Churchill Downs (CHDN) 10-Q 26 Jul 17 2017 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2017	Jul. 19, 2017
Document And Entity Information [Abstract]
Document Type	10-Q
false	false
Document Period End Date	Jun. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2
Entity Registrant Name	CHURCHILL DOWNS INC
Entity Central Index Key	20,212
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		15,408,244

Condensed Consolidated Statemen

Condensed Consolidated Statements Of Comprehensive Income - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Net revenue:
Racing	$ 165.3	$ 156.1	$ 189.2	$ 182.3
Casinos	88.3	84.4	175.8	170.9
TwinSpires	80.5	68.4	132.5	118
Big Fish Games	112.6	125.2	224.6	247.3
Other Investments	5.2	4.4	9.3	8.4
Total net revenue	451.9	438.5	731.4	726.9
Operating expense:
Racing	76.5	72.3	112.9	107.9
Casinos	62.1	60.4	124.8	121.4
TwinSpires	51.4	41.4	87.8	76
Big Fish Games	89.4	105.6	176.3	215
Other Investments	4.9	4.1	8.8	8
Corporate	0.5	0.4	1.2	1
Selling, general and administrative expense	26.7	24.6	50.8	47.7
Research and development	9.9	9.7	20.2	20.5
Calder exit costs	0.2	1.5	0.6	1.9
Acquisition expenses, net	0.8	1.1	1	3.8
Total operating expense	322.4	321.1	584.4	603.2
Operating income	129.5	117.4	147	123.7
Other income (expense):
Interest expense	(11.6)	(11.1)	(23.4)	(21.7)
Equity in income of unconsolidated investments	7.7	4.8	13.8	8.6
Miscellaneous, net	0.2	0.4	0.2	(0.1)
Total other expense	(3.7)	(5.9)	(9.4)	(13.2)
Income (loss) from operations before provision for income taxes	125.8	111.5	137.6	110.5
Income tax provision	(47.5)	(41.7)	(52)	(37.9)
Net income	$ 78.3	$ 69.8	$ 85.6	$ 72.6
Earnings Per Share, Basic [Abstract]
Basic	$ 4.86	$ 4.16	$ 5.27	$ 4.32
Earnings Per Share, Diluted [Abstract]
Diluted	$ 4.81	$ 4.11	$ 5.18	$ 4.27
Weighted average shares outstanding:
Basic	16.1	16.5	16.2	16.5
Diluted (in shares)	16.3	17	16.5	17
Other comprehensive loss:
Foreign currency translation, net of tax	$ (0.3)	$ 0.2	$ (0.4)	$ 0.2
Other comprehensive (loss) gain	(0.3)	0.2	(0.4)	0.2
Comprehensive income	$ 78	$ 70	$ 85.2	$ 72.8

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016
ASSETS
Cash and cash equivalents	$ 41.8	$ 48.7
Restricted cash	31.6	34.3
Accounts receivable, net of allowance for doubtful accounts of $3.8 at June 30, 2017 and $3.5 at December 31, 2016	70.6	81.4
Escrow Deposit	0	13.6
Income taxes receivable	0	7.6
Game software development, net	10.6	9.6
Other current assets	54.2	50.8
Total current assets	208.8	246
Property and equipment, net	602.8	574.4
Game software development, net	8.7	6.3
Investment in and advances to unconsolidated affiliates	168	139.1
Goodwill	847.2	832.2
Other intangible assets, net	434.2	445.7
Other assets	12.3	10.7
Total assets	2,282	2,254.4
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable	87.3	53.2
Purses payable	23.2	12.5
Account wagering deposit liabilities	25	25
Accrued expense	93.9	100.1
Income taxes payable	42.3	0
Deferred revenue - Big Fish Games	79.6	81.3
Deferred revenue - all other	11.5	64.3
Big Fish Games deferred payment, current	28.1	27.8
Big Fish Games earnout liability, current	33.8	67.9
Current maturities of long-term debt	16.5	14.2
Dividends payable	0	21.8
Total current liabilities	441.2	468.1
Long-term debt (net of current maturities and loan origination fees of $0.5 at both June 30, 2017 and December 31, 2016)	459.9	312.8
Notes payable (including premium of $2.2 at June 30, 2017 and $2.5 at December 31, 2016 and net of debt issuance costs of $6.9 at June 30, 2017 and $7.8 at December 31, 2016)	595.3	594.7
Deferred revenue - all other	20.7	24.4
Deferred income taxes	145.3	153.1
Other liabilities	18.3	16.3
Total liabilities	1,680.7	1,569.4
Commitments and contingencies
Preferred stock, no par value; 0.3 shares authorized; no shares issued	0	0
Common stock, no par value; 50.0 shares authorized; 15.4 shares issued at June 30, 2017 and 16.5 shares issued at December 31, 2016	0	116.5
Retained earnings	602.8	569.7
Total shareholders' equity	(1.5)	(1.2)
Shareholders' equity:
Total shareholders' equity	601.3	685
Total liabilities and shareholders' equity	$ 2,282	$ 2,254.4

Condensed Consolidated Balance4

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Millions, $ in Millions	Jun. 30, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 3.8	$ 3.5
Loan Origination Fees	0.5	0.5
Premium	2.4	2.5
Debt Issuance Costs	$ 7.4	$ 7.8
Preferred stock, shares authorized	0.3	0.3
Common stock, shares authorized	50	50
Common stock, shares issued	16.5	16.5

Condensed Consolidated Stateme5

Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Cash flows from operating activities:
Net income	$ 85.6	$ 72.6
Adjustments to reconcile net income to net cash provided by operating activities:
Total adjustments to EBITDA	49.3	53.9
Game software development amortization	8.7	7.5
Acquisition expenses, net	1	3.8
Distributed earnings from equity investments	8.7	8.2
Earnings from equity investments, net	(13.8)	(8.6)
Stock-based compensation	11.7	9.4
Big Fish Games earnout payment	(2.5)	(19.7)
Other	0.7	1.1
Increase (decrease) in cash resulting from changes in operating assets and liabilities, net of business acquisitions and dispositions:
Other current assets and liabilities	25.1	20.2
Increase (Decrease) in Software Development	(11.3)	(10.1)
Income taxes	50	35.8
Deferred revenue	(34.9)	(4.2)
Other assets and liabilities	(7.2)	(3.1)
Net cash provided by operating activities	171.1	166.8
Cash flows from investing activities:
Capital maintenance expenditures	(17.9)	(16.3)
Capital project expenditures	(46.1)	(18.2)
Acquisition of a business	(23.1)	0
Receivable from escrow	13.6	0
Investment in unconsolidated affiliates	(24)	0
Other	0.2	(1.1)
Net cash used in investing activities	(97.3)	(35.6)
Cash flows from financing activities:
Borrowings on bank line of credit	543.6	442.1
Repayments of bank line of credit	(394.2)	(298.8)
Big Fish Games earnout payment	(31.7)	(261.9)
Payment of dividends	(21.8)	(19.1)
Repurchase of common stock	(181)	(17.6)
Other	3.8	4.4
Net cash used in financing activities	(81.3)	(150.9)
Net decrease in cash and cash equivalents	(7.5)	(19.7)
Effect of exchange rate changes on cash	0.6	0.3
Cash and cash equivalents, beginning of period	48.7
Cash and cash equivalents, end of period	41.8
Cash paid during the period for:
Interest	21.4	19.6
Income taxes	9	2.2
Schedule of non-cash investing and financing activities:
Issuance of common stock in connection with the Company's restricted stock plans	18.4	18.5
Repurchase of common stock included in accrued expenses	$ 0	$ 2.2

Basis Of Presentation

Basis Of Presentation	6 Months Ended
	Jun. 30, 2017
Basis of Presentation [Abstract]
Basis of Presentation and Significant Accounting Policies [Text Block]	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 ("U.S. 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 U.S. GAAP. The following information is unaudited. 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, 2016 . 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. Our critical accounting policies are revenue recognition, goodwill and indefinite intangible assets, property and equipment and income taxes. Our significant accounting policies are more fully described in Note 2 to the Consolidated Financial Statements included in Item 8. "Financial Statements and Supplementary Data" of our Annual Report on Form 10-K for the year ended December 31, 2016 . 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 64 live thoroughbred race days in the second quarter of 2017 and 61 live thoroughbred race days in the second quarter of 2016. For the six months ended June 30, 2017, we conducted 119 live thoroughbred racing days, which compares to 115 live thoroughbred racing days during the six months ended June 30, 2016. Casinos Revenue from our casino properties has a seasonal component and is typically higher during the first and second quarters. 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 has a seasonal component and is typically lower during the summer months.

Accounting Pronouncements (Note

Accounting Pronouncements (Notes)	6 Months Ended
	Jun. 30, 2017
Accounting Policies [Abstract]
New Accounting Pronouncements, Policy [Policy Text Block]	In May 2017, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2017-09, Compensation - Stock Compensation: Scope of Modification Accounting. This new standard provides clarity about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting for stock compensation expense. The guidance will become effective in 2018. We are assessing the impact of the new accounting guidance and currently cannot estimate the financial statement impact of adoption. In January 2017, the FASB issued ASU No. 2017-04, Intangibles - Goodwill and Other: Simplifying the Test for Goodwill Impairment. This new guidance simplifies the accounting for goodwill impairments by removing step two from the goodwill impairment test. Instead, if the carrying amount of a reporting unit exceeds its fair value, an impairment loss shall be recognized in an amount equal to that excess. The new guidance is effective in 2020 with early adoption permitted for any goodwill impairment test performed between January 1, 2017 and January 1, 2020. We are assessing the impact of the new accounting guidance and currently cannot estimate the financial statement impact of adoption. In January 2017, the FASB issued ASU No. 2017-01, Business Combinations: Clarifying the Definition of a Business, in an effort to clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The guidance will become effective in 2018. We will assess the impact of the new accounting guidance as necessary for future transactions. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows: Restricted Cash. The new standard requires that the statement of cash flows explain the change during the period of cash, cash equivalents, and amounts generally described as restricted cash. Entities will also be required to reconcile to the balance sheet and disclose the nature of the restrictions. The guidance will become effective in 2018. While we are continuing to assess all potential impacts of the standard, we believe the most significant impact relates to the presentation of our statement of cash flows where we will be required to reconcile to total cash, cash equivalents, and restricted cash. Currently, our statement of cash flows reconciles to total cash and cash equivalents. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments. 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 in 2018. 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. 2016-13, 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 in 2020. We are assessing the impact of the new accounting guidance and currently cannot estimate the financial statement impact of adoption. 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 will be effective 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, 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 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 in 2018 and will be applied retrospectively to each period presented or as a cumulative-effect adjustment as of the date of adoption. During 2016, the FASB issued ASU No. 2016-08, Revenue from Contracts with Customers: Principal versus Agent Considerations (Reporting Revenue Gross versus Net); ASU No. 2016-10, Revenue from Contracts with Customers: Identifying Performance Obligations and Licensing, and ASU No. 2016-12, Revenue from Contracts with Customers: Narrow-Scope Improvements and Practical Expedients; which clarified the guidance on certain items such as reporting revenue gross versus net and presentation of sales tax, among other things. While we are continuing to assess all potential impacts of the new standard, we have identified two areas of impact at this time. The first area is significant and relates to our accounting for breakage revenue for our outstanding premium game club credits for Big Fish Games. Currently, we record breakage revenue for our outstanding premium game credits when the credits have legally expired. Under the new standard, we will be required to recognize the expected breakage related to our outstanding premium game club credits as revenue in proportion to the pattern of game club credits redeemed by our customers. The second area is not significant and likely will not be material. This area relates to our accounting for loyalty points under our various rewards programs which are earned by our customers at our casinos. These accumulated loyalty points are redeemable for free complimentaries, including gaming play and food and beverage. The estimated liability for unredeemed points is currently accrued based on expected redemption rates and the estimated costs of the services or merchandise to be provided. Under the new standard, we will need to defer the standalone selling price of the complimentaries until the future revenue transaction occurs. Although the exact amount of the increase to our point liabilities has not yet been determined, we do not anticipate it will have a significant impact on our earnings. Due to the change in our accounting related to breakage revenue, we anticipate this standard may have a material impact on our consolidated financial statements. At this time, we expect to adopt this new standard using the modified retrospective method on January 1, 2018.

Acquisition (Notes)

Acquisition (Notes)	6 Months Ended
	Jun. 30, 2017
Business Combinations [Abstract]
Business Combination Disclosure [Text Block]	3. ACQUISITIONS On April 24, 2017, we completed the acquisition of BAM Software and Services, LLC ("BetAmerica"), which has not had a material impact on our results of operations, financial condition or cash flows. The results of operations and financial condition of BetAmerica have been included in our Condensed Consolidated Financial Statements from the acquisition date. The pro forma financial information assuming the acquisition had occurred as of the beginning of the calendar year prior to the year of acquisition, as well as the revenues and earnings generated during the year of acquisition, were not material for disclosure purposes.

Receivable from Escrow (Notes)

Receivable from Escrow (Notes)	6 Months Ended
	Jun. 30, 2017
Receivable from Escrow [Abstract]
Receivable from Escrow [Text Block]	. RECEIVABLE FROM ESCROW On November 8, 2016, we established a $14.0 million qualified intermediary trust with a portion of the proceeds from the sale of excess land at Calder Race Course ("Calder") that was used to purchase previously identified real property within six months post- closing. During the six months ended June 30, 2017, we utilized the entire escrow amount, resulting in a zero balance at June 30, 2017, compared to our $13.6 million from the qualified intermediary trust at December 31, 2016.

Investment in and Advances to U

Investment in and Advances to Unconsolidated Affiliates (Notes)	6 Months Ended
	Jun. 30, 2017
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]
Investments in and Advances to Affiliates, Schedule of Investments [Text Block]	Ocean Downs In August 2016, we signed a limited liability company operating agreement with Saratoga Casino Holdings LLC ("SCH"), with each entity having a 50% interest, and formed Old Bay Gaming and Racing LLC ("Old Bay"). The Old Bay agreement provides both the Company and SCH equal participating rights, and both entities must consent to Old Bay's operating, investing and financing decisions. On January 3, 2017, Old Bay acquired all of the equity interests of Ocean Enterprise 589 LLC, Ocean Downs LLC and Racing Services LLC (collectively, "Ocean Downs"). The Company's portion of the initial equity investment in Ocean Downs was $24.0 million . Ocean Downs, located near Ocean City, Maryland, owns and operates video lottery terminals ("VLT") at the Casino at Oceans Downs and conducts harness racing at Ocean Downs Racetrack. The Company's 25% interest in SCH provides an additional 12.5% interest, resulting in an effective 62.5% interest in Ocean Downs. Since both the Company and SCH have participating rights and both must consent to Old Bay's operating, investing and financing decisions, the Company accounts for Ocean Downs using the equity method of accounting. Miami Valley Gaming We have a 50% joint venture in Miami Valley Gaming ("MVG"), which has a harness racetrack and VLT gaming facility in Lebanon, Ohio, with Delaware North Companies Gaming & Entertainment Inc. Summarized below is financial information for our MVG equity investment: Three Months Ended June 30, Six Months Ended June 30, (in millions) 2017 2016 2017 2016 Casino revenue $ 40.2 $ 36.6 $ 79.5 $ 72.6 Non-casino revenue 1.8 2.0 3.9 4.0 Net revenue 42.0 38.6 83.4 76.6 Operating and SG&A expense 29.0 26.5 57.6 53.3 Depreciation & amortization 3.2 3.3 6.3 6.5 Operating income 9.8 8.8 19.5 16.8 Interest and other expense, net (0.6 ) (0.9 ) (1.3 ) (1.8 ) Net income $ 9.2 $ 7.9 $ 18.2 $ 15.0 (in millions) June 30, 2017 December 31, 2016 Assets Current assets $ 18.1 $ 18.7 Property and equipment, net 105.4 109.8 Other assets, net 105.0 105.0 Total assets $ 228.5 $ 233.5 Liabilities and Members' Equity Current liabilities $ 8.6 $ 12.5 Current portion of long-term debt 8.3 8.3 Long-term debt, excluding current portion 10.6 14.0 Other liabilities 0.1 0.1 Members' equity 200.9 198.6 Total liabilities and members' equity $ 228.5 $ 233.5 Our Condensed Consolidated Statements of Comprehensive Income include our 50% share of MVG's results as follows: Three Months Ended June 30, Six Months Ended June 30, (in millions) 2017 2016 2017 2016 Equity in income of unconsolidated investments $ 4.6 $ 3.9 $ 9.1 $ 7.5

Goodwill And Indefinite-Lived I

Goodwill And Indefinite-Lived Intangible Assets Impairment Test	6 Months Ended
	Jun. 30, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Indefinte-Lived Intangible Assets Impairment Test	We performed our annual goodwill and indefinite-lived intangible impairment analysis for 2017 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, 2017 and again as of April 1, 2017, 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. During 2017, the Company changed its annual goodwill and indefinite-lived impairment testing date from March 31 to April 1 of each year. As a result, the annual impairment tests were performed as of March 31, 2017 and April 1, 2017. The change was made to better align with our forecasting process and to provide the Company with additional time to complete its annual goodwill and indefinite-lived intangible impairment testing in advance of its quarterly reporting. The Company believes this change in measurement date, which represents a change in method of applying an accounting principle, is preferable under the circumstances. We believe the resulting change in accounting principle related to changing the annual impairment testing date will not delay, accelerate, or avoid an impairment charge. Goodwill is comprised of the following: (in millions) Racing Casinos TwinSpires Big Fish Games Total Balances as of December 31, 2016 $ 51.7 $ 117.6 $ 132.1 $ 530.8 $ 832.2 Additions — — 15.0 — 15.0 Balances as of June 30, 2017 $ 51.7 $ 117.6 $ 147.1 $ 530.8 $ 847.2 In 2017, we established goodwill of $15.0 million related to the BetAmerica acquisition. Other intangible assets are comprised of the following: June 30, 2017 December 31, 2016 (in millions) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Definite-lived intangible assets $ 179.2 $ (103.3 ) $ 75.9 $ 187.4 $ (100.0 ) $ 87.4 Indefinite-lived intangible assets 358.3 358.3 Total $ 434.2 $ 445.7 In 2017, we reduced our customer relationships intangible asset and accumulated amortization for TwinSpires by $15.1 million and we reduced our slot license intangible asset and accumulated amortization by $2.3 million , as these amounts were fully amortized. Finally, we established definite-lived intangible assets of $9.2 million related to the BetAmerica acquisition.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2017
Income Tax Disclosure [Abstract]
Income Taxes	The Company’s income tax rate for the three and six months ended June 30, 2017 was higher than the U.S. federal statutory rate of 35.0% primarily due to state income taxes and certain expenses that are not deductible for the purposes of income taxes, partially offset by benefits from tax credits, the manufacturing deduction and tax deductions from vesting of restricted stock units in excess of the book deductions. The Company's income tax rate for the three months ended June 30, 2016 was higher than the U.S. federal statutory rate of 35.0% primarily due to state income taxes and certain expenses that are not deductible for the purposes of income taxes, partially offset by benefits from tax credits and the manufacturing deduction. The Company’s income tax rate for the six months ended June 30, 2016 was lower than the U. S federal statutory rate of 35.0% primarily due to a $3.1 million tax benefit resulting from tax deductions from vesting restricted stock units in excess of the book deductions that were recognized upon our adoption of ASU 2016-09, Improvements to Employee Share-Based Payment Accounting. This benefit was partially offset by state income taxes and certain expenses that are not deductible for the purposes of income taxes.

Fair Value Of Assets And Liabil

Fair Value Of Assets And Liabilities	6 Months Ended
	Jun. 30, 2017
Fair Value Disclosures [Abstract]
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: June 30, 2017 (in millions) Level 1 Level 3 Cash equivalents and restricted cash $ 30.8 $ — Big Fish Games deferred payments — 28.1 Big Fish Games earnout liability — 33.8 Total $ 30.8 $ 61.9 December 31, 2016 (in millions) Level 1 Level 3 Cash equivalents and restricted cash $ 34.1 $ — Big Fish Games deferred payments — 27.8 Big Fish Games earnout liability — 67.9 Total $ 34.1 $ 95.7 The following table presents the change in fair value of our Level 3 liabilities: Fair Value Measurements Using Significant Unobservable Inputs (Level 3) (in millions) Big Fish Games Deferred Payments Big Fish Games Earnout Liability Total Balances as of December 31, 2016 $ 27.8 $ 67.9 $ 95.7 Payments — (34.2 ) (34.2 ) Change in fair value 0.3 0.1 0.4 Balances as of June 30, 2017 $ 28.1 $ 33.8 $ 61.9 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 June 30, 2017 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 $0.4 million during the six months ended June 30, 2017 was recorded as acquisition-related charges in the Condensed Consolidated Statements of Comprehensive Income. During 2015, Big Fish Games achieved its earnout milestones and we have made earnout payments of $34.2 million in March 2017 and $281.6 million in March 2016. We currently have no other assets or liabilities subject to fair value measurement on a recurring basis. Our 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 $622.5 million at both June 30, 2017 and December 31, 2016 . 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 2017 or 2016.

Shareholders' Equity (Notes)

Shareholders' Equity (Notes)	6 Months Ended
	Jun. 30, 2017
Shareholders' Equity [Abstract]
Stockholders' Equity Note Disclosure [Text Block]	On April 25, 2017, the Board of Directors of the Company approved a new common stock repurchase program of up to $250.0 million . The new program replaced the prior $150.0 million program that was authorized in February 2016 and had unused authorization of $114.6 million . The new authorized amount included and was not in addition to any unspent amount remaining under the prior authorization. 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 or discontinued at any time. On June 9, 2017, we entered into an agreement with an affiliate of The Duchossois Group, Inc. ("TDG"), a related party, to repurchase 1,000,000 shares of the Company's common stock for $158.78 per share in a privately negotiated transaction. The aggregate purchase price was $158.8 million . For the six months ended June 30, 2017, including the repurchase of 1,000,000 shares from TDG, we repurchased 1,077,029 shares of our common stock under the April 2017 stock repurchase program at a total cost of $171.7 million . The shares were retired, and the cost of the shares acquired were treated as a deduction from common stock and retained earnings. We had approximately $78.3 million of repurchase authority remaining under this program at June 30, 2017. During the six months ended June 30, 2017, we also repurchased 53,721 shares of our common stock in conjunction with the February 2016 stock repurchase program at a total cost of $7.8 million .

Stock-based Compensation Plans

Stock-based Compensation Plans (Notes)	6 Months Ended
	Jun. 30, 2017
Share-based Compensation [Abstract]
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	. STOCK-BASED COMPENSATION PLANS The 2016 Incentive Plan and the 2007 Incentive Plan (collectively "the 2016 and 2007 Plans") permit 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 2016 and 2007 Plans generally vest either in full upon three years from the date of grant, on a pro-rata basis over a three year term or upon retirement at or after age 60. The fair value of restricted shares that vest solely based on continued service under the 2016 and 2007 Plans is determined by the product of the number of shares granted and the grant date market price of our common stock. 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 specified period. The ELTI Plan was adopted pursuant to 2016 and 2007 Plans, which were previously approved by our shareholders. 2017 Awards On February 17, 2017, certain NEOs and Grantees received the following: • 25,119 restricted stock units to NEOs vesting equally over three service periods ending December 31, 2017, December 31, 2018 and December 31, 2019; • 28,467 performance share units ("PSU") to NEOs with vesting contingent on financial performance measures at the end of a 34 -month performance period ending December 31, 2019; and • 61,530 restricted stock shares to Grantees vesting equally over three service periods ending February 17, 2018, February 17, 2019 and February 17, 2020. The performance criteria for the 2017 PSU awards are a cumulative Adjusted EBITDA target that was set at the beginning of the plan performance period for the entire three year period, and a cash flow metric that is the aggregate of the cash flow targets for the three individual years that is set annually at the beginning of each year. The cash flow metric is defined as cash flow from operating activities plus distributions of capital from equity investments less capital maintenance expenditures. The Compensation Committee can make adjustments as it may deem appropriate to these metrics. Measurement against these criteria will be determined against a payout curve which provides up to 200% of performance share units based on the original award. The performance criteria also includes a relative total shareholder return ("TSR") component. Our TSR will be ranked versus the companies in the Russell 2000 index and will be calculated based on our relative placement within the Russell 2000 index. The PSU awards may be adjusted based on the Company’s TSR, by increasing the PSU awards by 25% if the Company’s TSR is in the top quartile, decreasing the PSU awards by 25% if the Company’s TSR is in the bottom quartile, and providing no change to the PSU awards if the Company’s TSR is in the middle two quartiles. The total compensation cost we will recognize under the PSUs will be determined using the Monte Carlo valuation methodology and will be based upon an equal performance weighting for the two financial measures and then adjusted based on the Company’s TSR performance within the Russell 2000 index. The maximum number of PSUs that can be earned for a performance period is 250% of the original award. We recognized stock-based compensation expense of $6.7 million for the three months ended June 30, 2017 and $11.7 million for the six months ended June 30, 2017. We recognized stock-based compensation expense of $5.3 million for the three months ended June 30, 2016 and $9.4 million for the six months ended June 30, 2016.

Commitments And Contingencies

Commitments And Contingencies	6 Months Ended
	Jun. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments And 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	6 Months Ended
	Jun. 30, 2017
Earnings Per Share [Abstract]
Earnings 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 June 30, Six Months Ended June 30, (in millions, except per share data) 2017 2016 2017 2016 Numerator for basic income per common share: Net income $ 78.3 $ 69.8 $ 85.6 $ 72.6 Net income allocated to participating securities — (1.3 ) (0.1 ) (1.3 ) Numerator for basic income per common share $ 78.3 $ 68.5 $ 85.5 $ 71.3 Numerator for diluted income per common share $ 78.3 $ 69.8 $ 85.6 $ 72.6 Denominator for basic and diluted net income per common share: Basic 16.1 16.5 16.2 16.5 Plus dilutive effect of stock awards 0.2 0.2 0.2 0.2 Plus dilutive effect of participating securities — 0.3 0.1 0.3 Diluted 16.3 17.0 16.5 17.0 Income per common share: Basic $ 4.86 $ 4.16 $ 5.27 $ 4.32 Diluted $ 4.81 $ 4.11 $ 5.18 $ 4.27

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2017
Segment Reporting [Abstract]
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; • 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, 50% equity investment in Ocean Downs and 25% of EBITDA from our equity investment, SCH, which includes investments in Saratoga Casino Hotel, Saratoga Casino Black Hawk and Ocean Downs; • TwinSpires, which includes TwinSpires.com, Fair Grounds Account Wagering, Velocity, BetAmerica, Bloodstock Research Information Services, Bluff Media and Churchill Downs Interactive 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 other minor investments; 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 our portion of the EBITDA from our equity investments. Adjusted EBITDA excludes: • Acquisition expense, net which includes: • Acquisition-related charges, including fair value adjustments related to earnouts and deferred payments; and • Transaction expense, including legal, accounting, and other deal-related expense; • Stock-based compensation expense; • Gain on Calder land sale; • Calder exit costs; and • Other charges and recoveries. During the fourth quarter of 2016, we updated our definition of Adjusted EBITDA to exclude changes in Big Fish Games deferred revenue. Effective January 1, 2017, certain revenue previously included in our Corporate segment was deemed by management to be more closely aligned with our TwinSpires segment. The prior year amounts were reclassified to conform to this presentation. We utilize the Adjusted EBITDA metric because we believe the inclusion or exclusion of certain non-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. For segment reporting, Adjusted EBITDA includes intercompany revenue and expense totals that are eliminated in the accompanying Consolidated Statements of Comprehensive Income. The tables below present net revenue from external customers and intercompany revenue from each of our operating segments, Adjusted EBITDA by segment and reconciles Comprehensive Income to Adjusted EBITDA: Three Months Ended June 30, Six Months Ended June 30, (in millions) 2017 2016 2017 2016 Net revenue from external customers: Racing: Churchill Downs $ 136.7 $ 129.1 $ 139.0 $ 131.4 Arlington 18.0 16.8 26.5 25.8 Fair Grounds 10.0 9.5 22.5 23.8 Calder 0.6 0.7 1.2 1.3 Total Racing 165.3 156.1 189.2 182.3 Casinos: Oxford Casino 23.1 21.1 44.0 41.0 Riverwalk Casino 12.0 12.4 23.5 25.1 Harlow’s Casino 12.5 11.9 26.0 24.9 Calder Casino 21.8 20.5 43.2 40.8 Fair Grounds Slots 8.8 8.8 19.0 19.4 VSI 9.8 9.5 19.5 19.3 Saratoga 0.3 0.2 0.6 0.4 Total Casinos 88.3 84.4 175.8 170.9 TwinSpires 80.5 68.4 132.5 118.0 Big Fish Games: Social casino 49.5 46.5 95.7 94.0 Casual and mid-core free-to-play 43.9 56.0 89.2 106.4 Premium 19.2 22.7 39.7 46.9 Total Big Fish Games 112.6 125.2 224.6 247.3 Other Investments 5.2 4.4 9.3 8.4 Net revenue from external customers $ 451.9 $ 438.5 $ 731.4 $ 726.9 Three Months Ended June 30, Six Months Ended June 30, (in millions) 2017 2016 2017 2016 Intercompany net revenue: Racing: Churchill Downs $ 8.4 $ 7.0 $ 8.7 $ 7.3 Arlington 1.9 1.6 2.9 2.6 Fair Grounds 0.1 — 1.0 1.0 Total Racing 10.4 8.6 12.6 10.9 TwinSpires 0.3 0.3 0.6 0.6 Other Investments 1.3 1.4 2.7 2.3 Eliminations (12.0 ) (10.3 ) (15.9 ) (13.8 ) Intercompany net revenue $ — $ — $ — $ — Adjusted EBITDA by segment is comprised of the following: Three Months Ended June 30, 2017 (in millions) Racing Casinos TwinSpires Big Fish Other Investments Corporate Net revenue $ 175.7 $ 88.3 $ 80.8 $ 112.6 $ 6.5 $ — Taxes & purses (32.9 ) (29.7 ) (4.1 ) — — — Platform & development fees — — — (40.4 ) — — Marketing & advertising (2.2 ) (3.0 ) (4.6 ) (28.0 ) — — Salaries & benefits (13.5 ) (13.4 ) (2.6 ) (6.9 ) (3.3 ) — Content expense (4.7 ) — (40.2 ) — — — SG&A expense (4.2 ) (5.6 ) (3.0 ) (5.1 ) (0.7 ) (1.8 ) Research & development — — — (9.9 ) — — Other operating expense (20.0 ) (9.8 ) (7.0 ) (3.6 ) (1.2 ) (0.3 ) Other income (expense) 0.5 10.7 — (0.4 ) — — Adjusted EBITDA $ 98.7 $ 37.5 $ 19.3 $ 18.3 $ 1.3 $ (2.1 ) Three Months Ended June 30, 2016 (in millions) Racing Casinos TwinSpires Big Fish Other Investments Corporate Net revenue $ 164.7 $ 84.4 $ 68.7 $ 125.2 $ 5.8 $ — Taxes & purses (30.3 ) (28.1 ) (2.0 ) — — — Platform & development fees — — — (45.9 ) — — Marketing & advertising (1.9 ) (3.1 ) (3.2 ) (37.1 ) — — Salaries & benefits (12.7 ) (12.7 ) (2.3 ) (6.1 ) (2.8 ) — Content expense (4.8 ) — (33.5 ) — — — SG&A expense (4.0 ) (5.3 ) (2.8 ) (4.3 ) (0.9 ) (2.2 ) Research & development — — — (9.7 ) — — Other operating expense (19.9 ) (9.7 ) (6.1 ) (4.0 ) (1.0 ) — Other income (expense) 0.2 7.8 — (0.3 ) 0.2 (0.1 ) Adjusted EBITDA $ 91.3 $ 33.3 $ 18.8 $ 17.8 $ 1.3 $ (2.3 ) Six Months Ended June 30, 2017 (in millions) Racing Casinos TwinSpires Big Fish Other Investments Corporate Net revenue $ 201.8 $ 175.8 $ 133.1 $ 224.6 $ 12.0 $ — Taxes & purses (43.1 ) (58.8 ) (7.1 ) — — — Platform & development fees — — — (81.9 ) — — Marketing & advertising (2.9 ) (6.0 ) (5.6 ) (52.5 ) — — Salaries & benefits (22.1 ) (26.5 ) (4.8 ) (13.9 ) (6.2 ) — Content expense (7.9 ) — (65.6 ) — — — SG&A expense (8.0 ) (10.8 ) (5.7 ) (9.8 ) (1.5 ) (4.0 ) Research & development — — — (20.2 ) — Other operating expense (29.3 ) (21.2 ) (11.8 ) (7.3 ) (2.5 ) (0.5 ) Other income (expense) 0.5 20.3 — (0.4 ) 0.1 — Total segment Adjusted EBITDA $ 89.0 $ 72.8 $ 32.5 $ 38.6 $ 1.9 $ (4.5 ) Six Months Ended June 30, 2016 (in millions) Racing Casinos TwinSpires Big Fish Other Investments Corporate Net revenue $ 193.2 $ 170.9 $ 118.6 $ 247.3 $ 10.7 $ — Taxes & purses (41.5 ) (56.5 ) (4.8 ) — — — Platform & development fees — — — (90.0 ) — — Marketing & advertising (2.7 ) (6.5 ) (4.2 ) (79.9 ) — — Salaries & benefits (21.1 ) (24.8 ) (4.6 ) (12.2 ) (5.5 ) — Content expense (8.1 ) — (57.4 ) — — — SG&A expense (7.9 ) (10.4 ) (5.6 ) (9.2 ) (1.6 ) (4.0 ) Research & development — — — (20.5 ) — — Other operating expense (28.3 ) (19.4 ) (11.1 ) (7.9 ) (1.7 ) (0.3 ) Other income (expense) 0.3 14.3 — (0.9 ) 0.2 — Total segment Adjusted EBITDA $ 83.9 $ 67.6 $ 30.9 $ 26.7 $ 2.1 $ (4.3 ) Three Months Ended June 30, Six Months Ended June 30, (in millions) 2017 2016 2017 2016 Reconciliation of Comprehensive Income to Adjusted EBITDA: Comprehensive income $ 78.0 $ 70.0 $ 85.2 $ 72.8 Foreign currency translation, net of tax 0.3 (0.2 ) 0.4 (0.2 ) Net income 78.3 69.8 85.6 72.6 Additions: Depreciation and amortization 24.8 26.9 49.3 53.9 Interest expense 11.6 11.1 23.4 21.7 Income tax provision 47.5 41.7 52.0 37.9 EBITDA 162.2 149.5 210.3 186.1 Adjustments to EBITDA: Selling, general and administrative: Stock-based compensation expense 6.7 5.3 11.7 9.4 Other charges — 0.3 0.1 0.3 Other income, expense: Interest, depreciation and amortization expense related to equity investments 3.1 2.5 6.6 5.0 Other charges and recoveries, net — — — 0.4 Acquisition expense, net 0.8 1.1 1.0 3.8 Calder exit costs 0.2 1.5 0.6 1.9 Total adjustments to EBITDA 10.8 10.7 20.0 20.8 Adjusted EBITDA $ 173.0 $ 160.2 $ 230.3 $ 206.9 Adjusted EBITDA by segment: Racing $ 98.7 $ 91.3 $ 89.0 $ 83.9 Casinos 37.5 33.3 72.8 67.6 TwinSpires 19.3 18.8 32.5 30.9 Big Fish Games 18.3 17.8 38.6 26.7 Other Investments 1.3 1.3 1.9 2.1 Corporate (2.1 ) (2.3 ) (4.5 ) (4.3 ) Adjusted EBITDA $ 173.0 $ 160.2 $ 230.3 $ 206.9 The table below presents information about equity in income (losses) of unconsolidated investments included in our reported segments: Three Months Ended June 30, Six Months Ended June 30, (in millions) 2017 2016 2017 2016 Casinos $ 7.7 $ 4.7 $ 13.8 $ 8.8 Other Investments — 0.1 — (0.2 ) $ 7.7 $ 4.8 $ 13.8 $ 8.6 The table below presents total asset information for each of our operating segments: (in millions) June 30, 2017 December 31, 2016 Total assets: Racing $ 453.2 $ 454.6 Casinos 659.8 628.7 TwinSpires 207.5 209.9 Big Fish Games 890.9 893.8 Other Investments 10.1 11.1 Corporate 60.5 56.3 $ 2,282.0 $ 2,254.4 The table below presents total capital expenditures for each of our operating segments: Six Months Ended June 30, (in millions) 2017 2016 Capital expenditures: Racing $ 38.4 $ 20.7 Casinos 15.6 6.8 TwinSpires 5.2 3.7 Big Fish Games 3.5 2.2 Other Investments 0.7 0.5 Corporate 0.6 0.6 $ 64.0 $ 34.5

Subsequent Event (Notes)

Subsequent Event (Notes)	6 Months Ended
	Jun. 30, 2017
Subsequent Events [Abstract]
Subsequent Events [Text Block]	As of the date of this filing, there were no subsequent events.

Basis Of Presentation (Policies

Basis Of Presentation (Policies)	6 Months Ended
	Jun. 30, 2017
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 64 live thoroughbred race days in the second quarter of 2017 and 61 live thoroughbred race days in the second quarter of 2016. For the six months ended June 30, 2017, we conducted 119 live thoroughbred racing days, which compares to 115 live thoroughbred racing days during the six months ended June 30, 2016. Casinos Revenue from our casino properties has a seasonal component and is typically higher during the first and second quarters. 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 has a seasonal component and is typically lower during the summer months.

Investment in and Advances to21

Investment in and Advances to Unconsolidated Affiliates (Tables)	6 Months Ended
	Jun. 30, 2017
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]
Affiliate Balance Sheet [Table Text Block]	(in millions) June 30, 2017 December 31, 2016 Assets Current assets $ 18.1 $ 18.7 Property and equipment, net 105.4 109.8 Other assets, net 105.0 105.0 Total assets $ 228.5 $ 233.5 Liabilities and Members' Equity Current liabilities $ 8.6 $ 12.5 Current portion of long-term debt 8.3 8.3 Long-term debt, excluding current portion 10.6 14.0 Other liabilities 0.1 0.1 Members' equity 200.9 198.6 Total liabilities and members' equity $ 228.5 $ 233.5
Affiliate Income Statement [Table Text Block]	Three Months Ended June 30, Six Months Ended June 30, (in millions) 2017 2016 2017 2016 Casino revenue $ 40.2 $ 36.6 $ 79.5 $ 72.6 Non-casino revenue 1.8 2.0 3.9 4.0 Net revenue 42.0 38.6 83.4 76.6 Operating and SG&A expense 29.0 26.5 57.6 53.3 Depreciation & amortization 3.2 3.3 6.3 6.5 Operating income 9.8 8.8 19.5 16.8 Interest and other expense, net (0.6 ) (0.9 ) (1.3 ) (1.8 ) Net income $ 9.2 $ 7.9 $ 18.2 $ 15.0
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 June 30, Six Months Ended June 30, (in millions) 2017 2016 2017 2016 Equity in income of unconsolidated investments $ 4.6 $ 3.9 $ 9.1 $ 7.5

Goodwill And Indefinite-Lived22

Goodwill And Indefinite-Lived Intangible Assets Impairment Test (Tables)	6 Months Ended
	Jun. 30, 2017
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, 2016 $ 51.7 $ 117.6 $ 132.1 $ 530.8 $ 832.2 Additions — — 15.0 — 15.0 Balances as of June 30, 2017 $ 51.7 $ 117.6 $ 147.1 $ 530.8 $ 847.2
Schedule of Indefinite and Finite Lived Assets	June 30, 2017 December 31, 2016 (in millions) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Definite-lived intangible assets $ 179.2 $ (103.3 ) $ 75.9 $ 187.4 $ (100.0 ) $ 87.4 Indefinite-lived intangible assets 358.3 358.3 Total $ 434.2 $ 445.7 In 2017, we reduced our customer relationships intangible asset and accumulated amortization for TwinSpires by $15.1 million and we reduced our slot license intangible asset and accumulated amortization by $2.3 million , as these amounts were fully amortized. Finally, we established definite-lived intangible assets of $9.2 million related to the BetAmerica acquisition.

Fair Value Of Assets And Liab23

Fair Value Of Assets And Liabilities (Tables)	6 Months Ended
	Jun. 30, 2017
Fair Value Disclosures [Abstract]
Fair Value Measurements, Recurring and Nonrecurring	June 30, 2017 (in millions) Level 1 Level 3 Cash equivalents and restricted cash $ 30.8 $ — Big Fish Games deferred payments — 28.1 Big Fish Games earnout liability — 33.8 Total $ 30.8 $ 61.9 December 31, 2016 (in millions) Level 1 Level 3 Cash equivalents and restricted cash $ 34.1 $ — Big Fish Games deferred payments — 27.8 Big Fish Games earnout liability — 67.9 Total $ 34.1 $ 95.7 The following table presents the change in fair value of our Level 3 liabilities: Fair Value Measurements Using Significant Unobservable Inputs (Level 3) (in millions) Big Fish Games Deferred Payments Big Fish Games Earnout Liability Total Balances as of December 31, 2016 $ 27.8 $ 67.9 $ 95.7 Payments — (34.2 ) (34.2 ) Change in fair value 0.3 0.1 0.4 Balances as of June 30, 2017 $ 28.1 $ 33.8 $ 61.9

Income Per Common Share Compu24

Income Per Common Share Computations (Tables)	6 Months Ended
	Jun. 30, 2017
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	Three Months Ended June 30, Six Months Ended June 30, (in millions, except per share data) 2017 2016 2017 2016 Numerator for basic income per common share: Net income $ 78.3 $ 69.8 $ 85.6 $ 72.6 Net income allocated to participating securities — (1.3 ) (0.1 ) (1.3 ) Numerator for basic income per common share $ 78.3 $ 68.5 $ 85.5 $ 71.3 Numerator for diluted income per common share $ 78.3 $ 69.8 $ 85.6 $ 72.6 Denominator for basic and diluted net income per common share: Basic 16.1 16.5 16.2 16.5 Plus dilutive effect of stock awards 0.2 0.2 0.2 0.2 Plus dilutive effect of participating securities — 0.3 0.1 0.3 Diluted 16.3 17.0 16.5 17.0 Income per common share: Basic $ 4.86 $ 4.16 $ 5.27 $ 4.32 Diluted $ 4.81 $ 4.11 $ 5.18 $ 4.27

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2017
Segment Reporting [Abstract]
Reconciliation of Revenue from Segments to Consolidated [Table Text Block]	Three Months Ended June 30, Six Months Ended June 30, (in millions) 2017 2016 2017 2016 Net revenue from external customers: Racing: Churchill Downs $ 136.7 $ 129.1 $ 139.0 $ 131.4 Arlington 18.0 16.8 26.5 25.8 Fair Grounds 10.0 9.5 22.5 23.8 Calder 0.6 0.7 1.2 1.3 Total Racing 165.3 156.1 189.2 182.3 Casinos: Oxford Casino 23.1 21.1 44.0 41.0 Riverwalk Casino 12.0 12.4 23.5 25.1 Harlow’s Casino 12.5 11.9 26.0 24.9 Calder Casino 21.8 20.5 43.2 40.8 Fair Grounds Slots 8.8 8.8 19.0 19.4 VSI 9.8 9.5 19.5 19.3 Saratoga 0.3 0.2 0.6 0.4 Total Casinos 88.3 84.4 175.8 170.9 TwinSpires 80.5 68.4 132.5 118.0 Big Fish Games: Social casino 49.5 46.5 95.7 94.0 Casual and mid-core free-to-play 43.9 56.0 89.2 106.4 Premium 19.2 22.7 39.7 46.9 Total Big Fish Games 112.6 125.2 224.6 247.3 Other Investments 5.2 4.4 9.3 8.4 Net revenue from external customers $ 451.9 $ 438.5 $ 731.4 $ 726.9 Three Months Ended June 30, Six Months Ended June 30, (in millions) 2017 2016 2017 2016 Intercompany net revenue: Racing: Churchill Downs $ 8.4 $ 7.0 $ 8.7 $ 7.3 Arlington 1.9 1.6 2.9 2.6 Fair Grounds 0.1 — 1.0 1.0 Total Racing 10.4 8.6 12.6 10.9 TwinSpires 0.3 0.3 0.6 0.6 Other Investments 1.3 1.4 2.7 2.3 Eliminations (12.0 ) (10.3 ) (15.9 ) (13.8 ) 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 June 30, 2017 (in millions) Racing Casinos TwinSpires Big Fish Other Investments Corporate Net revenue $ 175.7 $ 88.3 $ 80.8 $ 112.6 $ 6.5 $ — Taxes & purses (32.9 ) (29.7 ) (4.1 ) — — — Platform & development fees — — — (40.4 ) — — Marketing & advertising (2.2 ) (3.0 ) (4.6 ) (28.0 ) — — Salaries & benefits (13.5 ) (13.4 ) (2.6 ) (6.9 ) (3.3 ) — Content expense (4.7 ) — (40.2 ) — — — SG&A expense (4.2 ) (5.6 ) (3.0 ) (5.1 ) (0.7 ) (1.8 ) Research & development — — — (9.9 ) — — Other operating expense (20.0 ) (9.8 ) (7.0 ) (3.6 ) (1.2 ) (0.3 ) Other income (expense) 0.5 10.7 — (0.4 ) — — Adjusted EBITDA $ 98.7 $ 37.5 $ 19.3 $ 18.3 $ 1.3 $ (2.1 ) Three Months Ended June 30, 2016 (in millions) Racing Casinos TwinSpires Big Fish Other Investments Corporate Net revenue $ 164.7 $ 84.4 $ 68.7 $ 125.2 $ 5.8 $ — Taxes & purses (30.3 ) (28.1 ) (2.0 ) — — — Platform & development fees — — — (45.9 ) — — Marketing & advertising (1.9 ) (3.1 ) (3.2 ) (37.1 ) — — Salaries & benefits (12.7 ) (12.7 ) (2.3 ) (6.1 ) (2.8 ) — Content expense (4.8 ) — (33.5 ) — — — SG&A expense (4.0 ) (5.3 ) (2.8 ) (4.3 ) (0.9 ) (2.2 ) Research & development — — — (9.7 ) — — Other operating expense (19.9 ) (9.7 ) (6.1 ) (4.0 ) (1.0 ) — Other income (expense) 0.2 7.8 — (0.3 ) 0.2 (0.1 ) Adjusted EBITDA $ 91.3 $ 33.3 $ 18.8 $ 17.8 $ 1.3 $ (2.3 ) Six Months Ended June 30, 2017 (in millions) Racing Casinos TwinSpires Big Fish Other Investments Corporate Net revenue $ 201.8 $ 175.8 $ 133.1 $ 224.6 $ 12.0 $ — Taxes & purses (43.1 ) (58.8 ) (7.1 ) — — — Platform & development fees — — — (81.9 ) — — Marketing & advertising (2.9 ) (6.0 ) (5.6 ) (52.5 ) — — Salaries & benefits (22.1 ) (26.5 ) (4.8 ) (13.9 ) (6.2 ) — Content expense (7.9 ) — (65.6 ) — — — SG&A expense (8.0 ) (10.8 ) (5.7 ) (9.8 ) (1.5 ) (4.0 ) Research & development — — — (20.2 ) — Other operating expense (29.3 ) (21.2 ) (11.8 ) (7.3 ) (2.5 ) (0.5 ) Other income (expense) 0.5 20.3 — (0.4 ) 0.1 — Total segment Adjusted EBITDA $ 89.0 $ 72.8 $ 32.5 $ 38.6 $ 1.9 $ (4.5 ) Six Months Ended June 30, 2016 (in millions) Racing Casinos TwinSpires Big Fish Other Investments Corporate Net revenue $ 193.2 $ 170.9 $ 118.6 $ 247.3 $ 10.7 $ — Taxes & purses (41.5 ) (56.5 ) (4.8 ) — — — Platform & development fees — — — (90.0 ) — — Marketing & advertising (2.7 ) (6.5 ) (4.2 ) (79.9 ) — — Salaries & benefits (21.1 ) (24.8 ) (4.6 ) (12.2 ) (5.5 ) — Content expense (8.1 ) — (57.4 ) — — — SG&A expense (7.9 ) (10.4 ) (5.6 ) (9.2 ) (1.6 ) (4.0 ) Research & development — — — (20.5 ) — — Other operating expense (28.3 ) (19.4 ) (11.1 ) (7.9 ) (1.7 ) (0.3 ) Other income (expense) 0.3 14.3 — (0.9 ) 0.2 — Total segment Adjusted EBITDA $ 83.9 $ 67.6 $ 30.9 $ 26.7 $ 2.1 $ (4.3 ) Three Months Ended June 30, Six Months Ended June 30, (in millions) 2017 2016 2017 2016 Reconciliation of Comprehensive Income to Adjusted EBITDA: Comprehensive income $ 78.0 $ 70.0 $ 85.2 $ 72.8 Foreign currency translation, net of tax 0.3 (0.2 ) 0.4 (0.2 ) Net income 78.3 69.8 85.6 72.6 Additions: Depreciation and amortization 24.8 26.9 49.3 53.9 Interest expense 11.6 11.1 23.4 21.7 Income tax provision 47.5 41.7 52.0 37.9 EBITDA 162.2 149.5 210.3 186.1 Adjustments to EBITDA: Selling, general and administrative: Stock-based compensation expense 6.7 5.3 11.7 9.4 Other charges — 0.3 0.1 0.3 Other income, expense: Interest, depreciation and amortization expense related to equity investments 3.1 2.5 6.6 5.0 Other charges and recoveries, net — — — 0.4 Acquisition expense, net 0.8 1.1 1.0 3.8 Calder exit costs 0.2 1.5 0.6 1.9 Total adjustments to EBITDA 10.8 10.7 20.0 20.8 Adjusted EBITDA $ 173.0 $ 160.2 $ 230.3 $ 206.9 Adjusted EBITDA by segment: Racing $ 98.7 $ 91.3 $ 89.0 $ 83.9 Casinos 37.5 33.3 72.8 67.6 TwinSpires 19.3 18.8 32.5 30.9 Big Fish Games 18.3 17.8 38.6 26.7 Other Investments 1.3 1.3 1.9 2.1 Corporate (2.1 ) (2.3 ) (4.5 ) (4.3 ) Adjusted EBITDA $ 173.0 $ 160.2 $ 230.3 $ 206.9
Reconciliation of Other Significant Reconciling Items from Segments to Consolidated [Table Text Block]	Three Months Ended June 30, Six Months Ended June 30, (in millions) 2017 2016 2017 2016 Casinos $ 7.7 $ 4.7 $ 13.8 $ 8.8 Other Investments — 0.1 — (0.2 ) $ 7.7 $ 4.8 $ 13.8 $ 8.6
Reconciliation of Assets from Segment to Consolidated	(in millions) June 30, 2017 December 31, 2016 Total assets: Racing $ 453.2 $ 454.6 Casinos 659.8 628.7 TwinSpires 207.5 209.9 Big Fish Games 890.9 893.8 Other Investments 10.1 11.1 Corporate 60.5 56.3 $ 2,282.0 $ 2,254.4 Six Months Ended June 30, (in millions) 2017 2016 Capital expenditures: Racing $ 38.4 $ 20.7 Casinos 15.6 6.8 TwinSpires 5.2 3.7 Big Fish Games 3.5 2.2 Other Investments 0.7 0.5 Corporate 0.6 0.6 $ 64.0 $ 34.5

Basis Of Presentation (Details)

Basis Of Presentation (Details) - d	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Basis of Presentation [Abstract]
Live Racing Days	64	61	119	115

Receivable from Escrow (Details

Receivable from Escrow (Details) - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016	Nov. 08, 2016
Receivable from Escrow [Abstract]
Escrow Deposit	$ 0	$ 13.6	$ 14

Investment in and Advances to28

Investment in and Advances to Unconsolidated Affiliates (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Jan. 03, 2017	Dec. 31, 2016	Aug. 31, 2016
Investments in and Advances to Affiliates [Line Items]
Distributed earnings from equity investments			$ 8.7	$ 8.2
Old Bay Gaming and Racing LLC [Member]
Investments in and Advances to Affiliates [Line Items]
Equity Method Investment, Ownership Percentage							50.00%
Ocean Downs [Member]
Investments in and Advances to Affiliates [Line Items]
Equity Method Investment, Ownership Percentage					25.00%
Equity Method Investments					$ 24
Miami Valley Gaming LLC [Member]
Investments in and Advances to Affiliates [Line Items]
Equity Method Investment, Ownership Percentage						50.00%
Distributed earnings from equity investments	$ 4	$ 4
Ocean Downs LLC and Racing Services LLC [Member]
Investments in and Advances to Affiliates [Line Items]
Equity Method Investment, Ownership Percentage Through Other Investments					12.50%
Equity Method Investment, Effective Ownership Percentage					62.50%

Investment in and Advances to29

Investment in and Advances to Unconsolidated Affiliates Affiliate Balance Sheet (Details) - Miami Valley Gaming and Racing [Member] - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016
Investments in and Advances to Affiliates [Line Items]
Current assets	$ 18.1	$ 18.7
Equity Method Investment-Property Plant & Equipment	105.4	109.8
Other assets, net	105	105
Total assets	228.5	233.5
Current liabilities	8.6	12.5
Equity Method Investment-Long-term Debt, Current Maturities	8.3	8.3
Other liabilities	10.6	14
Investment Affiliate-Other Liabilities	0.1	0.1
Members' equity	200.9	198.6
Total liabilities and members' equity	$ 228.5	$ 233.5

Investment in and Advances to30

Investment in and Advances to Unconsolidated Affiliates Equity Method Investment (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Schedule of Equity Method Investments [Line Items]
Income (Loss) from Equity Method Investments	$ 7.7	$ 4.8	$ 13.8	$ 8.6
Miami Valley Gaming and Racing [Member]
Schedule of Equity Method Investments [Line Items]
Income (Loss) from Equity Method Investments	$ 4.6	$ 3.9	$ 9.1	$ 7.5

Investment in and Advances to31

Investment in and Advances to Unconsolidated Affiliates Affiliate Income Statement (Details) - Miami Valley Gaming and Racing [Member] - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Investments in and Advances to Affiliates [Line Items]
Equity Method Investment-Casino Revenue	$ 40.2	$ 36.6	$ 79.5	$ 72.6
Equity Method Investment-Non-Casino Revenue	1.8	2	3.9	4
Net revenue	42	38.6	83.4	76.6
Equity Method Investment-Expenses	29	26.5	57.6	53.3
Equity Method, Depreciation & Amortization	3.2	3.3	6.3	6.5
Equity Method Investment Operating Income Loss	9.8	8.8	19.5	16.8
Interest and other expense, net	(0.6)	(0.9)	(1.3)	(1.8)
Net income	$ 9.2	$ 7.9	$ 18.2	$ 15

Goodwill And Indefinite-Lived32

Goodwill And Indefinite-Lived Intangible Assets Impairment Test Goodwill (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Goodwill [Line Items]
Goodwill	$ 847.2	$ 832.2
Goodwill, Acquired During Period	15
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	147.1	132.1
Goodwill, Acquired During Period	15
Big Fish Games [Member]
Goodwill [Line Items]
Goodwill	530.8	$ 530.8
Goodwill, Acquired During Period	$ 0

Goodwill And Indefinite-Lived33

Goodwill And Indefinite-Lived Intangible Assets Impairment Test Intangible Table (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	$ 179.2	$ 187.4
Finite-Lived Intangible Assets, Accumulated Amortization	(103.3)	(100)
Finite-Lived Intangible Assets, Net	75.9	87.4
Indefinite-Lived Intangible Assets (Excluding Goodwill)	358.3	358.3
Other intangible assets, net	434.2	$ 445.7
Customer Relationships [Member] | TwinSpires [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Period Increase (Decrease)	(15.1)
TwinSpires [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-lived Intangible Assets Acquired	9.2
Calder
Finite-Lived Intangible Assets [Line Items]
Annual License Fees	$ 2.3

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Income Tax Contingency [Line Items]
Effective Income Tax Rate Reconciliation, Share-based Compensation, Excess Tax Benefit, Amount			$ 3.1
Income tax provision	$ (47.5)	$ (41.7)	$ (52)	$ (37.9)

Fair Value Of Assets And Liab35

Fair Value Of Assets And Liabilities (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2017	Dec. 31, 2016	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		$ 61.9	$ 95.7
Contingent consideration paid	$ (281.6)	(34.2)
Long-term debt (net of current maturities and loan origination fees of $0.5 at both June 30, 2017 and December 31, 2016)		459.9	312.8
Debt Instrument, Interest Rate, Stated Percentage				5.375%
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings		0.4
Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents and restricted cash		30.8	34.1
Deferred Payment-Founder, Fair Value		0	0
Business Combination, Contingent Consideration, Liability		0	0
Assets, Fair Value Disclosure		30.8	34.1
Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term Debt, Fair Value		0	622.5
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		61.9	95.7
Increase (Decrease) in Deferred Founder Payment Liability		0
Deferred Payment-Founder, Change in Fair Value		0.3
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability		0.1
Cash equivalents and restricted cash		0	0
Deferred Payment-Founder, Fair Value		28.1	27.8
Business Combination, Contingent Consideration, Liability		$ 33.8	67.9
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 $0.5 at both June 30, 2017 and December 31, 2016)			$ 600

Shareholders' Equity (Details)

Shareholders' Equity (Details) - USD ($) $ / shares in Units, $ in Millions	Jun. 09, 2017	Jun. 30, 2017	Mar. 31, 2017	Jun. 30, 2017	Apr. 25, 2017	Feb. 24, 2016
Distribution Made to Limited Partner [Line Items]
Stock Repurchase Program, Authorized Amount					$ 250	$ 150
Stock Repurchase Program, Remaining Authorized Repurchase Amount		$ 78.3	$ 114.6	$ 78.3
Stock Repurchased During Period, Shares		1,000,000	53,721	1,077,029
Stock Repurchased and Retired During Period, Value			$ 7.8	$ 171.7
The Duchossois Group [Member]
Distribution Made to Limited Partner [Line Items]
Stock Repurchased During Period, Shares		1,000,000
Treasury Stock Acquired, Average Cost Per Share	$ 158.78
Stock Repurchased and Retired During Period, Value			$ 158.8

Stock-based Compensation Plan37

Stock-based Compensation Plans (Details) $ in Millions	Feb. 17, 2017service_periodshares	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)	Sep. 22, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation | $		$ 6.7	$ 5.3	$ 11.7	$ 9.4
February 17, 2017 [Member] | 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, Payout Curve, Maximum Percentage of Original Award	200.00%
Share-based Compensation Arrangement by Share-based Payment Award, Percentage Increase in Awards If In Top Quartile	25.00%
Share-based Compensation Arrangement by Share-based Payment Award, Percentage Decrease If In Bottom Quartile	25.00%
February 17, 2017 [Member] | Performance-Based Awards [Member] | 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, Other Award	3 years
Share-based Compensation Arrangement by Share-based Payment Award, Number of Requisite Service Periods | service_period	3
February 23, 2016 [Member] | 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]
Maximum number of performance share units as percentage of original award (in percent)						250.00%
February 23, 2016 [Member] | RSUs, PSUs, and Other Employee Awards [Member] | Executive Long-Term Incentive Compensation Plan (the “ELTI Plan”) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation | $		$ 6.7	$ 5.3	$ 11.7	$ 9.4
NEOs [Member] | February 17, 2017 [Member] | 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	25,119
Share-based Compensation Arrangement by Share-based Payment Award, Performance period under adopted ELTI Plan | service_period	3
NEOs [Member] | February 17, 2017 [Member] | 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	28,467
Share-based Compensation Arrangement by Share-based Payment Award, Other Award	34 months
Grantees [Member] | February 17, 2017 [Member] | 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	61,530
Share-based Compensation Arrangement by Share-based Payment Award, Performance period under adopted ELTI Plan | service_period	3

Income Per Common Share Compu38

Income Per Common Share Computations (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Earnings Per Share [Abstract]
Net income	$ 78.3	$ 69.8	$ 85.6	$ 72.6
Participating Securities, Distributed and Undistributed Earnings (Loss), Basic	0	(1.3)	(0.1)	(1.3)
Income (Loss) from Continuing Operations, Basic	78.3	68.5	85.5	71.3
Net Income (Loss) Available to Common Stockholders, Diluted	$ 78.3	$ 69.8	$ 85.6	$ 72.6
Earnings Per Share, Basic and Diluted [Abstract]
Basic	16.1	16.5	16.2	16.5
Plus dilutive effect of stock awards	0.2	0.2	0.2	0.2
Plus dilutive effect of participating securities	0	0.3	0.1	0.3
Diluted	16.3	17	16.5	17
Earnings Per Share, Diluted [Abstract]
Basic	$ 4.86	$ 4.16	$ 5.27	$ 4.32
Diluted	$ 4.81	$ 4.11	$ 5.18	$ 4.27

Segment Information - Informati

Segment Information - Information About Reported Segments (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2017USD ($)Segments	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)
Segment Reporting Information [Line Items]
Racing	$ 165,300,000	$ 156,100,000	$ 189,200,000	$ 182,300,000
Casinos	88,300,000	84,400,000	175,800,000	170,900,000
TwinSpires	80,500,000	68,400,000	132,500,000	118,000,000
Big Fish Games	112,600,000	125,200,000	224,600,000	247,300,000
Other Investments	$ 5,200,000	4,400,000	9,300,000	8,400,000
Number of Operating Segments | Segments	6
Property, Plant and Equipment, Additions			64,000,000	34,500,000
Intercompany net revenues	$ 0	0	0	0
Adjusted EBITDA	173,000,000	160,200,000	230,300,000	206,900,000
Stock-based compensation	6,700,000	5,300,000	11,700,000	9,400,000
Other income, expense:	0	(300,000)	(100,000)	(300,000)
Interest, depreciation and amortization expense related to equity investments	3,100,000	2,500,000	6,600,000	5,000,000
Other charges and recoveries, net	0	0	0	400,000
Acquisition expense, net	800,000	1,100,000	1,000,000	3,800,000
Calder exit costs	200,000	1,500,000	600,000	1,900,000
Total adjustments to EBITDA	(10,800,000)	(10,700,000)	(20,000,000)	(20,800,000)
Adjusted Earnings Before Interest, Tax, Depreciation, and Amortization	173,000,000	160,200,000	230,300,000	206,900,000
Total adjustments to EBITDA	24,800,000	26,900,000	49,300,000	53,900,000
Adjusted EBITDA	11,600,000	11,100,000	23,400,000	21,700,000
Income (loss) from operations before provision for income taxes	125,800,000	111,500,000	137,600,000	110,500,000
Income tax (provision) benefit	47,500,000	41,700,000	52,000,000	37,900,000
Earnings Before Interest Taxes Depreciation and Amortization	162,200,000	149,500,000	210,300,000	186,100,000
Net income	78,300,000	69,800,000	85,600,000	72,600,000
Foreign currency translation, net of tax	300,000	(200,000)	400,000	(200,000)
Comprehensive income	78,000,000	70,000,000	85,200,000	72,800,000
Racing Segment [Member]
Segment Reporting Information [Line Items]
Racing	165,300,000	156,100,000	189,200,000	182,300,000
Property, Plant and Equipment, Additions			38,400,000	20,700,000
Intercompany net revenues	10,400,000	8,600,000	12,600,000	10,900,000
Adjusted EBITDA	98,700,000	91,300,000	89,000,000	83,900,000
Racing Segment [Member] | Churchill Downs
Segment Reporting Information [Line Items]
Racing	136,700,000	129,100,000	139,000,000	131,400,000
Intercompany net revenues	8,400,000	7,000,000	8,700,000	7,300,000
Racing Segment [Member] | Arlington Park
Segment Reporting Information [Line Items]
Racing	18,000,000	16,800,000	26,500,000	25,800,000
Intercompany net revenues	1,900,000	1,600,000	2,900,000	2,600,000
Racing Segment [Member] | Fair Grounds
Segment Reporting Information [Line Items]
Racing	10,000,000	9,500,000	22,500,000	23,800,000
Intercompany net revenues	100,000	0	1,000,000	1,000,000
Racing Segment [Member] | Calder
Segment Reporting Information [Line Items]
Racing	600,000	700,000	1,200,000	1,300,000
Casino Segment [Member]
Segment Reporting Information [Line Items]
Casinos	88,300,000	84,400,000	175,800,000	170,900,000
Property, Plant and Equipment, Additions			15,600,000	6,800,000
Adjusted EBITDA	37,500,000	33,300,000	72,800,000	67,600,000
Casino Segment [Member] | Oxford Casino
Segment Reporting Information [Line Items]
Casinos	23,100,000	21,100,000	44,000,000	41,000,000
Casino Segment [Member] | Riverwalk Casino
Segment Reporting Information [Line Items]
Casinos	12,000,000	12,400,000	23,500,000	25,100,000
Casino Segment [Member] | Harlows Casino
Segment Reporting Information [Line Items]
Casinos	12,500,000	11,900,000	26,000,000	24,900,000
Casino Segment [Member] | Calder Casinos
Segment Reporting Information [Line Items]
Casinos	21,800,000	20,500,000	43,200,000	40,800,000
Casino Segment [Member] | Fair Grounds Slots
Segment Reporting Information [Line Items]
Casinos	8,800,000	8,800,000	19,000,000	19,400,000
Casino Segment [Member] | VSI
Segment Reporting Information [Line Items]
Casinos	9,800,000	9,500,000	19,500,000	19,300,000
Casino Segment [Member] | Saratoga Casino Holdings, LLC [Member]
Segment Reporting Information [Line Items]
Casinos	300,000	200,000	600,000	400,000
TwinSpires [Member]
Segment Reporting Information [Line Items]
TwinSpires	80,500,000	68,400,000	132,500,000	118,000,000
Property, Plant and Equipment, Additions			5,200,000	3,700,000
Intercompany net revenues	300,000	300,000	600,000	600,000
Adjusted EBITDA	19,300,000	18,800,000	32,500,000	30,900,000
Big Fish Games [Member]
Segment Reporting Information [Line Items]
Big Fish Games	112,600,000	125,200,000	224,600,000	247,300,000
Property, Plant and Equipment, Additions			3,500,000	2,200,000
Adjusted EBITDA	18,300,000	17,800,000	38,600,000	26,700,000
Other Investments Segment [Member]
Segment Reporting Information [Line Items]
Other Investments	5,200,000	4,400,000	9,300,000	8,400,000
Property, Plant and Equipment, Additions			700,000	500,000
Intercompany net revenues	1,300,000	1,400,000	2,700,000	2,300,000
Corporate
Segment Reporting Information [Line Items]
Property, Plant and Equipment, Additions			600,000	600,000
Adjusted EBITDA	(2,100,000)	(2,300,000)	(4,500,000)	(4,300,000)
Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
Intercompany net revenues	(12,000,000)	(10,300,000)	(15,900,000)	(13,800,000)
Social casino | Big Fish Games [Member]
Segment Reporting Information [Line Items]
Big Fish Games	49,500,000	46,500,000	95,700,000	94,000,000
Casual and mid-core free-to-play | Big Fish Games [Member]
Segment Reporting Information [Line Items]
Big Fish Games	43,900,000	56,000,000	89,200,000	106,400,000
Premium | Big Fish Games [Member]
Segment Reporting Information [Line Items]
Big Fish Games	19,200,000	22,700,000	39,700,000	46,900,000
Saratoga Harness Racing Inc Joint Venture [Member]
Segment Reporting Information [Line Items]
Adjusted Corporate EBITDA	(2,100,000)	(2,300,000)	(4,500,000)	(4,300,000)
Saratoga Harness Racing Inc Joint Venture [Member] | Racing Segment [Member]
Segment Reporting Information [Line Items]
Adjusted EBITDA	98,700,000	91,300,000	89,000,000	83,900,000
Saratoga Harness Racing Inc Joint Venture [Member] | Casino Segment [Member]
Segment Reporting Information [Line Items]
Adjusted EBITDA	37,500,000	33,300,000	72,800,000	67,600,000
Saratoga Harness Racing Inc Joint Venture [Member] | TwinSpires [Member]
Segment Reporting Information [Line Items]
Adjusted EBITDA	19,300,000	18,800,000	32,500,000	30,900,000
Saratoga Harness Racing Inc Joint Venture [Member] | Big Fish Games [Member]
Segment Reporting Information [Line Items]
Adjusted EBITDA	18,300,000	17,800,000	38,600,000	26,700,000
Saratoga Harness Racing Inc Joint Venture [Member] | Other Investments Segment [Member]
Segment Reporting Information [Line Items]
Adjusted EBITDA	$ 1,300,000	$ 1,300,000	$ 1,900,000	$ 2,100,000

Segment Information Adjusted EB

Segment Information Adjusted EBITDA by Segment (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Segment Reporting Information [Line Items]
Net revenue from external customers	$ 451.9	$ 438.5	$ 731.4	$ 726.9
Research & development	(9.9)	(9.7)	(20.2)	(20.5)
Adjusted EBITDA	173	160.2	230.3	206.9
Racing Segment [Member]
Segment Reporting Information [Line Items]
Net revenue from external customers	175.7	164.7	201.8	193.2
Taxes & purses	(32.9)	(30.3)	(43.1)	(41.5)
Platform & development fees	0	0	0	0
Marketing & advertising	(2.2)	(1.9)	(2.9)	(2.7)
Salaries & benefits	(13.5)	(12.7)	(22.1)	(21.1)
Content expense	(4.7)	(4.8)	(7.9)	(8.1)
SG&A expense	(4.2)	(4)	(8)	(7.9)
Research & development	0	0	0	0
Other operating expense	20	19.9	29.3	28.3
Other income (expense)	0.5	0.2	0.5	0.3
Adjusted EBITDA	98.7	91.3	89	83.9
Casino Segment [Member]
Segment Reporting Information [Line Items]
Net revenue from external customers	88.3	84.4	175.8	170.9
Taxes & purses	(29.7)	(28.1)	(58.8)	(56.5)
Platform & development fees	0	0	0	0
Marketing & advertising	(3)	(3.1)	(6)	(6.5)
Salaries & benefits	(13.4)	(12.7)	(26.5)	(24.8)
Content expense	0	0	0	0
SG&A expense	(5.6)	(5.3)	(10.8)	(10.4)
Research & development	0	0	0	0
Other operating expense	9.8	9.7	21.2	19.4
Other income (expense)	10.7	7.8	20.3	14.3
Adjusted EBITDA	37.5	33.3	72.8	67.6
TwinSpires [Member]
Segment Reporting Information [Line Items]
Net revenue from external customers	80.8	68.7	133.1	118.6
Taxes & purses	(4.1)	(2)	(7.1)	(4.8)
Platform & development fees	0	0	0	0
Marketing & advertising	(4.6)	(3.2)	(5.6)	(4.2)
Salaries & benefits	(2.6)	(2.3)	(4.8)	(4.6)
Content expense	(40.2)	(33.5)	(65.6)	(57.4)
SG&A expense	(3)	(2.8)	(5.7)	(5.6)
Research & development	0	0	0	0
Other operating expense	7	6.1	11.8	11.1
Other income (expense)	0	0	0	0
Adjusted EBITDA	19.3	18.8	32.5	30.9
Big Fish Games [Member]
Segment Reporting Information [Line Items]
Net revenue from external customers	112.6	125.2	224.6	247.3
Taxes & purses	0	0	0	0
Platform & development fees	(40.4)	(45.9)	(81.9)	(90)
Marketing & advertising	(28)	(37.1)	(52.5)	(79.9)
Salaries & benefits	(6.9)	(6.1)	(13.9)	(12.2)
Content expense	0	0	0	0
SG&A expense	(5.1)	(4.3)	(9.8)	(9.2)
Research & development	(9.9)	(9.7)	(20.2)	(20.5)
Other operating expense	3.6	4	7.3	7.9
Other income (expense)	(0.4)	(0.3)	(0.4)	(0.9)
Adjusted EBITDA	18.3	17.8	38.6	26.7
Other Segments [Member]
Segment Reporting Information [Line Items]
Net revenue from external customers	6.5	5.8	12	10.7
Taxes & purses	0	0	0	0
Platform & development fees	0	0	0	0
Marketing & advertising	0	0	0	0
Salaries & benefits	(3.3)	(2.8)	(6.2)	(5.5)
Content expense	0	0	0	0
SG&A expense	(0.7)	(0.9)	(1.5)	(1.6)
Research & development	0	0		0
Other operating expense	1.2	1	2.5	1.7
Other income (expense)	0	0.2	0.1	0.2
Adjusted EBITDA	1.3	1.3	1.9	2.1
Corporate
Segment Reporting Information [Line Items]
Net revenue from external customers	0	0	0	0
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	(1.8)	(2.2)	(4)	(4)
Research & development	0	0	0	0
Other operating expense	0.3	0	0.5	0.3
Other income (expense)	0	(0.1)	0	0
Adjusted EBITDA	$ (2.1)	$ (2.3)	$ (4.5)	$ (4.3)

Segment Information - Equity in

Segment Information - Equity in Earnings of Unconsolidated Investments (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Segment Reporting, Other Significant Reconciling Item [Line Items]
Equity in income of unconsolidated investments	$ 7.7	$ 4.8	$ 13.8	$ 8.6
Casino Segment [Member]
Segment Reporting, Other Significant Reconciling Item [Line Items]
Equity in income of unconsolidated investments	7.7	4.7	13.8	8.8
Other Investments Segment [Member]
Segment Reporting, Other Significant Reconciling Item [Line Items]
Equity in income of unconsolidated investments	$ 0	$ 0.1	$ 0	$ (0.2)

Segment Information - Total Ass

Segment Information - Total Asset Information For Segments (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 2,282		$ 2,254.4
Capital expenditures	64	$ 34.5
Racing Segment [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	453.2		454.6
Capital expenditures	38.4	20.7
Casino Segment [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	659.8		628.7
Capital expenditures	15.6	6.8
TwinSpires [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	207.5		209.9
Capital expenditures	5.2	3.7
Big Fish Games [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	890.9		893.8
Capital expenditures	3.5	2.2
Other Investments Segment [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	10.1		11.1
Capital expenditures	0.7	0.5
Corporate
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	60.5		$ 56.3
Capital expenditures	$ 0.6	$ 0.6

Subsequent Event (Details)

Subsequent Event (Details) - USD ($) $ in Millions	Jun. 30, 2017	Apr. 25, 2017	Mar. 31, 2017	Feb. 24, 2016
Subsequent Event [Line Items]
Stock Repurchase Program, Authorized Amount		$ 250		$ 150
Stock Repurchase Program, Remaining Authorized Repurchase Amount	$ 78.3		$ 114.6