Churchill Downs (CHDN) 10-Q 21 Apr 21 2021 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2021	Apr. 07, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
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	Yes
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		38,520,526
Amendment Flag	false
Document Fiscal Year Focus	2021
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 Income (Loss) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Net revenue:
Net revenue	$ 324.3	$ 252.9
Operating expense:
Selling, general and administrative expense	30.2	24.1
Impairment of intangible assets	0	17.5
Transaction expense, net	0.1	0.3
Total operating expense	277.6	264.5
Operating income (loss)	46.7	(11.6)
Other income (expense):
Interest expense, net	(19.4)	(19.3)
Equity in income (loss) of unconsolidated affiliates	24.9	(3.3)
Miscellaneous, net	0.1	0
Total other income (expense)	5.6	(22.6)
Income (loss) from continuing operations before provision for income taxes	52.3	(34.2)
Income tax (provision) benefit	(16.2)	11.6
Income (loss) from continuing operations, net of tax	36.1	(22.6)
Loss from discontinued operations, net of tax	0	(0.9)
Net income (loss)	36.1	(23.5)
Net loss attributable to noncontrolling interest	0	(0.1)
Net income (loss) and comprehensive income (loss) attributable to Churchill Downs Incorporated	$ 36.1	$ (23.4)
Net (loss) income per common share data, basic:
Continuing operations (in dollars per share)	$ 0.93	$ (0.57)
Discontinued operations (in dollars per share)	0	(0.02)
Net (loss) income per common share data - basic (in dollars per share)	0.93	(0.59)
Net (loss) income per common share data, diluted:
Continuing operations (in dollars per share)	0.91	(0.57)
Discontinued operations (in dollars per share)	0	(0.02)
Net (loss) income per common share data - diluted (in dollars per share)	$ 0.91	$ (0.59)
Weighted average shares outstanding:
Basic (in shares)	39	39.7
Diluted (in shares)	39.6	39.7
Live and Historical Racing
Net revenue:
Net revenue	$ 63.2	$ 28.1
Operating expense:
Operating expense	54.7	33.1
TwinSpires
Net revenue:
Net revenue	99.7	69.1
Operating expense:
Operating expense	73	50.8
Gaming
Net revenue:
Net revenue	152	145.9
Operating expense:
Operating expense	106.3	124.1
All Other
Net revenue:
Net revenue	9.4	9.8
Operating expense:
Operating expense	$ 13.3	$ 14.6

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 147.7	$ 67.4
Restricted cash	48	53.6
Accounts receivable, net	45.3	36.5
Income taxes receivable	69.4	49.4
Other current assets	36.4	28.2
Total current assets	346.8	235.1
Property and equipment, net	1,068.7	1,082.1
Investment in and advances to unconsolidated affiliates	633.7	630.6
Goodwill	366.8	366.8
Other intangible assets, net	349.4	350.6
Other assets	21.7	21.2
Total assets	2,787.1	2,686.4
Current liabilities:
Accounts payable	74.7	70.7
Accrued expenses and other current liabilities	171	167.8
Current deferred revenue	52.5	32.8
Current maturities of long-term debt	7	4
Dividends payable	0	24.9
Current liabilities of discontinued operations	0	124
Total current liabilities	305.2	424.2
Long-term debt, net of current maturities and loan origination fees	672.9	530.5
Notes payable, net of debt issuance costs	1,291.4	1,087.8
Non-current deferred revenue	18.4	17.1
Deferred income taxes	248.8	213.9
Other liabilities	48.2	45.8
Total liabilities	2,584.9	2,319.3
Commitments and contingencies
Shareholders' equity:
Preferred stock	0	0
Common stock	1.7	18.2
Retained earnings	201.4	349.8
Accumulated other comprehensive loss	(0.9)	(0.9)
Total shareholders' equity	202.2	367.1
Total liabilities and shareholders' equity	$ 2,787.1	$ 2,686.4

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Shareholders' Equity - USD ($) shares in Millions, $ in Millions	Total	Cumulative Effect, Period of Adoption, Adjustment	Common Stock	Retained Earnings	Retained EarningsCumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive Loss	Noncontrolling Interest
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]
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201613Member
Net 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	$ (0.5)	$ 0	433.9	$ (0.5)	(0.9)	2.6
Shares outstanding, beginning (in shares) at Dec. 31, 2020			39.5
Shareholders' equity, beginning at Dec. 31, 2020	367.1		$ 18.2	349.8		(0.9)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	36.1			36.1
Issuance of common stock (in shares)			0.1
Issuance of common stock	0
Repurchase of common stock (in shares)			(1)
Repurchase of common stock	(193.9)		$ (22)	(171.9)
Taxes paid related to net share settlement of stock awards (in shares)			(0.1)
Taxes paid related to net share settlement of stock awards	(12.6)			(12.6)
Stock-based compensation	5.5		$ 5.5
Shares outstanding, ending (in shares) at Mar. 31, 2021			38.5
Shareholders' equity, ending at Mar. 31, 2021	$ 202.2		$ 1.7	$ 201.4		$ (0.9)	$ 0

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash flows from operating activities:
Net income (loss)	$ 36.1	$ (23.5)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	26	22
Distributions from unconsolidated affiliates	22	1.3
Equity in (income) loss of unconsolidated affiliates	(24.9)	3.3
Stock-based compensation	5.5	4.3
Deferred income taxes	5.7	(1.9)
Impairment of intangible assets	0	17.5
Amortization of operating lease assets	0.2	1.2
Other	1.2	0.9
Changes in operating assets and liabilities:
Income taxes	9.2	(10.7)
Deferred revenue	21	53.4
Current liabilities of discontinued operations	(124)	0
Other assets and liabilities	2.2	(24.3)
Net cash (used in) provided by operating activities	(19.8)	43.5
Cash flows from investing activities:
Capital maintenance expenditures	(4.7)	(9)
Capital project expenditures	(7.6)	(39.3)
Net cash used in investing activities	(12.3)	(48.3)
Cash flows from financing activities:
Proceeds from borrowings under long-term debt obligations	780.8	719.8
Repayments of borrowings under long-term debt obligations	(425.7)	(32.4)
Payment of dividends	(24.8)	(23.4)
Repurchase of common stock	(193.9)	(28.4)
Cash settlement of stock awards	0	(12.7)
Taxes paid related to net share settlement of stock awards	(12.6)	(15.1)
Debt issuance costs	(5.8)	(0.9)
Change in bank overdraft	(12.8)	0
Other	1.6	(0.1)
Net cash provided by financing activities	106.8	606.8
Net increase in cash, cash equivalents and restricted cash	74.7	602
Cash, cash equivalents and restricted cash, beginning of period	121	142.5
Cash, cash equivalents and restricted cash, end of period	195.7	744.5
Supplemental disclosures of cash flow information:
Cash paid for during the period for interest	15.4	16.6
Cash paid for during the period for income taxes	0.1	0.5
Schedule of non-cash investing and financing activities:
Property and equipment additions included in accounts payable and accrued expenses	$ 4.2	$ 36.5

Recent Accounting Pronouncement

Recent Accounting Pronouncements (Statement)	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Recent Accounting Pronouncements	RECENT ACCOUNTING PRONOUNCEMENTS Adopted on January 1, 2021 In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which simplifies the accounting for income taxes by removing certain exceptions to the general principles in ASC Topic 740, Income Taxes. The amendments also improve consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance. This ASU is effective for public business entities for fiscal years and interim periods beginning after December 15, 2020. The adoption of this ASU did not have a material impact on our business. Effective after 2021 In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional expedients and exceptions to applying the guidance on contract modifications, hedge accounting, and other transactions, to simplify the accounting for transitioning from the London Interbank Offered Rate (LIBOR), and other interbank offered rates expected to be discontinued, to alternative reference rates. The guidance was effective upon issuance; if elected, it is to be applied prospectively through December 31, 2022. We are currently evaluating the effect the adoption of this new accounting standard will have on our results of operations, financial condition, and cash flows.

Description of Business

Description of Business	3 Months Ended
	Mar. 31, 2021
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, 2020 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, 2020. 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: Live and Historical Racing, TwinSpires, 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 (loss). Segments During the first quarter of 2021, we updated our operating segments to reflect the internal management reporting used by our chief operating decision maker to evaluate results of operations and to assess performance and allocate resources. Our internal management reporting changed primarily due to the continued growth from Oak Grove Racing, Gaming & Hotel ("Oak Grove") and Turfway Park, which opened its annex historical racing machine ("HRM") facility, Newport Racing & Gaming ("Newport"), in October 2020, which resulted in our chief operating decision maker's decision to include Oak Grove, Turfway Park and Newport in the new Live and Historical Racing segment. The Live and Historical Racing segment now includes Churchill Downs Racetrack, Derby City Gaming, Oak Grove, Turfway Park, and Newport. We also realigned our retail sports betting results at our wholly-owned casinos from our Gaming segment to our TwinSpires segment. As a result of this realignment, our operating segments that meet the requirements to be disclosed separately as reportable segments are: Live and Historical Racing, TwinSpires, and Gaming. We conduct our business through these reportable segments and report net revenue and operating expense associated with these reportable segments in our condensed consolidated statements of comprehensive income (loss). The prior year results in the accompanying condensed consolidated statements of comprehensive income (loss) were reclassified to conform to this presentation. Impact of COVID-19 Pandemic In March 2020, the World Health Organization declared the COVID-19 outbreak a global pandemic. The COVID-19 global pandemic has resulted in travel limitations and business and government shutdowns which have had significant negative economic impacts in the United States and in relation to our business. Although vaccines are now available, distribution is currently limited and there can be no assurance that these vaccines will be successful in ending the COVID-19 global pandemic. The long-term impact of COVID-19 on the U.S. and world economies and continuing impact on our business 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 temporarily suspended operations at our properties in March 2020. On March 25, 2020, as a result of the temporary closures and suspended operations, the Company announced the temporary furlough of employees at its wholly-owned and managed gaming properties and certain racing operations. The Company also implemented a temporary 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 received the largest salary decrease, based on both percentage and dollar amount. In May 2020, we began to reopen our properties with patron restrictions and gaming limitations. One property temporarily suspended operations again in July 2020 and reopened in August 2020, and three properties temporarily suspended operations again in December 2020 and reopened in January 2021. As the Company reopened these properties, certain employees have returned to work while others remain on temporary furlough due to the capacity restrictions at these properties. The Company provided health, dental, vision and life insurance benefits to furloughed employees through July 31, 2020 and during the subsequent property closure periods.

Discontinued Operations

Discontinued Operations	3 Months Ended
	Mar. 31, 2021
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. ("Aristocrat"), 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. Aristocrat paid an aggregate consideration of $990.0 million in cash in connection with the Big Fish Transaction, subject to customary adjustments for working capital and indebtedness and certain other adjustments as set forth in the Stock Purchase Agreement. The Big Fish Games business and the related Big Fish Transaction meet the criteria for discontinued operation presentation. The condensed consolidated statements of comprehensive income (loss) and the notes to condensed consolidated 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. Kater and Thimmegowda Settlement On May 22, 2020, we entered into an agreement in principle to settle Cheryl Kater v. Churchill Downs Incorporated and Manasa Thimmegowda v. Big Fish Games, Inc. (collectively, the "Kater and Thimmegowda Litigation"). The $124.0 million settlement was paid on March 25, 2021. 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 (loss): Three Months Ended March 31, (in millions) 2021 2020 Net revenue $ — $ — Selling, general and administrative expense — 1.2 Loss from discontinued operations before provision for income taxes — (1.2) Income tax benefit — 0.3 Loss from discontinued operations, net of tax $ — $ (0.9)

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	3 Months Ended
	Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill was $366.8 million as of March 31, 2021 and December 31, 2020. Other intangible assets are comprised of the following: March 31, 2021 December 31, 2020 (in millions) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Definite-lived intangible assets $ 31.2 $ (17.8) $ 13.4 $ 31.2 $ (16.6) $ 14.6 Indefinite-lived intangible assets 336.0 336.0 Total $ 349.4 $ 350.6 Refer to Note 5, Asset Impairment, for information regarding intangible asset impairments recognized during the first quarter of 2020.

Asset Impairment

Asset Impairment	3 Months Ended
	Mar. 31, 2021
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 the Company's 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 global pandemic on cash flows. Because Presque Isle Downs and Casino (“Presque Isle”) was acquired in 2019, we did not expect the estimated fair value and the carry value to be significantly different. 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 global pandemic. 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 $77.6 million carrying value of the Presque Isle gaming rights exceeded the fair value of $62.6 million and the Company recognized an impairment of $15.0 million in first quarter of 2020 for the Presque Isle gaming rights ($12.5 million related to t he Gaming s egment and $2.5 million related to the TwinSpires 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 the first quarter of 2020 for the 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 the 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

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES The Company’s effective income tax rate for the three months ended March 31, 2021 was higher than the U.S. federal statutory rate of 21.0% primarily resulting from state income taxes, non-deductible officer’s compensation, and an increase to our unrecognized tax benefits due to an extension of the statute of limitations for certain tax positions. This expense was partially offset by tax benefits resulting from year-to-date tax deductions from vesting of restricted stock compensation in excess of book deductions. 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 from year-to-date vesting of restricted stock compensation in excess of book deductions.

Shareholders' Equity

Shareholders' Equity	3 Months Ended
	Mar. 31, 2021
Shareholders' Equity [Abstract]
Shareholders' Equity	SHAREHOLDERS’ EQUITY On October 30, 2018, the Board of Directors of the Company approved a common stock repurchase program of up to $300.0 million. 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. We have approximately $147.1 million of repurchase authority remaining under this program at March 31, 2021, based on trade date. There were no repurchases of our common stock under our October 2018 stock repurchase program for the three months ended March 31, 2021. 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 for the three months ended March 31, 2020. On February 1, 2021, the Company entered into an agreement (the “Stock Repurchase Agreement”) with an affiliate of The Duchossois Group, Inc. (“TDG”) to repurchase 1,000,000 shares of the Company’s common stock for $193.94 per share in a privately negotiated transaction. The aggregate purchase price was $193.9 million. The Stock Repurchase Agreement contains customary representations, warranties and covenants of the parties. The repurchase of shares of common stock from TDG pursuant to the Stock Repurchase Agreement was approved by the Company's Board of Directors separately from, and did not reduce the authorized amount remaining under, the existing common stock repurchase program. The Company repurchased the shares using available cash and borrowings under the Revolver.

Stock-based Compensation Plans

Stock-based Compensation Plans	3 Months Ended
	Mar. 31, 2021
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 $5.5 million for the three months ended March 31, 2021 and $4.3 million for the three months ended March 31, 2020. During the three months ended March 31, 2021, 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 2021 were based on a three 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 2021 is presented below (units in thousands): Grant Year Award Type Number of Units Awarded (1) Vesting Terms 2021 RSU 62 Vest equally over three 2021 PSU 27 Three

Debt

Debt	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Debt	DEBT Credit Agreement On December 27, 2017, we entered into a senior secured credit agreement (as amended, the "Credit Agreement") with a syndicate of lenders. The Credit Agreement provides for a $700.0 million senior secured revolving credit facility due 2022 (the "Revolver") and a $400.0 million senior secured term loan B due 2024 (the "Term Loan B"). Included in the maximum borrowing of $700.0 million under the Revolver is a letter of credit sub facility not to exceed $50.0 million and a swing line commitment up to a maximum principal amount of $50.0 million. The Credit Agreement is collateralized by substantially all of the wholly-owned assets of the Company. On April 28, 2020, the Company entered into a Second Amendment to the Credit Agreement, which (i) provides for a financial covenant relief period through the date on which the Company delivers the Company's 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. On February 1, 2021, the Company entered into the Third Amendment to the Credit Agreement to increase the restricted payments capacity during the Financial Covenant Relief Period from $26.0 million to $226.0 million to accommodate a share repurchase from an affiliate of TDG. Refer to Note 7, Shareholders' Equity, for information regarding this transaction. On March 17, 2021, the Company entered into the Incremental Joinder Agreement No. 1 (the "Joinder") to its Credit Agreement which provided $300.0 million in New Term Loan Commitments ("Term Loan B-1") as a new tranche of term loans under the existing Credit Agreement (as conformed to recognize the new loan), and carries a maturity date of March 17, 2028. The Term Loan B-1 bears interest at LIBOR plus 200 basis points and requires quarterly payments of 0.25% of the original $300.0 million balance. The Term Loan B-1 may be subject to additional mandatory prepayment from excess cash flow on an annual basis per the provisions of the Credit Agreement. The Company capitalized $3.4 million of debt issuance costs associated with the Joinder which are being amortized as interest expense over the 7 year term of the Term Loan B-1. The interest rate on the Revolver on March 31, 2021 was LIBOR plus 175 points based on the Revolver pricing grid in the Second Amendment and the Company's net leverage ratio as of March 31, 2021. The Term Loan B and Term Loan B-1 bear interest at LIBOR plus 200 basis points. Although the Company was not required to meet the Company’s financial covenants under the Credit Agreement on March 31, 2021 (as a result of the Second Amendment), the Company was compliant with all applicable covenants on March 31, 2021. 2028 Senior Notes Second Supplemental Indenture On March 17, 2021, the Company completed an offering of $200.0 million in aggregate principal amount of 4.75% Senior Unsecured Notes that mature on January 15, 2028 (the "Additional 2028 Notes") in a private offering to qualified institutional buyers pursuant to Rule 144A that is exempt from registration under the Securities Act, and to certain non-U.S. persons in accordance with Regulation S under the Securities Act. The Additional 2028 Notes were offered under the indenture dated as of December 27, 2017, governing the $500.0 million aggregate principal amount of 4.75% Senior Unsecured Notes due 2028 ("Existing 2028 Notes") and form a part of the same series for purposes of the indenture. In connection with the offering, we capitalized $3.3 million of debt issuance costs which are being amortized as interest expense over the term of the Additional 2028 Notes. Upon completion of this offering, the aggregate principal amount of outstanding of the Existing 2028 Notes, together with the Additional 2028 Notes (collectively the "2028 Senior Notes") is $700.0 million. The Additional 2028 Notes were issued at 103.25% of the principal amount, plus interest deemed to have accrued from January 15, 2021, with interest payable on January 15th and July 15th of each year, commencing on July 15, 2021. The 2028 Senior Notes will vote as one class under the indenture governing the 2028 Senior Notes. The 3.25% premium will be amortized through interest expense, net over the term of the Additional 2028 Notes. The Company used the net proceeds from the Additional 2028 Notes and the Term Loan B-1 (i) to repay indebtedness outstanding under our Revolving Credit Facility, (ii) to fund related transaction fees and expenses and (iii) for working capital and other general corporate purposes. The Company may redeem some or all of the Additional 2028 Notes at any time prior to January 15, 2023, at a price equal to 100% of the principal amount of the 2028 Senior Notes redeemed plus an applicable make-whole premium. On or after such date, the Company may redeem some or all of the Additional 2028 Notes at redemption prices set forth in the 2028 Offering Memorandum.

Revenue from Contracts with Cus

Revenue from Contracts with Customers	3 Months Ended
	Mar. 31, 2021
Revenue from Contract with Customer [Abstract]
Revenue from Contracts with Customers	REVENUE FROM CONTRACTS WITH CUSTOMERS Performance Obligations As of March 31, 2021, the Live and Historical Racing segment had remaining performance obligations on contracts with a duration greater than one year of an aggregate transaction price of $136.0 million. The revenue we expect to recognize on these remaining performance obligations is $32.5 million for the remainder of 2021, $37.8 million in 2022, $23.3 million in 2023, and the remainder thereafter. As of March 31, 2021, our remaining performance obligations in segments other than Live and Historical Racing were not material. Contract Assets and Contract Liabilities As of March 31, 2021 and December 31, 2020, contract assets were not material. As of March 31, 2021 and December 31, 2020, contract liabilities were $74.3 million and $53.7 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 Live and Historical Racing segment and the increase was primarily due to cash payments received for unfulfilled performance obligations. We recognized $2.6 million of revenue during the three months ended March 31, 2021 that was included in the contract liabilities balance at December 31, 2020. 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. Disaggregation of Revenue In Note 16, Segment Information, the Company has included its disaggregated revenue disclosures as follows: • For the Live and Historical Racing segment, revenue is disaggregated between racing facilities and HRM facilities given that our racing facilities revenues primarily revolve around live racing events while our HRM facilities revenues primarily revolve around historical racing events. This segment is also disaggregated by location given the geographic economic factors that affect the revenue of service offerings. Within the Live and Historical racing segment, revenue is further disaggregated between live and simulcast racing, historical racing, racing event-related services, and other services. • For the TwinSpires segment, revenue is disaggregated between Horse Racing and Sports and Casino given that Horse Racing revenue is primarily related to online pari-mutuel wagering on live race events while Sports and Casino revenue relates to casino gaming service offerings. Within the TwinSpires 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, 2021
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, 2021 December 31, 2020 Account wagering deposits liability $ 40.9 $ 38.1 Accrued interest 23.8 19.2 Purses payable 14.7 18.5 Accrued salaries and related benefits 14.1 19.6 Other 77.5 72.4 Total $ 171.0 $ 167.8

Investment in and Advances to U

Investment in and Advances to Unconsolidated Affiliates	3 Months Ended
	Mar. 31, 2021
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]
Investments in and Advances to Unconsolidated Affiliates	INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES Investments in and advances to unconsolidated affiliates as of March 31, 2021 and December 31, 2020 primarily consisted of a 61.3% interest in Rivers Casino Des Plaines ("Rivers Des Plaines"), a 50% interest in Miami Valley Gaming and Racing ("MVG"), and two other immaterial joint ventures. Rivers Des Plaines The ownership of Rivers Des Plaines is comprised of the following: (1) the Company owns 61.3%; (2) High Plaines Gaming, LLC ("High Plaines"), an affiliate of Rush Street Gaming, LLC, owns 36.0%, and (3) Casino Investors, LLC owns 2.7%. Both the Company and High Plaines have participating rights over Rivers Des Plaines, and both must consent to operating, investing and financing decisions. As a result, we account for Rivers Des Plaines using the equity method. As of March 31, 2021, the net aggregate basis difference between the Company’s investment in Rivers Des Plaines and the amounts of the underlying equity in net assets was $833.1 million. Our investment in Rivers Des Plaines was $523.1 million and $519.0 million as of March 31, 2021 and December 31, 2020, respectively. The Company received distributions from Rivers Des Plaines of $12.0 million and $1.3 million for the three months ended March 31, 2021 and 2020, respectively. Miami Valley Gaming Delaware North Companies Gaming & Entertainment Inc. ("DNC") owns the remaining 50% interest in MVG. Since both we and DNC have participating rights over MVG, and both must consent to MVG's operating, investing and financing decisions, we account for MVG using the equity method. Our investment in MVG was $109.3 million and $110.7 million as of March 31, 2021 and December 31, 2020, respectively. The Company received distributions from MVG of $10.0 million for the three months ended March 31, 2021. There were no distributions for the three months ended March 31, 2020. Summarized Financial Results for our Unconsolidated Affiliates Summarized below are the financial results for our unconsolidated affiliates. Three Months Ended March 31, (in millions) 2021 2020 Net revenue $ 138.7 $ 137.8 Operating and SG&A expense 85.6 100.8 Depreciation and amortization 4.3 4.2 Total operating expense 89.9 105.0 Operating income 48.8 32.8 Interest and other, net (4.6) (35.8) Net income (loss) $ 44.2 $ (3.0) (in millions) March 31, 2021 December 31, 2020 Assets Current assets $ 87.7 $ 132.8 Property and equipment, net 265.7 267.5 Other assets, net 246.5 244.9 Total assets $ 599.9 $ 645.2 Liabilities and Members' Deficit Current liabilities $ 122.1 $ 133.5 Long-term debt 722.0 753.5 Other liabilities 35.6 42.3 Members' deficit (279.8) (284.1) Total liabilities and members' deficit $ 599.9 $ 645.2

Fair Value of Assets And Liabil

Fair Value of Assets And Liabilities	3 Months Ended
	Mar. 31, 2021
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 2028 Senior Notes and 5.500% Senior Notes due 2027 (the "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 Term Loan B, Term Loan B-1, 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, 2021 (in millions) Carrying Amount Fair Value Level 1 Level 2 Level 3 Financial assets: Restricted cash $ 48.0 $ 48.0 $ 48.0 $ — $ — Financial liabilities: Term Loan B 384.0 387.0 — 387.0 — Term Loan B-1 295.9 300.0 — 300.0 — 2027 Senior Notes 593.4 625.9 — 625.9 — 2028 Senior Notes 698.0 724.4 — 724.4 — December 31, 2020 (in millions) Carrying Amount Fair Value Level 1 Level 2 Level 3 Financial assets: Restricted cash $ 53.6 $ 53.6 $ 53.6 $ — $ — Financial liabilities: Term Loan B 384.8 388.0 — 388.0 — Revolver 149.7 149.7 — 149.7 — 2027 Senior Notes 593.2 635.2 — 635.2 — 2028 Senior Notes 494.6 526.9 — 526.9 —

Contingencies

Contingencies	3 Months Ended
	Mar. 31, 2021
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.

Net Income Per Common Share Com

Net Income Per Common Share Computations	3 Months Ended
	Mar. 31, 2021
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) 2021 2020 Numerator for basic net income (loss) per common share: Net income (loss) from continuing operations $ 36.1 $ (22.6) Net loss attributable to noncontrolling interest — (0.1) Net income (loss) from continuing operations, net of loss attributable to noncontrolling interests 36.1 (22.5) Net loss from discontinued operations — (0.9) Numerator for basic net income (loss) per common share $ 36.1 $ (23.4) Numerator for diluted net income (loss) from continuing operations per common share $ 36.1 $ (22.5) Numerator for diluted net income (loss) per common share $ 36.1 $ (23.4) Denominator for net income (loss) per common share: Basic 39.0 39.7 Plus dilutive effect of stock awards 0.6 — Diluted 39.6 39.7 Net income (loss) per common share data: Basic Continuing operations $ 0.93 $ (0.57) Discontinued operations $ — $ (0.02) Net income (loss) per common share - basic $ 0.93 $ (0.59) Diluted Continuing operations $ 0.91 $ (0.57) Discontinued operations $ — $ (0.02) Net income (loss) per common share - diluted $ 0.91 $ (0.59) Anti-dilutive stock awards excluded from the calculation of diluted shares — 0.5

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
Segment Information	SEGMENT INFORMATION We manage our operations through three reportable segments: • Live and Historical Racing The Live and Historical Racing segment includes live and historical pari-mutuel racing related revenue and expenses at Churchill Downs Racetrack, Derby City Gaming, Oak Grove, Turfway Park, and Newport. 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. Oak Grove conducts live harness racing during the year and operates a HRM facility under its pari-mutuel racing license. Turfway Park conducts live racing during the year, and Newport is an ancillary HRM facility that operates under the Turfway Park pari-mutuel racing license. Our Live and Historical Racing properties earn commissions primarily from pari-mutuel wagering on live and historical races; 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. • TwinSpires The TwinSpires segment includes the revenue and expenses for the online horse racing and the online and retail sports betting and iGaming wagering business. TwinSpires Horse Racing operates the online horse racing wagering business for TwinSpires.com, BetAmerica.com, and other white-label platforms; facilitates high dollar wagering by international customers (through Velocity); and provides the Bloodstock Research Information Services platform for horse racing statistical data. Our sports betting and iGaming business includes the retail and online TwinSpires sports betting and casino gaming operations. Our TwinSpires Sports and Casino business operates our sports betting and casino iGaming platform in multiple states. The Company launched its mobile sports betting app in Michigan in January 2021 and Tennessee in March 2021. The TwinSpires Sports and Casino business includes the mobile and online sports betting and casino results and the results of our six retail sportsbooks, which include our wholly-owned properties at Harlow’s Casino Resort and Spa (“Harlow’s”), Presque Isle, and Riverwalk Casino Hotel (“Riverwalk”), as well as in Colorado, Indiana and Michigan which utilize a third party's casino license. • 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 video lottery terminals ("VLTs") and 200 table games located in eight states. The Gaming segment revenue and Adjusted EBITDA includes the following properties: ◦ Calder Casino and Racing ("Calder") ◦ Fair Grounds Slots, Fair Grounds Race Course, and Video Services, LLC ("VSI") (collectively, "Fair Grounds and VSI") ◦ Harlow’s ◦ Lady Luck Casino Nemacolin ("Lady Luck Nemacolin") management agreement ◦ Ocean Downs Casino and Racetrack ("Ocean Downs") ◦ Oxford Casino and Hotel ("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 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 International Racecourse ("Arlington") • United Tote • 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 (loss). 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; and – Other transaction expense, including legal, accounting, and other deal-related expense; • Stock-based compensation expense; • Rivers Des Plaines' impact on our investments in unconsolidated affiliates from: – The impact of changes in fair value of interest rate swaps; and – Legal reserves and transaction costs; • Asset impairments; • 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 (loss). The tables below present net revenue from external customers and intercompany revenue from each of our segments, net revenue from external customers for each group of similar services, Adjusted EBITDA by segment, and a reconciliation of comprehensive income (loss) to Adjusted EBITDA: Three Months Ended March 31, (in millions) 2021 2020 Net revenue from external customers: Live and Historical Racing: Churchill Downs Racetrack $ 2.0 $ 1.9 Derby City Gaming 32.9 21.6 Oak Grove 19.4 — Turfway Park 4.5 4.6 Newport 4.4 — Total Live and Historical Racing 63.2 28.1 TwinSpires: Horse Racing 92.7 66.6 Sports and Casino 7.0 2.5 Total TwinSpires 99.7 69.1 Gaming: Fair Grounds and VSI 38.3 31.6 Presque Isle 23.8 27.0 Calder 20.9 21.8 Oxford 15.7 20.1 Ocean Downs 20.0 14.8 Riverwalk 14.4 12.0 Harlow’s 14.0 11.3 Lady Luck Nemacolin 4.9 7.3 Total Gaming 152.0 145.9 All Other 9.4 9.8 Net revenue from external customers $ 324.3 $ 252.9 Three Months Ended March 31, (in millions) 2021 2020 Intercompany net revenue: Live and Historical Racing $ 1.5 $ 1.0 TwinSpires 0.4 0.3 Gaming 2.0 1.5 All Other 2.7 2.4 Eliminations (6.6) (5.2) Intercompany net revenue $ — $ — Three Months Ended March 31, 2021 (in millions) Live and Historical Racing TwinSpires Gaming Total Segments All Other Total Net revenue from external customers Pari-mutuel: Live and simulcast racing $ 5.9 $ 89.2 $ 11.7 $ 106.8 $ 5.1 $ 111.9 Historical racing (a) 52.9 — — 52.9 — 52.9 Racing event-related services — — 0.7 0.7 — 0.7 Gaming (a) — 7.0 132.5 139.5 — 139.5 Other (a) 4.4 3.5 7.1 15.0 4.3 19.3 Total $ 63.2 $ 99.7 $ 152.0 $ 314.9 $ 9.4 $ 324.3 Three Months Ended March 31, 2020 (in millions) Live and Historical Racing TwinSpires Gaming Total Segments All Other Total Net revenue from external customers Pari-mutuel: Live and simulcast racing $ 5.2 $ 63.9 $ 9.9 $ 79.0 $ 5.7 $ 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) — 2.5 119.8 122.3 — 122.3 Other (a) 2.5 2.7 14.9 20.1 4.0 24.1 Total $ 28.1 $ 69.1 $ 145.9 $ 243.1 $ 9.8 $ 252.9 (a) Food and beverage, hotel, and other services furnished to customers for free as an inducement to wager or through the redemption of our customers' loyalty points are recorded at the 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 $3.7 million for the three months ended March 31, 2021 and $7.6 million for the three months ended March 31, 2020. Adjusted EBITDA by segment is comprised of the following: Three Months Ended March 31, 2021 (in millions) Live and Historical Racing TwinSpires Gaming Net revenue $ 64.7 $ 100.1 $ 154.0 Taxes and purses (20.0) (6.4) (59.3) Marketing and advertising (2.1) (8.5) (1.4) Salaries and benefits (10.0) (3.1) (19.9) Content expense (0.6) (46.5) (1.0) Selling, general and administrative expense (3.0) (2.2) (6.0) Other operating expense (10.7) (10.9) (15.5) Other income — — 31.5 Adjusted EBITDA $ 18.3 $ 22.5 $ 82.4 Three Months Ended March 31, 2020 (in millions) Live and Historical Racing TwinSpires Gaming Net revenue $ 29.1 $ 69.4 $ 147.4 Taxes and purses (9.5) (4.3) (58.7) Marketing and advertising (1.2) (3.5) (5.3) Salaries and benefits (7.2) (3.5) (29.5) Content expense (0.7) (32.6) (1.0) Selling, general and administrative expense (1.7) (1.4) (6.7) Other operating expense (7.8) (8.1) (19.5) Other income — — 21.2 Adjusted EBITDA $ 1.0 $ 16.0 $ 47.9 Three Months Ended March 31, (in millions) 2021 2020 Reconciliation of Comprehensive Income (Loss) to Adjusted EBITDA: Net income (loss) and comprehensive income (loss) attributable to Churchill Downs Incorporated $ 36.1 $ (23.4) Net loss attributable to noncontrolling interest — 0.1 Net income (loss) before noncontrolling interest 36.1 (23.5) Loss from discontinued operations, net of tax — 0.9 Income (loss) from continuing operations, net of tax 36.1 (22.6) Additions: Depreciation and amortization 26.0 22.0 Interest expense 19.4 19.3 Income tax provision (benefit) 16.2 (11.6) EBITDA $ 97.7 $ 7.1 Adjustments to EBITDA: Selling, general and administrative: Stock-based compensation expense $ 5.5 $ 4.3 Pre-opening expense and other expense 0.6 1.7 Impairment of intangible assets — 17.5 Transaction expense, net 0.1 0.3 Other income, expense: Interest, depreciation and amortization expense related to equity investments 9.6 9.5 Changes in fair value of Rivers Des Plaines' interest rate swaps (4.2) 14.9 Rivers Des Plaines' legal reserves and transaction costs 1.3 — Total adjustments to EBITDA 12.9 48.2 Adjusted EBITDA $ 110.6 $ 55.3 Adjusted EBITDA by segment: Live and Historical Racing $ 18.3 $ 1.0 TwinSpires 22.5 16.0 Gaming 82.4 47.9 Total segment Adjusted EBITDA 123.2 64.9 All Other (12.6) (9.6) Total Adjusted EBITDA $ 110.6 $ 55.3 The table below presents information about equity in income (loss) of unconsolidated affiliates included in our reported segments: Three Months Ended March 31, (in millions) 2021 2020 Gaming $ 24.9 $ (3.3) As noted in Note 1, Description of Business, we updated our segments and moved our Oak Grove, Turfway Park and Newport businesses into the Live and Historical Racing segment with Churchill Downs Racetrack and Derby City Gaming. As a result, we moved $196.4 million of assets from Oak Grove, $52.1 million of assets from Turfway Park, and $37.9 million from Newport from All Other segment assets to the Live and Historical Racing segment at December 31, 2020. As noted in Note 9, Debt, as a result of our proceeds received from the Term Loan B-1 and Additional 2028 Notes, our All Other total assets increased $99.8 million at March 31, 2021 compared to December 31, 2020, which was primarily an increase in cash and cash equivalents. There were no other significant changes in our segment assets at March 31, 2021 compared to December 31, 2020. The table below presents total capital expenditures for each of our segments: Three Months Ended March 31, (in millions) 2021 2020 Capital expenditures, net: Live and Historical Racing $ 7.8 $ 39.7 TwinSpires 2.3 3.5 Gaming 1.6 3.3 Total segment capital expenditures 11.7 46.5 All Other 0.6 1.8 Total capital expenditures $ 12.3 $ 48.3

Subsequent Event

Subsequent Event	3 Months Ended
	Mar. 31, 2021
Subsequent Events [Abstract]
Subsequent Event	SUBSEQUENT EVENTAs of the date of this filing, there were no subsequent events that may impact our disclosures in the condensed consolidated financial statements.

Recent Accounting Pronounceme_2

Recent Accounting Pronouncements (Policies)	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Recent Accounting Pronouncements - Adopted on January 1, 2021 and Effective after 2021	Adopted on January 1, 2021 In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which simplifies the accounting for income taxes by removing certain exceptions to the general principles in ASC Topic 740, Income Taxes. The amendments also improve consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance. This ASU is effective for public business entities for fiscal years and interim periods beginning after December 15, 2020. The adoption of this ASU did not have a material impact on our business. Effective after 2021 In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional expedients and exceptions to applying the guidance on contract modifications, hedge accounting, and other transactions, to simplify the accounting for transitioning from the London Interbank Offered Rate (LIBOR), and other interbank offered rates expected to be discontinued, to alternative reference rates. The guidance was effective upon issuance; if elected, it is to be applied prospectively through December 31, 2022. We are currently evaluating the effect the adoption of this new accounting standard will have on our results of operations, financial condition, and cash flows.

Discontinued Operations (Tables

Discontinued Operations (Tables)	3 Months Ended
	Mar. 31, 2021
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 (loss): Three Months Ended March 31, (in millions) 2021 2020 Net revenue $ — $ — Selling, general and administrative expense — 1.2 Loss from discontinued operations before provision for income taxes — (1.2) Income tax benefit — 0.3 Loss from discontinued operations, net of tax $ — $ (0.9)

Goodwill And Other Intangible_2

Goodwill And Other Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Indefinite and Finite Lived Assets	Other intangible assets are comprised of the following: March 31, 2021 December 31, 2020 (in millions) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Definite-lived intangible assets $ 31.2 $ (17.8) $ 13.4 $ 31.2 $ (16.6) $ 14.6 Indefinite-lived intangible assets 336.0 336.0 Total $ 349.4 $ 350.6

Stock-based Compensation Plans

Stock-based Compensation Plans Grants (Tables)	3 Months Ended
	Mar. 31, 2021
Compensation Related Costs [Abstract]
Summary of RSUs and PSUs Granted	A summary of the RSUs and PSUs granted during 2021 is presented below (units in thousands): Grant Year Award Type Number of Units Awarded (1) Vesting Terms 2021 RSU 62 Vest equally over three 2021 PSU 27 Three

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Tables)	3 Months Ended
	Mar. 31, 2021
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, 2021 December 31, 2020 Account wagering deposits liability $ 40.9 $ 38.1 Accrued interest 23.8 19.2 Purses payable 14.7 18.5 Accrued salaries and related benefits 14.1 19.6 Other 77.5 72.4 Total $ 171.0 $ 167.8

Investment in and Advances to_2

Investment in and Advances to Unconsolidated Affiliates (Tables)	3 Months Ended
	Mar. 31, 2021
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]
Affiliate Income Statement	Summarized below are the financial results for our unconsolidated affiliates. Three Months Ended March 31, (in millions) 2021 2020 Net revenue $ 138.7 $ 137.8 Operating and SG&A expense 85.6 100.8 Depreciation and amortization 4.3 4.2 Total operating expense 89.9 105.0 Operating income 48.8 32.8 Interest and other, net (4.6) (35.8) Net income (loss) $ 44.2 $ (3.0)
Affiliate Balance Sheet	(in millions) March 31, 2021 December 31, 2020 Assets Current assets $ 87.7 $ 132.8 Property and equipment, net 265.7 267.5 Other assets, net 246.5 244.9 Total assets $ 599.9 $ 645.2 Liabilities and Members' Deficit Current liabilities $ 122.1 $ 133.5 Long-term debt 722.0 753.5 Other liabilities 35.6 42.3 Members' deficit (279.8) (284.1) Total liabilities and members' deficit $ 599.9 $ 645.2

Fair Value Of Assets And Liab_2

Fair Value Of Assets And Liabilities (Tables)	3 Months Ended
	Mar. 31, 2021
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, 2021 (in millions) Carrying Amount Fair Value Level 1 Level 2 Level 3 Financial assets: Restricted cash $ 48.0 $ 48.0 $ 48.0 $ — $ — Financial liabilities: Term Loan B 384.0 387.0 — 387.0 — Term Loan B-1 295.9 300.0 — 300.0 — 2027 Senior Notes 593.4 625.9 — 625.9 — 2028 Senior Notes 698.0 724.4 — 724.4 — December 31, 2020 (in millions) Carrying Amount Fair Value Level 1 Level 2 Level 3 Financial assets: Restricted cash $ 53.6 $ 53.6 $ 53.6 $ — $ — Financial liabilities: Term Loan B 384.8 388.0 — 388.0 — Revolver 149.7 149.7 — 149.7 — 2027 Senior Notes 593.2 635.2 — 635.2 — 2028 Senior Notes 494.6 526.9 — 526.9 —

Net Income Per Common Share C_2

Net Income Per Common Share Computations (Tables)	3 Months Ended
	Mar. 31, 2021
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) 2021 2020 Numerator for basic net income (loss) per common share: Net income (loss) from continuing operations $ 36.1 $ (22.6) Net loss attributable to noncontrolling interest — (0.1) Net income (loss) from continuing operations, net of loss attributable to noncontrolling interests 36.1 (22.5) Net loss from discontinued operations — (0.9) Numerator for basic net income (loss) per common share $ 36.1 $ (23.4) Numerator for diluted net income (loss) from continuing operations per common share $ 36.1 $ (22.5) Numerator for diluted net income (loss) per common share $ 36.1 $ (23.4) Denominator for net income (loss) per common share: Basic 39.0 39.7 Plus dilutive effect of stock awards 0.6 — Diluted 39.6 39.7 Net income (loss) per common share data: Basic Continuing operations $ 0.93 $ (0.57) Discontinued operations $ — $ (0.02) Net income (loss) per common share - basic $ 0.93 $ (0.59) Diluted Continuing operations $ 0.91 $ (0.57) Discontinued operations $ — $ (0.02) Net income (loss) per common share - diluted $ 0.91 $ (0.59) Anti-dilutive stock awards excluded from the calculation of diluted shares — 0.5

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
Net Revenue From External Customers and Intercompany Revenue From Each Operating Segment	The tables below present net revenue from external customers and intercompany revenue from each of our segments, net revenue from external customers for each group of similar services, Adjusted EBITDA by segment, and a reconciliation of comprehensive income (loss) to Adjusted EBITDA: Three Months Ended March 31, (in millions) 2021 2020 Net revenue from external customers: Live and Historical Racing: Churchill Downs Racetrack $ 2.0 $ 1.9 Derby City Gaming 32.9 21.6 Oak Grove 19.4 — Turfway Park 4.5 4.6 Newport 4.4 — Total Live and Historical Racing 63.2 28.1 TwinSpires: Horse Racing 92.7 66.6 Sports and Casino 7.0 2.5 Total TwinSpires 99.7 69.1 Gaming: Fair Grounds and VSI 38.3 31.6 Presque Isle 23.8 27.0 Calder 20.9 21.8 Oxford 15.7 20.1 Ocean Downs 20.0 14.8 Riverwalk 14.4 12.0 Harlow’s 14.0 11.3 Lady Luck Nemacolin 4.9 7.3 Total Gaming 152.0 145.9 All Other 9.4 9.8 Net revenue from external customers $ 324.3 $ 252.9 Three Months Ended March 31, (in millions) 2021 2020 Intercompany net revenue: Live and Historical Racing $ 1.5 $ 1.0 TwinSpires 0.4 0.3 Gaming 2.0 1.5 All Other 2.7 2.4 Eliminations (6.6) (5.2) Intercompany net revenue $ — $ — Three Months Ended March 31, 2021 (in millions) Live and Historical Racing TwinSpires Gaming Total Segments All Other Total Net revenue from external customers Pari-mutuel: Live and simulcast racing $ 5.9 $ 89.2 $ 11.7 $ 106.8 $ 5.1 $ 111.9 Historical racing (a) 52.9 — — 52.9 — 52.9 Racing event-related services — — 0.7 0.7 — 0.7 Gaming (a) — 7.0 132.5 139.5 — 139.5 Other (a) 4.4 3.5 7.1 15.0 4.3 19.3 Total $ 63.2 $ 99.7 $ 152.0 $ 314.9 $ 9.4 $ 324.3 Three Months Ended March 31, 2020 (in millions) Live and Historical Racing TwinSpires Gaming Total Segments All Other Total Net revenue from external customers Pari-mutuel: Live and simulcast racing $ 5.2 $ 63.9 $ 9.9 $ 79.0 $ 5.7 $ 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) — 2.5 119.8 122.3 — 122.3 Other (a) 2.5 2.7 14.9 20.1 4.0 24.1 Total $ 28.1 $ 69.1 $ 145.9 $ 243.1 $ 9.8 $ 252.9
Schedule of Segment Reporting Information	Adjusted EBITDA by segment is comprised of the following: Three Months Ended March 31, 2021 (in millions) Live and Historical Racing TwinSpires Gaming Net revenue $ 64.7 $ 100.1 $ 154.0 Taxes and purses (20.0) (6.4) (59.3) Marketing and advertising (2.1) (8.5) (1.4) Salaries and benefits (10.0) (3.1) (19.9) Content expense (0.6) (46.5) (1.0) Selling, general and administrative expense (3.0) (2.2) (6.0) Other operating expense (10.7) (10.9) (15.5) Other income — — 31.5 Adjusted EBITDA $ 18.3 $ 22.5 $ 82.4 Three Months Ended March 31, 2020 (in millions) Live and Historical Racing TwinSpires Gaming Net revenue $ 29.1 $ 69.4 $ 147.4 Taxes and purses (9.5) (4.3) (58.7) Marketing and advertising (1.2) (3.5) (5.3) Salaries and benefits (7.2) (3.5) (29.5) Content expense (0.7) (32.6) (1.0) Selling, general and administrative expense (1.7) (1.4) (6.7) Other operating expense (7.8) (8.1) (19.5) Other income — — 21.2 Adjusted EBITDA $ 1.0 $ 16.0 $ 47.9 Three Months Ended March 31, (in millions) 2021 2020 Reconciliation of Comprehensive Income (Loss) to Adjusted EBITDA: Net income (loss) and comprehensive income (loss) attributable to Churchill Downs Incorporated $ 36.1 $ (23.4) Net loss attributable to noncontrolling interest — 0.1 Net income (loss) before noncontrolling interest 36.1 (23.5) Loss from discontinued operations, net of tax — 0.9 Income (loss) from continuing operations, net of tax 36.1 (22.6) Additions: Depreciation and amortization 26.0 22.0 Interest expense 19.4 19.3 Income tax provision (benefit) 16.2 (11.6) EBITDA $ 97.7 $ 7.1 Adjustments to EBITDA: Selling, general and administrative: Stock-based compensation expense $ 5.5 $ 4.3 Pre-opening expense and other expense 0.6 1.7 Impairment of intangible assets — 17.5 Transaction expense, net 0.1 0.3 Other income, expense: Interest, depreciation and amortization expense related to equity investments 9.6 9.5 Changes in fair value of Rivers Des Plaines' interest rate swaps (4.2) 14.9 Rivers Des Plaines' legal reserves and transaction costs 1.3 — Total adjustments to EBITDA 12.9 48.2 Adjusted EBITDA $ 110.6 $ 55.3 Adjusted EBITDA by segment: Live and Historical Racing $ 18.3 $ 1.0 TwinSpires 22.5 16.0 Gaming 82.4 47.9 Total segment Adjusted EBITDA 123.2 64.9 All Other (12.6) (9.6) Total Adjusted EBITDA $ 110.6 $ 55.3
Schedule of Equity in Income of Unconsolidated Investments	The table below presents information about equity in income (loss) of unconsolidated affiliates included in our reported segments: Three Months Ended March 31, (in millions) 2021 2020 Gaming $ 24.9 $ (3.3)
Schedule of Total Assets and Capital Expenditures by Operating Segment	The table below presents total capital expenditures for each of our segments: Three Months Ended March 31, (in millions) 2021 2020 Capital expenditures, net: Live and Historical Racing $ 7.8 $ 39.7 TwinSpires 2.3 3.5 Gaming 1.6 3.3 Total segment capital expenditures 11.7 46.5 All Other 0.6 1.8 Total capital expenditures $ 12.3 $ 48.3

Description of Business (Detail

Description of Business (Details)	3 Months Ended
	Mar. 31, 2021segment	Dec. 31, 2020property	Jul. 31, 2020property
Basis of Presentation [Abstract]
Number of reportable segments | segment	3
Number of properties temporarily suspended | property		3	1

Discontinued Operations - Addit

Discontinued Operations - Additional Information (Details) - USD ($) $ in Millions	Mar. 25, 2021	Jan. 09, 2018
Kater And Thimmegowda Litigation
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Litigation settlement	$ 124
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, 2021	Mar. 31, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net revenue	$ 0	$ 0
Selling, general and administrative expense	0	1.2
Loss from discontinued operations before provision for income taxes	0	(1.2)
Income tax benefit	0	0.3
Loss from discontinued operations, net of tax	$ 0	$ (0.9)

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets - Additional Information (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 366.8	$ 366.8

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets - Intangible Assets (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Gross Carrying Amount	$ 31.2	$ 31.2
Accumulated Amortization	(17.8)	(16.6)
Definite-lived intangible assets, Net Carrying Amount	13.4	14.6
Indefinite-lived intangible assets, Net Carrying Amount	336	336
Total intangible assets	$ 349.4	$ 350.6

Asset Impairment (Details)

Asset Impairment (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Indefinite-lived Intangible Assets [Line Items]
Impairment of intangible assets	$ 0	$ 17.5
Presque Isle
Indefinite-lived Intangible Assets [Line Items]
Fair value		62.6
Presque Isle | Gaming
Indefinite-lived Intangible Assets [Line Items]
Impairment of intangible assets		12.5
Gaming Rights | Presque Isle
Indefinite-lived Intangible Assets [Line Items]
Carrying value		77.6
Impairment of intangible assets		15
Gaming Rights | Presque Isle | TwinSpires
Indefinite-lived Intangible Assets [Line Items]
Impairment of intangible assets		2.5
Trademarks | Presque Isle
Indefinite-lived Intangible Assets [Line Items]
Impairment of intangible assets		$ 2.5

Shareholders' Equity (Details)

Shareholders' Equity (Details) - USD ($)	Feb. 01, 2021	Mar. 31, 2021	Mar. 31, 2020	Oct. 30, 2018
Distribution Made to Limited Partner [Line Items]
Repurchase aggregate cost		$ 193,900,000	$ 27,900,000
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)		0	235,590
Repurchase aggregate cost			$ 27,900,000
Stock Repurchase Agreement with The Duchossois Group, Inc Affiliate
Distribution Made to Limited Partner [Line Items]
Repurchase of common stock (in shares)	1,000,000
Price per common stock (in dollars per share)	$ 193.94
Repurchase aggregate cost	$ 193,900,000

Stock-based Compensation Plan_2

Stock-based Compensation Plans (Details) shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)performanceConditionshares	Mar. 31, 2020USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation | $	$ 5.5	$ 4.3
Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation | $	$ 5.5	$ 4.3
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Service period vested	3 years
Number of performance conditions | performanceCondition	2
Number of Units Awarded (in shares) | shares	27
Share-based Compensation Award, Tranche One | Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Units Awarded (in shares) | shares	62
Award vesting period	3 years

Debt (Details)

Debt (Details) - USD ($)	Mar. 17, 2021	Feb. 01, 2021	Apr. 28, 2020	Dec. 27, 2017	Mar. 31, 2021	Dec. 31, 2028
Debt Instrument [Line Items]
Basis spread					2.00%
Debt issuance costs	$ 3,400,000
Amortization period of debt issuance costs	7 years
Premium (percent)	0.0325
Term Loan B due 2028
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 300,000,000
Basis spread	2.00%
Required payment as a percentage of original balance	0.25%
Line of Credit | Term Loan B due 2024
Debt Instrument [Line Items]
Face amount of debt issuance	$ 300,000,000
Senior Notes | 2028 Senior Notes
Debt Instrument [Line Items]
Face amount of debt issuance	$ 200,000,000			$ 500,000,000
Debt issuance costs				$ 3,300,000
Stated interest rate	4.75%			4.75%
Redemption price, percentage of face amount	100.00%
Senior Notes | 2028 Senior Notes | Forecast
Debt Instrument [Line Items]
Face amount of debt issuance						$ 700,000,000
Senior Notes | 2028 Senior Notes | Any time prior to April 1, 2022
Debt Instrument [Line Items]
Redemption price, percentage of face amount				103.25%
Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity				$ 700,000,000
Debt covenant, restricted payments		$ 226,000,000	$ 26,000,000
Revolving Credit Facility | Line of Credit | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread					1.75%
Term Loan B | Line of Credit | Term Loan B due 2024
Debt Instrument [Line Items]
Face amount of debt issuance				400,000,000
Bridge Loan | Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity				50,000,000
Letter of Credit | Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity				$ 50,000,000

Revenue from Contracts with C_2

Revenue from Contracts with Customers - Performance Obiligations (Details) $ in Millions	Mar. 31, 2021USD ($)
Live and Historical Racing
Revenue from Contract with Customer [Abstract]
Remaining performance obligation, amount	$ 136
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, amount	$ 136
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01 | Live and Historical Racing
Revenue from Contract with Customer [Abstract]
Remaining performance obligation, amount	$ 32.5
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, amount	$ 32.5
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [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 | Live and Historical Racing
Revenue from Contract with Customer [Abstract]
Remaining performance obligation, amount	$ 37.8
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, amount	$ 37.8
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | Live and Historical Racing
Revenue from Contract with Customer [Abstract]
Remaining performance obligation, amount	$ 23.3
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, amount	$ 23.3

Revenue from Contracts with C_3

Revenue from Contracts with Customers - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Contract with customer, liability	$ 74.3		$ 53.7
Contract with customer, revenue recognized	$ 2.6	$ 3.8

Accrued Expenses and Other Cu_3

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Payables and Accruals [Abstract]
Account wagering deposits liability	$ 40.9	$ 38.1
Accrued interest	23.8	19.2
Purses payable	14.7	18.5
Accrued salaries and related benefits	14.1	19.6
Other	77.5	72.4
Total	$ 171	$ 167.8

Investment in and Advances to_3

Investment in and Advances to Unconsolidated Affiliates - Additional Information (Details)	3 Months Ended
	Mar. 31, 2021USD ($)joint_venture	Mar. 31, 2020USD ($)	Dec. 31, 2020USD ($)
Investments in and Advances to Affiliates [Line Items]
Number Of Immaterial Joint Ventures | joint_venture	2
Distributions from unconsolidated affiliates	$ 22,000,000	$ 1,300,000
Rivers Des Plaines
Investments in and Advances to Affiliates [Line Items]
Equity method investment, ownership percentage	61.30%		61.30%
Equity method investment, difference between carrying amount and underlying equity	$ 833,100,000
Distributions from unconsolidated affiliates	12,000,000	1,300,000
Equity method investment, amount	$ 523,100,000		$ 519,000,000
Miami Valley Gaming LLC
Investments in and Advances to Affiliates [Line Items]
Equity method investment, ownership percentage	50.00%		50.00%
Distributions from unconsolidated affiliates	$ 10,000,000	$ 0
Equity method investment, amount	$ 109,300,000		$ 110,700,000
High Plaines | Rivers Des Plaines
Investments in and Advances to Affiliates [Line Items]
Equity method investment, ownership percentage	36.00%
Casino Investors | Rivers Des Plaines
Investments in and Advances to Affiliates [Line Items]
Equity method investment, ownership percentage	2.70%
Delaware North Companies Gaming & Entertainment Inc. | Miami Valley Gaming LLC
Investments in and Advances to Affiliates [Line Items]
Equity method investment, ownership percentage	50.00%

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, 2021	Mar. 31, 2020
Investments in and Advances to Affiliates [Line Items]
Net revenue	$ 324.3	$ 252.9
Net income (loss)	36.1	(23.5)
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Investments in and Advances to Affiliates [Line Items]
Net revenue	138.7	137.8
Operating and SG&A expense	85.6	100.8
Depreciation and amortization	4.3	4.2
Total operating expense	89.9	105
Operating income	48.8	32.8
Interest and other, net	(4.6)	(35.8)
Net income (loss)	$ 44.2	$ (3)

Investment in and Advances to_5

Investment in and Advances to Unconsolidated Affiliates - Affiliate Balance Sheet (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Investments in and Advances to Affiliates [Line Items]
Current assets	$ 346.8	$ 235.1
Property and equipment, net	1,068.7	1,082.1
Other assets, net	21.7	21.2
Total assets	2,787.1	2,686.4
Current liabilities	305.2	424.2
Other liabilities	48.2	45.8
Members' deficit	201.4	349.8
Total liabilities and members' deficit	2,787.1	2,686.4
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Investments in and Advances to Affiliates [Line Items]
Current assets	87.7	132.8
Property and equipment, net	265.7	267.5
Other assets, net	246.5	244.9
Total assets	599.9	645.2
Current liabilities	122.1	133.5
Long-term debt	722	753.5
Other liabilities	35.6	42.3
Members' deficit	(279.8)	(284.1)
Total liabilities and members' deficit	$ 599.9	$ 645.2

Fair Value Of Assets And Liab_3

Fair Value Of Assets And Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2021	Mar. 17, 2021	Dec. 31, 2020	Dec. 27, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	$ 48		$ 53.6
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	48		53.6
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	0		0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	$ 0		0
Revolver | Line of Credit | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities			0
Revolver | Line of Credit | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities			149.7
Revolver | Line of Credit | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities			0
2027 Senior Notes | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Stated interest rate	5.50%
2027 Senior Notes | Senior Notes | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	$ 0		0
2027 Senior Notes | Senior Notes | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	625.9		635.2
2027 Senior Notes | Senior Notes | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	0		0
2028 Senior Notes | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Stated interest rate		4.75%		4.75%
2028 Senior Notes | Senior Notes | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	0		0
2028 Senior Notes | Senior Notes | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	724.4		526.9
2028 Senior Notes | Senior Notes | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	0		0
Term Loan B | Term Loan B | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	0		0
Term Loan B | Term Loan B | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	387		388
Term Loan B | Term Loan B | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	0		0
Term Loan B | Term Loan B-1 | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	0
Term Loan B | Term Loan B-1 | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	300
Term Loan B | Term Loan B-1 | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	0
Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash			53.6
Carrying Amount | Revolver | Line of Credit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities			149.7
Carrying Amount | 2027 Senior Notes | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	593.4		593.2
Carrying Amount | 2028 Senior Notes | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	698		494.6
Carrying Amount | Term Loan B | Term Loan B
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	384		384.8
Carrying Amount | Term Loan B | Term Loan B-1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	295.9
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	48		53.6
Fair Value | Revolver | Line of Credit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities			149.7
Fair Value | 2027 Senior Notes | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	625.9		635.2
Fair Value | 2028 Senior Notes | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	724.4		526.9
Fair Value | Term Loan B | Term Loan B
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	387		$ 388
Fair Value | Term Loan B | Term Loan B-1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	$ 300

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, 2021	Mar. 31, 2020
Earnings Per Share [Abstract]
Net income (loss) from continuing operations	$ 36.1	$ (22.6)
Net loss attributable to noncontrolling interest	0	(0.1)
Net income (loss) from continuing operations, net of loss attributable to noncontrolling interests	36.1	(22.5)
Net loss from discontinued operations	0	(0.9)
Numerator for basic net income (loss) per common share	36.1	(23.4)
Numerator for diluted net income (loss) from continuing operations per common share	36.1	(22.5)
Numerator for diluted net income (loss) per common share	$ 36.1	$ (23.4)
Denominator for net income (loss) per common share:
Basic (in shares)	39	39.7
Plus dilutive effect of stock awards (in shares)	0.6	0
Diluted (in shares)	39.6	39.7
Net income (loss) per common share data: Basic
Continuing operations (in dollars per share)	$ 0.93	$ (0.57)
Discontinued operations (in dollars per share)	0	(0.02)
Net income (loss) per common share - basic (in dollars per share)	0.93	(0.59)
Net income (loss) per common share data: Diluted
Continuing operations (in dollars per share)	0.91	(0.57)
Discontinued operations (in dollars per share)	0	(0.02)
Net income (loss) per common share - diluted (in dollars per share)	$ 0.91	$ (0.59)
Anti-dilutive stock awards excluded from the calculation of diluted shares (in shares)	0	0.5

Segment Information - Additiona

Segment Information - Additional Information (Details) slot_machine in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)gameSegmentssportsbookstateslot_machine	Dec. 31, 2020USD ($)
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
Total assets	$ 2,787.1	$ 2,686.4
All Other | Segment Reconciling Items
Schedule of Equity Method Investments [Line Items]
Total assets	$ 99.8
Gaming
Schedule of Equity Method Investments [Line Items]
Number of sportsbooks | sportsbook	6
Oak Grove | Live and Historical Racing
Schedule of Equity Method Investments [Line Items]
Total assets		196.4
Turfway Park | Live and Historical Racing
Schedule of Equity Method Investments [Line Items]
Total assets		52.1
Newport | Live and Historical Racing
Schedule of Equity Method Investments [Line Items]
Total assets		$ 37.9
Rivers Des Plaines
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	61.30%	61.30%
Miami Valley Gaming LLC
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	50.00%	50.00%

Segment Information - Schedule

Segment Information - Schedule of Net Revenue from External Customers (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Segment Reporting Information [Line Items]
Net revenue from external customers	$ 324.3	$ 252.9
Disclosure of complimentary revenue	3.7	7.6
Revenue from Related Parties	0	0
Live and Historical Racing
Segment Reporting Information [Line Items]
Net revenue from external customers	64.7	29.1
TwinSpires
Segment Reporting Information [Line Items]
Net revenue from external customers	100.1	69.4
Gaming
Segment Reporting Information [Line Items]
Net revenue from external customers	154	147.4
Operating Segments
Segment Reporting Information [Line Items]
Net revenue from external customers	324.3	252.9
Operating Segments | Live and Historical Racing
Segment Reporting Information [Line Items]
Net revenue from external customers	63.2	28.1
Revenue from Related Parties	1.5	1
Operating Segments | Live and Historical Racing | Churchill Downs Racetrack
Segment Reporting Information [Line Items]
Net revenue from external customers	2	1.9
Operating Segments | Live and Historical Racing | Derby City Gaming
Segment Reporting Information [Line Items]
Net revenue from external customers	32.9	21.6
Operating Segments | Live and Historical Racing | Oak Grove
Segment Reporting Information [Line Items]
Net revenue from external customers	19.4	0
Operating Segments | Live and Historical Racing | Turfway Park
Segment Reporting Information [Line Items]
Net revenue from external customers	4.5	4.6
Operating Segments | Live and Historical Racing | Newport
Segment Reporting Information [Line Items]
Net revenue from external customers	4.4	0
Operating Segments | TwinSpires
Segment Reporting Information [Line Items]
Net revenue from external customers	99.7	69.1
Revenue from Related Parties	0.4	0.3
Operating Segments | TwinSpires | Horse Racing
Segment Reporting Information [Line Items]
Net revenue from external customers	92.7	66.6
Operating Segments | TwinSpires | Sports and Casino
Segment Reporting Information [Line Items]
Net revenue from external customers	7	2.5
Operating Segments | Gaming
Segment Reporting Information [Line Items]
Net revenue from external customers	152	145.9
Revenue from Related Parties	2	1.5
Operating Segments | Gaming | Fair Grounds and VSI
Segment Reporting Information [Line Items]
Net revenue from external customers	38.3	31.6
Operating Segments | Gaming | Presque Isle
Segment Reporting Information [Line Items]
Net revenue from external customers	23.8	27
Operating Segments | Gaming | Calder
Segment Reporting Information [Line Items]
Net revenue from external customers	20.9	21.8
Operating Segments | Gaming | Oxford
Segment Reporting Information [Line Items]
Net revenue from external customers	15.7	20.1
Operating Segments | Gaming | Ocean Downs
Segment Reporting Information [Line Items]
Net revenue from external customers	20	14.8
Operating Segments | Gaming | Riverwalk
Segment Reporting Information [Line Items]
Net revenue from external customers	14.4	12
Operating Segments | Gaming | Harlow’s
Segment Reporting Information [Line Items]
Net revenue from external customers	14	11.3
Operating Segments | Gaming | Lady Luck Nemacolin
Segment Reporting Information [Line Items]
Net revenue from external customers	4.9	7.3
Segment Reconciling Items
Segment Reporting Information [Line Items]
Net revenue from external customers	9.4	9.8
Segment Reconciling Items | All Other
Segment Reporting Information [Line Items]
Revenue from Related Parties	2.7	2.4
Eliminations
Segment Reporting Information [Line Items]
Revenue from Related Parties	(6.6)	(5.2)
Gaming
Segment Reporting Information [Line Items]
Net revenue from external customers	152	145.9
Other
Segment Reporting Information [Line Items]
Net revenue from external customers	9.4	9.8
External Customer
Segment Reporting Information [Line Items]
Net revenue from external customers	324.3	252.9
External Customer | Operating Segments
Segment Reporting Information [Line Items]
Net revenue from external customers	314.9	243.1
External Customer | Operating Segments | Live and Historical Racing
Segment Reporting Information [Line Items]
Net revenue from external customers	63.2	28.1
External Customer | Operating Segments | TwinSpires
Segment Reporting Information [Line Items]
Net revenue from external customers	99.7	69.1
External Customer | Operating Segments | Gaming
Segment Reporting Information [Line Items]
Net revenue from external customers	152	145.9
External Customer | Segment Reconciling Items
Segment Reporting Information [Line Items]
Net revenue from external customers	9.4	9.8
External Customer | Pari-mutuel, live and simulcast racing
Segment Reporting Information [Line Items]
Net revenue from external customers	111.9	84.7
External Customer | Pari-mutuel, live and simulcast racing | Operating Segments
Segment Reporting Information [Line Items]
Net revenue from external customers	106.8	79
External Customer | Pari-mutuel, live and simulcast racing | Operating Segments | Live and Historical Racing
Segment Reporting Information [Line Items]
Net revenue from external customers	5.9	5.2
External Customer | Pari-mutuel, live and simulcast racing | Operating Segments | TwinSpires
Segment Reporting Information [Line Items]
Net revenue from external customers	89.2	63.9
External Customer | Pari-mutuel, live and simulcast racing | Operating Segments | Gaming
Segment Reporting Information [Line Items]
Net revenue from external customers	11.7	9.9
External Customer | Pari-mutuel, live and simulcast racing | Segment Reconciling Items
Segment Reporting Information [Line Items]
Net revenue from external customers	5.1	5.7
External Customer | Pari-mutuel, historical racing
Segment Reporting Information [Line Items]
Net revenue from external customers	52.9	20.4
External Customer | Pari-mutuel, historical racing | Operating Segments
Segment Reporting Information [Line Items]
Net revenue from external customers	52.9	20.4
External Customer | Pari-mutuel, historical racing | Operating Segments | Live and Historical Racing
Segment Reporting Information [Line Items]
Net revenue from external customers	52.9	20.4
External Customer | Pari-mutuel, historical racing | Operating Segments | TwinSpires
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 | Segment Reconciling Items
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	0.7	1.4
External Customer | Racing event-related services | Operating Segments
Segment Reporting Information [Line Items]
Net revenue from external customers	0.7	1.3
External Customer | Racing event-related services | Operating Segments | Live and Historical Racing
Segment Reporting Information [Line Items]
Net revenue from external customers	0	0
External Customer | Racing event-related services | Operating Segments | TwinSpires
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	0.7	1.3
External Customer | Racing event-related services | Segment Reconciling Items
Segment Reporting Information [Line Items]
Net revenue from external customers	0	0.1
External Customer | Gaming
Segment Reporting Information [Line Items]
Net revenue from external customers	139.5	122.3
External Customer | Gaming | Operating Segments
Segment Reporting Information [Line Items]
Net revenue from external customers	139.5	122.3
External Customer | Gaming | Operating Segments | Live and Historical Racing
Segment Reporting Information [Line Items]
Net revenue from external customers	0	0
External Customer | Gaming | Operating Segments | TwinSpires
Segment Reporting Information [Line Items]
Net revenue from external customers	7	2.5
External Customer | Gaming | Operating Segments | Gaming
Segment Reporting Information [Line Items]
Net revenue from external customers	132.5	119.8
External Customer | Gaming | Segment Reconciling Items
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	19.3	24.1
External Customer | Other | Operating Segments
Segment Reporting Information [Line Items]
Net revenue from external customers	15	20.1
External Customer | Other | Operating Segments | Live and Historical Racing
Segment Reporting Information [Line Items]
Net revenue from external customers	4.4	2.5
External Customer | Other | Operating Segments | TwinSpires
Segment Reporting Information [Line Items]
Net revenue from external customers	3.5	2.7
External Customer | Other | Operating Segments | Gaming
Segment Reporting Information [Line Items]
Net revenue from external customers	7.1	14.9
External Customer | Other | Segment Reconciling Items
Segment Reporting Information [Line Items]
Net revenue from external customers	$ 4.3	$ 4

Segment Information - Adjusted

Segment Information - Adjusted EBITDA by Segment (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Segment Reporting Information [Line Items]
Net revenue	$ 324.3	$ 252.9
Net income (loss) and comprehensive income (loss) attributable to Churchill Downs Incorporated	36.1	(23.4)
Net loss attributable to noncontrolling interest	0	0.1
Net income (loss)	36.1	(23.5)
Loss from discontinued operations, net of tax	0	0.9
Income (loss) from continuing operations, net of tax	36.1	(22.6)
Depreciation and amortization	26	22
Interest expense	19.4	19.3
Income tax provision (benefit)	16.2	(11.6)
EBITDA	97.7	7.1
Stock-based compensation expense	5.5	4.3
Pre-opening expense and other expense	0.6	1.7
Impairment of intangible assets	0	17.5
Transaction expense, net	0.1	0.3
Interest, depreciation and amortization expense related to equity investments	9.6	9.5
Changes in fair value of Rivers Des Plaines' interest rate swaps	(4.2)	14.9
Rivers Des Plaines' legal reserves and transaction costs	1.3	0
Total adjustments to EBITDA	12.9	48.2
Adjusted EBITDA	110.6	55.3
Operating Segments
Segment Reporting Information [Line Items]
Net revenue	324.3	252.9
Adjusted EBITDA	123.2	64.9
Segment Reconciling Items
Segment Reporting Information [Line Items]
Net revenue	9.4	9.8
Adjusted EBITDA	(12.6)	(9.6)
Live and Historical Racing
Segment Reporting Information [Line Items]
Net revenue	64.7	29.1
Adjusted EBITDA	18.3	1
Live and Historical Racing | Operating Segments
Segment Reporting Information [Line Items]
Net revenue	63.2	28.1
Taxes and purses	(20)	(9.5)
Marketing and advertising	(2.1)	(1.2)
Salaries and benefits	(10)	(7.2)
Content expense	(0.6)	(0.7)
Selling, general and administrative expense	(3)	(1.7)
Other operating expense	(10.7)	(7.8)
Other income	0	0
Adjusted EBITDA	18.3	1
TwinSpires
Segment Reporting Information [Line Items]
Net revenue	100.1	69.4
Adjusted EBITDA	22.5	16
TwinSpires | Operating Segments
Segment Reporting Information [Line Items]
Net revenue	99.7	69.1
Taxes and purses	(6.4)	(4.3)
Marketing and advertising	(8.5)	(3.5)
Salaries and benefits	(3.1)	(3.5)
Content expense	(46.5)	(32.6)
Selling, general and administrative expense	(2.2)	(1.4)
Other operating expense	(10.9)	(8.1)
Other income	0	0
Adjusted EBITDA	22.5	16
Gaming
Segment Reporting Information [Line Items]
Net revenue	154	147.4
Adjusted EBITDA	82.4	47.9
Gaming | Operating Segments
Segment Reporting Information [Line Items]
Net revenue	152	145.9
Taxes and purses	(59.3)	(58.7)
Marketing and advertising	(1.4)	(5.3)
Salaries and benefits	(19.9)	(29.5)
Content expense	(1)	(1)
Selling, general and administrative expense	(6)	(6.7)
Other operating expense	(15.5)	(19.5)
Other income	31.5	21.2
Adjusted EBITDA	$ 82.4	$ 47.9

Segment Information - Equity in

Segment Information - Equity in Earnings of Unconsolidated Investments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Segment Reporting, Other Significant Reconciling Item [Line Items]
Equity in income of unconsolidated investments	$ 24.9	$ (3.3)
Gaming
Segment Reporting, Other Significant Reconciling Item [Line Items]
Equity in income of unconsolidated investments	$ 24.9	$ (3.3)

Segment Information - Summary o

Segment Information - Summary of Capital Expenditures (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Segment Reporting, Asset Reconciling Item [Line Items]
Capital expenditures	$ 12.3	$ 48.3
Operating Segments | Total Segments
Segment Reporting, Asset Reconciling Item [Line Items]
Capital expenditures	11.7	46.5
Operating Segments | Live and Historical Racing
Segment Reporting, Asset Reconciling Item [Line Items]
Capital expenditures	7.8	39.7
Operating Segments | TwinSpires
Segment Reporting, Asset Reconciling Item [Line Items]
Capital expenditures	2.3	3.5
Operating Segments | Gaming
Segment Reporting, Asset Reconciling Item [Line Items]
Capital expenditures	1.6	3.3
Segment Reconciling Items
Segment Reporting, Asset Reconciling Item [Line Items]
Capital expenditures	$ 0.6	$ 1.8