Churchill Downs (CHDN) 10-Q 24 Apr 19 2019 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2019	Apr. 10, 2019
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Entity Small Business	false
Entity Emerging Growth Company	false
Document Period End Date	Mar. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Entity Registrant Name	Churchill Downs Inc
Entity Central Index Key	0000020212
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		40,199,527

Condensed Consolidated Statemen

Condensed Consolidated Statements Of Comprehensive Income - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Net revenue:
Net revenue	$ 265.4	$ 189.3
Operating expense:
Selling, general and administrative expense	24.9	18.4
Transaction expense, net	3.5	1.4
Total operating expense	237.4	169.6
Operating income	28	19.7
Other income (expense):
Interest expense, net	(13.7)	(9.6)
Equity in income of unconsolidated investments	4.1	6.5
Miscellaneous, net	0	0.1
Total other income (expense)	(9.6)	(3)
Income from continuing operations before provision for income taxes	18.4	16.7
Income tax provision	(6.5)	(2.6)
Income from continuing operations, net of tax	11.9	14.1
(Loss) income from discontinued operations, net of tax	(0.3)	167.9
Net income	$ 11.6	$ 182
Net income (loss) per common share data - basic:
Continuing operations (in dollars per share)	$ 0.30	$ 0.33
Discontinued operations (in dollars per share)	(0.01)	3.87
Net income per common share data - basic (in dollars per share)	0.29	4.20
Net income (loss) per common share data - diluted:
Continuing operations (in dollars per share)	0.30	0.32
Discontinued operations (in dollars per share)	(0.01)	3.86
Net income per common share data - diluted (in dollars per share)	$ 0.29	$ 4.18
Weighted average shares outstanding:
Basic (in shares)	40.4	43.3
Diluted (in shares)	40.6	43.5
Other comprehensive income (loss):
Foreign currency translation, net of tax	$ 0	$ 0.6
Change in pension benefits, net of tax	0	(0.2)
Other comprehensive income (loss)	0	0.4
Comprehensive income	11.6	182.4
Churchill Downs
Net revenue:
Net revenue	21	2
Operating expense:
Operating expense	23.4	9.9
Online Wagering
Net revenue:
Net revenue	63.1	63.2
Operating expense:
Operating expense	45.1	44
Gaming
Net revenue:
Net revenue	168.8	111.5
Operating expense:
Operating expense	125	79.6
All Other
Net revenue:
Net revenue	12.5	12.6
Operating expense:
Operating expense	$ 15.5	$ 16.3

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
ASSETS
Cash and cash equivalents	$ 119.7	$ 133.3
Restricted cash	37.7	40
Accounts receivable, net	47.5	28.8
Income taxes receivable	16.7	17
Other current assets	37.8	22.4
Total current assets	259.4	241.5
Property and equipment, net	866.5	757.5
Investment in and advances to unconsolidated affiliates	625.7	108.1
Goodwill	363.8	338
Other intangible assets, net	345	264
Other assets	18.1	16.1
Total assets	2,478.5	1,725.2
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable	72.1	47
Purses payable	16.1	15.8
Account wagering deposit liabilities	30.7	29.6
Accrued expense	78	89.8
Current deferred revenue	96.8	47.9
Current maturities of long-term debt	4	4
Dividends payable	0	22.5
Total current liabilities	297.7	256.6
Long-term debt, net of current maturities and loan origination fees	386.5	387.3
Notes payable, net of debt issuance costs	1,084.3	493
Non-current deferred revenue	21	21.1
Deferred income taxes	194	78.2
Other liabilities	38.1	15.7
Total liabilities	2,021.6	1,251.9
Commitments and contingencies
Shareholders' equity:
Preferred stock, no par value; 0.3 shares authorized; no shares issued or outstanding	0	0
Common stock, no par value; 150.0 shares authorized; 40.2 shares issued and outstanding at March 31, 2019 and 40.4 shares at December 31, 2018	0	0
Retained earnings	457.8	474.2
Accumulated other comprehensive loss	(0.9)	(0.9)
Total shareholders' equity	456.9	473.3
Total liabilities and shareholders' equity	$ 2,478.5	$ 1,725.2

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - shares shares in Millions	Mar. 31, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Preferred stock, shares authorized (in shares)	0.3	0.3
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, shares authorized (in shares)	150	150
Common stock, shares issued (in shares)	40.2	40.4
Common stock, shares outstanding (in shares)	40.2	40.4

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Shareholders' Equity - USD ($) shares in Millions, $ in Millions	Total	Common Stock	Retained Earnings	Accumulated Other Comprehensive Income (Loss)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adoption of new ASC | Accounting Standards Update 2014-09	$ 29.7		$ 29.7
Shares outstanding, beginning (in shares) at Dec. 31, 2017		46.2
Shareholders' equity, beginning at Dec. 31, 2017	640.3	$ 7.3	634.3	$ (1.3)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	182		182
Issuance of common stock (in shares)		0.1
Issuance of common stock	0
Repurchase of common stock (in shares)		(5.8)
Repurchase of common stock	(514.4)	$ (13.5)	(500.9)
Issuance of restricted stock awards, net of forfeitures (in shares)		0.1
Issuance of restricted stock awards, net of forfeitures	0
Stock-based compensation	6.2	$ 6.2
Other	0.4			0.4
Shares outstanding, ending (in shares) at Mar. 31, 2018		40.6
Shareholders' equity, ending at Mar. 31, 2018	344.2	$ 0	345.1	(0.9)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adoption of new ASC | Accounting Standards Update 2016-02	(0.3)		(0.3)
Shares outstanding, beginning (in shares) at Dec. 31, 2018		40.4
Shareholders' equity, beginning at Dec. 31, 2018	473.3	$ 0	474.2	(0.9)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	11.6		11.6
Repurchase of common stock (in shares)		(0.3)
Repurchase of common stock	(32.6)	$ (4.7)	(27.9)
Issuance of restricted stock awards, net of forfeitures (in shares)		0.1
Issuance of restricted stock awards, net of forfeitures	0
Stock-based compensation	4.7	$ 4.7
Other	0.2		0.2
Shares outstanding, ending (in shares) at Mar. 31, 2019		40.2
Shareholders' equity, ending at Mar. 31, 2019	$ 456.9	$ 0	$ 457.8	$ (0.9)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Cash flows from operating activities:
Net income	$ 11.6	$ 182
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	20.8	13.8
Gain on sale of Big Fish Games	0	(219.5)
Distributions from unconsolidated affiliates	6	4.5
Equity in income of unconsolidated affiliates	(4.1)	(6.5)
Stock-based compensation	4.7	6.2
Deferred income taxes	6.4	2.1
Other	0.4	(3.2)
Changes in operating assets and liabilities, net of business acquisitions and dispositions:
Income taxes	0.3	52.4
Deferred revenue	46.2	35.8
Other assets and liabilities	(22)	(11.7)
Net cash provided by operating activities	70.3	55.9
Cash flows from investing activities:
Capital maintenance expenditures	(13.9)	(7.5)
Capital project expenditures	(14.2)	(26.5)
Acquisition of businesses, net of cash acquired	(171.3)	0
Proceeds from sale of Big Fish Games	0	970.7
Investments in and advances to unconsolidated affiliates	(409.8)	0
Other	(9.9)	0
Net cash (used in) provided by investing activities	(619.1)	936.7
Cash flows from financing activities:
Proceeds from borrowings under long-term debt obligations	1,231.9	100.9
Repayments of borrowings under long-term debt obligations	(632.9)	(343.9)
Big Fish Games earnout payment	0	(31.8)
Big Fish Games deferred payment	0	(26.4)
Payment of dividends	(22.2)	(23.7)
Repurchase of common stock	(34.1)	(514.4)
Debt issuance costs	(7.5)	0
Other	(2.3)	(4.5)
Net cash provided by (used in) financing activities	532.9	(843.8)
Net (decrease) increase in cash, cash equivalents and restricted cash	(15.9)	148.8
Effect of exchange rate changes on cash flows	0	(0.1)
Cash, cash equivalents and restricted cash, beginning of period	173.3	85.5
Cash, cash equivalents and restricted cash, end of period	157.4	234.2
Supplemental disclosures of cash flow information:
Interest	18.8	4.6
Income taxes	0.5	0.2
Schedule of non-cash investing and financing activities:
Property and equipment additions included in accounts payable and accrued expenses	3.7	6.3
Deferred tax liability assumed from equity investment	109.6	0
Repurchase of common stock included in accrued expenses	$ 1	$ 0

Description of Business

Description of Business	3 Months Ended
	Mar. 31, 2019
Basis of Presentation [Abstract]
Description of Business	DESCRIPTION OF BUSINESS 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, 2018 condensed consolidated balance sheet data was derived from audited financial statements but does not include all disclosures required by GAAP. The following information is unaudited. 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, 2018 . 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. Segments During the first quarter of 2019, we realigned our operating segments to reflect the internal management reporting used by our chief operating decision maker to evaluate results of operations and to assess performance and allocate resources. Our internal management reporting changed primarily due to the continued growth in our Churchill Downs Racetrack and Derby City Gaming business and our casino and associated racing businesses, which resulted in our chief operating decision maker's decision to realign our operating segments primarily based on the regulatory licenses governing each business. Since each of these individual businesses operates under single or interdependent licenses, each of these businesses represents an operating segment. As our TwinSpires business and online sports betting and iGaming businesses are managed together, these businesses represent an operating segment. For financial reporting purposes, we aggregate our operating segments that are similar into three reportable segments as follows: • Churchill Downs The Churchill Downs segment includes live and historical pari-mutuel racing related revenue and expenses at Churchill Downs Racetrack and Derby City Gaming. Churchill Downs Racetrack is the home of The Kentucky Derby and conducts live racing during the year. Derby City Gaming is a historical racing machine facility that operates under the Churchill Downs pari-mutuel racing license at its ancillary training facility in Louisville, Kentucky. Churchill Downs Racetrack and Derby City Gaming earn commissions primarily from pari-mutuel wagering on live races at Churchill Downs and on historical races at Derby City Gaming; simulcast fees earned from other wagering sites; admissions, personal seat licenses, sponsorships, television rights, and other miscellaneous services (collectively "racing event-related services"), as well as food and beverage services. • Online Wagering The Online Wagering segment includes the revenue and expenses for the TwinSpires business ("TwinSpires") and the online Sports Betting and iGaming business. TwinSpires operates our online horseracing wagering business on TwinSpires.com, BetAmerica.com and other Company platforms; high dollar wagering by international customers ("Velocity"); and horseracing statistical data generated by our information business that provides data information and processing services to the equine industry ("Brisnet"). Our Sports Betting and iGaming business includes the online BetAmerica sports betting and casino gaming operations. • Gaming The Gaming segment includes revenue and expenses for the casino properties and associated racetrack or Jai Alai facilities which support the casino license as applicable. The Gaming segment has approximately 11,000 slot machines and video lottery terminals ("VLTs") located in eight states. The Gaming segment revenue and expenses includes the following properties: – Calder Casino and Racing ("Calder") – Fair Grounds Slots, Fair Grounds Race Course, and Video Services, LLC ("VSI") (collectively, "Fair Grounds and VSI") – Harlow’s Casino Resort and Spa ("Harlow's") – Lady Luck Casino Nemacolin management agreement ("Lady Luck Nemacolin") – Ocean Downs Casino and Racetrack ("Ocean Downs") – Oxford Casino and Hotel ("Oxford") – Presque Isle Downs and Casino ("Presque Isle") – Riverwalk Casino Hotel ("Riverwalk") The Gaming segment also includes net income for our ownership portion of the Company’s equity investments in the following: – 61.3% equity investment in Midwest Gaming Holdings, LLC ("Midwest Gaming"), the parent company of Rivers Casino Des Plaines in Des Plaines, Illinois ("Rivers Des Plaines") – 50% equity investment in Miami Valley Gaming and Racing ("MVG") The Gaming segment generates revenue and expenses from slot machines, table games, VLTs, video poker, retail sports betting, ancillary food and beverage services, hotel services, commission on pari-mutuel wagering, racing event-related services, and / or other miscellaneous operations. We have aggregated the following businesses as well as certain corporate operations, and other immaterial joint ventures in "All Other" to reconcile to consolidated results: • Arlington International Racecourse ("Arlington") • United Tote We conduct our business through these reportable segments and report net revenue and operating expense associated with these reportable segments in the accompanying condensed consolidated statements of comprehensive income. The prior year results were reclassified to conform to this presentation. Effective January 1, 2019, the Company does not allocate corporate and other related expenses to the reportable segments in the accompanying condensed consolidated statements of comprehensive income. The prior year results in the accompanying consolidated statements of comprehensive income were reclassified to conform to this presentation. Acquisitions of Presque Isle and Lady Luck Nemacolin On January 11, 2019, we completed the previously announced acquisition of Presque Isle located in Erie, Pennsylvania from Eldorado Resorts, Inc. ("ERI") for cash consideration of $178.9 million , subject to certain working capital and other purchase price adjustments (the "Presque Isle Transaction"). On March 8, 2019, the Company completed the previously announced acquisition of Lady Luck Nemacolin in Farmington, Pennsylvania, by which we assumed management and acquired certain assets related to the management of Lady Luck Nemacolin from ERI for cash consideration of $100,000 (the "Lady Luck Nemacolin Transaction"). Acquisition of Certain Ownership Interests of Midwest Gaming Holdings, LLC On October 31, 2018, the Company announced that it had entered into a definitive purchase agreement pursuant to which the Company acquired certain ownership interests of Midwest Gaming, the parent company of Rivers Des Plaines in Des Plaines, Illinois, for cash (the "Sale Transaction"). The Sale Transaction was 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, additional units of Midwest Gaming held by High Plaines Gaming, LLC ("High Plaines"), an affiliate of Rush Street Gaming, LLC, and Casino Investors, LLC ("Casino Investors") (collectively, the "Sellers"). On March 5, 2019, the Company completed the Sale Transaction. Following the closing of the Sale Transaction, the parties entered into a recapitalization transaction pursuant to which Midwest Gaming used approximately $300.0 million in proceeds from new credit facilities to redeem, on a pro rata basis, additional Midwest Gaming units held by High Plaines and Casino Investors (the "Recapitalization" and together with the Sale Transaction, the "Transactions"). Based on the results of the purchase of the Clairvest ownership stake and the purchase, on the same terms, of additional units held by High Plaines and Casino Investors, the Company acquired, at the closing of the Sale Transaction, approximately 42% of Midwest Gaming for aggregate cash consideration of approximately $406.6 million . As a result of the Recapitalization on March 6, 2019, the Company's ownership of Midwest Gaming increased to 61.3% . The total aggregate cash consideration paid at closing of the Sale Transaction was $409.8 million , which included $3.2 million for certain transaction costs of the Sellers. We recognized a $109.6 million deferred tax liability and a corresponding increase in our investment in unconsolidated affiliates related to an entity we acquired in conjunction with our acquisition of the Clairvest ownership. Refer to Note 12, Investments in and Advances to Unconsolidated Affiliates, for further information on the Transactions. Sale of Big Fish Games, Inc. 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. ("Big Fish Games"), a Washington corporation, to Aristocrat Technologies, Inc. (the "Purchaser"), a Nevada corporation, 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 discontinued operation presentation. Accordingly, the condensed consolidated statements of comprehensive income 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. Stock Split On October 31, 2018, the Company announced a three -for-one split (the "Stock Split") of the Company's common stock for shareholders of record as of January 11, 2019. The additional shares resulting from the Stock Split were distributed on January 25, 2019. Our common stock began trading at the split-adjusted price on January 28, 2019. All share and per-share amounts in the Company’s condensed consolidated financial statements and related notes have been retroactively adjusted to reflect the effects of the Stock Split. Seasonality Churchill Downs Due to the seasonal nature of our live racing business at Churchill Downs, 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, the majority of our live racing revenue occurs during the second quarter. Online Wagering 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. Gaming

Recent Accounting Pronouncement

Recent Accounting Pronouncements	3 Months Ended
	Mar. 31, 2019
Accounting Changes and Error Corrections [Abstract]
Recent Accounting Pronouncements	RECENT ACCOUNTING PRONOUNCEMENTS Recent Accounting Pronouncement - Adopted on January 1, 2019 In February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-02, Leases, and subsequently has issued additional guidance (collectively, "ASC 842"), which requires companies to generally recognize operating and financing lease liabilities and corresponding right-of-use assets ("ROUAs") on the balance sheet. We adopted ASC 842 on January 1, 2019 using the modified transition method. As part of the transition to ASC 842, we elected the package of practical expedients that allowed 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 recognized the cumulative effect of applying ASC 842 as an opening balance sheet adjustment at January 1, 2019. The comparative information has not been retrospectively adjusted and continues to be reported under the accounting standards in effect for those periods. The adoption of ASC 842 had no impact on our accompanying condensed consolidated statements of comprehensive income or statements of cash flows. Due to the adoption of ASC 842, we recognized operating lease ROUAs and lease liabilities for our operating leases with lease terms greater than one year. We do not have any material finance leases or any material operating leases where we are the lessor. We expect the adoption of ASC 842 will not materially impact our results of operations, financial condition, or cash flows on an ongoing basis. The cumulative effects of the changes made to our accompanying condensed consolidated balance sheets as of January 1, 2019 for the adoption of ASC 842 were as follows: (in millions) As Reported at December 31, 2018 Adoption of ASC 842 Balance at January 1, 2019 ASSETS Other current assets $ 22.4 $ (0.3 ) $ 22.1 Property and equipment, net 757.5 25.3 782.8 LIABILITIES Accrued expense 89.8 3.8 93.6 Other liabilities 15.7 21.5 37.2 SHAREHOLDERS' EQUITY Retained earnings 474.2 (0.3 ) 473.9 Recent Accounting Pronouncements - effective in 2020 or thereafter 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. Except for the accounting policy for leases, which was updated as a result of our adoption of ASC 842 on January 1, 2019, 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, 2018, that have had a material impact on our condensed consolidated financial statements and related notes. Leases We determine if an arrangement is a lease at inception. Operating leases are included in property and equipment, net; accrued expense; and other liabilities on our condensed consolidated balance sheets. Operating lease ROUAs and lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. As our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of future lease payments. The operating lease ROUAs also include any lease payments made prior to commencement and exclude lease incentives and initial direct costs incurred. Our lease terms include all non-cancelable periods and may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term.

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
Significant Accounting Policies	RECENT ACCOUNTING PRONOUNCEMENTS Recent Accounting Pronouncement - Adopted on January 1, 2019 In February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-02, Leases, and subsequently has issued additional guidance (collectively, "ASC 842"), which requires companies to generally recognize operating and financing lease liabilities and corresponding right-of-use assets ("ROUAs") on the balance sheet. We adopted ASC 842 on January 1, 2019 using the modified transition method. As part of the transition to ASC 842, we elected the package of practical expedients that allowed 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 recognized the cumulative effect of applying ASC 842 as an opening balance sheet adjustment at January 1, 2019. The comparative information has not been retrospectively adjusted and continues to be reported under the accounting standards in effect for those periods. The adoption of ASC 842 had no impact on our accompanying condensed consolidated statements of comprehensive income or statements of cash flows. Due to the adoption of ASC 842, we recognized operating lease ROUAs and lease liabilities for our operating leases with lease terms greater than one year. We do not have any material finance leases or any material operating leases where we are the lessor. We expect the adoption of ASC 842 will not materially impact our results of operations, financial condition, or cash flows on an ongoing basis. The cumulative effects of the changes made to our accompanying condensed consolidated balance sheets as of January 1, 2019 for the adoption of ASC 842 were as follows: (in millions) As Reported at December 31, 2018 Adoption of ASC 842 Balance at January 1, 2019 ASSETS Other current assets $ 22.4 $ (0.3 ) $ 22.1 Property and equipment, net 757.5 25.3 782.8 LIABILITIES Accrued expense 89.8 3.8 93.6 Other liabilities 15.7 21.5 37.2 SHAREHOLDERS' EQUITY Retained earnings 474.2 (0.3 ) 473.9 Recent Accounting Pronouncements - effective in 2020 or thereafter 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. Except for the accounting policy for leases, which was updated as a result of our adoption of ASC 842 on January 1, 2019, 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, 2018, that have had a material impact on our condensed consolidated financial statements and related notes. Leases We determine if an arrangement is a lease at inception. Operating leases are included in property and equipment, net; accrued expense; and other liabilities on our condensed consolidated balance sheets. Operating lease ROUAs and lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. As our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of future lease payments. The operating lease ROUAs also include any lease payments made prior to commencement and exclude lease incentives and initial direct costs incurred. Our lease terms include all non-cancelable periods and may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term.

Acquisitions

Acquisitions	3 Months Ended
	Mar. 31, 2019
Business Combinations [Abstract]
Acquisitions	ACQUISITIONS Presque Isle On January 11, 2019, the Company completed the Presque Isle Transaction, which had a cash purchase price of $178.9 million , subject to certain working capital and other purchase price adjustments, which preliminarily totaled $0.8 million . The fair values of the Presque Isle 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 amounts for income taxes, intangible assets, working capital adjustments, 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 $8.4 million , at the date of the acquisition. (in millions) Total Current assets $ 2.5 Property and equipment 78.5 Goodwill 25.8 Intangible assets 71.2 Current liabilities (6.1 ) Non-current liabilities (0.6 ) $ 171.3 The preliminary fair value of the intangible assets consists of the following: (in millions) Fair Value Recognized Weighted-Average Useful Life Gaming rights $ 56.0 N/A Trademark 15.2 N/A Total intangible assets $ 71.2 Current assets and current liabilities were valued at the existing carrying values as these items are short term in nature and represent management's estimated fair value of the respective items at January 11, 2019. The property and equipment acquired primarily relates to land, buildings, equipment, and furniture and fixtures. The fair value of the land was determined using the market approach and the fair values of the remaining 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 Presque Isle 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 Presque Isle 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 Pennsylvania 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 Pennsylvania. The trademark 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 trademark was assigned an indefinite useful life based on the Company’s intention to keep the Presque Isle name for an indefinite period of time. Goodwill of $25.8 million was recognized due to the expected contribution of Presque Isle to the Company's overall business strategy. The goodwill was assigned to the Gaming segment and is deductible for tax purposes. For the period from the Presque Isle Transaction on January 11, 2019 through March 31, 2019, net revenue was $29.7 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 Presque Isle occurred as of January 1, 2018. 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, 2018. The unaudited pro forma net income giving effect to the Presque Isle Transaction was not materially different than our historical net income. Three Months Ended March 31, (in millions) 2019 2018 Net revenue $ 268.6 $ 222.5 Lady Luck Nemacolin On March 8, 2019, we completed the Lady Luck Nemacolin Transaction, by which we assumed management and acquired certain assets related to the management of Lady Luck Nemacolin from ERI for cash consideration of $100,000 . The Lady Luck Nemacolin Transaction did not meet the definition of a business and therefore was accounted for as an asset acquisition. The net assets acquired in conjunction with the Lady Luck Nemacolin Transaction were not material. Ocean Downs 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"). 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 sports betting and 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. We therefore consolidated Ocean Downs as of the transaction 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 was the Company's equity investments in Saratoga New York and Saratoga Colorado, which had an aggregate 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 the fair values, resulting in a pre-tax gain of $54.9 million , which is included in the accompanying consolidated statements of comprehensive income. The fair value of the Company's equity method investments in Ocean Downs, Saratoga New York, and Saratoga Colorado was 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 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, 2018. 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, 2018. The unaudited pro forma net income giving effect to the Ocean Downs/Saratoga Transaction was not materially different than our historical net income. Three Months Ended March 31, (in millions) 2018 Net revenue $ 206.2

Discontinued Operations

Discontinued Operations	3 Months Ended
	Mar. 31, 2019
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	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 three months ended March 31, 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" in the accompanying condensed consolidated statements of comprehensive income: Three Months Ended March 31, (in millions) 2019 2018 Net revenue $ — $ 13.2 Operating expenses — 8.4 Selling, general and administrative expense 0.4 4.3 Research and development — 0.9 Total operating expense 0.4 13.6 Operating loss (0.4 ) (0.4 ) Other income (expense) Gain on sale of Big Fish Games — 219.5 Other expense — (0.1 ) Total other income (expense) — 219.4 (Loss) income from discontinued operations before provision for income taxes (0.4 ) 219.0 Income tax benefit (provision) 0.1 (51.1 ) (Loss) income from discontinued operations, net of tax $ (0.3 ) $ 167.9 Stock-Based Compensation For the three months ended March 31, 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

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	3 Months Ended
	Mar. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	GOODWILL AND OTHER INTANGIBLE ASSETS In the first quarter of 2019, we realigned our segments as described in Note 1, Description of Business. This change resulted in the allocation of the previous Racing segment goodwill balance of $51.7 million as follows: $49.7 million to the Churchill Downs segment, $1.0 million to the Gaming segment, and $1.0 million to All Other, based on the relative fair value approach. The Company evaluated whether an interim goodwill impairment test should be performed as a result of our segment changes. Based on this evaluation, the Company determined this event did not indicate it was more likely than not that a goodwill impairment exists. Goodwill, by segment, is comprised of the following: Churchill Downs Online Wagering Gaming All Other Total Balances as of December 31, 2018 $ 49.7 $ 148.2 $ 139.1 $ 1.0 $ 338.0 Additions — — 25.8 — 25.8 Balances as of March 31, 2019 $ 49.7 $ 148.2 $ 164.9 $ 1.0 $ 363.8 During the first quarter of 2019, we established goodwill of $25.8 million related to the Presque Isle Transaction. Other intangible assets are comprised of the following: March 31, 2019 December 31, 2018 (in millions) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Definite-lived intangible assets $ 32.1 $ (15.3 ) $ 16.8 $ 32.1 $ (14.1 ) $ 18.0 Indefinite-lived intangible assets 328.2 246.0 Total $ 345.0 $ 264.0 During the first quarter of 2019, we established indefinite-lived assets of $56.0 million for gaming rights and $15.2 million for trademarks related to the Presque Isle Transaction. We also established indefinite-lived assets of $8.0 million for online gaming rights in Pennsylvania during first quarter of 2019 related to our Online Wagering operations, as well as indefinite-lived assets of $3.0 million

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2019
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES The Company’s effective income tax rate for the three months ended March 31, 2019 was higher than the U.S. federal statutory rate of 21.0% primarily due to a $2.8 million non-cash tax impact from the re-measurement of our net deferred tax liabilities based on an increase in income attributable to states with higher tax rates compared to the prior year quarter, as well as state income taxes and certain expenses that are not deductible for income tax purposes. These increases were partially offset by tax benefits resulting from tax deductions from vesting of restricted stock units in excess of book deductions. The Company's effective income tax rate for the three months ended March 31, 2018 was lower than the U.S. federal statutory rate of 21.0% due a tax benefit resulting from tax deductions from vesting restricted stock units in excess of book deductions that were recognized. This benefit was partially offset by state income taxes and certain expenses that are not deductible for the purposes of income taxes. We also recognized a $109.6 million

Shareholders' Equity

Shareholders' Equity	3 Months Ended
	Mar. 31, 2019
Shareholders' Equity [Abstract]
Shareholders' Equity	SHAREHOLDERS’ EQUITY On October 30, 2018, the Board of Directors of the Company approved a new common stock repurchase program of up to $300.0 million . The new program replaced 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. For the three months ended March 31, 2019, we repurchased 282,416 shares of our common stock under the October 2018 stock repurchase program at an aggregate purchase price of $25.0 million , based on trade date. We had approximately $243.0 million of repurchase authority remaining under this program at March 31, 2019, based on trade date. As of March 31, 2019, we accrued $1.0 million for cash settlement for repurchases of our common stock compared to $2.5 million at December 31, 2018. For the three months ended March 31, 2019, we repurchased 79,233 shares of our common stock related to employee vestings of stock-based compensation at a total cost of $7.6 million . 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 (the "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 5,660,376 shares of the Company's common stock at a purchase price of $88.33 per share with an aggregate cost of $500.0 million

Stock-based Compensation Plans

Stock-based Compensation Plans	3 Months Ended
	Mar. 31, 2019
Share-based Compensation [Abstract]
Stock-Based Compensation Plans	STOCK-BASED COMPENSATION PLANS 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 $4.7 million for the three months ended March 31, 2019 and $2.8 million for the three months ended March 31, 2018. Stock-based compensation expense for Big Fish Games included as a discontinued operation in the accompanying condensed consolidated statements of comprehensive income was $3.4 million for the three months ended March 31, 2018. During the three months ended March 31, 2019, the Company awarded RSAs to employees and RSUs and PSUs to certain named executive officers. The vesting criteria for the PSU awards granted in 2019 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 2019 is presented below (shares/units in thousands): Grant Year Award Type Number of Shares/Units Awarded Vesting Terms 2019 RSA 64 Vest equally over three service periods ending in 2020, 2021, and 2022 2019 RSU 55 Vest equally over three service periods ending in 2019, 2020, and 2021 2019 PSU 53 Three year performance and service period ending in 2021

Debt

Debt	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Debt	DEBT 2027 Senior Notes On March 25, 2019, we completed an offering of $600.0 million in aggregate principal amount of 5.50% Senior Unsecured Notes that mature on April 1, 2027 (the "2027 Senior Notes") in a private offering to qualified institutional buyers pursuant to Rule 144A that is exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"), and to certain non-U.S. persons in accordance with Regulation S under the Securities Act. The 2027 Senior Notes were issued at par, with interest payable on April 1 st and October 1 st of each year, commencing on October 1, 2019. The Company used the net proceeds from the offering to repay our outstanding balance on our 2017 Senior Secured credit agreement (the "2017 Credit Agreement"). In connection with the offering, we capitalized $9.0 million of debt issuance costs which are being amortized as interest expense over the term of the 2027 Senior Notes. The 2027 Senior Notes were issued pursuant to an indenture, dated March 25, 2019 (the "2027 Indenture"), among the Company, certain subsidiaries of the Company as guarantors (the "Guarantors"), and U.S Bank National Association, as trustee. The Company may redeem some or all of the 2027 Senior Notes at any time prior to April 1, 2022, at a price equal to 100% of the principal amount of the 2027 Senior Notes redeemed plus an applicable make-whole premium. On or after such date, the Company may redeem some or all of the 2027 Senior Notes at redemption prices set forth in the 2027 Indenture. In addition, at any time prior to April 1, 2022, the Company may redeem up to 40% of the aggregate principal amount of the 2027 Senior Notes at a redemption price equal to 105.50% of the principal amount thereof with the net cash proceeds of one or more equity offerings provided that certain conditions are met. The terms of the 2027 Indenture, among other things, limit the ability of the Company to: (i) incur additional debt and issue preferred stock; (ii) pay dividends or make other restricted payments; (iii) make certain investments; (iv) create liens; (v) allow restrictions on the ability of certain of our subsidiaries to pay dividends or make other payments; (vi) sell assets; (vii) merge or consolidate with other entities; and (viii) enter into transactions with affiliates.

Revenue from Contracts with Cus

Revenue from Contracts with Customers	3 Months Ended
	Mar. 31, 2019
Revenue from Contract with Customer [Abstract]
Revenue from Contracts with Customers	REVENUE FROM CONTRACTS WITH CUSTOMERS Performance Obligations As of March 31, 2019, the Churchill Downs segment had remaining performance obligations, on contracts with a duration greater than one year, with an aggregate transaction price of $193.4 million . The revenue we expect to recognize on these remaining performance obligations is $54.4 million for the remainder of 2019, $38.0 million in 2020, $29.0 million in 2021, and the remainder thereafter. As of March 31, 2019, our remaining performance obligations in segments other than Churchill Downs were not material. Contract Assets and Contract Liabilities As of March 31, 2019 and December 31, 2018, contract assets were not material. As of March 31, 2019 and December 31, 2018, contract liabilities were $121.9 million and $69.9 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 the Churchill Downs segment and the increase during the first quarter of 2019 was primarily due to cash payments received for unfulfilled performance obligations. We recognized $2.7 million of revenue during the three months ended March 31, 2019 that was included in the contract liabilities balance at December 31, 2018. Disaggregation of Revenue In Note 17, Segment Information, the Company has included its disaggregated revenue disclosures as follows: • For the Churchill Downs segment, revenue is disaggregated between Churchill Downs Racetrack and Derby City Gaming given that Churchill Downs Racetrack's revenues primarily revolve around live racing events while Derby City Gaming's revenues primarily revolve around historical racing events. Within the Churchill Downs segment, revenue is further disaggregated between live and simulcast racing, historical racing, racing event-related services, and other services. • For the Online Wagering segment, revenue is disaggregated between the TwinSpires business and online sports betting and iGaming business given that TwinSpires' revenue is primarily related to online pari-mutuel wagering on live race events while online sports betting and iGaming revenue relates to casino gaming service offerings. Online sports betting and iGaming service offerings are currently nominal. Within the Online Wagering segment, revenue is further disaggregated between live and simulcast racing, gaming, and other services. • For the Gaming segment, revenue is disaggregated by location given the geographic economic factors that affect the revenue of Gaming service offerings. Within the Gaming segment, revenue is further disaggregated between live and simulcast racing, racing event-related services, gaming, and other services.

Investment in and Advances to U

Investment in and Advances to Unconsolidated Affiliates	3 Months Ended
	Mar. 31, 2019
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]
Investments in and Advances to Unconsolidated Affiliates	INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES Midwest Gaming On March 5, 2019, the Company completed the Sale Transaction to acquire approximately 42% of Midwest Gaming for aggregate cash consideration of approximately $406.6 million . Following the closing of the Sale Transaction, the parties entered into a Recapitalization pursuant to which Midwest Gaming used approximately $300.0 million in proceeds from new credit facilities to redeem, on a pro rata basis, additional Midwest Gaming units held by High Plaines and Casino Investors. As a result of the Recapitalization, the Company's ownership of Midwest Gaming increased to 61.3% . The total aggregate cash consideration paid at closing of the Sale Transaction was $409.8 million , which included $3.2 million for certain transaction costs of the Sellers. We recognized a $109.6 million deferred tax liability and a corresponding increase in our investment in unconsolidated affiliates related to an entity we acquired in conjunction with our acquisition of the Clairvest ownership. High Plaines retained ownership of 36% and Casino Investors retained ownership of 2.7% . A new LLC agreement was entered into by all members as a result of the change in ownership structure. Under the new LLC agreement, both the Company and High Plaines have participating rights over Midwest Gaming, and both must consent to Midwest Gaming's operating, investing and financing decisions. As a result, we account for Midwest Gaming using the equity method. Summarized Financial Results for our Unconsolidated Affiliates Summarized below are the financial results for our unconsolidated affiliates. The three months ended March 31, 2019 summarized income statement information and March 31, 2019 summarized balance sheet information includes the following equity investments: MVG, Midwest Gaming from the transaction date of March 5, 2019, and two other immaterial joint ventures. The three months ended March 31, 2018 summarized income statement information includes the following equity investments: MVG, Saratoga New York, Saratoga Colorado, Ocean Downs, and two other immaterial joint ventures. December 31, 2018 summarized balance sheet information included MVG and two other immaterial joint ventures. Three Months Ended March 31, (in millions) 2019 2018 Net revenue $ 89.5 $ 107.4 Operating and SG&A expense 61.0 84.1 Depreciation and amortization 2.2 6.6 Total operating expense 63.2 90.7 Operating income 26.3 16.7 Interest and other, net (17.0 ) (2.9 ) Net income $ 9.3 $ 13.8 (in millions) March 31, 2019 December 31, 2018 Assets Current assets $ 67.1 $ 24.0 Property and equipment, net 243.6 95.7 Other assets, net 235.4 106.7 Total assets $ 546.1 $ 226.4 Liabilities and Members' Equity Current liabilities $ 87.2 $ 21.2 Long-term debt 752.3 — Other liabilities 7.5 — Members' equity (300.9 ) 205.2 Total liabilities and members' equity $ 546.1 $ 226.4

Leases

Leases	3 Months Ended
	Mar. 31, 2019
Leases [Abstract]
Leases	LEASES Our operating leases with terms greater than one year are primarily related to buildings and land. Our operating leases with terms less than one year are primarily related to equipment. Most of our building and land leases have terms of 2 to 10 years and include one or more options to renew, with renewal terms that can extend the lease term from 1 to 5 years or more. Certain of our lease agreements include lease payments based on a percentage of net gaming revenue and others include rental payment adjustments periodically for inflation. As of March 31, 2019, operating lease ROUAs included in property and equipment, net were $25.3 million . The components of total lease cost were as follows: (in millions) Three Months Ended March 31, 2019 Short-term lease cost (a) (b) $ 2.5 Operating lease cost (b) 1.5 Total lease cost $ 4.0 (a) Includes leases with terms of one month or less (b) Includes variable lease costs, which were not material Other information related to operating leases was as follows: (in millions, except lease term and discount rate) Three Months Ended March 31, 2019 Supplemental cash flow information Cash paid for amounts included in the measurement of lease liabilities $ 1.0 ROUAs obtained in exchange for lease obligations $ 0.8 Weighted average remaining lease term 7.2 years Weighted average discount rate 4.0 % As of March 31, 2019, future minimum operating lease payments on non-cancelable leases were as follows (in millions): Years Ended December 31, Totals 2019 (excludes three months ended March 31, 2019) $ 4.1 2020 4.9 2021 4.3 2022 3.3 2023 3.0 Thereafter 11.2 Total future minimum lease payments 30.8 Less: Imputed interest 4.0 Present value of lease liabilities $ 26.8 Reported lease liabilities as of March 31, 2019 Accrued expense (current maturities of leases) $ 4.3 Other liabilities (non-current maturities of leases) 22.5 Present value of lease liabilities $ 26.8 As required by ASC 842, the future minimum operating lease payments on non-cancelable leases as of December 31, 2018 under the accounting standards in effect as of that period were as follows (in millions): Years Ended December 31, 2019 $ 5.0 2020 4.5 2021 3.8 2022 3.1 2023 3.0 Thereafter 11.2 Total $ 30.6

Fair Value of Assets And Liabil

Fair Value of Assets And Liabilities	3 Months Ended
	Mar. 31, 2019
Fair Value Disclosures [Abstract]
Fair Value Of Assets And Liabilities	FAIR VALUE OF ASSETS AND LIABILITIES We endeavor to utilize the best available information in measuring fair value. Financial assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurement. The following methods and assumptions are used to estimate the fair value of each class of financial instruments for which it is practicable to estimate. Restricted Cash Our restricted cash accounts that are held in interest-bearing accounts qualify for Level 1 in the fair value hierarchy, which includes unadjusted quoted market prices in active markets for identical assets. Debt The fair value of the Company’s 4.75% Senior Notes due 2028 (the "2028 Senior Notes") and 2027 Senior Notes are estimated based on unadjusted quoted prices for identical or similar liabilities in markets that are not active and as such are Level 2 measurements. The fair value of the Company's Senior Secured Term Loan B due 2024 (the "Term Loan B") approximates its gross carrying value as it is variable rate debt and as such is a Level 2 measurement. The carrying amounts and estimated fair values by input level of the Company's financial instruments are as follows: March 31, 2019 (in millions) Carrying Amount Fair Value Level 1 Level 2 Level 3 Financial assets: Restricted cash 37.7 $ 37.7 $ 37.7 $ — $ — Financial liabilities: Term Loan B 390.5 395.0 — 395.0 — 2027 Senior Notes 591.0 607.7 — 607.7 — 2028 Senior Notes 493.3 476.9 — 476.9 — December 31, 2018 (in millions) Carrying Amount Fair Value Level 1 Level 2 Level 3 Financial assets: Restricted cash 40.0 $ 40.0 $ 40.0 $ — $ — Financial liabilities: Term Loan B 391.3 396.0 — 396.0 — 2028 Senior Notes 493.0 452.4 — 452.4 —

Contingencies

Contingencies	3 Months Ended
	Mar. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Contingencies	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.

Net Income Per Common Share Com

Net Income Per Common Share Computations	3 Months Ended
	Mar. 31, 2019
Earnings Per Share [Abstract]
Net Income Per Common Share Computations	NET INCOME PER COMMON SHARE COMPUTATIONS The following is a reconciliation of the numerator and denominator of the net income per common share computations: Three Months Ended March 31, (in millions, except per share data) 2019 2018 Numerator for basic net income per common share: Net income from continuing operations $ 11.9 $ 14.1 Net (loss) income from discontinued operations (0.3 ) 167.9 Numerator for basic net income per common share $ 11.6 $ 182.0 Numerator for diluted net income from continuing operations per common share $ 11.9 $ 14.1 Numerator for diluted net income per common share: $ 11.6 $ 182.0 Denominator for net income per common share: Basic 40.4 43.3 Plus dilutive effect of stock awards 0.2 0.2 Diluted 40.6 43.5 Net income (loss) per common share data: Basic Continuing operations $ 0.30 $ 0.33 Discontinued operations $ (0.01 ) $ 3.87 Net income per common share - basic $ 0.29 $ 4.20 Diluted Continuing operations $ 0.30 $ 0.32 Discontinued operations $ (0.01 ) $ 3.86 Net income per common share - diluted $ 0.29 $ 4.18

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2019
Segment Reporting [Abstract]
Segment Information	SEGMENT INFORMATION We manage our operations through three reportable segments: Churchill Downs, Online Wagering and Gaming. Refer to Note 1, Description of Business, for further information on the changes we made to our segments during the first quarter of 2019. Accordingly, prior year amounts in this Form 10-Q have been 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; • Calder Racing exit costs; and • Other transaction expense, including legal, accounting, and other deal-related expense; • Stock-based compensation expense; • Recapitalization costs related to the Midwest Gaming transaction; • Asset impairments; • Gain on Ocean Downs/Saratoga Transaction; • Loss on extinguishment of debt; • Pre-opening expense; and • Other charges, recoveries and expenses We utilize the Adjusted EBITDA metric to provide a more accurate measure of our core operating results and enable 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. Effective January 1, 2019, the Company does not allocate corporate and other related expenses to the operating segments in the accompanying condensed consolidated statements of comprehensive income. Accordingly, the prior year amounts in the accompanying consolidated statements of comprehensive income were reclassified to conform to this presentation. The tables below present net revenue from external customers and intercompany revenue from each of our segments, net revenue from external customers for each group of similar services, Adjusted EBITDA by segment, and a reconciliation of comprehensive income to Adjusted EBITDA: Three Months Ended March 31, (in millions) 2019 2018 Net revenue from external customers: Churchill Downs: Churchill Downs Racetrack $ 2.3 $ 2.0 Derby City Gaming 18.7 — Total Churchill Downs 21.0 2.0 Online Wagering: TwinSpires 63.0 63.2 Online Sports Betting and iGaming 0.1 — Total Online Wagering 63.1 63.2 Gaming: Oxford 23.9 24.2 Calder 25.4 24.9 Riverwalk 16.3 14.4 Harlow’s 15.3 13.3 Fair Grounds and VSI 37.5 34.4 Ocean Downs 18.4 — Presque Isle 29.7 — Lady Luck Nemacolin 2.3 — Saratoga — 0.3 Total Gaming 168.8 111.5 All Other 12.5 12.6 Net revenue from external customers $ 265.4 $ 189.3 Three Months Ended March 31, (in millions) 2019 2018 Intercompany net revenue: Churchill Downs $ 0.4 $ 0.3 Online Wagering 0.3 0.4 Gaming 1.3 1.0 All Other 2.2 2.4 Eliminations (4.2 ) (4.1 ) Intercompany net revenue $ — $ — Three Months Ended March 31, 2019 (in millions) Churchill Downs Online Wagering Gaming Total Segments All Other Total Net revenue from external customers Pari-mutuel: Live and simulcast racing $ 1.4 $ 60.5 $ 12.2 $ 74.1 $ 7.5 $ 81.6 Historical racing 17.7 — — 17.7 — 17.7 Racing event-related services — — 1.5 1.5 — 1.5 Gaming — 0.1 146.6 146.7 — 146.7 Other 1.9 2.5 8.5 12.9 5.0 17.9 Total $ 21.0 $ 63.1 $ 168.8 $ 252.9 $ 12.5 $ 265.4 Three Months Ended March 31, 2018 (in millions) Churchill Downs Online Wagering Gaming Total Segments All Other Total Net revenue from external customers Pari-mutuel: Live and simulcast racing $ 1.3 $ 61.0 $ 10.6 $ 72.9 $ 7.9 $ 80.8 Historical racing — — — — — — Racing event-related services — — 1.4 1.4 — 1.4 Gaming — — 93.9 93.9 — 93.9 Other 0.7 2.2 5.6 8.5 4.7 13.2 Total $ 2.0 $ 63.2 $ 111.5 $ 176.7 $ 12.6 $ 189.3 Adjusted EBITDA by segment is comprised of the following: Three Months Ended March 31, 2019 (in millions) Churchill Downs Online Wagering Gaming Net revenue $ 21.4 $ 63.4 $ 170.1 Taxes & purses (6.2 ) (3.3 ) (65.0 ) Marketing & advertising (1.1 ) (1.0 ) (5.1 ) Salaries & benefits (5.2 ) (2.5 ) (24.5 ) Content expense (0.5 ) (32.1 ) (1.2 ) SG&A expense (1.7 ) (1.8 ) (6.4 ) Other operating expense (5.3 ) (5.8 ) (19.0 ) Other income — — 15.9 Adjusted EBITDA by segment $ 1.4 $ 16.9 $ 64.8 Three Months Ended March 31, 2018 (in millions) Churchill Downs Online Wagering Gaming Net revenue $ 2.3 $ 63.6 $ 112.5 Taxes & purses (0.7 ) (3.4 ) (38.0 ) Marketing & advertising (0.3 ) (0.8 ) (3.6 ) Salaries & benefits (3.1 ) (2.1 ) (16.9 ) Content expense (0.4 ) (32.2 ) (0.9 ) SG&A expense (1.0 ) (1.4 ) (3.8 ) Other operating expense (2.8 ) (5.8 ) (13.7 ) Other income — — 10.8 Adjusted EBITDA by segment $ (6.0 ) $ 17.9 $ 46.4 Three Months Ended March 31, (in millions) 2019 2018 Reconciliation of Comprehensive Income to Adjusted EBITDA: Comprehensive income $ 11.6 $ 182.4 Foreign currency translation, net of tax — (0.6 ) Change in pension benefits, net of tax — 0.2 Net income 11.6 182.0 Loss (income) from discontinued operations, net of tax 0.3 (167.9 ) Income from continuing operations, net of tax 11.9 14.1 Additions: Depreciation and amortization 20.8 13.8 Interest expense 13.7 9.6 Income tax provision 6.5 2.6 EBITDA $ 52.9 $ 40.1 Adjustments to EBITDA: Selling, general and administrative: Stock-based compensation expense $ 4.7 $ 2.8 Other charges 0.5 — Pre-opening expense 1.3 0.6 Other income, expense: Interest, depreciation and amortization expense related to equity investments 3.5 4.3 Recapitalization costs related to Midwest Gaming 8.2 — Transaction expense, net 3.5 1.4 Total adjustments to EBITDA 21.7 9.1 Adjusted EBITDA $ 74.6 $ 49.2 Adjusted EBITDA by segment: Churchill Downs $ 1.4 $ (6.0 ) Online Wagering 16.9 17.9 Gaming 64.8 46.4 Total segment Adjusted EBITDA 83.1 58.3 All Other (8.5 ) (9.1 ) Total Adjusted EBITDA $ 74.6 $ 49.2 The table below presents information about equity in income of unconsolidated investments included in our reported segments: Three Months Ended March 31, (in millions) 2019 2018 Gaming $ 4.1 $ 6.5 The table below presents total asset information for each of our segments: (in millions) March 31, 2019 December 31, 2018 Total assets: Churchill Downs $ 367.7 $ 359.6 Online Wagering 237.4 222.8 Gaming 1,603.8 877.1 Total segment assets 2,208.9 1,459.5 All Other 269.6 265.7 Total assets $ 2,478.5 $ 1,725.2 The table below presents total capital expenditures for each of our segments: Three Months Ended March 31, (in millions) 2019 2018 Capital expenditures: Churchill Downs $ 9.6 $ 26.2 Online Wagering 11.5 2.3 Gaming 2.5 4.0 Total segment capital expenditures 23.6 32.5 All Other 4.5 1.5 Total capital expenditures $ 28.1 $ 34.0

Subsequent Event

Subsequent Event	3 Months Ended
	Mar. 31, 2019
Subsequent Events [Abstract]
Subsequent Event	SUBSEQUENT EVENTAs of the date of this filing, there were no subsequent events.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
Recent Accounting Pronouncements	RECENT ACCOUNTING PRONOUNCEMENTS Recent Accounting Pronouncement - Adopted on January 1, 2019 In February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-02, Leases, and subsequently has issued additional guidance (collectively, "ASC 842"), which requires companies to generally recognize operating and financing lease liabilities and corresponding right-of-use assets ("ROUAs") on the balance sheet. We adopted ASC 842 on January 1, 2019 using the modified transition method. As part of the transition to ASC 842, we elected the package of practical expedients that allowed 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 recognized the cumulative effect of applying ASC 842 as an opening balance sheet adjustment at January 1, 2019. The comparative information has not been retrospectively adjusted and continues to be reported under the accounting standards in effect for those periods. The adoption of ASC 842 had no impact on our accompanying condensed consolidated statements of comprehensive income or statements of cash flows. Due to the adoption of ASC 842, we recognized operating lease ROUAs and lease liabilities for our operating leases with lease terms greater than one year. We do not have any material finance leases or any material operating leases where we are the lessor. We expect the adoption of ASC 842 will not materially impact our results of operations, financial condition, or cash flows on an ongoing basis. The cumulative effects of the changes made to our accompanying condensed consolidated balance sheets as of January 1, 2019 for the adoption of ASC 842 were as follows: (in millions) As Reported at December 31, 2018 Adoption of ASC 842 Balance at January 1, 2019 ASSETS Other current assets $ 22.4 $ (0.3 ) $ 22.1 Property and equipment, net 757.5 25.3 782.8 LIABILITIES Accrued expense 89.8 3.8 93.6 Other liabilities 15.7 21.5 37.2 SHAREHOLDERS' EQUITY Retained earnings 474.2 (0.3 ) 473.9 Recent Accounting Pronouncements - effective in 2020 or thereafter 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.
Leases	Leases We determine if an arrangement is a lease at inception. Operating leases are included in property and equipment, net; accrued expense; and other liabilities on our condensed consolidated balance sheets. Operating lease ROUAs and lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. As our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of future lease payments. The operating lease ROUAs also include any lease payments made prior to commencement and exclude lease incentives and initial direct costs incurred. Our lease terms include all non-cancelable periods and may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term.

Recent Accounting Pronounceme_2

Recent Accounting Pronouncements (Tables)	3 Months Ended
	Mar. 31, 2019
Accounting Changes and Error Corrections [Abstract]
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block]	The cumulative effects of the changes made to our accompanying condensed consolidated balance sheets as of January 1, 2019 for the adoption of ASC 842 were as follows: (in millions) As Reported at December 31, 2018 Adoption of ASC 842 Balance at January 1, 2019 ASSETS Other current assets $ 22.4 $ (0.3 ) $ 22.1 Property and equipment, net 757.5 25.3 782.8 LIABILITIES Accrued expense 89.8 3.8 93.6 Other liabilities 15.7 21.5 37.2 SHAREHOLDERS' EQUITY Retained earnings 474.2 (0.3 ) 473.9

Acquisitions (Tables)

Acquisitions (Tables)	3 Months Ended
	Mar. 31, 2019
Business Combinations [Abstract]
Summary of Assets Acquired and Liabilities Assumed	The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed, net of cash acquired of $8.4 million , at the date of the acquisition. (in millions) Total Current assets $ 2.5 Property and equipment 78.5 Goodwill 25.8 Intangible assets 71.2 Current liabilities (6.1 ) Non-current liabilities (0.6 ) $ 171.3
Schedule of Indefinite-lived Intangible Assets Acquired as Part of Business Combination	The preliminary fair value of the intangible assets consists of the following: (in millions) Fair Value Recognized Weighted-Average Useful Life Gaming rights $ 56.0 N/A Trademark 15.2 N/A Total intangible assets $ 71.2
Business Acquisition, Pro Forma Information	The following unaudited pro forma consolidated financial information for the Company has been prepared assuming the Company's acquisition of Presque Isle occurred as of January 1, 2018. 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, 2018. The unaudited pro forma net income giving effect to the Presque Isle Transaction was not materially different than our historical net income. Three Months Ended March 31, (in millions) 2019 2018 Net revenue $ 268.6 $ 222.5 50% interest in Ocean Downs occurred as of January 1, 2018. 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, 2018. The unaudited pro forma net income giving effect to the Ocean Downs/Saratoga Transaction was not materially different than our historical net income. Three Months Ended March 31, (in millions) 2018 Net revenue $ 206.2

Discontinued Operations (Tables

Discontinued Operations (Tables)	3 Months Ended
	Mar. 31, 2019
Discontinued Operations and Disposal Groups [Abstract]
Summary information of disposal classified as held for sale	The following table presents the financial results of Big Fish Games included in "(loss) income from discontinued operations, net of tax" in the accompanying condensed consolidated statements of comprehensive income: Three Months Ended March 31, (in millions) 2019 2018 Net revenue $ — $ 13.2 Operating expenses — 8.4 Selling, general and administrative expense 0.4 4.3 Research and development — 0.9 Total operating expense 0.4 13.6 Operating loss (0.4 ) (0.4 ) Other income (expense) Gain on sale of Big Fish Games — 219.5 Other expense — (0.1 ) Total other income (expense) — 219.4 (Loss) income from discontinued operations before provision for income taxes (0.4 ) 219.0 Income tax benefit (provision) 0.1 (51.1 ) (Loss) income from discontinued operations, net of tax $ (0.3 ) $ 167.9 (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

Goodwill And Other Intangible_2

Goodwill And Other Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	Goodwill, by segment, is comprised of the following: Churchill Downs Online Wagering Gaming All Other Total Balances as of December 31, 2018 $ 49.7 $ 148.2 $ 139.1 $ 1.0 $ 338.0 Additions — — 25.8 — 25.8 Balances as of March 31, 2019 $ 49.7 $ 148.2 $ 164.9 $ 1.0 $ 363.8
Schedule of Indefinite and Finite Lived Assets	Other intangible assets are comprised of the following: March 31, 2019 December 31, 2018 (in millions) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Definite-lived intangible assets $ 32.1 $ (15.3 ) $ 16.8 $ 32.1 $ (14.1 ) $ 18.0 Indefinite-lived intangible assets 328.2 246.0 Total $ 345.0 $ 264.0

Stock-based Compensation Plans

Stock-based Compensation Plans (Tables)	3 Months Ended
	Mar. 31, 2019
Share-based Compensation [Abstract]
Summary of RSAs, RSUs, and PSUs Granted	A summary of the RSAs, RSUs, and PSUs granted during 2019 is presented below (shares/units in thousands): Grant Year Award Type Number of Shares/Units Awarded Vesting Terms 2019 RSA 64 Vest equally over three service periods ending in 2020, 2021, and 2022 2019 RSU 55 Vest equally over three service periods ending in 2019, 2020, and 2021 2019 PSU 53 Three year performance and service period ending in 2021

Investment in and Advances to_2

Investment in and Advances to Unconsolidated Affiliates (Tables)	3 Months Ended
	Mar. 31, 2019
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]
Affiliate Income Statement	Three Months Ended March 31, (in millions) 2019 2018 Net revenue $ 89.5 $ 107.4 Operating and SG&A expense 61.0 84.1 Depreciation and amortization 2.2 6.6 Total operating expense 63.2 90.7 Operating income 26.3 16.7 Interest and other, net (17.0 ) (2.9 ) Net income $ 9.3 $ 13.8
Affiliate Balance Sheet	(in millions) March 31, 2019 December 31, 2018 Assets Current assets $ 67.1 $ 24.0 Property and equipment, net 243.6 95.7 Other assets, net 235.4 106.7 Total assets $ 546.1 $ 226.4 Liabilities and Members' Equity Current liabilities $ 87.2 $ 21.2 Long-term debt 752.3 — Other liabilities 7.5 — Members' equity (300.9 ) 205.2 Total liabilities and members' equity $ 546.1 $ 226.4

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2019
Leases [Abstract]
Schedule of Lease Cost	The components of total lease cost were as follows: (in millions) Three Months Ended March 31, 2019 Short-term lease cost (a) (b) $ 2.5 Operating lease cost (b) 1.5 Total lease cost $ 4.0 (a) Includes leases with terms of one month or less (b) Includes variable lease costs, which were not material Other information related to operating leases was as follows: (in millions, except lease term and discount rate) Three Months Ended March 31, 2019 Supplemental cash flow information Cash paid for amounts included in the measurement of lease liabilities $ 1.0 ROUAs obtained in exchange for lease obligations $ 0.8 Weighted average remaining lease term 7.2 years Weighted average discount rate 4.0 %
Schedule of Future Minimum Operating Lease Payments	As of March 31, 2019, future minimum operating lease payments on non-cancelable leases were as follows (in millions): Years Ended December 31, Totals 2019 (excludes three months ended March 31, 2019) $ 4.1 2020 4.9 2021 4.3 2022 3.3 2023 3.0 Thereafter 11.2 Total future minimum lease payments 30.8 Less: Imputed interest 4.0 Present value of lease liabilities $ 26.8 Reported lease liabilities as of March 31, 2019 Accrued expense (current maturities of leases) $ 4.3 Other liabilities (non-current maturities of leases) 22.5 Present value of lease liabilities $ 26.8
Schedule of Future Minimum Operating Lease Payments	As required by ASC 842, the future minimum operating lease payments on non-cancelable leases as of December 31, 2018 under the accounting standards in effect as of that period were as follows (in millions): Years Ended December 31, 2019 $ 5.0 2020 4.5 2021 3.8 2022 3.1 2023 3.0 Thereafter 11.2 Total $ 30.6

Fair Value Of Assets And Liab_2

Fair Value Of Assets And Liabilities (Tables)	3 Months Ended
	Mar. 31, 2019
Fair Value Disclosures [Abstract]
Fair Value Measurements, Recurring and Nonrecurring	The carrying amounts and estimated fair values by input level of the Company's financial instruments are as follows: March 31, 2019 (in millions) Carrying Amount Fair Value Level 1 Level 2 Level 3 Financial assets: Restricted cash 37.7 $ 37.7 $ 37.7 $ — $ — Financial liabilities: Term Loan B 390.5 395.0 — 395.0 — 2027 Senior Notes 591.0 607.7 — 607.7 — 2028 Senior Notes 493.3 476.9 — 476.9 — December 31, 2018 (in millions) Carrying Amount Fair Value Level 1 Level 2 Level 3 Financial assets: Restricted cash 40.0 $ 40.0 $ 40.0 $ — $ — Financial liabilities: Term Loan B 391.3 396.0 — 396.0 — 2028 Senior Notes 493.0 452.4 — 452.4 —

Net Income Per Common Share C_2

Net Income Per Common Share Computations (Tables)	3 Months Ended
	Mar. 31, 2019
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following is a reconciliation of the numerator and denominator of the net income per common share computations: Three Months Ended March 31, (in millions, except per share data) 2019 2018 Numerator for basic net income per common share: Net income from continuing operations $ 11.9 $ 14.1 Net (loss) income from discontinued operations (0.3 ) 167.9 Numerator for basic net income per common share $ 11.6 $ 182.0 Numerator for diluted net income from continuing operations per common share $ 11.9 $ 14.1 Numerator for diluted net income per common share: $ 11.6 $ 182.0 Denominator for net income per common share: Basic 40.4 43.3 Plus dilutive effect of stock awards 0.2 0.2 Diluted 40.6 43.5 Net income (loss) per common share data: Basic Continuing operations $ 0.30 $ 0.33 Discontinued operations $ (0.01 ) $ 3.87 Net income per common share - basic $ 0.29 $ 4.20 Diluted Continuing operations $ 0.30 $ 0.32 Discontinued operations $ (0.01 ) $ 3.86 Net income per common share - diluted $ 0.29 $ 4.18

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2019
Segment Reporting [Abstract]
Net Revenue From External Customers and Intercompany Revenue From Each Operating Segment	The tables below present net revenue from external customers and intercompany revenue from each of our segments, net revenue from external customers for each group of similar services, Adjusted EBITDA by segment, and a reconciliation of comprehensive income to Adjusted EBITDA: Three Months Ended March 31, (in millions) 2019 2018 Net revenue from external customers: Churchill Downs: Churchill Downs Racetrack $ 2.3 $ 2.0 Derby City Gaming 18.7 — Total Churchill Downs 21.0 2.0 Online Wagering: TwinSpires 63.0 63.2 Online Sports Betting and iGaming 0.1 — Total Online Wagering 63.1 63.2 Gaming: Oxford 23.9 24.2 Calder 25.4 24.9 Riverwalk 16.3 14.4 Harlow’s 15.3 13.3 Fair Grounds and VSI 37.5 34.4 Ocean Downs 18.4 — Presque Isle 29.7 — Lady Luck Nemacolin 2.3 — Saratoga — 0.3 Total Gaming 168.8 111.5 All Other 12.5 12.6 Net revenue from external customers $ 265.4 $ 189.3 Three Months Ended March 31, (in millions) 2019 2018 Intercompany net revenue: Churchill Downs $ 0.4 $ 0.3 Online Wagering 0.3 0.4 Gaming 1.3 1.0 All Other 2.2 2.4 Eliminations (4.2 ) (4.1 ) Intercompany net revenue $ — $ — Three Months Ended March 31, 2019 (in millions) Churchill Downs Online Wagering Gaming Total Segments All Other Total Net revenue from external customers Pari-mutuel: Live and simulcast racing $ 1.4 $ 60.5 $ 12.2 $ 74.1 $ 7.5 $ 81.6 Historical racing 17.7 — — 17.7 — 17.7 Racing event-related services — — 1.5 1.5 — 1.5 Gaming — 0.1 146.6 146.7 — 146.7 Other 1.9 2.5 8.5 12.9 5.0 17.9 Total $ 21.0 $ 63.1 $ 168.8 $ 252.9 $ 12.5 $ 265.4 Three Months Ended March 31, 2018 (in millions) Churchill Downs Online Wagering Gaming Total Segments All Other Total Net revenue from external customers Pari-mutuel: Live and simulcast racing $ 1.3 $ 61.0 $ 10.6 $ 72.9 $ 7.9 $ 80.8 Historical racing — — — — — — Racing event-related services — — 1.4 1.4 — 1.4 Gaming — — 93.9 93.9 — 93.9 Other 0.7 2.2 5.6 8.5 4.7 13.2 Total $ 2.0 $ 63.2 $ 111.5 $ 176.7 $ 12.6 $ 189.3
Schedule of Segment Reporting Information	Adjusted EBITDA by segment is comprised of the following: Three Months Ended March 31, 2019 (in millions) Churchill Downs Online Wagering Gaming Net revenue $ 21.4 $ 63.4 $ 170.1 Taxes & purses (6.2 ) (3.3 ) (65.0 ) Marketing & advertising (1.1 ) (1.0 ) (5.1 ) Salaries & benefits (5.2 ) (2.5 ) (24.5 ) Content expense (0.5 ) (32.1 ) (1.2 ) SG&A expense (1.7 ) (1.8 ) (6.4 ) Other operating expense (5.3 ) (5.8 ) (19.0 ) Other income — — 15.9 Adjusted EBITDA by segment $ 1.4 $ 16.9 $ 64.8 Three Months Ended March 31, 2018 (in millions) Churchill Downs Online Wagering Gaming Net revenue $ 2.3 $ 63.6 $ 112.5 Taxes & purses (0.7 ) (3.4 ) (38.0 ) Marketing & advertising (0.3 ) (0.8 ) (3.6 ) Salaries & benefits (3.1 ) (2.1 ) (16.9 ) Content expense (0.4 ) (32.2 ) (0.9 ) SG&A expense (1.0 ) (1.4 ) (3.8 ) Other operating expense (2.8 ) (5.8 ) (13.7 ) Other income — — 10.8 Adjusted EBITDA by segment $ (6.0 ) $ 17.9 $ 46.4 Three Months Ended March 31, (in millions) 2019 2018 Reconciliation of Comprehensive Income to Adjusted EBITDA: Comprehensive income $ 11.6 $ 182.4 Foreign currency translation, net of tax — (0.6 ) Change in pension benefits, net of tax — 0.2 Net income 11.6 182.0 Loss (income) from discontinued operations, net of tax 0.3 (167.9 ) Income from continuing operations, net of tax 11.9 14.1 Additions: Depreciation and amortization 20.8 13.8 Interest expense 13.7 9.6 Income tax provision 6.5 2.6 EBITDA $ 52.9 $ 40.1 Adjustments to EBITDA: Selling, general and administrative: Stock-based compensation expense $ 4.7 $ 2.8 Other charges 0.5 — Pre-opening expense 1.3 0.6 Other income, expense: Interest, depreciation and amortization expense related to equity investments 3.5 4.3 Recapitalization costs related to Midwest Gaming 8.2 — Transaction expense, net 3.5 1.4 Total adjustments to EBITDA 21.7 9.1 Adjusted EBITDA $ 74.6 $ 49.2 Adjusted EBITDA by segment: Churchill Downs $ 1.4 $ (6.0 ) Online Wagering 16.9 17.9 Gaming 64.8 46.4 Total segment Adjusted EBITDA 83.1 58.3 All Other (8.5 ) (9.1 ) Total Adjusted EBITDA $ 74.6 $ 49.2
Schedule of Equity in Income of Unconsolidated Investments	The table below presents information about equity in income of unconsolidated investments included in our reported segments: Three Months Ended March 31, (in millions) 2019 2018 Gaming $ 4.1 $ 6.5
Schedule of Total Assets and Capital Expenditures by Operating Segment	The table below presents total asset information for each of our segments: (in millions) March 31, 2019 December 31, 2018 Total assets: Churchill Downs $ 367.7 $ 359.6 Online Wagering 237.4 222.8 Gaming 1,603.8 877.1 Total segment assets 2,208.9 1,459.5 All Other 269.6 265.7 Total assets $ 2,478.5 $ 1,725.2 The table below presents total capital expenditures for each of our segments: Three Months Ended March 31, (in millions) 2019 2018 Capital expenditures: Churchill Downs $ 9.6 $ 26.2 Online Wagering 11.5 2.3 Gaming 2.5 4.0 Total segment capital expenditures 23.6 32.5 All Other 4.5 1.5 Total capital expenditures $ 28.1 $ 34.0

Description of Business (Detail

Description of Business (Details) slot_machine in Thousands, $ in Millions	Mar. 08, 2019USD ($)	Mar. 04, 2019USD ($)	Jan. 11, 2019USD ($)	Oct. 31, 2018USD ($)	Mar. 31, 2019USD ($)slot_machinestate	Mar. 31, 2018USD ($)	Jan. 09, 2018USD ($)
Variable Interest Entity [Line Items]
Number of slot machines | slot_machine					11
Number of states in which Gaming segment has slot machines and video lottery terminals | state					8
Proceeds from new credit facilities					$ 1,231.9	$ 100.9
Stock split, conversion ratio				3
Clairvest Group Inc.
Variable Interest Entity [Line Items]
Ownership percentage					61.30%
Aggregated cash consideration paid at closing of the Sale Transaction				$ 291
Presque Isle Downs & Casino And Lady Luck Casino
Variable Interest Entity [Line Items]
Payments to acquire business			$ 178.9
Lady Luck Nemacolin
Variable Interest Entity [Line Items]
Payments to acquire business	$ 0.1
Miami Valley Gaming LLC
Variable Interest Entity [Line Items]
Equity method investment, ownership percentage					50.00%
Midwest Gaming Holdings, LLC
Variable Interest Entity [Line Items]
Equity method investment, ownership percentage		42.00%		100.00%	61.30%
Aggregated cash consideration paid at closing of the Sale Transaction		$ 406.6
Clairvest Group Inc.
Variable Interest Entity [Line Items]
Aggregated cash consideration paid at closing of the Sale Transaction		409.8
Transaction costs		3.2
Deferred tax liability		109.6
Midwest Gaming Holdings, LLC
Variable Interest Entity [Line Items]
Proceeds from new credit facilities		$ 300
Discontinued Operations, Disposed of by Sale | Big Fish Games
Variable Interest Entity [Line Items]
Aggregate consideration							$ 990

Recent Accounting Pronounceme_3

Recent Accounting Pronouncements - Cumulative Effect of Changes Due to Adoption of ASU 2014-09 (Details) - USD ($) $ in Millions	Mar. 31, 2019	Jan. 01, 2019	Dec. 31, 2018
ASSETS
Other current assets	$ 37.8	$ 22.1	$ 22.4
Property and equipment, net	866.5	782.8	757.5
LIABILITIES
Accrued expense	78	93.6	89.8
Other liabilities	38.1	37.2	15.7
SHAREHOLDERS' EQUITY
Retained earnings	$ 457.8	473.9	$ 474.2
Accounting Standards Update 2016-02
ASSETS
Other current assets		(0.3)
Property and equipment, net		25.3
LIABILITIES
Accrued expense		3.8
Other liabilities		21.5
SHAREHOLDERS' EQUITY
Retained earnings		$ (0.3)

Acquisitions - Presque Isle (De

Acquisitions - Presque Isle (Details) - USD ($) $ in Millions	Jan. 11, 2019	Mar. 31, 2019	Dec. 31, 2018
Business Acquisition [Line Items]
Goodwill		$ 363.8	$ 338
Presque Isle
Business Acquisition [Line Items]
Payments to acquire business	$ 178.9
Working capital and other purchase price adjustments	0.8
Cash acquired in the acquisition	8.4
Goodwill	$ 25.8
Revenue since date of acquisition		$ 29.7

Acquisitions - Summary of Asset

Acquisitions - Summary of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions	Mar. 31, 2019	Jan. 11, 2019	Dec. 31, 2018
Business Acquisition [Line Items]
Goodwill	$ 363.8		$ 338
Presque Isle
Business Acquisition [Line Items]
Current assets		$ 2.5
Property and equipment		78.5
Goodwill		25.8
Intangible assets		71.2
Current liabilities		(6.1)
Non-current liabilities		(0.6)
Assets acquired and liabilities assumed		$ 171.3

Acquisitions - Summary of Intan

Acquisitions - Summary of Intangible Assets Acquired (Details) - Presque Isle $ in Millions	Jan. 11, 2019USD ($)
Business Acquisition [Line Items]
Total intangible assets	$ 71.2
Gaming rights
Business Acquisition [Line Items]
Total intangible assets	56
Trademark
Business Acquisition [Line Items]
Total intangible assets	$ 15.2

Acquisitions - Pro Forma Inform

Acquisitions - Pro Forma Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Presque Isle
Business Acquisition [Line Items]
Net revenue	$ 268.6	$ 222.5
Ocean Downs
Business Acquisition [Line Items]
Net revenue		$ 206.2

Acquisitions - Lady Luck Nemaco

Acquisitions - Lady Luck Nemacolin (Details) $ in Millions	Mar. 08, 2019USD ($)
Lady Luck Nemacolin
Business Acquisition [Line Items]
Payments to acquire business	$ 0.1

Acquisitions - Ocean Downs (Det

Acquisitions - Ocean Downs (Details) - USD ($) $ in Millions	Aug. 31, 2018	Jul. 16, 2018	Aug. 30, 2018	Jan. 01, 2018
Business Acquisition [Line Items]
Online real-money sports betting and iGaming agreement term		15 years
Gain on Ocean Downs/Saratoga transaction	$ 54.9
Ocean Downs
Business Acquisition [Line Items]
Equity method investment, ownership percentage	100.00%	50.00%		50.00%
Saratoga New York And Saratoga Colorado
Business Acquisition [Line Items]
Equity method investment, ownership percentage		25.00%	25.00%
Equity method investment, amount	$ 47.8
Ocean Downs LLC
Business Acquisition [Line Items]
Equity method investment, ownership percentage			62.50%
Equity method investment, amount	$ 80.5

Discontinued Operations - Addit

Discontinued Operations - Additional Information (Details) - USD ($) $ in Millions	Jan. 09, 2018	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2017
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of Big Fish Games		$ 0	$ 970.7
Stock-based compensation		4.7	6.2
Big Fish Games
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Stock-based compensation			3.4
Big Fish Games | Earnout Liability
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Earnout liability				$ 34.2
Big Fish Games | Deferred Payments
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Earnout liability				$ 28.4
Big Fish Games | Discontinued Operations, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Purchase price	$ 990
Proceeds from sale of Big Fish Games	970.7
Working capital adjustments	5.2
Transaction expense, net	14.1
Gain on sale of Big Fish Games		$ 0	$ 219.5
Carrying value of Big Fish Games	751.2
Income tax provision on gain from sale of business	51.2
After tax gain	$ 168.3

Discontinued Operations - Major

Discontinued Operations - Major Classes of Assets and Liabilities Derecognized (Details) - Discontinued Operations, Disposed of by Sale - Big Fish Games $ in Millions	Jan. 09, 2018USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash and cash equivalents	$ 0.3
Accounts receivable	34.7
Game software development, net	6.7
Other current assets	17
Property and equipment, net	17.8
Game software development, net	13.8
Goodwill	530.7
Other intangible assets, net	238.4
Other assets	24
Accounts payable	(8.5)
Accrued expense	(22.6)
Deferred revenue	(44.2)
Deferred income taxes	(52)
Other liabilities	(4.9)
Carrying value of Big Fish Games	$ 751.2

Discontinued Operations - Incom

Discontinued Operations - Income (Loss) From Discontinued Operations (Details) - Big Fish Games - Discontinued Operations, Disposed of by Sale - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net revenue	$ 0	$ 13.2
Operating expenses	0	8.4
Selling, general and administrative expense	0.4	4.3
Research and development	0	0.9
Total operating expense	0.4	13.6
Operating loss	(0.4)	(0.4)
Gain on sale of Big Fish Games	0	219.5
Other expense	0	(0.1)
Total other income (expense)	0	219.4
(Loss) income from discontinued operations before provision for income taxes	(0.4)	219
Income tax benefit (provision)	0.1	(51.1)
(Loss) income from discontinued operations, net of tax	$ (0.3)	$ 167.9

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Jan. 11, 2019	Dec. 31, 2018
Indefinite-lived Intangible Assets [Line Items]
Goodwill	$ 363.8		$ 338
Goodwill additions	25.8
Indefinite-lived intangible assets	328.2		$ 246
Racing Segment
Indefinite-lived Intangible Assets [Line Items]
Goodwill	51.7
Churchill Downs
Indefinite-lived Intangible Assets [Line Items]
Goodwill	49.7
Gaming
Indefinite-lived Intangible Assets [Line Items]
Goodwill	1
Arlington Reporting Unit
Indefinite-lived Intangible Assets [Line Items]
Goodwill	1
Presque Isle
Indefinite-lived Intangible Assets [Line Items]
Goodwill		$ 25.8
Goodwill additions	25.8
Gaming Rights | Presque Isle
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	56
Trademarks | Presque Isle
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	15.2
Gaming | Gaming Rights
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	3
Online Wagering | Gaming Rights
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	$ 8

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets - Goodwill (Details) $ in Millions	3 Months Ended
	Mar. 31, 2019USD ($)
Goodwill [Roll Forward]
Balances as of December 31, 2018	$ 338
Additions	25.8
Balances as of March 31, 2019	363.8
Churchill Downs
Goodwill [Roll Forward]
Balances as of December 31, 2018	49.7
Additions	0
Balances as of March 31, 2019	49.7
Online Wagering
Goodwill [Roll Forward]
Balances as of December 31, 2018	148.2
Additions	0
Balances as of March 31, 2019	148.2
Gaming
Goodwill [Roll Forward]
Balances as of December 31, 2018	139.1
Additions	25.8
Balances as of March 31, 2019	164.9
All Other
Goodwill [Roll Forward]
Balances as of December 31, 2018	1
Additions	0
Balances as of March 31, 2019	$ 1

Goodwill and Other Intangible_5

Goodwill and Other Intangible Assets - Intangible Assets (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Definite-Lived Intangible Assets, Gross Carrying Amount	$ 32.1	$ 32.1
Definite-Lived Intangible Assets, Accumulated Amortization	(15.3)	(14.1)
Definite-Lived Intangible Assets, Net Carrying Amount	16.8	18
Indefinite-lived Intangible Assets, Net Carrying Amount	328.2	246
Total intangible assets	$ 345	$ 264

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 04, 2019
Income Taxes [Line Items]
Non-cash tax impact from the re-measurement of net deferred tax liabilities	$ 2.8
Clairvest Group Inc.
Income Taxes [Line Items]
Deferred tax liability		$ 109.6

Shareholders' Equity (Details)

Shareholders' Equity (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Feb. 12, 2018	Dec. 31, 2018	Oct. 30, 2018	Oct. 29, 2018	Nov. 29, 2017	Apr. 25, 2017
Distribution Made to Limited Partner [Line Items]
Authorized stock repurchase amount								$ 250,000,000
Remaining unused authorization for stock repurchase program						$ 78,300,000
Repurchase aggregate cost	$ 32,600,000	$ 514,400,000
Repurchase of common stock included in accrued expenses	1,000,000	$ 0
October 2018 Stock Repurchase Program
Distribution Made to Limited Partner [Line Items]
Authorized stock repurchase amount					$ 300,000,000
Remaining unused authorization for stock repurchase program	$ 243,000,000
Repurchase of common stock (in shares)	282,416
Repurchase aggregate cost	$ 25,000,000
Repurchase of common stock included in accrued expenses	$ 1,000,000			$ 2,500,000
Shares of common stock repurchase	79,233
Shares of common stock repurchased	$ 7,600,000
Tender Offer
Distribution Made to Limited Partner [Line Items]
Authorized stock repurchase amount							$ 500,000,000
Repurchase of common stock (in shares)			5,660,376
Repurchase aggregate cost			$ 500,000,000
Repurchase price (in dollars per share)			$ 88.33

Stock-based Compensation Plan_2

Stock-based Compensation Plans (Details) - USD ($) shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	$ 4.7	$ 6.2
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares/Units Awarded (in shares)	64
Restricted Stock Units (RSUs) | Executive Long-Term Incentive Compensation Plan (the “ELTI Plan”)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares/Units Awarded (in shares)	55
Performance Shares | Executive Long-Term Incentive Compensation Plan (the “ELTI Plan”)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares/Units Awarded (in shares)	53
Continuing Operations
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	$ 4.7	2.8
Discontinued Operations
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation		$ 3.4

Debt (Details)

Debt (Details) - Senior Notes - 2027 Senior Notes	Mar. 25, 2019USD ($)
Debt Instrument [Line Items]
Face amount of debt issuance	$ 600,000,000
Stated interest rate	5.50%
Debt issuance costs	$ 9,000,000
Redemption price, percentage of face amount	100.00%
Any time prior to April 1, 2022
Debt Instrument [Line Items]
Redemption price, percentage of face amount	105.50%
Percentage of principal amount available for redemption	40.00%

Revenue from Contracts with C_2

Revenue from Contracts with Customers - Performance Obiligations (Details) $ in Millions	Mar. 31, 2019USD ($)
Revenue from Contract with Customer [Abstract]
Remaining performance obligation, amount	$ 193.4
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-04-01
Revenue from Contract with Customer [Abstract]
Remaining performance obligation, amount	$ 54.4
Disaggregation of Revenue [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01
Revenue from Contract with Customer [Abstract]
Remaining performance obligation, amount	$ 38
Disaggregation of Revenue [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01
Revenue from Contract with Customer [Abstract]
Remaining performance obligation, amount	$ 29
Disaggregation of Revenue [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year

Revenue from Contracts with C_3

Revenue from Contracts with Customers - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Revenue from Contract with Customer [Abstract]
Contract with customer, liability	$ 121.9	$ 69.9
Contract with customer, revenue recognized	$ 2.7

Investment in and Advances to_3

Investment in and Advances to Unconsolidated Affiliates - Additional Information (Details) - USD ($) $ in Millions	Mar. 04, 2019	Mar. 31, 2019	Mar. 31, 2018	Oct. 31, 2018
Investments in and Advances to Affiliates [Line Items]
Proceeds from borrowings under long-term debt obligations		$ 1,231.9	$ 100.9
Midwest Gaming Holdings, LLC
Investments in and Advances to Affiliates [Line Items]
Equity method investment, ownership percentage	42.00%	61.30%		100.00%
Aggregated cash consideration paid at closing of the Sale Transaction	$ 406.6
Clairvest Group Inc.
Investments in and Advances to Affiliates [Line Items]
Aggregated cash consideration paid at closing of the Sale Transaction	409.8
Transaction costs	3.2
Deferred tax liability	109.6
Midwest Gaming Holdings, LLC
Investments in and Advances to Affiliates [Line Items]
Proceeds from borrowings under long-term debt obligations	$ 300
High Plaines | Midwest Gaming Holdings, LLC
Investments in and Advances to Affiliates [Line Items]
Equity method investment, ownership percentage		36.00%
Casino Investors | Midwest Gaming Holdings, LLC
Investments in and Advances to Affiliates [Line Items]
Equity method investment, ownership percentage		2.70%

Investment in and Advances to_4

Investment in and Advances to Unconsolidated Affiliates - Affiliate Income Statement (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Affiliate Income Statement [Abstract]
Net revenue	$ 89.5	$ 107.4
Operating and SG&A expense	61	84.1
Depreciation and amortization	2.2	6.6
Total operating expense	63.2	90.7
Operating income	26.3	16.7
Interest and other, net	(17)	(2.9)
Net income	$ 9.3	$ 13.8

Investment in and Advances to_5

Investment in and Advances to Unconsolidated Affiliates - Affiliate Balance Sheet (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Investments in and Advances to Affiliates, Affiliate Balance Sheet [Abstract]
Current assets	$ 67.1	$ 24
Property and equipment, net	243.6	95.7
Other assets, net	235.4	106.7
Total assets	546.1	226.4
Current liabilities	87.2	21.2
Long-term debt	752.3	0
Other liabilities	7.5	0
Members' equity	(300.9)	205.2
Total liabilities and members' equity	$ 546.1	$ 226.4

Leases - Additional Details (De

Leases - Additional Details (Details) $ in Millions	Mar. 31, 2019USD ($)
Lessee, Lease, Description [Line Items]
Operating lease, right-of-use asset	$ 25.3
Minimum
Lessee, Lease, Description [Line Items]
Lease term	2 years
Lease renewal term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Lease term	10 years
Lease renewal term	5 years

Leases - Schedule of Lease Cost

Leases - Schedule of Lease Cost (Details)	3 Months Ended
	Mar. 31, 2019USD ($)
Leases [Abstract]
Short-term lease cost	$ 2,500,000
Operating lease cost	1,500,000
Total lease cost	4,000,000
Cash paid for amounts included in the measurement of lease liabilities	1,000,000
ROUAs obtained in exchange for lease obligations	$ 0.8
Weighted average remaining lease term	7 years 2 months 12 days
Weighted average discount rate	4.00%

Leases - Schedule of Future Min

Leases - Schedule of Future Minimum Operating Lease Payments (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Leases [Abstract]
2019	$ 4.1
2020	4.9
2021	4.3
2022	3.3
2023	3
Thereafter	11.2
Total future minimum lease payments	30.8
Less: Imputed interest	4
Present value of lease liabilities	26.8
Accrued expense (current maturities of leases)	4.3
Other liabilities (non-current maturities of leases)	$ 22.5
2019		$ 5
2020		4.5
2021		3.8
2022		3.1
2023		3
Thereafter		11.2
Total future minimum lease payments		$ 30.6

Fair Value Of Assets And Liab_3

Fair Value Of Assets And Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2019	Mar. 25, 2019	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	$ 37.7		$ 40
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	37.7		40
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	0		0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	0		0
2027 Senior Notes | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Stated interest rate		5.50%
2027 Senior Notes | Senior Notes | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value disclosure of debt	0
2027 Senior Notes | Senior Notes | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value disclosure of debt	607.7
2027 Senior Notes | Senior Notes | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value disclosure of debt	$ 0
2028 Senior Notes | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Stated interest rate	4.75%
2028 Senior Notes | Senior Notes | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value disclosure of debt	$ 0		0
2028 Senior Notes | Senior Notes | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value disclosure of debt	476.9		452.4
2028 Senior Notes | Senior Notes | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value disclosure of debt	0		0
Term Loan B | 2017 Credit Agreement | Line of Credit | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value disclosure of debt	0		0
Term Loan B | 2017 Credit Agreement | Line of Credit | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value disclosure of debt	395		396
Term Loan B | 2017 Credit Agreement | Line of Credit | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value disclosure of debt	0		0
Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	37.7		40
Carrying Amount | 2027 Senior Notes | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value disclosure of debt	591
Carrying Amount | 2028 Senior Notes | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value disclosure of debt	493.3		493
Carrying Amount | Term Loan B | 2017 Credit Agreement | Line of Credit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value disclosure of debt	390.5		391.3
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	37.7		40
Fair Value | 2027 Senior Notes | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value disclosure of debt	607.7
Fair Value | 2028 Senior Notes | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value disclosure of debt	476.9		452.4
Fair Value | Term Loan B | 2017 Credit Agreement | Line of Credit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value disclosure of debt	$ 395		$ 396

Net Income Per Common Share C_3

Net Income Per Common Share Computations (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Earnings Per Share [Abstract]
Net income from continuing operations	$ 11.9	$ 14.1
Net (loss) income from discontinued operations	(0.3)	167.9
Numerator for basic net income per common share	11.6	182
Numerator for diluted net income from continuing operations per common share	11.9	14.1
Numerator for diluted net income per common share:	$ 11.6	$ 182
Earnings Per Share, Basic and Diluted [Abstract]
Basic (in shares)	40.4	43.3
Plus dilutive effect of stock awards (in shares)	0.2	0.2
Diluted (in shares)	40.6	43.5
Basic
Continuing operations (in dollars per share)	$ 0.30	$ 0.33
Discontinued operations (in dollars per share)	(0.01)	3.87
Net income per common share data - basic (in dollars per share)	0.29	4.20
Diluted
Continuing operations (in dollars per share)	0.30	0.32
Discontinued operations (in dollars per share)	(0.01)	3.86
Net income per common share data - diluted (in dollars per share)	$ 0.29	$ 4.18

Segment Information - Informati

Segment Information - Information About Reported Segments (Details)	3 Months Ended
	Mar. 31, 2019USD ($)Segments	Mar. 31, 2018USD ($)
Segment Reporting Information [Line Items]
Number of operating segments | Segments	3
Net revenue	$ 265,400,000	$ 189,300,000
Intercompany net revenues	0	0
Comprehensive income	11,600,000	182,400,000
Foreign currency translation, net of tax	0	(600,000)
Change in pension benefits, net of tax	0	(200,000)
Net income	11,600,000	182,000,000
Loss (income) from discontinued operations, net of tax	300,000	(167,900,000)
Income from continuing operations, net of tax	11,900,000	14,100,000
Depreciation and amortization	20,800,000	13,800,000
Interest expense	13,700,000	9,600,000
Income tax provision	6,500,000	2,600,000
EBITDA	52,900,000	40,100,000
Stock-based compensation expense	4,700,000	2,800,000
Other charges	(500,000)	0
Pre-opening expense	1,300,000	600,000
Interest, depreciation and amortization expense related to equity investments	3,500,000	4,300,000
Recapitalization costs related to Midwest Gaming	8,200,000	0
Transaction expense, net	3,500,000	1,400,000
Total adjustments to EBITDA	21,700,000	9,100,000
Adjusted EBITDA	74,600,000	49,200,000
Churchill Downs
Segment Reporting Information [Line Items]
Net revenue	21,400,000	2,300,000
Adjusted Segment EBITDA	1,400,000	(6,000,000)
Online Wagering
Segment Reporting Information [Line Items]
Net revenue	63,400,000	63,600,000
Adjusted Segment EBITDA	16,900,000	17,900,000
Gaming
Segment Reporting Information [Line Items]
Net revenue	170,100,000	112,500,000
Adjusted Segment EBITDA	64,800,000	46,400,000
Operating Segments
Segment Reporting Information [Line Items]
Net revenue	265,400,000	189,300,000
Adjusted Segment EBITDA	83,100,000	58,300,000
Operating Segments | Churchill Downs
Segment Reporting Information [Line Items]
Net revenue	21,000,000	2,000,000
Intercompany net revenues	400,000	300,000
Adjusted Segment EBITDA	1,400,000	(6,000,000)
Operating Segments | Churchill Downs | Churchill Downs Racetrack
Segment Reporting Information [Line Items]
Net revenue	2,300,000	2,000,000
Operating Segments | Churchill Downs | Derby City Gaming
Segment Reporting Information [Line Items]
Net revenue	18,700,000	0
Operating Segments | Online Wagering
Segment Reporting Information [Line Items]
Net revenue	63,100,000	63,200,000
Intercompany net revenues	300,000	400,000
Adjusted Segment EBITDA	16,900,000	17,900,000
Operating Segments | Online Wagering | TwinSpires
Segment Reporting Information [Line Items]
Net revenue	63,000,000	63,200,000
Operating Segments | Online Wagering | Online Sports Betting and iGaming
Segment Reporting Information [Line Items]
Net revenue	100,000	0
Operating Segments | Gaming
Segment Reporting Information [Line Items]
Net revenue	168,800,000	111,500,000
Intercompany net revenues	1,300,000	1,000,000
Adjusted Segment EBITDA	64,800,000	46,400,000
Operating Segments | Gaming | Oxford
Segment Reporting Information [Line Items]
Net revenue	23,900,000	24,200,000
Operating Segments | Gaming | Calder
Segment Reporting Information [Line Items]
Net revenue	25,400,000	24,900,000
Operating Segments | Gaming | Riverwalk
Segment Reporting Information [Line Items]
Net revenue	16,300,000	14,400,000
Operating Segments | Gaming | Harlow’s
Segment Reporting Information [Line Items]
Net revenue	15,300,000	13,300,000
Operating Segments | Gaming | Fair Grounds and VSI
Segment Reporting Information [Line Items]
Net revenue	37,500,000	34,400,000
Operating Segments | Gaming | Ocean Downs
Segment Reporting Information [Line Items]
Net revenue	18,400,000	0
Operating Segments | Gaming | Presque Isle
Segment Reporting Information [Line Items]
Net revenue	29,700,000	0
Operating Segments | Gaming | Lady Luck Nemacolin
Segment Reporting Information [Line Items]
Net revenue	2,300,000	0
Operating Segments | Gaming | Saratoga
Segment Reporting Information [Line Items]
Net revenue	0	300,000
Segment Reconciling Items | All Other
Segment Reporting Information [Line Items]
Net revenue	12,500,000	12,600,000
Intercompany net revenues	2,200,000	2,400,000
Adjusted Segment EBITDA	(8,500,000)	(9,100,000)
Eliminations
Segment Reporting Information [Line Items]
Intercompany net revenues	$ (4,200,000)	$ (4,100,000)

Segment Information - Schedule

Segment Information - Schedule of Net Revenue from External Customers (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Segment Reporting Information [Line Items]
Net revenue from external customers	$ 265.4	$ 189.3
Churchill Downs
Segment Reporting Information [Line Items]
Net revenue from external customers	21.4	2.3
Online Wagering
Segment Reporting Information [Line Items]
Net revenue from external customers	63.4	63.6
Gaming
Segment Reporting Information [Line Items]
Net revenue from external customers	170.1	112.5
Operating Segments
Segment Reporting Information [Line Items]
Net revenue from external customers	265.4	189.3
Operating Segments | Churchill Downs
Segment Reporting Information [Line Items]
Net revenue from external customers	21	2
Operating Segments | Online Wagering
Segment Reporting Information [Line Items]
Net revenue from external customers	63.1	63.2
Operating Segments | Gaming
Segment Reporting Information [Line Items]
Net revenue from external customers	168.8	111.5
Segment Reconciling Items | All Other
Segment Reporting Information [Line Items]
Net revenue from external customers	12.5	12.6
Gaming
Segment Reporting Information [Line Items]
Net revenue from external customers	168.8	111.5
Other
Segment Reporting Information [Line Items]
Net revenue from external customers	12.5	12.6
External Customer
Segment Reporting Information [Line Items]
Net revenue from external customers	265.4	189.3
External Customer | Operating Segments | Churchill Downs
Segment Reporting Information [Line Items]
Net revenue from external customers	21	2
External Customer | Operating Segments | Online Wagering
Segment Reporting Information [Line Items]
Net revenue from external customers	63.1	63.2
External Customer | Operating Segments | Gaming
Segment Reporting Information [Line Items]
Net revenue from external customers	168.8	111.5
External Customer | Operating Segments | Total Segments
Segment Reporting Information [Line Items]
Net revenue from external customers	252.9	176.7
External Customer | Segment Reconciling Items | All Other
Segment Reporting Information [Line Items]
Net revenue from external customers	12.5	12.6
External Customer | Pari-mutuel, live and simulcast racing
Segment Reporting Information [Line Items]
Net revenue from external customers	81.6	80.8
External Customer | Pari-mutuel, live and simulcast racing | Operating Segments | Churchill Downs
Segment Reporting Information [Line Items]
Net revenue from external customers	1.4	1.3
External Customer | Pari-mutuel, live and simulcast racing | Operating Segments | Online Wagering
Segment Reporting Information [Line Items]
Net revenue from external customers	60.5	61
External Customer | Pari-mutuel, live and simulcast racing | Operating Segments | Gaming
Segment Reporting Information [Line Items]
Net revenue from external customers	12.2	10.6
External Customer | Pari-mutuel, live and simulcast racing | Operating Segments | Total Segments
Segment Reporting Information [Line Items]
Net revenue from external customers	74.1	72.9
External Customer | Pari-mutuel, live and simulcast racing | Segment Reconciling Items | All Other
Segment Reporting Information [Line Items]
Net revenue from external customers	7.5	7.9
External Customer | Pari-mutuel, historical racing
Segment Reporting Information [Line Items]
Net revenue from external customers	17.7	0
External Customer | Pari-mutuel, historical racing | Operating Segments | Churchill Downs
Segment Reporting Information [Line Items]
Net revenue from external customers	17.7	0
External Customer | Pari-mutuel, historical racing | Operating Segments | Online Wagering
Segment Reporting Information [Line Items]
Net revenue from external customers	0	0
External Customer | Pari-mutuel, historical racing | Operating Segments | Gaming
Segment Reporting Information [Line Items]
Net revenue from external customers	0	0
External Customer | Pari-mutuel, historical racing | Operating Segments | Total Segments
Segment Reporting Information [Line Items]
Net revenue from external customers	17.7	0
External Customer | Pari-mutuel, historical racing | Segment Reconciling Items | All Other
Segment Reporting Information [Line Items]
Net revenue from external customers	0	0
External Customer | Racing event-related services
Segment Reporting Information [Line Items]
Net revenue from external customers	1.5	1.4
External Customer | Racing event-related services | Operating Segments | Churchill Downs
Segment Reporting Information [Line Items]
Net revenue from external customers	0	0
External Customer | Racing event-related services | Operating Segments | Online Wagering
Segment Reporting Information [Line Items]
Net revenue from external customers	0	0
External Customer | Racing event-related services | Operating Segments | Gaming
Segment Reporting Information [Line Items]
Net revenue from external customers	1.5	1.4
External Customer | Racing event-related services | Operating Segments | Total Segments
Segment Reporting Information [Line Items]
Net revenue from external customers	1.5	1.4
External Customer | Racing event-related services | Segment Reconciling Items | All Other
Segment Reporting Information [Line Items]
Net revenue from external customers	0	0
External Customer | Gaming
Segment Reporting Information [Line Items]
Net revenue from external customers	146.7	93.9
External Customer | Gaming | Operating Segments | Churchill Downs
Segment Reporting Information [Line Items]
Net revenue from external customers	0	0
External Customer | Gaming | Operating Segments | Online Wagering
Segment Reporting Information [Line Items]
Net revenue from external customers	0.1	0
External Customer | Gaming | Operating Segments | Gaming
Segment Reporting Information [Line Items]
Net revenue from external customers	146.6	93.9
External Customer | Gaming | Operating Segments | Total Segments
Segment Reporting Information [Line Items]
Net revenue from external customers	146.7	93.9
External Customer | Gaming | Segment Reconciling Items | All Other
Segment Reporting Information [Line Items]
Net revenue from external customers	0	0
External Customer | Other
Segment Reporting Information [Line Items]
Net revenue from external customers	17.9	13.2
External Customer | Other | Operating Segments | Churchill Downs
Segment Reporting Information [Line Items]
Net revenue from external customers	1.9	0.7
External Customer | Other | Operating Segments | Online Wagering
Segment Reporting Information [Line Items]
Net revenue from external customers	2.5	2.2
External Customer | Other | Operating Segments | Gaming
Segment Reporting Information [Line Items]
Net revenue from external customers	8.5	5.6
External Customer | Other | Operating Segments | Total Segments
Segment Reporting Information [Line Items]
Net revenue from external customers	12.9	8.5
External Customer | Other | Segment Reconciling Items | All Other
Segment Reporting Information [Line Items]
Net revenue from external customers	$ 5	$ 4.7

Segment Information - Adjusted

Segment Information - Adjusted EBITDA by Segment (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Segment Reporting Information [Line Items]
Net revenue	$ 265.4	$ 189.3
Churchill Downs
Segment Reporting Information [Line Items]
Net revenue	21.4	2.3
Taxes & purses	6.2	0.7
Marketing & advertising	1.1	0.3
Salaries & benefits	5.2	3.1
Content expense	0.5	0.4
SG&A expense	1.7	1
Other operating expense	5.3	2.8
Other income	0	0
Adjusted EBITDA by segment	1.4	(6)
Online Wagering
Segment Reporting Information [Line Items]
Net revenue	63.4	63.6
Taxes & purses	3.3	3.4
Marketing & advertising	1	0.8
Salaries & benefits	2.5	2.1
Content expense	32.1	32.2
SG&A expense	1.8	1.4
Other operating expense	5.8	5.8
Other income	0	0
Adjusted EBITDA by segment	16.9	17.9
Gaming
Segment Reporting Information [Line Items]
Net revenue	170.1	112.5
Taxes & purses	65	38
Marketing & advertising	5.1	3.6
Salaries & benefits	24.5	16.9
Content expense	1.2	0.9
SG&A expense	6.4	3.8
Other operating expense	19	13.7
Other income	15.9	10.8
Adjusted EBITDA by segment	$ 64.8	$ 46.4

Segment Information - Equity in

Segment Information - Equity in Earnings of Unconsolidated Investments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Segment Reporting, Other Significant Reconciling Item [Line Items]
Equity in income of unconsolidated investments	$ 4.1	$ 6.5
Gaming
Segment Reporting, Other Significant Reconciling Item [Line Items]
Equity in income of unconsolidated investments	$ 4.1	$ 6.5

Segment Information - Total Ass

Segment Information - Total Asset Information For Segments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 2,478.5		$ 1,725.2
Capital expenditures	28.1	$ 34
Operating Segments | Total Segments
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	2,208.9		1,459.5
Capital expenditures	23.6	32.5
Operating Segments | Churchill Downs
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	367.7		359.6
Capital expenditures	9.6	26.2
Operating Segments | Online Wagering
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	237.4		222.8
Capital expenditures	11.5	2.3
Operating Segments | Gaming
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	1,603.8		877.1
Capital expenditures	2.5	4
Segment Reconciling Items | All Other
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	269.6		$ 265.7
Capital expenditures	$ 4.5	$ 1.5