, 2012	$ 644,295,000	$ 274,709,000	$ 369,586,000	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income and comprehensive income	54,900,000		54,900,000
Stock Issued During Period, Shares, New Issues		198,000
Issuance of common stock	7,506,000	$ 7,506,000
Tax windfall from stock-based compensation	2,981,000	$ 2,981,000
Repurchase of common stock (in shares)		(133,000)
Repurchase of common stock	(10,723,000)	$ (10,723,000)
Grant of restricted stock, net of forfeitures (in shares)		435,000
Grants of restricted stock, net of forfeitures	0
Stock-based compensation	21,482,000	$ 21,482,000
Cash & restricted stock dividends	(15,652,000)		(15,652,000)
Foreign currency translation, net of tax	0
Shares, Outstanding, End of Period (in shares) at Dec. 31, 2013		17,948,000
Shareholders' Equity Attributable to Parent, End of Period at Dec. 31, 2013	704,789,000	$ 295,955,000	408,834,000	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income and comprehensive income	46,357,000		46,357,000
Stock Issued During Period, Shares, New Issues		358,000
Issuance of common stock	23,268,000	$ 23,268,000
Tax windfall from stock-based compensation	$ 7,708,000	$ 7,708,000
Repurchase of common stock (in shares)	(691,000)	(851,000)
Repurchase of common stock	$ (76,582,000)	$ (76,582,000)
Grant of restricted stock, net of forfeitures (in shares)		17,000
Grants of restricted stock, net of forfeitures	0
Stock-based compensation	11,931,000	$ 11,931,000
Cash & restricted stock dividends	(17,345,000)		(17,345,000)
Foreign currency translation, net of tax	(125,000)			(125,000)
Shares, Outstanding, End of Period (in shares) at Dec. 31, 2014		17,472,000
Shareholders' Equity Attributable to Parent, End of Period at Dec. 31, 2014	700,001,000	$ 262,280,000	437,846,000	(125,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income and comprehensive income	65,197,000		65,197,000
Stock Issued During Period, Shares, New Issues		17,000
Issuance of common stock	3,484,000	$ 3,484,000
Tax windfall from stock-based compensation	5,553,000	$ 5,553,000
Repurchase of common stock (in shares)		(1,049,000)
Repurchase of common stock	(151,140,000)	$ (151,140,000)
Grant of restricted stock, net of forfeitures (in shares)		160,000
Grants of restricted stock, net of forfeitures	0
Stock-based compensation	13,849,000	$ 13,849,000
Cash & restricted stock dividends	(19,284,000)		(19,284,000)
Foreign currency translation, net of tax	(463,000)			(463,000)
Shares, Outstanding, End of Period (in shares) at Dec. 31, 2015		16,600,000
Shareholders' Equity Attributable to Parent, End of Period at Dec. 31, 2015	$ 617,197,000	$ 134,026,000	$ 483,759,000	$ (588,000)

Consolidated Statements of Sha6

Consolidated Statements of Shareholders' Equity (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Statement of Stockholders' Equity [Abstract]
Cash & restricted stock dividends (in dollars per share)	$ 1.15	$ 1	$ 0.87
Foreign currency translation adjustment, tax effect	$ (239)	$ (70)

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Cash flows from operating activities:
Net income	$ 65,197	$ 46,357	$ 54,900
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	109,706	68,257	61,750
Game technology and rights amortization	9,678	0	0
Impairment and acquisition charges	34,696	7,073	0
Gain on sale of equity investments	(5,817)	0	0
Dividend from investment in unconsolidated affiliates	15,250	0	0
Equity in (income) losses of unconsolidated investments	(11,180)	(6,328)	4,142
Stock-based compensation	13,849	11,931	21,482
Deferred tax (benefit) provision	(3,444)	14,839	5,284
Loss (gain) on sale of business and asset dispositions	281	(382)	(366)
Other	4,659	619	689
Increase (decrease) in cash resulting from changes in operating assets and liabilities, net of business acquisitions and dispositions:
Other current assets	(15,295)	(3,255)	1,372
Game technology and rights	(19,800)	0	0
Income taxes	28,488	206	(11,023)
Deferred revenue	38,333	639	6,029
Other assets and liabilities	(75)	1,663	656
Net cash provided by operating activities	264,526	141,619	144,915
Cash flows from investing activities:
Additions to property and equipment	(43,510)	(54,486)	(48,771)
Acquisition of businesses, net of cash acquired	(959)	(366,045)	(154,872)
Acquisition of gaming licenses	(2,250)	(2,250)	(2,650)
Investment in joint ventures	(460)	(17,906)	(70,500)
Proceeds from sale of equity investment	6,000	0	0
Purchases of minority investments	(24,519)	(602)	(902)
Proceeds from sale of assets	213	981	15
Net cash used in investing activities	(65,485)	(440,308)	(277,680)
Cash flows from financing activities:
Borrowings on bank line of credit	704,178	804,986	740,131
Repayments of bank line of credit	(985,783)	(403,822)	(880,667)
Big Fish Games deferred payment	(28,428)	0	0
Tax refund payments to Big Fish Games equity holders	(17,711)	0	0
Proceeds from note issuance	300,000	0	300,000
Payment of dividends	(17,419)	(15,186)	0
Repurchase of common stock	(147,554)	(76,582)	(10,723)
Common stock issued	1,213	7,475	1,135
Windfall tax provision from stock-based compensation	5,553	7,708	2,981
Loan origination fees and debt issuance costs	(4,626)	(2,101)	(7,508)
Other	(67)	(429)	(5,053)
Net cash (used in) provided by financing activities	(190,644)	322,049	140,296
Net increase in cash and cash equivalents	8,397	23,360	7,531
Effect of exchange rate changes on cash	(1,805)	(132)	0
Cash and cash equivalents, beginning of year	67,936	44,708	37,177
Cash and cash equivalents, end of year	74,528	67,936	44,708
Supplemental disclosures of cash flow information:
Interest	63,864	17,517	4,032
State tax credits	0	0	1,298
Income taxes	41,500	16,982	31,324
Schedule of non-cash investing and financing activities:
Earnout liability for acquisition of Big Fish Games	0	324,747	0
Deferred payment for acquisition of Big Fish Games	0	97,073	0
Issuance of common stock in connection with the Company LTIP, the New Company LTIP and other restricted stock plans	27,744	2,991	30,678
Dividends payable	19,110	17,419	15,186
Repurchase of common stock in payment of income taxes on stock-based compensation	3,586	0	0
Property and equipment additions included in accounts payable and accrued expense	1,471	1,269	3,769
Issuance Of Common Stock For Extinguishment Of Convertible Note Payable
Schedule of non-cash investing and financing activities:
Issuance of common stock for acquisition of Big Fish Games	$ 0	$ 15,793	$ 0

Basis Of Presentation and Summa

Basis Of Presentation and Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis Of Presentation and Summary of Significant Accounting Policies	BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Operations Churchill Downs Incorporated (the "Company", "we", "us", "our") is one of the world's largest producers and distributors of online and mobile casual games. We are also a diversified provider of casino gaming, online account wagering on horse racing, and pari-mutuel horse racing. The accompanying consolidated financial statements include the accounts of our wholly-owned subsidiaries consisting of Churchill Downs Racetrack, LLC ("Churchill Downs"); Arlington International Race Course, LLC ("Arlington"); Churchill Downs Louisiana Horseracing Company, LLC ("Fair Grounds Slots" and "Fair Grounds"); Calder Race Course, Inc. and Tropical Park, Inc. ("Calder"); BB Development, LLC ("Oxford"); Magnolia Hill, LLC ("Riverwalk"); SW Gaming, LLC ("Harlow’s"); Video Services, LLC ("VSI"); Churchill Downs Technology Initiatives Company ("CDTIC"), the owner and operator of TwinSpires; Velocity Wagering Limited ("Velocity"); Big Fish Games, Inc. ("Big Fish Games"); Churchill Downs Interactive Gaming ("I-Gaming"); United Tote Company, Inc. ("United Tote") and Bluff Media ("Bluff"). In addition, we include our 50% joint venture in Miami Valley Gaming LLC ("MVG") and our 25% investment in Saratoga Casino Holding, LLC ("SCH"). All intercompany balances and transactions have been eliminated in consolidation. The Consolidated Statements of Comprehensive Income include net revenue and operating expense associated with our Racing, Casinos, TwinSpires, Big Fish Games, Other Investments and Corporate operating segments which are defined as follows: Racing: primarily commissions earned on wagering at our racetracks, off-track betting facilities ("OTBs"), simulcast fees earned from other wagering sites, and the operations include ancillary admissions, sponsorships and licensing rights, food and beverage services and alternative uses of our pari-mutuel facilities. Casinos: slot machines, table games, video poker ancillary food and beverage services and hotel and other miscellaneous operations. In addition, we include our 50% joint venture in MVG and our 25% equity investment in SCH. TwinSpires: Advance Deposit Wagering ("ADW") business from wagering through the Internet, telephone or other mobile devices on pari-mutuel events; high dollar wagering by international customers; and horseracing statistical data generated by our information business that provides data information and processing services to the equine industry. Big Fish Games: social casino, casual and mid-core free to play, and premium paid games for PC, Mac, and mobile devices. Other Investments: pari-mutuel wagering systems for racetracks and an Internet real-money gaming operation. Corporate: other revenue and general and administrative expense not allocated to our other operating segments. Reclassifications We have reclassified certain items in the Consolidated Financial Statements for prior years to be comparable with 2015 classifications. In 2015, prior year amounts for severance and employee benefit costs of $2.3 million related to the cessation of Calder pari-mutuel operations have been reclassified from selling, general and administrative expense to Calder exit costs on our Consolidated Statement of Comprehensive Income. During the year ended December 31, 2013, we completed the sale of 100% of the assets of Fight! Magazine ("Fight"), a division of Bluff which we acquired in February 2012. Net revenue, operating expense and the loss on the sale of Fight for the year ended December 31, 2013 have been reclassified to discontinued operations on our Consolidated Statements of Comprehensive Income. There was no impact from these reclassifications on net income or cash flows. Summary of Significant Accounting Policies Basis of presentation and use of estimates Our financial statements have been prepared in conformity with U.S. generally accepted accounting principles ("U.S. GAAP") and are based upon certain critical accounting policies. These policies may require management to make estimates, judgments and assumptions that we believe are reasonable based on our historical experience, contract terms, observance of known trends in our Company and the industry as a whole and information available from other outside sources. Our estimates affect the reported amounts of assets and liabilities and related disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expense during the reporting period. Actual results may differ from those initial estimates. Our most critical estimates relate to revenue recognition, goodwill and other intangible assets, property and equipment, and income taxes. Revenue Recognition Racing and TwinSpires Revenue Recognition Our Racing and TwinSpires revenue and income are influenced by our racing calendar. Therefore, revenue and operating results for any interim quarter are not generally indicative of the revenue and operating results for the year and may not be comparable with results for the corresponding period of the previous year. We historically have had fewer live racing days during the first quarter of each year, and the majority of our live racing revenue occurs during the second quarter with the running of the Kentucky Oaks and Kentucky Derby. Pari-mutuel revenue is recognized upon occurrence of the live race that is presented for wagering and after that live race is made official by the respective state’s racing regulatory body. Other operating revenue from admissions, programs and concession are recognized once delivery of the product or services has occurred. Racing and TwinSpires revenue is generated by pari-mutuel wagering on live and simulcast racing content. Live racing handle includes patron wagers made on live races at our racetracks and also wagers made on imported simulcast signals by patrons at our racetracks during live meets. Import simulcasting handle includes wagers on imported signals at our racetracks when the respective tracks are not conducting live racing meets, at our OTBs and through our ADW providers throughout the year. Export handle includes all patron wagers made on live racing signals sent to other tracks, OTBs and ADW providers. Advance deposit wagering consists of patron wagers through an advance deposit account. The gross percentages earned in 2015 approximated 19% of handle for the TwinSpires segment and 11% of handle for the Racing segment. Deferred revenue includes advance sales related to the Kentucky Oaks and Kentucky Derby races and other advance billings on racing events. Revenue from these advance billings are recognized when the related event occurs. Deferred revenue also includes advance sales of Personal Seat Licenses ("PSLs") and luxury suites. PSLs represent the ownership of a specific seat for the Kentucky Oaks, Kentucky Derby and Breeders’ Cup races at Churchill Downs and have a contractual life of either one , two , three , five or thirty years. Revenue from PSLs is recognized when the Kentucky Oaks, Kentucky Derby and Breeders’ Cup races occur on a ratable basis over the term of the contract. Luxury suites are sold for specific racing events as well as for a predetermined contractual term. Revenue related to the sale of luxury suites is recognized as they are utilized when the related event occurs. Casinos Revenue Recognition Casino revenue represents net casino wins which is the difference between casino wins and losses. Other operating revenue, such as concession revenue, is recognized once delivery of the product or service has occurred. Big Fish Games Big Fish Games revenue is primarily derived from the sale of in-app purchases within our free-to-play games and sales of our premium paid games. We offer social casino and casual and mid-core free-to-play games that customers can play at no cost. Customers can purchase virtual currency that can be used to buy virtual items to enhance the game playing experience. These games are distributed primarily through third party mobile platform providers, including but not limited to, Apple and Google. We receive and utilize reports from these third party mobile platform providers which break down the virtual goods purchased in our casual mid-core and casino free-to-play games for a given time period. The proceeds from the sale of virtual goods are initially recorded as deferred revenue and recognized as revenue when persuasive evidence of an arrangement exists, the service has been provided to the user, the price paid by the user is fixed or determinable, and collectability is reasonably assured. Determining whether and when some of these criteria have been satisfied requires judgments that may have a significant impact on the timing and amount of revenue we report in each period. For the purpose of determining when the service has been provided to the player, we have determined that an implied obligation exists to the paying user to continue to make available the purchased virtual goods within the game over the estimated life of the virtual goods. For casino games, the life of the virtual goods is estimated to be the time period over which virtual goods are consumed, approximating three days. For all other casual games, the average playing period of paying players of approximately four months represents our best estimate of the average life of virtual goods. The proceeds from the sale of virtual goods are recorded as deferred revenue and recognized as revenue over the estimated life of the virtual goods. Premium game revenue is derived from our PC subscription business, the Big Fish Game Club, and from the sale of individual games on PC, Mac and mobile devices. Subscribers receive a game credit each month with their subscription. The value of the game credit is recognized when a customer redeems the game credit. We record breakage revenue related to outstanding premium game credits. For credits that are subject to expiration, breakage revenue is recorded when the credits have legally expired. Breakage revenue is recorded for game credits with no legal expiration when we have determined the likelihood of redemption is remote based on historical game credit redemption patterns. Other Estimates and Judgments We estimate revenue from digital storefronts, such as Apple and Google, in the current period when reasonable estimates of these amounts can be made. The digital storefronts provide reliable interim preliminary sales reporting data within a reasonable time frame following the end of each month, which, when validated against our internal data, allows us to make reasonable estimates of revenue and therefore to recognize revenue during the reporting period. Determination of the appropriate amount of revenue recognized involves judgments and estimates that we believe are reasonable, but it is possible that actual results may differ from our estimates. When we receive the final reports, to the extent not received within a reasonable time frame following the end of each month, we record any differences between estimated revenue and actual revenue in the reporting period when we determine the actual amounts. Historically, the revenue on the final revenue report has not differed significantly from the reported revenue for the period. Principal Agent Considerations In accordance with Accounting Standards Codification ("ASC"), we evaluate our digital storefront agreements in order to determine whether or not we are acting as the principal or as an agent when selling our games, which we consider in determining if revenue should be reported gross or net. We primarily use digital storefronts for distributing our casino and casual free-to-play games. Key indicators that we evaluate in order to reach this determination include: • the terms and conditions of our contracts with the digital storefronts; • the party responsible for billing and collecting fees from the end-users, including the resolution of billing disputes; • whether we are paid a fixed percentage of the arrangement’s consideration or a fixed fee for each game; • the party which sets the pricing with the end-user, has the credit risk and provides customer support; and • the party responsible for the fulfillment of the game and that determines the specifications of the game. Based on the evaluation of the above indicators, we have determined that we are generally acting as a principal and are the primary obligor to end-users for games distributed through digital storefronts; and therefore, we recognize revenue related to these arrangements on a gross basis. Goodwill and Indefinite Intangible Assets We perform an annual review for impairment of goodwill and indefinite-lived intangible assets as of March 31 of each fiscal year, or more frequently if events or changes in circumstances indicate that the carrying value may not be recoverable. Adverse industry or economic trends, lower projections of profitability, or a sustained decline in our market capitalization, among other items, may be indications of potential impairment issues, which are triggering events requiring the testing of an asset’s carrying value for recoverability. Goodwill is allocated and evaluated for impairment at the reporting unit level, which is defined as an operating segment or one level below an operating segment. Goodwill and intangible assets can or may be required to be tested using a two-step impairment test. We assess qualitative factors to determine whether it is necessary to complete the two-step impairment test using a more likely than not criteria. If an entity believes it is more likely than not that the fair value of a reporting unit is greater than its carrying value, including goodwill, the two-step process can be bypassed. Qualitative factors include macroeconomic conditions, industry and market conditions, cost factors, overall financial performance, among others. These factors require significant judgments and estimates, and application of alternative assumptions could produce significantly different results. Evaluations of possible impairment utilizing the two-step approach require us to estimate, among other factors, forecasts of future operating results, revenue growth, EBITDA margin, tax rates, capital expenditures, depreciation, working capital, weighted average cost of capital, long-term growth rates, risk premiums, terminal values and fair market values of our reporting units and assets. Changes in estimates or the application of alternative assumptions could produce significantly different results. We completed step one of the two-step test during the first quarter of 2015, and there were no impairments to our goodwill in 2015. Our slots gaming rights and casinos' trade names are considered indefinite-lived intangible assets that do not require amortization based on our future expectations to operate our gaming facilities and use the trade names indefinitely and our historical experience in renewing these intangible assets at minimal cost with various state gaming commissions. Our Big Fish Games trade name is also considered an indefinite-lived intangible asset. These indefinite intangible assets are tested annually, or more frequently, if indicators of impairment exist, by comparing the fair value of the recorded assets to their carrying amount. If the carrying amount of the slots gaming rights and trade name intangible assets exceed fair value, an impairment loss is recognized. There were no impairments to our indefinite-lived intangible assets in 2015. Property and Equipment We have a significant investment in long-lived property and equipment. Property and equipment are recorded at cost. Judgments are made in determining the estimated useful lives of assets, the salvage values to be assigned to assets and if or when an asset has been impaired. The accuracy of these estimates affects the amount of depreciation expense recognized in the financial results and whether to record a gain or loss on disposition of an asset. We review the carrying value of our property and equipment used in our operations whenever events or circumstances indicate that the carrying value of an asset may not be recoverable from estimated future undiscounted cash flows expected to result from its use and eventual disposition. Adverse industry or economic trends, lower projections of profitability, or a significant adverse change in legal factors or in the business climate, among other items, may be indications of potential impairment issues. If the undiscounted cash flows exceed the carrying value, no impairment is indicated. If the undiscounted cash flows do not exceed the carrying value, an impairment is recorded based on the fair value of the asset. There are three generally accepted approaches available in developing an opinion of value: 1) the cost approach which is the price a prudent investor would pay to produce or construct a similar new item; 2) the market approach which is typically used for land valuations by analyzing recent sales transactions of similar sites; and 3) the income approach which is based on a discounted cash flow model using the estimated future results of the relevant reporting unit discounted using our weighted-average cost of capital and market indicators of terminal year free cash flow multiples. If necessary, we solicit third-party valuation expertise to assist in the valuation of our assets. We apply the most indicative approach to the overall valuation, or in some cases, a weighted analysis of any or all of these methods. The determination of fair value uses accounting judgments and estimates, including market conditions, and the reliability is dependent upon the availability and comparability of the market data uncovered, as well as the decision making criteria used by marketing participants when evaluating a property. Changes in estimates or application of alternative assumptions could produce significantly different results. In 2015, we recorded a $12.7 million impairment charge related to the Calder grandstand in continuing operations. Depreciation is calculated using the straight-line method over the estimated useful lives of the related assets as follows: 10 to 40 years for grandstands and buildings, 2 to 10 years for equipment, 2 to 10 years for furniture and fixtures and 10 to 20 years for tracks and other improvements. Income Taxes We use estimates and judgments for financial reporting to determine our current tax liability and deferred taxes. In accordance with the liability method of accounting for income taxes, we recognize the amount of taxes payable or refundable for the current year and deferred tax assets and liabilities for the future tax consequences of events that have been recognized in the consolidated financial statements or tax returns. Adjustments to deferred taxes are determined based upon the changes in differences between the book basis and tax basis of our assets and liabilities and measured by enacted tax rates we estimate will be applicable when these differences are expected to reverse. Changes in current tax laws, enacted tax rates or the estimated level of taxable income or non-deductible expense could change the valuation of deferred tax assets and liabilities and affect the overall effective tax rate and tax provision. When tax returns are filed, it is highly certain that some positions taken will be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that will be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50 percent likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with the tax positions taken that exceeds the amount measured as described above is reflected as a liability for unrecognized tax benefits in the accompanying balance sheet, along with any associated interest and penalties that would be payable to the taxing authorities upon examination. Cash and Cash Equivalents We consider investments with original maturities of three months or less to be cash equivalents. We have, from time to time, cash in the bank in excess of federally insured limits. Checks issued but not presented to banks frequently result in overdraft balances for accounting purposes and are classified as a current liability in the Consolidated Balance Sheets. Restricted Cash and Account Wagering Deposit Liabilities Restricted cash represents amounts due to horsemen for purses, stakes and awards as well as customer deposits collected for advance deposit wagering. Account wagering deposit liabilities consist of deposits received from TwinSpires.com and Velocity customers to be used to fund wagering through the TwinSpires players' accounts. Foreign Currency Transactions The functional currency of our international subsidiaries is the U.S. dollar, with the exception of the Big Fish Games Luxembourg subsidiary, whose functional currency is the Euro. For subsidiaries with a functional currency of the U.S. dollar, foreign currency denominated monetary assets and liabilities are remeasured into U.S. dollars at current exchange rates and foreign currency denominated nonmonetary assets and liabilities are remeasured into U.S. dollars at historical exchange rates. Foreign currency denominated revenue and expense are remeasured at historical exchange rates. Gains or losses from foreign currency remeasurement are included in other income and expense. For the Luxembourg subsidiary, assets and liabilities are translated into U.S. dollars using exchange rates in effect at the end of a reporting period. Income and expense accounts are translated into U.S. dollars using average rates of exchange. The net gain or loss resulting from translation is recorded as foreign currency translation adjustment and included in accumulated other comprehensive income in shareholders' equity. Allowance for Doubtful Accounts Receivable We maintain an allowance for doubtful accounts for estimated losses resulting from the inability of our customers to make required payments. The allowance is maintained at a level considered appropriate based on historical and other factors that affect collectability. Uncollectible accounts receivable are written off against the allowance for doubtful accounts receivable when management determines that the probability of payment is remote and collection efforts have ceased. Game Technology and Rights Game technology and rights are purchased from third-party developers of casual and mid-core free-to-play and premium paid games. Such rights may be purchased before or after the production or launch of the related games. Where technology and rights are purchased prior to a games' launch, we generally pay amounts to these developers as they reach agreed-upon milestones. Once the game is launched, we amortize our game technology and rights related to premium paid games on an accelerated basis, corresponding to historical sales patterns, over the estimated useful life of the premium paid game, which is generally one year. Game technology and rights related to casual and mid-core free-to-play games are amortized on a straight-line basis over the estimated useful life of eighteen months. The carrying amounts of game technology and rights are assessed for potential impairment at the game-specific level when facts and circumstances indicate that the carrying amount may not be recoverable. Internal Use Software and Research & Development We capitalize internal use software in accordance with accounting guidance governing computer software developed or obtained for internal use primarily related to TwinSpires and I-Gaming of approximately $8.9 million in 2015, $7.4 million in 2014 and $7.4 million in 2013. The estimated useful life of capitalized software is generally three years, once a project has commenced. We incurred amortization expense of approximately $7.0 million in 2015, $6.0 million in 2014 and $5.1 million in 2013 for projects which had been placed in service. Capitalized internal use software is included in property and equipment, net. Research & development expenditures are expensed as incurred. In 2015, $39.4 million was expensed. Long-lived Assets-Impairments In the event that facts and circumstances indicate that the carrying amount of tangible assets and other long-lived assets or groups of assets may be impaired, an evaluation of recoverability is performed. If an evaluation is required, the estimated future undiscounted cash flows associated with the assets is compared to the assets’ carrying amount to determine if an impairment loss should be recorded. The impairment loss is based on the excess, if any, of the carrying value over the fair value of the assets. Fair Value of Assets and Liabilities We adhere to a hierarchy for ranking the quality and reliability of the information used to determine fair values. Assets and liabilities that are carried at fair value are classified and disclosed in one of the following three categories: Level 1: Unadjusted quoted market prices in active markets for identical assets or liabilities; Level 2: Unadjusted quoted prices in active markets for similar assets or liabilities, unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability; and Level 3: Unobservable inputs for the asset or liability. We endeavor 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. Investments in and Advances to Unconsolidated Affiliates We have investments in unconsolidated affiliates accounted for under the equity method. Under the equity method, carrying value is adjusted for our share of the investees' income and losses, amortization of certain basis differences as well as capital contributions to and distributions from these companies. Distributions in excess of equity method income are recognized as a return of investment and recorded as investing cash inflows in the consolidated statements of cash flows. We classify income and losses as well as gains and impairments related to our investments in unconsolidated affiliates as a component of other income (expense). We evaluate our investments in unconsolidated affiliates for impairment whenever events or changes in circumstances indicate that the carrying value of the investment may have experienced an "other-than-temporary" decline in value. If such conditions exist, we compare the estimated fair value of the investment to its carrying value to determine if an impairment is indicated and determine whether the impairment is "other-than-temporary" based on an assessment of all relevant factors, including consideration of our intent and ability to retain our investment until the recovery of the unrealized loss. We estimate fair value using a discounted cash flow analysis based on estimated future results of the investee. Debt Issuance Costs and Loan Origination Fees We incurred debt issuance costs and loan origination fees associated with our long-term debt and notes payable, which are being amortized as interest expense over the remaining term of the credit facility. These amounts are presented as a direct deduction from the carrying amount of the associated liability. Casino and Pari-mutuel Taxes We recognize casino and pari-mutuel tax expense based on the statutorily required percentage of revenue that is required to be paid to state and local jurisdictions in the states in which wagering occurs. Individual states and local jurisdictions set tax rates which range from 1.5% to 46% of net casino revenue and from 0.5% to 10.0% of the total pari-mutuel handle wagered by patrons. Purse Expense We recognize purse expense based on the statutorily determined percentage of revenue that is required to be paid out in the form of purses to the qualifying finishers of horseraces run at our racetracks in the period in which wagering occurs. We incur a liability for all unpaid purses to be paid out. We may pay out purses in excess of statutorily required amounts resulting in purse overpayments, which are expensed as incurred. Recoveries of purse overpayments are recognized in the period they are realized. Self-insurance Accruals We are self-insured up to certain limits for costs associated with general liability, workers’ compensation and employee health coverage, and we purchase insurance for claims that exceed our self-insurance retention or deductible levels. We record self-insurance reserves that include accruals of estimated settlements for known claims ("Case Reserves"), as well as accruals of third-party actuarial estimates for claims incurred but not yet reported ("IBNR"). Case Reserves represent estimated liabilities for unpaid losses, based on a claims administrator's estimates of future payments on individual reported claims, including allocated loss adjustment expense, which generally include claims settlement costs such as legal fees. IBNR includes the provision for unreported claims, changes in case reserves and future payments on reopened claims. Key variables and assumptions include, but are not limited to, loss development factors and trend factors such as changes in workers' compensation laws, medical care costs and wages. These loss development factors and trend factors are developed using our actual historical losses. It is possible that reasonable alternative selections would produce materially different reserve estimates. We believe the estimates of future liability are reasonable based upon this methodology; however, changes in key variables and assumptions, or generally in health care costs, accident frequency and severity could materially affect the estimate for these reserves. Advertising and Marketing We expense the costs of general advertising, marketing and associated promotional expenditures at the time the costs are incurred. We incurred advertising and marketing expense of approximately $130.7 million in 2015, $28.8 million in 2014 and $23.7 million in 2013. Stock-Based Compensation All stock-based payments to employees, including grants of employee stock options and restricted stock, are recognized as compensation expense over the service period based on the fair value on the date of grant. Computation of Net Income per Common Share Net income per common share is presented for both basic earnings per common share ("Basic EPS") and diluted earnings per common share ("Diluted EPS"). Earnings attributable to securities that are deemed to be participating securities are excluded from the calculation of Basic EPS using the two-class method. We have determined that employee restricted stock grants, including awards granted under our long-term incentive plans, are participating securities. Basic EPS is based upon the weighted average number of common shares outstanding during the period, excluding unvested restricted stock and stock options held by employees. Diluted EPS is based upon the weighted average number of common and potential common shares outstanding during the period. Potential common shares result from the assumed exercise of outstanding stock options as well as unvested restricted stock, the proceeds of which are then assumed to have been used to repurchase outstanding common stock using the treasury stock method. For periods in which we report a net loss, all potential common shares are considered anti-dilutive and are excluded from calculations of Diluted EPS. For periods in which we report net income, potential common shares with exercise prices in excess of our average common stock fair value for the related period are considered anti-dilutive and are excluded from calculations of Diluted EPS. Recent Accounting Pronouncements In November 2015, the FASB issued Accounting Standards Update ("ASU") 2015-17, Balance Sheet Classification of Deferred Taxes , which simplifies the presentation of deferred tax assets and liabilities by requi

Acquisitions And New Ventures

Acquisitions And New Ventures	12 Months Ended
	Dec. 31, 2015
Acquisitions and New Ventures [Abstract]
Acquisitions and New Ventures	ACQUISITIONS AND NEW VENTURES California Internet Gaming During May 2015, our Internet real-money gaming operation, I-Gaming, entered into an agreement with a licensed card room operator to provide Internet-based interactive gaming services within California, should enabling legislation be enacted in California which would permit such activities. The term of the agreement commences after enabling legislation and upon the acceptance of the first customer wager and will then continue for a ten -year period. Under the agreement, I-Gaming and the licensed operator will jointly provide a platform for operations, obtain and maintain required licenses and regulatory approvals, and operate Internet-based interactive gaming services that will be marketed to California residents and may include poker and other real-money gaming activities. At this time, it is difficult to assess whether this legislation will be enacted into law, and the effect it would have on our business. Big Fish Games On December 16, 2014, we completed the acquisition of Big Fish Games, a global producer and distributor of social casino, casual and mid-core free-to-play, and premium paid games for PC, Mac and mobile devices. Big Fish Games is headquartered in Seattle, Washington, and has locations in Oakland, California and Luxembourg with approximately 604 employees. We acquired Big Fish Games to leverage its casino and casual game experience, assembled workforce and to position ourselves in the mobile and online game industry. We financed the acquisition with borrowings under our 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 our common stock. In addition, we are required to pay additional variable cash consideration based upon the achievement of certain performance milestones of Big Fish Games through December 31, 2015, limited to a maximum of $350 million based on achievement of certain non-GAAP earnings targets before interest and tax. In 2015, Big Fish Games achieved its earnout milestones, and we are committed to paying $281.6 million in 2016 and $68.4 million in 2017. The estimated fair value of the earnout liability at the acquisition date was $324.7 million . We 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 our cost of debt. The cost of debt as of the closing date was based on the observed market yields of our 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. Refer to Note 16—Fair Value of Assets and Liabilities for further discussion of the fair value measurement of the deferred payment and the earnout liability. Goodwill of $540.3 million arising from the acquisition consisted largely of projected future revenue and profit growth, including benefits from Big Fish Games’ expertise in the mobile and online games industry, particularly social casinos. All of the goodwill was assigned to Big Fish Games, which remains a stand-alone business for purposes of segment reporting. None of the goodwill recognized will be deducted for tax purposes. The acquisition of Big Fish Games is included in Acquisition of businesses, net of cash acquired in the investing section of the Consolidated Statements of Cash Flows in the amount of $366.0 million , net of cash acquired of $34.7 million . Included in non-cash investing activities is common stock issued in connection with the acquisition of $15.8 million , earnout liability of $324.7 million , and deferred payments of $97.1 million . Acquisition-related costs in the amount of $6.4 million were charged directly to operations and were included in selling, general and administrative expense in the Consolidated Statements of Comprehensive Income. Acquisition-related costs included legal, advisory, valuation, accounting and other fees incurred to effect the business combination. During 2015, we obtained additional information to assist us 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. We retroactively adjusted the December 31, 2014 Condensed Consolidated Balance Sheet and increased deferred tax assets by $0.8 million , increased goodwill by $1.4 million and increased accrued expense by $2.2 million . We completed our valuation during the fourth quarter of 2015. During 2015, we made payments of $18.7 million to Big Fish Games former equity holders for the receipt of federal and state income tax refunds and working capital adjustments related to the acquisition and we made a scheduled deferred founder payment of $28.4 million . The following table summarizes the final fair value of the assets acquired and liabilities assumed, net of cash acquired of $34.7 million , at the date of acquisition. (in thousands) Total Accounts receivable $ 19,361 Income taxes receivable 18,107 Prepaid expense 9,727 Deferred income taxes 1,682 Other assets 1,780 Property and equipment 14,632 Goodwill 540,306 Other intangible assets 362,863 Total assets acquired 968,458 Accounts payable 9,064 Accrued expense 19,217 Income taxes payable 210 Deferred revenue 37,250 Deferred income taxes 96,238 Other liabilities 2,821 Total liabilities acquired 164,800 Purchase price, net of cash acquired $ 803,658 The final fair value of other intangible assets consists of the following: (in thousands) Fair Value Recognized Weighted-Average Useful Life Tradename $ 200,000 N/A Customer relationships 32,663 3.0 years Developed Technology 87,000 4.0 years In-Process Research & Development 12,700 5.0 years Strategic Developer Relationships 30,500 6.0 years Total intangible assets $ 362,863 We engaged a third-party valuation firm to assist in our analysis of the fair value of tangible and intangible assets acquired. All estimates, key assumptions and forecasts were either provided by or reviewed by us. While we chose to utilize a third-party valuation firm, the fair value analysis and related valuation represents the conclusions of management and not the conclusions of any third party. Depreciation of property and equipment is calculated using the straight-line method over the estimated useful lives of the related assets as follows: 1 to 5 years for computer hardware and software and 2 to 10 years for office furniture, fixtures and equipment. The estimated useful lives for leasehold improvements is 3 to 10 years based on the shorter of the estimated useful life of the improvement or the lease term. The tradename was valued using the relief-from-royalty method of the income approach, which estimates the fair value of the intangible asset by discounting the fair value of the hypothetical royalty payments a market participant would be willing to pay to enjoy the benefits of the asset. A royalty rate of 5.0% was used based on a review of third-party licensing agreements given Big Fish Games’ brand recognition and competitive position in the market. The tradename was assigned an indefinite life based on our intention to keep the Big Fish Games name for an indefinite period of time. In valuing the customer relationships, the replacement cost method of the cost approach was used. The value was determined based on the number of paying customers and average cost per customer. Developed technology was valued using the relief-from-royalty method of the income approach based upon revenue derived from games within the premium paid, casino and casual free-to-play categories. Big Fish Games pays royalties of 10.0% and 25.0% to its developers and these rates were used in the valuation. As of the valuation date, Big Fish Games had a portfolio of free-to-play games expected to launch in 2015 and one game expected to launch in 2016. We estimated that the majority of the revenue associated with games launched in 2015 would be 5 years and the game launched in 2016 would be 6 years. The fair value was calculated using the relief-from-royalty method of the income approach and a royalty rate of 10.0% was used in the valuation. Strategic developers are third-party alliance partners that develop content exclusively for Big Fish Games. In the valuation of strategic developer relationships, the comparative method of the income approach was used to calculate the fair value. In estimating the fair value, the analysis considered the differences in the present value of the cash flows associated with the strategic developers and without the strategic developers. As of the valuation date, the fair value of Big Fish Games’ deferred revenue was $37.3 million , which reflects the costs including network and delivery, royalties, third party platform fees, game operations and corporate expense, plus a market participant margin. During the period from December 16, 2014 through December 31, 2014, Big Fish Games contributed revenue of $13.9 million and loss from continuing operations before provision for income taxes of $2.9 million . Pro Forma Information (unaudited) The following table illustrates the effect on net revenue and earnings from continuing operations as if we had acquired Big Fish Games as of the beginning of 2013. The 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 acquisitions of Big Fish Games been consummated at the beginning of 2014 and 2013. In 2013, earnings from continuing operations included $23.1 million of nonrecurring acquisition costs for us and Big Fish Games. (in thousands) Year ended December 31, 2014 2013 Net revenue $ 1,126,592 $ 1,085,518 Earnings from continuing operations $ 64,145 $ 11,182 Saratoga Harness Racing Inc. ("SHRI") Joint Venture In 2014, we entered into a 50% joint venture with SHRI which unsuccessfully bid on the development of a destination casino and resort in the Capital Region of New York. Our remaining investment of $0.8 million , included in other assets on our Consolidated Balance Sheets, reflects our share of land owned by the venture. In 2014, we incurred $1.0 million in equity losses in our Other Investments segment associated with the license application process and funded $3.3 million to the joint venture. As a result of the bid decision, we recorded an impairment loss of $1.6 million to reduce our investment in the joint venture to its fair value.

Discontinued Operations

Discontinued Operations	12 Months Ended
	Dec. 31, 2015
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	DISCONTINUED OPERATIONS Sale of Fight! Magazine On December 16, 2013, we completed the sale of 100% of the assets of Fight! Magazine ("Fight"). Fight is a division of Bluff which was acquired by us in February 2012. Net revenue, operating expense and the loss on sale of Fight for the year ended December 31, 2013, have been reclassified to discontinued operations, net of income taxes, in the Consolidated Statements of Comprehensive Income. Set forth below is a summary of the results of operations of discontinued businesses: (in thousands) 2013 Net revenue $ 632 Operating expense 857 Selling, general and administrative expense — Operating (loss) gain (225 ) Other income (expense) 145 (Loss) earnings from operations before income taxes (80 ) Income tax benefit (provision) 30 (Loss) gain from operations (50 ) Loss on sale of assets, net of income taxes (83 ) Net (loss) gain $ (133 )

Accounts Receivable

Accounts Receivable	12 Months Ended
	Dec. 31, 2015
Accounts Receivable Additional Disclosures [Abstract]
Accounts Receivable	ACCOUNTS RECEIVABLE Accounts receivable is comprised of the following: (in thousands) 2015 2014 Trade receivables $ 33,016 $ 33,340 Derby-related receivables 17,638 24,522 Simulcast and ADW receivables 14,753 17,282 Other receivables 6,069 4,992 71,476 80,136 Allowance for doubtful accounts (3,761 ) (4,246 ) Total $ 67,715 $ 75,890 Big Fish Games' accounts receivable was $25.7 million in 2015 and $28.9 million in 2014. These amounts were included within trade receivables and primarily represent amounts due from mobile, retail and publishing partners. We recognized $0.9 million in 2015, $0.7 million in 2014 and $0.5 million in 2013 of bad debt expense in our TwinSpires segment associated with customer wagering on TwinSpires.com; and in 2013, we recognized $2.5 million of bad debt expense associated with the write-off of a receivable related to an Internet gaming license.

Property and Equipment

Property and Equipment	12 Months Ended
	Dec. 31, 2015
Property, Plant and Equipment [Abstract]
Property and Equipment	PROPERTY AND EQUIPMENT Property and equipment is comprised of the following: (in thousands) 2015 2014 Grandstands and buildings $ 412,394 $ 439,625 Equipment 252,110 237,867 Tracks and other improvements 142,774 142,975 Land 118,694 118,658 Furniture and fixtures 52,154 49,765 Construction in progress 22,780 15,427 Artwork 2,066 2,050 1,002,972 1,006,367 Accumulated depreciation (429,800 ) (411,052 ) Total $ 573,172 $ 595,315 Depreciation expense was $ 53.6 million in 2015 , $ 55.0 million in 2014 and $ 49.6 million in 2013 and is classified in operating expense in the Consolidated Statements of Comprehensive Income. In 2014, we recognized accelerated depreciation expense of $2.4 million , primarily related to Calder's barns which are not expected to be utilized subsequent to December 31, 2014. On November 4, 2014, we ceased operations of Luckity and recorded an impairment charge of $3.2 million in our TwinSpires segment for property and equipment specifically associated with Luckity.

Calder Exit Costs

Calder Exit Costs	12 Months Ended
	Dec. 31, 2015
Restructuring and Related Activities [Abstract]
Calder Exit Costs	CALDER EXIT COSTS On July 1, 2014, we finalized an agreement with The Stronach Group ("TSG") that expires on December 31, 2020 under which we permit TSG to operate and manage Calder's racetrack and certain other racing and training facilities and to provide live horseracing under Calder’s racing permits. During the term of the agreement, TSG pays Calder a racing services fee and is responsible for the direct and indirect costs of maintaining the racing premises, including the training facilities and applicable barns, and TSG receives the associated revenue from the operation. During 2015, we continued our assessment of potential alternative uses of the Calder property that is not associated with the TSG lease agreement. Based on our analysis, we razed the barns that were not associated with the TSG agreement and commenced the demolition of the grandstand and certain ancillary facilities. In 2015, we recognized Calder exit costs of $13.9 million consisting of a non-cash impairment charge of $12.7 million to reduce the net book value of the grandstand assets to zero and $1.2 million for demolition costs related to the removal of the grandstand and the barns and to prepare the stable area for alternate future uses. We expect to obtain operational efficiencies as a result of the demolition including savings in property taxes, repair and maintenance, utilities, permitting and environmental maintenance expenditures. We reclassified $2.3 million of severance and other benefit costs which were previously reported in selling, general and administrative expense in 2014 into Calder exits costs in the Consolidated Statements of Comprehensive Income.

Investment In and Advances To U

Investment In and Advances To Unconsolidated Affiliates	12 Months Ended
	Dec. 31, 2015
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]
Investments In and Advances to Unconsolidated Affiliates	INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES Miami Valley Gaming Joint Venture During March 2012, we entered into a 50% joint venture with Delaware North Companies Gaming & Entertainment Inc. ("DNC") to develop a new harness racetrack and video lottery terminal ("VLT") gaming facility in Lebanon, Ohio. Through the joint venture agreement, we formed a new company with DNC, MVG, to manage both our and DNC’s interests in the development and operation of the racetrack and VLT gaming 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 gaming operations. 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 gaming 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 gaming facility with approximately 1,590 VLTs. Since both DNC and ourselves have participating rights over MVG, and both must consent to MVG's operating, investing and financing decisions, we account for MVG using the equity method. Summarized financial information for MVG is comprised of the following: December 31, (in thousands) 2015 2014 Assets Current assets $ 24,502 $ 24,096 Property and equipment, net 119,675 130,868 Other assets, net 106,660 105,906 Total assets $ 250,837 $ 260,870 Liabilities and Members' Equity Current liabilities $ 21,620 $ 16,783 Current portion of long-term debt 8,333 8,332 Long-term debt, excluding current portion 20,520 26,584 Other liabilities 75 75 Members' equity 200,289 209,096 Total liabilities and members' equity $ 250,837 $ 260,870 Years Ended December 31, (in thousands) 2015 2014 2013 Casino revenue $ 130,327 $ 126,374 $ 6,144 Non-casino revenue 6,568 6,257 5,479 Net revenue 136,895 132,631 11,623 Operating and SG&A expense 98,688 97,648 10,926 Depreciation & amortization expense 12,816 12,299 935 Pre-opening expense — 54 7,240 Operating income (loss) 25,391 22,630 (7,478 ) Interest and other expense, net (4,197 ) (4,829 ) (397 ) Net income (loss) $ 21,194 $ 17,801 $ (7,875 ) The joint venture's long-term debt consists of a $50 million secured note payable from MVG to the MVG Sellers payable quarterly over 6 years through August 2019 at a 5.0% interest rate for which it has funded $16.7 million in principal repayments. In 2015 , we received distributions from MVG totaling $15.0 million . Our 50% share of MVG's results has been included in the Consolidated Statements of Comprehensive Income: Years Ended December 31, (in thousands) 2015 2014 2013 Equity in income (losses) of unconsolidated investments $ 10,597 $ 8,900 $ (3,718 ) SHRI Equity Investment On October 2, 2015, we completed the acquisition of a 25% equity investment in SCH which owns Saratoga Casino and Raceway ("Saratoga") in Saratoga Springs, New York, for $24.5 million from SHRI. Saratoga has a casino facility with approximately 1,700 VLTs, a 1/2 -mile harness racetrack with a racing simulcast center, and three dining facilities. Saratoga has a 50% interest in a joint venture with DNC to manage the Gideon Putnam Hotel and Resort. We signed a five-year management agreement with SCH to manage Saratoga for which we receive management fee revenue. Saratoga expects to complete a $40.0 million expansion including a 117 -room hotel, expanding dining facilities and a 3,000 square-foot multi-functional event space in 2016. In addition, SHRI agreed to transfer its controlling interest in Saratoga Casino Black Hawk in Black Hawk, Colorado to SCH upon approval from the Colorado Division of Gaming. When the approval is received and the transfer is completed, we expect to pay the remainder of the purchase price of approximately $6.4 million to SHRI for our pro-rata ownership of the Colorado operations, and we expect to sign a five-year management agreement with SCH to manage Saratoga Casino Black Hawk for which we expect to receive management fee revenue. Our investment in SCH recorded under the equity method included our share of the basis difference between the fair value of property and equipment and definite-lived intangible assets of $3.7 million and $2.7 million , respectively. These basis differences will be charged to expense over the remaining estimated useful lives of the property and equipment and intangible assets and are recorded as a component of equity in income (loss) of unconsolidated investments. Basis differences related to non-depreciable assets, such as land and indefinite lived-intangible assets, are not being amortized. In 2015, we received distributions from SCH of $0.3 million .

Goodwill

Goodwill	12 Months Ended
	Dec. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	GOODWILL Goodwill is comprised of the following: (in thousands) Racing Casinos TwinSpires Big Fish Games Other Investments Total Balance as of December 31, 2013 $ 51,659 $ 117,659 $ 127,364 $ — $ 3,934 $ 300,616 Additions — — — 540,331 — 540,331 Balance as of December 31, 2014 51,659 117,659 127,364 540,331 3,934 840,947 Adjustments — — 802 (25 ) — 777 Balance as of December 31, 2015 $ 51,659 $ 117,659 $ 128,166 $ 540,306 $ 3,934 $ 841,724 We performed our annual goodwill impairment analysis for 2015 in accordance with ASU No. 2011-08, Intangibles-Goodwill and Other: Testing Goodwill for Impairment. This analysis included an assessment of quantitative factors to determine whether it is more likely than not that the fair values of the reporting units are less than the carrying amounts. We assessed our goodwill by performing step one fair value calculations on a quantitative basis for each of our reporting units. We concluded that the fair values of our reporting units exceeded the carrying values and therefore step two of the assessment was not required. We concluded that goodwill had not been impaired based on the annual goodwill impairment analysis for 2015 and 2014.

Other Intangible Assets

Other Intangible Assets	12 Months Ended
	Dec. 31, 2015
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Other Intangible Assets	OTHER INTANGIBLE ASSETS Other intangible assets are comprised of the following: December 31, 2015 December 31, 2014 (in thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Definite-lived intangible assets: Developed technology $ 87,000 $ (23,264 ) $ 63,736 $ 87,000 $ (931 ) $ 86,069 Customer relationships 75,133 (47,149 ) 27,984 89,203 (39,399 ) 49,804 Strategic development 30,500 (6,585 ) 23,915 30,500 (263 ) 30,237 In-process research & development 12,700 (2,622 ) 10,078 12,700 (105 ) 12,595 Favorable contracts 11,000 (5,554 ) 5,446 11,000 (4,907 ) 6,093 Other 3,699 (356 ) 3,343 3,719 (326 ) 3,393 Slots gaming license 2,250 (1,125 ) 1,125 2,250 (1,125 ) 1,125 Table games license 2,493 (310 ) 2,183 2,493 (180 ) 2,313 $ 224,775 $ (86,965 ) $ 137,810 $ 238,865 $ (47,236 ) $ 191,629 Indefinite-lived intangible assets: Trademarks 225,729 225,729 Slots gaming rights 128,890 128,890 Illinois Horseracing Equity Trust 3,307 3,307 Other 417 417 Total $ 496,153 $ 549,972 Amortization expense for definite-lived intangible assets was approximately $56.1 million in 2015, $13.3 million in 2014 and $12.2 million in 2013 and is classified in operating expense. We submitted payments of $2.3 million for 2015 and 2014 for annual license fees for Calder Casino. Payments are being amortized to expense over the annual license period. Indefinite-lived intangible assets consist primarily of state gaming licenses in Maine, Mississippi and Florida, rights to participate in the Horse Racing Equity Fund and trademarks. In 2015, we reduced our customer relationships intangible asset and accumulated amortization for TwinSpires by $14.0 million as this amount was fully amortized. In 2014, we established definite-lived intangible assets of $162.9 million and indefinite-lived intangible assets of $200.0 million related to the Big Fish Games acquisition. We performed our annual indefinite-lived intangible asset impairment analysis for 2015 in accordance with ASU No. 2012-02, Intangibles-Goodwill and Other: Testing Indefinite-Lived Intangible Assets for Impairment. This analysis included an assessment of quantitative factors to determine whether it is more likely than not that the fair values of the indefinite-lived intangible assets are less than the carrying amounts. We assessed our indefinite-lived intangible assets by performing fair value calculations for each of our indefinite-lived intangible assets. We concluded that the fair values of our indefinite-lived intangible assets exceeded the carrying values. Based on the annual indefinite-lived intangible asset impairment analysis for 2015 and 2014, we concluded that indefinite-lived intangible assets had not been impaired. Future estimated aggregate amortization expense on existing definite-lived intangible assets for each of the next five fiscal years is as follows (in thousands): Year Ended December 31, Estimated Amortization Expense 2016 $ 50,687 2017 $ 36,760 2018 $ 18,716 2019 $ 16,638 2020 $ 4,586 Future estimated amortization expense does not include additional payments of $2.3 million in 2016 and in each year thereafter for the ongoing amortization of future expected annual Florida slots gaming license fees not yet incurred or paid.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES Components of the provision for income taxes are as follows: Years Ended December 31, (in thousands) 2015 2014 2013 Current provision: Federal $ 46,138 $ 13,236 $ 22,727 State and local 3,822 2,008 2,462 Foreign 376 78 — 50,336 15,322 25,189 Deferred: Federal (1,797 ) 19,672 5,788 State and local 9 81 (504 ) Foreign (1,656 ) (4,914 ) — (3,444 ) 14,839 5,284 $ 46,892 $ 30,161 $ 30,473 Income from continuing operations before provision for income taxes were as follows: Years Ended December 31, (in thousands) 2015 2014 2013 Domestic $ 114,380 $ 76,023 $ 84,742 Foreign (2,291 ) 495 764 $ 112,089 $ 76,518 $ 85,506 Our income tax expense is different from the amount computed by applying the federal statutory income tax rate to income before taxes as follows: Years Ended December 31, (in thousands) 2015 2014 2013 Federal statutory tax on earnings before income taxes $ 39,231 $ 26,782 $ 29,928 State income taxes, net of federal income tax benefit 1,772 1,388 1,514 Non-deductible expense 2,629 999 723 Non-deductible acquisition-related charges 6,567 1,339 — Accruals and settlements related to tax audits 181 529 (395 ) Change in effective state tax rates 93 (401 ) (383 ) Manufacturing deduction (1,960 ) — — Tax credits and incentives (999 ) (1,209 ) (663 ) Other (622 ) 734 (251 ) $ 46,892 $ 30,161 $ 30,473 During 2003, we entered into a Tax Increment Financing ("TIF") Agreement with the Commonwealth of Kentucky. Pursuant to this agreement, we are entitled to receive reimbursement for 80% of the increase in Kentucky income and sales tax resulting from our 2005 renovation of the Churchill Downs facility. We recognized reductions in operating expense of $0.6 million in 2015, $0.6 million in 2014 and $0.8 million in 2013. We recognized reductions to our income tax expense, net of federal taxes, of $0.6 million in 2015, less than $0.1 million in 2014 and $0.3 million in 2013. As of December 31, 2015, we have received $6.4 million of combined benefits and established a sales tax receivable of $1.2 million and an income tax receivable of $0.7 million related to the reimbursement. Components of our deferred tax assets and liabilities are as follows: (in thousands) 2015 2014 Deferred tax assets: Deferred compensation plans $ 34,080 $ 31,520 Deferred income 14,336 752 Allowance for uncollectible receivables 1,251 1,323 Deferred liabilities 1,869 4,625 Net operating losses and credit carryforward 11,680 32,573 Deferred tax assets 63,216 70,793 Valuation allowance (1,052 ) (1,274 ) Net deferred tax asset 62,164 69,519 Deferred tax liabilities: Intangible assets in excess of tax basis 142,970 151,210 Property and equipment in excess of tax basis 31,216 37,827 Other 15,861 11,485 Deferred tax liabilities 190,047 200,522 Net deferred tax liability $ (127,883 ) $ (131,003 ) Income taxes are classified in the balance sheet as follows: Net current deferred tax asset $ — $ 18,519 Net non-current deferred tax liability (127,883 ) (149,522 ) $ (127,883 ) $ (131,003 ) On December 31, 2015, we adopted ASU 2015-17, Balance Sheet Classification of Deferred Taxes and all deferred taxes were prospectively recorded as non-current liabilities. As of December 31, 2015, we have federal net operating losses of $7.0 million which were acquired in conjunction with the acquisitions of Youbet.com. The utilization of these losses, which expire between 2019 and 2030, is limited on an annual basis pursuant to IRC § 382. We believe that we will be able to fully utilize all of these losses. In addition, we have $2.4 million of state net operating losses, $1.3 million of which was acquired in conjunction with the acquisitions of Youbet.com and Big Fish Games. These losses, which expire between 2016 and 2034, may be subject to annual limitations similar to IRC § 382. We have recorded a valuation allowance of $0.6 million against the state net operating losses due to the fact that it is unlikely that we will generate income in certain states which is necessary to utilize the assets. The changes in the valuation allowance for deferred tax assets are as follows: (in thousands) 2015 2014 Balance at beginning of the year $ 1,274 $ 1,213 Charged to costs and expense (313 ) 158 Charged to other accounts 91 (83 ) Deductions — (14 ) Balance at end of the year $ 1,052 $ 1,274 The IRS has audited us through 2012. Subsequent years are open to examination. Big Fish Games was recently notified of an IRS audit for the tax year ended December 16, 2014 which is the last tax year prior to our acquisition of Big Fish Games. As a result of the indemnity provided by the acquisition agreement, any cash liability arising from this audit will be the liability of the prior shareholders of Big Fish Games at the time of the acquisition. However, any audit adjustment impacting post-acquisition tax attributes, such as net operating losses or credits would be our liability. We do not expect this issue to have a material adverse impact on our business. State and local tax years open for examination vary by jurisdiction. As of December 31, 2015, we have approximately $2.5 million of total gross unrecognized tax benefits, excluding interest of less than $0.1 million . Of this amount, $0.9 million was related to tax positions acquired in the Big Fish Games acquisition. If the total gross unrecognized tax benefits were recognized, there would be a $1.9 million effect to the annual effective tax rate and an additional $0.2 million would be reimbursed by the pre-acquisition shareholders of Big Fish Games, in conjunction with a tax indemnity agreement. We anticipate a decrease in our unrecognized tax positions of approximately $0.2 million during the next twelve months primarily due to the expiration of statutes of limitation. During October 2012, we funded a $2.9 million income tax payment to the State of Illinois related to a dispute over state income tax apportionment methodology which was recorded in other assets as a receivable at December 31, 2014. We filed our state income tax returns related to the years 2002 through 2005 following the methodology prescribed by Illinois statute; however the State of Illinois has taken a contrary tax position. We filed a formal protest with the State of Illinois during the fourth quarter of 2012. We won our protest and the state has elected not to appeal the court decision. We received the $2.9 million refund during the third quarter of 2015. The refund did not have an impact on our tax rate. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: (in thousands) 2015 2014 2013 Balance as of January 1 $ 2,926 $ 582 $ 8,565 Additions for tax positions related to the current year 310 573 190 Additions for tax positions of prior years 302 2,097 207 Reductions for tax positions of prior years (1,018 ) (326 ) (8,380 ) Balance as of December 31 $ 2,520 $ 2,926 $ 582 The decrease in the uncertain tax position during 2015 resulted from the expiration of the statute of limitations on a position that was taken by Big Fish Games prior to our acquisition. The increase in the uncertain tax position during 2014 was primarily related to the acquisition of Big Fish Games. We recognize interest accrued related to unrecognized tax benefits in income tax expense and penalties in selling, general and administrative expense in the Consolidated Statements of Comprehensive Income.

Shareholders' Equity

Shareholders' Equity	12 Months Ended
	Dec. 31, 2015
Equity [Abstract]
Shareholders' Equity	SHAREHOLDERS’ EQUITY Stock Repurchase Program On April 23, 2013, our Board of Directors authorized the repurchase of up to $100 million of our stock in a stock repurchase program. In 2014, we repurchased 691,000 shares for $61.6 million in a privately negotiated transaction. The shares were retired, and the cost of the shares acquired was treated as a deduction from shareholders' equity. We funded this repurchase using available cash and borrowings under our Senior Secured Credit Facility. On October 28, 2015, our Board of Directors authorized the repurchase of up to $150.0 million of our stock in a stock repurchase program. This amount included and was not in addition to any unspent amounts remaining under the prior authorization which would have expired at the end of 2015. Repurchases may be made at management’s discretion from time to time on the open market (either with or without a 10b5-1 plan) or through privately negotiated transactions. The repurchase program has no time limit and may be suspended for periods or discontinued at any time. On November 19, 2015, we repurchased approximately 945,000 common shares for $138.1 million in a privately negotiated transaction with a related party, The Duchossois Group, our largest shareholder. The aggregate purchase price for the transaction was based on a share price of $146.13 which was the average of the twenty -day trailing closing price for our common stock through November 18, 2015. The shares were retired, and the cost of the shares acquired was treated as a deduction from shareholders' equity. We funded this repurchase using available cash and borrowings under our Senior Secured Credit Facility. On February 24, 2016, our Board of Directors authorized the repurchase of up to $150.0 million of our common stock in a stock repurchase program. The new program replaced the prior $150.0 million plan which was in effect at December 31, 2015 and had unused authorization of $11.9 million . Repurchases may be made at management’s discretion from time to time on the open market (either with or without a 10b5-1 plan) or through privately negotiated transactions. The repurchase program has no time limit and may be suspended for periods or discontinued at any time. Shareholder Rights Plan On March 13, 2008, our Board of Directors approved a shareholder rights plan which granted each shareholder the right, in certain circumstances, to purchase a fraction of a share of Series A Junior Participating Preferred Stock at the rate of one right for each share of our common stock. If a person or group, together with its affiliates and associates, become an acquiring person, defined as the beneficial owner of 15% or more of our common stock, each holder of a right (other than the person or group who has become an acquiring person) will have the right to receive, upon exercise, shares of our common stock having a value equal to two times the exercise price of the right. Certain persons and transactions are exempted from the definition of acquiring person. In the event that, at any time following the date such person or group becomes an acquiring person, (i) we engage in a merger or other business combination transaction in which we are not the surviving corporation (other than with an entity that acquired the shares pursuant to an offer for all outstanding shares of common stock that a majority of the independent directors determines to be fair and not inadequate and to otherwise be in the best interests of us and our shareholders, after receiving advice from one or more investment banking firms (a "Qualifying Offer") ), (ii) we engage in a merger or other business combination transaction (other than with an entity that acquired the shares pursuant to a Qualifying Offer) in which we are the surviving corporation and our common stock is changed or exchanged, or (iii) 50% or more of our assets, cash flow or earnings power is sold or transferred, each holder of a right (other than the person or group who has become an acquiring person) shall thereafter have the right to receive, upon exercise, common stock of the surviving entity having a value equal to two times the exercise price of the right. At any time after a person or group becomes an acquiring person, and prior to the acquisition by such person or group of fifty percent (50)% or more of the outstanding common stock, the Board of Directors may exchange the rights (other than rights owned by such acquiring person), in whole or in part, for common stock at an exchange ratio of one share of common stock, or one one-thousandth of a share of preferred stock (or of a share of a class or series of our preferred stock having equivalent rights, preferences and privileges), per right (subject to adjustment).

Director and Employee Benefit P

Director and Employee Benefit Plans	12 Months Ended
	Dec. 31, 2015
Compensation and Retirement Disclosure [Abstract]
Director and Employee Benefit Plans	DIRECTOR AND EMPLOYEE BENEFIT PLANS Directors and Officers Retirement Plan We provide eligible executives and directors an opportunity to defer to a future date the receipt of base and bonus compensation for services as well as director’s fees through the 2005 Deferred Compensation Plan (the "Deferred Plan"). Our matching contribution on base compensation deferral of executives equals the matching contribution of our profit-sharing plan with certain limits. Our directors may elect to invest the deferred director fee compensation into our common stock within the Deferred Plan. Investments in our common stock are credited as hypothetical shares of common stock based on the market price of the stock at the time the compensation was earned. Upon the end of the director's service, common stock shares are issued to the director. Historically, we recognized a liability for the deferred director fee compensation which was invested in hypothetical shares of common stock. In addition, we recognized income or expense within our Corporate operating expense for changes in the fair value of the common stock during each reporting period. During the fourth quarter of 2015, we determined that changes in the fair value of the hypothetical shares should not have been marked-to-market each reporting period, with a corresponding adjustment to operating expense. As such, we recognized a correcting benefit in operating expense of $2.8 million during the three months ended December 31, 2015, which represented the life-to-date appreciation of hypothetical shares from the inception of the Deferred Plan to September 30, 2015. Of that amount, $1.5 million was appreciation which had been previously recognized as expense during 2015. The remaining $1.3 million was previously recognized as an operating expense during the years from 2006 to 2014. We determined that the error was not material to any of our current or prior annual and/or interim period financial statements. Other Retirement Plans We have a profit-sharing plan that covers all employees, other than Big Fish Games employees and others not participating in an associated profit-sharing plan, with three months or more of service. We will match contributions made by employees up to 3% of the employee’s annual compensation and match at 50% contributions made by the employee up to an additional 2% of compensation with certain limits. We may also contribute a discretionary amount determined annually by the Board of Directors as well as a year-end discretionary match not to exceed 4% of compensation. Our cash contribution to the plan was approximately $3.4 million in 2015, $2.5 million in 2014 and $2.3 million in 2013. Big Fish Games has a defined contribution plan that covers all employees and matches employee contributions to the plan at 3% of the employee's annual compensation. We are a member of a noncontributory defined benefit multi-employer retirement plan for all members of the Pari-mutuel Clerk’s Union of Kentucky and several other collectively bargained retirement plans, which are administered by unions. Cash contributions are made in accordance with negotiated labor contracts. Retirement plan expense was $0.6 million in 2015, $0.7 million in 2014 and $0.6 million in 2013. Our policy is to fund this expense as accrued, and we currently estimate that future contributions to these plans will not increase significantly from prior years.

Total Debt

Total Debt	12 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
Total Debt	TOTAL DEBT The following table presents our total debt outstanding: December 31, 2015 Unamortized Premium, Debt Issuance Costs and Loan Origination Fees (in thousands) Outstanding Principal Premium Issuance Costs and Fees Long-Term Debt, Net Senior Secured Credit Facility: Senior Secured Credit Facility due 2018 $ — $ — $ — $ — Term Loan A due 2019 188,750 — 638 188,112 Swing line of credit — — — — Total Senior Secured Credit Facility 188,750 — 638 188,112 5.375% Senior Unsecured Notes due 2021 600,000 2,978 9,308 593,670 Total debt 788,750 2,978 9,946 781,782 Current maturities of long-term debt 16,250 — — 16,250 Total debt, net of current maturities $ 772,500 $ 2,978 $ 9,946 $ 765,532 December 31, 2014 Unamortized Premium, Debt Issuance Costs and Loan Origination Fees Outstanding Principal Premium Issuance Costs and Fees Long-Term Debt, Net Senior Secured Credit Facility: Senior Secured Credit Facility due 2018 $ 258,000 $ — $ — $ 258,000 Term Loan A due 2019 200,000 — 787 199,213 Swing line of credit 12,355 — — 12,355 Total Senior Secured Credit Facility 470,355 — 787 469,568 5.375% Senior Unsecured Notes due 2021 300,000 — 5,464 294,536 Total debt 770,355 — 6,251 764,104 Current maturities of long-term debt 11,250 — — 11,250 Total debt, net of current maturities $ 759,105 $ — $ 6,251 $ 752,854 Senior Secured Credit Facility On February 17, 2016, we entered into an amendment to our Fourth Amended and Restated Credit Agreement (the "New Agreement") which amends certain provisions of the credit agreement including extending the maturity of both the Senior Secured Credit Facility and the Term Loan (collectively the "Facilities") through February 2021, coterminous with one another. Refer to Note 23 Subsequent Event of the Notes to Consolidated Financial Statements for information regarding the execution of the New Agreement. On December 1, 2014, we executed the Fourth Amended and Restated Credit Agreement (the "Senior Secured Credit Facility") whereby we added a $200 million Term Loan Facility ("Term Loan") to the existing Senior Secured Credit Facility and amended certain definitions and provisions of the credit agreement including Consolidated Funded Indebtedness, EBITDA and calculation of the Total Leverage Ratio. We incurred loan origination fees of $0.9 million in connection with this amendment, which were incurred and are being amortized as interest expense over the remaining term of the Senior Secured Credit Facility. At December 31, 2015, the Senior Secured Credit Facility was set to mature on May 17, 2018. The Term Loan was set to mature on December 1, 2019; however, in the event the Senior Secured Credit Facility had not, prior to May 17, 2018, been extended to a maturity date of December 1, 2019, the Term Loan was set to mature on May 17, 2018. Following the execution of the New Agreement, the new maturity date for both Facilities is February 17, 2021. Regarding the Term Loan, we were required to make quarterly principal payments that commenced on March 31, 2015, per the amortization schedule laid out in the Fourth Amended and Restated Credit Agreement. Upon the execution of the New Agreement, the amortization schedule was modified based on $188.8 million outstanding Term Loan balance. Payments are set to occur on the last day of each quarter through the new maturity date with annual paydown requirements of 5% , 7.5% , 10% , 12.5% , 15% and a bullet payment due at maturity. The new amortization schedule calls for quarterly principal payments of $2.4 million to commence on March 31, 2016 and increase in increments of $1.2 million on March 31 of each year to reach final year quarterly payment amounts of $7.1 million . If no additional payments are made, the balance due at termination will be $94.4 million . Generally, borrowings made pursuant to the Senior Secured Credit Facility bear interest at a LIBOR -based rate per annum plus an applicable percentage ranging from 1.125% to 3.0% depending on our total leverage ratio. In addition, under the Senior Secured Credit Facility, we agreed to pay a commitment fee at rates that range from 0.175% to 0.45% of the available aggregate commitment, depending on our leverage ratio. The Term Loan is not subject to, nor included in the calculation of, the commitment fee. The weighted average interest rate on outstanding borrowings was 1.73% at December 31, 2015 and 2.19% at December 31, 2014. The Senior Secured Credit Facility contains customary affirmative and negative covenants for credit facilities of this type, including limitations on us and our subsidiaries with respect to indebtedness, restricted payments, liens, investments, mergers and acquisitions, disposition of assets, sale-leaseback transactions and transactions with affiliates. The covenants permit us to use proceeds of the credit extended under the agreement for general corporate purposes, restricted payments and acquisition needs. The Senior Secured Credit Facility also contains financial covenants that require us (i) to maintain an interest coverage ratio (i.e., consolidated adjusted EBITDA to consolidated interest expense) that is greater than 3.0 to 1.0; (ii) not to permit the total leverage ratio (i.e., total consolidated funded indebtedness to consolidated adjusted EBITDA) to be greater than 4.5 to 1.0, provided that if a certain minimum consolidated adjusted EBITDA is reached then the total leverage ratio will be increased to 5.0 to 1.0 for such periods that the minimum is maintained; and (iii) not to permit the senior secured leverage ratio (i.e. senior secured consolidated funded indebtedness to consolidated adjusted EBITDA) to be greater than 3.5 to 1.0. As of December 31, 2015, we were in compliance with all covenants under the Senior Secured Credit Facility, and substantially all of our assets continue to be pledged as collateral under the Senior Secured Credit Facility. On December 31, 2015, we had $492.1 million of borrowing capacity under the Senior Secured Credit Facility. 5.375% Senior Unsecured Notes On December 16, 2013, we completed an offering of $300 million in aggregate principal amount of 5.375% Senior Unsecured Notes that mature on December 15, 2021 (the "Initial Senior Unsecured Notes" or the "Existing Notes"). The Initial Senior Unsecured Notes were issued at par, with interest payable on June 15 th and December 15 th of each year. We received net proceeds of $295 million , after deducting underwriting fees, and used the net proceeds from the offering to repay a portion of our outstanding borrowings, and accrued and unpaid interest outstanding under our (then) Third Amended and Restated Credit Agreement ("Senior Secured Credit Facility"). In connection with the issuance, we capitalized $6.3 million of debt issuance costs which are being amortized as interest expense over the remaining term of the Initial Senior Unsecured Notes. On December 16, 2015, we completed an additional offering of $300 million in aggregate principal amount of 5.375% Senior Unsecured Notes that mature on December 15, 2021 (the "Tack-on Notes"). The Tack-on Notes were issued under the December 16, 2013 indenture governing the $300 million Existing Notes, and form a part of the same series as the Existing Notes for purposes of the indenture. The Tack-on Notes were issued at 101% with interest payable on June 15 th and December 15 th of each year. We received net proceeds of $299 million , after deducting underwriting fees, and used the net proceeds from the offering to repay its outstanding revolver borrowings along with accrued and unpaid interest outstanding under its Fourth Amended and Restated Credit Agreement ("Senior Secured Credit Facility). In connection with the issuance, we capitalized $4.7 million of debt issuance costs which are being amortized as interest expense over the remaining term of the Tack-on Notes. Upon completion of this Tack-on Notes offering, the aggregate principal amount of the outstanding notes under this series is $600 million (collectively the "Senior Unsecured Notes.") The Tack-on Notes were offered with different CUSIP and ISIN numbers from the Existing Notes and as a result thereof, will not trade fungibly until they have been assigned the same CUSIP and ISIN numbers. It is expected that the Tack-on Notes will be exchanged into the unrestricted CUSIP and ISIN numbers currently assigned to the Existing Notes one year from the date of issuance. Both series of the Senior Unsecured Notes were issued in private offerings that were exempt from registration under the Securities Act of 1933, as amended, and are senior unsecured obligations. The total Senior Unsecured Notes are guaranteed by each of our domestic subsidiaries that guarantee our Senior Secured Credit Facility and will rank equally with our existing and future senior obligations. At any time prior to December 15, 2016, we may redeem all or part of the total Senior Unsecured Notes at a price equal to 100% of the principal amount of the notes redeemed plus a "make-whole" premium, together with accrued and unpaid interest and additional interest, if any, to the redemption date. On or after December 15, 2016, we may redeem all or part of the Senior Unsecured Notes at a redemption price of 104.0% which gradually reduces to par by 2019. In accordance with ASU 2015-03, Imputation of Interest - Simplifying the Presentation of Debt Issuance Costs, as of December 31, 2015 and 2014, we presented the debt issuance costs and loan origination costs on the balance sheet as a direct deduction from the carrying value of the debt liability. Future aggregate maturities of total debt are as follows (in thousands): Year Ended December 31, 2016 $ 9,437 2017 14,156 2018 18,876 2019 23,594 2020 28,312 Thereafter 694,375 Total $ 788,750

Operating Leases

Operating Leases	12 Months Ended
	Dec. 31, 2015
Leases [Abstract]
Operating Leases	OPERATING LEASES Future minimum operating lease payments, in non-cancelable leases, are as follows, not including the variable portion of contingent leases: Year Ended December 31, (in thousands) 2016 $ 13,534 2017 11,005 2018 5,412 2019 2,758 2020 1,975 Thereafter 2,485 Total $ 37,169 We also lease totalisator equipment, audio/visual equipment and operate certain facilities that are partially contingent on handle revenue, bandwidth usage or race days. Total annual rent expense for contingent lease payments, including totalisator equipment, audio/visual equipment, land and facilities, was approximately $3.5 million in 2015, $3.6 million in 2014 and $3.7 million in 2013 . Our total rent expense for all operating leases, including the contingent lease payments, was $25.4 million in 2015, $20.2 million in 2014 and $20.2 million in 2013 . During 2015, the increase in total rent expense primarily reflects a full year of Big Fish Games lease expense. In 2002, as part of financing improvements to the Churchill Downs facility, we transferred title of the Churchill Downs facility to the City of Louisville, Kentucky and leased back the facility. Subject to the terms of the lease, we can re-acquire the facility at any time for $1.00 .

Stock-Based Compensation Plans

Stock-Based Compensation Plans	12 Months Ended
	Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation Plans	STOCK-BASED COMPENSATION PLANS On December 31, 2015, we have stock-based employee compensation plans as described below. Our total compensation expense, which includes expense related to restricted stock awards, restricted stock unit awards, restricted performance units awards, stock option awards, and stock options associated with our employee stock purchase plan was $13.8 million in 2015, $11.9 million in 2014 and $21.5 million in 2013. Retirement of Executive Chairman of the Board of Directors Our former Executive Chairman of the Board of Directors and Chief Executive Officer, Robert L. Evans, retired effective September 30, 2015. Mr. Evans continues as our non-executive Chairman of the Board. In conjunction with Mr. Evans' retirement, we amended his previous Change in Control, Severance, and Indemnity Agreement and upon his retirement, we accelerated vesting on 29,218 shares of restricted stock which were previously awarded and recognized compensation expense of $1.3 million in 2015 for the acceleration of the restricted stock awards. Employee Stock Options We award stock compensation under the Churchill Downs Incorporated 2007 Omnibus Stock Incentive Plan (the "2007 Incentive Plan"). The 2007 Incentive Plan provides that the exercise price of any incentive stock option may not be less than the fair market value of the common stock on the date of grant. Outstanding stock options under the 2007 Incentive Plan have contractual terms of ten years and generally vest ratably on each anniversary of the grant date over a three year period. Activity for our stock options outstanding is presented below: (in thousands, except per average exercise price) Number of Shares Under Option Weighted Average Exercise Price Balance as of December 31, 2012 201 $ 36.30 Granted — $ — Exercises (7 ) $ 42.94 Canceled/forfeited (1 ) $ 36.12 Balance as of December 31, 2013 193 $ 36.04 Granted — $ — Exercises (182 ) $ 35.26 Canceled/forfeited (1 ) $ 49.95 Balance as of December 31, 2014 10 $ 48.63 Granted — $ — Exercises (1 ) $ 49.95 Canceled/forfeited — $ — Balance as of December 31, 2015 9 $ 48.37 During 2014, Mr. Evans, our non-executive Chairman of the Board of Directors, exercised options for 180,000 shares of our common stock which were granted at $35.19 per share, for common stock prices ranging from $85.00 to $91.33 per share. On December 31, 2015, all outstanding options were vested and exercisable. The following table summarizes information about stock options outstanding on December 31, 2015: (in thousands, except contractual life and per share data) Shares Under Option Remaining Contractual Life Average Exercise Price Per Share Intrinsic Value per Share (1) Aggregate Intrinsic Value Options exercisable and vested at December 31, 2015 9 2.3 $ 48.37 $ 93.12 $ 800 (1) Computed based upon the amount by which the fair market value of our common stock on December 31, 2015 of $141.49 per share exceeded the weighted average exercise price. The total intrinsic value of stock options exercised was $0.1 million in 2015, $9.6 million in 2014 and $0.3 million in 2013. Cash received from stock option exercises totaled $0.1 million in 2015, $6.4 million in 2014 and $0.3 million in 2013. On December 31, 2014, there were 10 thousand options exercisable with a weighted average exercise price of $48.63 . Restricted Shares and Restricted Stock Units The 2007 Incentive Plan permits the award of restricted shares or restricted stock units to directors and key employees, including our officers who are from time to time responsible for the management, growth and protection of our business. Restricted shares granted under the 2007 Incentive Plan generally vest in full three years from the date of grant or upon retirement at or after age 60. The fair value of restricted shares under 2007 Incentive Plan is determined by the product of the number of shares granted and the grant date market price of our common stock, discounted to consider the fact that dividends are not paid on these shares. 2015 Awards On September 22, 2015, the Board of Directors approved the adoption of the Executive Long-Term Incentive Compensation Plan (the "ELTI Plan"), pursuant to which certain named executive officers ("NEOs") and other key executives ("Grantees") may earn variable equity payouts based upon us achieving certain key performance metrics over a 30 -month period ending December 31, 2017, and fixed equity payouts over service periods ending December 31, 2016 and December 31, 2017. The ELTI Plan was adopted pursuant to the Churchill Downs Incorporated 2007 Omnibus Stock Incentive Plan (the "New Company LTIP"), which was previously approved by our shareholders. As a way to continue to encourage innovation, an entrepreneurial approach, and careful risk assessment, and in order to retain key executives, the ELTI Plan and New Company LTIP offer long-term incentive compensation to our NEOs and Grantees as further described in our Schedule14A Proxy Statement filed on March 23, 2015. During 2015, NEOs and Grantees received 22,142 restricted stock units ("RSU") vesting equally over two service periods ending December 31, 2016 and December 31, 2017, and 27,282 performance share units ("PSU") with vesting contingent on financial performance measures at the end of a 30 -month performance period ending December 31, 2017. The performance criteria for the PSUs consists of the following financial measures during the performance period: (i) cumulative Adjusted EBITDA; (ii) cumulative free cash flow; and (iii) our relative total shareholder return ("TSR"). Our TSR will be ranked versus the companies in the Russell 2000 index and will be calculated based on our relative placement against the Russell 2000 index. Measurement against these criteria will be determined against a payout curve which provides a maximum number of performance share units of 250% of the original award. The total compensation cost we will recognize under the PSUs will be based upon the results of the two financial measures. In 2015, we recognized compensation expense of $0.9 million related to the RSU and PSU awards. On December 31, 2015, unrecognized compensation expense attributable to unvested RSU and PSU awards was $2.5 million and $3.8 million , respectively, and the weighted average period over which we expect to recognize the compensation expense approximates 18 months and 24 months, respectively. Other Awards In 2015, NEOs, Grantees and certain other employees received approximately 167,800 restricted shares of our common stock vesting over service periods ranging from seven months to three years. In 2015, we recognized $6.2 million of compensation expense related to these awards. On December 31, 2015, unrecognized compensation expense attributable to unvested service period awards was $9.7 million . The weighted average period over which we expect to recognize the remaining compensation expense under the service period awards approximates 23 months. In 2013, NEOs and the Grantees received 92,000 restricted shares of our common stock vesting over approximately four years and 324,000 restricted shares of common stock with vesting contingent upon the common stock reaching certain closing prices on NASDAQ for twenty consecutive trading days. In 2013, 2014 and 2015, we achieved the twenty consecutive trading days closing price stock requirement for the entire 324,000 contingently vesting restricted shares. In 2015, we recognized compensation expense of $1.9 million related to the 2013 New Company LTIP, $1.3 million for the accelerated vesting of restricted stock upon the retirement of our prior chief executive officer and $2.9 million for all other stock-based compensation. There is $0.8 million of unrecognized expense under the service period vesting awards and no remaining unrecognized expense under the market condition awards. Activity for the ELTI Plan, the 2013 New Company LTIP, the 2007 Incentive Plan and awards made outside of stock-based compensation plans is presented below: Market Condition & Performance-Based Awards Service Period Awards Total (in thousands, except grant date values) Number of Shares Weighted Average Grant Date Fair Value Number of Shares Weighted Average Grant Date Fair Value Number of Shares Weighted Average Grant Date Fair Value Balance as of December 31, 2012 60 $ 45.90 319 $ 42.42 379 $ 42.97 Granted 324 $ 53.71 287 $ 67.55 611 $ 60.21 Vested (60 ) $ 45.90 (256 ) $ 59.54 (316 ) $ 53.90 Canceled/forfeited — $ — (1 ) $ 38.75 (1 ) $ 38.75 Balance as of December 31, 2013 324 $ 53.71 349 $ 53.58 673 $ 53.64 Granted — $ — 26 $ 88.58 26 $ 88.58 Vested (239 ) $ 53.49 (107 ) $ 54.15 (346 ) $ 53.70 Canceled/forfeited — $ — (12 ) $ 60.41 (12 ) $ 60.41 Balance as of December 31, 2014 85 $ 54.32 256 $ 56.24 341 $ 55.77 Granted 27 $ 154.90 190 $ 102.09 217 $ 108.73 Vested (85 ) $ 48.31 (150 ) $ 64.87 (235 ) $ 58.91 Canceled/forfeited — $ — (9 ) $ 93.04 (9 ) $ 93.04 Balance as of December 31, 2015 27 $ 154.90 287 $ 80.90 314 $ 87.31 On December 31, 2015, there was $16.0 million of unrecognized stock-based compensation expense related to nonvested restricted share, RSU and PSU awards that we expect to recognize over a weighted average period of 1.9 years. On December 31, 2015, NEOs and Grantees held 27,282 restricted shares subject to performance-based vesting criteria (all of which are considered performance based restricted shares), which were issued during the year ended December 31, 2015. The number of these shares that vest is based upon established performance-based performance targets that will be assessed on an ongoing basis. Employee Stock Purchase Plan Under the Employee Stock Purchase Plan (the "ESP Plan"), we are authorized to sell, pursuant to short-term stock options, shares of our common stock to our full-time and qualifying part-time employees at a discount from our common stock’s fair market value. The ESP Plan operates on the basis of recurring, consecutive one-year periods. Each period commences on August 1 and ends on the following July 31. Each August 1, we offer eligible employees the opportunity to purchase common stock. Employees who elect to participate for each period have a designated percentage of their after-tax compensation withheld and applied to the purchase of shares of common stock on the last day of the period, July 31. The ESP Plan allows withdrawals, terminations and reductions on the amounts being deducted. The purchase price for the common stock is 85% of the lesser of the fair market value of the common stock on (i) the first day of the period, or (ii) the last day of the period. No employee may purchase common stock under the ESP Plan valued at more than $25 thousand for each calendar year. In 2015, employees purchased approximately fifteen thousand shares of common stock pursuant to options granted on August 1, 2014, and exercised on July 31, 2015. Because the plan year overlaps our fiscal year, the number of shares to be sold pursuant to options granted on August 1, 2015, can only be estimated because the 2015 plan year is not yet complete. Our estimate of options granted in 2015 under the ESP Plan is based on the number of shares sold to employees under the ESP Plan for the 2014 plan year, adjusted to reflect the change in the number of employees participating in the ESP Plan in 2015. We recognized compensation expense related to the ESP Plan of $0.6 million 2015 and $0.4 million in each of 2014 and 2013.

Fair Value Of Assets And Liabil

Fair Value Of Assets And Liabilities	12 Months Ended
	Dec. 31, 2015
Fair Value Disclosures [Abstract]
Fair Value Of Assets And Liabilities	FAIR VALUE OF ASSETS AND LIABILITIES We endeavor 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 our assets and liabilities measured at fair value on a recurring basis: (in thousands) December 31, 2015 Level 1 Level 3 Cash equivalents and restricted cash $ 30,072 $ — Big Fish Games deferred payments — 54,720 Big Fish Games earnout liability — 345,200 Bluff contingent consideration liability — 2,331 Total $ 30,072 $ 402,251 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 our Level 3: (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 Payments (28,428 ) — — (28,428 ) Change in fair value 4,348 17,400 — 21,748 Balance as of December 31, 2015 $ 54,720 $ 345,200 $ 2,331 $ 402,251 Our 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. We estimated the fair value of the Big Fish Games deferred payment and earnout liability as of December 31, 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 our cost of debt. The cost of debt was based on the observed market yields of our Senior Unsecured Notes, a Level 3 fair value measurement, and was adjusted for the difference in seniority and term of the deferred payments and earnout liability. The increase in fair values of the Big Fish Games deferred payment and earnout liability of $21.7 million in 2015 was recorded as acquisition-related charges in the Consolidated Statements of Comprehensive Income. In December 2015, we made our first deferred founder’s payment totaling $28.4 million . Changes to our cost of debt could lead to a different fair value estimate for the deferred payments 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 $2.5 million . Our accrued liability for a contingent consideration recorded in conjunction with the Bluff acquisition was based on significant inputs not observed in the market and represent 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 our Consolidated Statements of Comprehensive Income. We currently have no other assets or liabilities subject to fair value measurement on a recurring basis. Our $600 million par value Senior Unsecured Notes are disclosed at 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 $604.1 million at December 31, 2015 and $299.3 million at December 31, 2014. The following methods and assumptions were used in estimating our fair value disclosures for financial instruments: Cash Equivalents—The carrying amount reported in the balance sheet for cash equivalents approximates our fair value due to the short-term maturity of these instruments. Long-Term Debt: Senior Secured Credit Facility—The carrying amounts of the borrowings under the Senior Secured Credit Facility approximate fair value, based upon current interest rates and represent a Level 2 fair value measurement. We did not measure any assets at fair value on a non-recurring basis for 2014 and 2015.

Contingencies

Contingencies	12 Months Ended
	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Contingencies	CONTINGENCIES We are involved in litigation arising in the ordinary course of conducting business. We carry insurance for general liability and workers' compensation claims from our employees, independent contractors, customers and guests. We are self-insured up to an aggregate stop loss for our general liability and workers' compensation coverages. We review all litigation on an ongoing basis when making accrual and disclosure decisions. For certain legal proceedings, we cannot reasonably estimate losses or a range of loss, if any, particularly for proceedings that are in the early stages of development or where the plaintiffs seek indeterminate damages. Various factors, including, but not limited to, the outcome of potentially lengthy discovery and the resolution of important factual questions, may need to be determined before probability can be established or before a loss or range of loss can be reasonably estimated. In accordance with current accounting standards for loss contingencies and based upon information currently known to us, we establish reserves for litigation when it is probable that a loss associated with a claim or proceeding has been incurred and the amount of the loss or range of loss can be reasonably estimated. When no amount within the range of loss is a better estimate than any other amount, we accrue the minimum amount of the estimable loss. To the extent that such litigation against us may have an exposure to a loss in excess of the amount we have accrued, we believe that such excess would not be material to our consolidated financial condition, results of operations, or cash flows. Legal fees are expensed as incurred. If the loss contingency in question is not both probable and reasonably estimable, we do not establish an accrual and the matter will continue to be monitored for any developments that would make the loss contingency both probable and reasonably estimable. In the event that a legal proceeding results in a substantial judgment against, or settlement by us, there can be no assurance that any resulting liability or financial commitment would not have a material adverse impact on our business.

Net Income Per Common Share Com

Net Income Per Common Share Computations	12 Months Ended
	Dec. 31, 2015
Earnings Per Share [Abstract]
Net Income Per Common Share Computations	NET INCOME PER COMMON SHARE COMPUTATIONS The following is a reconciliation of the numerator and denominator of the net income per common share computations: (in thousands, except per share data) Year Ended December 31, 2015 2014 2013 Numerator for basic income from continuing operations per common share: Income from continuing operations $ 65,197 $ 46,357 $ 55,033 Income from continuing operations allocated to participating securities (595 ) (267 ) (873 ) Numerator for basic income from continuing operations per common share $ 64,602 $ 46,090 $ 54,160 Numerator for basic income per common share: Net income $ 65,197 $ 46,357 $ 54,900 Net income allocated to participating securities (595 ) (267 ) (870 ) Numerator for basic net income per common share $ 64,602 $ 46,090 $ 54,030 Numerator for diluted income from continuing operations per common share: $ 65,197 $ 46,357 $ 55,033 Numerator for diluted income per common share $ 65,197 $ 46,357 $ 54,900 Denominator for net income per common share: Basic 17,225 17,271 17,294 Plus dilutive effect of stock options and restricted stock 121 153 248 Plus dilutive effect of participating securities 230 165 396 Diluted 17,576 17,589 17,938 Income (loss) per common share: Basic Income from continuing operations $ 3.75 $ 2.67 $ 3.13 Discontinued operations — — (0.01 ) Net income $ 3.75 $ 2.67 $ 3.12 Diluted Income from continuing operations $ 3.71 $ 2.64 $ 3.07 Discontinued operations — — (0.01 ) Net income $ 3.71 $ 2.64 $ 3.06

Segment Information

Segment Information	12 Months Ended
	Dec. 31, 2015
Segment Reporting [Abstract]
Segment Information	SEGMENT INFORMATION We manage our operations through six operating segments: Racing, Casinos, TwinSpires, Big Fish Games, Other Investments and Corporate. Eliminations include the elimination of intersegment transactions. Our chief operating decision maker utilizes Adjusted EBITDA to evaluate segment performance, develop strategy and allocate resources. Adjusted EBITDA is defined as earnings before interest, taxes, depreciation and amortization, adjusted for the following: Adjusted EBITDA includes: • Changes in Big Fish Games deferred revenue; • 50% of the operating income or loss of our joint venture, MVG; • 25% of the operating income from our Saratoga Casino Holdings LLC ("SCH") equity investment; and • Intercompany revenue and expense totals that are eliminated in the Consolidated Statements of Comprehensive Income Adjusted EBITDA excludes: • Big Fish Games adjustments which include: ◦ Acquisition-related charges, including the change in fair value of the Big Fish Games earnout and deferred consideration liability recorded each reporting period; and ◦ Transaction expense, including legal, accounting, and other deal-related expense • Stock-based compensation expense; • Miami Valley Gaming, LLC ("MVG") interest expense, net; • Calder exit costs; and • Other charges and recoveries. On January 1, 2014, we reclassified our equity investment in MVG from Other Investments to Casinos, to coincide with the first full period of operations for the venture. MVG's results of operations for the year ended December 31, 2013 have been reclassified to the Casinos segment. As of December 31, 2015, we have identified Corporate as its own operating segment and have retrospectively adjusted segment disclosures for prior periods to reflect this reclassification. We utilize the Adjusted EBITDA metric because we believe the inclusion or exclusion of certain recurring items is necessary to provide a more accurate measure of our 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 U.S. GAAP. Our calculation of Adjusted EBITDA may be different from the calculation used by other companies and, therefore, comparability may be limited. The table below presents net revenue from external customers and intercompany revenue from each of our operating segments: Year Ended December 31, (in thousands) 2015 2014 2013 Net revenue from external customers: Racing: Churchill Downs $ 151,125 $ 143,191 $ 132,845 Arlington 54,405 60,312 64,483 Fair Grounds 40,343 38,625 40,677 Calder 2,730 19,325 36,264 Total Racing 248,603 261,453 274,269 Casinos: Oxford Casino 80,405 76,526 34,350 Riverwalk Casino 49,758 50,139 53,645 Harlow’s Casino 48,978 50,199 52,440 Calder Casino 77,421 77,003 78,951 Fair Grounds Slots 38,408 40,774 42,156 VSI 36,913 33,653 35,634 Saratoga 416 — — Total Casinos 332,299 328,294 297,176 TwinSpires 200,168 190,333 184,541 Big Fish Games: Casino 193,428 7,627 — Casual free-to-play 125,321 2,098 — Premium 94,936 4,130 — Total Big Fish Games 413,685 13,855 — Other Investments 16,636 17,125 21,899 Corporate 910 1,158 1,143 Net revenue from external customers $ 1,212,301 $ 812,218 $ 779,028 Intercompany net revenue: Racing: Churchill Downs $ 7,832 $ 7,038 $ 6,686 Arlington 5,063 5,767 3,395 Fair Grounds 1,306 1,089 1,151 Calder — 707 1,263 Total Racing 14,201 14,601 12,495 TwinSpires 1,032 958 853 Other Investments 3,532 4,130 4,409 Eliminations (18,765 ) (19,689 ) (17,757 ) Net revenue $ — $ — $ — Year Ended December 31, (in thousands) 2015 2014 2013 Reconciliation of segment Adjusted EBITDA to comprehensive income: Racing $ 71,841 $ 61,160 $ 50,275 Casinos 108,516 101,106 80,631 TwinSpires 51,533 45,282 49,122 Big Fish Games 108,018 3,837 — Other Investments (37 ) (3,857 ) 809 Corporate (4,253 ) (5,037 ) (4,606 ) Total segment Adjusted EBITDA 335,618 202,491 176,231 Change in Big Fish Games deferred revenue (39,554 ) (4,497 ) — Big Fish Games adjustments (21,748 ) (10,193 ) — Stock-based compensation expense (13,849 ) (11,931 ) (21,482 ) MVG interest expense, net (2,098 ) (2,546 ) (170 ) Calder exit costs (13,854 ) (2,298 ) — Other charges and recoveries, net 5,833 (5,429 ) (1,204 ) Depreciation and amortization (109,706 ) (68,257 ) (61,750 ) Interest income (expense), net (28,553 ) (20,822 ) (6,119 ) Income tax provision (46,892 ) (30,161 ) (30,473 ) Net income from continuing operations 65,197 46,357 55,033 Discontinued operations, net of income taxes — — (133 ) Net income 65,197 46,357 54,900 Foreign currency translation, net of tax (463 ) (125 ) — Comprehensive income $ 64,734 $ 46,232 $ 54,900 The table below presents information about equity in income (losses) of unconsolidated investments included in our reported segments: Year Ended December 31, (in thousands) 2015 2014 2013 Casinos $ 10,929 $ 8,900 $ (3,718 ) TwinSpires — (68 ) (848 ) Other Investments 251 (2,504 ) 424 $ 11,180 $ 6,328 $ (4,142 ) The table below presents total asset information for each of our operating segments: As of December 31, (in thousands) 2015 2014 Total assets: Racing $ 437,070 $ 456,034 Casinos 631,280 621,489 TwinSpires 177,624 178,694 Big Fish Games 947,112 996,918 Other Investments 37,033 34,083 Corporate 47,325 69,035 $ 2,277,444 $ 2,356,253 The table below presents capital expenditures for each of our operating segments: Year Ended December 31, (in thousands) 2015 2014 2013 Capital expenditures, net: Racing $ 12,280 $ 33,919 $ 20,184 Casinos 18,784 7,715 13,643 TwinSpires 4,306 5,778 5,908 Big Fish Games 6,431 116 — Other Investments 809 5,240 8,375 Corporate 900 1,718 661 $ 43,510 $ 54,486 $ 48,771

HRTV Equity Investment Divestit

HRTV Equity Investment Divestiture	12 Months Ended
	Dec. 31, 2015
Equity Method Investments and Joint Ventures [Abstract]
HRTV Equity Investment Divestiture	HRTV EQUITY INVESTMENT DIVESTITURE As part of the TSG agreement related to the cessation of Calder pari-mutuel operations in 2014, we modified our HRTV, LLC ("HRTV") operating and ownership agreement with TSG resulting in the divestiture of our interest in HRTV effective January 2, 2015. In January 2015, we received $6.0 million in proceeds from the sale of the ownership interest and we recorded a gain of $5.8 million in our 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 income.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2015
Related Party Transactions [Abstract]
Related Party Transactions	RELATED PARTY TRANSACTIONS Directors and employees may from time to time own or have interests in horses racing at our racetracks. All such races are conducted, as applicable, under the regulations of each state’s respective regulatory agency, and no director receives any extra or special benefit with regard to having his or her horses selected to run in races or in connection with the actual running of races. There is no material financial statement impact attributable to directors who may have interests in horses racing at our racetracks. In the ordinary course of business, we may enter into transactions with certain of our officers and directors for the sale of personal seat licenses and suite accommodations at its racetracks, and tickets for its live racing events. We believe that each such transaction has been on terms no less favorable for us than could have been obtained in a transaction with a third party, and no such person received any extra or special benefit in connection with such transactions. On November 19, 2015, we repurchased approximately 945,000 common shares for $138.1 million in a privately negotiated transaction with a related party, The Duchossois Group, our largest shareholder. The aggregate purchase price for the transaction was based on a share price of $146.13 , which was the average of the twenty -day trailing closing price for our common stock through November 18, 2015. The shares were retired, and the cost of the shares acquired was treated as a deduction from shareholders' equity. We funded this repurchase using available cash and borrowings under our Senior Secured Credit Facility.

HRE Trust Fund Proceeds

HRE Trust Fund Proceeds	12 Months Ended
	Dec. 31, 2015
HRE Trust Fund Proceeds [Abstract]
HRE Trust Fund Proceeds	HRE TRUST FUND PROCEEDS Under legislation enacted in 1999, the HRE Trust Fund was scheduled to receive amounts equal to 15% of the adjusted gross receipts generated by a tenth riverboat casino license to be granted in Illinois. The funds were to be distributed to racetracks in Illinois for purses as well as racetrack discretionary spending. During December 2008, the Illinois Gaming Board awarded the tenth riverboat license to a casino in Des Plaines, Illinois. This casino opened during July 2011, entitling the Illinois racing industry to receive an amount equal to 15% of the adjusted gross receipts of this casino from the gaming taxes generated by that casino, once the accumulated funds were appropriated by the state. On July 10, 2013, the Governor of Illinois signed Illinois House Bill 214 into law, providing for the release of $23.0 million of funds collected from the tenth riverboat licensee since its opening during 2011. In 2013, Arlington received $7.9 million as its share of the proceeds, of which $3.6 million was designated for Arlington purses. The remaining $4.2 million was recognized as miscellaneous other income in our Consolidated Statements of Comprehensive Income in 2013. No additional proceeds related to future funds of the tenth riverboat are expected to be distributed to Illinois racetracks under the provisions of House Bill 214.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2015
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTS On February 17, 2016, we entered into an amendment to the Fourth Amended and Restated Credit Agreement which amends certain provisions of the credit agreement including extending the maturity of both the Senior Secured Credit Facility and the Term Loan (collectively the "Facilities") through February 2021, coterminous with one another. The maximum aggregate commitment for the Senior Secured Credit Facility remains at $500 million and the unamortized Term Loan of $188.75 million was refinanced as part of this amendment and restatement. On February 24, 2016, our Board of Directors authorized the repurchase of up to $150.0 million of our common stock in a stock repurchase program. The new program replaced the prior $150.0 million plan which was in effect at December 31, 2015 and which had unused authorization of $11.9 million . Repurchases may be made at management’s discretion from time to time on the open market (either with or without a 10b5-1 plan) or through privately negotiated transactions. The repurchase program has no time limit and may be suspended for periods or discontinued at any time.

Quarterly Results of Operations

Quarterly Results of Operations (Unaudited)	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Quarterly Results of Operations (Unaudited)	QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) (in thousands, except per common share data) For the Year Ended December 31, 2015 First Quarter Second Quarter Third Quarter Fourth Quarter (1) Net revenue $ 250,910 $ 409,239 $ 279,765 $ 272,387 (Loss) income from operations (1,558 ) 55,044 4,203 7,508 Basic net (loss) income per common share $ (0.09 ) $ 3.12 $ 0.24 $ 0.44 Diluted net (loss) income per common share $ (0.09 ) $ 3.10 $ 0.24 $ 0.43 (in thousands, except per common share data) For the Year Ended December 31, 2014 First Quarter Second Quarter Third Quarter Fourth Quarter Net revenue $ 167,141 $ 303,472 $ 173,483 $ 168,122 (Loss) income from operations (700 ) 57,333 3,531 (13,807 ) Basic net (loss) income per common share $ (0.04 ) $ 3.23 $ 0.21 $ (0.81 ) Diluted net (loss) income per common share $ (0.04 ) $ 3.21 $ 0.20 $ (0.81 ) (1) Refer to Note 12—Director and Employee Benefit Plans for discussion of an out of period adjustment during the fourth quarter of 2015.

Schedule II - Valuation and Qua

Schedule II - Valuation and Qualifying Accounts	12 Months Ended
	Dec. 31, 2015
Valuation and Qualifying Accounts [Abstract]
Schedule II - Valuation and Qualifying Accounts	CHURCHILL DOWNS INCORPORATED SCHEDULE II—VALUATION AND QUALIFYING ACCOUNTS Balance Beginning of Year Acquired Balances Charged to Expense Deductions Balance End of Year Allowance for doubtful accounts: 2015 $ 4,246 $ — $ 1,265 $ (1,750 ) $ 3,761 2014 $ 4,338 $ — $ 1,710 $ (1,802 ) $ 4,246 2013 $ 1,885 $ — $ 3,785 $ (1,332 ) $ 4,338 Balance Beginning of Year Additions Deductions Balance End of Year Deferred income tax asset valuation allowance: 2015 $ 1,274 $ (222 ) $ — $ 1,052 2014 $ 1,213 $ 75 $ (14 ) $ 1,274 2013 $ 1,334 $ 168 $ (289 ) $ 1,213

Basis Of Presentation and Sum33

Basis Of Presentation and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations and Basis of presentation	Our financial statements have been prepared in conformity with U.S. generally accepted accounting principles ("U.S. GAAP") and are based upon certain critical accounting policies. Nature of Operations Churchill Downs Incorporated (the "Company", "we", "us", "our") is one of the world's largest producers and distributors of online and mobile casual games. We are also a diversified provider of casino gaming, online account wagering on horse racing, and pari-mutuel horse racing. The accompanying consolidated financial statements include the accounts of our wholly-owned subsidiaries consisting of Churchill Downs Racetrack, LLC ("Churchill Downs"); Arlington International Race Course, LLC ("Arlington"); Churchill Downs Louisiana Horseracing Company, LLC ("Fair Grounds Slots" and "Fair Grounds"); Calder Race Course, Inc. and Tropical Park, Inc. ("Calder"); BB Development, LLC ("Oxford"); Magnolia Hill, LLC ("Riverwalk"); SW Gaming, LLC ("Harlow’s"); Video Services, LLC ("VSI"); Churchill Downs Technology Initiatives Company ("CDTIC"), the owner and operator of TwinSpires; Velocity Wagering Limited ("Velocity"); Big Fish Games, Inc. ("Big Fish Games"); Churchill Downs Interactive Gaming ("I-Gaming"); United Tote Company, Inc. ("United Tote") and Bluff Media ("Bluff"). In addition, we include our 50% joint venture in Miami Valley Gaming LLC ("MVG") and our 25% investment in Saratoga Casino Holding, LLC ("SCH"). All intercompany balances and transactions have been eliminated in consolidation. The Consolidated Statements of Comprehensive Income include net revenue and operating expense associated with our Racing, Casinos, TwinSpires, Big Fish Games, Other Investments and Corporate operating segments which are defined as follows: Racing: primarily commissions earned on wagering at our racetracks, off-track betting facilities ("OTBs"), simulcast fees earned from other wagering sites, and the operations include ancillary admissions, sponsorships and licensing rights, food and beverage services and alternative uses of our pari-mutuel facilities. Casinos: slot machines, table games, video poker ancillary food and beverage services and hotel and other miscellaneous operations. In addition, we include our 50% joint venture in MVG and our 25% equity investment in SCH. TwinSpires: Advance Deposit Wagering ("ADW") business from wagering through the Internet, telephone or other mobile devices on pari-mutuel events; high dollar wagering by international customers; and horseracing statistical data generated by our information business that provides data information and processing services to the equine industry. Big Fish Games: social casino, casual and mid-core free to play, and premium paid games for PC, Mac, and mobile devices. Other Investments: pari-mutuel wagering systems for racetracks and an Internet real-money gaming operation. Corporate: other revenue and general and administrative expense not allocated to our other operating segments.
Reclassifications	Reclassifications We have reclassified certain items in the Consolidated Financial Statements for prior years to be comparable with 2015 classifications. In 2015, prior year amounts for severance and employee benefit costs of $2.3 million related to the cessation of Calder pari-mutuel operations have been reclassified from selling, general and administrative expense to Calder exit costs on our Consolidated Statement of Comprehensive Income. During the year ended December 31, 2013, we completed the sale of 100% of the assets of Fight! Magazine ("Fight"), a division of Bluff which we acquired in February 2012. Net revenue, operating expense and the loss on the sale of Fight for the year ended December 31, 2013 have been reclassified to discontinued operations on our Consolidated Statements of Comprehensive Income. There was no impact from these reclassifications on net income or cash flows.
Use of estimates	These policies may require management to make estimates, judgments and assumptions that we believe are reasonable based on our historical experience, contract terms, observance of known trends in our Company and the industry as a whole and information available from other outside sources. Our estimates affect the reported amounts of assets and liabilities and related disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expense during the reporting period. Actual results may differ from those initial estimates. Our most critical estimates relate to revenue recognition, goodwill and other intangible assets, property and equipment, and income taxes.
Revenue Recognition	Revenue Recognition Racing and TwinSpires Revenue Recognition Our Racing and TwinSpires revenue and income are influenced by our racing calendar. Therefore, revenue and operating results for any interim quarter are not generally indicative of the revenue and operating results for the year and may not be comparable with results for the corresponding period of the previous year. We historically have had fewer live racing days during the first quarter of each year, and the majority of our live racing revenue occurs during the second quarter with the running of the Kentucky Oaks and Kentucky Derby. Pari-mutuel revenue is recognized upon occurrence of the live race that is presented for wagering and after that live race is made official by the respective state’s racing regulatory body. Other operating revenue from admissions, programs and concession are recognized once delivery of the product or services has occurred. Racing and TwinSpires revenue is generated by pari-mutuel wagering on live and simulcast racing content. Live racing handle includes patron wagers made on live races at our racetracks and also wagers made on imported simulcast signals by patrons at our racetracks during live meets. Import simulcasting handle includes wagers on imported signals at our racetracks when the respective tracks are not conducting live racing meets, at our OTBs and through our ADW providers throughout the year. Export handle includes all patron wagers made on live racing signals sent to other tracks, OTBs and ADW providers. Advance deposit wagering consists of patron wagers through an advance deposit account. The gross percentages earned in 2015 approximated 19% of handle for the TwinSpires segment and 11% of handle for the Racing segment. Casinos Revenue Recognition Casino revenue represents net casino wins which is the difference between casino wins and losses. Other operating revenue, such as concession revenue, is recognized once delivery of the product or service has occurred. Big Fish Games Big Fish Games revenue is primarily derived from the sale of in-app purchases within our free-to-play games and sales of our premium paid games. We offer social casino and casual and mid-core free-to-play games that customers can play at no cost. Customers can purchase virtual currency that can be used to buy virtual items to enhance the game playing experience. These games are distributed primarily through third party mobile platform providers, including but not limited to, Apple and Google. We receive and utilize reports from these third party mobile platform providers which break down the virtual goods purchased in our casual mid-core and casino free-to-play games for a given time period. The proceeds from the sale of virtual goods are initially recorded as deferred revenue and recognized as revenue when persuasive evidence of an arrangement exists, the service has been provided to the user, the price paid by the user is fixed or determinable, and collectability is reasonably assured. Determining whether and when some of these criteria have been satisfied requires judgments that may have a significant impact on the timing and amount of revenue we report in each period. For the purpose of determining when the service has been provided to the player, we have determined that an implied obligation exists to the paying user to continue to make available the purchased virtual goods within the game over the estimated life of the virtual goods. For casino games, the life of the virtual goods is estimated to be the time period over which virtual goods are consumed, approximating three days. For all other casual games, the average playing period of paying players of approximately four months represents our best estimate of the average life of virtual goods. The proceeds from the sale of virtual goods are recorded as deferred revenue and recognized as revenue over the estimated life of the virtual goods. Premium game revenue is derived from our PC subscription business, the Big Fish Game Club, and from the sale of individual games on PC, Mac and mobile devices. Subscribers receive a game credit each month with their subscription. The value of the game credit is recognized when a customer redeems the game credit. We record breakage revenue related to outstanding premium game credits. For credits that are subject to expiration, breakage revenue is recorded when the credits have legally expired. Breakage revenue is recorded for game credits with no legal expiration when we have determined the likelihood of redemption is remote based on historical game credit redemption patterns. Other Estimates and Judgments We estimate revenue from digital storefronts, such as Apple and Google, in the current period when reasonable estimates of these amounts can be made. The digital storefronts provide reliable interim preliminary sales reporting data within a reasonable time frame following the end of each month, which, when validated against our internal data, allows us to make reasonable estimates of revenue and therefore to recognize revenue during the reporting period. Determination of the appropriate amount of revenue recognized involves judgments and estimates that we believe are reasonable, but it is possible that actual results may differ from our estimates. When we receive the final reports, to the extent not received within a reasonable time frame following the end of each month, we record any differences between estimated revenue and actual revenue in the reporting period when we determine the actual amounts. Historically, the revenue on the final revenue report has not differed significantly from the reported revenue for the period. Principal Agent Considerations In accordance with Accounting Standards Codification ("ASC"), we evaluate our digital storefront agreements in order to determine whether or not we are acting as the principal or as an agent when selling our games, which we consider in determining if revenue should be reported gross or net. We primarily use digital storefronts for distributing our casino and casual free-to-play games. Key indicators that we evaluate in order to reach this determination include: • the terms and conditions of our contracts with the digital storefronts; • the party responsible for billing and collecting fees from the end-users, including the resolution of billing disputes; • whether we are paid a fixed percentage of the arrangement’s consideration or a fixed fee for each game; • the party which sets the pricing with the end-user, has the credit risk and provides customer support; and • the party responsible for the fulfillment of the game and that determines the specifications of the game. Based on the evaluation of the above indicators, we have determined that we are generally acting as a principal and are the primary obligor to end-users for games distributed through digital storefronts; and therefore, we recognize revenue related to these arrangements on a gross basis.
Deferred revenue	Deferred revenue includes advance sales related to the Kentucky Oaks and Kentucky Derby races and other advance billings on racing events. Revenue from these advance billings are recognized when the related event occurs. Deferred revenue also includes advance sales of Personal Seat Licenses ("PSLs") and luxury suites. PSLs represent the ownership of a specific seat for the Kentucky Oaks, Kentucky Derby and Breeders’ Cup races at Churchill Downs and have a contractual life of either one , two , three , five or thirty years. Revenue from PSLs is recognized when the Kentucky Oaks, Kentucky Derby and Breeders’ Cup races occur on a ratable basis over the term of the contract. Luxury suites are sold for specific racing events as well as for a predetermined contractual term. Revenue related to the sale of luxury suites is recognized as they are utilized when the related event occurs.
Goodwill and Indefinite Intangible Assets	Goodwill and Indefinite Intangible Assets We perform an annual review for impairment of goodwill and indefinite-lived intangible assets as of March 31 of each fiscal year, or more frequently if events or changes in circumstances indicate that the carrying value may not be recoverable. Adverse industry or economic trends, lower projections of profitability, or a sustained decline in our market capitalization, among other items, may be indications of potential impairment issues, which are triggering events requiring the testing of an asset’s carrying value for recoverability. Goodwill is allocated and evaluated for impairment at the reporting unit level, which is defined as an operating segment or one level below an operating segment. Goodwill and intangible assets can or may be required to be tested using a two-step impairment test. We assess qualitative factors to determine whether it is necessary to complete the two-step impairment test using a more likely than not criteria. If an entity believes it is more likely than not that the fair value of a reporting unit is greater than its carrying value, including goodwill, the two-step process can be bypassed. Qualitative factors include macroeconomic conditions, industry and market conditions, cost factors, overall financial performance, among others. These factors require significant judgments and estimates, and application of alternative assumptions could produce significantly different results. Evaluations of possible impairment utilizing the two-step approach require us to estimate, among other factors, forecasts of future operating results, revenue growth, EBITDA margin, tax rates, capital expenditures, depreciation, working capital, weighted average cost of capital, long-term growth rates, risk premiums, terminal values and fair market values of our reporting units and assets. Changes in estimates or the application of alternative assumptions could produce significantly different results. We completed step one of the two-step test during the first quarter of 2015, and there were no impairments to our goodwill in 2015. Our slots gaming rights and casinos' trade names are considered indefinite-lived intangible assets that do not require amortization based on our future expectations to operate our gaming facilities and use the trade names indefinitely and our historical experience in renewing these intangible assets at minimal cost with various state gaming commissions. Our Big Fish Games trade name is also considered an indefinite-lived intangible asset. These indefinite intangible assets are tested annually, or more frequently, if indicators of impairment exist, by comparing the fair value of the recorded assets to their carrying amount. If the carrying amount of the slots gaming rights and trade name intangible assets exceed fair value, an impairment loss is recognized. There were no impairments to our indefinite-lived intangible assets in 2015.
Property and Equipment	Property and Equipment We have a significant investment in long-lived property and equipment. Property and equipment are recorded at cost. Judgments are made in determining the estimated useful lives of assets, the salvage values to be assigned to assets and if or when an asset has been impaired. The accuracy of these estimates affects the amount of depreciation expense recognized in the financial results and whether to record a gain or loss on disposition of an asset. We review the carrying value of our property and equipment used in our operations whenever events or circumstances indicate that the carrying value of an asset may not be recoverable from estimated future undiscounted cash flows expected to result from its use and eventual disposition. Adverse industry or economic trends, lower projections of profitability, or a significant adverse change in legal factors or in the business climate, among other items, may be indications of potential impairment issues. If the undiscounted cash flows exceed the carrying value, no impairment is indicated. If the undiscounted cash flows do not exceed the carrying value, an impairment is recorded based on the fair value of the asset. There are three generally accepted approaches available in developing an opinion of value: 1) the cost approach which is the price a prudent investor would pay to produce or construct a similar new item; 2) the market approach which is typically used for land valuations by analyzing recent sales transactions of similar sites; and 3) the income approach which is based on a discounted cash flow model using the estimated future results of the relevant reporting unit discounted using our weighted-average cost of capital and market indicators of terminal year free cash flow multiples. If necessary, we solicit third-party valuation expertise to assist in the valuation of our assets. We apply the most indicative approach to the overall valuation, or in some cases, a weighted analysis of any or all of these methods. The determination of fair value uses accounting judgments and estimates, including market conditions, and the reliability is dependent upon the availability and comparability of the market data uncovered, as well as the decision making criteria used by marketing participants when evaluating a property. Changes in estimates or application of alternative assumptions could produce significantly different results. In 2015, we recorded a $12.7 million impairment charge related to the Calder grandstand in continuing operations. Depreciation is calculated using the straight-line method over the estimated useful lives of the related assets as follows: 10 to 40 years for grandstands and buildings, 2 to 10 years for equipment, 2 to 10 years for furniture and fixtures and 10 to 20 years for tracks and other improvements.
Income Taxes	Income Taxes We use estimates and judgments for financial reporting to determine our current tax liability and deferred taxes. In accordance with the liability method of accounting for income taxes, we recognize the amount of taxes payable or refundable for the current year and deferred tax assets and liabilities for the future tax consequences of events that have been recognized in the consolidated financial statements or tax returns. Adjustments to deferred taxes are determined based upon the changes in differences between the book basis and tax basis of our assets and liabilities and measured by enacted tax rates we estimate will be applicable when these differences are expected to reverse. Changes in current tax laws, enacted tax rates or the estimated level of taxable income or non-deductible expense could change the valuation of deferred tax assets and liabilities and affect the overall effective tax rate and tax provision. When tax returns are filed, it is highly certain that some positions taken will be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that will be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50 percent likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with the tax positions taken that exceeds the amount measured as described above is reflected as a liability for unrecognized tax benefits in the accompanying balance sheet, along with any associated interest and penalties that would be payable to the taxing authorities upon examination.
Cash and Cash Equivalents	Cash and Cash Equivalents We consider investments with original maturities of three months or less to be cash equivalents. We have, from time to time, cash in the bank in excess of federally insured limits. Checks issued but not presented to banks frequently result in overdraft balances for accounting purposes and are classified as a current liability in the Consolidated Balance Sheets.
Restricted Cash	Restricted cash represents amounts due to horsemen for purses, stakes and awards as well as customer deposits collected for advance deposit wagering.
Account Wagering Deposit Liabilities	Account wagering deposit liabilities consist of deposits received from TwinSpires.com and Velocity customers to be used to fund wagering through the TwinSpires players' accounts.
Foreign Currency Transactions	Foreign Currency Transactions The functional currency of our international subsidiaries is the U.S. dollar, with the exception of the Big Fish Games Luxembourg subsidiary, whose functional currency is the Euro. For subsidiaries with a functional currency of the U.S. dollar, foreign currency denominated monetary assets and liabilities are remeasured into U.S. dollars at current exchange rates and foreign currency denominated nonmonetary assets and liabilities are remeasured into U.S. dollars at historical exchange rates. Foreign currency denominated revenue and expense are remeasured at historical exchange rates. Gains or losses from foreign currency remeasurement are included in other income and expense. For the Luxembourg subsidiary, assets and liabilities are translated into U.S. dollars using exchange rates in effect at the end of a reporting period. Income and expense accounts are translated into U.S. dollars using average rates of exchange. The net gain or loss resulting from translation is recorded as foreign currency translation adjustment and included in accumulated other comprehensive income in shareholders' equity.
Allowance for Doubtful Accounts Receivable	Allowance for Doubtful Accounts Receivable We maintain an allowance for doubtful accounts for estimated losses resulting from the inability of our customers to make required payments. The allowance is maintained at a level considered appropriate based on historical and other factors that affect collectability. Uncollectible accounts receivable are written off against the allowance for doubtful accounts receivable when management determines that the probability of payment is remote and collection efforts have ceased.
Game Technology and Rights	Game Technology and Rights Game technology and rights are purchased from third-party developers of casual and mid-core free-to-play and premium paid games. Such rights may be purchased before or after the production or launch of the related games. Where technology and rights are purchased prior to a games' launch, we generally pay amounts to these developers as they reach agreed-upon milestones. Once the game is launched, we amortize our game technology and rights related to premium paid games on an accelerated basis, corresponding to historical sales patterns, over the estimated useful life of the premium paid game, which is generally one year. Game technology and rights related to casual and mid-core free-to-play games are amortized on a straight-line basis over the estimated useful life of eighteen months. The carrying amounts of game technology and rights are assessed for potential impairment at the game-specific level when facts and circumstances indicate that the carrying amount may not be recoverable.
Internal Use Software	Internal Use Software and Research & Development We capitalize internal use software in accordance with accounting guidance governing computer software developed or obtained for internal use primarily related to TwinSpires and I-Gaming of approximately $8.9 million in 2015, $7.4 million in 2014 and $7.4 million in 2013. The estimated useful life of capitalized software is generally three years, once a project has commenced. We incurred amortization expense of approximately $7.0 million in 2015, $6.0 million in 2014 and $5.1 million in 2013 for projects which had been placed in service. Capitalized internal use software is included in property and equipment, net.
Research & Development	Research & development expenditures are expensed as incurred.
Long-lived Assets-Impairments	Long-lived Assets-Impairments In the event that facts and circumstances indicate that the carrying amount of tangible assets and other long-lived assets or groups of assets may be impaired, an evaluation of recoverability is performed. If an evaluation is required, the estimated future undiscounted cash flows associated with the assets is compared to the assets’ carrying amount to determine if an impairment loss should be recorded. The impairment loss is based on the excess, if any, of the carrying value over the fair value of the assets.
Fair Value of Assets and Liabilities	Fair Value of Assets and Liabilities We adhere to a hierarchy for ranking the quality and reliability of the information used to determine fair values. Assets and liabilities that are carried at fair value are classified and disclosed in one of the following three categories: Level 1: Unadjusted quoted market prices in active markets for identical assets or liabilities; Level 2: Unadjusted quoted prices in active markets for similar assets or liabilities, unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability; and Level 3: Unobservable inputs for the asset or liability. We endeavor 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.
Investments in and Advances to Unconsolidated Affiliates	Investments in and Advances to Unconsolidated Affiliates We have investments in unconsolidated affiliates accounted for under the equity method. Under the equity method, carrying value is adjusted for our share of the investees' income and losses, amortization of certain basis differences as well as capital contributions to and distributions from these companies. Distributions in excess of equity method income are recognized as a return of investment and recorded as investing cash inflows in the consolidated statements of cash flows. We classify income and losses as well as gains and impairments related to our investments in unconsolidated affiliates as a component of other income (expense). We evaluate our investments in unconsolidated affiliates for impairment whenever events or changes in circumstances indicate that the carrying value of the investment may have experienced an "other-than-temporary" decline in value. If such conditions exist, we compare the estimated fair value of the investment to its carrying value to determine if an impairment is indicated and determine whether the impairment is "other-than-temporary" based on an assessment of all relevant factors, including consideration of our intent and ability to retain our investment until the recovery of the unrealized loss. We estimate fair value using a discounted cash flow analysis based on estimated future results of the investee.
Debt Issuance Costs and Loan Origination Fees	Debt Issuance Costs and Loan Origination Fees We incurred debt issuance costs and loan origination fees associated with our long-term debt and notes payable, which are being amortized as interest expense over the remaining term of the credit facility. These amounts are presented as a direct deduction from the carrying amount of the associated liability.
Casino and Pari-mutuel Taxes	Casino and Pari-mutuel Taxes We recognize casino and pari-mutuel tax expense based on the statutorily required percentage of revenue that is required to be paid to state and local jurisdictions in the states in which wagering occurs. Individual states and local jurisdictions set tax rates which range from 1.5% to 46% of net casino revenue and from 0.5% to 10.0% of the total pari-mutuel handle wagered by patrons.
Purse Expense	Purse Expense We recognize purse expense based on the statutorily determined percentage of revenue that is required to be paid out in the form of purses to the qualifying finishers of horseraces run at our racetracks in the period in which wagering occurs. We incur a liability for all unpaid purses to be paid out. We may pay out purses in excess of statutorily required amounts resulting in purse overpayments, which are expensed as incurred. Recoveries of purse overpayments are recognized in the period they are realized.
Self-Insurance Accruals	Self-insurance Accruals We are self-insured up to certain limits for costs associated with general liability, workers’ compensation and employee health coverage, and we purchase insurance for claims that exceed our self-insurance retention or deductible levels. We record self-insurance reserves that include accruals of estimated settlements for known claims ("Case Reserves"), as well as accruals of third-party actuarial estimates for claims incurred but not yet reported ("IBNR"). Case Reserves represent estimated liabilities for unpaid losses, based on a claims administrator's estimates of future payments on individual reported claims, including allocated loss adjustment expense, which generally include claims settlement costs such as legal fees. IBNR includes the provision for unreported claims, changes in case reserves and future payments on reopened claims. Key variables and assumptions include, but are not limited to, loss development factors and trend factors such as changes in workers' compensation laws, medical care costs and wages. These loss development factors and trend factors are developed using our actual historical losses. It is possible that reasonable alternative selections would produce materially different reserve estimates. We believe the estimates of future liability are reasonable based upon this methodology; however, changes in key variables and assumptions, or generally in health care costs, accident frequency and severity could materially affect the estimate for these reserves.
Advertising	Advertising and Marketing We expense the costs of general advertising, marketing and associated promotional expenditures at the time the costs are incurred.
Stock-Based Compensation	Stock-Based Compensation All stock-based payments to employees, including grants of employee stock options and restricted stock, are recognized as compensation expense over the service period based on the fair value on the date of grant.
Computation of Net Income per Common Share	Computation of Net Income per Common Share Net income per common share is presented for both basic earnings per common share ("Basic EPS") and diluted earnings per common share ("Diluted EPS"). Earnings attributable to securities that are deemed to be participating securities are excluded from the calculation of Basic EPS using the two-class method. We have determined that employee restricted stock grants, including awards granted under our long-term incentive plans, are participating securities. Basic EPS is based upon the weighted average number of common shares outstanding during the period, excluding unvested restricted stock and stock options held by employees. Diluted EPS is based upon the weighted average number of common and potential common shares outstanding during the period. Potential common shares result from the assumed exercise of outstanding stock options as well as unvested restricted stock, the proceeds of which are then assumed to have been used to repurchase outstanding common stock using the treasury stock method. For periods in which we report a net loss, all potential common shares are considered anti-dilutive and are excluded from calculations of Diluted EPS. For periods in which we report net income, potential common shares with exercise prices in excess of our average common stock fair value for the related period are considered anti-dilutive and are excluded from calculations of Diluted EPS.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In November 2015, the FASB issued Accounting Standards Update ("ASU") 2015-17, Balance Sheet Classification of Deferred Taxes , which simplifies the presentation of deferred tax assets and liabilities by requiring the deferred tax assets and liabilities be presented as non-current on the balance sheet. We early adopted this guidance, prospectively, as of January 1, 2015. In September 2015, the FASB issued ASU No. 2015-16, Simplifying the Accounting for Measurement Period Adjustments , which requires companies to recognize adjustments to provisional amounts associated with an acquisition that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. Prior to the issuance of the standard, adjustments were required to be retrospectively presented in the balance sheet at the acquisition date. We adopted the new standard as of September 30, 2015, and it did not have a material impact on our business. In August 2015, the FASB issued ASU No. 2015-15, Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements , which confirms that an entity should continue to present fees related to line-of-credit arrangements as an asset, and amortized over the term of the line-of-credit arrangement. In April 2015, the FASB issued ASU No. 2015-03, Imputation of Interest - Simplifying the Presentation of Debt Issuance Costs which established that debt issuance costs related to term loans and long-term debt issuances should be presented as a direct deduction from the carrying amount of the associated debt liability. We early adopted both of these pronouncements on a retrospective basis as of December 31, 2015 and reclassified $6.3 million of such costs from other non-current assets to long-term debt and notes payable, net, as of December 31, 2014. In August 2014, the FASB issued ASU No. 2014-15, Disclosure 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. We are assessing the impact of the new accounting guidance and currently cannot estimate the financial statement impact of adoption.

Acquisitions And New Ventures (

Acquisitions And New Ventures (Tables)	12 Months Ended
	Dec. 31, 2015
Business Acquisition [Line Items]
Business Acquisition, Pro Forma Information	Pro Forma Information (unaudited) The following table illustrates the effect on net revenue and earnings from continuing operations as if we had acquired Big Fish Games as of the beginning of 2013. The 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 acquisitions of Big Fish Games been consummated at the beginning of 2014 and 2013. In 2013, earnings from continuing operations included $23.1 million of nonrecurring acquisition costs for us and Big Fish Games. (in thousands) Year ended December 31, 2014 2013 Net revenue $ 1,126,592 $ 1,085,518 Earnings from continuing operations $ 64,145 $ 11,182
Big Fish Games
Business Acquisition [Line Items]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following table summarizes the final fair value of the assets acquired and liabilities assumed, net of cash acquired of $34.7 million , at the date of acquisition. (in thousands) Total Accounts receivable $ 19,361 Income taxes receivable 18,107 Prepaid expense 9,727 Deferred income taxes 1,682 Other assets 1,780 Property and equipment 14,632 Goodwill 540,306 Other intangible assets 362,863 Total assets acquired 968,458 Accounts payable 9,064 Accrued expense 19,217 Income taxes payable 210 Deferred revenue 37,250 Deferred income taxes 96,238 Other liabilities 2,821 Total liabilities acquired 164,800 Purchase price, net of cash acquired $ 803,658
Schedule of Intangible Assets Acquired as Part of Business Combination	The final fair value of other intangible assets consists of the following: (in thousands) Fair Value Recognized Weighted-Average Useful Life Tradename $ 200,000 N/A Customer relationships 32,663 3.0 years Developed Technology 87,000 4.0 years In-Process Research & Development 12,700 5.0 years Strategic Developer Relationships 30,500 6.0 years Total intangible assets $ 362,863

Discontinued Operations (Tables

Discontinued Operations (Tables)	12 Months Ended
	Dec. 31, 2015
Discontinued Operations and Disposal Groups [Abstract]
Summary of Results of Operations of Discontinued Businesses	Set forth below is a summary of the results of operations of discontinued businesses: (in thousands) 2013 Net revenue $ 632 Operating expense 857 Selling, general and administrative expense — Operating (loss) gain (225 ) Other income (expense) 145 (Loss) earnings from operations before income taxes (80 ) Income tax benefit (provision) 30 (Loss) gain from operations (50 ) Loss on sale of assets, net of income taxes (83 ) Net (loss) gain $ (133 )

Accounts Receivable (Tables)

Accounts Receivable (Tables)	12 Months Ended
	Dec. 31, 2015
Accounts Receivable Additional Disclosures [Abstract]
Schedule of Accounts Receivable	Accounts receivable is comprised of the following: (in thousands) 2015 2014 Trade receivables $ 33,016 $ 33,340 Derby-related receivables 17,638 24,522 Simulcast and ADW receivables 14,753 17,282 Other receivables 6,069 4,992 71,476 80,136 Allowance for doubtful accounts (3,761 ) (4,246 ) Total $ 67,715 $ 75,890

Property and Equipment (Tables)

Property and Equipment (Tables)	12 Months Ended
	Dec. 31, 2015
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment	Property and equipment is comprised of the following: (in thousands) 2015 2014 Grandstands and buildings $ 412,394 $ 439,625 Equipment 252,110 237,867 Tracks and other improvements 142,774 142,975 Land 118,694 118,658 Furniture and fixtures 52,154 49,765 Construction in progress 22,780 15,427 Artwork 2,066 2,050 1,002,972 1,006,367 Accumulated depreciation (429,800 ) (411,052 ) Total $ 573,172 $ 595,315

Investment In and Advances To38

Investment In and Advances To Unconsolidated Affiliates (Tables)	12 Months Ended
	Dec. 31, 2015
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]
Affiliate Balance Sheet	Summarized financial information for MVG is comprised of the following: December 31, (in thousands) 2015 2014 Assets Current assets $ 24,502 $ 24,096 Property and equipment, net 119,675 130,868 Other assets, net 106,660 105,906 Total assets $ 250,837 $ 260,870 Liabilities and Members' Equity Current liabilities $ 21,620 $ 16,783 Current portion of long-term debt 8,333 8,332 Long-term debt, excluding current portion 20,520 26,584 Other liabilities 75 75 Members' equity 200,289 209,096 Total liabilities and members' equity $ 250,837 $ 260,870
Affiliate Income Statement	Years Ended December 31, (in thousands) 2015 2014 2013 Casino revenue $ 130,327 $ 126,374 $ 6,144 Non-casino revenue 6,568 6,257 5,479 Net revenue 136,895 132,631 11,623 Operating and SG&A expense 98,688 97,648 10,926 Depreciation & amortization expense 12,816 12,299 935 Pre-opening expense — 54 7,240 Operating income (loss) 25,391 22,630 (7,478 ) Interest and other expense, net (4,197 ) (4,829 ) (397 ) Net income (loss) $ 21,194 $ 17,801 $ (7,875 )
Investments in and Advances to Affiliates	Our 50% share of MVG's results has been included in the Consolidated Statements of Comprehensive Income: Years Ended December 31, (in thousands) 2015 2014 2013 Equity in income (losses) of unconsolidated investments $ 10,597 $ 8,900 $ (3,718 )

Goodwill (Tables)

Goodwill (Tables)	12 Months Ended
	Dec. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	Goodwill is comprised of the following: (in thousands) Racing Casinos TwinSpires Big Fish Games Other Investments Total Balance as of December 31, 2013 $ 51,659 $ 117,659 $ 127,364 $ — $ 3,934 $ 300,616 Additions — — — 540,331 — 540,331 Balance as of December 31, 2014 51,659 117,659 127,364 540,331 3,934 840,947 Adjustments — — 802 (25 ) — 777 Balance as of December 31, 2015 $ 51,659 $ 117,659 $ 128,166 $ 540,306 $ 3,934 $ 841,724

Other Intangible Assets (Tables

Other Intangible Assets (Tables)	12 Months Ended
	Dec. 31, 2015
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Schedule of Other Intangible Assets	Other intangible assets are comprised of the following: December 31, 2015 December 31, 2014 (in thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Definite-lived intangible assets: Developed technology $ 87,000 $ (23,264 ) $ 63,736 $ 87,000 $ (931 ) $ 86,069 Customer relationships 75,133 (47,149 ) 27,984 89,203 (39,399 ) 49,804 Strategic development 30,500 (6,585 ) 23,915 30,500 (263 ) 30,237 In-process research & development 12,700 (2,622 ) 10,078 12,700 (105 ) 12,595 Favorable contracts 11,000 (5,554 ) 5,446 11,000 (4,907 ) 6,093 Other 3,699 (356 ) 3,343 3,719 (326 ) 3,393 Slots gaming license 2,250 (1,125 ) 1,125 2,250 (1,125 ) 1,125 Table games license 2,493 (310 ) 2,183 2,493 (180 ) 2,313 $ 224,775 $ (86,965 ) $ 137,810 $ 238,865 $ (47,236 ) $ 191,629 Indefinite-lived intangible assets: Trademarks 225,729 225,729 Slots gaming rights 128,890 128,890 Illinois Horseracing Equity Trust 3,307 3,307 Other 417 417 Total $ 496,153 $ 549,972
Schedule of Future Estimated Amortization Expense	Future estimated aggregate amortization expense on existing definite-lived intangible assets for each of the next five fiscal years is as follows (in thousands): Year Ended December 31, Estimated Amortization Expense 2016 $ 50,687 2017 $ 36,760 2018 $ 18,716 2019 $ 16,638 2020 $ 4,586

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Schedule of Components of Provision for Income Taxes	Components of the provision for income taxes are as follows: Years Ended December 31, (in thousands) 2015 2014 2013 Current provision: Federal $ 46,138 $ 13,236 $ 22,727 State and local 3,822 2,008 2,462 Foreign 376 78 — 50,336 15,322 25,189 Deferred: Federal (1,797 ) 19,672 5,788 State and local 9 81 (504 ) Foreign (1,656 ) (4,914 ) — (3,444 ) 14,839 5,284 $ 46,892 $ 30,161 $ 30,473
Schedule of Income before Provision for Income Tax, Domestic and Foreign	Income from continuing operations before provision for income taxes were as follows: Years Ended December 31, (in thousands) 2015 2014 2013 Domestic $ 114,380 $ 76,023 $ 84,742 Foreign (2,291 ) 495 764 $ 112,089 $ 76,518 $ 85,506
Reconciliation of Amount Computed by Applying the Federal Statutory Income Tax Rate	Our income tax expense is different from the amount computed by applying the federal statutory income tax rate to income before taxes as follows: Years Ended December 31, (in thousands) 2015 2014 2013 Federal statutory tax on earnings before income taxes $ 39,231 $ 26,782 $ 29,928 State income taxes, net of federal income tax benefit 1,772 1,388 1,514 Non-deductible expense 2,629 999 723 Non-deductible acquisition-related charges 6,567 1,339 — Accruals and settlements related to tax audits 181 529 (395 ) Change in effective state tax rates 93 (401 ) (383 ) Manufacturing deduction (1,960 ) — — Tax credits and incentives (999 ) (1,209 ) (663 ) Other (622 ) 734 (251 ) $ 46,892 $ 30,161 $ 30,473
Schedule of Deferred Tax Assets and Liabilities	Components of our deferred tax assets and liabilities are as follows: (in thousands) 2015 2014 Deferred tax assets: Deferred compensation plans $ 34,080 $ 31,520 Deferred income 14,336 752 Allowance for uncollectible receivables 1,251 1,323 Deferred liabilities 1,869 4,625 Net operating losses and credit carryforward 11,680 32,573 Deferred tax assets 63,216 70,793 Valuation allowance (1,052 ) (1,274 ) Net deferred tax asset 62,164 69,519 Deferred tax liabilities: Intangible assets in excess of tax basis 142,970 151,210 Property and equipment in excess of tax basis 31,216 37,827 Other 15,861 11,485 Deferred tax liabilities 190,047 200,522 Net deferred tax liability $ (127,883 ) $ (131,003 ) Income taxes are classified in the balance sheet as follows: Net current deferred tax asset $ — $ 18,519 Net non-current deferred tax liability (127,883 ) (149,522 ) $ (127,883 ) $ (131,003 )
Schedule of Valuation Allowance for Deferred Tax Assets	The changes in the valuation allowance for deferred tax assets are as follows: (in thousands) 2015 2014 Balance at beginning of the year $ 1,274 $ 1,213 Charged to costs and expense (313 ) 158 Charged to other accounts 91 (83 ) Deductions — (14 ) Balance at end of the year $ 1,052 $ 1,274
Reconciliation of Unrecognized Tax Benefits	A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: (in thousands) 2015 2014 2013 Balance as of January 1 $ 2,926 $ 582 $ 8,565 Additions for tax positions related to the current year 310 573 190 Additions for tax positions of prior years 302 2,097 207 Reductions for tax positions of prior years (1,018 ) (326 ) (8,380 ) Balance as of December 31 $ 2,520 $ 2,926 $ 582

Total Debt (Tables)

Total Debt (Tables)	12 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	The following table presents our total debt outstanding: December 31, 2015 Unamortized Premium, Debt Issuance Costs and Loan Origination Fees (in thousands) Outstanding Principal Premium Issuance Costs and Fees Long-Term Debt, Net Senior Secured Credit Facility: Senior Secured Credit Facility due 2018 $ — $ — $ — $ — Term Loan A due 2019 188,750 — 638 188,112 Swing line of credit — — — — Total Senior Secured Credit Facility 188,750 — 638 188,112 5.375% Senior Unsecured Notes due 2021 600,000 2,978 9,308 593,670 Total debt 788,750 2,978 9,946 781,782 Current maturities of long-term debt 16,250 — — 16,250 Total debt, net of current maturities $ 772,500 $ 2,978 $ 9,946 $ 765,532 December 31, 2014 Unamortized Premium, Debt Issuance Costs and Loan Origination Fees Outstanding Principal Premium Issuance Costs and Fees Long-Term Debt, Net Senior Secured Credit Facility: Senior Secured Credit Facility due 2018 $ 258,000 $ — $ — $ 258,000 Term Loan A due 2019 200,000 — 787 199,213 Swing line of credit 12,355 — — 12,355 Total Senior Secured Credit Facility 470,355 — 787 469,568 5.375% Senior Unsecured Notes due 2021 300,000 — 5,464 294,536 Total debt 770,355 — 6,251 764,104 Current maturities of long-term debt 11,250 — — 11,250 Total debt, net of current maturities $ 759,105 $ — $ 6,251 $ 752,854
Schedule of Maturities of Long-term Debt	Future aggregate maturities of total debt are as follows (in thousands): Year Ended December 31, 2016 $ 9,437 2017 14,156 2018 18,876 2019 23,594 2020 28,312 Thereafter 694,375 Total $ 788,750

Operating Leases (Tables)

Operating Leases (Tables)	12 Months Ended
	Dec. 31, 2015
Leases [Abstract]
Future Minimum Operating Lease Payments	Future minimum operating lease payments, in non-cancelable leases, are as follows, not including the variable portion of contingent leases: Year Ended December 31, (in thousands) 2016 $ 13,534 2017 11,005 2018 5,412 2019 2,758 2020 1,975 Thereafter 2,485 Total $ 37,169

Stock-Based Compensation Plans

Stock-Based Compensation Plans (Tables)	12 Months Ended
	Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of stock option activity	Activity for our stock options outstanding is presented below: (in thousands, except per average exercise price) Number of Shares Under Option Weighted Average Exercise Price Balance as of December 31, 2012 201 $ 36.30 Granted — $ — Exercises (7 ) $ 42.94 Canceled/forfeited (1 ) $ 36.12 Balance as of December 31, 2013 193 $ 36.04 Granted — $ — Exercises (182 ) $ 35.26 Canceled/forfeited (1 ) $ 49.95 Balance as of December 31, 2014 10 $ 48.63 Granted — $ — Exercises (1 ) $ 49.95 Canceled/forfeited — $ — Balance as of December 31, 2015 9 $ 48.37
Disclosure of share based compensation award activity	The following table summarizes information about stock options outstanding on December 31, 2015: (in thousands, except contractual life and per share data) Shares Under Option Remaining Contractual Life Average Exercise Price Per Share Intrinsic Value per Share (1) Aggregate Intrinsic Value Options exercisable and vested at December 31, 2015 9 2.3 $ 48.37 $ 93.12 $ 800 (1) Computed based upon the amount by which the fair market value of our common stock on December 31, 2015 of $141.49 per share exceeded the weighted average exercise price.
Activity for awards made outside of share-based compensation plans	Activity for the ELTI Plan, the 2013 New Company LTIP, the 2007 Incentive Plan and awards made outside of stock-based compensation plans is presented below: Market Condition & Performance-Based Awards Service Period Awards Total (in thousands, except grant date values) Number of Shares Weighted Average Grant Date Fair Value Number of Shares Weighted Average Grant Date Fair Value Number of Shares Weighted Average Grant Date Fair Value Balance as of December 31, 2012 60 $ 45.90 319 $ 42.42 379 $ 42.97 Granted 324 $ 53.71 287 $ 67.55 611 $ 60.21 Vested (60 ) $ 45.90 (256 ) $ 59.54 (316 ) $ 53.90 Canceled/forfeited — $ — (1 ) $ 38.75 (1 ) $ 38.75 Balance as of December 31, 2013 324 $ 53.71 349 $ 53.58 673 $ 53.64 Granted — $ — 26 $ 88.58 26 $ 88.58 Vested (239 ) $ 53.49 (107 ) $ 54.15 (346 ) $ 53.70 Canceled/forfeited — $ — (12 ) $ 60.41 (12 ) $ 60.41 Balance as of December 31, 2014 85 $ 54.32 256 $ 56.24 341 $ 55.77 Granted 27 $ 154.90 190 $ 102.09 217 $ 108.73 Vested (85 ) $ 48.31 (150 ) $ 64.87 (235 ) $ 58.91 Canceled/forfeited — $ — (9 ) $ 93.04 (9 ) $ 93.04 Balance as of December 31, 2015 27 $ 154.90 287 $ 80.90 314 $ 87.31

Fair Value Of Assets And Liab45

Fair Value Of Assets And Liabilities (Tables)	12 Months Ended
	Dec. 31, 2015
Fair Value Disclosures [Abstract]
Fair Value Measurements on a Recurring Basis	The following tables present our assets and liabilities measured at fair value on a recurring basis: (in thousands) December 31, 2015 Level 1 Level 3 Cash equivalents and restricted cash $ 30,072 $ — Big Fish Games deferred payments — 54,720 Big Fish Games earnout liability — 345,200 Bluff contingent consideration liability — 2,331 Total $ 30,072 $ 402,251 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 our Level 3: (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 Payments (28,428 ) — — (28,428 ) Change in fair value 4,348 17,400 — 21,748 Balance as of December 31, 2015 $ 54,720 $ 345,200 $ 2,331 $ 402,251

Net Income Per Common Share C46

Net Income Per Common Share Computations (Tables)	12 Months Ended
	Dec. 31, 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 net income per common share computations: (in thousands, except per share data) Year Ended December 31, 2015 2014 2013 Numerator for basic income from continuing operations per common share: Income from continuing operations $ 65,197 $ 46,357 $ 55,033 Income from continuing operations allocated to participating securities (595 ) (267 ) (873 ) Numerator for basic income from continuing operations per common share $ 64,602 $ 46,090 $ 54,160 Numerator for basic income per common share: Net income $ 65,197 $ 46,357 $ 54,900 Net income allocated to participating securities (595 ) (267 ) (870 ) Numerator for basic net income per common share $ 64,602 $ 46,090 $ 54,030 Numerator for diluted income from continuing operations per common share: $ 65,197 $ 46,357 $ 55,033 Numerator for diluted income per common share $ 65,197 $ 46,357 $ 54,900 Denominator for net income per common share: Basic 17,225 17,271 17,294 Plus dilutive effect of stock options and restricted stock 121 153 248 Plus dilutive effect of participating securities 230 165 396 Diluted 17,576 17,589 17,938 Income (loss) per common share: Basic Income from continuing operations $ 3.75 $ 2.67 $ 3.13 Discontinued operations — — (0.01 ) Net income $ 3.75 $ 2.67 $ 3.12 Diluted Income from continuing operations $ 3.71 $ 2.64 $ 3.07 Discontinued operations — — (0.01 ) Net income $ 3.71 $ 2.64 $ 3.06

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
	Dec. 31, 2015
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	The table below presents net revenue from external customers and intercompany revenue from each of our operating segments: Year Ended December 31, (in thousands) 2015 2014 2013 Net revenue from external customers: Racing: Churchill Downs $ 151,125 $ 143,191 $ 132,845 Arlington 54,405 60,312 64,483 Fair Grounds 40,343 38,625 40,677 Calder 2,730 19,325 36,264 Total Racing 248,603 261,453 274,269 Casinos: Oxford Casino 80,405 76,526 34,350 Riverwalk Casino 49,758 50,139 53,645 Harlow’s Casino 48,978 50,199 52,440 Calder Casino 77,421 77,003 78,951 Fair Grounds Slots 38,408 40,774 42,156 VSI 36,913 33,653 35,634 Saratoga 416 — — Total Casinos 332,299 328,294 297,176 TwinSpires 200,168 190,333 184,541 Big Fish Games: Casino 193,428 7,627 — Casual free-to-play 125,321 2,098 — Premium 94,936 4,130 — Total Big Fish Games 413,685 13,855 — Other Investments 16,636 17,125 21,899 Corporate 910 1,158 1,143 Net revenue from external customers $ 1,212,301 $ 812,218 $ 779,028 Intercompany net revenue: Racing: Churchill Downs $ 7,832 $ 7,038 $ 6,686 Arlington 5,063 5,767 3,395 Fair Grounds 1,306 1,089 1,151 Calder — 707 1,263 Total Racing 14,201 14,601 12,495 TwinSpires 1,032 958 853 Other Investments 3,532 4,130 4,409 Eliminations (18,765 ) (19,689 ) (17,757 ) Net revenue $ — $ — $ — Year Ended December 31, (in thousands) 2015 2014 2013 Reconciliation of segment Adjusted EBITDA to comprehensive income: Racing $ 71,841 $ 61,160 $ 50,275 Casinos 108,516 101,106 80,631 TwinSpires 51,533 45,282 49,122 Big Fish Games 108,018 3,837 — Other Investments (37 ) (3,857 ) 809 Corporate (4,253 ) (5,037 ) (4,606 ) Total segment Adjusted EBITDA 335,618 202,491 176,231 Change in Big Fish Games deferred revenue (39,554 ) (4,497 ) — Big Fish Games adjustments (21,748 ) (10,193 ) — Stock-based compensation expense (13,849 ) (11,931 ) (21,482 ) MVG interest expense, net (2,098 ) (2,546 ) (170 ) Calder exit costs (13,854 ) (2,298 ) — Other charges and recoveries, net 5,833 (5,429 ) (1,204 ) Depreciation and amortization (109,706 ) (68,257 ) (61,750 ) Interest income (expense), net (28,553 ) (20,822 ) (6,119 ) Income tax provision (46,892 ) (30,161 ) (30,473 ) Net income from continuing operations 65,197 46,357 55,033 Discontinued operations, net of income taxes — — (133 ) Net income 65,197 46,357 54,900 Foreign currency translation, net of tax (463 ) (125 ) — Comprehensive income $ 64,734 $ 46,232 $ 54,900 The table below presents information about equity in income (losses) of unconsolidated investments included in our reported segments: Year Ended December 31, (in thousands) 2015 2014 2013 Casinos $ 10,929 $ 8,900 $ (3,718 ) TwinSpires — (68 ) (848 ) Other Investments 251 (2,504 ) 424 $ 11,180 $ 6,328 $ (4,142 )
Reconciliation of Assets from Segment to Consolidated	The table below presents total asset information for each of our operating segments: As of December 31, (in thousands) 2015 2014 Total assets: Racing $ 437,070 $ 456,034 Casinos 631,280 621,489 TwinSpires 177,624 178,694 Big Fish Games 947,112 996,918 Other Investments 37,033 34,083 Corporate 47,325 69,035 $ 2,277,444 $ 2,356,253 The table below presents capital expenditures for each of our operating segments: Year Ended December 31, (in thousands) 2015 2014 2013 Capital expenditures, net: Racing $ 12,280 $ 33,919 $ 20,184 Casinos 18,784 7,715 13,643 TwinSpires 4,306 5,778 5,908 Big Fish Games 6,431 116 — Other Investments 809 5,240 8,375 Corporate 900 1,718 661 $ 43,510 $ 54,486 $ 48,771

Quarterly Results of Operatio48

Quarterly Results of Operations (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Schedule of Quarterly Results of Operations	(in thousands, except per common share data) For the Year Ended December 31, 2015 First Quarter Second Quarter Third Quarter Fourth Quarter (1) Net revenue $ 250,910 $ 409,239 $ 279,765 $ 272,387 (Loss) income from operations (1,558 ) 55,044 4,203 7,508 Basic net (loss) income per common share $ (0.09 ) $ 3.12 $ 0.24 $ 0.44 Diluted net (loss) income per common share $ (0.09 ) $ 3.10 $ 0.24 $ 0.43 (in thousands, except per common share data) For the Year Ended December 31, 2014 First Quarter Second Quarter Third Quarter Fourth Quarter Net revenue $ 167,141 $ 303,472 $ 173,483 $ 168,122 (Loss) income from operations (700 ) 57,333 3,531 (13,807 ) Basic net (loss) income per common share $ (0.04 ) $ 3.23 $ 0.21 $ (0.81 ) Diluted net (loss) income per common share $ (0.04 ) $ 3.21 $ 0.20 $ (0.81 ) (1) Refer to Note 12—Director and Employee Benefit Plans for discussion of an out of period adjustment during the fourth quarter of 2015.

Basis of Presentation and Sum49

Basis of Presentation and Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	Nov. 04, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Oct. 02, 2015	Mar. 31, 2012
Variable Interest Entity [Line Items]
Calder exit costs		$ 13,854	$ 2,298	$ 0
Advanced Sales of Personal Seat Licenses, Contractual Life, Term One		1 year
Advanced Sales of Personal Seat Licenses, Contractual Life, Term Two		2 years
Advanced Sales of Personal Seat Licenses, Contractual Life, Term Three		3 years
Advanced Sales of Personal Seat Licenses, Contractual Life, Term Four		5 years
Advanced Sales of Personal Seat Licenses, Contractual Life, Term Five		30 years
Asset impairment charge		$ 12,700
Research & development expenditures		39,399	0	0
Advertising and marketing expense		$ 130,700	28,800	$ 23,700
Minimum
Variable Interest Entity [Line Items]
Gaming Tax Rate		1.50%
Pari-Mutuel Tax Rate		0.50%
Maximum
Variable Interest Entity [Line Items]
Gaming Tax Rate		46.00%
Pari-Mutuel Tax Rate		10.00%
Racing
Variable Interest Entity [Line Items]
Percentage earned on total amount wagered		11.00%
TwinSpires
Variable Interest Entity [Line Items]
Percentage earned on total amount wagered		19.00%
Asset impairment charge	$ 3,200
Adjustment | Selling, General and Administrative Expense
Variable Interest Entity [Line Items]
Calder exit costs		$ (2,300)
Adjustment | Calder Exit Costs
Variable Interest Entity [Line Items]
Calder exit costs		2,300
New Accounting Pronouncement, Early Adoption, Effect | Non-current assets
Variable Interest Entity [Line Items]
Debt issuance costs			$ (6,300)
New Accounting Pronouncement, Early Adoption, Effect | Long-term debt and notes payable, net
Variable Interest Entity [Line Items]
Debt issuance costs		$ 6,300
Miami Valley Gaming LLC
Variable Interest Entity [Line Items]
Equity method investment, ownership percentage		50.00%				50.00%
Saratoga
Variable Interest Entity [Line Items]
Equity method investment, ownership percentage		25.00%			25.00%
Fight! Magazine
Variable Interest Entity [Line Items]
Percentage of assets sold		100.00%

Basis Of Presentation and Sum50

Basis Of Presentation and Summary of Significant Accounting Policies - Property, Plant and Equipment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Grandstands and buildings | Minimum
Property, Plant and Equipment [Line Items]
Useful life	10 years
Grandstands and buildings | Maximum
Property, Plant and Equipment [Line Items]
Useful life	40 years
Equipment | Minimum
Property, Plant and Equipment [Line Items]
Useful life	2 years
Equipment | Maximum
Property, Plant and Equipment [Line Items]
Useful life	10 years
Furniture and fixtures | Minimum
Property, Plant and Equipment [Line Items]
Useful life	2 years
Furniture and fixtures | Maximum
Property, Plant and Equipment [Line Items]
Useful life	10 years
Tracks and other improvements | Minimum
Property, Plant and Equipment [Line Items]
Useful life	10 years
Tracks and other improvements | Maximum
Property, Plant and Equipment [Line Items]
Useful life	20 years
Internal use software
Property, Plant and Equipment [Line Items]
Capitalized internal use software	$ 8.9	$ 7.4	$ 7.4
Estimated useful life of capitalized costs	3 years
Capitalized costs, amortization	$ 7	$ 6	$ 5.1
Game technology and rights, premium paid game
Property, Plant and Equipment [Line Items]
Intangible asset estimated useful life	1 year
Game technology and rights, casual and mid-core free-to-play games
Property, Plant and Equipment [Line Items]
Intangible asset estimated useful life	18 months

Acquisitions And New Ventures51

Acquisitions And New Ventures (Details)	Dec. 16, 2014USD ($)employeeshares	Dec. 31, 2015USD ($)game	May. 31, 2015	Dec. 31, 2014USD ($)	Dec. 31, 2015USD ($)game	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)	Dec. 01, 2014USD ($)
Business Acquisition [Line Items]
Tax refund due to Big Fish Games former equity holders		$ 426,000		$ 18,087,000	$ 426,000	$ 18,087,000
Acquisition of businesses, net of cash acquired					959,000	366,045,000	$ 154,872,000
Earnout liability for acquisition of Big Fish Games					0	324,747,000	0
Deferred payment for acquisition of Big Fish Games					0	97,073,000	0
Increase in deferred tax assets for business combination						800,000
Purchase accounting adjustments for goodwill						1,400,000
Increase in accrued expense for business combination						2,200,000
Big Fish Games deferred payment					$ 28,428,000	0	0
Royalty rate, fair value input					2.80%
Net revenue					$ 0	0	0
Loss from continuing operations before provision for income taxes					(112,089,000)	(76,518,000)	(85,506,000)
Equity in income (losses) of unconsolidated investments					11,180,000	6,328,000	(4,142,000)
Payments to acquire interest in joint venture					460,000	17,906,000	70,500,000
Big Fish Games
Business Acquisition [Line Items]
Number of employees | employee	604
Purchase price consideration	$ 838,300,000
Purchase price consideration, cash paid	401,700,000
Deferred payment to founder	85,300,000
Length of deferred founder payment payable (in years)				3 years
Big Fish Games deferred payments fair value	78,000,000
Tax refund due to Big Fish Games former equity holders	$ 18,100,000
Business acquisition, equity interest issued or issuable, number of shares | shares	157,115
Maximum additional variable cash consideration for achievement of certain performance milestones	$ 350,000,000
Commitment to pay in 2016 if earnout milestones achieved		281,600,000			281,600,000
Commitment to pay in 2017 if earnout milestones achieved		68,400,000			68,400,000
Big Fish Games earnout liability	324,700,000
Goodwill from acquisition	540,306,000
Acquisition of businesses, net of cash acquired						$ 366,000,000
Cash acquired in business combination	34,700,000
Payments to Big Fish Games former equity holders					18,700,000
Big Fish Games deferred payment		$ 28,400,000			$ 28,400,000
Number of games expected to launch in next fiscal year | game		1			1
Deferred revenue	$ 37,250,000
Net revenue				$ 13,900,000
Loss from continuing operations before provision for income taxes				$ 2,900,000
Minimum | Computer Equipment and Software | Big Fish Games
Business Acquisition [Line Items]
Useful life	1 year
Minimum | Equipment
Business Acquisition [Line Items]
Useful life					2 years
Minimum | Equipment | Big Fish Games
Business Acquisition [Line Items]
Useful life	2 years
Minimum | Furniture and fixtures
Business Acquisition [Line Items]
Useful life					2 years
Minimum | Furniture and fixtures | Big Fish Games
Business Acquisition [Line Items]
Useful life	2 years
Minimum | Leasehold Improvements | Big Fish Games
Business Acquisition [Line Items]
Useful life	3 years
Maximum | Computer Equipment and Software | Big Fish Games
Business Acquisition [Line Items]
Useful life	5 years
Maximum | Equipment
Business Acquisition [Line Items]
Useful life					10 years
Maximum | Equipment | Big Fish Games
Business Acquisition [Line Items]
Useful life	10 years
Maximum | Furniture and fixtures
Business Acquisition [Line Items]
Useful life					10 years
Maximum | Furniture and fixtures | Big Fish Games
Business Acquisition [Line Items]
Useful life	10 years
Maximum | Leasehold Improvements | Big Fish Games
Business Acquisition [Line Items]
Useful life	10 years
New York Joint Venture
Business Acquisition [Line Items]
Equity method investment, ownership percentage				50.00%		50.00%
Equity in income (losses) of unconsolidated investments						$ 1,000,000
Payments to acquire interest in joint venture						3,300,000
Impairment loss on investment in joint venture						1,600,000
Other assets | New York Joint Venture
Business Acquisition [Line Items]
Equity method investments		$ 800,000			$ 800,000
Secured Debt
Business Acquisition [Line Items]
Term Loan Facility		$ 188,800,000			188,800,000			$ 200,000,000
Issuance Of Common Stock For Extinguishment Of Convertible Note Payable
Business Acquisition [Line Items]
Issuance of common stock for acquisition of Big Fish Games	$ 15,800,000				$ 0	15,793,000	$ 0
Trademarks
Business Acquisition [Line Items]
Royalty rate, fair value input	5.00%
Customer relationships
Business Acquisition [Line Items]
Royalty rate, fair value input	10.00%
Developed Technology Rights
Business Acquisition [Line Items]
Royalty rate, fair value input	25.00%
In-process research & development
Business Acquisition [Line Items]
Royalty rate, fair value input	10.00%
Selling, General and Administrative Expense
Business Acquisition [Line Items]
Acquisition related charges						$ 6,400,000
I-Gaming
Business Acquisition [Line Items]
Term of agreement for internet-based interactive gaming services within California (in years)			10 years

Acquisitions And New Ventures -

Acquisitions And New Ventures - Identifiable Assets Acquired and Liabilities Assumed (Details) - Big Fish Games $ in Thousands	Dec. 16, 2014USD ($)
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Accounts receivable	$ 19,361
Income taxes receivable	18,107
Prepaid expense	9,727
Deferred income taxes	1,682
Other assets	1,780
Property and equipment	14,632
Goodwill	540,306
Other intangible assets	362,863
Total assets acquired	968,458
Accounts payable	9,064
Accrued expense	19,217
Income taxes payable	210
Deferred revenue	37,250
Deferred income taxes	96,238
Other liabilities	2,821
Total liabilities acquired	164,800
Purchase price, net of cash acquired	803,658
Tradename
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Other intangible assets	200,000
Customer relationships
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Other intangible assets	$ 32,663
Finite-Lived Intangible Asset, Useful Life	3 years
Developed technology
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Other intangible assets	$ 87,000
Finite-Lived Intangible Asset, Useful Life	4 years
In-process research & development
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Other intangible assets	$ 12,700
Finite-Lived Intangible Asset, Useful Life	5 years
Strategic development
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Other intangible assets	$ 30,500
Finite-Lived Intangible Asset, Useful Life	6 years

Acquisitions And New Ventures53

Acquisitions And New Ventures - Pro Forma Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Acquisitions and New Ventures [Abstract]
Business Acquisition, Non-recurring Acquisition Costs		$ 23,100
Business Acquisition, Pro Forma Information [Abstract]
Net revenue	$ 1,126,592	1,085,518
Earnings from continuing operations	$ 64,145	$ 11,182

Discontinued Operations (Detail

Discontinued Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest [Abstract]
Net revenue			$ 632
Operating expense			857
Selling, general and administrative expense			0
Operating (loss) gain			(225)
Other income (expense)			145
(Loss) earnings from operations before income taxes			(80)
Income tax benefit (provision)			30
(Loss) gain from operations	$ 0	$ 0	(50)
Loss on sale of assets, net of income taxes	$ 0	$ 0	(83)
Net (loss) gain			$ (133)
Fight! Magazine
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Percentage of assets sold	100.00%

Accounts Receivable (Details)

Accounts Receivable (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Accounts Receivable, Net, Current [Abstract]
Accounts receivable, gross	$ 71,476	$ 80,136
Allowance for doubtful accounts	(3,761)	(4,246)
Accounts receivable, net	67,715	75,890
Bad debt expense			$ 2,500
Big Fish Games
Accounts Receivable, Net, Current [Abstract]
Accounts receivable, net	25,700	28,900
TwinSpires
Accounts Receivable, Net, Current [Abstract]
Bad debt expense	900	700	$ 500
Trade receivables
Accounts Receivable, Net, Current [Abstract]
Accounts receivable, gross	33,016	33,340
Derby-related receivables
Accounts Receivable, Net, Current [Abstract]
Accounts receivable, gross	17,638	24,522
Simulcast and ADW receivables
Accounts Receivable, Net, Current [Abstract]
Accounts receivable, gross	14,753	17,282
Other receivables
Accounts Receivable, Net, Current [Abstract]
Accounts receivable, gross	$ 6,069	$ 4,992

Property and Equipment (Details

Property and Equipment (Details) - USD ($) $ in Thousands	Nov. 04, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross		$ 1,002,972	$ 1,006,367
Accumulated depreciation		(429,800)	(411,052)
Property, Plant and Equipment, Net		573,172	595,315
Depreciation		53,600	55,000	$ 49,600
Restructuring and Related Cost, Accelerated Depreciation			2,400
Asset impairment charge		12,700
Grandstands and buildings
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross		412,394	439,625
Equipment
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross		252,110	237,867
Tracks and other improvements
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross		142,774	142,975
Land
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross		118,694	118,658
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross		52,154	49,765
Construction in progress
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross		22,780	15,427
Artwork
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross		$ 2,066	$ 2,050
TwinSpires
Property, Plant and Equipment [Line Items]
Asset impairment charge	$ 3,200

Calder Exit Costs (Details)

Calder Exit Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Restructuring Cost and Reserve [Line Items]
Calder exit costs	$ 13,854	$ 2,298	$ 0
Calder grandstand impairment charge	12,700
Adjustment | Selling, General and Administrative Expense
Restructuring Cost and Reserve [Line Items]
Calder exit costs	(2,300)
Adjustment | Calder Exit Costs
Restructuring Cost and Reserve [Line Items]
Calder exit costs	2,300
Calder Exit Costs
Restructuring Cost and Reserve [Line Items]
Calder exit costs	13,900
Demolition costs	1,200
Calder Exit Costs | Adjustment | Selling, General and Administrative Expense
Restructuring Cost and Reserve [Line Items]
Calder exit costs		(2,300)
Calder Exit Costs | Adjustment | Calder Exit Costs
Restructuring Cost and Reserve [Line Items]
Calder exit costs		$ 2,300
Grandstand assets | Calder Exit Costs
Restructuring Cost and Reserve [Line Items]
Calder grandstand impairment charge	$ 12,700

Investment In and Advances To58

Investment In and Advances To Unconsolidated Affiliates - Miami Valley Gaming Joint Venture (Details) $ in Thousands	Dec. 21, 2012USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)	Dec. 31, 2015USD ($)	Dec. 12, 2013ft²aterminalmi	Mar. 31, 2012
Investments in and Advances to Affiliates [Line Items]
Equity Method Investment, Summarized Financial Information, Current Assets		$ 24,502	$ 24,096		$ 24,502
Investment Affiliate-Property Plant & Equipment		119,675	130,868		119,675
Equity Method Investment, Summarized Financial Information, Noncurrent Assets		106,660	105,906		106,660
Equity Method Investment, Summarized Financial Information, Assets		250,837	260,870		250,837
Equity Method Investment, Summarized Financial Information, Current Liabilities		21,620	16,783		21,620
Equity Method Investment-Long-term Debt, Current Maturities		8,333	8,332		8,333
Equity Method Investment, Summarized Financial Information, Noncurrent Liabilities		20,520	26,584		20,520
Investment Affiliate-Other Liabilities		75	75		75
Equity Method Investment Summarized Financial Information, Equity		200,289	209,096		200,289
Equity Method Investment, Summarized Financial Information, Liabilities and Equity		250,837	260,870		$ 250,837
Investment Affiliate-Gaming Revenue		130,327	126,374	$ 6,144
Investment Affiliate-Non-Gaming Revenue		6,568	6,257	5,479
Equity Method Investment, Summarized Financial Information, Revenue		136,895	132,631	11,623
Investment Affiliate-Expenses		98,688	97,648	10,926
Equity Method, Depreciation & Amortization		12,816	12,299	935
Investment Affiliate-Pre-Opening Expenses		0	54	7,240
Equity Method Investment Operating Income Loss		25,391	22,630	(7,478)
Investment Affiliate-Interest		(4,197)	(4,829)	(397)
Equity Method Investment, Summarized Financial Information, Net Income (Loss)		21,194	17,801	(7,875)
Dividend from investment in unconsolidated affiliates		15,250	0	0
Equity in income (losses) of unconsolidated investments		$ 11,180	6,328	(4,142)
Miami Valley Gaming LLC
Investments in and Advances to Affiliates [Line Items]
Equity method investment, ownership percentage		50.00%			50.00%		50.00%
Equity method investments	$ 60,000
Note Payable, Term	6 years
Equity Method Investments, Contingent Payable	$ 10,000
Financial Performance Period To Determine Potential Contingent Consideration Payment	7 years
Acres | a						120
Race track, length | mi						0.625
Number of lottery terminals | terminal						1,590
Square footage of Casino | ft²						186,000
Equity Method Investment, Summarized Financial Information, Noncurrent Liabilities	$ 50,000
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	5.00%
Repayments of Notes Payable					$ 16,700
Dividend from investment in unconsolidated affiliates		$ 15,000
Equity in income (losses) of unconsolidated investments		$ 10,597	$ 8,900	$ (3,718)
Funded at Closing | Miami Valley Gaming LLC
Investments in and Advances to Affiliates [Line Items]
Equity method investments	$ 10,000
Notes Payable, Other Payables | Miami Valley Gaming LLC
Investments in and Advances to Affiliates [Line Items]
Equity method investments	$ 50,000

Investment In and Advances To59

Investment In and Advances To Unconsolidated Affiliates - SHRI Equity Investment (Details) ft² in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)ft²hotel_room	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)	Oct. 02, 2015USD ($)terminalmi
Investments in and Advances to Affiliates [Line Items]
Dividend from investment in unconsolidated affiliates	$ 15,250	$ 0	$ 0
Saratoga
Investments in and Advances to Affiliates [Line Items]
Equity method investment, ownership percentage	25.00%			25.00%
Equity method investments				$ 24,500
Number of lottery terminals | terminal				1,700
Race track, length | mi				0.5
Future payment for investment in equity method investee	$ 6,400
Property, Plant, and Equipment, Fair Value Disclosure				$ 3,700
Finite-lived Intangible Assets, Fair Value Disclosure				$ 2,700
Dividend from investment in unconsolidated affiliates	300
Saratoga
Investments in and Advances to Affiliates [Line Items]
Future expansion costs	$ 40,000
Future number of hotel rooms | hotel_room	117
Future square footage of multi-functional event space | ft²	3
Saratoga | DNC
Investments in and Advances to Affiliates [Line Items]
Equity method investment, ownership percentage				50.00%

Goodwill (Details)

Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Goodwill [Roll Forward]
Balance, beginning of period	$ 840,947	$ 300,616
Additions		540,331
Adjustments	777
Balance, end of period	841,724	840,947
Racing
Goodwill [Roll Forward]
Balance, beginning of period	51,659	51,659
Additions		0
Adjustments	0
Balance, end of period	51,659	51,659
Casinos
Goodwill [Roll Forward]
Balance, beginning of period	117,659	117,659
Additions		0
Adjustments	0
Balance, end of period	117,659	117,659
TwinSpires
Goodwill [Roll Forward]
Balance, beginning of period	127,364	127,364
Additions		0
Adjustments	802
Balance, end of period	128,166	127,364
Big Fish Games
Goodwill [Roll Forward]
Balance, beginning of period	540,331	0
Additions		540,331
Adjustments	(25)
Balance, end of period	540,306	540,331
Other Investments
Goodwill [Roll Forward]
Balance, beginning of period	3,934	3,934
Additions		0
Adjustments	0
Balance, end of period	$ 3,934	$ 3,934

Other Intangible Assets (Detail

Other Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	$ 224,775	$ 238,865
Accumulated Amortization	(86,965)	(47,236)
Net Carrying Amount	137,810	191,629
Indefinite-Lived Intangible Assets (Excluding Goodwill) [Abstract]
Indefinite-Lived Intangible Assets (Excluding Goodwill)	496,153	549,972
Amortization expense	56,100	13,300	$ 12,200
Big Fish Games
Indefinite-Lived Intangible Assets (Excluding Goodwill) [Abstract]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles		162,900
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets		200,000
Calder
Indefinite-Lived Intangible Assets (Excluding Goodwill) [Abstract]
Annual license fees paid	2,300	2,300
Trademarks
Indefinite-Lived Intangible Assets (Excluding Goodwill) [Abstract]
Indefinite-Lived Intangible Assets (Excluding Goodwill)	225,729	225,729
Slots gaming rights
Indefinite-Lived Intangible Assets (Excluding Goodwill) [Abstract]
Indefinite-Lived Intangible Assets (Excluding Goodwill)	128,890	128,890
Illinois Horseracing Equity Trust
Indefinite-Lived Intangible Assets (Excluding Goodwill) [Abstract]
Indefinite-Lived Intangible Assets (Excluding Goodwill)	3,307	3,307
Other
Indefinite-Lived Intangible Assets (Excluding Goodwill) [Abstract]
Indefinite-Lived Intangible Assets (Excluding Goodwill)	417	417
Developed technology
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	87,000	87,000
Accumulated Amortization	(23,264)	(931)
Net Carrying Amount	63,736	86,069
Customer relationships
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	75,133	89,203
Accumulated Amortization	(47,149)	(39,399)
Net Carrying Amount	27,984	49,804
Strategic development
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	30,500	30,500
Accumulated Amortization	(6,585)	(263)
Net Carrying Amount	23,915	30,237
In-process research & development
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	12,700	12,700
Accumulated Amortization	(2,622)	(105)
Net Carrying Amount	10,078	12,595
Favorable contracts
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	11,000	11,000
Accumulated Amortization	(5,554)	(4,907)
Net Carrying Amount	5,446	6,093
Other
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	3,699	3,719
Accumulated Amortization	(356)	(326)
Net Carrying Amount	3,343	3,393
Slots gaming license
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	2,250	2,250
Accumulated Amortization	(1,125)	(1,125)
Net Carrying Amount	1,125	1,125
Table games license
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	2,493	2,493
Accumulated Amortization	(310)	(180)
Net Carrying Amount	2,183	$ 2,313
TwinSpires | Customer relationships
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	(14,000)
Accumulated Amortization	$ 14,000

Finite-Lived Intangible, Amorti

Finite-Lived Intangible, Amortization Expense (Details) $ in Thousands	Dec. 31, 2015USD ($)
Intangible Assets, Net (Excluding Goodwill) [Abstract]
2,016	$ 50,687
2,017	36,760
2,018	18,716
2,019	16,638
2,020	4,586
Additional payments not included in future estimated amortization expense	$ 2,300

Income Taxes - Provision for In

Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Current Income Tax Expense (Benefit), Continuing Operations [Abstract]
Federal	$ 46,138	$ 13,236	$ 22,727
State and local	3,822	2,008	2,462
Foreign	376	78	0
Current Income Tax Expense (Benefit)	50,336	15,322	25,189
Deferred Income Tax Expense (Benefit), Continuing Operations [Abstract]
Federal	(1,797)	19,672	5,788
State and local	9	81	(504)
Foreign	(1,656)	(4,914)	0
Deferred Income Tax Expense (Benefit)	(3,444)	14,839	5,284
Income Tax Expense (Benefit), Continuing Operations	$ 46,892	$ 30,161	$ 30,473

Income Taxes - Income Before in

Income Taxes - Income Before income taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Tax Disclosure [Abstract]
Domestic	$ 114,380	$ 76,023	$ 84,742
Foreign	(2,291)	495	764
Income from continuing operations before provision for income taxes	$ 112,089	$ 76,518	$ 85,506

Income Taxes - Income Tax Recon

Income Taxes - Income Tax Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Tax Expense (Benefit), Continuing Operations, Income Tax Reconciliation [Abstract]
Federal statutory tax on earnings before income taxes	$ 39,231	$ 26,782	$ 29,928
State income taxes, net of federal income tax benefit	1,772	1,388	1,514
Non-deductible expense	2,629	999	723
Non-deductible acquisition-related charges	6,567	1,339	0
Accruals and settlements related to tax audits	181	529	(395)
Change in effective state tax rates	93	(401)	(383)
Manufacturing deduction	(1,960)	0	0
Tax credits and incentives	(999)	(1,209)	(663)
Other	(622)	734	(251)
Income Tax Expense (Benefit), Continuing Operations	$ 46,892	$ 30,161	$ 30,473

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Oct. 31, 2012	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2003	Sep. 30, 2015	Dec. 16, 2014	Dec. 31, 2012
Income Taxes [Line Items]
Income tax provision		$ 46,892	$ 30,161	$ 30,473
Combined benefits received		6,400
Sales tax receivable		1,200
Income tax receivable recorded		700
Unrecognized Tax Benefits		2,520	2,926	582				$ 8,565
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued (less than)		100
Unrecognized Tax Benefits that Would Impact Effective Tax Rate		1,900
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit		200
Adjustment
Income Taxes [Line Items]
Reduction in operating expense		(600)	(600)	(800)
Income tax provision		(600)	$ (100)	$ (300)
State
Income Taxes [Line Items]
Operating Loss Carryforwards		2,400
Operating Loss Carryforwards, Valuation Allowance		600
Youbet.com | Federal
Income Taxes [Line Items]
Operating Loss Carryforwards		7,000
Youbet.com and Big Fish Games | State
Income Taxes [Line Items]
Operating Loss Carryforwards		1,300
Big Fish Games
Income Taxes [Line Items]
Unrecognized Tax Benefits		$ 900
Business Combination, Indemnification Assets, Amount as of Acquisition Date							$ 200
KENTUCKY | State
Income Taxes [Line Items]
Reimbursement percentage of income and sales tax					80.00%
ILLINOIS | State
Income Taxes [Line Items]
Income taxes paid	$ 2,900
Income tax refund received for settlement of state income tax apportionment methodology						$ 2,900

Income Taxes - Components of De

Income Taxes - Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Components of Deferred Tax Assets [Abstract]
Deferred compensation plans	$ 34,080	$ 31,520
Deferred income	14,336	752
Allowance for uncollectible receivables	1,251	1,323
Deferred liabilities	1,869	4,625
Net operating losses and credit carryforward	11,680	32,573
Deferred tax assets	63,216	70,793
Valuation allowance	(1,052)	(1,274)
Net deferred tax asset	62,164	69,519
Deferred Tax Liabilities, Gross [Abstract]
Intangible assets in excess of tax basis	142,970	151,210
Property and equipment in excess of tax basis	31,216	37,827
Other	15,861	11,485
Deferred tax liabilities	190,047	200,522
Net deferred tax liability	(127,883)	(131,003)
Net current deferred tax asset	0	18,519
Net non-current deferred tax liability	$ (127,883)	$ (149,522)

Income Taxes - Valuation allowa

Income Taxes - Valuation allowance for deferred tax assets (Details) - Deferred income tax asset valuation allowance: - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Valuation allowance for deferred tax assets [Roll Forward]
Balance Beginning of Year	$ 1,274	$ 1,213	$ 1,334
Charged to costs and expense	(313)	158
Charged to other accounts	91	(83)
Deductions	0	(14)	(289)
Balance End of Year	$ 1,052	$ 1,274	$ 1,213

Income Taxes - Unrecognized Tax

Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Unrecognized tax benefit, beginning of period	$ 2,926	$ 582	$ 8,565
Additions for tax positions related to the current year	310	573	190
Additions for tax positions of prior years	302	2,097	207
Reductions for tax positions of prior years	(1,018)	(326)	(8,380)
Unrecognized tax benefit, end of period	$ 2,520	$ 2,926	$ 582

Shareholders' Equity (Details)

Shareholders' Equity (Details)	Nov. 19, 2015USD ($)$ / sharesshares	Mar. 13, 2008right / sharesshares / rightfirm	Dec. 31, 2014USD ($)shares	Feb. 24, 2016USD ($)	Dec. 31, 2015USD ($)	Oct. 28, 2015USD ($)	Apr. 23, 2013USD ($)
Authorized stock repurchase amount					$ 150,000,000	$ 150,000,000	$ 100,000,000
Stock Repurchased During Period (in shares) | shares			691,000
Stock Repurchased and Retired During Period, Value			$ 61,600,000
Number of days for average common stock repurchase price	20 days
Remaining unused authorization for stock repurchase program					$ 11,900,000
Percent of common stock issued		200.00%
Number of investment banking firms consulting with company | firm		1
Maximum percentage of companies assets, cash flow or earnings power before shareholders will lose right to exercise shares		50.00%
Class of Warrant or Right, Triggering Event, Repurchase, Beneficial Owner, Percentage		50.00%
Minimum
Beneficial ownership percentage		15.00%
Common Stock | Common Stock
Class or Warrant or Right, Percent of Common Stock Issued		200.00%
Class of Warrant or Right, Repurchase Rate | shares / right		1
Common Stock | Series A Preferred Stock
Class of Warrant or Right, Repurchase Rate | shares / right		0.0001
Series A Preferred Stock | Common Stock
Class of Warrant or Right, Issuance Rate | right / shares		1
The Duchossois Group
Stock Repurchased During Period (in shares) | shares	945,000
Stock Repurchased and Retired During Period, Value	$ 138,100,000
Repurchase price (in dollars per share) | $ / shares	$ 146.13
Subsequent Event
Authorized stock repurchase amount				$ 150,000,000

Director and Employee Benefit71

Director and Employee Benefit Plans (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Defined Benefit Plan and Defined Contribution Plan Disclosure [Line Items]
Operating income		$ 123,612	$ 90,393	$ 90,100
Employer matching contribution, percent		3.00%
Maximum annual contribution per employee, percent		50.00%
Employer's maximum additional match, percentage		2.00%
Employer's discretionary matching contribution		4.00%
Cash contribution to profit-sharing plan		$ 3,400	2,500	2,300
Noncontributory Defined Benefit Multi-Employer Retirement Plan
Defined Benefit Plan and Defined Contribution Plan Disclosure [Line Items]
Retirement plan expense		$ 600	$ 700	$ 600
Big Fish Games
Defined Benefit Plan and Defined Contribution Plan Disclosure [Line Items]
Employer matching contribution, percent		3.00%
Restatement Adjustment | Correcting benefit for life-to-date appreciation of hypothetical shares from inception of the deferred plan
Defined Benefit Plan and Defined Contribution Plan Disclosure [Line Items]
Operating income	$ 2,800
Restatement Adjustment | Correcting benefit previously recognized as operating expense in 2015
Defined Benefit Plan and Defined Contribution Plan Disclosure [Line Items]
Operating income	1,500
Restatement Adjustment | Correcting benefit previously recognized as operating expense in 2006 to 2014
Defined Benefit Plan and Defined Contribution Plan Disclosure [Line Items]
Operating income	$ 1,300

Total Debt - Schedule of debt

Total Debt - Schedule of debt outstanding (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 16, 2015	Dec. 31, 2014	Dec. 16, 2013
Debt Instrument [Line Items]
Outstanding Principal	$ 788,750		$ 770,355
Debt, Unamortized Premium	2,978		0
Unamortized Debt Issuance Costs and Loan Origination Fees	9,946		6,251
Long-term Debt, Net	781,782		764,104
Current maturities of long-term debt	16,250		11,250
Total Debt, Net of Current Maturities, Outstanding Principal	772,500		759,105
Long-term Debt, Excluding Current Maturities	765,532		752,854
Debt interest rate		5.375%		5.375%
Secured Debt
Debt Instrument [Line Items]
Outstanding Principal	188,750		470,355
Debt, Unamortized Premium	0		0
Unamortized Debt Issuance Costs and Loan Origination Fees	638		787
Long-term Debt, Net	188,112		469,568
Unsecured Debt
Debt Instrument [Line Items]
Long-term Debt, Excluding Current Maturities	600,000
Senior Secured Credit Facility due 2018 | Secured Debt
Debt Instrument [Line Items]
Outstanding Principal	0		258,000
Debt, Unamortized Premium	0		0
Unamortized Debt Issuance Costs and Loan Origination Fees	0		0
Long-term Debt, Net	0		258,000
Term Loan A due 2019 | Secured Debt
Debt Instrument [Line Items]
Outstanding Principal	188,750		200,000
Debt, Unamortized Premium	0		0
Unamortized Debt Issuance Costs and Loan Origination Fees	638		787
Long-term Debt, Net	188,112		199,213
Swing line of credit | Line of Credit
Debt Instrument [Line Items]
Outstanding Principal	0		12,355
Debt, Unamortized Premium	0		0
Unamortized Debt Issuance Costs and Loan Origination Fees	0		0
Long-term Debt, Net	0		12,355
5.375% Senior Unsecured Notes due 2021 | Unsecured Debt
Debt Instrument [Line Items]
Outstanding Principal	600,000		300,000
Debt, Unamortized Premium	2,978		0
Unamortized Debt Issuance Costs and Loan Origination Fees	9,308		5,464
Long-term Debt, Net	$ 593,670		$ 294,536
Debt interest rate	5.375%		5.375%

Total Debt - Narrative (Details

Total Debt - Narrative (Details)	Dec. 16, 2015USD ($)	Dec. 01, 2014USD ($)	Dec. 16, 2013USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Debt Instrument [Line Items]
Loan origination fees		$ 900,000
Debt weighted average interest rate				1.73%	2.19%
Notes payable				$ 593,670,000	$ 294,536,000
Debt interest rate	5.375%		5.375%
Proceeds from Issuance of Unsecured Debt	$ 299,000,000		$ 295,000,000
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed				104.031%
Secured Debt
Debt Instrument [Line Items]
Term Loan Facility		$ 200,000,000		$ 188,800,000
Annual paydown requirements year one				5.00%
Annual paydown requirements year two				7.50%
Annual paydown requirements year three				10.00%
Annual paydown requirements year four				12.50%
Annual paydown requirements year five				15.00%
Revolving Credit Facility | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Variable rate basis				LIBOR
Remaining borrowing capacity				$ 492,100,000
Unsecured Debt
Debt Instrument [Line Items]
Notes payable	$ 300,000,000		300,000,000	600,000,000
Premium Percent for Debt Issuance	101.00%
Debt issuance costs	$ 4,700,000		$ 6,300,000
Quarterly Principal Payments | Secured Debt
Debt Instrument [Line Items]
Long-term Line of Credit, Noncurrent				2,400,000
Incremental Quarterly Principal Payments | Secured Debt
Debt Instrument [Line Items]
Long-term Line of Credit, Noncurrent				1,200,000
Maximum Quarterly Principal Payments | Secured Debt
Debt Instrument [Line Items]
Long-term Line of Credit, Noncurrent				7,100,000
Final Balance Due | Secured Debt
Debt Instrument [Line Items]
Long-term Line of Credit, Noncurrent				$ 94,400,000
Minimum | Revolving Credit Facility | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Margin on variable rate				1.125%
Commitment fee, unused capacity				0.175%
Debt covenant, interest coverage ratio				3
Debt covenant, leverage ratio				4.5
Maximum [Member] | Revolving Credit Facility | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Margin on variable rate				3.00%
Commitment fee, unused capacity				0.45%
Debt covenant, leverage ratio				5
Line of Credit Facility, Covenant Terms, Senior Secured Leverage Ratio				3.5
5.375% Senior Unsecured Notes due 2021 | Unsecured Debt
Debt Instrument [Line Items]
Percent of principal amount of notes redeemed prior to make-whole premium				100.00%
Debt interest rate				5.375%	5.375%

Total Debt - Fiscal Year Maturi

Total Debt - Fiscal Year Maturities (Details) $ in Thousands	Dec. 31, 2015USD ($)
Long-term Debt, Fiscal Year Maturity [Abstract]
2,016	$ 9,437
2,017	14,156
2,018	18,876
2,019	23,594
2,020	28,312
Thereafter	694,375
Total debt	$ 788,750

Operating Leases (Details)

Operating Leases (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2002
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
2,016	$ 13,534,000
2,017	11,005,000
2,018	5,412,000
2,019	2,758,000
2,020	1,975,000
Thereafter	2,485,000
Operating Leases, Future Minimum Payments Due	37,169,000
Rent expense for contingent lease payments	3,500,000	$ 3,600,000	$ 3,700,000
Total rent expense for all operating leases	$ 25,400,000	$ 20,200,000	$ 20,200,000
Payment to re-acquire Churchill Downs facility in future period				$ 1

Stock-Based Compensation Plan76

Stock-Based Compensation Plans - Options Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Sep. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 13,849	$ 11,931	$ 21,482
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	167,800		92,000
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized				29,218
Compensation expense recognized	$ 1,300
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares exercised (in shares)	1,000	182,000	7,000
Total intrinsic value of options exercised	$ 100	$ 9,600	$ 300
Cash received from exercised options	$ 100	$ 6,400	$ 300
Shares exercisable at period end (in shares)		10,000
Shares exercised, weighted average exercise price (in dollars per share)		$ 48.63
2007 Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options, contractual term (in years)	10 years
Award vesting period (in years)	3 years
Employee Agreement | Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares exercised (in shares)		180,000
Shares granted (in dollars per share)		$ 35.19
Shares exercised, minimum price (in dollars per share)		85
Shares exercised, maximum price (in dollars per share)		$ 91.33

Stock-Based Compensation Plan77

Stock-Based Compensation Plans - Stock Option Activity (Details) - Stock Options - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Shares outstanding, beginning of period (in shares)	10	193	201
Shares granted (in shares)	0	0	0
Shares exercised (in shares)	(1)	(182)	(7)
Shares cancelled/forfeited (in shares)	0	(1)	(1)
Shares outstanding, end of period (in shares)	9	10	193
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward]
Shares outstanding, weighted average exercise price, beginning of period (in dollars per share)	$ 48.63	$ 36.04	$ 36.30
Shares granted, weighted average exercise price (in dollars per share)	0	0	0
Shares exercised, weighted average exercise price (in dollars per share)	49.95	35.26	42.94
Shares cancelled/forfeited, weighted average exercise price (in dollars per share)	0	49.95	36.12
Shares outstanding, weighted average exercise price, end of period (in dollars per share)	$ 48.37	$ 48.63	$ 36.04

Stock-Based Compensation Plan78

Stock-Based Compensation Plans - Activity of Stock Options Exercisable and Outstanding (Details) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest [Abstract]
Exercisable and vested options at period end, shares under option (in shares) | shares	9
Exercisable and vested options at period end, remaining contractual life (in years)	2 years 3 months 18 days
Exercisable and vested options at period end, average exercise price per share (in dollars per share)	$ 48.37
Exercisable and vested options at period end, intrinsic value per share (in dollars per share)	$ 93.12	[1]
Exercisable and vested options at period end, aggregate intrinsic value | $	$ 800
Common stock, market fair value (in dollars per share)	$ 141.49
[1]	Computed based upon the amount by which the fair market value of our common stock on December 31, 2015 of $141.49 per share exceeded the weighted average exercise price.

Stock-Based Compensation Plan79

Stock-Based Compensation Plans - Restricted Shares and Restricted Stock Units (Details) $ in Thousands	Sep. 22, 2015	Dec. 31, 2015USD ($)trading_dayservice_periodshares	Dec. 31, 2014USD ($)shares	Dec. 31, 2013USD ($)shares	Sep. 30, 2015shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense		$ 13,849	$ 11,931	$ 21,482
Unrecognized compensation expense		$ 9,700
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | shares		167,800		92,000
Number of Consecutive Trading Days Common Stock Must Reach Certain Closing Price For Restricted Stock to Fully Vest | trading_day		20
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense		$ 16,000
Weighted average period over which unrecognized compensation is expected to be recognized for equity-based compensation plan		1 year 10 months 24 days
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | shares					29,218
Stock-based compensation expense		$ 1,300
Other awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense		$ 2,900
2007 Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)		3 years
2007 Incentive Plan | Restricted Stock Units (RSU)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)		3 years
Executive Long-Term Incentive Compensation Plan (the “ELTI Plan”)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance and service period under adopted ELTI Plan	30 months
Executive Long-Term Incentive Compensation Plan (the “ELTI Plan”) | Restricted Stock Units (RSU)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of units received by NEOs and Grantees under adopted ELTI Plan (in shares) | shares		22,142
Share-based Compensation Arrangement by Share-based Payment Award, Number of Vesting Service Periods | service_period		2
Unrecognized compensation expense		$ 2,500
Weighted average period over which unrecognized compensation is expected to be recognized for equity-based compensation plan		18 months
Executive Long-Term Incentive Compensation Plan (the “ELTI Plan”) | Performance Share Units (PSU)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance and service period under adopted ELTI Plan	30 months
Number of units received by NEOs and Grantees under adopted ELTI Plan (in shares) | shares		27,282
Maximum number of performance share units as percentage of original award (in percent)	250.00%
Unrecognized compensation expense		$ 3,800
Weighted average period over which unrecognized compensation is expected to be recognized for equity-based compensation plan		24 months
Executive Long-Term Incentive Compensation Plan (the “ELTI Plan”) | RSU and PSU awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense		$ 900
NEOs, Grantees and certain other employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense		6,200
NEOs, Grantees and certain other employees | Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)				4 years
2013 New Company LTIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense		$ 1,900
Minimum | Common Stock
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
Maximum | Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average period over which unrecognized compensation is expected to be recognized for equity-based compensation plan		23 months
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term		3 years
Performance-Based Awards | Restricted stock
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 | shares				324,000
Number of vested shares after achievement of consecutive trading days closing price stock requirement | shares		324,000	324,000	324,000
Performance-Based Awards | NEOs, Grantees and certain other employees | Restricted stock
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 | shares		27,282
Service Period Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense		$ 800

Stock-Based Compensation Plan80

Stock-Based Compensation Plans - Activity for the ELTI Plan, 2013 New Company LTIP, 2007 Incentive Plan and awards made outside of the stock-based compensation plans (Details) - Restricted stock - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
ELTI Plan, the 2013 New Company LTIP, the 2007 Incentive Plan and awards made outside of stock-based compensation plans
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Shares outstanding, beginning of period (in shares)	341,000	673,000	379,000
Shares, granted (in shares)	217,000	26,000	611,000
Shares, vested (in shares)	(235,000)	(346,000)	(316,000)
Shares cancelled/forfeited (in shares)	(9,000)	(12,000)	(1,000)
Shares outstanding, end of period (in shares)	314,000	341,000	673,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Shares outstanding, weighted average grant date fair value, beginning of period (in dollars per share)	$ 55.77	$ 53.64	$ 42.97
Shares, weighted average grant date fair value, vested (in dollars per share)	58.91	53.70	53.90
Shares, weighted average grant date fair value, granted (in dollars per share)	108.73	88.58	60.21
Shares, weighted average grant date fair value, cancelled/forfeited (in dollars per share)	93.04	60.41	38.75
Shares outstanding, weighted average grant date fair value, end of period (in dollars per share)	$ 87.31	$ 55.77	$ 53.64
Market Condition & Performance-Based Awards
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Shares outstanding, beginning of period (in shares)		324,000
Shares outstanding, end of period (in shares)			324,000
Market Condition & Performance-Based Awards | ELTI Plan, the 2013 New Company LTIP, the 2007 Incentive Plan and awards made outside of stock-based compensation plans
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Shares outstanding, beginning of period (in shares)	85,000	324,000	60,000
Shares, granted (in shares)	27,000	0	324,000
Shares, vested (in shares)	(85,000)	(239,000)	(60,000)
Shares cancelled/forfeited (in shares)	0	0	0
Shares outstanding, end of period (in shares)	27,000	85,000	324,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Shares outstanding, weighted average grant date fair value, beginning of period (in dollars per share)	$ 54.32	$ 53.71	$ 45.90
Shares, weighted average grant date fair value, vested (in dollars per share)	48.31	53.49	45.90
Shares, weighted average grant date fair value, granted (in dollars per share)	154.90	0	53.71
Shares, weighted average grant date fair value, cancelled/forfeited (in dollars per share)	0	0	0
Shares outstanding, weighted average grant date fair value, end of period (in dollars per share)	$ 154.90	$ 54.32	$ 53.71
Service Period Awards | ELTI Plan, the 2013 New Company LTIP, the 2007 Incentive Plan and awards made outside of stock-based compensation plans
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Shares outstanding, beginning of period (in shares)	256,000	349,000	319,000
Shares, granted (in shares)	190,000	26,000	287,000
Shares, vested (in shares)	(150,000)	(107,000)	(256,000)
Shares cancelled/forfeited (in shares)	(9,000)	(12,000)	(1,000)
Shares outstanding, end of period (in shares)	287,000	256,000	349,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Shares outstanding, weighted average grant date fair value, beginning of period (in dollars per share)	$ 56.24	$ 53.58	$ 42.42
Shares, weighted average grant date fair value, vested (in dollars per share)	64.87	54.15	59.54
Shares, weighted average grant date fair value, granted (in dollars per share)	102.09	88.58	67.55
Shares, weighted average grant date fair value, cancelled/forfeited (in dollars per share)	93.04	60.41	38.75
Shares outstanding, weighted average grant date fair value, end of period (in dollars per share)	$ 80.90	$ 56.24	$ 53.58

Stock-Based Compensation Plan81

Stock-Based Compensation Plans - Employee Stock Purchase Plan (Details) - Employee Stock Purchase Plan - USD ($) shares in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Employee Stock Purchase Plan [Abstract]
Percentage of common stock purchase price that employee allowed to purchase at	85.00%
Maximum stock allowed to be purchased by employee in one year, value	$ 25,000
Stock sold by company to employees (in shares)	15
Stock-based compensation expense	$ 600,000	$ 400,000	$ 400,000

Fair Value Of Assets And Liab82

Fair Value Of Assets And Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Big Fish Games deferred payment	$ (28,428)	$ 0	$ 0
Change in fair value, Total Big Fish Games	21,700
Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents and restricted cash	30,072	27,464
Assets, Fair Value Disclosure	30,072	27,464
Fair Value, Inputs, Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Big Fish Games deferred payments	54,720	78,800
Big Fish Games earnout liability	345,200	327,800
Bluff contingent consideration liability	2,331	2,331
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value	402,251	$ 408,931
Big Fish Games deferred payment	(28,428)
Change in fair value, Big Fish Games Deferred Payments	4,348
Change in fair value, Big Fish Games Earnout Liability	17,400
Change in fair value, Total Big Fish Games	$ 21,748

Fair Value Of Assets And Liab83

Fair Value Of Assets And Liabilities - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate, fair value input		2.80%
Increase in fair values of Big Fish Games deferred payment and earnout liability		$ 21,700
Big Fish Games deferred payment		28,428	$ 0	$ 0
Amount one-percentage point change in discount rate would increase or decrease the fair value of Big Fish Games deferred payment and earnout liability		2,500
Long-term debt	$ 765,532	765,532	752,854
Unsecured Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	600,000	600,000
Fair value of long-term debt	604,100	604,100	$ 299,300
Big Fish Games
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Big Fish Games deferred payment	$ 28,400	$ 28,400

Net Income Per Common Share C84

Net Income Per Common Share Computations (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended									12 Months Ended
	Dec. 31, 2015	[1]	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Earnings Per Share [Abstract]
Income from continuing operations	$ 7,508		$ 4,203	$ 55,044	$ (1,558)	$ (13,807)	$ 3,531	$ 57,333	$ (700)	$ 65,197	$ 46,357	$ 55,033
Income from continuing operations allocated to participating securities										(595)	(267)	(873)
Numerator for basic income from continuing operations per common share										64,602	46,090	54,160
Net income										65,197	46,357	54,900
Net income allocated to participating securities										(595)	(267)	(870)
Numerator for basic net income per common share										64,602	46,090	54,030
Numerator for diluted income from continuing operations per common share:										65,197	46,357	55,033
Numerator for diluted income per common share										$ 65,197	$ 46,357	$ 54,900
Denominator for net income per common share:
Basic (in shares)										17,225	17,271	17,294
Plus dilutive effect of stock options and restricted stock (in shares)										121	153	248
Plus dilutive effect of participating securities (in shares)										230	165	396
Diluted (in shares)										17,576	17,589	17,938
Basic
Income from continuing operations (in dollars per share)										$ 3.75	$ 2.67	$ 3.13
Discontinued operations (in dollars per share)										0	0	(0.01)
Basic net (loss) income per common share (in dollars per share)	$ 0.44		$ 0.24	$ 3.12	$ (0.09)	$ (0.81)	$ 0.21	$ 3.23	$ (0.04)	3.75	2.67	3.12
Diluted
Income from continuing operations (in dollars per share)										3.71	2.64	3.07
Discontinued operations (in dollars per share)										0	0	(0.01)
Diluted net (loss) income per common share (in dollars per share)	$ 0.43		$ 0.24	$ 3.10	$ (0.09)	$ (0.81)	$ 0.20	$ 3.21	$ (0.04)	$ 3.71	$ 2.64	$ 3.06
[1]	Refer to Note 12—Director and Employee Benefit Plans for discussion of an out of period adjustment during the fourth quarter of 2015.

Segment Information - Informati

Segment Information - Information About Reported Segments (Details) $ in Thousands	3 Months Ended									12 Months Ended
	Dec. 31, 2015USD ($)	[1]	Sep. 30, 2015USD ($)	Jun. 30, 2015USD ($)	Mar. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Sep. 30, 2014USD ($)	Jun. 30, 2014USD ($)	Mar. 31, 2014USD ($)	Dec. 31, 2015USD ($)Segment	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Segment Reporting Information [Line Items]
Number of operating segments | Segment										6
Net revenue	$ 272,387		$ 279,765	$ 409,239	$ 250,910	$ 168,122	$ 173,483	$ 303,472	$ 167,141	$ 1,212,301	$ 812,218	$ 779,028
Net revenue										0	0	0
Racing:
Segment Reporting Information [Line Items]
Net revenue										248,603	261,453	274,269
Net revenue										14,201	14,601	12,495
Casinos:
Segment Reporting Information [Line Items]
Net revenue										332,299	328,294	297,176
TwinSpires
Segment Reporting Information [Line Items]
Net revenue										200,168	190,333	184,541
Net revenue										1,032	958	853
Big Fish Games:
Segment Reporting Information [Line Items]
Net revenue										413,685	13,855	0
Other Investments
Segment Reporting Information [Line Items]
Net revenue										16,636	17,125	21,899
Net revenue										3,532	4,130	4,409
Corporate
Segment Reporting Information [Line Items]
Net revenue										910	1,158	1,143
Eliminations
Segment Reporting Information [Line Items]
Net revenue										(18,765)	(19,689)	(17,757)
Casino | Big Fish Games:
Segment Reporting Information [Line Items]
Net revenue										193,428	7,627	0
Casual free-to-play | Big Fish Games:
Segment Reporting Information [Line Items]
Net revenue										125,321	2,098	0
Premium | Big Fish Games:
Segment Reporting Information [Line Items]
Net revenue										94,936	4,130	0
Oxford Casino | Casinos:
Segment Reporting Information [Line Items]
Net revenue										80,405	76,526	34,350
Riverwalk Casino | Casinos:
Segment Reporting Information [Line Items]
Net revenue										49,758	50,139	53,645
Harlow’s Casino | Casinos:
Segment Reporting Information [Line Items]
Net revenue										48,978	50,199	52,440
Calder Casinos | Casinos:
Segment Reporting Information [Line Items]
Net revenue										77,421	77,003	78,951
Fair Grounds Slots | Casinos:
Segment Reporting Information [Line Items]
Net revenue										38,408	40,774	42,156
VSI | Casinos:
Segment Reporting Information [Line Items]
Net revenue										36,913	33,653	35,634
Saratoga | Casinos:
Segment Reporting Information [Line Items]
Net revenue										416	0	0
Churchill Downs | Racing:
Segment Reporting Information [Line Items]
Net revenue										151,125	143,191	132,845
Net revenue										7,832	7,038	6,686
Arlington | Racing:
Segment Reporting Information [Line Items]
Net revenue										54,405	60,312	64,483
Net revenue										5,063	5,767	3,395
Fair Grounds | Racing:
Segment Reporting Information [Line Items]
Net revenue										40,343	38,625	40,677
Net revenue										1,306	1,089	1,151
Calder | Racing:
Segment Reporting Information [Line Items]
Net revenue										2,730	19,325	36,264
Net revenue										$ 0	$ 707	$ 1,263
[1]	Refer to Note 12—Director and Employee Benefit Plans for discussion of an out of period adjustment during the fourth quarter of 2015.

Segment Information - Reconcili

Segment Information - Reconciliation of segment Adjusted EBITDA to net income (Details) - USD ($) $ in Thousands	3 Months Ended									12 Months Ended
	Dec. 31, 2015	[1]	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Segment Reporting Information [Line Items]
Segment Adjusted EBITDA										$ 335,618	$ 202,491	$ 176,231
Change in Big Fish Games deferred revenue										(39,554)	(4,497)	0
Big Fish Games adjustments										(21,748)	(10,193)	0
Stock-based compensation expense										(13,849)	(11,931)	(21,482)
MVG interest expense, net										(2,098)	(2,546)	(170)
Calder exit costs										(13,854)	(2,298)	0
Other charges and recoveries, net										5,833	(5,429)	(1,204)
Depreciation and amortization										(109,706)	(68,257)	(61,750)
Interest income (expense), net										(28,553)	(20,822)	(6,119)
Income tax provision										(46,892)	(30,161)	(30,473)
Income from continuing operations	$ 7,508		$ 4,203	$ 55,044	$ (1,558)	$ (13,807)	$ 3,531	$ 57,333	$ (700)	65,197	46,357	55,033
Discontinued operations, net of income taxes										0	0	(133)
Net income										65,197	46,357	54,900
Foreign currency translation, net of tax										(463)	(125)	0
Comprehensive income										64,734	46,232	54,900
Racing
Segment Reporting Information [Line Items]
Segment Adjusted EBITDA										71,841	61,160	50,275
Casinos
Segment Reporting Information [Line Items]
Segment Adjusted EBITDA										108,516	101,106	80,631
TwinSpires
Segment Reporting Information [Line Items]
Segment Adjusted EBITDA										51,533	45,282	49,122
Big Fish Games
Segment Reporting Information [Line Items]
Segment Adjusted EBITDA										108,018	3,837	0
Other Investments
Segment Reporting Information [Line Items]
Segment Adjusted EBITDA										(37)	(3,857)	809
Corporate
Segment Reporting Information [Line Items]
Segment Adjusted EBITDA										$ (4,253)	$ (5,037)	$ (4,606)
[1]	Refer to Note 12—Director and Employee Benefit Plans for discussion of an out of period adjustment during the fourth quarter of 2015.

Segment Information - Equity in

Segment Information - Equity in Earnings (Losses) of Unconsolidated Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Segment Reporting, Other Significant Reconciling Item [Line Items]
Equity in income (losses) of unconsolidated investments	$ 11,180	$ 6,328	$ (4,142)
Casinos
Segment Reporting, Other Significant Reconciling Item [Line Items]
Equity in income (losses) of unconsolidated investments	10,929	8,900	(3,718)
TwinSpires
Segment Reporting, Other Significant Reconciling Item [Line Items]
Equity in income (losses) of unconsolidated investments	0	(68)	(848)
Other Investments
Segment Reporting, Other Significant Reconciling Item [Line Items]
Equity in income (losses) of unconsolidated investments	$ 251	$ (2,504)	$ 424

Segment Information - Total Ass

Segment Information - Total Asset Information For Segments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	$ 2,277,444	$ 2,356,253
Capital expenditures	43,510	54,486	$ 48,771
Racing
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	437,070	456,034
Capital expenditures	12,280	33,919	20,184
Casinos
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	631,280	621,489
Capital expenditures	18,784	7,715	13,643
TwinSpires
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	177,624	178,694
Capital expenditures	4,306	5,778	5,908
Big Fish Games
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	947,112	996,918
Capital expenditures	6,431	116	0
Other Investments
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	37,033	34,083
Capital expenditures	809	5,240	8,375
Corporate
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	47,325	69,035
Capital expenditures	$ 900	$ 1,718	$ 661

HRTV Equity Investment Divest89

HRTV Equity Investment Divestiture (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Jan. 31, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Schedule of Equity Method Investments [Line Items]
Proceeds from sale of equity investment		$ 6,000	$ 0	$ 0
Gain from sale of ownership interest		$ 5,817	$ 0	$ 0
HRTV, LLC
Schedule of Equity Method Investments [Line Items]
Proceeds from sale of equity investment	$ 6,000
Other Investments | HRTV, LLC
Schedule of Equity Method Investments [Line Items]
Gain from sale of ownership interest	$ 5,800

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ / shares in Units, $ in Millions	Nov. 19, 2015	Dec. 31, 2014
Related Party Transaction [Line Items]
Stock Repurchased During Period (in shares)		691,000
Stock Repurchased and Retired During Period, Value		$ 61.6
Number of days for average common stock repurchase price	20 days
The Duchossois Group
Related Party Transaction [Line Items]
Stock Repurchased During Period (in shares)	945,000
Stock Repurchased and Retired During Period, Value	$ 138.1
Repurchase price (in dollars per share)	$ 146.13

HRE Trust Fund Proceeds (Detail

HRE Trust Fund Proceeds (Details) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2013	Jul. 10, 2013
HRE Trust Fund Proceeds [Line Items]
HRE Trust Fund Proceeds	15.00%
Gross Proceeds from HRE Trust		$ 7.9	$ 23
Purses
HRE Trust Fund Proceeds [Line Items]
Gross Proceeds from HRE Trust		3.6
Other Income
HRE Trust Fund Proceeds [Line Items]
Gross Proceeds from HRE Trust		$ 4.2

Subsequent Events (Details)

Subsequent Events (Details) - USD ($)	Feb. 24, 2016	Feb. 17, 2016	Dec. 31, 2015	Oct. 28, 2015	Dec. 01, 2014	Apr. 23, 2013
Subsequent Event [Line Items]
Authorized stock repurchase amount			$ 150,000,000	$ 150,000,000		$ 100,000,000
Remaining unused authorization for stock repurchase program			11,900,000
Subsequent Event
Subsequent Event [Line Items]
Authorized stock repurchase amount	$ 150,000,000
Secured Debt
Subsequent Event [Line Items]
Term Loan			$ 188,800,000		$ 200,000,000
Secured Debt | Subsequent Event
Subsequent Event [Line Items]
Maximum aggregate commitment for Senior Secured Credit Facility		$ 500,000,000
Term Loan		$ 188,750,000

Quarterly Results of Operatio93

Quarterly Results of Operations (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended									12 Months Ended
	Dec. 31, 2015	[1]	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Quarterly Financial Information Disclosure [Abstract]
Net revenue	$ 272,387		$ 279,765	$ 409,239	$ 250,910	$ 168,122	$ 173,483	$ 303,472	$ 167,141	$ 1,212,301	$ 812,218	$ 779,028
(Loss) income from operations	$ 7,508		$ 4,203	$ 55,044	$ (1,558)	$ (13,807)	$ 3,531	$ 57,333	$ (700)	$ 65,197	$ 46,357	$ 55,033
Basic net (loss) income per common share (in dollars per share)	$ 0.44		$ 0.24	$ 3.12	$ (0.09)	$ (0.81)	$ 0.21	$ 3.23	$ (0.04)	$ 3.75	$ 2.67	$ 3.12
Diluted net (loss) income per common share (in dollars per share)	$ 0.43		$ 0.24	$ 3.10	$ (0.09)	$ (0.81)	$ 0.20	$ 3.21	$ (0.04)	$ 3.71	$ 2.64	$ 3.06
[1]	Refer to Note 12—Director and Employee Benefit Plans for discussion of an out of period adjustment during the fourth quarter of 2015.

Schedule II - Valuation and Q94

Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Allowance for doubtful accounts:
Movement in Valuation Allowances and Reserves [Roll Forward]
Balance Beginning of Year	$ 4,246	$ 4,338	$ 1,885
Acquired Balances	0	0	0
Charged to Expense	1,265	1,710	3,785
Deductions	(1,750)	(1,802)	(1,332)
Balance End of Year	3,761	4,246	4,338
Deferred income tax asset valuation allowance:
Movement in Valuation Allowances and Reserves [Roll Forward]
Balance Beginning of Year	1,274	1,213	1,334
Additions	(222)	75	168
Charged to Expense	(313)	158
Deductions	0	(14)	(289)
Balance End of Year	$ 1,052	$ 1,274	$ 1,213