Churchill Downs (CHDN) 10-Q 27 Oct 16 2016 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2016	Oct. 21, 2016
Document And Entity Information [Abstract]
Document Type	10-Q
false	false
Document Period End Date	Sep. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
Entity Registrant Name	CHURCHILL DOWNS INC
Entity Central Index Key	20,212
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		16,607,697

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2016	Dec. 31, 2015
ASSETS
Cash and cash equivalents	$ 56.9	$ 74.5
Restricted cash	31.3	29.7
Accounts receivable, net of allowance for doubtful accounts of $3.5 at September 30, 2016 and $3.8 at December 31, 2015	50.8	67.8
Income taxes receivable	0	1
Software development, net	10.5	7.1
Other current assets	51.7	39.5
Total current assets	201.2	219.6
Property and equipment, net	573.3	573.2
Software development, net	5.2	3.2
Investment in and advances to unconsolidated affiliates	131.4	129.7
Goodwill	841.7	841.7
Other intangible assets, net	458.4	496.2
Other assets	13.5	13.8
Total assets	2,224.7	2,277.4
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable	53.9	39.1
Purses payable	18.9	12.1
Account wagering deposit liabilities	22.1	20.4
Accrued expense	101	97.9
Accrued Income Taxes, Current	22	0
Tax refund due to Big Fish Games former equity holders	0	0.4
Deferred revenue - Big Fish Games	86.3	81.3
Deferred revenue - all other	11.1	46
Big Fish Games deferred payment, current	28.6	28.1
Big Fish Games earnout liability, current	34.1	279.5
Current maturities of long-term debt	13	16.2
Dividends payable	0	19.1
Total current liabilities	391	640.1
Long-term debt (net of current maturities and loan origination fees of $0.6 at both September 30, 2016 and December 31, 2015)	312.7	171.9
Notes payable (including premium of $2.6 at September 30, 2016 and $3.0 at December 31, 2015 and net of debt issuance costs of $8.1 at September 30, 2016 and $9.3 at December 31, 2015)	594.5	593.7
Big Fish Games deferred payment, net of current amount due	27.5	26.7
Big Fish Games earnout liability, net of current amount due	33.1	65.7
Deferred revenue - all other	21.4	16.1
Deferred income taxes	133.5	127.9
Other liabilities	15.6	18.1
Total liabilities	1,529.3	1,660.2
Commitments and contingencies
Shareholders' equity:
Preferred stock, no par value; 0.3 shares authorized; no shares issued	0	0
Common stock, no par value; 50.0 shares authorized; 16.6 shares issued at September 30, 2016 and 16.6 shares issued at December 31, 2015	130.7	134
Retained earnings	565.1	483.8
Accumulated other comprehensive loss	(0.4)	(0.6)
Total shareholders' equity	695.4	617.2
Total liabilities and shareholders' equity	$ 2,224.7	$ 2,277.4

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Millions, $ in Millions	Sep. 30, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 3.5	$ 3.8
Loan Origination Fees	0.6	0.6
Premium	2.6	3
Debt Issuance Costs	$ 8.1	$ 9.3
Preferred stock, shares authorized	0.3	0.3
Common stock, shares authorized	50	50
Common stock, shares issued	16.6	16.6

Condensed Consolidated Statemen

Condensed Consolidated Statements Of Comprehensive Earnings - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Net revenue:
Racing	$ 38.5	$ 38.8	$ 220.8	$ 218
Casinos	83	82.7	253.9	252.5
TwinSpires	54.7	50.4	172.3	156.5
Big Fish Games	122.3	103.6	369.6	300
Other Investments	4.5	4	12.9	12.1
Corporate	0.4	0.3	0.8	0.8
Total net revenue	303.4	279.8	1,030.3	939.9
Operating expense:
Racing	41.5	41	149.4	152.3
Casinos	61.4	60.8	182.8	182.9
TwinSpires	36.8	33.9	112.8	104.6
Big Fish Games	94.5	80	309.5	245.6
Other Investments	3.9	4.1	11.9	11.8
Corporate	0.5	0.5	1.5	2.3
Selling, general and administrative expense	27.6	24.7	75.3	68.3
Research and development	8.8	9.9	29.3	30
Calder exit costs	0.5	12.7	2.4	13.5
Acquisition-related charges	1.1	2.8	4.9	17.4
Total operating expense	276.6	270.4	879.8	828.7
Operating income	26.8	9.4	150.5	111.2
Other income (expense):
Interest income	0	0	0	0.2
Interest expense	(11.1)	(6.7)	(32.8)	(21.3)
Equity in income of unconsolidated investments	4.9	2.3	13.5	8.2
Miscellaneous, net	(0.2)	(0.1)	(0.3)	5.5
Total other income (expense)	(6.4)	(4.5)	(19.6)	(7.4)
Income before income tax provision	20.4	4.9	130.9	103.8
Income tax provision	(11.7)	(0.7)	(49.6)	(46.1)
Net income	$ 8.7	$ 4.2	$ 81.3	$ 57.7
Earnings Per Share, Basic [Abstract]
Basic	$ 0.52	$ 0.24	$ 4.85	$ 3.28
Earnings Per Share, Diluted [Abstract]
Diluted	$ 0.52	$ 0.24	$ 4.79	$ 3.26
Weighted average shares outstanding:
Basic	16.4	17.3	16.5	17.3
Diluted (in shares)	16.9	17.8	17	17.7
Other comprehensive income (loss):
Foreign currency translation, net of tax	$ 0	$ 0	$ 0.2	$ (0.4)
Other comprehensive income (loss)	0	0	0.2	(0.4)
Comprehensive income	$ 8.7	$ 4.2	$ 81.5	$ 57.3

Condensed Consolidated Stateme5

Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Cash flows from operating activities:
Net income	$ 81.3	$ 57.7
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	81.4	82.1
Software development amortization	11.7	5.8
Acquisition-related charges	4.9	17.4
Asset impairment loss	0	12.9
Gain on sale of equity investment	0	(5.8)
Dividend from investment in unconsolidated affiliates	12.3	11
Big Fish Games earnout payment	(19.7)	0
Equity in income of unconsolidated investments	(13.5)	(8.2)
Stock-based compensation	14.3	10.6
Other	1.5	1.6
Increase (decrease) in cash resulting from changes in operating assets and liabilities, net of business acquisitions and dispositions:
Other current assets and liabilities	11.7	(2.7)
Software development	(16.3)	(16.2)
Income taxes	28.1	38.1
Deferred revenue	(7.5)	13.3
Other assets and liabilities	(1.2)	5.6
Net cash provided by operating activities	189	223.2
Cash flows from investing activities:
Additions to property and equipment	(44.1)	(30.8)
Deferred payments to Big Fish Games former equity holders	0	(1)
Payments to Acquire Intangible Assets, Gaming Licenses	(2.5)	(2.3)
Proceeds from sale of equity investment	1.8	6
Other	(1.4)	(0.3)
Net cash used in investing activities	(46.2)	(28.4)
Cash flows from financing activities:
Borrowings on bank line of credit	564.7	382.4
Repayments of bank line of credit	(427.2)	(565.6)
Big Fish Games earnout payment	(261.9)	0
Tax refund payments to Big Fish Games equity holders	(0.4)	(11.8)
Payment of dividends	(19.1)	(17.4)
Repurchase of common stock	(20)	(7.2)
Windfall tax provision from stock-based compensation	0	4.2
Loan origination fees and debt issuance costs	(1.4)	0
Other	5.3	5.1
Net cash used in financing activities	(160)	(210.3)
Net decrease in cash and cash equivalents	(17.2)	(15.5)
Effect of exchange rate changes on cash flows	(0.4)	(1.3)
Cash and cash equivalents, beginning of period	74.5	67.9
Cash and cash equivalents, end of period	56.9	51.1
Cash paid during the period for:
Interest	21.8	15.4
Income taxes	21.6	29.5
Schedule of non-cash investing and financing activities:
Issuance of common stock in connection with the Company's restricted stock plans	$ 18.8	$ 22.7

Basis Of Presentation

Basis Of Presentation	9 Months Ended
	Sep. 30, 2016
Basis of Presentation [Abstract]
Basis of Presentation and Significant Accounting Policies [Text Block]	NOTE 1 — BASIS OF PRESENTATION AND SEASONALITY Basis of Presentation The Churchill Downs Incorporated (the "Company", "we", "us", "our") financial statements are presented in conformity with the requirements of this Quarterly Report on Form 10-Q and consequently do not include all of the disclosures normally required by U.S. generally accepted accounting principles ("GAAP") or those normally made in our Annual Report on Form 10-K. The year-end Condensed Consolidated Balance Sheet data was derived from audited financial statements but does not include all disclosures required by GAAP. The following information is unaudited. Tabular dollars are in millions, except as otherwise noted. All per share amounts assume dilution unless otherwise noted. This report should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2015 . In the opinion of management, all adjustments necessary for a fair statement of this information have been made, and all such adjustments are of a normal, recurring nature. For the nine months ended September 30, 2015, reclassifications of certain food & beverage operations between Fair Grounds and Fair Grounds Slots were made to conform to the current year presentation. Adjusted EBITDA, a measure of our operating segment results, for our joint venture, Miami Valley Gaming ("MVG"), and our equity investment, Saratoga Casino Holdings LLC ("SCH") was reclassified to exclude depreciation and amortization expense from our Casinos segment Adjusted EBITDA. There was no impact from these reclassifications on net income or cash flows. Our critical accounting policies are revenue recognition, goodwill and indefinite-lived intangible assets, property and equipment and income taxes. Our significant accounting policies are more fully described in Note 1 to the Consolidated Financial Statements included in Item 8. "Financial Statements and Supplementary Data" of our Annual Report on Form 10-K. Operating Segment Reclassifications On January 1, 2016, we realigned our Churchill Downs Interactive Gaming ("I-Gaming") and Bluff Media ("Bluff") operations from our Other Investments segment to our TwinSpires segment to correspond with internal management reporting changes. Prior period segment financial information has been reclassified to conform to the 2016 presentation. Game Technology and Rights Software game development costs for Big Fish Games includes costs for internally developed and purchased third party software for free-to-play games and premium game software purchased from third parties. Costs associated with internally developed free-to-play game software that allows the user to access content in an online mode only are capitalized according to the accounting guidance governing computer software developed or obtained for internal use. Any costs incurred during preliminary project stages are expensed; costs incurred during the application development stages are capitalized as software development and costs incurred during the post-implementation/operation stages are expensed. Once the software is placed in operation, we amortize the capitalized software cost as an operating expense over its estimated economic useful life, which is typically 18 months to three years. Costs associated with internally developed free-to-play game software that allows the user to access content in both an online and offline mode are capitalized as software development once technological feasibility of the software has been established. Once the software is placed in operation, we amortize the capitalized software as an operating expense over its estimated economic useful life, which is typically 18 months. Generally, the software we develop reaches technological feasibility when a detailed program design of the software is available. Any costs prior to the establishment of technological feasibility are expensed when incurred as research and development costs. In addition, enhancements to existing games that increase the functionality of the game are capitalized as software development and amortized as an operating expense over the game’s estimated economic useful life which is typically 18 months. Purchased third party free-to-play game software is capitalized as software development and amortized, once placed into service, over the game’s estimated economic useful life, which is typically 18 months. Purchased third party software for premium games is capitalized as software development, and amortized, once placed into service, over the game’s estimated economic useful life, which is typically 12 months. Internal use software costs for TwinSpires, I-Gaming and Big Fish Games software are capitalized in property and equipment, in accordance with accounting guidance governing computer software developed or obtained for internal use. Once the software is placed in operation, we amortize the capitalized software as depreciation and amortization over its estimated economic useful life, which is generally three years. Research & development expenditures are expensed as incurred. Seasonality Racing Due to the seasonal nature of our live racing business, revenue and operating results for any interim quarter are generally not indicative of the revenues and operating results for the year and may not be comparable with results for the corresponding period of the previous year. Historically, we 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 Derby and the Kentucky Oaks. We conducted 60 live thoroughbred racing days during the third quarters of 2016 and 2015 . For the nine months ended September 30, 2016, we conducted 175 live thoroughbred racing days, which compares to 183 live racing days during the nine months ended September 30, 2015. Casinos Casino revenue and earnings have historically been higher during the first quarter due to seasonal revenue from our predominately southern casino properties. TwinSpires Due to the seasonal nature of the racing business, revenue and operating results for any interim quarter are generally not indicative of the revenues and operating results for the year and may not be comparable with results for the corresponding period of the previous year. Historically, our revenue is higher in the second quarter with the running of the Kentucky Derby and the Kentucky Oaks. Big Fish Games Revenue from our Big Fish Games, Inc. ("Big Fish Games") segment also have a seasonal component and are typically lower during the summer months.

Accounting Pronouncements (Note

Accounting Pronouncements (Notes)	9 Months Ended
	Sep. 30, 2016
Accounting Policies [Abstract]
New Accounting Pronouncements, Policy [Policy Text Block]	NOTE 2 — RECENT ACCOUNTING PRONOUNCEMENTS In August 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-15, Statement of Cash Flows, a consensus of the FASB’s Emerging Issues Task Force. The new guidance is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. The guidance will become effective for annual periods ending after December 15, 2017. We are assessing the impact of the new accounting guidance and currently cannot estimate the financial statement impact of adoption. In June 2016, the FASB issued ASU No. 2016-15, Financial Instruments - Credit Losses, which introduces a new model for recognizing credit losses on financial instruments based on an estimate of current expected credit losses. The new model will apply to: (1) loans, accounts receivable, trade receivables, and other financial assets measured at amortized cost, (2) loan commitments and certain other off-balance sheet credit exposures, (3) debt securities and other financial assets measured at fair value through other comprehensive income, and (4) beneficial interests in securitized financial assets. The guidance will become effective for annual periods ending after December 15, 2019. We do not expect the adoption of this standard to have a material impact on our financial statements. In March 2016, the FASB issued ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting, which simplifies various aspects related to share-based payments. Previously, tax benefits in excess of compensation cost ("windfalls") were recorded as an increase to shareholders' equity. Under the new ASU, windfalls are recorded as a component of income tax expense. ASU 2016-09 also requires that tax-related cash flows resulting from share-based payments be reported as a part of cash flows from operating activities. We early adopted this guidance, prospectively, as of January 1, 2016 and during the nine months ended September 30, 2016 recognized an income tax benefit of $3.1 million which was recorded as a component of income taxes in cash flows provided by operating activities in the Condensed Consolidated Statement of Cash Flows. Prior to adoption of this ASU, windfalls were presented as a component of cash flows from financing activities. Upon the adoption of this ASU, we elected to account for forfeitures when incurred under a modified retrospective approach which did not impact our financial statements. The adoption of this ASU did not have a material impact on diluted earnings per share. In February 2016, the FASB issued ASU No. 2016-02, Leases, which requires companies to generally recognize on the balance sheet operating and financing lease liabilities and corresponding right-of-use assets. ASU 2016-02 is effective for us in our first quarter of fiscal 2019 on a modified retrospective basis and earlier adoption is permitted. We are currently evaluating the impact of our pending adoption of ASU 2016-02 on our condensed consolidated financial statements and we currently expect that most of our operating lease commitments will be subject to the new standard and recognized as operating lease liabilities and right-of-use assets upon our adoption of ASU 2016-02. 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 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.

Calder Exit Costs (Notes)

Calder Exit Costs (Notes)	9 Months Ended
	Sep. 30, 2016
Calder Racing [Abstract]
Calder Racing Operations [Text Block]	NOTE 3 — 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 the racetrack of Calder Race Course, Inc. ("Calder") 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 assessed potential alternative uses of the Calder property that were 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 the nine months ended September 30, 2016, we recognized Calder exit costs of $2.4 million for demolition costs related to the removal of the grandstand. 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.

Investment in and Advances to U

Investment in and Advances to Unconsolidated Affiliates (Notes)	9 Months Ended
	Sep. 30, 2016
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]
Investments in and Advances to Affiliates, Schedule of Investments [Text Block]	NOTE 4 — INVESTMENT IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES Maryland Joint Venture In August 2016, we signed a limited liability company operating agreement to form a 50% joint venture with SCH to purchase all of the equity interests of Ocean Enterprise 589 LLC, Ocean Downs LLC and Racing Services LLC (“Ocean Downs”). Ocean Downs, located near Ocean City, Maryland owns and operates video lottery terminals ("VLT") at the Casino at Ocean Downs and conducts harness racing at Ocean Downs Racetrack. The new joint venture, Old Bay Gaming and Racing LLC (“Old Bay”), will manage both our and SCH’s interests in the operation of the gaming facility and racetrack. Old Bay has entered into a definitive purchase agreement through which it will acquire equity interests in entities holding the Maryland casino gaming and harness racing licenses and certain assets held by Ocean Downs. The expected completion of the purchase transaction is subject to regulatory approvals and other customary closing conditions. Miami Valley Gaming Joint Venture In March 2012, we entered into a 50% joint venture with Delaware North Companies Gaming & Entertainment Inc. ("DNC") to develop a new harness racetrack and VLT gaming facility in Lebanon, Ohio. Through the joint venture agreement, we formed a new company, 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 casino operations commence. On December 12, 2013, the facility opened in Lebanon, Ohio on a 120 -acre site. The facility includes a 5/8-mile harness racing track and a 186,000 -square-foot casino facility with approximately 1,680 VLTs. Since both we and DNC 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: (in millions) September 30, 2016 December 31, 2015 Assets Current assets $ 15.0 $ 24.5 Property and equipment, net 112.1 119.7 Other assets, net 107.3 106.6 Total assets $ 234.4 $ 250.8 Liabilities and Members' Equity Current liabilities $ 11.3 $ 21.6 Current portion of long-term debt 8.3 8.3 Long-term debt, excluding current portion 15.7 20.5 Other liabilities 0.1 0.1 Members' equity 199.0 200.3 Total liabilities and members' equity $ 234.4 $ 250.8 Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2016 2015 2016 2015 Casino revenue $ 36.1 $ 32.1 $ 108.7 $ 97.2 Non-casino revenue 1.2 1.5 5.2 5.3 Net revenue 37.3 33.6 113.9 102.5 Operating and SG&A expense 26.4 24.6 79.7 74.2 Depreciation & amortization expense 3.4 3.3 9.9 9.6 Operating income 7.5 5.7 24.3 18.7 Interest and other expense, net (0.8 ) (1.0 ) (2.6 ) (3.2 ) Net income $ 6.7 $ 4.7 $ 21.7 $ 15.5 The joint venture's long-term debt consists of a $50.0 million amortizing secured note payable from MVG to the MVG Sellers payable quarterly over 6 years through November 2019 at a 5.0% interest rate. We received distributions from MVG totaling $3.8 million for the three months ended September 30, 2016 and $11.5 million for the nine months ended September 30, 2016 . Our Condensed Consolidated Statements of Comprehensive Income include our 50% share of MVG's results as follows: Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2016 2015 2016 2015 Equity in income of unconsolidated investments $ 3.4 $ 2.3 $ 10.9 $ 7.7

Goodwill And Indefinite-Lived I

Goodwill And Indefinite-Lived Intangible Assets Impairment Test	9 Months Ended
	Sep. 30, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Indefinte-Lived Intangible Assets Impairment Test	NOTE 5 — GOODWILL AND INDEFINITE-LIVED INTANGIBLE ASSETS IMPAIRMENT TEST We performed our annual goodwill and indefinite-lived intangible impairment analysis for 2016 in accordance with ASU No. 2011-08, Intangibles-Goodwill and Other: Testing Goodwill for Impairment and ASU No. 2012-02 , Intangibles-Goodwill and Other: Testing Indefinite-Lived Intangible Assets for Impairment as of March 31, 2016, and no adjustment to the carrying value of goodwill or indefinite-lived intangible assets was required. We assessed goodwill and indefinite-lived intangible assets by performing step one fair value calculations on a quantitative basis for each reporting unit and indefinite-lived intangible asset. We concluded that the fair values of our reporting units and indefinite-lived intangible assets exceeded their carrying value and therefore step two of the assessment was not required. Goodwill is comprised of the following: (in millions) Racing Casinos TwinSpires Big Fish Games Total Balances as of December 31, 2015 $ 51.7 $ 117.6 $ 132.1 $ 540.3 $ 841.7 Adjustments — — — — — Balances as of September 30, 2016 $ 51.7 $ 117.6 $ 132.1 $ 540.3 $ 841.7 The carrying amount of goodwill of our reporting segments has been retrospectively adjusted to conform to the 2016 presentation as discussed in Note 1. Other intangible assets are comprised of the following: September 30, 2016 December 31, 2015 (in millions) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Definite-lived intangible assets $ 218.7 $ (118.6 ) $ 100.1 $ 224.8 $ (86.9 ) $ 137.9 Indefinite-lived intangible assets 358.3 358.3 Total $ 458.4 $ 496.2 In 2016, we reduced our customer relationships intangible assets and accumulated amortization for TwinSpires by $4.6 million and Big Fish Games by $1.7 million as these amounts were fully amortized. Additionally, we submitted a payment of $2.3 million for annual license fees for Calder Casino and reduced our slot license intangible asset and accumulated amortization by $2.3 million as the previous amount was fully depreciated. Finally, we submitted a payment of $0.2 million to the State of Maine for table game fees that are being amortized over a 20-year license period.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2016
Income Tax Disclosure [Abstract]
Income Taxes	NOTE 6 — INCOME AND OTHER TAXES Income Taxes The income tax provision for the nine months ended September 30, 2016 reflects a $3.1 million benefit resulting from the early adoption of ASU 2016-09 as described in Note 2. As a result, tax deductions from vesting restricted stock units in excess of the book deductions are being recognized as a discrete item during the nine months ended September 30, 2016 . Certain tax authorities may periodically audit us, and we may occasionally be assessed interest and penalties by tax jurisdictions. We recognize accrued interest from uncertain income tax benefits in our income tax provision, while penalties are accrued in selling, general and administrative expense. During the nine months ended September 30, 2016 , we did not record any interest expense related to uncertain income tax benefits. As of September 30, 2016 , we had gross uncertain tax benefits of $2.9 million . If these benefits had been recognized, there would have been a $2.3 million decrease to annual income tax expense. Other Taxes During the three months ended September 30, 2016, we accrued a liability and recognized a $2.6 million selling, general and administrative expense related to potential liability for the untimely submission of informational tax returns related to the years 2012 to 2015 for certain casino customers. We have not received any notification of a potential penalty nor remitted any payment, but believe an expense is probable. On July 18, 2016, we were notified of an Internal Revenue Service ("IRS") matter under review in which we are potentially liable for non-filing of federal withholding tax information for certain TwinSpires customers, subsequent to the acquisition of YouBet in 2010. The potential civil penalty plus interest approximates $1.6 million . We believe that we have a strong case for the abatement of the potential penalty, and since it is not deemed probable that this amount will be paid, an accrual was not recorded at September 30, 2016.

Fair Value Of Assets And Liabil

Fair Value Of Assets And Liabilities	9 Months Ended
	Sep. 30, 2016
Fair Value Disclosures [Abstract]
Fair Value Of Assets And Liabilities	NOTE 7 — 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: September 30, 2016 (in millions) Level 1 Level 3 Cash equivalents and restricted cash $ 32.3 $ — Big Fish Games deferred payments — 56.1 Big Fish Games earnout liability — 67.2 Bluff contingent consideration liability — 2.3 Total $ 32.3 $ 125.6 December 31, 2015 Level 1 Level 3 Cash equivalents and restricted cash $ 30.1 $ — Big Fish Games deferred payments — 54.8 Big Fish Games earnout liability — 345.2 Bluff contingent consideration liability — 2.3 Total $ 30.1 $ 402.3 The following table presents the change in fair value of our Level 3: Fair Value Measurements Using Significant Unobservable Inputs (Level 3) (in millions) Big Fish Games Deferred Payments Big Fish Games Earnout Liability Bluff Contingent Consideration Total Balances as of December 31, 2015 $ 54.8 $ 345.2 $ 2.3 $ 402.3 Payments — (281.6 ) — (281.6 ) Change in fair value 1.3 3.6 4.9 Balances as of September 30, 2016 $ 56.1 $ 67.2 $ 2.3 $ 125.6 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 September 30, 2016 using a discounted cash flows analysis over the period in which the obligation is expected to be settled, and applied a discount rate of 2.7% based on our cost of debt. The cost of debt was based on the observed market yields of our $ 600.0 million , 5.375% Senior Unsecured Notes ("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 payments and earnout liability of $4.9 million during the nine months ended September 30, 2016 was recorded as acquisition-related charges in the Condensed Consolidated Statements of Comprehensive Income. During 2015, Big Fish Games achieved its earnout milestones and in March 2016, we made our first earnout payment totaling $281.6 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 $1.2 million . Our accrued liability for a contingent consideration recorded in conjunction with the Bluff Media ("Bluff") acquisition was based on significant inputs not observed in the market and 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 Condensed Consolidated Statements of Comprehensive Income. We currently have no other assets or liabilities subject to fair value measurement on a recurring basis. Our $600.0 million 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 Level 3 fair value of the Senior Unsecured Notes was $621.0 million at September 30, 2016 and $604.1 million at December 31, 2015 . 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 2016 and 2015.

Shareholders' Equity (Notes)

Shareholders' Equity (Notes)	9 Months Ended
	Sep. 30, 2016
Shareholders' Equity [Abstract]
Stockholders' Equity Note Disclosure [Text Block]	NOTE 8 — SHAREHOLDERS' EQUITY In February 2016, our Board of Directors approved a continuation of the current stock repurchase program for a total of $150.0 million with no expiration. This repurchase authority includes, and is not in addition to, any unspent amounts remaining under the prior authorization. In the first nine months of 2016, we repurchased 121,858 shares of our common stock in conjunction with our stock repurchase program at a total cost of $15.0 million . We have approximately $135.0 million of repurchase authority remaining under this program at September 30, 2016.

Stock-based Compensation Plans

Stock-based Compensation Plans (Notes)	9 Months Ended
	Sep. 30, 2016
Share-based Compensation [Abstract]
Stock-based compensation plan	PLANS 2016 Equity Awards On September 22, 2015, the Board of Directors approved the adoption of the Executive Long-Term Incentive Compensation Plan, pursuant to which certain named executive officers ("NEOs") and other key executives may earn variable equity payouts based upon us achieving certain key performance metrics. On February 23, 2016, NEOs received 24,677 restricted stock units ("RSU") vesting equally over 3 service periods ending December 31, 2016, December 31, 2017 and December 31, 2018, and 29,633 performance share units ("PSU") with vesting contingent on financial performance measures at the end of a 34 -month performance period ending December 31, 2018. The performance criteria for the PSUs consists of the following financial measures during the performance period: (i) cumulative Adjusted EBITDA, as defined in Note 12 - Segment Information ; (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. We also awarded 67,468 of restricted stock shares to other employees, the majority of which vest equally over 3 service periods ending in the first quarter of 2019. In 2016, we recognized compensation expense of $5.1 million for 2016 awards and $9.2 million for awards granted prior to 2016. At September 30, 2016, compensation expense that has not been amortized attributable to unvested 2016 RSU and PSU awards was $5.2 million and $5.8 million for 2016 other awards.

Commitments And Contingencies

Commitments And Contingencies	9 Months Ended
	Sep. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments And Contingencies	NOTE 10 — CONTINGENCIES We are involved in litigation arising in the ordinary course of conducting business. We carry insurance for workers' compensation claims from our employees and general liability for claims from 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.

Income Per Common Share Computa

Income Per Common Share Computations	9 Months Ended
	Sep. 30, 2016
Earnings Per Share [Abstract]
Earnings Per Common Share Computations	NOTE 11 — NET INCOME PER COMMON SHARE COMPUTATIONS The following is a reconciliation of the numerator and denominator of the net income per common share computations: Three Months Ended September 30, Nine Months Ended September 30, (in millions, except per share data) 2016 2015 2016 2015 Numerator for basic income per common share: Net income $ 8.7 $ 4.2 $ 81.3 $ 57.7 Net income allocated to participating securities (0.1 ) — (1.4 ) (0.9 ) Numerator for basic income per common share $ 8.6 $ 4.2 $ 79.9 $ 56.8 Numerator for diluted income per common share $ 8.7 $ 4.2 $ 81.3 $ 57.7 Denominator for basic and diluted net income per common share: Basic 16.4 17.3 16.5 17.3 Plus dilutive effect of stock options and restricted stock 0.2 0.2 0.2 0.1 Plus dilutive effect of participating securities 0.3 0.3 0.3 0.3 Diluted 16.9 17.8 17.0 17.7 Income per common share: Basic $ 0.52 $ 0.24 $ 4.85 $ 3.28 Diluted $ 0.52 $ 0.24 $ 4.79 $ 3.26

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 2016
Segment Reporting [Abstract]
Segment Information	NOTE 12 — SEGMENT INFORMATION We manage our operations through six operating segments: • Racing, which includes Churchill Downs Racetrack ("Churchill Downs"), Arlington International Race Course ("Arlington"), Fair Grounds Race Course ("Fair Grounds") and Calder Race Course ("Calder"); • Casinos, which includes Oxford Casino ("Oxford"), Riverwalk Casino ("Riverwalk"), Harlow's Casino ("Harlow’s"), Calder Casino, Fair Grounds Slots, Video Services, LLC ("VSI"), 50% of EBITDA from our joint venture, MVG, and 25% of EBITDA from our equity investment, SCH; • TwinSpires, which includes TwinSpires.com, Fair Grounds Account Wagering ("FAW"), Velocity, Bloodstock Research Information Services ("BRIS"), Bluff and I-Gaming; • Big Fish Games, which is 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; • Other Investments, which includes United Tote and Capital View Casino & Resort Joint Venture ("Capital View"); and • Corporate, which includes miscellaneous and other revenue, compensation expense, professional fees and other general and administrative expense not allocated to our other operating segments. 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 EBITDA of our joint venture, MVG; • 25% of EBITDA from our SCH equity investment; and • Intercompany revenue and expense totals that are eliminated in the Condensed 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 • Stock-based compensation expense; • Calder exit costs; and • Other charges and recoveries. As of January 1, 2016, we modified our definition of Adjusted EBITDA to exclude depreciation and amortization from our 50% joint venture, MVG and our 25% equity investment in SCH. The prior year amounts were reclassified to conform to this presentation. We also prospectively implemented a change in accounting estimate for corporate expense allocated to other operating segments to use an activity based allocation rather than a revenue based allocation. 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. generally accepted accounting principles. Our calculation of Adjusted EBITDA may be different from the calculation used by other companies and, therefore, comparability may be limited. The tables below present net revenue from external customers and intercompany revenue from each of our operating segments, Adjusted EBITDA by segment and reconciles Adjusted EBITDA to Comprehensive Income: Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2016 2015 2016 2015 Net revenue from external customers: Racing: Churchill Downs $ 8.7 $ 7.9 $ 140.1 $ 136.7 Arlington 24.0 25.0 49.8 48.9 Fair Grounds 5.1 5.3 28.9 30.4 Calder 0.7 0.6 2.0 2.0 Total Racing 38.5 38.8 220.8 218.0 Casinos: Oxford Casino 24.4 22.3 65.4 60.8 Riverwalk Casino 10.6 12.0 35.7 37.7 Harlow’s Casino 11.7 11.8 36.6 37.5 Calder Casino 19.0 18.5 59.8 58.7 Fair Grounds Slots 8.5 8.8 27.9 29.9 VSI 8.6 9.0 27.9 27.6 Saratoga 0.2 0.3 0.6 0.3 Total Casinos 83.0 82.7 253.9 252.5 TwinSpires 54.7 50.4 172.3 156.5 Big Fish Games: Social casino 44.3 47.4 138.3 145.4 Casual and mid-core free-to-play 56.1 32.6 162.5 86.5 Premium 23.7 27.3 75.0 85.6 Fair value adjustments (1.8 ) (3.7 ) (6.2 ) (17.5 ) Total Big Fish Games 122.3 103.6 369.6 300.0 Other Investments 4.5 4.0 12.9 12.1 Corporate 0.4 0.3 0.8 0.8 Net revenue from external customers $ 303.4 $ 279.8 $ 1,030.3 $ 939.9 Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2016 2015 2016 2015 Intercompany net revenue: Racing: Churchill Downs $ 0.9 $ 0.7 $ 8.2 $ 6.3 Arlington 1.9 1.7 4.5 4.1 Fair Grounds — — 1.0 0.9 Total Racing 2.8 2.4 13.7 11.3 TwinSpires 0.4 0.3 1.0 0.8 Other Investments 0.7 0.8 3.0 2.7 Eliminations (3.9 ) (3.5 ) (17.7 ) (14.8 ) Intercompany net revenue $ — $ — $ — $ — Adjusted EBITDA by segment is comprised of the following: Three Months Ended September 30, 2016 (in millions) Racing Casinos TwinSpires Big Fish Other Investments Corporate Net revenue $ 41.3 $ 83.0 $ 55.1 $ 122.3 $ 5.2 $ 0.4 Taxes & purses (11.2 ) (28.1 ) (4.0 ) — — — Platform & development fees — — — (45.2 ) — — Marketing & advertising (1.1 ) (3.0 ) (1.0 ) (26.3 ) — — Salaries & benefits (10.3 ) (13.4 ) (2.3 ) (6.2 ) (2.7 ) — Content expense (3.9 ) — (26.0 ) — — — SG&A expense (4.0 ) (5.4 ) (3.0 ) (4.4 ) (0.9 ) (2.2 ) Research & development — — — (8.8 ) — — Other operating expense (10.5 ) (10.0 ) (4.5 ) (3.9 ) (0.9 ) (0.2 ) Other income (expense) 0.1 7.3 — (0.3 ) 0.1 — Change in deferred revenue (1) n/a n/a n/a (3.8 ) n/a n/a Total segment Adjusted EBITDA $ 0.4 $ 30.4 $ 14.3 $ 23.4 $ 0.8 $ (2.0 ) Three Months Ended September 30, 2015 (in millions) Racing Casinos TwinSpires Big Fish Other Investments Corporate Net revenue $ 41.2 $ 82.7 $ 50.7 $ 103.6 $ 4.8 $ 0.3 Taxes & purses (11.2 ) (27.5 ) (3.6 ) — — — Platform & development fees — — — (36.1 ) — — Marketing & advertising (1.1 ) (3.2 ) (0.7 ) (21.9 ) — — Salaries & benefits (9.5 ) (12.8 ) (2.6 ) (5.4 ) (2.8 ) — Content expense (3.6 ) — (23.6 ) — — — SG&A expense (4.3 ) (6.9 ) (3.1 ) (3.8 ) (0.7 ) (1.7 ) Research & development — — — (9.9 ) — — Other operating expense (11.4 ) (10.0 ) (4.2 ) (3.9 ) (0.8 ) (0.2 ) Other income (expense) 0.2 4.4 0.2 (0.3 ) — — Change in deferred revenue (1) n/a n/a n/a 10.9 n/a n/a Total segment Adjusted EBITDA $ 0.3 $ 26.7 $ 13.1 $ 33.2 $ 0.5 $ (1.6 ) (1) Change in deferred revenue is included in Adjusted EBITDA only for Big Fish Games. Nine Months Ended September 30, 2016 (in millions) Racing Casinos TwinSpires Big Fish Other Investments Corporate Net revenue $ 234.5 $ 253.9 $ 173.3 $ 369.6 $ 15.9 $ 0.8 Taxes & purses (52.7 ) (84.6 ) (8.8 ) — — — Platform & development fees — — — (135.2 ) — — Marketing & advertising (3.8 ) (9.5 ) (5.2 ) (106.2 ) — — Salaries & benefits (31.4 ) (38.2 ) (6.9 ) (18.4 ) (8.2 ) — Content expense (12.0 ) — (83.4 ) — — — SG&A expense (11.9 ) (15.8 ) (8.6 ) (13.6 ) (2.5 ) (6.2 ) Research & development — — — (29.3 ) — — Other operating expense (38.8 ) (29.4 ) (15.6 ) (11.8 ) (2.6 ) (0.5 ) Other income (expense) 0.4 21.6 — (1.2 ) 0.3 — Change in deferred revenue (1) n/a n/a n/a 5.0 n/a n/a Total segment Adjusted EBITDA $ 84.3 $ 98.0 $ 44.8 $ 58.9 $ 2.9 $ (5.9 ) Nine Months Ended September 30, 2015 (in millions) Racing Casinos TwinSpires Big Fish Other Investments Corporate Net revenue $ 229.3 $ 252.5 $ 157.3 $ 300.0 $ 14.8 $ 0.8 Taxes & purses (52.3 ) (83.4 ) (8.2 ) — — — Platform & development fees — — — (103.0 ) — — Marketing & advertising (5.4 ) (9.4 ) (3.7 ) (76.7 ) — — Salaries & benefits (30.3 ) (38.2 ) (7.5 ) (16.5 ) (8.3 ) — Content expense (11.3 ) — (75.9 ) — — — SG&A expense (13.0 ) (17.9 ) (8.6 ) (12.6 ) (1.8 ) (4.5 ) Research & development — — — (30.0 ) — — Other operating expense (41.2 ) (31.3 ) (14.1 ) (10.9 ) (2.4 ) (1.5 ) Other income (expense) 0.5 14.3 — (0.8 ) 0.1 — Change in deferred revenue (1) n/a n/a n/a 32.0 n/a n/a Total segment Adjusted EBITDA $ 76.3 $ 86.6 $ 39.3 $ 81.5 $ 2.4 $ (5.2 ) (1) Change in deferred revenue is included in Adjusted EBITDA only for Big Fish Games. Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2016 2015 2016 2015 Reconciliation of segment Adjusted EBITDA to comprehensive income: Racing $ 0.4 $ 0.3 $ 84.3 $ 76.3 Casinos 30.4 26.7 98.0 86.6 TwinSpires 14.3 13.1 44.8 39.3 Big Fish Games 23.4 33.2 58.9 81.5 Other Investments 0.8 0.5 2.9 2.4 Corporate (2.0 ) (1.6 ) (5.9 ) (5.2 ) Total segment Adjusted EBITDA 67.3 72.2 283.0 280.9 Change in Big Fish Games deferred revenue 3.8 (10.9 ) (5.0 ) (32.0 ) Selling, general and administrative: Stock-based compensation expense (4.9 ) (4.5 ) (14.3 ) (10.6 ) Other charges (3.1 ) — (3.4 ) — Other income, expense: Equity investments - interest, depreciation and amortization expense (2.5 ) (2.2 ) (7.5 ) (6.4 ) Other (charges) and recoveries, net — (0.1 ) (0.4 ) 6.0 Big Fish Games acquisition expense (1.1 ) (2.8 ) (4.9 ) (17.4 ) Calder exit costs (0.5 ) (12.7 ) (2.4 ) (13.5 ) Depreciation and amortization (27.5 ) (27.4 ) (81.4 ) (82.1 ) Interest (expense) income, net (11.1 ) (6.7 ) (32.8 ) (21.1 ) Income before income tax provision 20.4 4.9 130.9 103.8 Income tax provision (11.7 ) (0.7 ) (49.6 ) (46.1 ) Net income 8.7 4.2 81.3 57.7 Foreign currency translation, net of tax — — 0.2 (0.4 ) Comprehensive income $ 8.7 $ 4.2 $ 81.5 $ 57.3 The table below presents information about equity in income (losses) of unconsolidated investments included in our reported segments: Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2016 2015 2016 2015 Casinos $ 4.8 $ 2.3 $ 13.6 $ 7.7 Other Investments 0.1 — (0.1 ) 0.5 $ 4.9 $ 2.3 $ 13.5 $ 8.2 The table below presents total asset information for each of our operating segments: (in millions) September 30, 2016 December 31, 2015 Total assets: Racing $ 424.4 $ 437.1 Casinos 621.8 631.3 TwinSpires 208.1 202.4 Big Fish Games 923.0 947.1 Other Investments 10.9 12.2 Corporate 36.5 47.3 $ 2,224.7 $ 2,277.4 The table below presents capital expenditures for each of our operating segments: Nine Months Ended September 30, (in millions) 2016 2015 Capital expenditures: Racing $ 23.4 $ 8.3 Casinos 9.7 15.4 TwinSpires 5.4 3.1 Big Fish Games 3.6 3.0 Other Investments 0.8 0.4 Corporate 1.2 0.6 $ 44.1 $ 30.8

Subsequent Event (Notes)

Subsequent Event (Notes)	9 Months Ended
	Sep. 30, 2016
Subsequent Events [Abstract]
Subsequent Events [Text Block]	NOTE 13 — SUBSEQUENT EVENT Annual Dividend On October 26, 2016, the Company's Board of Directors declared an annual cash dividend of $1.32 per share, to be paid on January 6, 2017 to all shareholders of record on December 2, 2016.

Basis Of Presentation (Policies

Basis Of Presentation (Policies)	9 Months Ended
	Sep. 30, 2016
Basis of Presentation [Abstract]
Revenue Recognition, Policy [Policy Text Block]	Seasonality Racing Due to the seasonal nature of our live racing business, revenue and operating results for any interim quarter are generally not indicative of the revenues and operating results for the year and may not be comparable with results for the corresponding period of the previous year. Historically, we 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 Derby and the Kentucky Oaks. We conducted 60 live thoroughbred racing days during the third quarters of 2016 and 2015 . For the nine months ended September 30, 2016, we conducted 175 live thoroughbred racing days, which compares to 183 live racing days during the nine months ended September 30, 2015. Casinos Casino revenue and earnings have historically been higher during the first quarter due to seasonal revenue from our predominately southern casino properties. TwinSpires Due to the seasonal nature of the racing business, revenue and operating results for any interim quarter are generally not indicative of the revenues and operating results for the year and may not be comparable with results for the corresponding period of the previous year. Historically, our revenue is higher in the second quarter with the running of the Kentucky Derby and the Kentucky Oaks. Big Fish Games Revenue from our Big Fish Games, Inc. ("Big Fish Games") segment also have a seasonal component and are typically lower during the summer months.

Investment in and Advances to20

Investment in and Advances to Unconsolidated Affiliates (Tables)	9 Months Ended
	Sep. 30, 2016
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]
Affiliate Balance Sheet [Table Text Block]	(in millions) September 30, 2016 December 31, 2015 Assets Current assets $ 15.0 $ 24.5 Property and equipment, net 112.1 119.7 Other assets, net 107.3 106.6 Total assets $ 234.4 $ 250.8 Liabilities and Members' Equity Current liabilities $ 11.3 $ 21.6 Current portion of long-term debt 8.3 8.3 Long-term debt, excluding current portion 15.7 20.5 Other liabilities 0.1 0.1 Members' equity 199.0 200.3 Total liabilities and members' equity $ 234.4 $ 250.8
Affiliate Income Statement [Table Text Block]	Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2016 2015 2016 2015 Casino revenue $ 36.1 $ 32.1 $ 108.7 $ 97.2 Non-casino revenue 1.2 1.5 5.2 5.3 Net revenue 37.3 33.6 113.9 102.5 Operating and SG&A expense 26.4 24.6 79.7 74.2 Depreciation & amortization expense 3.4 3.3 9.9 9.6 Operating income 7.5 5.7 24.3 18.7 Interest and other expense, net (0.8 ) (1.0 ) (2.6 ) (3.2 ) Net income $ 6.7 $ 4.7 $ 21.7 $ 15.5
Investments in and Advances to Affiliates [Table Text Block]	Our Condensed Consolidated Statements of Comprehensive Income include our 50% share of MVG's results as follows: Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2016 2015 2016 2015 Equity in income of unconsolidated investments $ 3.4 $ 2.3 $ 10.9 $ 7.7

Goodwill And Indefinite-Lived21

Goodwill And Indefinite-Lived Intangible Assets Impairment Test (Tables)	9 Months Ended
	Sep. 30, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill [Table Text Block]	(in millions) Racing Casinos TwinSpires Big Fish Games Total Balances as of December 31, 2015 $ 51.7 $ 117.6 $ 132.1 $ 540.3 $ 841.7 Adjustments — — — — — Balances as of September 30, 2016 $ 51.7 $ 117.6 $ 132.1 $ 540.3 $ 841.7 The carrying amount of goodwill of our reporting segments has been retrospectively adjusted to conform to the 2016 presentation as discussed in Note 1.
Schedule of Indefinite and Finite Lived Assets	September 30, 2016 December 31, 2015 (in millions) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Definite-lived intangible assets $ 218.7 $ (118.6 ) $ 100.1 $ 224.8 $ (86.9 ) $ 137.9 Indefinite-lived intangible assets 358.3 358.3 Total $ 458.4 $ 496.2 In 2016, we reduced our customer relationships intangible assets and accumulated amortization for TwinSpires by $4.6 million and Big Fish Games by $1.7 million as these amounts were fully amortized. Additionally, we submitted a payment of $2.3 million for annual license fees for Calder Casino and reduced our slot license intangible asset and accumulated amortization by $2.3 million as the previous amount was fully depreciated. Finally, we submitted a payment of $0.2 million to the State of Maine for table game fees that are being amortized over a 20-year license period.

Fair Value Of Assets And Liab22

Fair Value Of Assets And Liabilities (Tables)	9 Months Ended
	Sep. 30, 2016
Fair Value Disclosures [Abstract]
Fair Value Measurements, Recurring and Nonrecurring	September 30, 2016 (in millions) Level 1 Level 3 Cash equivalents and restricted cash $ 32.3 $ — Big Fish Games deferred payments — 56.1 Big Fish Games earnout liability — 67.2 Bluff contingent consideration liability — 2.3 Total $ 32.3 $ 125.6 December 31, 2015 Level 1 Level 3 Cash equivalents and restricted cash $ 30.1 $ — Big Fish Games deferred payments — 54.8 Big Fish Games earnout liability — 345.2 Bluff contingent consideration liability — 2.3 Total $ 30.1 $ 402.3 The following table presents the change in fair value of our Level 3: Fair Value Measurements Using Significant Unobservable Inputs (Level 3) (in millions) Big Fish Games Deferred Payments Big Fish Games Earnout Liability Bluff Contingent Consideration Total Balances as of December 31, 2015 $ 54.8 $ 345.2 $ 2.3 $ 402.3 Payments — (281.6 ) — (281.6 ) Change in fair value 1.3 3.6 4.9 Balances as of September 30, 2016 $ 56.1 $ 67.2 $ 2.3 $ 125.6

Income Per Common Share Compu23

Income Per Common Share Computations (Tables)	9 Months Ended
	Sep. 30, 2016
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	Three Months Ended September 30, Nine Months Ended September 30, (in millions, except per share data) 2016 2015 2016 2015 Numerator for basic income per common share: Net income $ 8.7 $ 4.2 $ 81.3 $ 57.7 Net income allocated to participating securities (0.1 ) — (1.4 ) (0.9 ) Numerator for basic income per common share $ 8.6 $ 4.2 $ 79.9 $ 56.8 Numerator for diluted income per common share $ 8.7 $ 4.2 $ 81.3 $ 57.7 Denominator for basic and diluted net income per common share: Basic 16.4 17.3 16.5 17.3 Plus dilutive effect of stock options and restricted stock 0.2 0.2 0.2 0.1 Plus dilutive effect of participating securities 0.3 0.3 0.3 0.3 Diluted 16.9 17.8 17.0 17.7 Income per common share: Basic $ 0.52 $ 0.24 $ 4.85 $ 3.28 Diluted $ 0.52 $ 0.24 $ 4.79 $ 3.26

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2016
Segment Reporting [Abstract]
Reconciliation of Revenue from Segments to Consolidated [Table Text Block]	Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2016 2015 2016 2015 Net revenue from external customers: Racing: Churchill Downs $ 8.7 $ 7.9 $ 140.1 $ 136.7 Arlington 24.0 25.0 49.8 48.9 Fair Grounds 5.1 5.3 28.9 30.4 Calder 0.7 0.6 2.0 2.0 Total Racing 38.5 38.8 220.8 218.0 Casinos: Oxford Casino 24.4 22.3 65.4 60.8 Riverwalk Casino 10.6 12.0 35.7 37.7 Harlow’s Casino 11.7 11.8 36.6 37.5 Calder Casino 19.0 18.5 59.8 58.7 Fair Grounds Slots 8.5 8.8 27.9 29.9 VSI 8.6 9.0 27.9 27.6 Saratoga 0.2 0.3 0.6 0.3 Total Casinos 83.0 82.7 253.9 252.5 TwinSpires 54.7 50.4 172.3 156.5 Big Fish Games: Social casino 44.3 47.4 138.3 145.4 Casual and mid-core free-to-play 56.1 32.6 162.5 86.5 Premium 23.7 27.3 75.0 85.6 Fair value adjustments (1.8 ) (3.7 ) (6.2 ) (17.5 ) Total Big Fish Games 122.3 103.6 369.6 300.0 Other Investments 4.5 4.0 12.9 12.1 Corporate 0.4 0.3 0.8 0.8 Net revenue from external customers $ 303.4 $ 279.8 $ 1,030.3 $ 939.9 Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2016 2015 2016 2015 Intercompany net revenue: Racing: Churchill Downs $ 0.9 $ 0.7 $ 8.2 $ 6.3 Arlington 1.9 1.7 4.5 4.1 Fair Grounds — — 1.0 0.9 Total Racing 2.8 2.4 13.7 11.3 TwinSpires 0.4 0.3 1.0 0.8 Other Investments 0.7 0.8 3.0 2.7 Eliminations (3.9 ) (3.5 ) (17.7 ) (14.8 ) Intercompany net revenue $ — $ — $ — $ —
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Adjusted EBITDA by segment is comprised of the following: Three Months Ended September 30, 2016 (in millions) Racing Casinos TwinSpires Big Fish Other Investments Corporate Net revenue $ 41.3 $ 83.0 $ 55.1 $ 122.3 $ 5.2 $ 0.4 Taxes & purses (11.2 ) (28.1 ) (4.0 ) — — — Platform & development fees — — — (45.2 ) — — Marketing & advertising (1.1 ) (3.0 ) (1.0 ) (26.3 ) — — Salaries & benefits (10.3 ) (13.4 ) (2.3 ) (6.2 ) (2.7 ) — Content expense (3.9 ) — (26.0 ) — — — SG&A expense (4.0 ) (5.4 ) (3.0 ) (4.4 ) (0.9 ) (2.2 ) Research & development — — — (8.8 ) — — Other operating expense (10.5 ) (10.0 ) (4.5 ) (3.9 ) (0.9 ) (0.2 ) Other income (expense) 0.1 7.3 — (0.3 ) 0.1 — Change in deferred revenue (1) n/a n/a n/a (3.8 ) n/a n/a Total segment Adjusted EBITDA $ 0.4 $ 30.4 $ 14.3 $ 23.4 $ 0.8 $ (2.0 ) Three Months Ended September 30, 2015 (in millions) Racing Casinos TwinSpires Big Fish Other Investments Corporate Net revenue $ 41.2 $ 82.7 $ 50.7 $ 103.6 $ 4.8 $ 0.3 Taxes & purses (11.2 ) (27.5 ) (3.6 ) — — — Platform & development fees — — — (36.1 ) — — Marketing & advertising (1.1 ) (3.2 ) (0.7 ) (21.9 ) — — Salaries & benefits (9.5 ) (12.8 ) (2.6 ) (5.4 ) (2.8 ) — Content expense (3.6 ) — (23.6 ) — — — SG&A expense (4.3 ) (6.9 ) (3.1 ) (3.8 ) (0.7 ) (1.7 ) Research & development — — — (9.9 ) — — Other operating expense (11.4 ) (10.0 ) (4.2 ) (3.9 ) (0.8 ) (0.2 ) Other income (expense) 0.2 4.4 0.2 (0.3 ) — — Change in deferred revenue (1) n/a n/a n/a 10.9 n/a n/a Total segment Adjusted EBITDA $ 0.3 $ 26.7 $ 13.1 $ 33.2 $ 0.5 $ (1.6 ) (1) Change in deferred revenue is included in Adjusted EBITDA only for Big Fish Games. Nine Months Ended September 30, 2016 (in millions) Racing Casinos TwinSpires Big Fish Other Investments Corporate Net revenue $ 234.5 $ 253.9 $ 173.3 $ 369.6 $ 15.9 $ 0.8 Taxes & purses (52.7 ) (84.6 ) (8.8 ) — — — Platform & development fees — — — (135.2 ) — — Marketing & advertising (3.8 ) (9.5 ) (5.2 ) (106.2 ) — — Salaries & benefits (31.4 ) (38.2 ) (6.9 ) (18.4 ) (8.2 ) — Content expense (12.0 ) — (83.4 ) — — — SG&A expense (11.9 ) (15.8 ) (8.6 ) (13.6 ) (2.5 ) (6.2 ) Research & development — — — (29.3 ) — — Other operating expense (38.8 ) (29.4 ) (15.6 ) (11.8 ) (2.6 ) (0.5 ) Other income (expense) 0.4 21.6 — (1.2 ) 0.3 — Change in deferred revenue (1) n/a n/a n/a 5.0 n/a n/a Total segment Adjusted EBITDA $ 84.3 $ 98.0 $ 44.8 $ 58.9 $ 2.9 $ (5.9 ) Nine Months Ended September 30, 2015 (in millions) Racing Casinos TwinSpires Big Fish Other Investments Corporate Net revenue $ 229.3 $ 252.5 $ 157.3 $ 300.0 $ 14.8 $ 0.8 Taxes & purses (52.3 ) (83.4 ) (8.2 ) — — — Platform & development fees — — — (103.0 ) — — Marketing & advertising (5.4 ) (9.4 ) (3.7 ) (76.7 ) — — Salaries & benefits (30.3 ) (38.2 ) (7.5 ) (16.5 ) (8.3 ) — Content expense (11.3 ) — (75.9 ) — — — SG&A expense (13.0 ) (17.9 ) (8.6 ) (12.6 ) (1.8 ) (4.5 ) Research & development — — — (30.0 ) — — Other operating expense (41.2 ) (31.3 ) (14.1 ) (10.9 ) (2.4 ) (1.5 ) Other income (expense) 0.5 14.3 — (0.8 ) 0.1 — Change in deferred revenue (1) n/a n/a n/a 32.0 n/a n/a Total segment Adjusted EBITDA $ 76.3 $ 86.6 $ 39.3 $ 81.5 $ 2.4 $ (5.2 ) (1) Change in deferred revenue is included in Adjusted EBITDA only for Big Fish Games. Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2016 2015 2016 2015 Reconciliation of segment Adjusted EBITDA to comprehensive income: Racing $ 0.4 $ 0.3 $ 84.3 $ 76.3 Casinos 30.4 26.7 98.0 86.6 TwinSpires 14.3 13.1 44.8 39.3 Big Fish Games 23.4 33.2 58.9 81.5 Other Investments 0.8 0.5 2.9 2.4 Corporate (2.0 ) (1.6 ) (5.9 ) (5.2 ) Total segment Adjusted EBITDA 67.3 72.2 283.0 280.9 Change in Big Fish Games deferred revenue 3.8 (10.9 ) (5.0 ) (32.0 ) Selling, general and administrative: Stock-based compensation expense (4.9 ) (4.5 ) (14.3 ) (10.6 ) Other charges (3.1 ) — (3.4 ) — Other income, expense: Equity investments - interest, depreciation and amortization expense (2.5 ) (2.2 ) (7.5 ) (6.4 ) Other (charges) and recoveries, net — (0.1 ) (0.4 ) 6.0 Big Fish Games acquisition expense (1.1 ) (2.8 ) (4.9 ) (17.4 ) Calder exit costs (0.5 ) (12.7 ) (2.4 ) (13.5 ) Depreciation and amortization (27.5 ) (27.4 ) (81.4 ) (82.1 ) Interest (expense) income, net (11.1 ) (6.7 ) (32.8 ) (21.1 ) Income before income tax provision 20.4 4.9 130.9 103.8 Income tax provision (11.7 ) (0.7 ) (49.6 ) (46.1 ) Net income 8.7 4.2 81.3 57.7 Foreign currency translation, net of tax — — 0.2 (0.4 ) Comprehensive income $ 8.7 $ 4.2 $ 81.5 $ 57.3
Reconciliation of Other Significant Reconciling Items from Segments to Consolidated [Table Text Block]	Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2016 2015 2016 2015 Casinos $ 4.8 $ 2.3 $ 13.6 $ 7.7 Other Investments 0.1 — (0.1 ) 0.5 $ 4.9 $ 2.3 $ 13.5 $ 8.2
Reconciliation of Assets from Segment to Consolidated	Nine Months Ended September 30, (in millions) 2016 2015 Capital expenditures: Racing $ 23.4 $ 8.3 Casinos 9.7 15.4 TwinSpires 5.4 3.1 Big Fish Games 3.6 3.0 Other Investments 0.8 0.4 Corporate 1.2 0.6 $ 44.1 $ 30.8 (in millions) September 30, 2016 December 31, 2015 Total assets: Racing $ 424.4 $ 437.1 Casinos 621.8 631.3 TwinSpires 208.1 202.4 Big Fish Games 923.0 947.1 Other Investments 10.9 12.2 Corporate 36.5 47.3 $ 2,224.7 $ 2,277.4

Basis Of Presentation (Details)

Basis Of Presentation (Details) - d	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Basis of Presentation [Abstract]
Live Racing Days	60	60	175	183

Accounting Pronouncements (Deta

Accounting Pronouncements (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Income Tax Expense (Benefit)	$ 11.7	$ 0.7	$ 49.6	$ 46.1
New Accounting Pronouncement, Early Adoption, Effect [Member] | Other Noncurrent Assets [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Income Tax Expense (Benefit)	$ 3.1		$ 3.1

Calder Exit Costs (Details)

Calder Exit Costs (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Calder Racing [Abstract]
Calder exit costs	$ 0.5	$ 12.7	$ 2.4	$ 13.5

Investment in and Advances to28

Investment in and Advances to Unconsolidated Affiliates (Details) $ in Millions	Dec. 21, 2012USD ($)	Sep. 30, 2016USD ($)terminal	Sep. 30, 2016USD ($)terminal	Sep. 30, 2015USD ($)	Aug. 02, 2016	Dec. 31, 2015USD ($)ft²ami	Dec. 31, 2012USD ($)
Investments in and Advances to Affiliates [Line Items]
Long-term debt, excluding current portion		$ 15.7	$ 15.7			$ 20.5	$ 50
Dividend from investment in unconsolidated affiliates			$ 12.3	$ 11
Ocean Downs [Member]
Investments in and Advances to Affiliates [Line Items]
Equity Method Investment, Ownership Percentage					50.00%
Miami Valley Gaming and Racing [Member]
Investments in and Advances to Affiliates [Line Items]
Equity Method Investment, Ownership Percentage						50.00%
Equity Method Investments	$ 60
Note Payable, Term	6 years
Equity Method Investments, Contingent Payable	$ 10
Financial Performance Period To Determine Potential Contingent Consideration Payment	7 years
Acres | a						120
Race Track, Length | mi						0.625
Square footage of Casino | ft²						186,000
Number of Lottery Terminals | terminal		1,680	1,680
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate		5.00%	5.00%
Dividend from investment in unconsolidated affiliates		$ 3.8	$ 11.5
Funded at Closing [Member] | Miami Valley Gaming and Racing [Member]
Investments in and Advances to Affiliates [Line Items]
Equity Method Investments	$ 10
Notes Payable, Other Payables [Member] | Miami Valley Gaming and Racing [Member]
Investments in and Advances to Affiliates [Line Items]
Equity Method Investments	$ 50

Investment in and Advances to29

Investment in and Advances to Unconsolidated Affiliates Affiliate Balance Sheet (Details) - USD ($) $ in Millions	Sep. 30, 2016	Dec. 31, 2015	Dec. 31, 2012
Investments in and Advances to Affiliates, Affiliate Balance Sheet [Abstract]
Current assets	$ 15	$ 24.5
Property and equipment, net	112.1	119.7
Other assets, net	107.3	106.6
Total assets	234.4	250.8
Current liabilities	11.3	21.6
Current portion of long-term debt	8.3	8.3
Long-term debt, excluding current portion	15.7	20.5	$ 50
Other liabilities	0.1	0.1
Members' equity	199	200.3
Total liabilities and members' equity	$ 234.4	$ 250.8

Investment in and Advances to30

Investment in and Advances to Unconsolidated Affiliates Equity Method Investment (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Schedule of Equity Method Investments [Line Items]
Income (Loss) from Equity Method Investments	$ 4.9	$ 2.3	$ 13.5	$ 8.2
Casino revenue	36.1	32.1	108.7	97.2
Non-casino revenue	1.2	1.5	5.2	5.3
Net revenue	37.3	33.6	113.9	102.5
Operating and SG&A expense	26.4	24.6	79.7	74.2
Depreciation & amortization expense	3.4	3.3	9.9	9.6
Operating income	7.5	5.7	24.3	18.7
Interest and other expense, net	(0.8)	(1)	(2.6)	(3.2)
Net income	6.7	4.7	21.7	15.5
Miami Valley Gaming and Racing [Member]
Schedule of Equity Method Investments [Line Items]
Income (Loss) from Equity Method Investments	$ 3.4	$ 2.3	$ 10.9	$ 7.7

Goodwill And Indefinite-Lived31

Goodwill And Indefinite-Lived Intangible Assets Impairment Test Goodwill (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Goodwill [Line Items]
Goodwill	$ 841.7	$ 841.7
Goodwill, Acquired During Period	0
Racing Segment [Member]
Goodwill [Line Items]
Goodwill	51.7	51.7
Goodwill, Acquired During Period	0
Casino Segment [Member]
Goodwill [Line Items]
Goodwill	117.6	117.6
Goodwill, Acquired During Period	0
TwinSpires [Member]
Goodwill [Line Items]
Goodwill	132.1	132.1
Goodwill, Acquired During Period	0
Big Fish Games [Member]
Goodwill [Line Items]
Goodwill	540.3	$ 540.3
Goodwill, Acquired During Period	$ 0

Goodwill And Indefinite-Lived32

Goodwill And Indefinite-Lived Intangible Assets Impairment Test Intangible Table (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	$ 218.7	$ 224.8
Finite-Lived Intangible Assets, Accumulated Amortization	(118.6)	(86.9)
Finite-Lived Intangible Assets, Net	100.1	137.9
Indefinite-Lived Intangible Assets (Excluding Goodwill)	358.3	358.3
Other intangible assets, net	458.4	$ 496.2
Customer Relationships [Member] | TwinSpires [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Period Increase (Decrease)	(4.6)
Customer Relationships [Member] | Big Fish Games [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Period Increase (Decrease)	(1.7)
Table Games License [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	0.2
Calder
Finite-Lived Intangible Assets [Line Items]
Annual License Fees	$ 2.3

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Jul. 18, 2016
Income Tax Contingency [Line Items]
Selling, general and administrative expense	$ 27.6	$ 24.7	$ 75.3	$ 68.3
Loss Contingency, Estimate of Possible Loss					$ 1.6
Income Tax Expense (Benefit)	11.7	$ 0.7	49.6	$ 46.1
Gross unrecognized tax benefits	2.9		2.9
Total amount of unrecognized tax benefits, if recognized, would affect the effective tax rate	2.3		2.3
Accrued Liabilities [Member]
Income Tax Contingency [Line Items]
Selling, general and administrative expense	2.6
New Accounting Pronouncement, Early Adoption, Effect [Member] | Other Noncurrent Assets [Member]
Income Tax Contingency [Line Items]
Income Tax Expense (Benefit)	$ 3.1		$ 3.1

Fair Value Of Assets And Liab34

Fair Value Of Assets And Liabilities (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2016	Dec. 31, 2015	Dec. 16, 2013
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Inputs, Discount Rate	2.70%
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value	$ 125.6	$ 402.3
Contingent consideration paid	(281.6)
Long-term debt (net of current maturities and loan origination fees of $0.6 at both September 30, 2016 and December 31, 2015)	312.7	171.9
Debt Instrument, Interest Rate, Stated Percentage			5.375%
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings	4.9
Fair Value Inputs, Sensitivity Analysis, Hypothetical Discount Rate	1.2
Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents and restricted cash	32.3	30.1
Deferred Payment-Founder, Fair Value	0	0
Contingent consideration liability	0	0
Business Combination, Contingent Consideration, Liability	0	0
Assets, Fair Value Disclosure	32.3	30.1
Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term Debt, Fair Value	621	604.1
Fair Value, Inputs, Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value	125.6	402.3
Deferred Payment-Founder, Change in Fair Value	1.3
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability	3.6
Cash equivalents and restricted cash	0	0
Deferred Payment-Founder, Fair Value	56.1	54.8
Contingent consideration liability	2.3	2.3
Business Combination, Contingent Consideration, Liability	67.2	345.2
Unsecured Debt [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt (net of current maturities and loan origination fees of $0.6 at both September 30, 2016 and December 31, 2015)	$ 600	$ 600

Shareholders' Equity (Details)

Shareholders' Equity (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2016	Feb. 24, 2016
Distribution Made to Limited Partner [Line Items]
Stock Repurchase Program, Authorized Amount		$ 150
Stock Repurchase Program, Remaining Authorized Repurchase Amount	$ 135
Stock Repurchased During Period, Shares	121,858
Stock Repurchased and Retired During Period, Value	$ 15

Stock-based Compensation Plan36

Stock-based Compensation Plans (Details) $ in Millions	Feb. 23, 2016service_periodshares	Sep. 30, 2016USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2016USD ($)	Sep. 30, 2015USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation		$ 4.9	$ 4.5	$ 14.3	$ 10.6
Current Year Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated Share-based Compensation Expense				5.1
Prior-Year Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated Share-based Compensation Expense				9.2
Restricted Stock Units (RSUs) [Member] | Executive Long-Term Incentive Compensation Plan (the “ELTI Plan”) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares	24,677
Share-based Compensation Arrangement by Share-based Payment Award, Performance period under adopted ELTI Plan | service_period	3
Performance Share Units [Member] | Executive Long-Term Incentive Compensation Plan (the “ELTI Plan”) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares	29,633
Share-based Compensation Arrangement by Share-based Payment Award, Other Award	34 months
Maximum number of performance share units as percentage of original award (in percent)	250.00%
RSU and PSU awards [Member] | Executive Long-Term Incentive Compensation Plan (the “ELTI Plan”) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested compensation expense		5.2		5.2
Other Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares	67,468
Share-based Compensation Arrangement by Share-based Payment Award, Other Award	3 years
Unvested compensation expense		$ 5.8		$ 5.8

Income Per Common Share Compu37

Income Per Common Share Computations (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Earnings Per Share [Abstract]
Net income	$ 8.7	$ 4.2	$ 81.3	$ 57.7
Participating Securities, Distributed and Undistributed Earnings (Loss), Basic	(0.1)	0	(1.4)	(0.9)
Income (Loss) from Continuing Operations, Basic	8.6	4.2	79.9	56.8
Net Income (Loss) Available to Common Stockholders, Diluted	$ 8.7	$ 4.2	$ 81.3	$ 57.7
Earnings Per Share, Basic and Diluted [Abstract]
Basic	16.4	17.3	16.5	17.3
Plus dilutive effect of stock options and restricted stock	0.2	0.2	0.2	0.1
Plus dilutive effect of participating securities	0.3	0.3	0.3	0.3
Diluted	16.9	17.8	17	17.7
Earnings Per Share, Diluted [Abstract]
Basic	$ 0.52	$ 0.24	$ 4.85	$ 3.28
Diluted	$ 0.52	$ 0.24	$ 4.79	$ 3.26

Segment Information - Informati

Segment Information - Information About Reported Segments (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016USD ($)Segments	Sep. 30, 2015USD ($)	Sep. 30, 2016USD ($)	Sep. 30, 2015USD ($)
Segment Reporting Information [Line Items]
Racing	$ 38.5	$ 38.8	$ 220.8	$ 218
Casinos	83	82.7	253.9	252.5
TwinSpires	54.7	50.4	172.3	156.5
Big Fish Games	122.3	103.6	369.6	300
Other Investments	4.5	4	12.9	12.1
Corporate	$ 0.4	0.3	0.8	0.8
Number of Operating Segments | Segments	6
Property, Plant and Equipment, Additions			44.1	30.8
Net revenue from external customers	$ 303.4	279.8	1,030.3	939.9
Intercompany net revenues	0	0	0	0
Total segment Adjusted EBITDA	67.3	72.2	283	280.9
Adjusted Corporate EBITDA	(2)	(1.6)	(5.9)	(5.2)
Change in Big Fish Games deferred revenue	3.8	(10.9)	(5)	(32)
Stock-based compensation expense	(4.9)	(4.5)	(14.3)	(10.6)
Other charges	(3.1)	0	(3.4)	0
Equity investments - interest, depreciation and amortization expense	(2.5)	(2.2)	(7.5)	(6.4)
Other (charges) and recoveries, net	0	(0.1)	(0.4)	6
Big Fish Games acquisition expense	(1.1)	(2.8)	(4.9)	(17.4)
Calder exit costs	(0.5)	(12.7)	(2.4)	(13.5)
Depreciation and amortization	(27.5)	(27.4)	(81.4)	(82.1)
Interest (expense) income, net	(11.1)	(6.7)	(32.8)	(21.1)
Income before income tax provision	20.4	4.9	130.9	103.8
Income tax provision	(11.7)	(0.7)	(49.6)	(46.1)
Net income	8.7	4.2	81.3	57.7
Foreign currency translation, net of tax	0	0	0.2	(0.4)
Comprehensive income	8.7	4.2	81.5	57.3
Racing Segment [Member]
Segment Reporting Information [Line Items]
Racing	38.5	38.8	220.8	218
Property, Plant and Equipment, Additions			23.4	8.3
Net revenue from external customers	41.3	41.2	234.5	229.3
Intercompany net revenues	2.8	2.4	13.7	11.3
Total segment Adjusted EBITDA	0.4	0.3	84.3	76.3
Racing Segment [Member] | Churchill Downs
Segment Reporting Information [Line Items]
Racing	8.7	7.9	140.1	136.7
Intercompany net revenues	0.9	0.7	8.2	6.3
Racing Segment [Member] | Arlington Park
Segment Reporting Information [Line Items]
Racing	24	25	49.8	48.9
Intercompany net revenues	1.9	1.7	4.5	4.1
Racing Segment [Member] | Fair Grounds
Segment Reporting Information [Line Items]
Racing	5.1	5.3	28.9	30.4
Intercompany net revenues	0	0	1	0.9
Racing Segment [Member] | Calder
Segment Reporting Information [Line Items]
Racing	0.7	0.6	2	2
Casino Segment [Member]
Segment Reporting Information [Line Items]
Casinos	83	82.7	253.9	252.5
Property, Plant and Equipment, Additions			9.7	15.4
Net revenue from external customers	83	82.7	253.9	252.5
Total segment Adjusted EBITDA	30.4	26.7	98	86.6
Casino Segment [Member] | Oxford Casino
Segment Reporting Information [Line Items]
Casinos	24.4	22.3	65.4	60.8
Casino Segment [Member] | Riverwalk Casino
Segment Reporting Information [Line Items]
Casinos	10.6	12	35.7	37.7
Casino Segment [Member] | Harlows Casino
Segment Reporting Information [Line Items]
Casinos	11.7	11.8	36.6	37.5
Casino Segment [Member] | Calder Casinos
Segment Reporting Information [Line Items]
Casinos	19	18.5	59.8	58.7
Casino Segment [Member] | Fair Grounds Slots
Segment Reporting Information [Line Items]
Casinos	8.5	8.8	27.9	29.9
Casino Segment [Member] | VSI
Segment Reporting Information [Line Items]
Casinos	8.6	9	27.9	27.6
Casino Segment [Member] | Saratoga Casino Holdings, LLC [Member]
Segment Reporting Information [Line Items]
Casinos	0.2	0.3	0.6	0.3
TwinSpires [Member]
Segment Reporting Information [Line Items]
TwinSpires	54.7	50.4	172.3	156.5
Property, Plant and Equipment, Additions			5.4	3.1
Net revenue from external customers	55.1	50.7	173.3	157.3
Intercompany net revenues	0.4	0.3	1	0.8
Total segment Adjusted EBITDA	14.3	13.1	44.8	39.3
Big Fish Games [Member]
Segment Reporting Information [Line Items]
Big Fish Games	122.3	103.6	369.6	300
Property, Plant and Equipment, Additions			3.6	3
Net revenue from external customers	122.3	103.6	369.6	300
Total segment Adjusted EBITDA	23.4	33.2	58.9	81.5
Other Investments Segment [Member]
Segment Reporting Information [Line Items]
Other Investments	4.5	4	12.9	12.1
Property, Plant and Equipment, Additions			0.8	0.4
Intercompany net revenues	0.7	0.8	3	2.7
Total segment Adjusted EBITDA	0.8	0.5	2.9	2.4
Corporate
Segment Reporting Information [Line Items]
Corporate	0.4	0.3	0.8	0.8
Property, Plant and Equipment, Additions			1.2	0.6
Net revenue from external customers	0.4	0.3	0.8	0.8
Total segment Adjusted EBITDA	(2)	(1.6)	(5.9)	(5.2)
Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
Intercompany net revenues	(3.9)	(3.5)	(17.7)	(14.8)
Social casino | Big Fish Games [Member]
Segment Reporting Information [Line Items]
Big Fish Games	44.3	47.4	138.3	145.4
Casual and mid-core free-to-play | Big Fish Games [Member]
Segment Reporting Information [Line Items]
Big Fish Games	56.1	32.6	162.5	86.5
Premium | Big Fish Games [Member]
Segment Reporting Information [Line Items]
Big Fish Games	23.7	27.3	75	85.6
Fair value adjustments | Big Fish Games [Member]
Segment Reporting Information [Line Items]
Big Fish Games	$ (1.8)	$ (3.7)	$ (6.2)	$ (17.5)

Segment Information - Equity in

Segment Information - Equity in Earnings of Unconsolidated Investments (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Segment Reporting, Other Significant Reconciling Item [Line Items]
Equity in income of unconsolidated investments	$ 4.9	$ 2.3	$ 13.5	$ 8.2
Casino Segment [Member]
Segment Reporting, Other Significant Reconciling Item [Line Items]
Equity in income of unconsolidated investments	4.8	2.3	13.6	7.7
Other Investments Segment [Member]
Segment Reporting, Other Significant Reconciling Item [Line Items]
Equity in income of unconsolidated investments	$ 0.1	$ 0	$ (0.1)	$ 0.5

Segment Information Adjusted EB

Segment Information Adjusted EBITDA by Segment (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Segment Reporting Information [Line Items]
Net revenue from external customers	$ 303.4	$ 279.8	$ 1,030.3	$ 939.9
Research & development	(8.8)	(9.9)	(29.3)	(30)
Total segment Adjusted EBITDA	67.3	72.2	283	280.9
Racing Segment [Member]
Segment Reporting Information [Line Items]
Net revenue from external customers	41.3	41.2	234.5	229.3
Taxes & purses	(11.2)	(11.2)	(52.7)	(52.3)
Platform & development fees	0	0	0	0
Marketing & advertising	(1.1)	(1.1)	(3.8)	(5.4)
Salaries & benefits	(10.3)	(9.5)	(31.4)	(30.3)
Content expense	(3.9)	(3.6)	(12)	(11.3)
SG&A expense	(4)	(4.3)	(11.9)	(13)
Research & development	0	0	0	0
Other Cost and Expense, Operating	10.5	11.4	38.8	41.2
Other income (expense)	0.1	0.2	0.4	0.5
Total segment Adjusted EBITDA	0.4	0.3	84.3	76.3
Casino Segment [Member]
Segment Reporting Information [Line Items]
Net revenue from external customers	83	82.7	253.9	252.5
Taxes & purses	(28.1)	(27.5)	(84.6)	(83.4)
Platform & development fees	0	0	0	0
Marketing & advertising	(3)	(3.2)	(9.5)	(9.4)
Salaries & benefits	(13.4)	(12.8)	(38.2)	(38.2)
Content expense	0	0	0	0
SG&A expense	(5.4)	(6.9)	(15.8)	(17.9)
Research & development	0	0	0	0
Other Cost and Expense, Operating	10	10	29.4	31.3
Other income (expense)	7.3	4.4	21.6	14.3
Total segment Adjusted EBITDA	30.4	26.7	98	86.6
TwinSpires [Member]
Segment Reporting Information [Line Items]
Net revenue from external customers	55.1	50.7	173.3	157.3
Taxes & purses	(4)	(3.6)	(8.8)	(8.2)
Platform & development fees	0	0	0	0
Marketing & advertising	(1)	(0.7)	(5.2)	(3.7)
Salaries & benefits	(2.3)	(2.6)	(6.9)	(7.5)
Content expense	(26)	(23.6)	(83.4)	(75.9)
SG&A expense	(3)	(3.1)	(8.6)	(8.6)
Research & development	0	0	0	0
Other Cost and Expense, Operating	4.5	4.2	15.6	14.1
Other income (expense)	0	0.2	0	0
Total segment Adjusted EBITDA	14.3	13.1	44.8	39.3
Big Fish Games [Member]
Segment Reporting Information [Line Items]
Net revenue from external customers	122.3	103.6	369.6	300
Taxes & purses	0	0	0	0
Platform & development fees	(45.2)	(36.1)	(135.2)	(103)
Marketing & advertising	(26.3)	(21.9)	(106.2)	(76.7)
Salaries & benefits	(6.2)	(5.4)	(18.4)	(16.5)
Content expense	0	0	0	0
SG&A expense	(4.4)	(3.8)	(13.6)	(12.6)
Research & development	(8.8)	(9.9)	(29.3)	(30)
Other Cost and Expense, Operating	3.9	3.9	11.8	10.9
Other income (expense)	(0.3)	(0.3)	(1.2)	(0.8)
Change in deferred revenue(1)	(3.8)	10.9	5	32
Total segment Adjusted EBITDA	23.4	33.2	58.9	81.5
Other Segments [Member]
Segment Reporting Information [Line Items]
Net revenue from external customers	5.2	4.8	15.9	14.8
Taxes & purses	0	0	0	0
Platform & development fees	0	0	0	0
Marketing & advertising	0	0	0	0
Salaries & benefits	(2.7)	(2.8)	(8.2)	(8.3)
Content expense	0	0	0	0
SG&A expense	(0.9)	(0.7)	(2.5)	(1.8)
Research & development	0	0	0	0
Other Cost and Expense, Operating	0.9	0.8	2.6	2.4
Other income (expense)	0.1	0	0.3	0.1
Total segment Adjusted EBITDA	0.8	0.5	2.9	2.4
Corporate
Segment Reporting Information [Line Items]
Net revenue from external customers	0.4	0.3	0.8	0.8
Taxes & purses	0	0	0	0
Platform & development fees	0	0	0	0
Marketing & advertising	0	0	0	0
Salaries & benefits	0	0	0	0
Content expense	0	0	0	0
SG&A expense	(2.2)	(1.7)	(6.2)	(4.5)
Research & development	0	0	0	0
Other Cost and Expense, Operating	0.2	0.2	0.5	1.5
Other income (expense)	0	0	0	0
Total segment Adjusted EBITDA	$ (2)	$ (1.6)	$ (5.9)	$ (5.2)

Segment Information - Total Ass

Segment Information - Total Asset Information For Segments (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 2,224.7		$ 2,277.4
Capital expenditures	44.1	$ 30.8
Racing Segment [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	424.4		437.1
Capital expenditures	23.4	8.3
Casino Segment [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	621.8		631.3
Capital expenditures	9.7	15.4
TwinSpires [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	208.1		202.4
Capital expenditures	5.4	3.1
Big Fish Games [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	923		947.1
Capital expenditures	3.6	3
Other Investments Segment [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	10.9		12.2
Capital expenditures	0.8	0.4
Corporate
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	36.5		$ 47.3
Capital expenditures	$ 1.2	$ 0.6

Subsequent Event (Details)

Subsequent Event (Details)	Oct. 26, 2016$ / shares
Subsequent Event [Member]
Subsequent Event [Line Items]
Dividends Payable, Amount Per Share	$ 1.32