Churchill Downs (CHDN) 10-Q 31 Oct 18 2018 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2018	Oct. 24, 2018
Document And Entity Information [Abstract]
Document Type	10-Q
false	false
Entity Small Business	false
Entity Emerging Growth Company	false
Document Period End Date	Sep. 30, 2018
Document Fiscal Year Focus	2,018
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		13,571,770

Condensed Consolidated Statemen

Condensed Consolidated Statements Of Comprehensive Income - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Net revenue:
Racing	$ 37.6	$ 38.8	$ 243.8	$ 228
TwinSpires	71.8	65.9	228.7	198.4
Casino	105	87.5	301.3	263.3
Other Investments	6.9	4.7	16.2	14
Total net revenue	221.3	196.9	790	703.7
Operating expense:
Racing	43.9	40.8	165.1	153.7
TwinSpires	49.2	42.8	152.6	130.6
Casino	72.2	60.7	204.3	185.5
Other Investments	7.8	4.3	17.4	13.1
Corporate	0.6	0.6	1.7	1.8
Selling, general and administrative expense	21.7	19.9	63.2	58.7
Calder exit costs	0	0.2	0	0.8
Transaction expense, net	5.4	0.6	8.9	1.1
Total operating expense	200.8	169.9	613.2	545.3
Operating income	20.5	27	176.8	158.4
Other income (expense):
Interest Income (Expense), Net	(9.9)	(12.6)	(29.2)	(36)
Equity in income of unconsolidated investments	9.1	8.9	24.4	22.7
Gain on Ocean Downs/Saratoga transaction	54.9	0	54.9	0
Miscellaneous, net	0.1	0.1	0.5	0.8
Total other income (expense)	54.2	(3.6)	50.6	(12.5)
Income (loss) from operations before provision for income taxes	74.7	23.4	227.4	145.9
Income tax provision	(16.7)	(10.3)	(52.1)	(57.9)
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent	58	13.1	175.3	88
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent	(1.7)	3.6	166.1	14.3
Net income	$ 56.3	$ 16.7	$ 341.4	$ 102.3
Net earnings per common share data:
Income (Loss) from Continuing Operations, Per Basic Share	$ 4.27	$ 0.85	$ 12.65	$ 5.53
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share	(0.12)	0.24	11.99	0.90
Diluted	4.15	1.09	24.64	6.43
Income (Loss) from Continuing Operations, Per Diluted Share	4.24	0.84	12.58	5.44
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Diluted Share	(0.12)	0.24	11.92	0.88
Earnings Per Share, Diluted [Abstract]
Diluted	$ 4.12	$ 1.08	$ 24.50	$ 6.32
Weighted average shares outstanding:
Numerator for diluted net income per common share:	13.6	15.3	13.8	15.9
Diluted (in shares)	13.7	15.5	13.9	16.2
Other comprehensive income:
Foreign currency translation, net of tax	$ 0.4	$ 0.5	$ 0.4	$ 0.1
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax and Reclassification Adjustment, Attributable to Noncontrolling Interest	0.2	0.1	0	0.1
Other comprehensive income	0.6	0.6	0.4	0.2
Comprehensive income	$ 56.9	$ 17.3	$ 341.8	$ 102.5

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2018	Dec. 31, 2017
ASSETS
Cash and cash equivalents	$ 131.3	$ 51.7
Restricted cash	38.8	31.2
Accounts receivable, net	33.8	49.6
Income taxes receivable	0	35.6
Other current assets	26.4	18.9
Current assets of discontinued operations held for sale	0	69.1
Total current assets	230.3	256.1
Property and equipment, net	753.4	608
Investment in and advances to unconsolidated affiliates	107.9	171.3
Goodwill	337.8	317.6
Other intangible assets, net	264.8	169.4
Other assets	17.5	13.6
Long-term assets of discontinued operations held for sale	0	823.4
Total assets	1,711.7	2,359.4
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable	60.1	54.1
Purses payable	20.8	12.5
Account wagering deposit liabilities	29.7	24
Accrued expense	83	75.8
Income taxes payable	0.5	0
Current deferred revenue	12.8	70.9
Current maturities of long-term debt	4	4
Dividends payable	0	23.7
Current liabilities of discontinued operations held for sale	0	188.2
Total current liabilities	210.9	453.2
Long-term debt, net of current maturities and loan origination fees	388.2	632.9
Notes payable, net of debt issuance costs	492.9	492.3
Non-current deferred revenue	21.1	29.3
Deferred income taxes	66.4	40.6
Other liabilities	17.5	16
Non-current liabilities of discontinued operations held for sale	0	54.8
Total liabilities	1,197	1,719.1
Commitments and contingencies
Preferred stock, no par value; 0.3 shares authorized; no shares issued or outstanding	0	0
Common stock, no par value; 50.0 shares authorized; 13.6 shares issued and outstanding at September 30, 2018 and 15.4 shares at December 31, 2017	11.5	7.3
Retained earnings	504.1	634.3
Total shareholders' equity	(0.9)	(1.3)
Shareholders' equity:
Total shareholders' equity	514.7	640.3
Total liabilities and shareholders' equity	$ 1,711.7	$ 2,359.4

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - shares shares in Millions	Sep. 30, 2018	Dec. 31, 2017
Preferred stock, shares authorized	0.3	0.3
Common stock, shares authorized	50	50
Common stock, shares issued	13.6	15.4

Condensed Consolidated Statem_2

Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Cash flows from operating activities:
Net income	$ 341.4	$ 102.3
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	45.8	73.3
Game technology and rights amortization	0.4	13.5
Acquisition expenses, net	0	1.7
Gain on sale of Big Fish Games	(219.5)	0
Gain on Ocean Downs/Saratoga transaction	(54.9)	0
Distributed earnings from equity investments	14.4	11.7
Big Fish Games earnout payment	(2.4)	(2.5)
Big Fish Games deferred payment	(2)	0
Equity in income of unconsolidated investments	(24.4)	(22.7)
Stock-based compensation	16.5	17.5
Deferred income taxes	24.7	(13)
Other	2.2	1
Increase (decrease) in cash resulting from changes in operating assets and liabilities, net of business acquisitions and dispositions:
Game software development	(0.3)	(17.1)
Income taxes	31.2	24.5
Deferred revenue	(43.6)	(27.4)
Other assets and liabilities	5.9	4.4
Net cash provided by operating activities	135.4	167.2
Cash flows from investing activities:
Capital maintenance expenditures	(19.9)	(26.7)
Capital project expenditures	(105.6)	(62.4)
Receivable from escrow	0	13.6
Acquisition of businesses, net of cash acquired	13.1	(23.1)
Proceeds from sale of Big Fish Games	970.7	0
Investment in joint venture	0	(24)
Other	(9.4)	(2)
Net cash provided by (used in) investing activities	848.9	(124.6)
Cash flows from financing activities:
Proceeds from borrowings under long-term debt obligations	129.7	769.1
Repayments of borrowings under long-term debt obligations	(374.7)	(567.7)
Repayment of Ocean Downs debt	(54.7)	0
Big Fish Games earnout payment	(31.8)	(31.7)
Big Fish Games deferred payment	(26.4)	0
Payment of dividends	(23.5)	(21.8)
Repurchase of common stock	(514.7)	(181.1)
Other	(3)	1.5
Net cash used in financing activities	(899.1)	(31.7)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect	85.2	10.9
Effect of exchange rate changes on cash flows	(0.6)	1.2
Cash, cash equivalents and restricted cash, beginning of period	85.5	83
Cash, cash equivalents and restricted cash, end of period	170.1	95.1
Cash paid during the period for:
Interest	26.1	25.4
Income taxes	48	48
Schedule of non-cash investing and financing activities:
Property and equipment additions included in accounts payable and accrued expenses	11.4	5.6
Acquisition of Ocean Downs, net of cash acquired	$ 115.2	$ 0

Basis Of Presentation

Basis Of Presentation	9 Months Ended
	Sep. 30, 2018
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 ("GAAP") or those normally made in our Annual Report on Form 10-K. The December 31, 2017 condensed consolidated balance sheet data was derived from audited financial statements but does not include all disclosures required by GAAP. On November 29, 2017, the Company entered into a definitive Stock Purchase Agreement (the "Stock Purchase Agreement") to sell its mobile gaming subsidiary, Big Fish Games, Inc., a Washington corporation ("Big Fish Games"), to Aristocrat Technologies, Inc., a Nevada corporation (the "Purchaser"), an indirect, wholly owned subsidiary of Aristocrat Leisure Limited, an Australian corporation (the "Big Fish Transaction"). On January 9, 2018, pursuant to the Stock Purchase Agreement, the Company completed the Big Fish Transaction. The Purchaser paid an aggregate consideration of $990.0 million in cash in connection with the Big Fish Transaction, subject to customary adjustments for working capital and indebtedness and certain other adjustments as set forth in the Stock Purchase Agreement. The Big Fish Games segment and related Big Fish Transaction meet the criteria for held for sale and discontinued operation presentation. Accordingly, the condensed consolidated statements of comprehensive income, condensed consolidated balance sheets, and the notes to financial statements reflect the Big Fish Games segment as discontinued operations for all periods presented. Unless otherwise specified, disclosures in these condensed consolidated financial statements reflect continuing operations only. The condensed consolidated statements of cash flows include both continuing and discontinued operations. Refer to Note 5, Discontinued Operations, for further information on the discontinued operations relating to the Big Fish Transaction. On July 16, 2018, the Company announced its entry into a tax-efficient partial liquidation agreement (the "Liquidation Agreement") for the remaining 50% ownership of the Casino at Ocean Downs and Ocean Downs Racetrack located in Berlin, Maryland ("Ocean Downs") owned by Saratoga Casino Holdings LLC ("SCH") in exchange for the Company's 25% equity interest in SCH, which is the parent company of Saratoga Casino Hotel in Saratoga Springs, New York ("Saratoga New York") and Saratoga Casino Black Hawk in Black Hawk, Colorado ("Saratoga Colorado") (collectively, the "Ocean Downs/Saratoga Transaction"). On August 31, 2018, the Company closed the Ocean Downs/Saratoga Transaction, which resulted in the Company owning 100% of Ocean Downs and no further equity interest or management involvement in Saratoga New York or Saratoga Colorado. As part of the Ocean Downs/Saratoga Transaction, Saratoga Harness Racing, Inc. ("SHRI") has agreed to grant the Company and its affiliates exclusive rights to operate online real-money sports betting and real-money iGaming on behalf of SHRI in New York and Colorado for a period of fifteen years from the date of the Liquidation Agreement, should such states permit SHRI to engage in sports betting and iGaming, subject to payment of commercially reasonable royalties to SHRI. Refer to Note 6, Acquisitions, for further information on the Ocean Downs/Saratoga Transaction. In August 2018, we launched our BetAmerica Sportsbook at our two Mississippi properties included in our Casino segment. In September 2018, we opened our new $65.0 million , 85,000 square-foot, state-of-the-art historical racing machine facility, Derby City Gaming, in Louisville, Kentucky, which is included in our Other Investments segment. 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, 2017 . 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. 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 56 live thoroughbred race days in the third quarter of 2018, compared to 57 live thoroughbred race days during the third quarter of 2017. For the nine months ended September 30, 2018, we conducted 174 live thoroughbred race days, compared to 176 live thoroughbred race days during the nine months ended September 30, 2017. 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. Casino Revenue from our casino properties has a seasonal component and is typically higher during the first and second quarters.

Recent Accounting Pronouncement

Recent Accounting Pronouncements (Notes)	9 Months Ended
	Sep. 30, 2018
Accounting Changes and Error Corrections [Abstract]
New Accounting Pronouncements, Policy [Policy Text Block]	Recent Accounting Pronouncement - Adopted on January 1, 2018 In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Updated ("ASU") No. 2014-09, Revenue from Contracts with Customers ("ASC 606") which provides a five-step analysis of transactions to determine when and how revenue is recognized. We adopted ASC 606 on January 1, 2018 using the modified retrospective method. We recognized the cumulative effect of initially applying the new revenue standard as an adjustment to the opening balance of retained earnings. The comparative information has not been retrospectively adjusted and continues to be reported under the accounting standards in effect for those periods. We expect the adoption of the new revenue standard will not have a material impact on our net income on an ongoing basis in future periods. The cumulative effects of the changes made to our condensed consolidated balance sheet as of January 1, 2018 for the adoption of ASC 606 were as follows: (in millions) As Reported at December 31, 2017 Adoption of ASC 606 Balance at January 1, 2018 ASSETS Accounts receivable, net $ 49.6 $ (21.8 ) $ 27.8 Income taxes receivable 35.6 (4.1 ) 31.5 Current assets of discontinued operations held for sale 69.1 0.7 69.8 Other assets 13.6 (1.1 ) 12.5 LIABILITIES Accrued expense 75.8 0.8 76.6 Current deferred revenue 70.9 (18.9 ) 52.0 Current liabilities of discontinued operations held for sale 188.2 (38.8 ) 149.4 Non-current deferred revenue 29.3 (4.5 ) 24.8 Deferred income taxes 40.6 (0.1 ) 40.5 Non-current liabilities of discontinued operations held for sale 54.8 5.5 60.3 SHAREHOLDERS' EQUITY Retained earnings 634.3 29.7 664.0 There were two primary changes to our condensed consolidated balance sheet resulting from the adoption of ASC 606. The most significant change was in current and non-current liabilities of discontinued operations held for sale and retained earnings related to breakage revenue for outstanding Big Fish Game Club credits. The other primary change was in accounts receivable, net of allowance for doubtful accounts, current deferred revenue, and non-current deferred revenue related to the timing of when we have a right to consideration under our contracts. In accordance with ASC 606 requirements, the disclosure of the impact of adoption on our condensed consolidated balance sheet was as follows: At September 30, 2018 (in millions) As Reported Balances without Adoption of ASC 606 Effect of Change Increase/(Decrease) ASSETS Accounts receivable, net $ 33.8 $ 37.0 $ (3.2 ) Other assets 17.5 18.0 (0.5 ) LIABILITIES Accrued expense 83.0 82.1 0.9 Income taxes payable 0.5 0.3 0.2 Current deferred revenue 12.8 16.7 (3.9 ) Non-current deferred revenue 21.1 22.4 (1.3 ) Deferred income taxes 66.4 66.2 0.2 SHAREHOLDERS' EQUITY Retained earnings 504.1 503.9 0.2 The adoption of ASC 606 had no impact on cash provided by or used in operating, financing, or investing activities on our condensed consolidated statement of cash flows for the nine months ended September 30, 2018. As part of the transition to ASC 606 on January 1, 2018, there have been certain modifications between the classification of net revenue and operating expenses in the TwinSpires segment in the current period. The impact of adopting ASC 606 on our condensed consolidated statements of comprehensive income for the three and nine months ended September 30, 2018 was not material. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows: Restricted Cash ("ASU 2016-18"). 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 are also required to reconcile the cash, cash equivalents, and restricted cash in the statement of cash flows to the balance sheet and disclose the nature of the restrictions on restricted cash. We adopted ASU 2016-18 on January 1, 2018 using the retrospective method. As a result, we began including amounts generally described as restricted cash with cash and cash equivalents when reconciling the beginning of period and end of period total amounts shown on the statement of cash flows. We adjusted our condensed consolidated statement of cash flows for the nine months ended September 30, 2017 from amounts previously reported due to the adoption of ASU 2016-18. The effects of adopting ASU 2016-18 on our condensed consolidated statement of cash flows were as follows: Nine Months Ended September 30, 2017 (in millions) As Previously Reported Adoption of ASU 2016-18 As Adjusted Net cash provided by operating activities $ 164.2 $ 3.0 $ 167.2 Cash, cash equivalents and restricted cash, beginning of period $ 48.7 $ 34.3 $ 83.0 Net increase in cash, cash equivalents and restricted cash 7.9 3.0 10.9 Effect of exchange rate changes on cash 1.2 — 1.2 Cash, cash equivalents and restricted cash, end of period $ 57.8 $ 37.3 $ 95.1 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 reduces diversity in practice in how certain transactions are classified in the statement of cash flows. We adopted the new guidance on January 1, 2018 and it did not have a material impact on our consolidated results of operations, financial condition, or cash flows. We will utilize the cumulative earnings approach under the ASU to present distributions received from equity method investees which is consistent with our previous existing policy. In February 2018, the FASB issued ASU No. 2018-02, Income Statement - Reporting Comprehensive Income: Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income ("ASU 2018-02"), which allows an entity to make an election to reclassify amounts from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act (the "Tax Act"). We early adopted ASU 2018-02 on January 1, 2018 at the beginning of the period of adoption and elected to reclassify the income tax effects of the Tax Act from accumulated other comprehensive income to retained earnings. The adoption of ASU 2018-02 did not have a material impact on our consolidated results of operations, financial condition, or cash flows. In May 2017, the FASB issued ASU No. 2017-09, Compensation - Stock Compensation: Scope of Modification Accounting, which 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 became effective in 2018 and is to be applied prospectively. We adopted the new guidance on January 1, 2018 and it did not have a material impact on our consolidated results of operations, financial condition, or cash flows. 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 became effective in 2018 and is to be applied prospectively. We adopted the new guidance on January 1, 2018 and it did not have a material impact on our consolidated results of operations, financial condition, or cash flows. Recent Accounting Pronouncements - effective in 2019 or thereafter In February 2016, the FASB issued ASU No. 2016-02, Leases, and subsequently has issued additional guidance (collectively, “ASC 842”) which requires companies to generally recognize on the balance sheet, operating and financing lease liabilities and corresponding right-of-use assets. The new guidance is effective on January 1, 2019 with early adoption permitted. ASC 842 may be applied at the beginning of the earliest comparative period in the financial statements or at the effective date by recognizing a cumulative effect adjustment in the period of adoption with comparative periods being reported under the accounting standards in effect for those periods. The modified transition method must be used when adopting ASC 842. We are planning to adopt ASC 842 on January 1, 2019 by recognizing a cumulative effect adjustment at that date and reporting comparative periods under the accounting standards in effect for those periods. We are in the process of aggregating our lease contracts and evaluating them under the new standard. 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 ASC 842. We plan to elect the package of practical expedients that allows us to not reassess: (1) whether any expired or existing contracts are or contain leases, (2) lease classification for any expired or existing leases and (3) initial direct costs for any expired or existing leases. We do not expect the adoption of ASC 842 to have a material effect on our results of operations or cash flows. In August 2018, the FASB issued ASU No. 2018-15, Intangibles-Goodwill and Other: Internal-Use Software, which aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The new guidance also requires an entity to expense the capitalized implementation costs of a hosting arrangement over the term of the hosting arrangement. The guidance is effective in 2020 with early adoption permitted and may be applied prospectively or retrospectively. 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, and is to be applied through a modified retrospective approach during the year of adoption. 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, and is to be applied prospectively. We are currently evaluating the timing of our adoption and impact of the new accounting guidance on our financial statements and related disclosures.

Significant Accounting Policies

Significant Accounting Policies (Notes)	9 Months Ended
	Sep. 30, 2018
Accounting Policies [Abstract]
Significant Accounting Policies [Text Block]	3. SIGNIFICANT ACCOUNTING POLICIES Except for the accounting policies for revenue recognition, casino and pari-mutuel taxes, and restricted cash, all of which were updated as a result of our recently adopted accounting pronouncements on January 1, 2018, as described in Note 2, Recent Accounting Pronouncements, there have been no changes to our significant accounting policies described in the Annual Report on Form 10-K for the year ended December 31, 2017, that have had a material impact on our condensed consolidated financial statements and related notes. Revenue Recognition Racing Racing revenue is generated by pari-mutuel wagering transactions with customers on live and simulcast racing content as well as simulcast host fees earned from other wagering sites. Additionally, we generate revenue through sponsorships, admissions (including luxury suites), personal seat licenses ("PSLs"), television rights, concessions, programs and parking. Our Racing revenue and income are influenced by our racing calendar. Therefore, revenue and operating results for any interim quarter are not generally indicative of the revenue and operating results for the year and may not be comparable with results for the corresponding period of the previous year. We historically have had fewer live racing days during the first quarter of each year, and the majority of our live racing revenue occurs during the second quarter with the running of the Kentucky Oaks and Kentucky Derby. For live races we present at our racetracks, we recognize revenue on wagers we accept from customers at our racetrack ("on-track revenue") and revenue we earn from exporting our live racing signals to other race tracks, off-track betting facilities ("OTBs"), and advance deposit wagering providers ("export revenue"). For simulcast races we display at our racetracks, OTBs, and TwinSpires, we recognize revenue we earn from providing a wagering service to our customers on these imported live races ("import revenue"). Each wagering contract for on-track revenue and import revenue contains a single performance obligation and our export revenue contracts contain a series of distinct services that form a single performance obligation. The transaction price for on-track revenue and import revenue is fixed based on the established commission rate we are entitled to retain. The transaction price for export revenue is variable based on the simulcast host fee we charge our customers for exporting our signal. Our export revenue contracts generally have a duration of one year or less. These arrangements are licenses of intellectual property containing a usage based royalty. As a result, we have elected to use the practical expedient to omit disclosure related to remaining performance obligations for our export revenue contracts. We recognize on-track revenue, export revenue, and import revenue once the live race event is made official by the relevant racing regulatory body. We evaluate our on-track revenue, export revenue, and import revenue contracts in order to determine whether we are acting as the principal or as the agent when providing services, which we consider in determining if revenue should be reported gross or net. An entity is a principal if it controls the specified service before that service is transferred to a customer. The revenue we recognize for on-track revenue and import revenue is the commission we are entitled to retain for providing a wagering service to our customers. For these arrangements, we are the principal as we control the wagering service; therefore, any charges, including simulcast fees, we incur for delivering the wagering service are presented as operating expenses. For export revenue, our customer is the third party wagering site such as a race track, OTB, or advance deposit wagering provider. Therefore, the revenue we recognize for export revenue is the simulcast host fee we earn for exporting our racing signal to the third party wagering site. Our admission contracts are either for a single live racing event day or multiple days. Our PSLs, sponsorships, and television rights contracts generally relate to multiple live racing event days. Multiple day admission, PSLs, sponsorships, and television rights contracts contain a distinct series of services that form single performance obligations. Sponsorships contracts generally include performance obligations related to admissions and advertising rights at our racetracks. Television rights contracts contain a performance obligation related to the rights to distribute certain live racing events on media platforms. The transaction prices for our admissions, PSLs, sponsorships, and television rights contracts are fixed. We allocate the transaction price to our sponsorship contract performance obligations based on the estimated relative standalone selling price of each distinct service. The revenue we recognize for admissions to a live racing event day is recognized once the related event is complete. For admissions, PSLs, sponsorships, and television rights contracts that relate to multiple live racing event days, we recognize revenue over time using an output method of each completed live racing event day as our measure of progress. Each completed live racing event day corresponds with the transfer of the relevant service to a customer and therefore is considered a faithful depiction of our efforts to satisfy the promises in these contracts. This output method results in measuring the value transferred to date to the customer relative to the remaining services promised under the contracts. Certain premium live racing event days such as the Kentucky Derby and Oaks result in a higher value of revenue allocated relative to other live racing event days due to, among other things, the quality of thoroughbreds racing, higher levels of on-track attendance, national broadcast audience, local and national media coverage, and overall entertainment value of the event. Timing of revenue recognition may differ from the timing of invoicing to customers for our long-term contracts in our Racing segment. We generally invoice customers prior to delivery of services for our admissions, PSLs, sponsorships, and television rights contracts. Accordingly, we recognize a receivable and a contract liability at the time we have an unconditional right to receive payment. When cash is received in advance of delivering services under our contracts, we defer revenue and recognize it in accordance with our policies for that type of contract. In situations where the timing of revenue recognition differs from the timing of invoicing, we have determined our contracts do not include a significant financing component. The primary purpose of our invoicing terms is to allow our customers to secure the right to the specific services provided under our contracts, not to receive financing from our customers. Concessions, programs, and parking revenue is recognized once the good or service is delivered. TwinSpires TwinSpires revenue is generated through pari-mutuel wagering transactions with customers on simulcast racing content through advance deposit wagering. Advance deposit wagering consists of patrons wagering through an advance deposit account. Our TwinSpires revenue and income are influenced by racing calendars similar to our Racing segment. Therefore, revenue and operating results for any interim quarter are not generally indicative of the revenue and operating results for the year and may not be comparable with results for the corresponding period of the previous year. We recognize import revenue in our TwinSpires segment consistent with our policy described in Racing. We may provide cash incentives in conjunction with wagering transactions we accept from customers. These cash incentives represent consideration payable to a customer and therefore are treated as a reduction of the transaction price for the wagering transaction. Casino Casino revenue primarily consists of gaming wager transactions. Other operating revenue, such as food and beverage or hotel revenue, is recognized once delivery of the product or service has occurred. The transaction price for gaming wager transactions is the difference between gaming wins and losses. The majority of our casinos offer loyalty programs that enable customers to earn loyalty points based on their gaming play. Gaming wager transactions involve two performance obligations for those customers earning loyalty points under the Company’s loyalty programs and a single performance obligation for customers who do not participate in the program. Loyalty points are primarily redeemable for free gaming activities and food and beverage. For purposes of allocating the transaction price in a wagering transaction between the wagering performance obligation and the obligation associated with the loyalty points earned, the Company allocates an amount to the loyalty point contract liability based on the stand-alone selling price of the points earned, which is determined by the value of a loyalty point that can be redeemed for gaming activities or food and beverage. An amount is allocated to the gaming wager performance obligation using the residual approach as the stand-alone price for wagers is highly variable and no set established price exists for such wagers. The allocated revenue for gaming wagers is recognized when the wagers settle. The loyalty point contract liability amount is deferred and recognized as revenue when the customer redeems the points for a gaming wagering transaction or food and beverage and such goods or services are delivered to the customer. Casino and Pari-mutuel Taxes We recognize casino and pari-mutuel tax expense based on the statutory requirements of the federal, state, and local jurisdictions in which we conduct business. All of our casino taxes and the majority of our pari-mutuel taxes are gross receipts taxes levied on the gaming entity. We recognize these taxes as Racing, TwinSpires and Casino operating expenses in our consolidated statements of comprehensive income. In certain jurisdictions governing our Racing and TwinSpires pari-mutuel contracts with customers, there are specific pari-mutuel taxes that are assessed on winning wagers from our customers, which we collect and remit to the government. These taxes are presented on a net basis. Restricted Cash and Account Wagering Deposit Liabilities Amounts included in restricted cash represent amounts due to horsemen for purses, stakes and awards that are paid in accordance with the terms of our contractual agreements or statutory requirements. Restricted cash also includes deposits collected from our TwinSpires segment customers for account wagering that are paid when customers withdraw cash from their account.

Revenue from Contracts with Cus

Revenue from Contracts with Customers (Notes)	9 Months Ended
	Sep. 30, 2018
Revenue from Contract with Customer [Abstract]
Revenue from Contract with Customer [Text Block]	4. REVENUE FROM CONTRACTS WITH CUSTOMERS Performance Obligations As of September 30, 2018, our Racing segment had remaining performance obligations with an aggregate transaction price of $183.6 million . The revenue we expect to recognize on these remaining performance obligations is $1.1 million for the remainder of 2018, $46.8 million in 2019, $35.7 million in 2020, and the remainder thereafter. As of September 30, 2018, our remaining performance obligations in segments other than Racing were not material. Contract Assets and Contract Liabilities As of January 1, 2018 and September 30, 2018, contract assets were not material. As of January 1, 2018 and September 30, 2018, contract liabilities were $78.7 million and $37.5 million , respectively, which are included in current deferred revenue, non-current deferred revenue, and accrued expense in the accompanying condensed consolidated balance sheets. Contract liabilities primarily relate to our Racing segment and the decrease was primarily due to revenue recognized for fulfilled performance obligations. We recognized $1.2 million of revenue during the three months ended September 30, 2018 and $51.3 million of revenue during the nine months ended September 30, 2018 that was included in the contract liabilities balance at January 1, 2018. Disaggregation of Revenue To determine how we disaggregate our revenue from contracts with customers, we consider the information regularly reviewed by our chief operating decision maker for evaluating the financial performance of operating segments, disclosures presented in our earnings releases, and other similar information that is used by the Company and users of our financial statements to evaluate our financial performance. We believe that the disaggregation of our revenue included in Note 15, Segment Information, coupled with the disclosures included in Note 3, Significant Accounting Policies, reflects these considerations and depicts how the nature, timing, and uncertainty of revenue and cash flows are affected by economic factors.

Discontinued Operations (Notes)

Discontinued Operations (Notes)	9 Months Ended
	Sep. 30, 2018
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations, Policy [Policy Text Block]	5. DISCONTINUED OPERATIONS On January 9, 2018, the Company completed the Big Fish Transaction which had a purchase price of $990.0 million . The Company received cash proceeds of $970.7 million which was net of $5.2 million of working capital adjustments and $14.1 million of transaction costs. The Company derecognized the following upon the Big Fish Transaction: (in millions) Cash and cash equivalents $ 0.3 Accounts receivable 34.7 Game software development, net 6.7 Other current assets 17.0 Property and equipment, net 17.8 Game software development, net 13.8 Goodwill 530.7 Other intangible assets, net 238.4 Other assets 24.0 Accounts payable (8.5 ) Accrued expense (22.6 ) Deferred revenue (44.2 ) Deferred income taxes (52.0 ) Other liabilities (4.9 ) Carrying value of Big Fish Games $ 751.2 The Company recognized a gain of $219.5 million upon the sale recorded in income from discontinued operations on the condensed consolidated statement of comprehensive income for the nine months ended September 30, 2018. The gain consisted of cash proceeds of $970.7 million offset by the carrying value of Big Fish Games of $751.2 million. The income tax provision on the gain was $51.2 million , resulting in an after tax gain of $168.3 million . The following table presents the financial results of Big Fish Games included in "(loss) income from discontinued operations, net of tax": Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2018 2017 2018 2017 Net revenue $ — $ 118.0 $ 13.2 $ 342.5 Operating expenses — 95.3 8.4 271.5 Selling, general and administrative expense 0.7 6.7 5.6 18.9 Research and development — 9.8 0.9 30.0 Transaction expense, net — 0.2 — 0.6 Total operating expense 0.7 112.0 14.9 321.0 Operating (loss) income (0.7 ) 6.0 (1.7 ) 21.5 Other income (expense) Gain on sale of Big Fish Games — — 219.5 — Other expense — (1.2 ) (0.1 ) (1.6 ) Total other income (loss) — (1.2 ) 219.4 (1.6 ) (Loss) income from discontinued operations before provision for income taxes (0.7 ) 4.8 217.7 19.9 Income tax provision (1.0 ) (1.2 ) (51.6 ) (5.6 ) (Loss) income from discontinued operations, net of tax $ (1.7 ) $ 3.6 $ 166.1 $ 14.3 Stock-Based Compensation For the nine months ended September 30, 2018, the Company recognized $3.4 million of stock-based compensation expense related to Big Fish Games, which included the impact of the accelerated vesting dates of restricted stock awards held by Big Fish Games' employees in conjunction with the Big Fish Transaction. Earnout Liabilities As of December 31, 2017, we had $34.2 million of deferred earnout consideration and $28.4 million of deferred payments due to the founder of Big Fish Games, both of which were paid on January 3, 2018.

Acquisition (Notes)

Acquisition (Notes)	9 Months Ended
	Sep. 30, 2018
Business Combinations [Abstract]
Business Combination Disclosure [Text Block]	6. ACQUISITIONS Ocean Downs On July 16, 2018, the Company announced its entry into the Liquidation Agreement for the Ocean Downs/Saratoga Transaction. As part of the Ocean Downs/Saratoga Transaction, SHRI has agreed to grant the Company and its affiliates exclusive rights to operate online real-money sports betting and real-money iGaming on behalf of SHRI in New York and Colorado for a period of fifteen years from the date of the Liquidation Agreement, should such states permit SHRI to engage in sports betting and iGaming, subject to payment of commercially reasonable royalties to SHRI. On August 31, 2018, the Company completed the Ocean Downs/Saratoga Transaction, which resulted in the Company owning 100% of the equity interests of Ocean Downs, and therefore consolidated Ocean Downs as of the acquisition date. Upon the closing of the Ocean Downs/Saratoga Transaction, the Company no longer has an equity interest or management involvement in Saratoga New York or Saratoga Colorado. Prior to the Ocean Downs/Saratoga Transaction, the Company held an effective 62.5% ownership interest in Ocean Downs, and a 25% ownership interest in Saratoga New York and Saratoga Colorado, all of which were accounted for under the equity method. The consideration transferred to SCH to acquire the remaining interest in Ocean Downs were the Company's equity investments in Saratoga New York and Saratoga Colorado, which had a fair value of $47.8 million at the acquisition date. Under the acquisition method, the fair values of the consideration transferred and the Company's equity method investment in Ocean Downs, which had a fair value of $80.5 million at the acquisition date, were allocated to the assets acquired and liabilities assumed in the Ocean Downs/Saratoga Transaction. The Company's carrying values in these equity method investments were significantly less than their fair values, resulting in a pre-tax gain of $54.9 million , which is included in the accompanying condensed consolidated statements of comprehensive income. The fair value of the Company's equity method investments in Ocean Downs, Saratoga New York, and Saratoga Colorado were determined under the market and income valuation approaches using inputs primarily related to discounted projected cash flows and price multiples of publicly traded comparable companies. The fair values of the Ocean Downs/Saratoga Transaction were based upon preliminary valuations. Estimates and assumptions used in such valuations are subject to change, which could be significant, within the measurement period up to one year from the acquisition date. The primary areas of the preliminary valuations that are not yet finalized relate to the fair value of amounts for income taxes and the final amount of residual goodwill. The Company expects to continue to obtain information to assist in determining the fair values of the net assets acquired at the acquisition date during the measurement period. The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed, net of cash acquired of $13.1 million , at the date of the acquisition. (in millions) Total Current assets $ 2.1 Property and equipment 57.4 Goodwill 20.2 Intangible assets 95.4 Current liabilities (5.2 ) Debt (54.7 ) $ 115.2 The preliminary fair value of the intangible assets consists of the following: (in millions) Fair Value Recognized Weighted-Average Useful Life Gaming rights $ 87.0 N/A Tradename 8.3 N/A Other 0.1 1.3 years Total intangible assets $ 95.4 Current assets and current liabilities were valued at the existing carrying values as they are short term in nature and represented management's estimated fair value of the respective items at August 31, 2018. The debt of $54.7 million assumed by the Company was valued at its outstanding principal balance which approximated fair value at August 31, 2018. The Company subsequently paid off the debt in full on September 4, 2018. The property and equipment acquired primarily relates to land, buildings, equipment, and furniture and fixtures. The fair values of the property and equipment were primarily determined using the cost replacement method which is based on replacement or reproduction costs of the assets. The fair value of the Ocean Downs gaming rights was determined using the Greenfield Method, which is an income approach methodology that calculates the present value of the overall business enterprise based on a projected cash flow stream. This method assumes that the gaming rights intangible asset provides the opportunity to develop a casino in a specified region, and that the present value of the projected cash flows are a result of the realization of advantages contained in these rights. Under this methodology, the acquirer is expected to absorb all start-up costs, as well as incur all expenses pertaining to the acquisition and/or the creation of all tangible and intangible assets. The estimated future revenue and operating expenses and start-up costs of Ocean Downs were the primary inputs in the valuation. The gaming rights intangible asset was assigned an indefinite useful life based on the Company's expected use of the asset and determination that no legal, regulatory, contractual, competitive, economic, or other factors limit the useful life of the gaming rights. The renewal of the gaming rights in Maryland is subject to various legal requirements. However, the Company's historical experience has not indicated, nor does the Company expect, any limitations regarding its ability to continue to renew its gaming rights in Maryland. The tradename intangible asset was valued using the relief-from-royalty method of the income approach, which estimates the fair value of the intangible asset by discounting the fair value of the hypothetical royalty payments a market participant would be willing to pay to enjoy the benefits of the asset. The tradename was assigned an indefinite useful life based on the Company’s intention to keep the Ocean Downs name for an indefinite period of time. Goodwill of $20.2 million was recognized due to the expected contribution of Ocean Downs to the Company's overall business strategy. The goodwill was assigned to the Casino segment and is not deductible for tax purposes. In connection with the Ocean Downs/Saratoga Transaction, the Company recorded a deferred tax liability and income tax expense of $12.6 million . The deferred tax liability represents the excess of the financial reporting amounts of the net assets of Ocean Downs over their respective basis under U.S., state, and local tax law expected to be applied to taxable income in the periods such differences are expected to be realized. For the period from the Ocean Downs/Saratoga Transaction on September 1 through September 30, 2018, net revenue was $8.1 million , and net income was not material for the period. The following unaudited pro forma consolidated financial information for the Company has been prepared assuming the Company's acquisition of the remaining 50% interest in Ocean Downs occurred as of January 1, 2017 and excludes the gain recognized from the Ocean Downs/Saratoga Transaction. The unaudited pro forma financial information is not necessarily indicative of either future results of operations or results of operations that might have been achieved had the acquisition been consummated as of January 1, 2017. Company Pro Forma Information Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2018 2017 2018 2017 Net revenue $ 240.2 $ 218.7 $ 845.7 $ 754.8 Net income 15.5 18.2 302.4 104.1 Presque Isle and Nemacolin On February 28, 2018, the Company entered into two separate definitive asset purchase agreements with Eldorado Resorts, Inc. ("ERI") to acquire substantially all of the assets and properties used in connection with the operation of Presque Isle Downs & Casino in Erie, Pennsylvania (the "Presque Isle Transaction"), and Lady Luck Casino in Vicksburg, Mississippi (the "Lady Luck Vicksburg Transaction") for total aggregate consideration of approximately $229.5 million , to be paid in cash, subject to certain working capital and other purchase price adjustments. On July 6, 2018, the Company and ERI mutually agreed to terminate the asset purchase agreement with respect to the Lady Luck Vicksburg Transaction (the "Termination Agreement"). Concurrently with the entry into the Termination Agreement, the Company and ERI also entered into an amendment to the previously announced asset purchase agreement relating to the Presque Isle Transaction (the "Amendment"). Pursuant to the Amendment, the Company and ERI agreed to, among other things, cooperate in good faith, subject to certain conditions, to enter into an agreement pursuant to which the Company, for cash consideration of $100,000 , will assume the rights and obligations of an affiliate of ERI to operate the Lady Luck Casino Nemacolin in Farmington, Pennsylvania (the "Lady Luck Nemacolin Transaction"). The Presque Isle Transaction reflects a stand-alone purchase price of $178.9 million . Closing of the Presque Isle Transaction was also conditioned on the execution of the definitive agreement with respect to the Lady Luck Nemacolin Transaction, which occurred on August 10, 2018 (the "Lady Luck Nemacolin Agreement"). Subject to receipt of Pennsylvania regulatory approvals and other customary closing conditions, the Presque Isle Transaction and the Lady Luck Nemacolin Transaction are expected to close in the first quarter of 2019. Upon the execution of the Lady Luck Nemacolin Agreement and pursuant to the Termination Agreement, the Company paid ERI a termination fee of $5.0 million, which is included in "Transaction expense, net" in the accompanying condensed consolidated statements of comprehensive income. BetAmerica On April 24, 2017, we completed the acquisition of certain assets 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 Company has not included other disclosures regarding BetAmerica because the acquired business is immaterial to our business.

Investment in and Advances to U

Investment in and Advances to Unconsolidated Affiliates (Notes)	9 Months Ended
	Sep. 30, 2018
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]
Investments in and Advances to Affiliates, Schedule of Investments [Text Block]	As of September 30, 2018 and as a result of the Ocean Downs/Saratoga Transaction, the Company's only equity investments were the 50% joint venture ownership in Miami Valley Gaming ("MVG") in Lebanon, Ohio and other equity investments that are not material. As further discussed in Note 6, Acquisitions, the Company closed the acquisition of the remaining 50% ownership of Ocean Downs owned by SCH in exchange for liquidating the Company's 25% equity interest in SCH, which is the parent company of Saratoga New York and Saratoga Colorado. Upon closing of the Ocean Downs/Saratoga Transaction on August 31, 2018, the Company owns 100% of Ocean Downs and has no equity interest or management involvement in Saratoga New York or Saratoga Colorado. Prior to August 31, 2018, Ocean Downs was accounted for under the equity method. Summarized below are the financial results for our unconsolidated affiliates: Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2018 2017 2018 2017 Net revenue $ 105.2 $ 128.4 $ 322.1 $ 340.9 Operating and SG&A expense 76.4 97.9 240.5 263.3 Depreciation and amortization 5.9 5.2 19.0 16.1 Total operating expense 82.3 103.1 259.5 279.4 Operating income 22.9 25.3 62.6 61.5 Interest and other, net (1.0 ) 0.3 (5.6 ) (4.7 ) Net income $ 21.9 $ 25.6 $ 57.0 $ 56.8 (in millions) September 30, 2018 December 31, 2017 Assets Current assets $ 21.5 $ 64.5 Property and equipment, net 98.0 234.6 Other assets, net 107.0 236.5 Total assets $ 226.5 $ 535.6 Liabilities and Members' Equity Current liabilities $ 19.3 $ 100.3 Long-term debt 1.6 110.1 Other liabilities 0.1 0.1 Members' equity 205.5 325.1 Total liabilities and members' equity $ 226.5 $ 535.6

Goodwill And Indefinite-Lived I

Goodwill And Indefinite-Lived Intangible Assets Impairment Test	9 Months Ended
	Sep. 30, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Indefinte-Lived Intangible Assets Impairment Test	Goodwill is comprised of the following: (in millions) Racing TwinSpires Casino Total Balances as of December 31, 2017 $ 51.7 $ 148.2 $ 117.7 $ 317.6 Ocean Downs/Saratoga Transaction — — 20.2 20.2 Balances as of September 30, 2018 $ 51.7 $ 148.2 $ 137.9 $ 337.8 We performed our annual goodwill impairment analysis as of April 1, 2018 and no adjustment to the carrying value of goodwill was required. We assessed goodwill for impairment by performing step one fair value calculations on a quantitative basis for each reporting unit. We concluded that the fair values of our reporting units exceeded their carrying value and therefore step two of the assessment was not required. Other intangible assets are comprised of the following: September 30, 2018 December 31, 2017 (in millions) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Definite-lived intangible assets $ 42.3 $ (23.0 ) $ 19.3 $ 39.8 $ (20.6 ) $ 19.2 Indefinite-lived intangible assets 245.5 150.2 Total $ 264.8 $ 169.4 We performed our annual indefinite-lived intangible assets impairment analysis as of April 1, 2018, which included an assessment of qualitative and quantitative factors to determine whether it is more likely than not that the fair values of the indefinite-lived intangible assets are less than the carrying amount. We concluded that the fair values of our indefinite-lived intangible assets exceeded carrying value and therefore step two of the assessment was not required.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2018
Income Tax Disclosure [Abstract]
Income Taxes	The Company’s income tax rate for the three and nine months ended September 30, 2018 was higher than the U.S. federal statutory rate of 21.0% primarily due to state income taxes and certain expenses that are not deductible for income tax purposes, partially offset by tax benefits resulting from tax deductions from vesting of restricted stock units in excess of book deductions. The Company’s income tax rate for the three and nine months ended September 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 income tax purposes, partially offset by tax benefits resulting from tax credits and tax deductions from vesting of restricted stock units in excess of book deductions.

Fair Value Of Assets And Liabil

Fair Value Of Assets And Liabilities	9 Months Ended
	Sep. 30, 2018
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 table presents our assets and liabilities measured at fair value on a recurring basis: Level 1 (in millions) September 30, 2018 December 31, 2017 Restricted cash $ 38.8 $ 31.2 Our restricted cash that is 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 currently have no other assets or liabilities subject to fair value measurement on a recurring basis. Our 4.75% Senior Notes due 2028 (the "Senior Notes") are disclosed at fair value which is based on unadjusted quoted prices for similar liabilities in markets that are not active. The fair value of the Senior Notes was $466.9 million at September 30, 2018 and $496.8 million at December 31, 2017 . The carrying amounts of the borrowings under the $700.0 million revolving credit facility and $400.0 million Senior Secured Term Loan B due 2024 (the "2017 Credit Agreement") approximate fair value, based upon current interest rates, representing a Level 2 fair value measurement. Refer to Note 6, Acquisitions, for assets and liabilities measured at fair value using Level 2 and Level 3 inputs on a non-recurring basis in connection with the Ocean Downs/Saratoga Transaction.

Shareholders' Equity (Notes)

Shareholders' Equity (Notes)	9 Months Ended
	Sep. 30, 2018
Shareholders' Equity [Abstract]
Stockholders' Equity Note Disclosure [Text Block]	On November 29, 2017, the Board of Directors of the Company authorized a $500.0 million share repurchase program in a "modified Dutch auction" tender offer utilizing a portion of the proceeds from the Big Fish Transaction. The Company completed the tender offer on February 12, 2018, and repurchased 1,886,792 shares of the Company's common stock at a purchase price of $265 per share with an aggregate cost of $500.0 million , excluding fees and expenses related to the tender offer.

Stock-based Compensation Plans

Stock-based Compensation Plans (Notes)	9 Months Ended
	Sep. 30, 2018
Share-based Compensation [Abstract]
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	We have stock-based employee compensation plans with awards outstanding under the Churchill Downs Incorporated 2007 Omnibus Stock Incentive Plan, the Churchill Downs Incorporated 2016 Omnibus Stock Incentive Plan ("the 2016 Plan"), and the Executive Long-Term Incentive Compensation Plan, which was adopted pursuant to the 2016 Plan. Our total stock-based compensation expense, which includes expenses related to restricted stock awards ("RSAs"), restricted stock unit awards ("RSUs"), performance share unit awards ("PSUs"), and stock options associated with our employee stock purchase plan was $3.9 million for the three months ended September 30, 2018 and 2017. Stock-based compensation expense was $13.1 million for the nine months ended September 30, 2018 and $11.7 million for the nine months ended September 30, 2017. During the nine months ended September 30, 2018, the Company awarded RSAs to employees, RSUs and PSUs to certain named executive officers, and RSUs to directors. The vesting criteria for the PSU awards granted in 2018 were based on a three year service period with two performance conditions and a market condition related to relative total shareholder return ("TSR") consistent with prior year grants. The total compensation cost we will recognize under the PSUs will be determined using the Monte Carlo valuation methodology, which factors in the value of the TSR market condition when determining the grant date fair value of the PSU. Compensation cost for each PSU is recognized during the performance and service period based on the probable achievement of the two performance criteria. The PSUs are converted into shares of our common stock at the time the PSU award value is finalized. A summary of the RSAs, RSUs, and PSUs granted during 2018 is presented below: Grant Year Award Type Number of Shares/Units Awarded (in thousands) Vesting Terms 2018 RSA 18 Vest equally over three service periods ending in February of 2019, 2020, and 2021 2018 RSU 16 Vest equally over three service periods ending December 31 of 2018, 2019, and 2020 2018 PSU 16 Three year performance and service period ending December 31, 2020 2018 RSU 3 One year service period ending in April 2019

Commitments And Contingencies

Commitments And Contingencies	9 Months Ended
	Sep. 30, 2018
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. 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. 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. 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, 2018
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 September 30, Nine Months Ended September 30, (in millions, except per share data) 2018 2017 2018 2017 Numerator for basic net income per common share: Net income from continuing operations $ 58.0 $ 13.1 $ 175.3 $ 88.0 Net loss from continuing operations allocated to participating securities — — — (0.1 ) Net (loss) income from discontinued operations (1.7 ) 3.6 166.1 14.3 Numerator for basic net income per common share $ 56.3 $ 16.7 $ 341.4 $ 102.2 Numerator for diluted net income from continuing operations per common share $ 58.0 $ 13.1 $ 175.3 $ 88.0 Numerator for diluted net income per common share: $ 56.3 $ 16.7 $ 341.4 $ 102.3 Denominator for net income per common share: Basic 13.6 15.3 13.8 15.9 Plus dilutive effect of stock awards 0.1 0.2 0.1 0.2 Plus dilutive effect of participating securities — — — 0.1 Diluted 13.7 15.5 13.9 16.2 Net income (loss) per common share data: Basic Continuing operations $ 4.27 $ 0.85 $ 12.65 $ 5.53 Discontinued operations $ (0.12 ) $ 0.24 $ 11.99 $ 0.90 Net income per common share - basic $ 4.15 $ 1.09 $ 24.64 $ 6.43 Diluted Continuing operations $ 4.24 $ 0.84 $ 12.58 $ 5.44 Discontinued operations $ (0.12 ) $ 0.24 $ 11.92 $ 0.88 Net income per common share - diluted $ 4.12 $ 1.08 $ 24.50 $ 6.32

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 2018
Segment Reporting [Abstract]
Segment Information	We manage our operations through five 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"); • TwinSpires, which includes TwinSpires.com, Fair Grounds Account Wagering, Velocity, BetAmerica and Bloodstock Research Information Services; • Casino, which includes Oxford Casino ("Oxford"), Riverwalk Casino ("Riverwalk"), Harlow's Casino ("Harlow’s"), Calder Casino, Fair Grounds Slots, Video Services, LLC ("VSI"), 50% equity investment in MVG, 50% equity investment in Ocean Downs and 25% equity investment in SCH, which includes investments in Saratoga Casino Hotel, Saratoga Casino Black Hawk and Ocean Downs. On August 31, 2018, the Company completed the Ocean Downs/Saratoga Transaction, which resulted in the Company's 100% ownership of Ocean Downs, and no further equity interest or management involvement in Saratoga New York or Saratoga Colorado. • Other Investments, which includes United Tote, Derby City Gaming 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. Big Fish Games 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. On January 9, 2018, we closed the Big Fish Transaction, at which time Big Fish Games ceased to be an operating segment. Due to the Big Fish Transaction, the Company has presented Big Fish Games as held for sale and discontinued operations in the accompanying condensed consolidated financial statements and these notes. The Company has not allocated corporate and other certain expenses to Big Fish Games consistent with the discontinued operations presentation in the accompanying condensed consolidated statements of comprehensive income. Accordingly, the prior year amounts were reclassified to conform to this presentation. Eliminations include the elimination of intersegment transactions. We utilize non-GAAP measures, including EBITDA (earnings before interest, taxes, depreciation and amortization) and adjusted EBITDA. Our chief operating decision maker utilizes adjusted EBITDA to evaluate segment performance, develop strategy and allocate resources. Adjusted EBITDA includes the following adjustments: Adjusted EBITDA includes our portion of the EBITDA from our equity investments. Adjusted EBITDA excludes: • Transaction expense, net which includes: • Acquisition and disposition related charges, including fair value adjustments related to earnouts and deferred payments; and • Other transaction expense, including legal, accounting, and other deal-related expense; • Stock-based compensation expense; • Asset impairments; • Gain on Ocean Downs/Saratoga Transaction; • Gain on Calder land sale; • Calder exit costs; • Loss on extinguishment of debt; • Pre-opening expense; and • Other charges, recoveries and expenses 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 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 condensed 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 September 30, Nine Months Ended September 30, (in millions) 2018 2017 2018 2017 Net revenue from external customers: Racing: Churchill Downs $ 8.5 $ 8.1 $ 165.4 $ 147.1 Arlington 23.7 25.0 49.7 51.5 Fair Grounds 4.8 5.0 26.8 27.5 Calder 0.6 0.7 1.9 1.9 Total Racing 37.6 38.8 243.8 228.0 TwinSpires 71.8 65.9 228.7 198.4 Casino: Oxford Casino 28.9 25.2 79.3 69.2 Calder Casino 23.4 19.4 73.0 62.6 Riverwalk Casino 12.8 12.2 40.8 35.7 Harlow’s Casino 12.1 12.3 37.9 38.3 VSI 10.6 9.3 32.7 28.8 Fair Grounds Slots 9.1 8.7 28.9 27.7 Ocean Downs 8.1 — 8.1 — Saratoga — 0.4 0.6 1.0 Total Casino 105.0 87.5 301.3 263.3 Other Investments 6.9 4.7 16.2 14.0 Net revenue from external customers $ 221.3 $ 196.9 $ 790.0 $ 703.7 Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2018 2017 2018 2017 Intercompany net revenue: Racing: Churchill Downs $ 1.0 $ 0.9 $ 10.7 $ 9.6 Arlington 2.3 2.2 5.6 5.1 Fair Grounds — — 1.1 1.0 Calder 0.1 — 0.1 — Total Racing 3.4 3.1 17.5 15.7 TwinSpires 0.3 0.2 1.1 0.8 Other Investments 0.9 1.0 3.6 3.7 Eliminations (4.6 ) (4.3 ) (22.2 ) (20.2 ) Intercompany net revenue $ — $ — $ — $ — Adjusted EBITDA by segment is comprised of the following: Three Months Ended September 30, 2018 (in millions) Racing TwinSpires Casino Other Investments Corporate Net revenue $ 41.0 $ 72.1 $ 105.0 $ 7.8 $ — Taxes & purses (11.0 ) (4.2 ) (36.0 ) (0.7 ) — Marketing & advertising (1.2 ) (0.6 ) (3.4 ) (0.1 ) — Salaries & benefits (10.6 ) (2.1 ) (14.6 ) (3.4 ) — Content expense (3.4 ) (37.3 ) — — — SG&A expense (4.2 ) (2.9 ) (6.2 ) (1.2 ) (2.6 ) Other operating expense (11.8 ) (5.7 ) (11.8 ) (1.3 ) (0.2 ) Other income — — 12.7 — — Adjusted EBITDA $ (1.2 ) $ 19.3 $ 45.7 $ 1.1 $ (2.8 ) Three Months Ended September 30, 2017 (in millions) Racing TwinSpires Casino Other Investments Corporate (a) Net revenue $ 41.9 $ 66.1 $ 87.5 $ 5.7 $ — Taxes & purses (11.2 ) (4.5 ) (28.9 ) — — Marketing & advertising (1.0 ) (1.1 ) (3.1 ) — — Salaries & benefits (10.3 ) (2.3 ) (13.5 ) (2.9 ) — Content expense (3.8 ) (30.9 ) — — — SG&A expense (3.9 ) (3.2 ) (5.5 ) (0.8 ) (3.1 ) Other operating expense (10.1 ) (5.3 ) (9.8 ) (1.1 ) 0.1 Other income 0.1 — 12.8 0.2 — Adjusted EBITDA $ 1.7 $ 18.8 $ 39.5 $ 1.1 $ (3.0 ) (a) The Corporate segment includes corporate and other certain expenses of $0.7 million for the three months ended September 30, 2017 that have not been allocated to Big Fish Games as a result of the Big Fish Transaction. The Big Fish Games segment is reported as held for sale and discontinued operations in the accompanying condensed consolidated financial statements and these notes. Nine Months Ended September 30, 2018 (in millions) Racing TwinSpires Casino Other Investments Corporate Net revenue $ 261.3 $ 229.8 $ 301.3 $ 19.8 $ — Taxes & purses (55.7 ) (12.2 ) (101.8 ) (0.7 ) — Marketing & advertising (5.6 ) (4.5 ) (10.1 ) (0.2 ) — Salaries & benefits (34.5 ) (6.6 ) (41.7 ) (10.2 ) — Content expense (11.2 ) (119.3 ) — — — SG&A expense (12.8 ) (8.6 ) (17.2 ) (2.6 ) (7.6 ) Other operating expense (43.4 ) (19.7 ) (33.0 ) (3.7 ) (0.5 ) Other income 0.4 — 36.4 0.1 0.1 Adjusted EBITDA $ 98.5 $ 58.9 $ 133.9 $ 2.5 $ (8.0 ) Nine Months Ended September 30, 2017 (in millions) Racing TwinSpires Casino Other Investments Corporate (a) Net revenue $ 243.7 $ 199.2 $ 263.3 $ 17.7 $ — Taxes & purses (54.3 ) (11.6 ) (87.7 ) — — Marketing & advertising (3.9 ) (6.7 ) (9.1 ) — — Salaries & benefits (32.4 ) (7.1 ) (40.0 ) (9.1 ) — Content expense (11.7 ) (96.5 ) — — — SG&A expense (11.9 ) (8.9 ) (16.3 ) (2.3 ) (8.5 ) Other operating expense (39.4 ) (17.1 ) (31.0 ) (3.6 ) (0.4 ) Other income 0.6 — 33.1 0.3 — Adjusted EBITDA $ 90.7 $ 51.3 $ 112.3 $ 3.0 $ (8.9 ) (a) The Corporate segment includes corporate and other certain expenses of $2.1 million for the nine months ended September 30, 2017 that have not been allocated to Big Fish Games as a result of the Big Fish Transaction. The Big Fish Games segment is reported as held for sale and discontinued operations in the accompanying condensed consolidated financial statements and these notes. Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2018 2017 2018 2017 Reconciliation of Comprehensive Income to Adjusted EBITDA: Comprehensive income $ 56.9 $ 17.3 $ 341.8 $ 102.5 Foreign currency translation, net of tax (0.4 ) (0.5 ) (0.4 ) (0.1 ) Change in pension benefits, net of tax (0.2 ) (0.1 ) — (0.1 ) Net income 56.3 16.7 341.4 102.3 Loss (income) from discontinued operations, net of tax 1.7 (3.6 ) (166.1 ) (14.3 ) Income from continuing operations, net of tax 58.0 13.1 175.3 88.0 Additions: Depreciation and amortization 16.7 13.4 45.8 42.0 Interest expense 9.9 12.6 29.2 36.0 Income tax provision 16.7 10.3 52.1 57.9 EBITDA 101.3 49.4 302.4 223.9 Adjustments to EBITDA: Selling, general and administrative: Stock-based compensation expense 3.9 3.9 13.1 11.7 Other charges 0.2 — 0.2 — Pre-opening expense 2.6 — 3.9 0.3 Other income, expense: Interest, depreciation and amortization expense related to equity investments 3.6 4.0 12.2 10.6 Gain on Ocean Downs/Saratoga transaction (54.9 ) — (54.9 ) — Transaction expense, net 5.4 0.6 8.9 1.1 Calder exit costs — 0.2 — 0.8 Total adjustments to EBITDA (39.2 ) 8.7 (16.6 ) 24.5 Adjusted EBITDA $ 62.1 $ 58.1 $ 285.8 $ 248.4 Adjusted EBITDA by segment: Racing $ (1.2 ) $ 1.7 $ 98.5 $ 90.7 TwinSpires 19.3 18.8 58.9 51.3 Casino 45.7 39.5 133.9 112.3 Other Investments 1.1 1.1 2.5 3.0 Corporate (a) (2.8 ) (3.0 ) (8.0 ) (8.9 ) Adjusted EBITDA $ 62.1 $ 58.1 $ 285.8 $ 248.4 (a) The Corporate segment includes corporate and other certain expenses of $0.7 million for the three months and $2.1 million for the nine months ended September 30, 2017 that have not been allocated to Big Fish Games as a result of the Big Fish Transaction. The Big Fish Games segment is reported as held for sale and discontinued operations in the accompanying condensed consolidated financial statements and these notes. The table below presents information about equity in income of unconsolidated investments included in our reported segments: Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2018 2017 2018 2017 Casino $ 9.0 $ 8.7 $ 24.3 $ 22.5 Other Investments 0.1 0.2 0.1 0.2 $ 9.1 $ 8.9 $ 24.4 $ 22.7 The table below presents total asset information for each of our operating segments: (in millions) September 30, 2018 December 31, 2017 Total assets: Racing $ 495.4 $ 483.0 TwinSpires 225.8 215.9 Casino 803.2 679.6 Other Investments 84.9 15.2 Corporate 102.4 73.2 Big Fish Games — 892.5 $ 1,711.7 $ 2,359.4 The table below presents total capital expenditures for each of our operating segments: Nine Months Ended September 30, (in millions) 2018 2017 Capital expenditures: Racing $ 53.6 $ 47.8 TwinSpires 7.1 7.3 Casino 9.2 26.0 Other Investments 53.8 1.3 Corporate 1.8 1.1 Big Fish Games — 5.6 $ 125.5 $ 89.1

Subsequent Event (Notes)

Subsequent Event (Notes)	9 Months Ended
	Sep. 30, 2018
Subsequent Events [Abstract]
Subsequent Events [Text Block]	At its regularly scheduled meeting held October 30, 2018, the Board of Directors of the Company approved the following: • declaration of an annual cash dividend of $1.63 per share, to be paid on January 4, 2019 to all shareholders of record on December 7, 2018 ; • a three-for-one stock split of the Company's common stock and a proportionate increase in the number of its authorized shares of common stock. The additional shares will be distributed on January 25, 2019 to shareholders of record on January 11, 2019. The Company's common stock will begin trading at the split-adjusted price on January 28, 2019; and • a new common stock repurchase program of up to $300.0 million . The new program will replace the prior $250.0 million program that was authorized in April 2017 and had unused authorization of $78.3 million . The new authorized amount includes and is 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. Acquisition of Certain Ownership Interests of Midwest Gaming Holdings, LLC On October 31, 2018, the Company announced that it has entered into a definitive purchase agreement pursuant to which the Company will acquire certain of the ownership interests of Midwest Gaming Holdings, LLC (“Midwest Gaming”), the parent company of Rivers Casino Des Plaines in Des Plaines, Illinois (“Rivers Des Plaines”), for cash (the “Sale Transaction”). The Sale Transaction will be comprised of (i) the Company’s purchase of 100% of the ownership stake in Midwest Gaming held by affiliates and co-investors of Clairvest Group Inc. (“Clairvest”) for approximately $291.0 million and (ii) the Company’s offer to purchase, on the same terms, units of Midwest Gaming held by High Plaines Gaming, LLC, an affiliate of Rush Street Gaming, LLC (“Rush Street”), and Casino Investors, LLC (“Casino Investors”), resulting in aggregate cash consideration of at least $326.0 million . Following the closing of the Sale Transaction, the parties expect to enter into a recapitalization transaction pursuant to which Midwest Gaming will use approximately $300.0 million in proceeds from new credit facilities to redeem, on a pro rata basis, additional Midwest Gaming units held by Rush Street and Casino Investors (the “Recapitalization” and together with the Sale Transaction, the “Transactions”). The Transactions will result in the Company owning at least 50.1% of Midwest Gaming. Should sufficient members of Rush Street and Casino Investors elect to participate in the Company's offer to purchase additional units in the Sale Transaction, the Company's ownership of Midwest Gaming following the Transactions would increase, as would our cash investment. The Company's cash purchase price in the Sale Transaction is subject to a cap of $500.0 million, which is expected to pay for all of Clairvest's units and those of the other investors being sold in the Sale Transaction. The Company and Rush Street equally will split priority distributions of two percent of Midwest Gaming's annual gross revenue. In addition, the Company, Rush Street, and Casino Investors will be entitled to receive pro rata quarterly tax distributions calculated based on the highest applicable U.S. individual federal tax rate plus the higher of California or New York individual state tax rates, as well as other distributions permitted under new credit facility covenants. The Transactions are dependent on usual and customary closing conditions, including securing approval from the Illinois Gaming Board and clearance under the Hart-Scott-Rodino Antitrust Improvements Act of 1976. The Transactions are expected to close in the first half of 2019.

Significant Accounting Polici_2

Significant Accounting Policies Signifcant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2018
Accounting Policies [Abstract]
Revenue Recognition, Policy [Policy Text Block]	Revenue Recognition Racing Racing revenue is generated by pari-mutuel wagering transactions with customers on live and simulcast racing content as well as simulcast host fees earned from other wagering sites. Additionally, we generate revenue through sponsorships, admissions (including luxury suites), personal seat licenses ("PSLs"), television rights, concessions, programs and parking. Our Racing revenue and income are influenced by our racing calendar. Therefore, revenue and operating results for any interim quarter are not generally indicative of the revenue and operating results for the year and may not be comparable with results for the corresponding period of the previous year. We historically have had fewer live racing days during the first quarter of each year, and the majority of our live racing revenue occurs during the second quarter with the running of the Kentucky Oaks and Kentucky Derby. For live races we present at our racetracks, we recognize revenue on wagers we accept from customers at our racetrack ("on-track revenue") and revenue we earn from exporting our live racing signals to other race tracks, off-track betting facilities ("OTBs"), and advance deposit wagering providers ("export revenue"). For simulcast races we display at our racetracks, OTBs, and TwinSpires, we recognize revenue we earn from providing a wagering service to our customers on these imported live races ("import revenue"). Each wagering contract for on-track revenue and import revenue contains a single performance obligation and our export revenue contracts contain a series of distinct services that form a single performance obligation. The transaction price for on-track revenue and import revenue is fixed based on the established commission rate we are entitled to retain. The transaction price for export revenue is variable based on the simulcast host fee we charge our customers for exporting our signal. Our export revenue contracts generally have a duration of one year or less. These arrangements are licenses of intellectual property containing a usage based royalty. As a result, we have elected to use the practical expedient to omit disclosure related to remaining performance obligations for our export revenue contracts. We recognize on-track revenue, export revenue, and import revenue once the live race event is made official by the relevant racing regulatory body. We evaluate our on-track revenue, export revenue, and import revenue contracts in order to determine whether we are acting as the principal or as the agent when providing services, which we consider in determining if revenue should be reported gross or net. An entity is a principal if it controls the specified service before that service is transferred to a customer. The revenue we recognize for on-track revenue and import revenue is the commission we are entitled to retain for providing a wagering service to our customers. For these arrangements, we are the principal as we control the wagering service; therefore, any charges, including simulcast fees, we incur for delivering the wagering service are presented as operating expenses. For export revenue, our customer is the third party wagering site such as a race track, OTB, or advance deposit wagering provider. Therefore, the revenue we recognize for export revenue is the simulcast host fee we earn for exporting our racing signal to the third party wagering site. Our admission contracts are either for a single live racing event day or multiple days. Our PSLs, sponsorships, and television rights contracts generally relate to multiple live racing event days. Multiple day admission, PSLs, sponsorships, and television rights contracts contain a distinct series of services that form single performance obligations. Sponsorships contracts generally include performance obligations related to admissions and advertising rights at our racetracks. Television rights contracts contain a performance obligation related to the rights to distribute certain live racing events on media platforms. The transaction prices for our admissions, PSLs, sponsorships, and television rights contracts are fixed. We allocate the transaction price to our sponsorship contract performance obligations based on the estimated relative standalone selling price of each distinct service. The revenue we recognize for admissions to a live racing event day is recognized once the related event is complete. For admissions, PSLs, sponsorships, and television rights contracts that relate to multiple live racing event days, we recognize revenue over time using an output method of each completed live racing event day as our measure of progress. Each completed live racing event day corresponds with the transfer of the relevant service to a customer and therefore is considered a faithful depiction of our efforts to satisfy the promises in these contracts. This output method results in measuring the value transferred to date to the customer relative to the remaining services promised under the contracts. Certain premium live racing event days such as the Kentucky Derby and Oaks result in a higher value of revenue allocated relative to other live racing event days due to, among other things, the quality of thoroughbreds racing, higher levels of on-track attendance, national broadcast audience, local and national media coverage, and overall entertainment value of the event. Timing of revenue recognition may differ from the timing of invoicing to customers for our long-term contracts in our Racing segment. We generally invoice customers prior to delivery of services for our admissions, PSLs, sponsorships, and television rights contracts. Accordingly, we recognize a receivable and a contract liability at the time we have an unconditional right to receive payment. When cash is received in advance of delivering services under our contracts, we defer revenue and recognize it in accordance with our policies for that type of contract. In situations where the timing of revenue recognition differs from the timing of invoicing, we have determined our contracts do not include a significant financing component. The primary purpose of our invoicing terms is to allow our customers to secure the right to the specific services provided under our contracts, not to receive financing from our customers. Concessions, programs, and parking revenue is recognized once the good or service is delivered. TwinSpires TwinSpires revenue is generated through pari-mutuel wagering transactions with customers on simulcast racing content through advance deposit wagering. Advance deposit wagering consists of patrons wagering through an advance deposit account. Our TwinSpires revenue and income are influenced by racing calendars similar to our Racing segment. Therefore, revenue and operating results for any interim quarter are not generally indicative of the revenue and operating results for the year and may not be comparable with results for the corresponding period of the previous year. We recognize import revenue in our TwinSpires segment consistent with our policy described in Racing. We may provide cash incentives in conjunction with wagering transactions we accept from customers. These cash incentives represent consideration payable to a customer and therefore are treated as a reduction of the transaction price for the wagering transaction. Casino Casino revenue primarily consists of gaming wager transactions. Other operating revenue, such as food and beverage or hotel revenue, is recognized once delivery of the product or service has occurred. The transaction price for gaming wager transactions is the difference between gaming wins and losses. The majority of our casinos offer loyalty programs that enable customers to earn loyalty points based on their gaming play. Gaming wager transactions involve two performance obligations for those customers earning loyalty points under the Company’s loyalty programs and a single performance obligation for customers who do not participate in the program. Loyalty points are primarily redeemable for free gaming activities and food and beverage. For purposes of allocating the transaction price in a wagering transaction between the wagering performance obligation and the obligation associated with the loyalty points earned, the Company allocates an amount to the loyalty point contract liability based on the stand-alone selling price of the points earned, which is determined by the value of a loyalty point that can be redeemed for gaming activities or food and beverage. An amount is allocated to the gaming wager performance obligation using the residual approach as the stand-alone price for wagers is highly variable and no set established price exists for such wagers. The allocated revenue for gaming wagers is recognized when the wagers settle. The loyalty point contract liability amount is deferred and recognized as revenue when the customer redeems the points for a gaming wagering transaction or food and beverage and such goods or services are delivered to the customer.
Casino and Pari-mutuel Taxes [Policy Text Block]	Casino and Pari-mutuel Taxes We recognize casino and pari-mutuel tax expense based on the statutory requirements of the federal, state, and local jurisdictions in which we conduct business. All of our casino taxes and the majority of our pari-mutuel taxes are gross receipts taxes levied on the gaming entity. We recognize these taxes as Racing, TwinSpires and Casino operating expenses in our consolidated statements of comprehensive income. In certain jurisdictions governing our Racing and TwinSpires pari-mutuel contracts with customers, there are specific pari-mutuel taxes that are assessed on winning wagers from our customers, which we collect and remit to the government. These taxes are presented on a net basis.
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block]	Restricted Cash and Account Wagering Deposit Liabilities Amounts included in restricted cash represent amounts due to horsemen for purses, stakes and awards that are paid in accordance with the terms of our contractual agreements or statutory requirements. Restricted cash also includes deposits collected from our TwinSpires segment customers for account wagering that are paid when customers withdraw cash from their account.

Recent Accounting Pronounceme_2

Recent Accounting Pronouncements (Tables)	9 Months Ended
	Sep. 30, 2018
Accounting Changes and Error Corrections [Abstract]
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block]	Nine Months Ended September 30, 2017 (in millions) As Previously Reported Adoption of ASU 2016-18 As Adjusted Net cash provided by operating activities $ 164.2 $ 3.0 $ 167.2 Cash, cash equivalents and restricted cash, beginning of period $ 48.7 $ 34.3 $ 83.0 Net increase in cash, cash equivalents and restricted cash 7.9 3.0 10.9 Effect of exchange rate changes on cash 1.2 — 1.2 Cash, cash equivalents and restricted cash, end of period $ 57.8 $ 37.3 $ 95.1 (in millions) As Reported at December 31, 2017 Adoption of ASC 606 Balance at January 1, 2018 ASSETS Accounts receivable, net $ 49.6 $ (21.8 ) $ 27.8 Income taxes receivable 35.6 (4.1 ) 31.5 Current assets of discontinued operations held for sale 69.1 0.7 69.8 Other assets 13.6 (1.1 ) 12.5 LIABILITIES Accrued expense 75.8 0.8 76.6 Current deferred revenue 70.9 (18.9 ) 52.0 Current liabilities of discontinued operations held for sale 188.2 (38.8 ) 149.4 Non-current deferred revenue 29.3 (4.5 ) 24.8 Deferred income taxes 40.6 (0.1 ) 40.5 Non-current liabilities of discontinued operations held for sale 54.8 5.5 60.3 SHAREHOLDERS' EQUITY Retained earnings 634.3 29.7 664.0 At September 30, 2018 (in millions) As Reported Balances without Adoption of ASC 606 Effect of Change Increase/(Decrease) ASSETS Accounts receivable, net $ 33.8 $ 37.0 $ (3.2 ) Other assets 17.5 18.0 (0.5 ) LIABILITIES Accrued expense 83.0 82.1 0.9 Income taxes payable 0.5 0.3 0.2 Current deferred revenue 12.8 16.7 (3.9 ) Non-current deferred revenue 21.1 22.4 (1.3 ) Deferred income taxes 66.4 66.2 0.2 SHAREHOLDERS' EQUITY Retained earnings 504.1 503.9 0.2

Discontinued Operations (Tables

Discontinued Operations (Tables)	9 Months Ended
	Sep. 30, 2018
Discontinued Operations and Disposal Groups [Abstract]
Disposal Groups, Including Discontinued Operations [Table Text Block]	Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2018 2017 2018 2017 Net revenue $ — $ 118.0 $ 13.2 $ 342.5 Operating expenses — 95.3 8.4 271.5 Selling, general and administrative expense 0.7 6.7 5.6 18.9 Research and development — 9.8 0.9 30.0 Transaction expense, net — 0.2 — 0.6 Total operating expense 0.7 112.0 14.9 321.0 Operating (loss) income (0.7 ) 6.0 (1.7 ) 21.5 Other income (expense) Gain on sale of Big Fish Games — — 219.5 — Other expense — (1.2 ) (0.1 ) (1.6 ) Total other income (loss) — (1.2 ) 219.4 (1.6 ) (Loss) income from discontinued operations before provision for income taxes (0.7 ) 4.8 217.7 19.9 Income tax provision (1.0 ) (1.2 ) (51.6 ) (5.6 ) (Loss) income from discontinued operations, net of tax $ (1.7 ) $ 3.6 $ 166.1 $ 14.3 (in millions) Cash and cash equivalents $ 0.3 Accounts receivable 34.7 Game software development, net 6.7 Other current assets 17.0 Property and equipment, net 17.8 Game software development, net 13.8 Goodwill 530.7 Other intangible assets, net 238.4 Other assets 24.0 Accounts payable (8.5 ) Accrued expense (22.6 ) Deferred revenue (44.2 ) Deferred income taxes (52.0 ) Other liabilities (4.9 ) Carrying value of Big Fish Games $ 751.2

Acquisition Identifiable Assets

Acquisition Identifiable Assets Acquired and Liabilities Assumed (Tables)	9 Months Ended
	Sep. 30, 2018
Identifiable Assets Acquired and Liabilities Assumed [Abstract]
Schedule of Noncash or Part Noncash Acquisitions [Table Text Block]	The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed, net of cash acquired of $13.1 million , at the date of the acquisition. (in millions) Total Current assets $ 2.1 Property and equipment 57.4 Goodwill 20.2 Intangible assets 95.4 Current liabilities (5.2 ) Debt (54.7 ) $ 115.2 The preliminary fair value of the intangible assets consists of the following: (in millions) Fair Value Recognized Weighted-Average Useful Life Gaming rights $ 87.0 N/A Tradename 8.3 N/A Other 0.1 1.3 years Total intangible assets $ 95.4

Acquisition Pro Forma (Tables)

Acquisition Pro Forma (Tables)	9 Months Ended
	Sep. 30, 2018
Pro Forma [Abstract]
Business Acquisition, Pro Forma Information [Table Text Block]	Company Pro Forma Information Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2018 2017 2018 2017 Net revenue $ 240.2 $ 218.7 $ 845.7 $ 754.8 Net income 15.5 18.2 302.4 104.1

Investment in and Advances to_2

Investment in and Advances to Unconsolidated Affiliates (Tables)	9 Months Ended
	Sep. 30, 2018
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]
Affiliate Balance Sheet [Table Text Block]	(in millions) September 30, 2018 December 31, 2017 Assets Current assets $ 21.5 $ 64.5 Property and equipment, net 98.0 234.6 Other assets, net 107.0 236.5 Total assets $ 226.5 $ 535.6 Liabilities and Members' Equity Current liabilities $ 19.3 $ 100.3 Long-term debt 1.6 110.1 Other liabilities 0.1 0.1 Members' equity 205.5 325.1 Total liabilities and members' equity $ 226.5 $ 535.6
Affiliate Income Statement [Table Text Block]	Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2018 2017 2018 2017 Net revenue $ 105.2 $ 128.4 $ 322.1 $ 340.9 Operating and SG&A expense 76.4 97.9 240.5 263.3 Depreciation and amortization 5.9 5.2 19.0 16.1 Total operating expense 82.3 103.1 259.5 279.4 Operating income 22.9 25.3 62.6 61.5 Interest and other, net (1.0 ) 0.3 (5.6 ) (4.7 ) Net income $ 21.9 $ 25.6 $ 57.0 $ 56.8

Goodwill And Indefinite-Lived_2

Goodwill And Indefinite-Lived Intangible Assets Impairment Test (Tables)	9 Months Ended
	Sep. 30, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill [Table Text Block]	(in millions) Racing TwinSpires Casino Total Balances as of December 31, 2017 $ 51.7 $ 148.2 $ 117.7 $ 317.6 Ocean Downs/Saratoga Transaction — — 20.2 20.2 Balances as of September 30, 2018 $ 51.7 $ 148.2 $ 137.9 $ 337.8
Schedule of Indefinite and Finite Lived Assets	September 30, 2018 December 31, 2017 (in millions) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Definite-lived intangible assets $ 42.3 $ (23.0 ) $ 19.3 $ 39.8 $ (20.6 ) $ 19.2 Indefinite-lived intangible assets 245.5 150.2 Total $ 264.8 $ 169.4 We performed our annual indefinite-lived intangible assets impairment analysis as of April 1, 2018, which included an assessment of qualitative and quantitative factors to determine whether it is more likely than not that the fair values of the indefinite-lived intangible assets are less than the carrying amount. We concluded that the fair values of our indefinite-lived intangible assets exceeded carrying value and therefore step two of the assessment was not required.

Fair Value Of Assets And Liab_2

Fair Value Of Assets And Liabilities (Tables)	9 Months Ended
	Sep. 30, 2018
Fair Value Disclosures [Abstract]
Fair Value Measurements, Recurring and Nonrecurring	Level 1 (in millions) September 30, 2018 December 31, 2017 Restricted cash $ 38.8 $ 31.2

Stock-based Compensation Plan_2

Stock-based Compensation Plans Stock-based Compensation Plans (Tables)	9 Months Ended
	Sep. 30, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-based Compensation, Activity [Table Text Block]	A summary of the RSAs, RSUs, and PSUs granted during 2018 is presented below: Grant Year Award Type Number of Shares/Units Awarded (in thousands) Vesting Terms 2018 RSA 18 Vest equally over three service periods ending in February of 2019, 2020, and 2021 2018 RSU 16 Vest equally over three service periods ending December 31 of 2018, 2019, and 2020 2018 PSU 16 Three year performance and service period ending December 31, 2020 2018 RSU 3 One year service period ending in April 2019

Income Per Common Share Compu_2

Income Per Common Share Computations (Tables)	9 Months Ended
	Sep. 30, 2018
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) 2018 2017 2018 2017 Numerator for basic net income per common share: Net income from continuing operations $ 58.0 $ 13.1 $ 175.3 $ 88.0 Net loss from continuing operations allocated to participating securities — — — (0.1 ) Net (loss) income from discontinued operations (1.7 ) 3.6 166.1 14.3 Numerator for basic net income per common share $ 56.3 $ 16.7 $ 341.4 $ 102.2 Numerator for diluted net income from continuing operations per common share $ 58.0 $ 13.1 $ 175.3 $ 88.0 Numerator for diluted net income per common share: $ 56.3 $ 16.7 $ 341.4 $ 102.3 Denominator for net income per common share: Basic 13.6 15.3 13.8 15.9 Plus dilutive effect of stock awards 0.1 0.2 0.1 0.2 Plus dilutive effect of participating securities — — — 0.1 Diluted 13.7 15.5 13.9 16.2 Net income (loss) per common share data: Basic Continuing operations $ 4.27 $ 0.85 $ 12.65 $ 5.53 Discontinued operations $ (0.12 ) $ 0.24 $ 11.99 $ 0.90 Net income per common share - basic $ 4.15 $ 1.09 $ 24.64 $ 6.43 Diluted Continuing operations $ 4.24 $ 0.84 $ 12.58 $ 5.44 Discontinued operations $ (0.12 ) $ 0.24 $ 11.92 $ 0.88 Net income per common share - diluted $ 4.12 $ 1.08 $ 24.50 $ 6.32

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2018
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) 2018 2017 2018 2017 Net revenue from external customers: Racing: Churchill Downs $ 8.5 $ 8.1 $ 165.4 $ 147.1 Arlington 23.7 25.0 49.7 51.5 Fair Grounds 4.8 5.0 26.8 27.5 Calder 0.6 0.7 1.9 1.9 Total Racing 37.6 38.8 243.8 228.0 TwinSpires 71.8 65.9 228.7 198.4 Casino: Oxford Casino 28.9 25.2 79.3 69.2 Calder Casino 23.4 19.4 73.0 62.6 Riverwalk Casino 12.8 12.2 40.8 35.7 Harlow’s Casino 12.1 12.3 37.9 38.3 VSI 10.6 9.3 32.7 28.8 Fair Grounds Slots 9.1 8.7 28.9 27.7 Ocean Downs 8.1 — 8.1 — Saratoga — 0.4 0.6 1.0 Total Casino 105.0 87.5 301.3 263.3 Other Investments 6.9 4.7 16.2 14.0 Net revenue from external customers $ 221.3 $ 196.9 $ 790.0 $ 703.7 Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2018 2017 2018 2017 Intercompany net revenue: Racing: Churchill Downs $ 1.0 $ 0.9 $ 10.7 $ 9.6 Arlington 2.3 2.2 5.6 5.1 Fair Grounds — — 1.1 1.0 Calder 0.1 — 0.1 — Total Racing 3.4 3.1 17.5 15.7 TwinSpires 0.3 0.2 1.1 0.8 Other Investments 0.9 1.0 3.6 3.7 Eliminations (4.6 ) (4.3 ) (22.2 ) (20.2 ) 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, 2018 (in millions) Racing TwinSpires Casino Other Investments Corporate Net revenue $ 41.0 $ 72.1 $ 105.0 $ 7.8 $ — Taxes & purses (11.0 ) (4.2 ) (36.0 ) (0.7 ) — Marketing & advertising (1.2 ) (0.6 ) (3.4 ) (0.1 ) — Salaries & benefits (10.6 ) (2.1 ) (14.6 ) (3.4 ) — Content expense (3.4 ) (37.3 ) — — — SG&A expense (4.2 ) (2.9 ) (6.2 ) (1.2 ) (2.6 ) Other operating expense (11.8 ) (5.7 ) (11.8 ) (1.3 ) (0.2 ) Other income — — 12.7 — — Adjusted EBITDA $ (1.2 ) $ 19.3 $ 45.7 $ 1.1 $ (2.8 ) Three Months Ended September 30, 2017 (in millions) Racing TwinSpires Casino Other Investments Corporate (a) Net revenue $ 41.9 $ 66.1 $ 87.5 $ 5.7 $ — Taxes & purses (11.2 ) (4.5 ) (28.9 ) — — Marketing & advertising (1.0 ) (1.1 ) (3.1 ) — — Salaries & benefits (10.3 ) (2.3 ) (13.5 ) (2.9 ) — Content expense (3.8 ) (30.9 ) — — — SG&A expense (3.9 ) (3.2 ) (5.5 ) (0.8 ) (3.1 ) Other operating expense (10.1 ) (5.3 ) (9.8 ) (1.1 ) 0.1 Other income 0.1 — 12.8 0.2 — Adjusted EBITDA $ 1.7 $ 18.8 $ 39.5 $ 1.1 $ (3.0 ) (a) The Corporate segment includes corporate and other certain expenses of $0.7 million for the three months ended September 30, 2017 that have not been allocated to Big Fish Games as a result of the Big Fish Transaction. The Big Fish Games segment is reported as held for sale and discontinued operations in the accompanying condensed consolidated financial statements and these notes. Nine Months Ended September 30, 2018 (in millions) Racing TwinSpires Casino Other Investments Corporate Net revenue $ 261.3 $ 229.8 $ 301.3 $ 19.8 $ — Taxes & purses (55.7 ) (12.2 ) (101.8 ) (0.7 ) — Marketing & advertising (5.6 ) (4.5 ) (10.1 ) (0.2 ) — Salaries & benefits (34.5 ) (6.6 ) (41.7 ) (10.2 ) — Content expense (11.2 ) (119.3 ) — — — SG&A expense (12.8 ) (8.6 ) (17.2 ) (2.6 ) (7.6 ) Other operating expense (43.4 ) (19.7 ) (33.0 ) (3.7 ) (0.5 ) Other income 0.4 — 36.4 0.1 0.1 Adjusted EBITDA $ 98.5 $ 58.9 $ 133.9 $ 2.5 $ (8.0 ) Nine Months Ended September 30, 2017 (in millions) Racing TwinSpires Casino Other Investments Corporate (a) Net revenue $ 243.7 $ 199.2 $ 263.3 $ 17.7 $ — Taxes & purses (54.3 ) (11.6 ) (87.7 ) — — Marketing & advertising (3.9 ) (6.7 ) (9.1 ) — — Salaries & benefits (32.4 ) (7.1 ) (40.0 ) (9.1 ) — Content expense (11.7 ) (96.5 ) — — — SG&A expense (11.9 ) (8.9 ) (16.3 ) (2.3 ) (8.5 ) Other operating expense (39.4 ) (17.1 ) (31.0 ) (3.6 ) (0.4 ) Other income 0.6 — 33.1 0.3 — Adjusted EBITDA $ 90.7 $ 51.3 $ 112.3 $ 3.0 $ (8.9 ) (a) The Corporate segment includes corporate and other certain expenses of $2.1 million for the nine months ended September 30, 2017 that have not been allocated to Big Fish Games as a result of the Big Fish Transaction. The Big Fish Games segment is reported as held for sale and discontinued operations in the accompanying condensed consolidated financial statements and these notes. Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2018 2017 2018 2017 Reconciliation of Comprehensive Income to Adjusted EBITDA: Comprehensive income $ 56.9 $ 17.3 $ 341.8 $ 102.5 Foreign currency translation, net of tax (0.4 ) (0.5 ) (0.4 ) (0.1 ) Change in pension benefits, net of tax (0.2 ) (0.1 ) — (0.1 ) Net income 56.3 16.7 341.4 102.3 Loss (income) from discontinued operations, net of tax 1.7 (3.6 ) (166.1 ) (14.3 ) Income from continuing operations, net of tax 58.0 13.1 175.3 88.0 Additions: Depreciation and amortization 16.7 13.4 45.8 42.0 Interest expense 9.9 12.6 29.2 36.0 Income tax provision 16.7 10.3 52.1 57.9 EBITDA 101.3 49.4 302.4 223.9 Adjustments to EBITDA: Selling, general and administrative: Stock-based compensation expense 3.9 3.9 13.1 11.7 Other charges 0.2 — 0.2 — Pre-opening expense 2.6 — 3.9 0.3 Other income, expense: Interest, depreciation and amortization expense related to equity investments 3.6 4.0 12.2 10.6 Gain on Ocean Downs/Saratoga transaction (54.9 ) — (54.9 ) — Transaction expense, net 5.4 0.6 8.9 1.1 Calder exit costs — 0.2 — 0.8 Total adjustments to EBITDA (39.2 ) 8.7 (16.6 ) 24.5 Adjusted EBITDA $ 62.1 $ 58.1 $ 285.8 $ 248.4 Adjusted EBITDA by segment: Racing $ (1.2 ) $ 1.7 $ 98.5 $ 90.7 TwinSpires 19.3 18.8 58.9 51.3 Casino 45.7 39.5 133.9 112.3 Other Investments 1.1 1.1 2.5 3.0 Corporate (a) (2.8 ) (3.0 ) (8.0 ) (8.9 ) Adjusted EBITDA $ 62.1 $ 58.1 $ 285.8 $ 248.4
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) 2018 2017 2018 2017 Casino $ 9.0 $ 8.7 $ 24.3 $ 22.5 Other Investments 0.1 0.2 0.1 0.2 $ 9.1 $ 8.9 $ 24.4 $ 22.7
Reconciliation of Assets from Segment to Consolidated	The table below presents total asset information for each of our operating segments: (in millions) September 30, 2018 December 31, 2017 Total assets: Racing $ 495.4 $ 483.0 TwinSpires 225.8 215.9 Casino 803.2 679.6 Other Investments 84.9 15.2 Corporate 102.4 73.2 Big Fish Games — 892.5 $ 1,711.7 $ 2,359.4 The table below presents total capital expenditures for each of our operating segments: Nine Months Ended September 30, (in millions) 2018 2017 Capital expenditures: Racing $ 53.6 $ 47.8 TwinSpires 7.1 7.3 Casino 9.2 26.0 Other Investments 53.8 1.3 Corporate 1.8 1.1 Big Fish Games — 5.6 $ 125.5 $ 89.1

Basis Of Presentation (Details)

Basis Of Presentation (Details) $ in Millions	Jan. 09, 2018USD ($)	Sep. 30, 2018d	Sep. 30, 2017d	Sep. 30, 2018USD ($)d	Sep. 30, 2017USD ($)d	Sep. 14, 2018USD ($)ft²	Aug. 31, 2018
Variable Interest Entity [Line Items]
Proceeds from Divestiture of Businesses				$ 970.7	$ 0
Live Racing Days | d		56	57	174	176
Big Fish Games [Member]
Variable Interest Entity [Line Items]
Proceeds from Divestiture of Businesses	$ 990
Ocean Downs LLC and Racing Services LLC [Member]
Variable Interest Entity [Line Items]
Equity Method Investment, Ownership Percentage							100.00%
Derby City Gaming [Member]
Variable Interest Entity [Line Items]
Property, Plant and Equipment, Gross						$ 65
Square Footage | ft²						85,000

Recent Accounting Pronounceme_3

Recent Accounting Pronouncements New Accounting Standards - Cumulative Effect of changes due to Adoption of ASU 2014-09 (Details) - USD ($) $ in Millions	Sep. 30, 2018	Jan. 01, 2018	Dec. 31, 2017
Assets [Abstract]
Accounts receivable, net	$ 33.8	$ 27.8	$ 49.6
Income taxes receivable	0	(31.5)	(35.6)
Current assets of discontinued operations held for sale	0	69.8	69.1
Other current assets	26.4		18.9
Liabilities [Abstract]
Other assets	(17.5)	(12.5)	(13.6)
Accrued expense	83	76.6	75.8
Taxes Payable, Current	(0.5)		0
Deferred revenue	(12.8)	(52)	(70.9)
Current liabilities of discontinued operations held for sale	0	(149.4)	(188.2)
Deferred revenue	(21.1)	(24.8)	(29.3)
Deferred income taxes	(66.4)	(40.5)	(40.6)
Non-current liabilities of discontinued operations held for sale	0	60.3	54.8
Equity [Abstract]
Retained earnings	504.1	664	$ 634.3
Difference between Revenue Guidance in Effect before and after Topic 606 [Member]
Assets [Abstract]
Accounts receivable, net	3.2	21.8
Income taxes receivable		(4.1)
Current assets of discontinued operations held for sale		0.7
Liabilities [Abstract]
Other assets	(0.5)	(1.1)
Accrued expense	0.9	0.8
Taxes Payable, Current	(0.2)
Deferred revenue	(3.9)	(18.9)
Current liabilities of discontinued operations held for sale		(38.8)
Deferred revenue	(1.3)	(4.5)
Deferred income taxes	(0.2)	(0.1)
Non-current liabilities of discontinued operations held for sale		5.5
Equity [Abstract]
Retained earnings	0.2	$ 29.7
Calculated under Revenue Guidance in Effect before Topic 606 [Member]
Assets [Abstract]
Accounts receivable, net	37
Liabilities [Abstract]
Other assets	(18)
Accrued expense	82.1
Taxes Payable, Current	(0.3)
Deferred revenue	(16.7)
Deferred revenue	(22.4)
Deferred income taxes	(66.2)
Equity [Abstract]
Retained earnings	$ 503.9

Recent Accounting Pronounceme_4

Recent Accounting Pronouncements New Accounting Standards - Effect of change related to ASU 2014-09 (Details) - USD ($) $ in Millions	Sep. 30, 2018	Jan. 01, 2018	Dec. 31, 2017
Assets [Abstract]
Accounts receivable, net	$ 33.8	$ 27.8	$ 49.6
Other assets	(17.5)	(12.5)	(13.6)
Liabilities [Abstract]
Accrued expense	83	76.6	75.8
Income taxes payable	0.5		0
Deferred revenue	(12.8)	(52)	(70.9)
Deferred revenue	(21.1)	(24.8)	(29.3)
Deferred income taxes	66.4	40.5	40.6
Equity [Abstract]
Retained earnings	$ 504.1	$ 664	$ 634.3

Recent Accounting Pronounceme_5

Recent Accounting Pronouncements New Accounting Standards - Effect fo changes due to Adoption of ASU 2016-18 (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017	Dec. 31, 2016
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net Cash Provided by (Used in) Operating Activities	$ 135.4	$ 167.2
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations	170.1	95.1	$ 85.5	$ 83
Cash and Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect		10.9
Effect of exchange rate changes on cash flows	$ (0.6)	1.2
Accounting Standards Update 2016-18 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net Cash Provided by (Used in) Operating Activities		3
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations		37.3		34.3
Cash and Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect		3
Effect of exchange rate changes on cash flows		0
Previously Reported [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net Cash Provided by (Used in) Operating Activities		164.2
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations		57.8		$ 48.7
Cash and Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect		7.9
Effect of exchange rate changes on cash flows		$ 1.2

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2018	Jan. 01, 2018
Revenue from Contract with Customer [Abstract]
Revenue, Remaining Performance Obligation, Amount	$ 183.6	$ 183.6
Contract with Customer, Liability	37.5	37.5	$ 78.7
Contract with Customer, Liability, Revenue Recognized	$ 1.2	$ 51.3

Discontinued Operations (Detail

Discontinued Operations (Details) - USD ($) $ in Millions	Jan. 09, 2018	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Aug. 31, 2018	Dec. 31, 2017
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax				$ 219.5
Proceeds from sale of Big Fish Games				970.7	$ 0
Disposal Group, Including Discontinued Operation, Cash and Cash Equivalents	$ 0.3
Stock-based compensation		$ 3.9	$ 3.9	16.5	17.5
Disposal Group, Including Discontinued Operations, Transaction Expense				14.1
Gain (Loss) on Disposition of Business				219.5	0
Disposal Group, Including Discontinued Operation, Accounts, Notes and Loans Receivable, Net	34.7
Disposal Group, Including Discontinued Operation, Game Software Development, Net, Current	6.7
Disposal Group, Including Discontinued Operation, Other Assets, Current	17
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment, Noncurrent	17.8
Disposal Group, Including Discontinued Operation, Game Software Development, Net, Noncurrent	13.8
Disposal Group, Including Discontinued Operation, Goodwill, Noncurrent	530.7
Disposal Group, Including Discontinued Operation, Intangible Assets, Noncurrent	238.4
Disposal Group, Including Discontinued Operation, Other Assets, Noncurrent	24
Disposal Group, Including Discontinued Operation, Accounts Payable, Current	(8.5)
Disposal Group, Including Discontinued Operation, Accrued Liabilities, Current	(22.6)
Disposal Group, Including Discontinued Operation, Deferred Revenue, Current	(44.2)
Disposal Group, Including Discontinued Operation, Deferred Tax Liabilities	(52)
Disposal Group, Including Discontinued Operation, Other Liabilities, Noncurrent	(4.9)
Carrying Value of Disposal Group	751.2
Earnout Payment, Financing Activity						$ 5.2	$ 34.2
Discontinued Operation, Tax Effect of Discontinued Operation				51.2
Other Adjustments to Income, Discontinued Operations				5.2
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent							$ 168.3
Big Fish Games [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of Big Fish Games	$ 990
Stock-based compensation				3.4
Disposal Group, Including Discontinued Operation, Revenue		0	118	13.2	342.5
Disposal Group, Including Discontinued Operation, Operating Expense		0	95.3	8.4	271.5
Disposal Group, Including Discontinued Operation, General and Administrative Expense		0.7	6.7	5.6	18.9
Disposal Group, Including Discontinued Operations, Research And Development Expense		0	9.8	0.9	30
Disposal Group, Including Discontinued Operations, Transaction Expense		0	0.2	0	0.6
Disposal Group, Including Discontinued Operations, Total Operating Expense		0.7	112	14.9	321
Disposal Group, Including Discontinued Operation, Operating Income (Loss)		(0.7)	6	(1.7)	21.5
Disposal Group, Including Discontinued Operation, Other Expense		0	(1.2)	(0.1)	(1.6)
Disposal Group, Including Discontinued Operation, Other Income		0	(1.2)	219.4	(1.6)
Gain (Loss) on Disposition of Business		0	0	219.5	0
Discontinued Operation, Income (Loss) from Discontinued Operation During Phase-out Period, before Income Tax		(0.7)	4.8	217.7	19.9
Discontinued Operation, Tax Effect of Income (Loss) from Discontinued Operation During Phase-out Period		(1)	(1.2)	(51.6)	(5.6)
Discontinued Operation, Income (Loss) from Discontinued Operation During Phase-out Period, Net of Tax		$ (1.7)	$ 3.6	$ 166.1	$ 14.3

Acquisition (Details)

Acquisition (Details) - USD ($) $ in Millions	Aug. 31, 2018	Sep. 30, 2018	Sep. 30, 2017	Mar. 31, 2019	Sep. 30, 2018	Sep. 30, 2017	Mar. 31, 2019	Dec. 31, 2017
Business Acquisition [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	15 months
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents	$ 13.1
Repayment of Ocean Downs debt					$ 54.7	$ 0
Business Combination, Contingent Consideration, Asset, Current	2.1
Business Acquisition, Pro Forma Revenue		$ 240.2	$ 218.7		845.7	754.8
Business Acquisition, Pro Forma Net Income (Loss)		15.5	18.2		302.4	104.1
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	57.4
Goodwill, Acquired During Period					20.2
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	95.4
Business Combination, Contingent Consideration, Liability, Current	(5.2)							$ (34.2)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Long-term Debt	(54.7)
Noncash or Part Noncash Acquisition, Net Nonmonetary Assets Acquired (Liabilities Assumed)	$ 115.2
Racing		37.6	38.8		243.8	228
Gain on Ocean Downs/Saratoga transaction		54.9	$ 0		$ 54.9	$ 0
Scenario, Forecast [Member] | Presque Isle Downs & Casino And Lady Luck Casino [Member]
Business Acquisition [Line Items]
Payments to Acquire Businesses, Gross							$ 229.5
Scenario, Forecast [Member] | Presque Isle Downs & Casino [Member]
Business Acquisition [Line Items]
Payments to Acquire Businesses, Gross				$ 178.9
Ocean Downs LLC and Racing Services LLC [Member]
Business Acquisition [Line Items]
Equity Method Investment, Ownership Percentage	100.00%
Equity Method Investments	$ 80.5
Racing		$ 8.1
Saratoga Casino Holdings, LLC [Member]
Business Acquisition [Line Items]
Equity Method Investments	47.8
Game Rights [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	87
Trade Names [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	8.3
Other Intangible Assets [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	$ 0.1

Investment in and Advances to_3

Investment in and Advances to Unconsolidated Affiliates (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Investments in and Advances to Affiliates [Line Items]
Other liabilities	$ 0.1		$ 0.1		$ 0.1
Distributed earnings from equity investments			$ 14.4	$ 11.7
Miami Valley Gaming LLC [Member]
Investments in and Advances to Affiliates [Line Items]
Equity Method Investment, Ownership Percentage	50.00%		50.00%
Distributed earnings from equity investments

Investment in and Advances to_4

Investment in and Advances to Unconsolidated Affiliates Affiliate Income Statement (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Affiliate Income Statement [Abstract]
Net revenue	$ 105.2	$ 128.4	$ 322.1	$ 340.9
Operating and SG&A expense	76.4	97.9	240.5	263.3
Depreciation and amortization	5.9	5.2	19	16.1
Total operating expense	82.3	103.1	259.5	279.4
Operating income	22.9	25.3	62.6	61.5
Interest and other, net	(1)	0.3	(5.6)	(4.7)
Net income	$ 21.9	$ 25.6	$ 57	$ 56.8

Investment in and Advances to_5

Investment in and Advances to Unconsolidated Affiliates Affiliate Balance Sheet (Details) - USD ($) $ in Millions	Sep. 30, 2018	Dec. 31, 2017
Investments in and Advances to Affiliates, Affiliate Balance Sheet [Abstract]
Current assets	$ 21.5	$ 64.5
Property and equipment, net	98	234.6
Other assets, net	107	236.5
Total assets	226.5	535.6
Current liabilities	19.3	100.3
Long-term debt	1.6	110.1
Other liabilities	0.1	0.1
Members' equity	205.5	325.1
Total liabilities and members' equity	$ 226.5	$ 535.6

Goodwill And Indefinite-Lived_3

Goodwill And Indefinite-Lived Intangible Assets Impairment Test Goodwill (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2018	Dec. 31, 2017
Goodwill [Line Items]
Goodwill	$ 337.8	$ 317.6
Goodwill, Acquired During Period	20.2
Racing Segment [Member]
Goodwill [Line Items]
Goodwill	51.7	51.7
Goodwill, Acquired During Period	0
Casino Segment [Member]
Goodwill [Line Items]
Goodwill	137.9	117.7
Goodwill, Acquired During Period	20.2
TwinSpires [Member]
Goodwill [Line Items]
Goodwill	148.2	$ 148.2
Goodwill, Acquired During Period	$ 0

Goodwill And Indefinite-Lived_4

Goodwill And Indefinite-Lived Intangible Assets Impairment Test Intangible Table (Details) - USD ($) $ in Millions	Sep. 30, 2018	Dec. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Finite-Lived Intangible Assets, Gross	$ 42.3	$ 39.8
Finite-Lived Intangible Assets, Accumulated Amortization	23	20.6
Finite-Lived Intangible Assets, Net	19.3	19.2
Indefinite-lived Intangible Assets (Excluding Goodwill)	245.5	150.2
Other intangible assets, net	$ 264.8	$ 169.4

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Income Tax Disclosure [Abstract]
Income tax provision	$ (16.7)	$ (10.3)	$ (52.1)	$ (57.9)

Fair Value Of Assets And Liab_3

Fair Value Of Assets And Liabilities (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017	Dec. 27, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	$ 38.8		$ 31.2
Big Fish Games deferred payment	(26.4)	$ 0
Long-term debt, net of current maturities and loan origination fees	388.2		632.9
Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents and restricted cash			31.2
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
Unsecured Debt [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term Debt, Fair Value	$ 466.9		$ 496.8
Senior Notes Due 2028 [Member] | Senior Notes [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Instrument, Interest Rate, Stated Percentage				4.75%
Revolving Credit Facility [Member] | Line of Credit [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity				$ 700
Secured Debt [Member] | Term Loan B due 2024 [Member] | Line of Credit [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Instrument, Face Amount				$ 400

Shareholders' Equity (Details)

Shareholders' Equity (Details) - USD ($) $ / shares in Units, $ in Millions	Feb. 12, 2018	Nov. 29, 2017	Apr. 25, 2017
Shareholders' Equity [Abstract]
Stock Repurchase Program, Authorized Amount		$ 500	$ 250
Stock Repurchased During Period, Shares	1,886,792
Stock Repurchased During Period, Average Cost Per Share	$ 265
Stock Repurchased During Period, Value	$ 500

Stock-based Compensation Plan_3

Stock-based Compensation Plans (Details) - USD ($) shares in Thousands, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	$ 3.9	$ 3.9	$ 16.5	$ 17.5
Restricted Stock [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			18
Performance Shares [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			16
Restricted Stock Units (RSUs) [Member] | Director [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			3
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			16

Income Per Common Share Compu_3

Income Per Common Share Computations (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Earnings Per Share [Abstract]
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest	$ 58	$ 13.1	$ 175.3	$ 88
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent	58	13.1	175.3	88
Distributed Earnings	0	0	0	(0.1)
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent	(1.7)	3.6	166.1	14.3
Net Income (Loss) Available to Common Stockholders, Basic	56.3	16.7	341.4	102.2
Net Income (Loss) from Continuing Operations Available to Common Shareholders, Diluted	58	13.1	175.3	88
Net Income (Loss) Available to Common Stockholders, Diluted	$ 56.3	$ 16.7	$ 341.4	$ 102.3
Earnings Per Share, Basic and Diluted [Abstract]
Numerator for diluted net income per common share:	13.6	15.3	13.8	15.9
Plus dilutive effect of stock awards	0.1	0.2	0.1	0.2
Denominator for net income per common share:	0	0	0	0.1
Basic	13.7	15.5	13.9	16.2
Earnings Per Share, Diluted [Abstract]
Diluted	$ 4.15	$ 1.09	$ 24.64	$ 6.43
Diluted	4.12	1.08	24.50	6.32
Income (Loss) from Continuing Operations, Per Basic Share	4.27	0.85	12.65	5.53
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share	(0.12)	0.24	11.99	0.90
Income (Loss) from Continuing Operations, Per Diluted Share	4.24	0.84	12.58	5.44
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Diluted Share	$ (0.12)	$ 0.24	$ 11.92	$ 0.88

Segment Information - Informati

Segment Information - Information About Reported Segments (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2018USD ($)Segments	Sep. 30, 2017USD ($)	Sep. 30, 2018USD ($)	Sep. 30, 2017USD ($)
Segment Reporting Information [Line Items]
Gain on Ocean Downs/Saratoga transaction	$ (54,900,000)	$ 0	$ (54,900,000)	$ 0
Racing	37,600,000	38,800,000	243,800,000	228,000,000
TwinSpires	71,800,000	65,900,000	228,700,000	198,400,000
Casino	105,000,000	87,500,000	301,300,000	263,300,000
Other Investments	6,900,000	4,700,000	16,200,000	14,000,000
Adjusted EBITDA	$ 62,100,000	58,100,000	285,800,000	248,400,000
Number of Operating Segments | Segments	5
Property, Plant and Equipment, Additions			125,500,000	89,100,000
Intercompany net revenues	$ 0	0	0	0
Comprehensive income	56,900,000	17,300,000	341,800,000	102,500,000
Foreign currency translation, net of tax	(400,000)	(500,000)	(400,000)	(100,000)
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax and Reclassification Adjustment, Attributable to Noncontrolling Interest	200,000	100,000	0	100,000
Net income	56,300,000	16,700,000	341,400,000	102,300,000
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent	1,700,000	(3,600,000)	(166,100,000)	(14,300,000)
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent	58,000,000	13,100,000	175,300,000	88,000,000
Depreciation and amortization	16,700,000	13,400,000	45,800,000	73,300,000
Interest expense	9,900,000	12,600,000	29,200,000	36,000,000
Income tax (provision) benefit	16,700,000	10,300,000	52,100,000	57,900,000
Earnings Before Interest Taxes Depreciation and Amortization	101,300,000	49,400,000
Stock-based compensation	3,900,000	3,900,000	16,500,000	17,500,000
Pre-Opening Costs	2,600,000	0
Other income, expense:	(200,000)	0
Interest, depreciation and amortization expense related to equity investments	3,600,000	4,000,000
Acquisition expenses, net	5,400,000	600,000	0	1,700,000
Calder exit costs	0	200,000	0	800,000
Total adjustments to EBITDA	(39,200,000)	8,700,000	(16,600,000)	24,500,000
Adjusted EBITDA	62,100,000	58,100,000	285,800,000	248,400,000
Racing Segment [Member]
Segment Reporting Information [Line Items]
Racing	37,600,000	38,800,000	243,800,000	228,000,000
Adjusted EBITDA	(1,200,000)	1,700,000	98,500,000	90,700,000
Property, Plant and Equipment, Additions			53,600,000	47,800,000
Intercompany net revenues	3,400,000	3,100,000	17,500,000	15,700,000
Racing Segment [Member] | Churchill Downs
Segment Reporting Information [Line Items]
Racing	8,500,000	8,100,000	165,400,000	147,100,000
Intercompany net revenues	1,000,000	900,000	10,700,000	9,600,000
Racing Segment [Member] | Arlington Park
Segment Reporting Information [Line Items]
Racing	23,700,000	25,000,000	49,700,000	51,500,000
Intercompany net revenues	2,300,000	2,200,000	5,600,000	5,100,000
Racing Segment [Member] | Fair Grounds
Segment Reporting Information [Line Items]
Racing	4,800,000	5,000,000	26,800,000	27,500,000
Intercompany net revenues	0	0	1,100,000	1,000,000
Racing Segment [Member] | Calder
Segment Reporting Information [Line Items]
Racing	600,000	700,000	1,900,000	1,900,000
Intercompany net revenues	100,000	0	100,000	0
Casino Segment [Member]
Segment Reporting Information [Line Items]
Casino	105,000,000	87,500,000	301,300,000	263,300,000
Adjusted EBITDA	45,700,000	39,500,000	133,900,000	112,300,000
Property, Plant and Equipment, Additions			9,200,000	26,000,000
Casino Segment [Member] | Oxford Casino
Segment Reporting Information [Line Items]
Casino	28,900,000	25,200,000	79,300,000	69,200,000
Casino Segment [Member] | Riverwalk Casino
Segment Reporting Information [Line Items]
Casino	12,800,000	12,200,000	40,800,000	35,700,000
Casino Segment [Member] | Harlows Casino
Segment Reporting Information [Line Items]
Casino	12,100,000	12,300,000	37,900,000	38,300,000
Casino Segment [Member] | Calder Casinos
Segment Reporting Information [Line Items]
Casino	23,400,000	19,400,000	73,000,000	62,600,000
Casino Segment [Member] | Fair Grounds Slots
Segment Reporting Information [Line Items]
Casino	9,100,000	8,700,000	28,900,000	27,700,000
Casino Segment [Member] | Ocean Downs LLC and Racing Services LLC [Member]
Segment Reporting Information [Line Items]
Casino	8,100,000	0	8,100,000	0
Casino Segment [Member] | VSI
Segment Reporting Information [Line Items]
Casino	10,600,000	9,300,000	32,700,000	28,800,000
Casino Segment [Member] | Saratoga Casino Holdings, LLC [Member]
Segment Reporting Information [Line Items]
Casino	0	400,000	600,000	1,000,000
TwinSpires [Member]
Segment Reporting Information [Line Items]
TwinSpires	71,800,000	65,900,000	228,700,000	198,400,000
Adjusted EBITDA	19,300,000	18,800,000	58,900,000	51,300,000
Property, Plant and Equipment, Additions			7,100,000	7,300,000
Intercompany net revenues	300,000	200,000	1,100,000	800,000
Other Investments Segment [Member]
Segment Reporting Information [Line Items]
Other Investments	6,900,000	4,700,000	16,200,000	14,000,000
Property, Plant and Equipment, Additions			53,800,000	1,300,000
Intercompany net revenues	900,000	1,000,000	3,600,000	3,700,000
Corporate
Segment Reporting Information [Line Items]
Adjusted EBITDA	(2,800,000)	(3,000,000)	(8,000,000)	(8,900,000)
Property, Plant and Equipment, Additions			1,800,000	1,100,000
Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
Intercompany net revenues	(4,600,000)	(4,300,000)	(22,200,000)	(20,200,000)
Saratoga Harness Racing Inc Joint Venture [Member]
Segment Reporting Information [Line Items]
Adjusted Corporate EBITDA	(2,800,000)	(3,000,000)	(8,000,000)	(8,900,000)
Saratoga Harness Racing Inc Joint Venture [Member] | Racing Segment [Member]
Segment Reporting Information [Line Items]
Adjusted EBITDA	(1,200,000)	1,700,000	98,500,000	90,700,000
Saratoga Harness Racing Inc Joint Venture [Member] | Casino Segment [Member]
Segment Reporting Information [Line Items]
Adjusted EBITDA	45,700,000	39,500,000	133,900,000	112,300,000
Saratoga Harness Racing Inc Joint Venture [Member] | TwinSpires [Member]
Segment Reporting Information [Line Items]
Adjusted EBITDA	19,300,000	18,800,000	58,900,000	51,300,000
Saratoga Harness Racing Inc Joint Venture [Member] | Other Investments Segment [Member]
Segment Reporting Information [Line Items]
Adjusted EBITDA	1,100,000	1,100,000	2,500,000	3,000,000
Continuing Operations [Member]
Segment Reporting Information [Line Items]
Depreciation and amortization			45,800,000	42,000,000
Interest expense			29,200,000	36,000,000
Income tax (provision) benefit			52,100,000	57,900,000
Earnings Before Interest Taxes Depreciation and Amortization			302,400,000	223,900,000
Stock-based compensation	$ 3,900,000	$ 3,900,000	13,100,000	11,700,000
Pre-Opening Costs			3,900,000	300,000
Other income, expense:			(200,000)	0
Interest, depreciation and amortization expense related to equity investments			12,200,000	10,600,000
Acquisition expenses, net			8,900,000	1,100,000
Calder exit costs			$ 0	$ 800,000

Segment Information Adjusted EB

Segment Information Adjusted EBITDA by Segment (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Segment Reporting Information [Line Items]
Net revenue	$ 221,300,000	$ 196,900,000	$ 790,000,000	$ 703,700,000
Adjusted EBITDA	62,100,000	58,100,000	285,800,000	248,400,000
Racing Segment [Member]
Segment Reporting Information [Line Items]
Net revenue	41,000,000	41,900,000	261,300,000	243,700,000
Taxes & purses	11,000,000	11,200,000	55,700,000	54,300,000
Marketing & advertising	1,200,000	1,000,000	5,600,000	3,900,000
Salaries & benefits	10,600,000	10,300,000	34,500,000	32,400,000
Content expense	3,400,000	3,800,000	11,200,000	11,700,000
SG&A expense	4,200,000	3,900,000	12,800,000	11,900,000
Other operating expense	11,800,000	10,100,000	43,400,000	39,400,000
Other income	0	100,000	400,000	600,000
Adjusted EBITDA	(1,200,000)	1,700,000	98,500,000	90,700,000
Casino Segment [Member]
Segment Reporting Information [Line Items]
Net revenue	105,000,000	87,500,000	301,300,000	263,300,000
Taxes & purses	36,000,000	28,900,000	101,800,000	87,700,000
Marketing & advertising	3,400,000	3,100,000	10,100,000	9,100,000
Salaries & benefits	14,600,000	13,500,000	41,700,000	40,000,000
Content expense	0	0	0	0
SG&A expense	6,200,000	5,500,000	17,200,000	16,300,000
Other operating expense	11,800,000	9,800,000	33,000,000	31,000,000
Other income	12,700,000	12,800,000	36,400,000	33,100,000
Adjusted EBITDA	45,700,000	39,500,000	133,900,000	112,300,000
TwinSpires [Member]
Segment Reporting Information [Line Items]
Net revenue	72,100,000	66,100,000	229,800,000	199,200,000
Taxes & purses	4,200,000	4,500,000	12,200,000	11,600,000
Marketing & advertising	600,000	1,100,000	4,500,000	6,700,000
Salaries & benefits	2,100,000	2,300,000	6,600,000	7,100,000
Content expense	37,300,000	30,900,000	119,300,000	96,500,000
SG&A expense	2,900,000	3,200,000	8,600,000	8,900,000
Other operating expense	5,700,000	5,300,000	19,700,000	17,100,000
Other income	0	0	0	0
Adjusted EBITDA	19,300,000	18,800,000	58,900,000	51,300,000
Other Segments [Member]
Segment Reporting Information [Line Items]
Net revenue	7,800,000	5,700,000	19,800,000	17,700,000
Taxes & purses	700,000	0	700,000	0
Marketing & advertising	100,000	0	200,000	0
Salaries & benefits	3,400,000	2,900,000	10,200,000	9,100,000
Content expense	0	0	0	0
SG&A expense	1,200,000	800,000	2,600,000	2,300,000
Other operating expense	1,300,000	1,100,000	3,700,000	3,600,000
Other income	0	200,000	100,000	300,000
Adjusted EBITDA	1,100,000	1,100,000	2,500,000	3,000,000
Corporate
Segment Reporting Information [Line Items]
Net revenue	0	0	0	0
Taxes & purses	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	2,600,000	3,100,000	7,600,000	8,500,000
Other operating expense	200,000	(100,000)	500,000	400,000
Other income	0	0	100,000	0
Adjusted EBITDA	(2,800,000)	(3,000,000)	(8,000,000)	(8,900,000)
Saratoga Harness Racing Inc Joint Venture [Member] | Racing Segment [Member]
Segment Reporting Information [Line Items]
Adjusted EBITDA	(1,200,000)	1,700,000	98,500,000	90,700,000
Saratoga Harness Racing Inc Joint Venture [Member] | Casino Segment [Member]
Segment Reporting Information [Line Items]
Adjusted EBITDA	45,700,000	39,500,000	133,900,000	112,300,000
Saratoga Harness Racing Inc Joint Venture [Member] | TwinSpires [Member]
Segment Reporting Information [Line Items]
Adjusted EBITDA	19,300,000	18,800,000	58,900,000	51,300,000
Saratoga Harness Racing Inc Joint Venture [Member] | Other Investments Segment [Member]
Segment Reporting Information [Line Items]
Adjusted EBITDA	$ 1,100,000	$ 1,100,000	$ 2,500,000	$ 3,000,000

Segment Information - Equity in

Segment Information - Equity in Earnings of Unconsolidated Investments (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Segment Reporting, Other Significant Reconciling Item [Line Items]
Equity in income of unconsolidated investments	$ 9.1	$ 8.9	$ 24.4	$ 22.7
Casino Segment [Member]
Segment Reporting, Other Significant Reconciling Item [Line Items]
Equity in income of unconsolidated investments	9	8.7	24.3	22.5
Other Investments Segment [Member]
Segment Reporting, Other Significant Reconciling Item [Line Items]
Equity in income of unconsolidated investments	$ 0.1	$ 0.2	$ 0.1	$ 0.2

Segment Information - Total Ass

Segment Information - Total Asset Information For Segments (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 1,711.7		$ 2,359.4
Capital expenditures	125.5	$ 89.1
Racing Segment [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	495.4		483
Capital expenditures	53.6	47.8
Casino Segment [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	803.2		679.6
Capital expenditures	9.2	26
TwinSpires [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	225.8		215.9
Capital expenditures	7.1	7.3
Big Fish Games [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	0		892.5
Capital expenditures	0	5.6
Other Investments Segment [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	84.9		15.2
Capital expenditures	53.8	1.3
Corporate
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	102.4		$ 73.2
Capital expenditures	$ 1.8	$ 1.1

Subsequent Event (Details)

Subsequent Event (Details) $ / shares in Units, $ in Millions	Oct. 30, 2018USD ($)$ / shares	Jun. 30, 2019USD ($)	Oct. 31, 2018	Sep. 30, 2018USD ($)	Nov. 29, 2017USD ($)	Apr. 25, 2017USD ($)
Subsequent Event [Line Items]
Stock Repurchase Program, Authorized Amount					$ 500	$ 250
Stock Repurchase Program, Remaining Authorized Repurchase Amount				$ 78.3
Subsequent Event [Member]
Subsequent Event [Line Items]
Dividends Payable, Amount Per Share | $ / shares	$ 1.63
Dividends Payable, Date to be Paid	Jan. 4, 2019
Dividends Payable, Date Declared	Dec. 7, 2018
Stockholders' Equity Note, Stock Split, Conversion Ratio	3
Stock Repurchase Program, Authorized Amount	$ 300
Scenario, Forecast [Member] | Presque Isle Downs & Casino And Lady Luck Casino [Member]
Subsequent Event [Line Items]
Equity Method Investment, Ownership Percentage			50.10%
Payments to Acquire Businesses, Gross		$ 326