Churchill Downs (CHDN) 10-Q 29 Apr 20 2020 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2020	Apr. 15, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2020
Document Transition Report	false
Entity File Number	001-33998
Entity Registrant Name	Churchill Downs Inc
Entity Incorporation, State or Country Code	KY
Entity Tax Identification Number	61-0156015
Entity Address, Address Line One	600 North Hurstbourne Parkway, Suite 400
Entity Address, City or Town	Louisville,
Entity Address, State or Province	KY
Entity Address, Postal Zip Code	40222
City Area Code	502
Local Phone Number	636-4400
Title of 12(b) Security	Common Stock, No Par Value
Trading Symbol	CHDN
Security Exchange Name	NASDAQ
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		39,434,743
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Entity Central Index Key	0000020212
Current Fiscal Year End Date	--12-31

Condensed Consolidated Statemen

Condensed Consolidated Statements of Comprehensive (Loss) Income - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Net revenue:
Total net revenue	$ 252.9	$ 265.4
Operating expense:
Selling, general and administrative expense	24.1	24.9
Impairment of intangible assets	17.5	0
Transaction expense, net	0.3	3.5
Total operating expense	264.5	237.4
Operating (loss) income	(11.6)	28
Other income (expense):
Interest expense, net	(19.3)	(13.7)
Equity in (loss) income of unconsolidated affiliates	(3.3)	4.1
Total other expense	(22.6)	(9.6)
(Loss) income from continuing operations before provision for income taxes	(34.2)	18.4
Income tax benefit (provision)	11.6	(6.5)
(Loss) income from continuing operations, net of tax	(22.6)	11.9
Loss from discontinued operations, net of tax	(0.9)	(0.3)
Net (loss) income	(23.5)	11.6
Net loss attributable to noncontrolling interest	(0.1)	0
Net (loss) income and comprehensive (loss) income attributable to CDI	$ (23.4)	$ 11.6
Net (loss) income per common share data, basic:
Continuing operations (in dollars per share)	$ (570,000)	$ 0.30
Discontinued operations (in dollars per share)	(20,000)	(0.01)
Net income per common share data - basic (in dollars per share)	(590,000)	0.29
Net (loss) income per common share data, diluted:
Continuing operations (in dollars per share)	(570,000)	0.30
Discontinued operations (in dollars per share)	(20,000)	(0.01)
Net income per common share data - diluted (in dollars per share)	$ (590,000)	$ 0.29
Weighted average shares outstanding:
Basic (in shares)	39.7	40.4
Diluted (in shares)	39.7	40.6
Churchill Downs
Net revenue:
Churchill Downs	$ 23.5	$ 21
Operating expense:
Operating expense	26.6	23.4
Online Wagering
Net revenue:
Online Wagering	67.3	63.1
Operating expense:
Operating expense	50.1	45.1
Gaming
Net revenue:
Gaming	147.6	168.8
Operating expense:
Operating expense	124.8	125
All Other
Net revenue:
All Other	14.5	12.5
Operating expense:
Operating expense	$ 21.1	$ 15.5

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
ASSETS
Cash and cash equivalents	$ 700,900	$ 96,200
Restricted cash	43,600	46,300
Accounts receivable, net	36,500	37,300
Income taxes receivable	25,200	14,500
Other current assets	36,800	26,900
Total current assets	843,000	221,200
Property and equipment, net	990,800	937,300
Investment in and advances to unconsolidated affiliates	630,000	634,500
Goodwill	367,100	367,100
Other intangible assets, net	351,100	369,800
Other assets	21,800	21,100
Total assets	3,203,800	2,551,000
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable	80,600	57,800
Accrued expenses and other current liabilities	161,400	173,400
Current deferred revenue	98,100	42,500
Current maturities of long-term debt	4,000	4,000
Dividends payable	0	23,500
Total current liabilities	344,100	301,200
Long-term debt, net of current maturities and loan origination fees	1,071,600	384,000
Notes payable, net of debt issuance costs	1,086,300	1,085,900
Non-current deferred revenue	16,700	16,700
Deferred income taxes	210,900	212,800
Other liabilities	38,600	39,400
Total liabilities	2,768,200	2,040,000
Commitments and contingencies
Shareholders' equity:
Preferred stock	0	0
Common stock	0	0
Retained earnings	433,900	509,200
Accumulated other comprehensive loss	(900)	(900)
Total shareholders' equity	433,000	508,300
Noncontrolling interest	2,600	2,700
Total shareholders' equity	435,600	511,000
Total liabilities and shareholders' equity	$ 3,203,800	$ 2,551,000

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Shareholders' Equity - USD ($) shares in Millions, $ in Millions	Total	Common Stock	Retained Earnings	Accumulated Other Comprehensive Loss	Noncontrolling Interest
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adoption of new ASC	$ (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)	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	11.6		11.6
Issuance of common stock (in shares)		0.1
Repurchase of common stock (in shares)		(0.3)
Repurchase of common stock	(25)	$ (4.7)	(20.3)
Taxes paid related to net share settlement of stock awards (in shares)		(0.1)
Taxes paid related to net share settlement of stock awards	(7.6)		(7.6)
Issuance of restricted stock awards, net of forfeitures		0.1
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)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adoption of new ASC	(0.5)		(0.5)
Shares outstanding, beginning (in shares) at Dec. 31, 2019		39.7
Shareholders' equity, beginning at Dec. 31, 2019	511	$ 0	509.2	(0.9)	2.7
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(23.5)		(23.4)		(0.1)
Repurchase of common stock (in shares)		(0.3)
Repurchase of common stock	(27.9)	$ (4.3)	(23.6)
Cash settlement of stock awards	(12.7)		(12.7)
Taxes paid related to net share settlement of stock awards	(15.1)		(15.1)
Stock-based compensation	4.3	$ 4.3
Shares outstanding, ending (in shares) at Mar. 31, 2020		39.4
Shareholders' equity, ending at Mar. 31, 2020	$ 435.6	$ 0	$ 433.9	$ (0.9)	$ 2.6

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash flows from operating activities:
Net (loss) income	$ (23.5)	$ 11.6
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	22	20.8
Distributions from unconsolidated affiliates	1.3	6
Equity in loss (income) of unconsolidated affiliates	3.3	(4.1)
Stock-based compensation	4.3	4.7
Deferred income taxes	(1.9)	6.4
Impairment of intangible assets	17.5	0
Amortization of operating lease assets	1.2
Other	0.9	0.4
Changes in operating assets and liabilities, net of business acquisitions and dispositions:
Income taxes	(10.7)	0.3
Deferred revenue	53.4	46.2
Other assets and liabilities	(24.3)	(22)
Net cash provided by operating activities	43.5	70.3
Cash flows from investing activities:
Capital maintenance expenditures	(9)	(13.9)
Capital project expenditures	(39.3)	(14.2)
Acquisition of businesses, net of cash acquired	0	(171.3)
Investments in and advances to unconsolidated affiliates	0	(409.8)
Other	0	(9.9)
Net cash used in investing activities	(48.3)	(619.1)
Cash flows from financing activities:
Proceeds from borrowings under long-term debt obligations	719.8	1,231.9
Repayments of borrowings under long-term debt obligations	(32.4)	(632.9)
Payment of dividends	(23.4)	(22.2)
Repurchase of common stock	(28.4)	(26.5)
Cash settlement of stock awards	(12.7)	0
Taxes paid related to net share settlement of stock awards	(15.1)	(7.6)
Debt issuance costs	(0.9)	(7.5)
Other	(0.1)	(2.3)
Net cash provided by financing activities	606.8	532.9
Net increase in cash, cash equivalents and restricted cash	602	(15.9)
Cash, cash equivalents and restricted cash, beginning of period	142.5	173.3
Cash, cash equivalents and restricted cash, end of period	744.5	157.4
Supplemental disclosures of cash flow information:
Interest	16.6	18.8
Income taxes	0.5	0.5
Schedule of non-cash investing and financing activities:
Deferred tax liability assumed from equity investment	0	103.2
Property and equipment additions included in accounts payable and accrued expenses	36.5	3.7
Repurchase of common stock included in accrued expenses	$ 0	$ 1

Description of Business

Description of Business	3 Months Ended
	Mar. 31, 2020
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, 2019 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, 2019. 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. We conduct our business through three reportable segments: Churchill Downs, Online Wagering, and Gaming. We aggregate our other businesses as well as certain corporate operations, and other immaterial joint ventures, in All Other. We report net revenue and operating expense associated with these reportable segments in the accompanying condensed consolidated statements of comprehensive income. Recent Developments Regarding COVID-19 In recent months, a new strain of coronavirus (COVID-19) has spread to many countries in the world, including the United States, and the outbreak has been declared a pandemic by the World Health Organization. The U.S. Secretary of Health and Human Services has also declared a public health emergency in the United States in response to the outbreak. Considerable uncertainty still surrounds the COVID-19 virus and its potential effects, and the extent of and effectiveness of responses taken on international, national and local levels. Measures taken to limit the impact of COVID-19, including shelter-in-place orders, social distancing measures, travel bans and restrictions, and business and government shutdowns, have already resulted in significant negative economic impacts in the United States and in relation to our business. The long-term impact of COVID-19 on the United States and world economies remains uncertain, the duration and scope of which cannot currently be predicted. In response to the measures taken to limit the impact of COVID-19 described above, and for the protection of our employees, customers, and communities, we have temporarily closed or suspended operations at the following properties, effective as of the following dates: Churchill Downs • Simulcast operations at Churchill Downs Racetrack on March 15, 2020. • Derby City Gaming on March 15, 2020. Gaming Wholly-Owned Properties • Calder Casino and Racing ("Calder") on March 16, 2020. • Fair Grounds Slots and Video Services, LLC ("VSI") on March 16, 2020. • Fair Grounds Race Course conducted spectator-free live racing, including the Louisiana Derby, from March 13, 2020 through March 21, 2020 and canceled the remainder of racing dates. • Harlow's Casino Resort and Spa ("Harlow's") on March 16, 2020. • Ocean Downs Casino and Racetrack ("Ocean Downs") on March 15, 2020. • Oxford Casino and Hotel ("Oxford") on March 16, 2020. • Presque Isle Downs and Casino ("Presque Isle") on March 16, 2020. • Riverwalk Casino Hotel ("Riverwalk") on March 16, 2020. Managed Properties • Lady Luck Casino Nemacolin ("Lady Luck Nemacolin") on March 16, 2020. Equity Investments • Rivers Casino Des Plaines ("Rivers Des Plaines") on March 15, 2020. • Miami Valley Gaming and Racing ("MVG") on March 14, 2020. All Other • Arlington International Racecourse ("Arlington") off track betting facilities ("OTBs") and simulcast operations on March 16, 2020. • Turfway Park conducted spectator-free live racing from March 12, 2020 through March 25, 2020 and canceled the remainder of racing dates. On March 25, 2020, as a result of the temporary closures and suspended operations described above, the Company announced the temporary furlough of employees at its wholly-owned gaming properties and certain wholly-owned racing operations. The Company is continuing to provide health, dental, vision and life insurance benefits to furloughed employees at our wholly-owned properties. The Company also implemented a salary reduction for all remaining non-furloughed salaried employees based on a percentage that varies dependent upon the amount of each employee’s salary. The most senior level of executive management has received the largest salary decrease, based on both percentage and dollar amount. The salary reductions will remain in effect until the Company begins to return to normalized operations. There have been a number of other aspects of our business that have been impacted by COVID-19 during the three months ended March 31, 2020, including the following: • The Company rescheduled the 146th Kentucky Oaks and Derby from May 1-2, 2020 to September 4-5, 2020. • Starting in mid-February 2020, U.S. and international sporting events were cancelled, which reduced our sports betting options for our customers. • Horse racing content for wagering on our TwinSpires business ("TwinSpires") decreased, although handle increased as our customers wagered more on the content that was available. Financial Status and Outlook The Company has temporarily reduced its planned maintenance and project capital expenditures for 2020 as a result of the temporary property and operations closures and our prioritization of capital investments based on the highest near-term return opportunities in order to maintain financial flexibility. On March 16, 2020, we borrowed $675.4 million on our revolving credit facility (the "Revolver") pursuant to the Credit Agreement (defined below) to provide the Company with additional financial flexibility, which provided the Company with $700.9 million of cash and cash equivalents as of March 31, 2020. The Company was in compliance with all applicable covenants in the Credit Agreement at March 31, 2020. On April 28, 2020, the Company entered into a Second Amendment to its Credit Agreement, which (i) provides for a financial covenant relief period through the date on which the Company delivers its quarterly financial statements and compliance certificate for the fiscal quarter ending June 30, 2021, subject to certain exceptions (the “Financial Covenant Relief Period”), (ii) amends the definition of “Consolidated EBITDA” in the Credit Agreement with respect to the calculation of Consolidated EBITDA for the first two fiscal quarters after the termination of the Financial Covenant Relief Period, (iii) extends certain deadlines and makes certain other amendments to the Company’s financial reporting obligations, (iv) places certain restrictions on restricted payments during the Financial Covenant Relief Period, and (v) amends the definitions of “Material Adverse Effect” and “License Revocation” in the Credit Agreement to take into consideration COVID-19. During the Financial Covenant Relief Period, the Company will not be required to comply with its existing consolidated total secured net leverage ratio financial covenant and the interest coverage ratio financial covenant. The Company has agreed to a minimum liquidity financial covenant that requires the Company and its restricted subsidiaries to maintain liquidity of at least $150.0 million during the Financial Covenant Relief Period. We continue to assess the situation at our properties and operations on a daily basis; however, we are unable to determine when we will be able to reopen our properties and operations and the conditions upon which we will reopen. Our second quarter of 2020 financial results will be materially impacted by the rescheduling of the Kentucky Oaks and Derby from the second quarter of 2020 to the third quarter of 2020, by the continued closure and suspended operations of our wholly-owned gaming properties and certain wholly-owned racing operations, and by the continued closure of the casino properties related to our two equity investments. Based on our current projected operating cash flow needs, interest and debt repayments, and revised maintenance and project capital expenditures, we believe we have adequate cash for at least the next twelve months to fund our business operations, meet all of our financial commitments, and invest in key growth capital projects. Acquisitions of Presque Isle and Lady Luck Nemacolin On January 11, 2019, we completed the acquisition of Presque Isle located in Erie, Pennsylvania from Eldorado Resorts, Inc. ("ERI") for cash consideration of $178.9 million (the "Presque Isle Transaction") and $1.6 million of working capital and other purchase price adjustments. On March 8, 2019, the Company assumed management and acquired certain assets related to the management of Lady Luck Nemacolin in Farmington, Pennsylvania, from ERI for cash consideration of $100,000 (the "Lady Luck Nemacolin Transaction"). Acquisition of Certain Ownership Interests of Midwest Gaming Holdings, LLC On March 5, 2019, the Company completed the acquisition of certain ownership interests of Midwest Gaming Holdings, LLC ("Midwest Gaming"), the parent company of Rivers Des Plaines in Des Plaines, Illinois to acquire approximately 42% of Midwest Gaming from affiliates and co-investors of Clairvest Group Inc. ("Clairvest") and members of High Plaines Gaming, LLC ("High Plaines"), an affiliate of Rush Street Gaming, LLC and Casino Investors, LLC ("Casino Investors") for cash consideration of approximately $406.6 million and $3.5 million of certain transaction costs and working capital adjustments (the "Sale Transaction"). Following the closing of the Sale Transaction, the parties completed a recapitalization transaction on March 6, 2019 (the "Recapitalization"), pursuant to which Midwest Gaming used approximately $300.0 million in proceeds from amended and extended 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%. High Plaines retained ownership of 36.0% of Midwest Gaming and Casino Investors retained ownership of 2.7% of Midwest Gaming. We also recognized a $103.2 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 stake in Midwest Gaming. Refer to Note 14, Investments in and Advances to Unconsolidated Affiliates, for further information on the Midwest Gaming transactions. Turfway Park Acquisition The Company completed the acquisition of Turfway Park from Jack Entertainment LLC ("JACK") and Hard Rock International (“Hard Rock”) on October 9, 2019 for total consideration of $46.0 million in cash ("Turfway Park Acquisition"). Turfway Park is located on 197 acres in Florence, Kentucky. The Company has announced plans and has begun to invest up to $150.0 million (including the Turfway Park Acquisition total consideration of $46.0 million) in a state-of-the-art live and historical thoroughbred racing facility at Turfway Park. Refer to Note 4, Acquisitions, for further information on the Turfway Park Acquisition. Seasonality Churchill Downs Due to the seasonal nature of our live racing business at Churchill Downs Racetrack, 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 with the running of the Kentucky Derby and Kentucky Oaks. However, as announced on March 17, 2020, due to the COVID-19 pandemic, the Company rescheduled the 146th Kentucky Oaks and Kentucky Derby from May 1, 2020 and May 2, 2020 to September 4, 2020 and September 5, 2020, respectively. Online Wagering

Recent Accounting Pronouncement

Recent Accounting Pronouncements	3 Months Ended
	Mar. 31, 2020
Accounting Changes and Error Corrections [Abstract]
Recent Accounting Pronouncements	RECENT ACCOUNTING PRONOUNCEMENTS Recent Accounting Pronouncement - Adopted on January 1, 2020 In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-13, Financial Instruments - Credit Losses, ("ASC 326") 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. We adopted ASC 326 on January 1, 2020 using the modified retrospective approach. We recognized the cumulative effect of applying ASC 326 as an opening balance sheet adjustment at January 1, 2020. 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 326 did not have a material impact on our business and therefore we have not included the disclosure requirements of ASC 326 in this Quarterly Report on Form 10-Q. In January 2017, the FASB issued ASU No. 2017-04, Intangibles - Goodwill and Other: Simplifying the Test for Goodwill Impairment. This new guidance simplifies the accounting for goodwill impairments by removing step two from the goodwill impairment test. Instead, if the carrying amount of a reporting unit exceeds its fair value, an impairment loss shall be recognized in an amount equal to that excess. We adopted this guidance on January 1, 2020. The new guidance did not result in a cumulative adjustment upon adoption and the fair value of our Presque Isle reporting unit exceeded the carrying amount in our March 31, 2020 trigger event testing (refer to Note 7, Asset Impairment, for further information). As a result, there was no impairment recognized under the new guidance for the period ended March 31, 2020.

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Significant Accounting Policies	SIGNIFICANT ACCOUNTING POLICIES Except for the accounting policy for the allowance for doubtful accounts receivable described below, which was updated as a result of our adoption of ASC 326 on January 1, 2020, 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, 2019. Allowance for Doubtful Accounts Receivable

Acquisitions

Acquisitions	3 Months Ended
	Mar. 31, 2020
Business Combinations [Abstract]
Acquisitions	ACQUISITIONS Turfway Park On October 9, 2019, the Company completed the Turfway Park Acquisition for total consideration of $46.0 million. Of the total consideration paid, $36.0 million was allocated to JACK and accounted for as a business combination. The remaining $10.0 million was paid to Hard Rock for the assignment of the purchase and sale agreement rights and was accounted for separately from the business combination as an intangible asset and amortized through expense in the fourth quarter of 2019. The cash purchase price paid to JACK was $36.0 million, less $0.9 million of working capital and purchase price adjustments. The preliminary fair values of the assets acquired and liabilities assumed, net of cash acquired of $0.6 million, at the date of acquisition were as follows: property and equipment (primarily land) of $18.8 million, indefinite-lived gaming rights of $9.8 million, indefinite-lived trademark of $5.5 million, goodwill of $3.0 million, and current liabilities of $2.6 million. The Company has not included other disclosures regarding the Turfway Park Acquisition because the acquisition is immaterial to our business.

Discontinued Operations

Discontinued Operations	3 Months Ended
	Mar. 31, 2020
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	DISCONTINUED OPERATIONS 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 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 the related Big Fish Transaction meet the criteria for discontinued operation presentation. The condensed consolidated statements of comprehensive income and the notes to financial statements reflect Big Fish Games 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. The following table presents the financial results of Big Fish Games included in "loss from discontinued operations, net of tax" in the accompanying condensed consolidated statements of comprehensive income: Three Months Ended March 31, (in millions) 2020 2019 Net revenue $ — $ — Selling, general and administrative expense 1.2 0.4 Loss from discontinued operations before provision for income taxes (1.2) (0.4) Income tax benefit 0.3 0.1 Loss from discontinued operations, net of tax $ (0.9) $ (0.3)

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	3 Months Ended
	Mar. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill, by segment, is comprised of the following: (in millions) Churchill Downs Online Wagering Gaming All Other Total Balances as of December 31, 2019 $ 49.7 $ 148.2 $ 165.2 $ 4.0 $ 367.1 Additions — — — — — Balances as of March 31, 2020 $ 49.7 $ 148.2 $ 165.2 $ 4.0 $ 367.1 Other intangible assets are comprised of the following: March 31, 2020 December 31, 2019 (in millions) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Definite-lived intangible assets $ 31.3 $ (16.2) $ 15.1 $ 31.3 $ (15.0) $ 16.3 Indefinite-lived intangible assets 336.0 353.5 Total $ 351.1 $ 369.8 Refer to Note 7, Asset Impairment, for further information regarding our goodwill and other intangible assets.

Asset Impairment

Asset Impairment	3 Months Ended
	Mar. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Asset Impairment	ASSET IMPAIRMENT During the quarter ended March 31, 2020, the Company evaluated whether events or circumstances changed that would indicate it is more likely than not that any of its intangible assets, goodwill, or property and equipment, were impaired ("Trigger Event"), or if there were any other than temporary impairments of our equity investments. Factors considered in this evaluation included, among other things, the amount of the fair value over carrying value from the annual impairment testing performed as of April 1, 2019, changes in carrying values, changes in discount rates, and the impact of temporary property closures due to the COVID-19 pandemic on cash flows. Based on the Company's evaluation, the Company concluded that a Trigger Event occurred related to the Presque Isle gaming rights, trademark, and the reporting unit's goodwill due to the impact and uncertainty of the COVID-19 pandemic and the recent closing of the Presque Isle Transaction in 2019. The initial fair value of Presque Isle gaming rights in the first quarter of 2019 was determined using the Greenfield Method, which is an income approach methodology that calculates the present value based on a projected cash flow stream. This method assumes that the Presque Isle gaming rights provide the opportunity to develop a casino and online wagering platform 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, operating expenses, start-up costs, and discount rate were the primary inputs in the valuation. Based on the Trigger Event, the Company updated the discount rate to reflect the increased uncertainty of the cash flows and updated the projected cash flow stream. As a result, the Company recognized an impairment of $15.0 million in first quarter of 2020 for its Presque Isle gaming rights ($12.5 million related to the Gaming segment and $2.5 million related to the Online Wagering segment). The Presque Isle trademark was initially valued in first quarter of 2019 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 estimated future revenue, royalty rate, and discount rate were the primary inputs in the valuation of the trademark. Based on the Trigger Event, the Company updated the discount rate to reflect the increased uncertainty of the cash flows and updated projected cash flow stream. As a result, the Company recognized an impairment of $2.5 million in first quarter of 2020 for its Presque Isle trademark. The fair value of the Presque Isle reporting unit's goodwill 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. In accordance with Accounting Standards Codification 350, Intangibles - Goodwill and Other, the Company performed its impairment testing of the Presque Isle gaming rights and trademark prior to testing Presque Isle goodwill. Based on the Trigger Event, the Company updated the discount rate to reflect the increased uncertainty of the cash flows and updated project cash flow stream. As a result, the Company did not recognize an impairment for Presque Isle goodwill in first quarter of 2020 because the fair value exceeded the carrying value.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES The Company’s effective income tax rate for the three months ended March 31, 2020 reflects a tax benefit on a pretax loss. The income tax rate was higher than the U.S. federal statutory rate of 21.0% primarily resulting from tax benefits recognized during a period of pretax loss related to state income taxes and tax deductions in excess of book deductions related to vesting of restricted stock units. 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 $2.8 million of future income tax expenses recognized 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 non-deductible expenses for purposes of income taxes. This expense was partially offset by tax benefits resulting from tax deductions in excess of book deductions related to vesting of restricted stock units.

Shareholders' Equity

Shareholders' Equity	3 Months Ended
	Mar. 31, 2020
Shareholders' Equity [Abstract]
Shareholders' Equity	SHAREHOLDERS’ EQUITYOn 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, 2020, we repurchased 235,590 shares of our common stock under the October 2018 stock repurchase program at an aggregate purchase price of $27.9 million based on trade date. We had approximately $147.1 million of repurchase authority remaining under this program at March 31, 2020, based on trade date.

Stock-based Compensation Plans

Stock-based Compensation Plans	3 Months Ended
	Mar. 31, 2020
Stock-Based Compensation Plans [Abstract]
Stock-Based Compensation Plans	STOCK-BASED COMPENSATION PLANS We have stock-based employee compensation plans with awards outstanding under 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 $4.3 million for the three months ended March 31, 2020 and $4.7 million for the three months ended March 31, 2019. During the three months ended March 31, 2020, the Company awarded RSUs to employees and RSUs and PSUs to certain named executive officers ("NEOs"). The vesting criteria for the PSU awards granted in 2020 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. On February 12, 2020, the Compensation Committee of the Board of Directors offered, and the NEOs accepted, to settle the 2017 PSU Awards in cash. A summary of the RSUs and PSUs granted during 2020 is presented below (units in thousands): Grant Year Award Type Number of Units Awarded Vesting Terms 2020 RSU 44 Vest equally over three 2020 RSU 37 Vest equally over three 2020 PSU 37 Three

Debt

Debt	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Debt	DEBT Credit Agreement On March 16, 2020, the Company entered into a First Amendment (the “First Amendment”) to its Credit Agreement (as amended, the “Credit Agreement”), dated December 27, 2017, among the Company, the subsidiary guarantors party thereto, JPMorgan Chase Bank, N.A., as Administrative Agent, and the lenders and other financial institutions party thereto. The First Amendment extends the maturity for the Company’s Revolver to at least September 27, 2024, which is 91 days prior to the latest maturity date of the Company’s term loan facility on December 27, 2024. Previously, the maturity date of the revolving credit facility was December 27, 2022. The interest rates applicable to the Company’s borrowings under the Credit Agreement are LIBOR-based plus a spread, determined by the Company’s consolidated total net leverage ratio. The First Amendment, among other things, lowers the upper limit of the applied spreads with respect to revolving loans from 2.25% to 1.75% and for commitment fees with respect thereto from 0.35% to 0.30%, and generally offers a reduced pricing schedule for outstanding borrowings and commitment fees with respect to the Revolver across all other leverage pricing levels. The interest rates applicable to borrowings under the facilities are LIBOR-based plus a spread, determined by the Company’s consolidated total net leverage ratio. The First Amendment does not alter the Company’s borrowing capacity. The Company capitalized $1.1 million of debt issuance costs associated with the First Amendment which are amortized as interest expense over the remaining duration of the Revolver.

Revenue from Contracts with Cus

Revenue from Contracts with Customers	3 Months Ended
	Mar. 31, 2020
Revenue from Contract with Customer [Abstract]
Revenue from Contracts with Customers	REVENUE FROM CONTRACTS WITH CUSTOMERS Performance Obligations As of March 31, 2020, the Churchill Downs segment had remaining performance obligations, on contracts with a duration greater than one year, with an aggregate transaction price of $167.5 million. The revenue we expect to recognize on these remaining performance obligations is $47.5 million for the remainder of 2020, $37.1 million in 2021, $31.7 million in 2022, and the remainder thereafter. As of March 31, 2020, our remaining performance obligations in segments other than Churchill Downs were not material. Contract Assets and Contract Liabilities As of March 31, 2020 and December 31, 2019, contract assets were not material. As of March 31, 2020 and December 31, 2019, contract liabilities were $119.0 million and $63.1 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 was primarily due to cash payments received for unfulfilled performance obligations. We recognized $3.8 million of revenue during the three months ended March 31, 2020 that was included in the contract liabilities balance at December 31, 2019. 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 18, 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 TwinSpires 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. We believe that these disclosures depict how the amount, nature, timing, and uncertainty of cash flows are affected by economic factors.

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	3 Months Ended
	Mar. 31, 2020
Payables and Accruals [Abstract]
Accrued Expenses and Other Current Liabilities	ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES Accrued expenses and other current liabilities consisted of the following: (in millions) March 31, 2020 December 31, 2019 Account wagering deposits liability $ 32.7 $ 28.9 Accrued interest 22.1 19.7 Purses payable 15.2 19.9 Accrued salaries and related benefits 11.2 29.2 Other 80.2 75.7 Total $ 161.4 $ 173.4

Investment in and Advances to U

Investment in and Advances to Unconsolidated Affiliates	3 Months Ended
	Mar. 31, 2020
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, the parent company of Rivers Des Plaines, for cash consideration of approximately $406.6 million and $3.5 million of certain transaction costs and working capital adjustments. Following the closing of the Sale Transaction, the parties completed the Recapitalization pursuant to which Midwest Gaming used approximately $300.0 million in proceeds from amended and extended 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%. High Plaines retained ownership of 36.0% of Midwest Gaming and Casino Investors retained ownership of 2.7% of Midwest Gaming. We also recognized a $103.2 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 stake in Midwest Gaming. A new limited liability company agreement was entered into by the members of Midwest Gaming as a result of the change in ownership structure. Under the new limited liability company 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. The Company’s investment in Midwest Gaming is presented at our initial cost of investment plus its accumulated proportional share of income or loss, including depreciation/accretion of the difference in the historical basis of the Company’s contribution, less any distributions it has received. As of March 31, 2020, the net aggregate basis difference between the Company’s investment in Midwest Gaming and the amounts of the underlying equity in net assets was $834.0 million. Summarized Financial Results for our Unconsolidated Affiliates Summarized below are the financial results for our unconsolidated affiliates. The summarized income statement information for the three months ended March 31, 2020 and 2019 and summarized balance sheet information as of March 31, 2020 and December 31, 2019 includes the following equity investments: MVG, Rivers Des Plaines from the transaction date of March 5, 2019, and two other immaterial joint ventures. Three Months Ended March 31, (in millions) 2020 2019 Net revenue $ 137.8 $ 89.5 Operating and SG&A expense 100.8 61.0 Depreciation and amortization 4.2 2.2 Total operating expense 105.0 63.2 Operating income 32.8 26.3 Interest and other, net (35.8) (17.0) Net (loss) income $ (3.0) $ 9.3 (in millions) March 31, 2020 December 31, 2019 Assets Current assets $ 126.6 $ 64.0 Property and equipment, net 273.1 256.1 Other assets, net 246.0 240.1 Total assets $ 645.7 $ 560.2 Liabilities and Members' Deficit Current liabilities $ 112.7 $ 73.3 Long-term debt 775.6 745.0 Other liabilities 41.8 20.6 Members' deficit (284.4) (278.7) Total liabilities and members' deficit $ 645.7 $ 560.2

Fair Value of Assets And Liabil

Fair Value of Assets And Liabilities	3 Months Ended
	Mar. 31, 2020
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 5.375% Senior Notes due 2027 ("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 values of the Company's $400.0 million Senior Secured Term Loan B (the "Term Loan B") and Revolver under the Credit Agreement approximate the gross carrying value of the variable rate debt and as such are Level 2 measurements. The carrying amounts and estimated fair values by input level of the Company's financial instruments are as follows: March 31, 2020 (in millions) Carrying Amount Fair Value Level 1 Level 2 Level 3 Financial assets: Restricted cash $ 43.6 $ 43.6 $ 43.6 $ — $ — Financial liabilities: Term Loan B 387.2 391.0 — 391.0 — Revolver 688.4 688.4 — 688.4 — 2027 Senior Notes 592.3 558.0 — 558.0 — 2028 Senior Notes 494.0 435.0 — 435.0 — December 31, 2019 (in millions) Carrying Amount Fair Value Level 1 Level 2 Level 3 Financial assets: Restricted cash $ 46.3 $ 46.3 $ 46.3 $ — $ — Financial liabilities: Term Loan B 388.0 392.0 — 392.0 — 2027 Senior Notes 592.0 636.0 — 636.0 — 2028 Senior Notes 493.9 515.2 — 515.2 —

Contingencies

Contingencies	3 Months Ended
	Mar. 31, 2020
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. If the loss contingency in question is not both probable and reasonably estimable, we do not establish an accrual and the matter will continue to be monitored for any developments that would make the loss contingency both probable and reasonably estimable. In the event that a legal proceeding results in a substantial judgment against, or settlement by us, there can be no assurance that any resulting liability or financial commitment would not have a material adverse impact on our business. Louisiana Environmental Protection Agency Non-Compliance Issue On December 6, 2013, we received a notice from the United States Environmental Protection Agency ("EPA") regarding alleged CAFO non-compliance at Fair Grounds Race Course. On October 21, 2019, we reached an agreement in principle, subject to final regulatory and court approval. If approved, the agreement will include a $2.8 million penalty, which was accrued for in the third quarter of 2019 and is included in accrued expense and other current liabilities in our accompanying condensed consolidated balance sheets at March 31, 2020 and December 31, 2019.

Net Income Per Common Share Com

Net Income Per Common Share Computations	3 Months Ended
	Mar. 31, 2020
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) 2020 2019 Numerator for basic net (loss) income per common share: Net (loss) income from continuing operations $ (22.6) $ 11.9 Net loss attributable to noncontrolling interest (0.1) — Net (loss) income from continuing operations, net of loss attributable to noncontrolling interests (22.5) 11.9 Net loss from discontinued operations (0.9) (0.3) Numerator for basic net (loss) income per common share $ (23.4) $ 11.6 Numerator for diluted net (loss) income from continuing operations per common share $ (22.5) $ 11.9 Numerator for diluted net (loss) income per common share $ (23.4) $ 11.6 Denominator for net (loss) income per common share: Basic 39.7 40.4 Plus dilutive effect of stock awards — 0.2 Diluted 39.7 40.6 Net (loss) income per common share data: Basic Continuing operations $ (0.57) $ 0.30 Discontinued operations $ (0.02) $ (0.01) Net (loss) income per common share - basic $ (0.59) $ 0.29 Diluted Continuing operations $ (0.57) $ 0.30 Discontinued operations $ (0.02) $ (0.01) Net (loss) income per common share - diluted $ (0.59) $ 0.29 Anti-dilutive stock awards excluded from the calculation of diluted shares 0.5 —

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
Segment Information	SEGMENT INFORMATION We manage our operations through three reportable segments: • 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 TwinSpires and the online sports betting and iGaming business. TwinSpires operates our online horse racing wagering business on TwinSpires.com, BetAmerica.com and other Company platforms; facilitates high dollar wagering by international customers ("Velocity"); and provides the platform for horse racing statistical data generated by our information business that provides data 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. The Gaming segment has approximately 11,000 slot machines and VLTs and 200 table games located in eight states. The Gaming segment revenue and Adjusted EBITDA includes the following properties: ◦ Calder ◦ Fair Grounds Slots, Fair Grounds Race Course, and VSI (collectively, "Fair Grounds and VSI") ◦ Harlow’s ◦ Lady Luck Nemacolin management agreement ◦ Ocean Downs ◦ Oxford ◦ Presque Isle ◦ Riverwalk The Gaming segment Adjusted EBITDA also includes the Adjusted EBITDA related to the Company’s equity investments in the following: ◦ 61.3% equity investment in Midwest Gaming, the parent company of Rivers Des Plaines ◦ 50% equity investment in 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 • United Tote • Oak Grove Racing and Gaming • Turfway Park • Corporate 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. 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 EBITDA from our equity investments. Adjusted EBITDA excludes: • Transaction expense, net which includes: ◦ Acquisition and disposition related charges; ◦ Calder racing exit costs; and ◦ Other transaction expense, including legal, accounting, and other deal-related expense; • Stock-based compensation expense; • Midwest Gaming's impact on our investments in unconsolidated affiliates from: ◦ The impact of changes in fair value of interest rate swaps; and ◦ Recapitalization and transaction costs; • Asset impairments; • Gain on Ocean Downs/Saratoga Transaction; • Legal reserves; • 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. 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 (loss) income to Adjusted EBITDA: Three Months Ended March 31, (in millions) 2020 2019 Net revenue from external customers: Churchill Downs: Churchill Downs Racetrack $ 1.9 $ 2.3 Derby City Gaming 21.6 18.7 Total Churchill Downs 23.5 21.0 Online Wagering: TwinSpires 66.6 63.0 Online Sports Betting and iGaming 0.7 0.1 Total Online Wagering 67.3 63.1 Gaming: Fair Grounds and VSI 31.6 37.5 Presque Isle 27.6 29.7 Calder 21.8 25.4 Oxford 20.1 23.9 Ocean Downs 14.8 18.4 Riverwalk 12.7 16.3 Harlow’s 11.7 15.3 Lady Luck Nemacolin 7.3 2.3 Total Gaming 147.6 168.8 All Other 14.5 12.5 Net revenue from external customers $ 252.9 $ 265.4 Three Months Ended March 31, (in millions) 2020 2019 Intercompany net revenue: Churchill Downs $ 0.3 $ 0.4 Online Wagering 0.4 0.3 Gaming 1.5 1.3 All Other 3.0 2.2 Eliminations (5.2) (4.2) Intercompany net revenue $ — $ — Three Months Ended March 31, 2020 (in millions) Churchill Downs Online Wagering Gaming Total Segments All Other Total Net revenue from external customers Pari-mutuel: Live and simulcast racing $ 1.0 $ 63.9 $ 9.9 $ 74.8 $ 9.9 $ 84.7 Historical racing (a) 20.4 — — 20.4 — 20.4 Racing event-related services — — 1.3 1.3 0.1 1.4 Gaming (a) — 0.7 121.6 122.3 — 122.3 Other (a) 2.1 2.7 14.8 19.6 4.5 24.1 Total $ 23.5 $ 67.3 $ 147.6 $ 238.4 $ 14.5 $ 252.9 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 (a) 17.7 — — 17.7 — 17.7 Racing event-related services — — 1.5 1.5 — 1.5 Gaming (a) — 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 (a) Food and beverage, hotel, and other services furnished to customers for free as an inducement to gamble or through the redemption of our customers' loyalty points are recorded at their estimated standalone selling prices in Other revenue with a corresponding offset recorded as a reduction in historical pari-mutuel revenue for HRMs or gaming revenue for our casino properties. These amounts were $7.6 million for the three months ended March 31, 2020 and $7.8 million for the three months ended March 31, 2019. Adjusted EBITDA by segment is comprised of the following: Three Months Ended March 31, 2020 (in millions) Churchill Downs Online Wagering Gaming Net revenue $ 23.8 $ 67.7 $ 149.1 Taxes and purses (7.1) (3.9) (59.1) Marketing and advertising (1.1) (3.5) (5.3) Salaries and benefits (6.2) (3.5) (29.5) Content expense (0.4) (33.2) (1.2) Selling, general and administrative expense (1.5) (1.4) (6.7) Other operating expense (5.6) (7.2) (19.5) Other income — — 21.2 Adjusted EBITDA $ 1.9 $ 15.0 $ 49.0 Three Months Ended March 31, 2019 (in millions) Churchill Downs Online Wagering Gaming Net revenue $ 21.4 $ 63.4 $ 170.1 Taxes and purses (6.2) (3.3) (65.0) Marketing and advertising (1.1) (1.0) (5.1) Salaries and benefits (5.2) (2.5) (24.5) Content expense (0.5) (32.1) (1.2) Selling, general and administrative expense (1.7) (1.8) (6.4) Other operating expense (5.3) (5.8) (19.0) Other income — — 15.9 Adjusted EBITDA $ 1.4 $ 16.9 $ 64.8 Three Months Ended March 31, (in millions) 2020 2019 Reconciliation of Comprehensive (Loss) Income to Adjusted EBITDA: Net (loss) income and comprehensive (loss) income attributable to CDI $ (23.4) $ 11.6 Net loss attributable to noncontrolling interest 0.1 — Net (loss) income before noncontrolling interest (23.5) 11.6 Loss from discontinued operations, net of tax 0.9 0.3 (Loss) income from continuing operations, net of tax (22.6) 11.9 Additions: Depreciation and amortization 22.0 20.8 Interest expense 19.3 13.7 Income tax (benefit) provision (11.6) 6.5 EBITDA $ 7.1 $ 52.9 Adjustments to EBITDA: Selling, general and administrative: Stock-based compensation expense $ 4.3 $ 4.7 Other charges — 0.5 Pre-opening expense and other expense 1.7 1.3 Impairment of intangible assets 17.5 — Transaction expense, net 0.3 3.5 Other income, expense: Interest, depreciation and amortization expense related to equity investments 9.5 3.5 Changes in fair value of Midwest Gaming's interest rate swaps 14.9 4.3 Midwest Gaming's recapitalization and transactions costs — 3.9 Total adjustments to EBITDA 48.2 21.7 Adjusted EBITDA $ 55.3 $ 74.6 Adjusted EBITDA by segment: Churchill Downs $ 1.9 $ 1.4 Online Wagering 15.0 16.9 Gaming 49.0 64.8 Total segment Adjusted EBITDA 65.9 83.1 All Other $ (10.6) $ (8.5) Total Adjusted EBITDA $ 55.3 $ 74.6 The table below presents information about equity in (loss) income of unconsolidated investments included in our reported segments: Three Months Ended March 31, (in millions) 2020 2019 Gaming $ (3.3) $ 4.1 The table below presents total asset information for each of our segments: (in millions) March 31, 2020 December 31, 2019 Total assets: Churchill Downs $ 369.1 $ 370.3 Online Wagering 243.7 241.5 Gaming 940.3 1,030.1 Total segment assets 1,553.1 1,641.9 All Other 1,650.7 909.1 Total assets $ 3,203.8 $ 2,551.0 The table below presents total capital expenditures for each of our segments: Three Months Ended March 31, (in millions) 2020 2019 Capital expenditures: Churchill Downs $ 12.1 $ 9.6 Online Wagering 3.6 11.5 Gaming 3.3 2.5 Total segment capital expenditures 19.0 23.6 All Other 29.3 4.5 Total capital expenditures $ 48.3 $ 28.1

Subsequent Event

Subsequent Event	3 Months Ended
	Mar. 31, 2020
Subsequent Events [Abstract]
Subsequent Event	SUBSEQUENT EVENT On April 28, 2020, the Company entered into a Second Amendment to its Credit Agreement, which (i) provides for a financial covenant relief period through the date on which the Company delivers its quarterly financial statements and compliance certificate for the fiscal quarter ending June 30, 2021, subject to certain exceptions (the “Financial Covenant Relief Period”), (ii) amends the definition of “Consolidated EBITDA” in the Credit Agreement with respect to the calculation of Consolidated EBITDA for the first two fiscal quarters after the termination of the Financial Covenant Relief Period, (iii) extends certain deadlines and makes certain other amendments to the Company’s financial reporting obligations, (iv) places certain restrictions on restricted payments during the Financial Covenant Relief Period, and (v) amends the definitions of “Material Adverse Effect” and “License Revocation” in the Credit Agreement to take into consideration COVID-19. During the Financial Covenant Relief Period, the Company will not be required to comply with its existing consolidated total secured net leverage ratio financial covenant and the interest coverage ratio financial covenant. The Company has agreed to a minimum liquidity financial covenant that requires the Company and its restricted subsidiaries to maintain liquidity of at least $150.0 million during the Financial Covenant Relief Period.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Allowance for Doubtful Accounts Receivable	Allowance for Doubtful Accounts ReceivableUpon our adoption of ASC 326 on January 1, 2020, we maintained an allowance for doubtful accounts for current expected credit losses on our financial assets measured at amortized cost which are primarily included in accounts receivable, net in the accompanying condensed consolidated balance sheets. The Company evaluates current expected credit losses on a collective (pool) basis when similar risk characteristics exist. Write-offs are recognized when the Company concludes that all or a portion of a financial asset is no longer collectible. Any subsequent recovery is recognized when it occurs.

Discontinued Operations (Tables

Discontinued Operations (Tables)	3 Months Ended
	Mar. 31, 2020
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 from discontinued operations, net of tax" in the accompanying condensed consolidated statements of comprehensive income: Three Months Ended March 31, (in millions) 2020 2019 Net revenue $ — $ — Selling, general and administrative expense 1.2 0.4 Loss from discontinued operations before provision for income taxes (1.2) (0.4) Income tax benefit 0.3 0.1 Loss from discontinued operations, net of tax $ (0.9) $ (0.3)

Goodwill And Other Intangible_2

Goodwill And Other Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	Goodwill, by segment, is comprised of the following: (in millions) Churchill Downs Online Wagering Gaming All Other Total Balances as of December 31, 2019 $ 49.7 $ 148.2 $ 165.2 $ 4.0 $ 367.1 Additions — — — — — Balances as of March 31, 2020 $ 49.7 $ 148.2 $ 165.2 $ 4.0 $ 367.1
Schedule of Indefinite and Finite Lived Assets	Other intangible assets are comprised of the following: March 31, 2020 December 31, 2019 (in millions) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Definite-lived intangible assets $ 31.3 $ (16.2) $ 15.1 $ 31.3 $ (15.0) $ 16.3 Indefinite-lived intangible assets 336.0 353.5 Total $ 351.1 $ 369.8

Stock-based Compensation Plans

Stock-based Compensation Plans Grants (Tables)	3 Months Ended
	Mar. 31, 2020
Compensation Related Costs [Abstract]
Summary of RSUs and PSUs Granted	A summary of the RSUs and PSUs granted during 2020 is presented below (units in thousands): Grant Year Award Type Number of Units Awarded Vesting Terms 2020 RSU 44 Vest equally over three 2020 RSU 37 Vest equally over three 2020 PSU 37 Three

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Tables)	3 Months Ended
	Mar. 31, 2020
Payables and Accruals [Abstract]
Schedule of Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities consisted of the following: (in millions) March 31, 2020 December 31, 2019 Account wagering deposits liability $ 32.7 $ 28.9 Accrued interest 22.1 19.7 Purses payable 15.2 19.9 Accrued salaries and related benefits 11.2 29.2 Other 80.2 75.7 Total $ 161.4 $ 173.4

Investment in and Advances to_2

Investment in and Advances to Unconsolidated Affiliates (Tables)	3 Months Ended
	Mar. 31, 2020
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]
Affiliate Income Statement	Three Months Ended March 31, (in millions) 2020 2019 Net revenue $ 137.8 $ 89.5 Operating and SG&A expense 100.8 61.0 Depreciation and amortization 4.2 2.2 Total operating expense 105.0 63.2 Operating income 32.8 26.3 Interest and other, net (35.8) (17.0) Net (loss) income $ (3.0) $ 9.3
Affiliate Balance Sheet	(in millions) March 31, 2020 December 31, 2019 Assets Current assets $ 126.6 $ 64.0 Property and equipment, net 273.1 256.1 Other assets, net 246.0 240.1 Total assets $ 645.7 $ 560.2 Liabilities and Members' Deficit Current liabilities $ 112.7 $ 73.3 Long-term debt 775.6 745.0 Other liabilities 41.8 20.6 Members' deficit (284.4) (278.7) Total liabilities and members' deficit $ 645.7 $ 560.2

Fair Value Of Assets And Liab_2

Fair Value Of Assets And Liabilities (Tables)	3 Months Ended
	Mar. 31, 2020
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, 2020 (in millions) Carrying Amount Fair Value Level 1 Level 2 Level 3 Financial assets: Restricted cash $ 43.6 $ 43.6 $ 43.6 $ — $ — Financial liabilities: Term Loan B 387.2 391.0 — 391.0 — Revolver 688.4 688.4 — 688.4 — 2027 Senior Notes 592.3 558.0 — 558.0 — 2028 Senior Notes 494.0 435.0 — 435.0 — December 31, 2019 (in millions) Carrying Amount Fair Value Level 1 Level 2 Level 3 Financial assets: Restricted cash $ 46.3 $ 46.3 $ 46.3 $ — $ — Financial liabilities: Term Loan B 388.0 392.0 — 392.0 — 2027 Senior Notes 592.0 636.0 — 636.0 — 2028 Senior Notes 493.9 515.2 — 515.2 —

Net Income Per Common Share C_2

Net Income Per Common Share Computations (Tables)	3 Months Ended
	Mar. 31, 2020
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) 2020 2019 Numerator for basic net (loss) income per common share: Net (loss) income from continuing operations $ (22.6) $ 11.9 Net loss attributable to noncontrolling interest (0.1) — Net (loss) income from continuing operations, net of loss attributable to noncontrolling interests (22.5) 11.9 Net loss from discontinued operations (0.9) (0.3) Numerator for basic net (loss) income per common share $ (23.4) $ 11.6 Numerator for diluted net (loss) income from continuing operations per common share $ (22.5) $ 11.9 Numerator for diluted net (loss) income per common share $ (23.4) $ 11.6 Denominator for net (loss) income per common share: Basic 39.7 40.4 Plus dilutive effect of stock awards — 0.2 Diluted 39.7 40.6 Net (loss) income per common share data: Basic Continuing operations $ (0.57) $ 0.30 Discontinued operations $ (0.02) $ (0.01) Net (loss) income per common share - basic $ (0.59) $ 0.29 Diluted Continuing operations $ (0.57) $ 0.30 Discontinued operations $ (0.02) $ (0.01) Net (loss) income per common share - diluted $ (0.59) $ 0.29 Anti-dilutive stock awards excluded from the calculation of diluted shares 0.5 —

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2020
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 (loss) income to Adjusted EBITDA: Three Months Ended March 31, (in millions) 2020 2019 Net revenue from external customers: Churchill Downs: Churchill Downs Racetrack $ 1.9 $ 2.3 Derby City Gaming 21.6 18.7 Total Churchill Downs 23.5 21.0 Online Wagering: TwinSpires 66.6 63.0 Online Sports Betting and iGaming 0.7 0.1 Total Online Wagering 67.3 63.1 Gaming: Fair Grounds and VSI 31.6 37.5 Presque Isle 27.6 29.7 Calder 21.8 25.4 Oxford 20.1 23.9 Ocean Downs 14.8 18.4 Riverwalk 12.7 16.3 Harlow’s 11.7 15.3 Lady Luck Nemacolin 7.3 2.3 Total Gaming 147.6 168.8 All Other 14.5 12.5 Net revenue from external customers $ 252.9 $ 265.4 Three Months Ended March 31, (in millions) 2020 2019 Intercompany net revenue: Churchill Downs $ 0.3 $ 0.4 Online Wagering 0.4 0.3 Gaming 1.5 1.3 All Other 3.0 2.2 Eliminations (5.2) (4.2) Intercompany net revenue $ — $ — Three Months Ended March 31, 2020 (in millions) Churchill Downs Online Wagering Gaming Total Segments All Other Total Net revenue from external customers Pari-mutuel: Live and simulcast racing $ 1.0 $ 63.9 $ 9.9 $ 74.8 $ 9.9 $ 84.7 Historical racing (a) 20.4 — — 20.4 — 20.4 Racing event-related services — — 1.3 1.3 0.1 1.4 Gaming (a) — 0.7 121.6 122.3 — 122.3 Other (a) 2.1 2.7 14.8 19.6 4.5 24.1 Total $ 23.5 $ 67.3 $ 147.6 $ 238.4 $ 14.5 $ 252.9 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 (a) 17.7 — — 17.7 — 17.7 Racing event-related services — — 1.5 1.5 — 1.5 Gaming (a) — 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
Schedule of Segment Reporting Information	Adjusted EBITDA by segment is comprised of the following: Three Months Ended March 31, 2020 (in millions) Churchill Downs Online Wagering Gaming Net revenue $ 23.8 $ 67.7 $ 149.1 Taxes and purses (7.1) (3.9) (59.1) Marketing and advertising (1.1) (3.5) (5.3) Salaries and benefits (6.2) (3.5) (29.5) Content expense (0.4) (33.2) (1.2) Selling, general and administrative expense (1.5) (1.4) (6.7) Other operating expense (5.6) (7.2) (19.5) Other income — — 21.2 Adjusted EBITDA $ 1.9 $ 15.0 $ 49.0 Three Months Ended March 31, 2019 (in millions) Churchill Downs Online Wagering Gaming Net revenue $ 21.4 $ 63.4 $ 170.1 Taxes and purses (6.2) (3.3) (65.0) Marketing and advertising (1.1) (1.0) (5.1) Salaries and benefits (5.2) (2.5) (24.5) Content expense (0.5) (32.1) (1.2) Selling, general and administrative expense (1.7) (1.8) (6.4) Other operating expense (5.3) (5.8) (19.0) Other income — — 15.9 Adjusted EBITDA $ 1.4 $ 16.9 $ 64.8 Three Months Ended March 31, (in millions) 2020 2019 Reconciliation of Comprehensive (Loss) Income to Adjusted EBITDA: Net (loss) income and comprehensive (loss) income attributable to CDI $ (23.4) $ 11.6 Net loss attributable to noncontrolling interest 0.1 — Net (loss) income before noncontrolling interest (23.5) 11.6 Loss from discontinued operations, net of tax 0.9 0.3 (Loss) income from continuing operations, net of tax (22.6) 11.9 Additions: Depreciation and amortization 22.0 20.8 Interest expense 19.3 13.7 Income tax (benefit) provision (11.6) 6.5 EBITDA $ 7.1 $ 52.9 Adjustments to EBITDA: Selling, general and administrative: Stock-based compensation expense $ 4.3 $ 4.7 Other charges — 0.5 Pre-opening expense and other expense 1.7 1.3 Impairment of intangible assets 17.5 — Transaction expense, net 0.3 3.5 Other income, expense: Interest, depreciation and amortization expense related to equity investments 9.5 3.5 Changes in fair value of Midwest Gaming's interest rate swaps 14.9 4.3 Midwest Gaming's recapitalization and transactions costs — 3.9 Total adjustments to EBITDA 48.2 21.7 Adjusted EBITDA $ 55.3 $ 74.6 Adjusted EBITDA by segment: Churchill Downs $ 1.9 $ 1.4 Online Wagering 15.0 16.9 Gaming 49.0 64.8 Total segment Adjusted EBITDA 65.9 83.1 All Other $ (10.6) $ (8.5) Total Adjusted EBITDA $ 55.3 $ 74.6
Schedule of Equity in Income of Unconsolidated Investments	The table below presents information about equity in (loss) income of unconsolidated investments included in our reported segments: Three Months Ended March 31, (in millions) 2020 2019 Gaming $ (3.3) $ 4.1
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, 2020 December 31, 2019 Total assets: Churchill Downs $ 369.1 $ 370.3 Online Wagering 243.7 241.5 Gaming 940.3 1,030.1 Total segment assets 1,553.1 1,641.9 All Other 1,650.7 909.1 Total assets $ 3,203.8 $ 2,551.0 The table below presents total capital expenditures for each of our segments: Three Months Ended March 31, (in millions) 2020 2019 Capital expenditures: Churchill Downs $ 12.1 $ 9.6 Online Wagering 3.6 11.5 Gaming 3.3 2.5 Total segment capital expenditures 19.0 23.6 All Other 29.3 4.5 Total capital expenditures $ 48.3 $ 28.1

Description of Business (Detail

Description of Business (Details) $ in Millions	Oct. 09, 2019USD ($)a	Mar. 08, 2019USD ($)	Mar. 06, 2019USD ($)	Mar. 05, 2019USD ($)	Jan. 11, 2019USD ($)	Mar. 31, 2020USD ($)	Mar. 31, 2019USD ($)	Jun. 30, 2021USD ($)	Mar. 16, 2020USD ($)
Variable Interest Entity [Line Items]
Proceeds from borrowings under long-term debt obligations						$ 719.8	$ 1,231.9
Proceeds from new credit facilities						719.8	$ 1,231.9
Revolving Credit Facility | Line of Credit
Variable Interest Entity [Line Items]
Borrowings									$ 675.4
Proceeds from borrowings under long-term debt obligations						700.9
Proceeds from new credit facilities						$ 700.9
Presque Isle Downs & Casino And Lady Luck Casino
Variable Interest Entity [Line Items]
Payments to acquire business					$ 178.9
Presque Isle Downs & Casino
Variable Interest Entity [Line Items]
Working capital and other purchase price adjustments					$ 1.6
Lady Luck Nemacolin
Variable Interest Entity [Line Items]
Payments to acquire business		$ 0.1
Turfway Park
Variable Interest Entity [Line Items]
Payments to acquire business	$ 36
Working capital and other purchase price adjustments	0.9
Total consideration	$ 46
Area of land | a	197
Turfway Park | Scenario, Plan | Maximum
Variable Interest Entity [Line Items]
Total consideration	$ 150
Midwest Gaming Holdings, LLC
Variable Interest Entity [Line Items]
Equity method investment, ownership percentage			61.30%	42.00%		61.30%
Aggregated cash consideration paid at closing of the Sale Transaction				$ 406.6
Deferred tax liability				103.2		$ 103.2
Clairvest Group Inc.
Variable Interest Entity [Line Items]
Transaction costs				3.5
Subsequent Event | Revolving Credit Facility | Line of Credit
Variable Interest Entity [Line Items]
Minimum liquidity financial covenant								$ 150
Midwest Gaming Holdings, LLC
Variable Interest Entity [Line Items]
Proceeds from borrowings under long-term debt obligations			$ 300	300
Proceeds from new credit facilities			$ 300	$ 300
High Plaines | Midwest Gaming Holdings, LLC
Variable Interest Entity [Line Items]
Equity method investment, ownership percentage			36.00%			36.00%
Casino Investors | Midwest Gaming Holdings, LLC
Variable Interest Entity [Line Items]
Equity method investment, ownership percentage			2.70%			2.70%

Acquisitions - Turfway Park (De

Acquisitions - Turfway Park (Details) - USD ($) $ in Millions	Oct. 09, 2019	Mar. 31, 2020	Dec. 31, 2019
Business Acquisition [Line Items]
Goodwill		$ 367.1	$ 367.1
Turfway Park
Business Acquisition [Line Items]
Total consideration	$ 46
Payments to acquire business	36
Intangible asset acquired	10
Working capital and other purchase price adjustments	0.9
Cash acquired in the acquisition	0.6
Land acquired	18.8
Goodwill	3
Current liabilities acquired	2.6
Turfway Park | Game Rights
Business Acquisition [Line Items]
Indefinite-lived assets acquired	9.8
Turfway Park | Trademarks
Business Acquisition [Line Items]
Indefinite-lived assets acquired	$ 5.5

Discontinued Operations - Addit

Discontinued Operations - Additional Information (Details) $ in Millions	Jan. 09, 2018USD ($)
Discontinued Operations, Disposed of by Sale | Big Fish Games
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Purchase price	$ 990

Discontinued Operations - Incom

Discontinued Operations - Income (Loss) From Discontinued Operations (Details) - Big Fish Games - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net revenue	$ 0	$ 0
Selling, general and administrative expense	1.2	0.4
Loss from discontinued operations before provision for income taxes	(1.2)	(0.4)
Income tax benefit	0.3	0.1
Loss from discontinued operations, net of tax	$ (0.9)	$ (0.3)

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets - Goodwill (Details) $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)
Goodwill [Roll Forward]
Balances as of December 31, 2019	$ 367.1
Additions	0
Balances as of March 31, 2020	367.1
Churchill Downs
Goodwill [Roll Forward]
Balances as of December 31, 2019	49.7
Additions	0
Balances as of March 31, 2020	49.7
Online Wagering
Goodwill [Roll Forward]
Balances as of December 31, 2019	148.2
Additions	0
Balances as of March 31, 2020	148.2
Gaming
Goodwill [Roll Forward]
Balances as of December 31, 2019	165.2
Additions	0
Balances as of March 31, 2020	165.2
All Other
Goodwill [Roll Forward]
Balances as of December 31, 2019	4
Additions	0
Balances as of March 31, 2020	$ 4

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets - Intangible Assets (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Gross Carrying Amount	$ 31.3	$ 31.3
Accumulated Amortization	(16.2)	(15)
Definite-Lived Intangible Assets, Net Carrying Amount	15.1	16.3
Indefinite-lived Intangible Assets, Net Carrying Amount	336	353.5
Total intangible assets	$ 351.1	$ 369.8

Asset Impairment (Details)

Asset Impairment (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Indefinite-lived Intangible Assets [Line Items]
Impairment of intangible assets	$ 17.5	$ 0
Online Wagering
Indefinite-lived Intangible Assets [Line Items]
Impairment of intangible assets	2.5
Presque Isle Downs & Casino | Gaming
Indefinite-lived Intangible Assets [Line Items]
Impairment of intangible assets	12.5
Gaming Rights
Indefinite-lived Intangible Assets [Line Items]
Impairment of intangible assets	15
Trademarks
Indefinite-lived Intangible Assets [Line Items]
Impairment of intangible assets	$ 2.5

Income Taxes (Details)

Income Taxes (Details) $ in Millions	3 Months Ended
	Mar. 31, 2019USD ($)
Income Tax Disclosure [Abstract]
Future income tax expenses recognized from the re-measurement of net deferred tax liabilities	$ (2.8)

Shareholders' Equity (Details)

Shareholders' Equity (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Oct. 30, 2018	Oct. 29, 2018	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	$ 27,900,000	$ 25,000,000
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	$ 147,100,000
Repurchase of common stock (in shares)	235,590
Repurchase aggregate cost	$ 27,900,000

Stock-based Compensation Plan_2

Stock-based Compensation Plans (Details) - USD ($) shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	$ 4.3	$ 4.7
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Units Awarded (in shares)	44
Vesting period	3 years
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Units Awarded (in shares)	37
Performance and service period	3 years
Share-based Compensation Award, Tranche One | Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Share-based Compensation Award, Tranche One | 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 Units Awarded (in shares)	37

Debt (Details)

Debt (Details) - USD ($) $ in Millions	Mar. 16, 2020	Mar. 31, 2020	Mar. 31, 2019	Jun. 30, 2021
Debt Instrument [Line Items]
Proceeds from borrowings under long-term debt obligations		$ 719.8	$ 1,231.9
Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Debt issuance costs	$ 1.1
Borrowings	$ 675.4
Proceeds from borrowings under long-term debt obligations		$ 700.9
Line of Credit | Revolving Credit Facility | Subsequent Event
Debt Instrument [Line Items]
Minimum liquidity financial covenant				$ 150
Line of Credit | Revolving Credit Facility | Minimum
Debt Instrument [Line Items]
Commitment fee percentage	0.35%
Line of Credit | Revolving Credit Facility | Minimum | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread	2.25%
Line of Credit | Revolving Credit Facility | Maximum
Debt Instrument [Line Items]
Commitment fee percentage	0.30%
Line of Credit | Revolving Credit Facility | Maximum | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread	1.75%

Revenue from Contracts with C_2

Revenue from Contracts with Customers - Performance Obiligations (Details) $ in Millions	Mar. 31, 2020USD ($)
Revenue from Contract with Customer [Abstract]
Remaining performance obligation, amount	$ 167.5
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-04-01
Revenue from Contract with Customer [Abstract]
Remaining performance obligation, amount	$ 47.5
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]: 2021-01-01
Revenue from Contract with Customer [Abstract]
Remaining performance obligation, amount	$ 37.1
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]: 2022-01-01
Revenue from Contract with Customer [Abstract]
Remaining performance obligation, amount	$ 31.7
Disaggregation of Revenue [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period

Revenue from Contracts with C_3

Revenue from Contracts with Customers - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Revenue from Contract with Customer [Abstract]
Contract with customer, liability	$ 119		$ 63.1
Contract with customer, revenue recognized	$ 3.8	$ 2.7

Accrued Expenses and Other Cu_3

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Payables and Accruals [Abstract]
Account wagering deposits liability	$ 32,700	$ 28,900
Accrued interest	22,100	19,700
Purses payable	15,200	19,900
Accrued salaries and related benefits	11,200	29,200
Other	80,200	75,700
Total	$ 161,400	$ 173,400

Investment in and Advances to_3

Investment in and Advances to Unconsolidated Affiliates - Additional Information (Details) - USD ($) $ in Millions	Mar. 06, 2019	Mar. 05, 2019	Mar. 31, 2020	Mar. 31, 2019
Investments in and Advances to Affiliates [Line Items]
Proceeds from borrowings under long-term debt obligations			$ 719.8	$ 1,231.9
Midwest Gaming Holdings, LLC
Investments in and Advances to Affiliates [Line Items]
Equity method investment, ownership percentage	61.30%	42.00%	61.30%
Aggregated cash consideration paid at closing of the Sale Transaction		$ 406.6
Deferred tax liability		103.2	$ 103.2
Equity method investment, difference between carrying amount and underlying equity			$ 834
Clairvest Group Inc.
Investments in and Advances to Affiliates [Line Items]
Transaction costs		3.5
Midwest Gaming Holdings, LLC
Investments in and Advances to Affiliates [Line Items]
Proceeds from borrowings under long-term debt obligations	$ 300	$ 300
High Plaines | Midwest Gaming Holdings, LLC
Investments in and Advances to Affiliates [Line Items]
Equity method investment, ownership percentage	36.00%		36.00%
Casino Investors | Midwest Gaming Holdings, LLC
Investments in and Advances to Affiliates [Line Items]
Equity method investment, ownership percentage	2.70%		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, 2020	Mar. 31, 2019
Affiliate Income Statement [Abstract]
Net revenue	$ 137.8	$ 89.5
Operating and SG&A expense	100.8	61
Depreciation and amortization	4.2	2.2
Total operating expense	105	63.2
Operating income	32.8	26.3
Interest and other, net	(35.8)	(17)
Net (loss) income	$ (3)	$ 9.3

Investment in and Advances to_5

Investment in and Advances to Unconsolidated Affiliates - Affiliate Balance Sheet (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Investments in and Advances to Affiliates, Affiliate Balance Sheet [Abstract]
Current assets	$ 126.6	$ 64
Property and equipment, net	273.1	256.1
Other assets, net	246	240.1
Total assets	645.7	560.2
Current liabilities	112.7	73.3
Long-term debt	775.6	745
Other liabilities	41.8	20.6
Members' deficit	(284.4)	(278.7)
Total liabilities and members' deficit	$ 645.7	$ 560.2

Fair Value Of Assets And Liab_3

Fair Value Of Assets And Liabilities (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019	Dec. 27, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	$ 43,600,000	$ 46,300,000
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	$ 43,600,000	46,300,000
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash		0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash		0
2027 Senior Notes | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Stated interest rate	5.375%
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	$ 558,000,000	636,000,000
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
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	$ 435,000,000	515,200,000
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
Term Loan B | Term Loan B due 2024 | Line of Credit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Face amount of debt issuance			$ 400,000,000
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
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	391,000,000	392,000,000
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
Revolving Credit Facility | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value disclosure of debt		0
Revolving Credit Facility | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value disclosure of debt	688,400,000
Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash		46,300,000
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	592,300,000	592,000,000
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	494,000,000	493,900,000
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	387,200,000	388,000,000
Carrying Amount | Revolving Credit Facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value disclosure of debt	688,400,000
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	43,600,000	46,300,000
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	558,000,000	636,000,000
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	435,000,000	515,200,000
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	391,000,000	$ 392,000,000
Fair Value | Revolving Credit Facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value disclosure of debt	$ 688,400,000

Contingencies (Details)

Contingencies (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Loss Contingency Accrual	$ 2.8	$ 2.8

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, 2020	Mar. 31, 2019
Earnings Per Share [Abstract]
(Loss) income from continuing operations, net of tax	$ (22.6)	$ 11.9
Net loss attributable to noncontrolling interest	0.1	0
Net (loss) income from continuing operations, net of loss attributable to noncontrolling interests	(22.5)	11.9
Loss from discontinued operations, net of tax	(0.9)	(0.3)
Numerator for basic net (loss) income per common share	(23.4)	11.6
Numerator for basic net (loss) income per common share	(22.5)	11.9
Numerator for diluted net (loss) income from continuing operations per common share	$ (23.4)	$ 11.6
Denominator for net (loss) income per common share:
Basic (in shares)	39.7	40.4
Plus dilutive effect of stock awards (in shares)	0	0.2
Diluted (in shares)	39.7	40.6
Net (loss) income per common share data, basic:
Continuing operations (in dollars per share)	$ (570,000)	$ 0.30
Discontinued operations (in dollars per share)	(20,000)	(0.01)
Net income per common share data - basic (in dollars per share)	(590,000)	0.29
Net (loss) income per common share data, diluted:
Continuing operations (in dollars per share)	(570,000)	0.30
Discontinued operations (in dollars per share)	(20,000)	(0.01)
Net income per common share data - diluted (in dollars per share)	$ (590,000)	$ 0.29
Anti-dilutive stock awards excluded from the calculation of diluted shares (in shares)	0.5	0

Segment Information - Narrative

Segment Information - Narrative (Details) slot_machine in Thousands	3 Months Ended
	Mar. 31, 2020gamestateSegmentsslot_machine	Mar. 06, 2019	Mar. 05, 2019
Schedule of Equity Method Investments [Line Items]
Number of operating segments | Segments	3
Number of slot machines | slot_machine	11
Number of table games | game	200
Number of states in which Gaming segment has slot machines and video lottery terminals | state	8
Midwest Gaming Holdings, LLC
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	61.30%	61.30%	42.00%
Miami Valley Gaming LLC
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	50.00%

Segment Information - Informati

Segment Information - Information About Reported Segments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Segment Reporting Information [Line Items]
Revenues	$ 252.9	$ 265.4
Intercompany net revenues	0	0
Net (loss) income and comprehensive (loss) income attributable to CDI	(23.4)	11.6
Net loss attributable to noncontrolling interest	(0.1)	0
Net (loss) income	(23.5)	11.6
Loss from discontinued operations, net of tax	(0.9)	(0.3)
(Loss) income from continuing operations, net of tax	(22.6)	11.9
Depreciation and amortization	22	20.8
Interest expense	19.3	13.7
Income tax (benefit) provision	(11.6)	6.5
EBITDA	7.1	52.9
Stock-based compensation expense	4.3	4.7
Other charges	0	0.5
Pre-opening expense and other expense	1.7	1.3
Impairment of intangible assets	17.5	0
Transaction expense, net	0.3	3.5
Interest, depreciation and amortization expense related to equity investments	9.5	3.5
Fair Value of Interest Rate Swaps	14.9	4.3
Midwest Gaming's recapitalization and transactions costs	0	3.9
Total adjustments to EBITDA	48.2	21.7
Adjusted EBITDA	55.3	74.6
Churchill Downs
Segment Reporting Information [Line Items]
Revenues	23.8	21.4
Adjusted Segment EBITDA	1.9	1.4
Online Wagering
Segment Reporting Information [Line Items]
Revenues	67.7	63.4
Impairment of intangible assets	2.5
Adjusted Segment EBITDA	15	16.9
Gaming
Segment Reporting Information [Line Items]
Revenues	149.1	170.1
Adjusted Segment EBITDA	49	64.8
Gaming | Presque Isle Downs & Casino
Segment Reporting Information [Line Items]
Impairment of intangible assets	12.5
Operating Segments
Segment Reporting Information [Line Items]
Revenues	252.9	265.4
Adjusted Segment EBITDA	65.9	83.1
Operating Segments | Churchill Downs
Segment Reporting Information [Line Items]
Revenues	23.5	21
Intercompany net revenues	0.3	0.4
Adjusted Segment EBITDA	1.9	1.4
Operating Segments | Churchill Downs | Churchill Downs Racetrack
Segment Reporting Information [Line Items]
Revenues	1.9	2.3
Operating Segments | Churchill Downs | Derby City Gaming
Segment Reporting Information [Line Items]
Revenues	21.6	18.7
Operating Segments | Online Wagering
Segment Reporting Information [Line Items]
Revenues	67.3	63.1
Intercompany net revenues	0.4	0.3
Adjusted Segment EBITDA	15	16.9
Operating Segments | Online Wagering | TwinSpires
Segment Reporting Information [Line Items]
Revenues	66.6	63
Operating Segments | Online Wagering | Online Sports Betting and iGaming
Segment Reporting Information [Line Items]
Revenues	0.7	0.1
Operating Segments | Gaming
Segment Reporting Information [Line Items]
Revenues	147.6	168.8
Intercompany net revenues	1.5	1.3
Adjusted Segment EBITDA	49	64.8
Operating Segments | Gaming | Fair Grounds and VSI
Segment Reporting Information [Line Items]
Revenues	31.6	37.5
Operating Segments | Gaming | Presque Isle Downs & Casino
Segment Reporting Information [Line Items]
Revenues	27.6	29.7
Operating Segments | Gaming | Calder
Segment Reporting Information [Line Items]
Revenues	21.8	25.4
Operating Segments | Gaming | Oxford
Segment Reporting Information [Line Items]
Revenues	20.1	23.9
Operating Segments | Gaming | Ocean Downs
Segment Reporting Information [Line Items]
Revenues	14.8	18.4
Operating Segments | Gaming | Riverwalk
Segment Reporting Information [Line Items]
Revenues	12.7	16.3
Operating Segments | Gaming | Harlow’s
Segment Reporting Information [Line Items]
Revenues	11.7	15.3
Operating Segments | Gaming | Lady Luck Nemacolin
Segment Reporting Information [Line Items]
Revenues	7.3	2.3
Segment Reconciling Items | All Other
Segment Reporting Information [Line Items]
Revenues	14.5	12.5
Intercompany net revenues	3	2.2
Adjusted Segment EBITDA	(10.6)	(8.5)
Eliminations
Segment Reporting Information [Line Items]
Intercompany net revenues	$ (5.2)	$ (4.2)

Segment Information - Schedule

Segment Information - Schedule of Net Revenue from External Customers (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Segment Reporting Information [Line Items]
Net revenue from external customers	$ 252.9	$ 265.4
Disclosure of complimentary revenue	7.6	7.8
Churchill Downs
Segment Reporting Information [Line Items]
Net revenue from external customers	23.8	21.4
Online Wagering
Segment Reporting Information [Line Items]
Net revenue from external customers	67.7	63.4
Gaming
Segment Reporting Information [Line Items]
Net revenue from external customers	149.1	170.1
Operating Segments
Segment Reporting Information [Line Items]
Net revenue from external customers	252.9	265.4
Operating Segments | Churchill Downs
Segment Reporting Information [Line Items]
Net revenue from external customers	23.5	21
Operating Segments | Online Wagering
Segment Reporting Information [Line Items]
Net revenue from external customers	67.3	63.1
Operating Segments | Gaming
Segment Reporting Information [Line Items]
Net revenue from external customers	147.6	168.8
Segment Reconciling Items | All Other
Segment Reporting Information [Line Items]
Net revenue from external customers	14.5	12.5
External Customer
Segment Reporting Information [Line Items]
Net revenue from external customers	252.9	265.4
External Customer | Operating Segments | Churchill Downs
Segment Reporting Information [Line Items]
Net revenue from external customers	23.5	21
External Customer | Operating Segments | Online Wagering
Segment Reporting Information [Line Items]
Net revenue from external customers	67.3	63.1
External Customer | Operating Segments | Gaming
Segment Reporting Information [Line Items]
Net revenue from external customers	147.6	168.8
External Customer | Operating Segments | Total Segments
Segment Reporting Information [Line Items]
Net revenue from external customers	238.4	252.9
External Customer | Segment Reconciling Items | All Other
Segment Reporting Information [Line Items]
Net revenue from external customers	14.5	12.5
External Customer | Pari-mutuel, live and simulcast racing
Segment Reporting Information [Line Items]
Net revenue from external customers	84.7	81.6
External Customer | Pari-mutuel, live and simulcast racing | Operating Segments | Churchill Downs
Segment Reporting Information [Line Items]
Net revenue from external customers	1	1.4
External Customer | Pari-mutuel, live and simulcast racing | Operating Segments | Online Wagering
Segment Reporting Information [Line Items]
Net revenue from external customers	63.9	60.5
External Customer | Pari-mutuel, live and simulcast racing | Operating Segments | Gaming
Segment Reporting Information [Line Items]
Net revenue from external customers	9.9	12.2
External Customer | Pari-mutuel, live and simulcast racing | Operating Segments | Total Segments
Segment Reporting Information [Line Items]
Net revenue from external customers	74.8	74.1
External Customer | Pari-mutuel, live and simulcast racing | Segment Reconciling Items | All Other
Segment Reporting Information [Line Items]
Net revenue from external customers	9.9	7.5
External Customer | Pari-mutuel, historical racing
Segment Reporting Information [Line Items]
Net revenue from external customers	20.4	17.7
External Customer | Pari-mutuel, historical racing | Operating Segments | Churchill Downs
Segment Reporting Information [Line Items]
Net revenue from external customers	20.4	17.7
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	20.4	17.7
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	1.4	1.5
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	1.3	1.5
External Customer | Racing event-related services | Operating Segments | Total Segments
Segment Reporting Information [Line Items]
Net revenue from external customers	1.3	1.5
External Customer | Racing event-related services | Segment Reconciling Items | All Other
Segment Reporting Information [Line Items]
Net revenue from external customers	0.1	0
External Customer | Gaming
Segment Reporting Information [Line Items]
Net revenue from external customers	122.3	146.7
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	0.7	0.1
External Customer | Gaming | Operating Segments | Gaming
Segment Reporting Information [Line Items]
Net revenue from external customers	121.6	146.6
External Customer | Gaming | Operating Segments | Total Segments
Segment Reporting Information [Line Items]
Net revenue from external customers	122.3	146.7
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	24.1	17.9
External Customer | Other | Operating Segments | Churchill Downs
Segment Reporting Information [Line Items]
Net revenue from external customers	2.1	1.9
External Customer | Other | Operating Segments | Online Wagering
Segment Reporting Information [Line Items]
Net revenue from external customers	2.7	2.5
External Customer | Other | Operating Segments | Gaming
Segment Reporting Information [Line Items]
Net revenue from external customers	14.8	8.5
External Customer | Other | Operating Segments | Total Segments
Segment Reporting Information [Line Items]
Net revenue from external customers	19.6	12.9
External Customer | Other | Segment Reconciling Items | All Other
Segment Reporting Information [Line Items]
Net revenue from external customers	$ 4.5	$ 5

Segment Information - Adjusted

Segment Information - Adjusted EBITDA by Segment (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Segment Reporting Information [Line Items]
Revenues	$ 252.9	$ 265.4
Churchill Downs
Segment Reporting Information [Line Items]
Revenues	23.8	21.4
Taxes and purses	(7.1)	(6.2)
Marketing and advertising	(1.1)	(1.1)
Salaries and benefits	(6.2)	(5.2)
Content Expense	(0.4)	(0.5)
Adjusted EBITDA Selling, General & Administrative Expenses	(1.5)	(1.7)
Other Cost and Expense, Operating	(5.6)	(5.3)
Other income	0	0
Adjusted EBITDA	1.9	1.4
Online Wagering
Segment Reporting Information [Line Items]
Revenues	67.7	63.4
Taxes and purses	(3.9)	(3.3)
Marketing and advertising	(3.5)	(1)
Salaries and benefits	(3.5)	(2.5)
Content Expense	(33.2)	(32.1)
Adjusted EBITDA Selling, General & Administrative Expenses	(1.4)	(1.8)
Other Cost and Expense, Operating	(7.2)	(5.8)
Other income	0	0
Adjusted EBITDA	15	16.9
Gaming
Segment Reporting Information [Line Items]
Revenues	149.1	170.1
Taxes and purses	(59.1)	(65)
Marketing and advertising	(5.3)	(5.1)
Salaries and benefits	(29.5)	(24.5)
Content Expense	(1.2)	(1.2)
Adjusted EBITDA Selling, General & Administrative Expenses	(6.7)	(6.4)
Other Cost and Expense, Operating	(19.5)	(19)
Other income	21.2	15.9
Adjusted EBITDA	$ 49	$ 64.8

Segment Information - Equity in

Segment Information - Equity in Earnings of Unconsolidated Investments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Segment Reporting, Other Significant Reconciling Item [Line Items]
Equity in income of unconsolidated investments	$ (3.3)	$ 4.1
Gaming
Segment Reporting, Other Significant Reconciling Item [Line Items]
Equity in income of unconsolidated investments	$ (3.3)	$ 4.1

Segment Information - Total Ass

Segment Information - Total Asset Information For Segments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 3,203.8		$ 2,551
Capital expenditures	48.3	$ 28.1
Operating Segments | Total Segments
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	1,553.1		1,641.9
Capital expenditures	19	23.6
Operating Segments | Churchill Downs
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	369.1		370.3
Capital expenditures	12.1	9.6
Operating Segments | Online Wagering
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	243.7		241.5
Capital expenditures	3.6	11.5
Operating Segments | Gaming
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	940.3		1,030.1
Capital expenditures	3.3	2.5
Segment Reconciling Items | All Other
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	1,650.7		$ 909.1
Capital expenditures	$ 29.3	$ 4.5

Subsequent Event (Details)

Subsequent Event (Details) $ in Millions	14 Months Ended
	Jun. 30, 2021USD ($)
Subsequent Event | Revolving Credit Facility | Line of Credit
Subsequent Event [Line Items]
Minimum liquidity financial covenant	$ 150