Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2022 | Apr. 13, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2022 | |
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 | 38,025,490 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2022 | |
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 - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Net revenue: | ||
Net revenue | $ 364.1 | $ 324.3 |
Operating expense: | ||
Selling, general and administrative expense | 35.9 | 30.2 |
Asset impairments | 4.9 | 0 |
Transaction expense, net | 5 | 0.1 |
Total operating expense | 316.7 | 277.6 |
Operating income | 47.4 | 46.7 |
Other income (expense): | ||
Interest expense, net | (21.3) | (19.4) |
Equity in income of unconsolidated affiliates | 32.5 | 24.9 |
Miscellaneous, net | 0 | 0.1 |
Total other income (expense) | 11.2 | 5.6 |
Income from operations before provision for income taxes | 58.6 | 52.3 |
Income tax provision | (16.5) | (16.2) |
Net income | $ 42.1 | $ 36.1 |
Net income per common share data: | ||
Basic net income (in dollars per share) | $ 1.10 | $ 0.93 |
Diluted net income (in dollars per share) | $ 1.08 | $ 0.91 |
Weighted average shares outstanding: | ||
Basic (in shares) | 38.3 | 39 |
Diluted (in shares) | 38.8 | 39.6 |
Live and Historical Racing | ||
Net revenue: | ||
Net revenue | $ 86 | $ 63.2 |
Operating expense: | ||
Operating expense | 67.7 | 54.7 |
TwinSpires | ||
Net revenue: | ||
Net revenue | 100.3 | 103.5 |
Operating expense: | ||
Operating expense | 74.9 | 77.5 |
Gaming | ||
Net revenue: | ||
Net revenue | 177.3 | 152 |
Operating expense: | ||
Operating expense | 125.2 | 106.3 |
All Other | ||
Net revenue: | ||
Net revenue | 0.5 | 5.6 |
Operating expense: | ||
Operating expense | $ 3.1 | $ 8.8 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 294.5 | $ 291.3 |
Restricted cash | 65.5 | 64.3 |
Accounts receivable, net | 46 | 42.3 |
Income taxes receivable | 59.8 | 66 |
Other current assets | 54.5 | 37.6 |
Total current assets | 520.3 | 501.5 |
Property and equipment, net | 1,035.8 | 994.9 |
Investment in and advances to unconsolidated affiliates | 655.5 | 663.6 |
Goodwill | 366.8 | 366.8 |
Other intangible assets, net | 351.9 | 348.1 |
Other assets | 18.8 | 18.9 |
Long-term assets held for sale | 87.8 | 87.8 |
Total assets | 3,036.9 | 2,981.6 |
Current liabilities: | ||
Accounts payable | 96.9 | 81.6 |
Accrued expenses and other current liabilities | 224.3 | 232.6 |
Current deferred revenue | 104 | 47.7 |
Current maturities of long-term debt | 7 | 7 |
Dividends payable | 0 | 26.1 |
Total current liabilities | 432.2 | 395 |
Long-term debt, net of current maturities and loan origination fees | 667.2 | 668.6 |
Notes payable, net of debt issuance costs | 1,292.7 | 1,292.4 |
Non-current deferred revenue | 13.3 | 13.3 |
Deferred income taxes | 263.1 | 252.9 |
Other liabilities | 50.6 | 52.6 |
Total liabilities | 2,719.1 | 2,674.8 |
Commitments and contingencies | ||
Shareholders' equity: | ||
Preferred stock | 0 | 0 |
Common stock | 0 | 0 |
Retained earnings | 318.7 | 307.7 |
Accumulated other comprehensive loss | (0.9) | (0.9) |
Total shareholders' equity | 317.8 | 306.8 |
Total liabilities and shareholders' equity | $ 3,036.9 | $ 2,981.6 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Shareholders' Equity - USD ($) shares in Millions, $ in Millions | Total | Common Stock | Retained Earnings | Accumulated Other Comprehensive Loss |
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) |
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) |
Shares outstanding, beginning (in shares) at Dec. 31, 2021 | 38.1 | |||
Shareholders' equity, beginning at Dec. 31, 2021 | 306.8 | $ 0 | 307.7 | (0.9) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net income | 42.1 | 42.1 | ||
Issuance of common stock (in shares) | 0.1 | |||
Repurchase of common stock (in shares) | (0.1) | |||
Repurchase of common stock | (25) | $ (7) | (18) | |
Taxes paid related to net share settlement of stock awards (in shares) | (0.1) | |||
Taxes paid related to net share settlement of stock awards | (13.1) | (13.1) | ||
Stock-based compensation | 7 | $ 7 | ||
Shares outstanding, ending (in shares) at Mar. 31, 2022 | 38 | |||
Shareholders' equity, ending at Mar. 31, 2022 | $ 317.8 | $ 0 | $ 318.7 | $ (0.9) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash flows from operating activities: | ||
Net income | $ 42.1 | $ 36.1 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 25.1 | 26 |
Distributions from unconsolidated affiliates | 40.6 | 22 |
Equity in income of unconsolidated affiliates | (32.5) | (24.9) |
Stock-based compensation | 7 | 5.5 |
Deferred income taxes | 10.2 | 5.7 |
Asset impairments | 4.9 | 0 |
Amortization of operating lease assets | 1.3 | 0.2 |
Other | 1.2 | 1.2 |
Changes in operating assets and liabilities: | ||
Income taxes | 6.4 | 9.2 |
Deferred revenue | 56.3 | 21 |
Other assets and liabilities | (27.4) | 2.2 |
Net cash provided by operating activities | 135.2 | 104.2 |
Cash flows from investing activities: | ||
Capital maintenance expenditures | (10) | (4.7) |
Capital project expenditures | (45.5) | (7.6) |
Other | (7.3) | 0 |
Net cash used in investing activities | (62.8) | (12.3) |
Cash flows from financing activities: | ||
Proceeds from borrowings under long-term debt obligations | 0 | 780.8 |
Repayments of borrowings under long-term debt obligations | (1.8) | (425.7) |
Payment of dividends | (25.7) | (24.8) |
Repurchase of common stock | (24.3) | (193.9) |
Taxes paid related to net share settlement of stock awards | (13.1) | (12.6) |
Debt issuance costs | 0 | (5.8) |
Change in bank overdraft | (3) | (12.8) |
Other | (0.1) | 1.6 |
Net cash (used in) provided by financing activities | (68) | 106.8 |
Cash flows from discontinued operations: | ||
Operating activities of discontinued operations | 0 | (124) |
Net increase in cash, cash equivalents and restricted cash | 4.4 | 74.7 |
Cash, cash equivalents and restricted cash, beginning of period | 355.6 | 121 |
Cash, cash equivalents and restricted cash, end of period | 360 | 195.7 |
Supplemental disclosures of cash flow information: | ||
Interest | 20.7 | 15.4 |
Income taxes | 0.1 | 0.1 |
Schedule of non-cash operating, investing and financing activities: | ||
Property and equipment additions included in accounts payable and accrued expenses | 29.9 | 4.2 |
Debt issuance costs included in accrued expense and other current liabilities | 3.2 | 0 |
Right-of-use assets obtained in exchange for lease obligations in operating leases | 0.9 | 0 |
Repurchase of common stock included in accrued expense and other current liabilities | $ 0.7 | $ 0 |
Description of Business
Description of Business | 3 Months Ended |
Mar. 31, 2022 | |
Basis of Presentation [Abstract] | |
Description of Business | DESCRIPTION OF BUSINESS Basis of Presentation 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, 2021 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, 2021. 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. Segments During the first quarter of 2022, 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 chief operating decision maker decided to include the results of our United Tote business in the TwinSpires segment as we evolve our strategy to integrate the United Tote offering with TwinSpires Horse Racing, which we believe will create additional business to business revenue opportunities. Results of our United Tote business were previously included in our All Other segment. The prior year results 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, we cannot predict the duration of the COVID-19 global pandemic. The extent to which the COVID-19 pandemic, including the emergence of variant strains, will continue to impact the Company remains uncertain and will depend on many factors that are not within our control. We will continue to monitor for new developments related to the pandemic and assess these developments to maintain continuity in our operations. Exit of the Direct Online Sports and Casino Business |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Recent Accounting Pronouncements | RECENT ACCOUNTING PRONOUNCEMENTS Recent Accounting Pronouncements - Effective in 2022 or Thereafter 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, and simplifies the accounting for transitioning from the London Interbank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates. The guidance was effective upon issuance and if elected, will 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. |
Natural Disaster
Natural Disaster | 3 Months Ended |
Mar. 31, 2022 | |
Risks and Uncertainties [Abstract] | |
Natural Disaster | NATURAL DISASTER In August 2021, Hurricane Ida caused damage to portions of Louisiana, including Fair Grounds Race Course & Slots, and 15 off-track betting facilities ("OTBs") owned by Video Services, LLC ("VSI") (collectively, "Fair Grounds and VSI"). Two OTBs remain closed. The Company carries property and casualty insurance, as well as business interruption insurance subject to certain deductibles. During the first quarter of 2022, the Company incurred $2.3 million of operating expenses related to ongoing recovery and |
Discontinued Operations and Ass
Discontinued Operations and Assets Held for Sale | 3 Months Ended |
Mar. 31, 2022 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations and Assets Held for Sale | DISCONTINUED OPERATIONS AND ASSETS HELD FOR SALE Discontinued Operations On January 9, 2018, the Company completed the sale of its mobile gaming subsidiary, Big Fish Games, Inc. ("Big Fish Games"). The Big Fish Games business met the criteria for discontinued operation presentation. The condensed consolidated statements of cash flows reflect Big Fish Games as discontinued operations for all periods presented. The Company previously reported combined continuing and discontinued operations in our condensed consolidated statement of cash flows. The Company now separates continuing from discontinued operations in our condensed consolidated statement of cash flows. The prior year results were reclassified to conform to the current period presentation. 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. The $124.0 million settlement was paid on March 25, 2021. Assets Held for Sale On September 29, 2021, the Company announced an agreement to sell the 326-acre property in Arlington Heights, Illinois (the "Arlington Property"), to the Chicago Bears for $197.2 million. The closing of the sale of the Arlington Property is subject to the satisfaction of various closing conditions and the Company anticipates closing the sale of the Arlington Property in early 2023. The Company has classified certain assets of Arlington International Racecourse ("Arlington") totaling $81.5 million as held for sale as of March 31, 2022 and December 31, 2021, on the accompanying condensed consolidated balance sheets. Arlington’s operations and assets are included in All Other in our consolidated results. On November 22, 2021, the Company announced an agreement to sell 115.7 acres of land near Calder Casino and Racing ("Calder") for $291.0 million or approximately $2.5 million per acre to Link Logistics Real Estate, a Blackstone portfolio company. The closing of the sale of the land is subject to the satisfaction of various closing conditions. The Company anticipates closing the sale of the land in the second quarter of 2022. As of March 31, 2022 and December 31, 2021, the Company has classified certain assets of Calder totaling $6.3 million as held for sale on the accompanying condensed consolidated balance sheets. Calder's operations and assets are included in Gaming in our consolidated results. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 3 Months Ended |
Mar. 31, 2022 | |
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, 2022 and December 31, 2021. Other intangible assets are comprised of the following: March 31, 2022 December 31, 2021 (in millions) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Definite-lived intangible assets $ 31.2 $ (20.3) $ 10.9 $ 31.2 $ (19.1) $ 12.1 Indefinite-lived intangible assets 341.0 336.0 Total $ 351.9 $ 348.1 During the first quarter of 2022 we established an indefinite-lived intangible asset of $5.0 million for gaming rights in Indiana associated with the planned development of the Queen of Terre Haute Casino Resort. |
Asset Impairments
Asset Impairments | 3 Months Ended |
Mar. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Asset Impairments | ASSET IMPAIRMENTSOn February 24, 2022, the Company announced plans to exit the direct online Sports and Casino business. The Company will maintain its retail Sports operations and pursue monetization of its online market access licenses. During the quarter ended March 31, 2022, the Company evaluated whether this planned exit would indicate it is more likely than not that any of the Company’s intangible assets, long-lived assets, current assets or property and equipment, were impaired (“Trigger Event”). Based on the Company’s evaluation, the Company concluded that a Trigger Event occurred related to certain TwinSpires assets. As a result, the Company recorded a $4.9 million non-cash impairment charge related to certain assets in the TwinSpires segment. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES The Company’s effective income tax rate for the three months ended March 31, 2022 was higher than the U.S. federal statutory rate of 21.0% primarily resulting from state income taxes and non-deductible officer’s compensation. 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, 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. |
Shareholders' Equity
Shareholders' Equity | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Shareholders' Equity | SHAREHOLDERS’ EQUITY Stock Repurchase Programs On October 30, 2018, the Board of Directors of the Company approved a common stock repurchase program of up to $300.0 million ("2018 Stock Repurchase Program"). The 2018 Stock Repurchase Program was in effect until September 29, 2021 and had unused authorization of $97.9 million. On September 29, 2021, the Board of Directors of the Company approved a common stock repurchase program of up to $500.0 million ("2021 Stock Repurchase Program"). The 2021 Stock Repurchase Program includes and is not in addition to any unspent amount remaining under the prior 2018 Stock Purchase Program authorization. Repurchases may be made at management’s discretion from time to time on the open market (either with or without a 10b5-1 plan) or through privately negotiated transactions. The repurchase program has no time limit and may be suspended or discontinued at any time. We had approximately $420.6 million of repurchase authority remaining under the 2021 Stock Repurchase Program at March 31, 2022, based on trade date. Three Months Ended March 31, (in millions, except share data) 2022 2021 Repurchase Program Shares Aggregate Purchase Price Shares Aggregate Purchase Price 2021 Stock Repurchase Program 116,863 $ 25.0 — $ — As of March 31, 2022, we had $0.7 million accrued for the future cash settlement of executed repurchases of our common stock and no accrual as of March 31, 2021. The Duchossois Group Share Repurchase |
Stock-based Compensation Plans
Stock-based Compensation Plans | 3 Months Ended |
Mar. 31, 2022 | |
Share-based Payment Arrangement [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, restricted stock unit awards ("RSUs"), performance share unit awards, and stock options associated with our employee stock purchase plan was $7.0 million for the three months ended March 31, 2022 and $5.5 million for the three months ended March 31, 2021. During the three months ended March 31, 2022, the Company awarded RSUs to employees and certain named executive officers ("NEOs"). A summary of the RSUs granted during 2022 is presented below (units in thousands): Grant Year Award Type Number of Units Awarded Vesting Terms 2022 RSU 59 Vest equally over three |
Debt
Debt | 3 Months Ended |
Mar. 31, 2022 | |
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 2024 (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 (the "Second Amendment"), which (i) provided for a financial covenant relief period through the date on which the Company delivered the Company's quarterly financial statements and compliance certificate for the fiscal quarter ended June 30, 2021, subject to certain exceptions (the "Financial Covenant Relief Period"), (ii) amended 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) extended certain deadlines and made certain other amendments to the Company’s financial reporting obligations, (iv) placed certain restrictions on restricted payments during the Financial Covenant Relief Period, and (v) amended 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 8, 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 $3.5 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, 2022 was LIBOR plus 137.5 basis points based on the Revolver pricing grid in the Second Amendment and the Company's net leverage ratio as of March 31, 2022. The Term Loan B and Term Loan B-1 bear interest at LIBOR plus 200 basis points. The Company was compliant with all applicable covenants on March 31, 2022. 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 $3.4 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 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 at redemption prices set forth in the 2028 Offering Memorandum. In connection with the issuance of the Additional 2028 Notes, the Company and the 2028 Guarantors entered into a Registration Rights Agreement to register any 2028 Senior Notes under the Securities Act for resale that are not freely tradable 366 days from March 17, 2021. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 3 Months Ended |
Mar. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | REVENUE FROM CONTRACTS WITH CUSTOMERS Performance Obligations As of March 31, 2022, our Live and Historical Racing segment had remaining performance obligations on contracts with a duration greater than one year relating to television rights, sponsorships, personal seat licenses, and admissions, with an aggregate transaction price of $114.3 million. The revenue we expect to recognize on these remaining performance obligations is $41.6 million for the remainder of 2022, $30.1 million in 2023, $22.0 million in 2024, and the remainder thereafter. As of March 31, 2022, our remaining performance obligations on contracts with a duration greater than one year in segments other than Live and Historical Racing were not material. Contract Assets and Contract Liabilities As of March 31, 2022 and December 31, 2021, contract assets were not material. As of March 31, 2022 and December 31, 2021, contract liabilities were $121.3 million and $64.9 million, respectively, which are included in current deferred revenue, non-current deferred revenue, and accrued expense in the accompanying condensed consolidated balance sheets. Contract liabilities primarily relate to the Live and Historical Racing segment and the increase was primarily due to cash payments received for unfulfilled performance obligations. We recognized $3.2 million of revenue during the three months ended March 31, 2022, which was included in the contract liabilities balance at December 31, 2021. We recognized $2.6 million of revenue during the three months ended March 31, 2021, which was included in the contract liabilities balance at December 31, 2020. Disaggregation of Revenue In Note 17, 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. |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 3 Months Ended |
Mar. 31, 2022 | |
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, 2022 December 31, 2021 Account wagering deposits liability $ 55.0 $ 47.5 Purses payable 26.1 28.6 Accrued salaries and related benefits 19.4 39.9 Accrued interest 23.8 23.9 Other 100.0 92.7 Total $ 224.3 $ 232.6 |
Investment in and Advances to U
Investment in and Advances to Unconsolidated Affiliates | 3 Months Ended |
Mar. 31, 2022 | |
Investments in and Advances to Affiliates [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, 2022 and December 31, 2021 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 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, 2022, 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 $832.0 million. Our investment in Rivers Des Plaines was $547.8 million and $554.8 million as of March 31, 2022 and December 31, 2021, respectively. The Company received distributions from Rivers Des Plaines of $30.5 million and $12.0 million for the three months ended March 31, 2022 and 2021, 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 $107.7 million and $108.7 million as of March 31, 2022 and December 31, 2021, respectively. The Company received distributions from MVG of $10.0 million for the three months ended March 31, 2022 and 2021. Summarized Financial Results for our Unconsolidated Affiliates Summarized below are the financial results for our unconsolidated affiliates. Three Months Ended March 31, (in millions) 2022 2021 Net revenue $ 177.2 $ 138.7 Operating and SG&A expense 118.2 85.6 Depreciation and amortization 5.3 4.3 Total operating expense 123.5 89.9 Operating income 53.7 48.8 Interest and other, net 4.1 (4.6) Net income $ 57.8 $ 44.2 (in millions) March 31, 2022 December 31, 2021 Assets Current assets $ 96.8 $ 96.0 Property and equipment, net 336.4 312.3 Other assets, net 263.5 264.1 Total assets $ 696.7 $ 672.4 Liabilities and Members' Deficit Current liabilities $ 128.6 $ 95.3 Long-term debt 807.4 786.9 Other liabilities 3.6 20.6 Members' deficit (242.9) (230.4) Total liabilities and members' deficit $ 696.7 $ 672.4 |
Fair Value of Assets And Liabil
Fair Value of Assets And Liabilities | 3 Months Ended |
Mar. 31, 2022 | |
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 5.50% 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, 2022 (in millions) Carrying Amount Fair Value Level 1 Level 2 Level 3 Financial assets: Restricted cash $ 65.5 $ 65.5 $ 65.5 $ — $ — Financial liabilities: Term Loan B $ 380.8 $ 383.0 $ — $ 383.0 $ — Term Loan B-1 293.4 297.0 — 297.0 — 2027 Senior Notes 594.5 605.3 — 605.3 — 2028 Senior Notes 698.2 679.0 — 679.0 — December 31, 2021 (in millions) Carrying Amount Fair Value Level 1 Level 2 Level 3 Financial assets: Restricted cash $ 64.3 $ 64.3 $ 64.3 $ — $ — Financial liabilities: Term Loan B $ 381.6 $ 384.0 $ — $ 384.0 $ — Term Loan B-1 294.0 297.8 — 297.8 — 2027 Senior Notes 594.3 619.5 — 619.5 — 2028 Senior Notes 698.1 724.5 — 724.5 — |
Contingencies
Contingencies | 3 Months Ended |
Mar. 31, 2022 | |
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. We review all litigation on an ongoing basis when making accrual and disclosure decisions. For certain legal proceedings, we cannot reasonably estimate losses or a range of loss, if any, particularly for proceedings that are in the early stages of development or where the plaintiffs seek indeterminate damages. Various factors, including but not limited to, the outcome of potentially lengthy discovery and the resolution of important factual questions, may need to be determined before probability can be established or before a loss or range of loss can be reasonably estimated. In accordance with current accounting standards for loss contingencies and based upon information currently known to us, we establish reserves for litigation when it is probable that a loss associated with a claim or proceeding has been incurred and the amount of the loss or range of loss can be reasonably estimated. When no amount within the range of loss is a better estimate than any other amount, we accrue the minimum amount of the estimable loss. To the extent that such litigation against us may have an exposure to a loss in excess of the amount we have accrued, we believe that such excess would not be material to our consolidated financial condition, results of operations, or cash flows. Legal fees are expensed as incurred. If the loss contingency in question is not both probable and reasonably estimable, we do not establish an accrual and the matter will continue to be monitored for any developments that would make the loss contingency both probable and reasonably estimable. In the event that a legal proceeding results in a substantial judgment against us, 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, 2022 | |
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) 2022 2021 Numerator for basic and diluted net income per common share: Net income $ 42.1 $ 36.1 Denominator for net income per common share: Basic 38.3 39.0 Plus dilutive effect of stock awards 0.5 0.6 Diluted 38.8 39.6 Net income per common share data: Basic net income $ 1.10 $ 0.93 Diluted net income $ 1.08 $ 0.91 |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2022 | |
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 an historical racing machine ("HRM") 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 retail and online Sports and Casino business. TwinSpires Horse Racing operates online horse racing wagering 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. Also included in TwinSpires Horse Racing is our United Tote business which provides totalisator services to patrons who wager on horse races. Our TwinSpires Sports and Casino business includes the retail and online sports and casino gaming operations. Our TwinSpires Sports and Casino business operates our sports betting and casino iGaming platform in multiple states. The TwinSpires Sports and Casino business includes the mobile and online sports betting and casino results and the results of eight of our retail sportsbooks, which include our wholly-owned properties at Harlow’s Casino Resort and Spa ("Harlow’s"), Presque Isle, Riverwalk Casino Hotel (“Riverwalk”), and Ocean Downs Casino and Racetrack ("Ocean Downs"), as well as in Arizona, Colorado, Indiana and Michigan which utilize a third party's casino license. On February 24, 2022 the Company announced its plans to exit the direct online Sports and Casino business and pursue monetization of its online market access licenses. • 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 ◦ Fair Grounds and VSI ◦ Harlow’s ◦ Lady Luck Casino Nemacolin ("Lady Luck Nemacolin") management agreement ◦ 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 • Corporate We conduct our business through these reportable segments and report net revenue and operating expense associated with these reportable segments in the accompanying condensed consolidated statements of comprehensive income. Eliminations include the elimination of intersegment transactions. We utilize non-GAAP measures, including EBITDA (earnings before interest, taxes, depreciation and amortization) and Adjusted EBITDA. Our chief operating decision maker utilizes Adjusted EBITDA to evaluate segment performance, develop strategy and allocate resources. Adjusted EBITDA includes the following adjustments: Adjusted EBITDA includes our portion of EBITDA from our equity investments. Adjusted EBITDA excludes: • Transaction expense, net which includes: – Acquisition, disposition, and land sale related charges; – Direct online Sports and Casino business costs; 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 As of December 31, 2021, Arlington ceased racing and simulcast operations given the pending sale of the property to the Chicago Bears. Arlington's operating loss in the current year quarter was treated as an adjustment to EBITDA and is included in Other expenses, net in the Reconciliation of Comprehensive Income to Adjusted EBITDA. 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 The tables below present net revenue from external customers and intercompany revenue from each of our segments, net revenue from external customers for each group of similar services, Adjusted EBITDA by segment, and a reconciliation of comprehensive income to Adjusted EBITDA: Three Months Ended March 31, (in millions) 2022 2021 Net revenue from external customers: Live and Historical Racing: Churchill Downs Racetrack $ 2.0 $ 2.0 Derby City Gaming 42.8 32.9 Oak Grove 30.4 19.4 Turfway Park 4.5 4.5 Newport 6.3 4.4 Total Live and Historical Racing 86.0 63.2 TwinSpires: Horse Racing 90.0 96.5 Sports and Casino 10.3 7.0 Total TwinSpires 100.3 103.5 Gaming: Fair Grounds and VSI 41.5 38.3 Presque Isle 27.2 23.8 Ocean Downs 21.3 20.0 Calder 27.0 20.9 Oxford 26.8 15.7 Riverwalk 14.4 14.4 Harlow’s 13.1 14.0 Lady Luck Nemacolin 6.0 4.9 Total Gaming 177.3 152.0 All Other 0.5 5.6 Net revenue from external customers $ 364.1 $ 324.3 Three Months Ended March 31, (in millions) 2022 2021 Intercompany net revenue: Live and Historical Racing $ 1.2 $ 1.5 TwinSpires 1.1 1.5 Gaming 1.9 2.0 All Other — 1.6 Eliminations (4.2) (6.6) Intercompany net revenue $ — $ — Three Months Ended March 31, 2022 (in millions) Live and Historical Racing TwinSpires Gaming Total Segments All Other Total Net revenue from external customers Pari-mutuel: Live and simulcast racing $ 5.6 $ 81.5 $ 12.9 $ 100.0 $ — $ 100.0 Historical racing (a) 73.6 — — 73.6 — 73.6 Racing event-related services 0.5 — 0.4 0.9 — 0.9 Gaming (a) — 10.3 150.9 161.2 — 161.2 Other (a) 6.3 8.5 13.1 27.9 0.5 28.4 Total $ 86.0 $ 100.3 $ 177.3 $ 363.6 $ 0.5 $ 364.1 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 7.3 7.1 18.8 0.5 19.3 Total $ 63.2 $ 103.5 $ 152.0 $ 318.7 $ 5.6 $ 324.3 (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 $7.0 million for the three months ended March 31, 2022 and $3.7 million for the three months ended March 31, 2021. Adjusted EBITDA by segment is comprised of the following: Three Months Ended March 31, 2022 (in millions) Live and Historical Racing TwinSpires Gaming Net revenue $ 87.2 $ 101.4 $ 179.2 Taxes and purses (26.8) (7.5) (67.3) Marketing and advertising (2.9) (5.1) (3.5) Salaries and benefits (10.9) (6.7) (23.9) Content expense (0.6) (43.1) (1.5) Selling, general and administrative expense (3.3) (2.6) (6.6) Other operating expense (14.8) (12.3) (20.0) Other income — — 34.7 Adjusted EBITDA $ 27.9 $ 24.1 $ 91.1 Three Months Ended March 31, 2021 (in millions) Live and Historical Racing TwinSpires Gaming Net revenue $ 64.7 $ 105.0 $ 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) (6.2) (19.9) Content expense (0.6) (46.5) (1.0) Selling, general and administrative expense (3.0) (2.6) (6.0) Other operating expense (10.7) (11.7) (15.5) Other income — — 31.5 Adjusted EBITDA $ 18.3 $ 23.1 $ 82.4 Three Months Ended March 31, (in millions) 2022 2021 Reconciliation of Comprehensive Income to Adjusted EBITDA: Net income and comprehensive income $ 42.1 $ 36.1 Additions: Depreciation and amortization 25.1 26.0 Interest expense 21.3 19.4 Income tax provision 16.5 16.2 EBITDA $ 105.0 $ 97.7 Adjustments to EBITDA: Stock-based compensation expense $ 7.0 $ 5.5 Pre-opening expense 2.1 0.6 Other expenses, net 2.5 — Asset impairments 4.9 — Transaction expense, net 5.0 0.1 Other income, expense: Interest, depreciation and amortization expense related to equity investments 11.1 9.6 Changes in fair value of Rivers Des Plaines' interest rate swaps (10.4) (4.2) Rivers Des Plaines' legal reserves and transaction costs 0.3 1.3 Other charges 1.0 — Total adjustments to EBITDA 23.5 12.9 Adjusted EBITDA $ 128.5 $ 110.6 Adjusted EBITDA by segment: Live and Historical Racing $ 27.9 $ 18.3 TwinSpires 24.1 23.1 Gaming 91.1 82.4 Total segment Adjusted EBITDA 143.1 123.8 All Other (14.6) (13.2) Total Adjusted EBITDA $ 128.5 $ 110.6 The table below presents information about equity in income of unconsolidated affiliates included in our reported segments: Three Months Ended March 31, (in millions) 2022 2021 Gaming $ 32.5 $ 24.9 The table below presents total asset information for each of our segments: (in millions) March 31, 2022 December 31, 2021 Total assets: Live and Historical Racing $ 719.0 $ 682.7 TwinSpires 286.0 289.6 Gaming 1,003.3 1,003.3 Total segment assets 2,008.3 1,975.6 All Other 1,028.6 1,006.0 Total assets $ 3,036.9 $ 2,981.6 The table below presents total capital expenditures for each of our segments: Three Months Ended March 31, (in millions) 2022 2021 Capital expenditures, net: Live and Historical Racing $ 44.5 $ 7.8 TwinSpires 3.1 2.4 Gaming 7.5 1.6 Total segment capital expenditures 55.1 11.8 All Other 0.4 0.5 Total capital expenditures $ 55.5 $ 12.3 |
Subsequent Event
Subsequent Event | 3 Months Ended |
Mar. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Event | SUBSEQUENT EVENT April 2022 Financing Transactions On April 13, 2022, the Company announced an amendment of its senior secured credit agreement (the “Credit Agreement Amendment”) to extend the maturity date of its existing revolving credit facility to 2027 and to increase the commitments under the existing revolving credit facility from $700 million to $1,200 million. The Credit Agreement Amendment also provides for a senior secured delayed draw term loan A credit facility due 2027 in the amount of $800 million (the “Delayed Draw Term Loan A”) and makes certain other changes to its existing credit agreement. The interest rate applicable to borrowings on the Revolver and Delayed Draw Term Loan A will be secured financing overnight rate ("SFOR")-based plus a spread, determined by the Company’s and guarantors' leverage ratio. The Company also successfully closed into escrow the previously announced offering of $1,200 million in aggregate principal amount of 5.750% senior notes due 2030. |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Recent Accounting Pronouncements - Effective in 2022 or Thereafter | Recent Accounting Pronouncements - Effective in 2022 or Thereafter 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, and simplifies the accounting for transitioning from the London Interbank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates. The guidance was effective upon issuance and if elected, will 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. |
Goodwill And Other Intangible_2
Goodwill And Other Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Indefinite and Finite Lived Assets | Other intangible assets are comprised of the following: March 31, 2022 December 31, 2021 (in millions) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Definite-lived intangible assets $ 31.2 $ (20.3) $ 10.9 $ 31.2 $ (19.1) $ 12.1 Indefinite-lived intangible assets 341.0 336.0 Total $ 351.9 $ 348.1 |
Equity (Tables)
Equity (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Schedule of Repurchase Agreements | Three Months Ended March 31, (in millions, except share data) 2022 2021 Repurchase Program Shares Aggregate Purchase Price Shares Aggregate Purchase Price 2021 Stock Repurchase Program 116,863 $ 25.0 — $ — |
Stock-based Compensation Plans
Stock-based Compensation Plans (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Summary of RSUs and PSUs Granted | A summary of the RSUs granted during 2022 is presented below (units in thousands): Grant Year Award Type Number of Units Awarded Vesting Terms 2022 RSU 59 Vest equally over three |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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, 2022 December 31, 2021 Account wagering deposits liability $ 55.0 $ 47.5 Purses payable 26.1 28.6 Accrued salaries and related benefits 19.4 39.9 Accrued interest 23.8 23.9 Other 100.0 92.7 Total $ 224.3 $ 232.6 |
Investment in and Advances to_2
Investment in and Advances to Unconsolidated Affiliates (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Investments in and Advances to Affiliates [Abstract] | |
Affiliate Income Statement | Summarized below are the financial results for our unconsolidated affiliates. Three Months Ended March 31, (in millions) 2022 2021 Net revenue $ 177.2 $ 138.7 Operating and SG&A expense 118.2 85.6 Depreciation and amortization 5.3 4.3 Total operating expense 123.5 89.9 Operating income 53.7 48.8 Interest and other, net 4.1 (4.6) Net income $ 57.8 $ 44.2 |
Affiliate Balance Sheet | (in millions) March 31, 2022 December 31, 2021 Assets Current assets $ 96.8 $ 96.0 Property and equipment, net 336.4 312.3 Other assets, net 263.5 264.1 Total assets $ 696.7 $ 672.4 Liabilities and Members' Deficit Current liabilities $ 128.6 $ 95.3 Long-term debt 807.4 786.9 Other liabilities 3.6 20.6 Members' deficit (242.9) (230.4) Total liabilities and members' deficit $ 696.7 $ 672.4 |
Fair Value Of Assets And Liab_2
Fair Value Of Assets And Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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, 2022 (in millions) Carrying Amount Fair Value Level 1 Level 2 Level 3 Financial assets: Restricted cash $ 65.5 $ 65.5 $ 65.5 $ — $ — Financial liabilities: Term Loan B $ 380.8 $ 383.0 $ — $ 383.0 $ — Term Loan B-1 293.4 297.0 — 297.0 — 2027 Senior Notes 594.5 605.3 — 605.3 — 2028 Senior Notes 698.2 679.0 — 679.0 — December 31, 2021 (in millions) Carrying Amount Fair Value Level 1 Level 2 Level 3 Financial assets: Restricted cash $ 64.3 $ 64.3 $ 64.3 $ — $ — Financial liabilities: Term Loan B $ 381.6 $ 384.0 $ — $ 384.0 $ — Term Loan B-1 294.0 297.8 — 297.8 — 2027 Senior Notes 594.3 619.5 — 619.5 — 2028 Senior Notes 698.1 724.5 — 724.5 — |
Net Income Per Common Share C_2
Net Income Per Common Share Computations (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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) 2022 2021 Numerator for basic and diluted net income per common share: Net income $ 42.1 $ 36.1 Denominator for net income per common share: Basic 38.3 39.0 Plus dilutive effect of stock awards 0.5 0.6 Diluted 38.8 39.6 Net income per common share data: Basic net income $ 1.10 $ 0.93 Diluted net income $ 1.08 $ 0.91 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Net Revenue From External Customers and Intercompany Revenue From Each Operating Segment | The tables below present net revenue from external customers and intercompany revenue from each of our segments, net revenue from external customers for each group of similar services, Adjusted EBITDA by segment, and a reconciliation of comprehensive income to Adjusted EBITDA: Three Months Ended March 31, (in millions) 2022 2021 Net revenue from external customers: Live and Historical Racing: Churchill Downs Racetrack $ 2.0 $ 2.0 Derby City Gaming 42.8 32.9 Oak Grove 30.4 19.4 Turfway Park 4.5 4.5 Newport 6.3 4.4 Total Live and Historical Racing 86.0 63.2 TwinSpires: Horse Racing 90.0 96.5 Sports and Casino 10.3 7.0 Total TwinSpires 100.3 103.5 Gaming: Fair Grounds and VSI 41.5 38.3 Presque Isle 27.2 23.8 Ocean Downs 21.3 20.0 Calder 27.0 20.9 Oxford 26.8 15.7 Riverwalk 14.4 14.4 Harlow’s 13.1 14.0 Lady Luck Nemacolin 6.0 4.9 Total Gaming 177.3 152.0 All Other 0.5 5.6 Net revenue from external customers $ 364.1 $ 324.3 Three Months Ended March 31, (in millions) 2022 2021 Intercompany net revenue: Live and Historical Racing $ 1.2 $ 1.5 TwinSpires 1.1 1.5 Gaming 1.9 2.0 All Other — 1.6 Eliminations (4.2) (6.6) Intercompany net revenue $ — $ — Three Months Ended March 31, 2022 (in millions) Live and Historical Racing TwinSpires Gaming Total Segments All Other Total Net revenue from external customers Pari-mutuel: Live and simulcast racing $ 5.6 $ 81.5 $ 12.9 $ 100.0 $ — $ 100.0 Historical racing (a) 73.6 — — 73.6 — 73.6 Racing event-related services 0.5 — 0.4 0.9 — 0.9 Gaming (a) — 10.3 150.9 161.2 — 161.2 Other (a) 6.3 8.5 13.1 27.9 0.5 28.4 Total $ 86.0 $ 100.3 $ 177.3 $ 363.6 $ 0.5 $ 364.1 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 7.3 7.1 18.8 0.5 19.3 Total $ 63.2 $ 103.5 $ 152.0 $ 318.7 $ 5.6 $ 324.3 (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 $7.0 million for the three months ended March 31, 2022 and $3.7 million for the three months ended March 31, 2021. |
Schedule of Segment Reporting Information | Adjusted EBITDA by segment is comprised of the following: Three Months Ended March 31, 2022 (in millions) Live and Historical Racing TwinSpires Gaming Net revenue $ 87.2 $ 101.4 $ 179.2 Taxes and purses (26.8) (7.5) (67.3) Marketing and advertising (2.9) (5.1) (3.5) Salaries and benefits (10.9) (6.7) (23.9) Content expense (0.6) (43.1) (1.5) Selling, general and administrative expense (3.3) (2.6) (6.6) Other operating expense (14.8) (12.3) (20.0) Other income — — 34.7 Adjusted EBITDA $ 27.9 $ 24.1 $ 91.1 Three Months Ended March 31, 2021 (in millions) Live and Historical Racing TwinSpires Gaming Net revenue $ 64.7 $ 105.0 $ 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) (6.2) (19.9) Content expense (0.6) (46.5) (1.0) Selling, general and administrative expense (3.0) (2.6) (6.0) Other operating expense (10.7) (11.7) (15.5) Other income — — 31.5 Adjusted EBITDA $ 18.3 $ 23.1 $ 82.4 Three Months Ended March 31, (in millions) 2022 2021 Reconciliation of Comprehensive Income to Adjusted EBITDA: Net income and comprehensive income $ 42.1 $ 36.1 Additions: Depreciation and amortization 25.1 26.0 Interest expense 21.3 19.4 Income tax provision 16.5 16.2 EBITDA $ 105.0 $ 97.7 Adjustments to EBITDA: Stock-based compensation expense $ 7.0 $ 5.5 Pre-opening expense 2.1 0.6 Other expenses, net 2.5 — Asset impairments 4.9 — Transaction expense, net 5.0 0.1 Other income, expense: Interest, depreciation and amortization expense related to equity investments 11.1 9.6 Changes in fair value of Rivers Des Plaines' interest rate swaps (10.4) (4.2) Rivers Des Plaines' legal reserves and transaction costs 0.3 1.3 Other charges 1.0 — Total adjustments to EBITDA 23.5 12.9 Adjusted EBITDA $ 128.5 $ 110.6 Adjusted EBITDA by segment: Live and Historical Racing $ 27.9 $ 18.3 TwinSpires 24.1 23.1 Gaming 91.1 82.4 Total segment Adjusted EBITDA 143.1 123.8 All Other (14.6) (13.2) Total Adjusted EBITDA $ 128.5 $ 110.6 |
Schedule of Equity in Income of Unconsolidated Investments | The table below presents information about equity in income of unconsolidated affiliates included in our reported segments: Three Months Ended March 31, (in millions) 2022 2021 Gaming $ 32.5 $ 24.9 |
Schedule of Total Assets and Capital Expenditures by Operating Segment | The table below presents total asset information for each of our segments: (in millions) March 31, 2022 December 31, 2021 Total assets: Live and Historical Racing $ 719.0 $ 682.7 TwinSpires 286.0 289.6 Gaming 1,003.3 1,003.3 Total segment assets 2,008.3 1,975.6 All Other 1,028.6 1,006.0 Total assets $ 3,036.9 $ 2,981.6 The table below presents total capital expenditures for each of our segments: Three Months Ended March 31, (in millions) 2022 2021 Capital expenditures, net: Live and Historical Racing $ 44.5 $ 7.8 TwinSpires 3.1 2.4 Gaming 7.5 1.6 Total segment capital expenditures 55.1 11.8 All Other 0.4 0.5 Total capital expenditures $ 55.5 $ 12.3 |
Description of Business (Detail
Description of Business (Details) | 3 Months Ended |
Mar. 31, 2022segment | |
Basis of Presentation [Abstract] | |
Number of reportable segments | 3 |
Natural Disaster (Details)
Natural Disaster (Details) $ in Millions | 1 Months Ended | 3 Months Ended | |
Aug. 31, 2021facility | Mar. 31, 2022USD ($)facility | Mar. 31, 2021USD ($) | |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||
Operating expenses | $ 316.7 | $ 277.6 | |
Insurance recoveries | $ 0.3 | ||
Hurricane | |||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||
Number of off-track betting facilities damaged | facility | 15 | ||
Number of off-track betting facilities closed | facility | 2 | ||
Operating expenses | $ 2.3 | ||
Insurance recoveries | 3 | ||
Insurance recovery receivable | $ 4.6 |
Discontinued Operations - Addit
Discontinued Operations - Additional Information (Details) $ / a in Millions, $ in Millions | Mar. 25, 2021USD ($) | Mar. 31, 2022USD ($) | Dec. 31, 2021USD ($) | Nov. 22, 2021USD ($)a$ / a | Sep. 29, 2021USD ($)a |
Kater And Thimmegowda Litigation | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Litigation settlement | $ 124 | ||||
Arlington Property | Disposal Group, Held-for-sale, Not Discontinued Operations | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Area of land | a | 326 | ||||
Purchase price | $ 197.2 | ||||
Arlington International Racecourse | Disposal Group, Held-for-sale, Not Discontinued Operations | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Asset held for sale | $ 81.5 | $ 81.5 | |||
Calder Property | Disposal Group, Held-for-sale, Not Discontinued Operations | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Area of land | a | 115.7 | ||||
Purchase price | $ 291 | ||||
Asset held for sale | $ 6.3 | $ 6.3 | |||
Sale agreement, per acre | $ / a | 2.5 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | |
Indefinite-lived Intangible Assets [Line Items] | ||
Goodwill | $ 366.8 | $ 366.8 |
Gaming | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-lived intangible assets acquired | $ 5 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Intangible Assets (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Gross Carrying Amount | $ 31.2 | $ 31.2 |
Accumulated Amortization | (20.3) | (19.1) |
Definite-lived intangible assets, Net Carrying Amount | 10.9 | 12.1 |
Indefinite-lived intangible assets, Net Carrying Amount | 341 | 336 |
Total intangible assets | $ 351.9 | $ 348.1 |
Asset Impairments (Details)
Asset Impairments (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Indefinite-lived Intangible Assets [Line Items] | ||
Asset impairments | $ 4.9 | $ 0 |
TwinSpires | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Asset impairments | $ 4.9 |
Shareholders' Equity (Details)
Shareholders' Equity (Details) - USD ($) | Feb. 01, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | Sep. 29, 2021 | Oct. 30, 2018 |
Distribution Made to Limited Partner [Line Items] | |||||
Future cash settlement accrual for executed repurchases of common stock | $ 700,000 | $ 0 | |||
Repurchase aggregate cost | 25,000,000 | $ 193,900,000 | |||
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 | $ 97,900,000 | ||||
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 | ||||
2021 Stock Repurchase Program | |||||
Distribution Made to Limited Partner [Line Items] | |||||
Authorized stock repurchase amount | $ 500,000,000 | ||||
Remaining unused authorization for stock repurchase program | $ 420,600,000 | ||||
Repurchase of common stock (in shares) | 116,863 | 0 | |||
Repurchase aggregate cost | $ 25,000,000 | $ 0 |
Stock-based Compensation Plan_2
Stock-based Compensation Plans (Details) - USD ($) shares in Thousands, $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation | $ 7 | $ 5.5 |
Common Stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation | $ 7 | $ 5.5 |
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) | 59 | |
Award vesting period | 3 years |
Debt (Details)
Debt (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Mar. 17, 2021 | Feb. 01, 2021 | Apr. 28, 2020 | Dec. 27, 2017 |
Debt Instrument [Line Items] | |||||
Basis spread | 2.00% | ||||
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 | ||||
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 | ||||
Senior Notes | 2028 Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Face amount of debt issuance | 700 | ||||
Senior Notes | Senior Notes Due 2028, Additional | |||||
Debt Instrument [Line Items] | |||||
Face amount of debt issuance | 200 | ||||
Debt issuance costs | $ 3.4 | ||||
Stated interest rate | 4.75% | ||||
Redemption price, percentage of face amount | 103.25% | ||||
Senior Notes | Senior Notes Due 2028, Existing | |||||
Debt Instrument [Line Items] | |||||
Face amount of debt issuance | $ 500 | ||||
Stated interest rate | 4.75% | ||||
Revolving Credit Facility | Line of Credit | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | $ 700 | ||||
Debt covenant, restricted payments | $ 226 | $ 26 | |||
Revolving Credit Facility | Line of Credit | London Interbank Offered Rate (LIBOR) | |||||
Debt Instrument [Line Items] | |||||
Basis spread | 1.375% | ||||
Term Loan B | |||||
Debt Instrument [Line Items] | |||||
Debt issuance costs | $ 3.5 | ||||
Term Loan B | Line of Credit | Term Loan B due 2024 | |||||
Debt Instrument [Line Items] | |||||
Face amount of debt issuance | 400 | ||||
Letter of Credit | Line of Credit | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | 50 | ||||
Bridge Loan | Line of Credit | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | $ 50 |
Revenue from Contracts with C_2
Revenue from Contracts with Customers - Performance Obligations (Details) $ in Millions | Mar. 31, 2022USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation, amount | $ 114.3 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 9 months |
Remaining performance obligation, amount | $ 41.6 |
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 |
Remaining performance obligation, amount | $ 30.1 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | |
Remaining performance obligation, amount | $ 22 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |||
Contract with customer, liability | $ 121.3 | $ 64.9 | |
Contract with customer, revenue recognized | $ 3.2 | $ 2.6 |
Accrued Expenses and Other Cu_3
Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Payables and Accruals [Abstract] | ||
Account wagering deposits liability | $ 55 | $ 47.5 |
Purses payable | 26.1 | 28.6 |
Accrued salaries and related benefits | 19.4 | 39.9 |
Accrued interest | 23.8 | 23.9 |
Other | 100 | 92.7 |
Total | $ 224.3 | $ 232.6 |
Investment in and Advances to_3
Investment in and Advances to Unconsolidated Affiliates - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Investments in and Advances to Affiliates [Line Items] | |||
Distributions from unconsolidated affiliates | $ 40.6 | $ 22 | |
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 | $ 832 | ||
Equity method investment, amount | 547.8 | $ 554.8 | |
Distributions from unconsolidated affiliates | $ 30.5 | 12 | |
Miami Valley Gaming LLC | |||
Investments in and Advances to Affiliates [Line Items] | |||
Equity method investment, ownership percentage | 50.00% | 50.00% | |
Equity method investment, amount | $ 107.7 | $ 108.7 | |
Distributions from unconsolidated affiliates | $ 10 | $ 10 | |
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, 2022 | Mar. 31, 2021 | |
Investments in and Advances to Affiliates [Line Items] | ||
Net revenue | $ 364.1 | $ 324.3 |
Net income | 42.1 | 36.1 |
Equity Method Investment, Nonconsolidated Investee or Group of Investees | ||
Investments in and Advances to Affiliates [Line Items] | ||
Net revenue | 177.2 | 138.7 |
Operating and SG&A expense | 118.2 | 85.6 |
Depreciation and amortization | 5.3 | 4.3 |
Total operating expense | 123.5 | 89.9 |
Operating income | 53.7 | 48.8 |
Interest and other, net | 4.1 | (4.6) |
Net income | $ 57.8 | $ 44.2 |
Investment in and Advances to_5
Investment in and Advances to Unconsolidated Affiliates - Affiliate Balance Sheet (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Investments in and Advances to Affiliates [Line Items] | |||
Current assets | $ 520.3 | $ 501.5 | |
Property and equipment, net | 1,035.8 | 994.9 | |
Other assets, net | 18.8 | 18.9 | |
Total assets | 3,036.9 | 2,981.6 | $ 2,981.6 |
Current liabilities | 432.2 | 395 | |
Other liabilities | 50.6 | 52.6 | |
Members' deficit | 318.7 | 307.7 | |
Total liabilities and shareholders' equity | 3,036.9 | 2,981.6 | |
Equity Method Investment, Nonconsolidated Investee or Group of Investees | |||
Investments in and Advances to Affiliates [Line Items] | |||
Current assets | 96.8 | 96 | |
Property and equipment, net | 336.4 | 312.3 | |
Other assets, net | 263.5 | 264.1 | |
Total assets | 696.7 | 672.4 | |
Current liabilities | 128.6 | 95.3 | |
Long-term debt | 807.4 | 786.9 | |
Other liabilities | 3.6 | 20.6 | |
Members' deficit | (242.9) | (230.4) | |
Total liabilities and shareholders' equity | $ 696.7 | $ 672.4 |
Fair Value Of Assets And Liab_3
Fair Value Of Assets And Liabilities (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Restricted cash | $ 65.5 | $ 64.3 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Restricted cash | 65.5 | 64.3 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Restricted cash | 0 | 0 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Restricted cash | $ 0 | 0 |
2027 Senior Notes | Senior Notes | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Stated interest rate | 5.50% | |
2027 Senior Notes | Senior Notes | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
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 | 605.3 | 619.5 |
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 | 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 | 679 | 724.5 |
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 | 383 | 384 |
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 | 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 | 297 | 297.8 |
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 | 0 |
Carrying Amount | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Restricted cash | 65.5 | 64.3 |
Carrying Amount | 2027 Senior Notes | Senior Notes | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial liabilities | 594.5 | 594.3 |
Carrying Amount | 2028 Senior Notes | Senior Notes | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial liabilities | 698.2 | 698.1 |
Carrying Amount | Term Loan B | Term Loan B | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial liabilities | 380.8 | 381.6 |
Carrying Amount | Term Loan B | Term Loan B-1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial liabilities | 293.4 | 294 |
Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Restricted cash | 65.5 | 64.3 |
Fair Value | 2027 Senior Notes | Senior Notes | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial liabilities | 605.3 | 619.5 |
Fair Value | 2028 Senior Notes | Senior Notes | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial liabilities | 679 | 724.5 |
Fair Value | Term Loan B | Term Loan B | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial liabilities | 383 | 384 |
Fair Value | Term Loan B | Term Loan B-1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial liabilities | $ 297 | $ 297.8 |
Net Income Per Common Share C_3
Net Income Per Common Share Computations (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Numerator for basic and diluted net income per common share: | ||
Net income | $ 42.1 | $ 36.1 |
Denominator for net income per common share: | ||
Basic (in shares) | 38.3 | 39 |
Plus dilutive effect of stock awards (in shares) | 0.5 | 0.6 |
Diluted (in shares) | 38.8 | 39.6 |
Net income (loss) per common share data: Basic | ||
Net income (loss) per common share - basic (in dollars per share) | $ 1.10 | $ 0.93 |
Net income (loss) per common share data: Diluted | ||
Net income (loss) per common share - diluted (in dollars per share) | $ 1.08 | $ 0.91 |
Segment Information - Additiona
Segment Information - Additional Information (Details) slot_machine in Thousands | 3 Months Ended | |
Mar. 31, 2022statesegmentgamesportsbookslot_machine | Dec. 31, 2021 | |
Schedule of Equity Method Investments [Line Items] | ||
Number of operating segments | segment | 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 | |
TwinSpires | ||
Schedule of Equity Method Investments [Line Items] | ||
Number of sportsbooks | sportsbook | 8 | |
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, 2022 | Mar. 31, 2021 | |
Segment Reporting Information [Line Items] | ||
Net revenue from external customers | $ 364.1 | $ 324.3 |
Intercompany net revenue | 0 | 0 |
Disclosure of complimentary revenue | 7 | 3.7 |
Live and Historical Racing | ||
Segment Reporting Information [Line Items] | ||
Net revenue from external customers | 87.2 | 64.7 |
TwinSpires | ||
Segment Reporting Information [Line Items] | ||
Net revenue from external customers | 101.4 | 105 |
Gaming | ||
Segment Reporting Information [Line Items] | ||
Net revenue from external customers | 179.2 | 154 |
Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Net revenue from external customers | 364.1 | 324.3 |
Operating Segments | Live and Historical Racing | ||
Segment Reporting Information [Line Items] | ||
Net revenue from external customers | 86 | 63.2 |
Intercompany net revenue | 1.2 | 1.5 |
Operating Segments | Live and Historical Racing | Churchill Downs Racetrack | ||
Segment Reporting Information [Line Items] | ||
Net revenue from external customers | 2 | 2 |
Operating Segments | Live and Historical Racing | Derby City Gaming | ||
Segment Reporting Information [Line Items] | ||
Net revenue from external customers | 42.8 | 32.9 |
Operating Segments | Live and Historical Racing | Oak Grove | ||
Segment Reporting Information [Line Items] | ||
Net revenue from external customers | 30.4 | 19.4 |
Operating Segments | Live and Historical Racing | Turfway Park | ||
Segment Reporting Information [Line Items] | ||
Net revenue from external customers | 4.5 | 4.5 |
Operating Segments | Live and Historical Racing | Newport | ||
Segment Reporting Information [Line Items] | ||
Net revenue from external customers | 6.3 | 4.4 |
Operating Segments | TwinSpires | ||
Segment Reporting Information [Line Items] | ||
Net revenue from external customers | 100.3 | 103.5 |
Intercompany net revenue | 1.1 | 1.5 |
Operating Segments | TwinSpires | Horse Racing | ||
Segment Reporting Information [Line Items] | ||
Net revenue from external customers | 90 | 96.5 |
Operating Segments | TwinSpires | Sports and Casino | ||
Segment Reporting Information [Line Items] | ||
Net revenue from external customers | 10.3 | 7 |
Operating Segments | Gaming | ||
Segment Reporting Information [Line Items] | ||
Net revenue from external customers | 177.3 | 152 |
Intercompany net revenue | 1.9 | 2 |
Operating Segments | Gaming | Fair Grounds and VSI | ||
Segment Reporting Information [Line Items] | ||
Net revenue from external customers | 41.5 | 38.3 |
Operating Segments | Gaming | Presque Isle | ||
Segment Reporting Information [Line Items] | ||
Net revenue from external customers | 27.2 | 23.8 |
Operating Segments | Gaming | Ocean Downs | ||
Segment Reporting Information [Line Items] | ||
Net revenue from external customers | 21.3 | 20 |
Operating Segments | Gaming | Calder | ||
Segment Reporting Information [Line Items] | ||
Net revenue from external customers | 27 | 20.9 |
Operating Segments | Gaming | Oxford | ||
Segment Reporting Information [Line Items] | ||
Net revenue from external customers | 26.8 | 15.7 |
Operating Segments | Gaming | Riverwalk | ||
Segment Reporting Information [Line Items] | ||
Net revenue from external customers | 14.4 | 14.4 |
Operating Segments | Gaming | Harlow’s | ||
Segment Reporting Information [Line Items] | ||
Net revenue from external customers | 13.1 | 14 |
Operating Segments | Gaming | Lady Luck Nemacolin | ||
Segment Reporting Information [Line Items] | ||
Net revenue from external customers | 6 | 4.9 |
All Other | ||
Segment Reporting Information [Line Items] | ||
Net revenue from external customers | 0.5 | 5.6 |
Intercompany net revenue | 0 | 1.6 |
Eliminations | ||
Segment Reporting Information [Line Items] | ||
Intercompany net revenue | (4.2) | (6.6) |
Gaming | ||
Segment Reporting Information [Line Items] | ||
Net revenue from external customers | 177.3 | 152 |
Other | ||
Segment Reporting Information [Line Items] | ||
Net revenue from external customers | 0.5 | 5.6 |
External Customer | ||
Segment Reporting Information [Line Items] | ||
Net revenue from external customers | 364.1 | 324.3 |
External Customer | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Net revenue from external customers | 363.6 | 318.7 |
External Customer | Operating Segments | Live and Historical Racing | ||
Segment Reporting Information [Line Items] | ||
Net revenue from external customers | 86 | 63.2 |
External Customer | Operating Segments | TwinSpires | ||
Segment Reporting Information [Line Items] | ||
Net revenue from external customers | 100.3 | 103.5 |
External Customer | Operating Segments | Gaming | ||
Segment Reporting Information [Line Items] | ||
Net revenue from external customers | 177.3 | 152 |
External Customer | All Other | ||
Segment Reporting Information [Line Items] | ||
Net revenue from external customers | 0.5 | 5.6 |
External Customer | Pari-mutuel, live and simulcast racing | ||
Segment Reporting Information [Line Items] | ||
Net revenue from external customers | 100 | 111.9 |
External Customer | Pari-mutuel, live and simulcast racing | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Net revenue from external customers | 100 | 106.8 |
External Customer | Pari-mutuel, live and simulcast racing | Operating Segments | Live and Historical Racing | ||
Segment Reporting Information [Line Items] | ||
Net revenue from external customers | 5.6 | 5.9 |
External Customer | Pari-mutuel, live and simulcast racing | Operating Segments | TwinSpires | ||
Segment Reporting Information [Line Items] | ||
Net revenue from external customers | 81.5 | 89.2 |
External Customer | Pari-mutuel, live and simulcast racing | Operating Segments | Gaming | ||
Segment Reporting Information [Line Items] | ||
Net revenue from external customers | 12.9 | 11.7 |
External Customer | Pari-mutuel, live and simulcast racing | All Other | ||
Segment Reporting Information [Line Items] | ||
Net revenue from external customers | 0 | 5.1 |
External Customer | Pari-mutuel, historical racing | ||
Segment Reporting Information [Line Items] | ||
Net revenue from external customers | 73.6 | 52.9 |
External Customer | Pari-mutuel, historical racing | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Net revenue from external customers | 73.6 | 52.9 |
External Customer | Pari-mutuel, historical racing | Operating Segments | Live and Historical Racing | ||
Segment Reporting Information [Line Items] | ||
Net revenue from external customers | 73.6 | 52.9 |
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 | All Other | ||
Segment Reporting Information [Line Items] | ||
Net revenue from external customers | 0 | 0 |
External Customer | Racing event-related services | ||
Segment Reporting Information [Line Items] | ||
Net revenue from external customers | 0.9 | 0.7 |
External Customer | Racing event-related services | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Net revenue from external customers | 0.9 | 0.7 |
External Customer | Racing event-related services | Operating Segments | Live and Historical Racing | ||
Segment Reporting Information [Line Items] | ||
Net revenue from external customers | 0.5 | 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 | 0.4 | 0.7 |
External Customer | Racing event-related services | All Other | ||
Segment Reporting Information [Line Items] | ||
Net revenue from external customers | 0 | 0 |
External Customer | Gaming | ||
Segment Reporting Information [Line Items] | ||
Net revenue from external customers | 161.2 | 139.5 |
External Customer | Gaming | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Net revenue from external customers | 161.2 | 139.5 |
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 | 10.3 | 7 |
External Customer | Gaming | Operating Segments | Gaming | ||
Segment Reporting Information [Line Items] | ||
Net revenue from external customers | 150.9 | 132.5 |
External Customer | Gaming | All Other | ||
Segment Reporting Information [Line Items] | ||
Net revenue from external customers | 0 | 0 |
External Customer | Other | ||
Segment Reporting Information [Line Items] | ||
Net revenue from external customers | 28.4 | 19.3 |
External Customer | Other | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Net revenue from external customers | 27.9 | 18.8 |
External Customer | Other | Operating Segments | Live and Historical Racing | ||
Segment Reporting Information [Line Items] | ||
Net revenue from external customers | 6.3 | 4.4 |
External Customer | Other | Operating Segments | TwinSpires | ||
Segment Reporting Information [Line Items] | ||
Net revenue from external customers | 8.5 | 7.3 |
External Customer | Other | Operating Segments | Gaming | ||
Segment Reporting Information [Line Items] | ||
Net revenue from external customers | 13.1 | 7.1 |
External Customer | Other | All Other | ||
Segment Reporting Information [Line Items] | ||
Net revenue from external customers | $ 0.5 | $ 0.5 |
Segment Information - Reconcili
Segment Information - Reconciliation of Comprehensive Income to Adjusted EBITDA by Segment (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Segment Reporting Information [Line Items] | ||
Net revenue | $ 364.1 | $ 324.3 |
Adjusted EBITDA | 128.5 | 110.6 |
Net income and comprehensive income | 42.1 | 36.1 |
Depreciation and amortization | 25.1 | 26 |
Interest expense | 21.3 | 19.4 |
Income tax provision | 16.5 | 16.2 |
EBITDA | 105 | 97.7 |
Stock-based compensation expense | 7 | 5.5 |
Pre-opening expense | 2.1 | 0.6 |
Other expenses, net | 2.5 | 0 |
Asset impairments | 4.9 | 0 |
Transaction expense, net | 5 | 0.1 |
Interest, depreciation and amortization expense related to equity investments | 11.1 | 9.6 |
Changes in fair value of Rivers Des Plaines' interest rate swaps | (10.4) | (4.2) |
Rivers Des Plaines' legal reserves and transaction costs | 0.3 | 1.3 |
Other charges | 1 | 0 |
Total adjustments to EBITDA | 23.5 | 12.9 |
Adjusted EBITDA | 128.5 | 110.6 |
Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Net revenue | 364.1 | 324.3 |
Adjusted EBITDA | 143.1 | 123.8 |
Adjusted EBITDA | 143.1 | 123.8 |
All Other | ||
Segment Reporting Information [Line Items] | ||
Net revenue | 0.5 | 5.6 |
Adjusted EBITDA | (14.6) | (13.2) |
Adjusted EBITDA | (14.6) | (13.2) |
Live and Historical Racing | ||
Segment Reporting Information [Line Items] | ||
Net revenue | 87.2 | 64.7 |
Taxes and purses | (26.8) | (20) |
Marketing and advertising | (2.9) | (2.1) |
Salaries and benefits | (10.9) | (10) |
Content expense | (0.6) | (0.6) |
Selling, general and administrative expense | (3.3) | (3) |
Other operating expense | (14.8) | (10.7) |
Other income | 0 | 0 |
Adjusted EBITDA | 27.9 | 18.3 |
Adjusted EBITDA | 27.9 | 18.3 |
Live and Historical Racing | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Net revenue | 86 | 63.2 |
Adjusted EBITDA | 27.9 | 18.3 |
Adjusted EBITDA | 27.9 | 18.3 |
TwinSpires | ||
Segment Reporting Information [Line Items] | ||
Net revenue | 101.4 | 105 |
Taxes and purses | (7.5) | (6.4) |
Marketing and advertising | (5.1) | (8.5) |
Salaries and benefits | (6.7) | (6.2) |
Content expense | (43.1) | (46.5) |
Selling, general and administrative expense | (2.6) | (2.6) |
Other operating expense | (12.3) | (11.7) |
Other income | 0 | 0 |
Adjusted EBITDA | 24.1 | 23.1 |
Asset impairments | 4.9 | |
Adjusted EBITDA | 24.1 | 23.1 |
TwinSpires | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Net revenue | 100.3 | 103.5 |
Adjusted EBITDA | 24.1 | 23.1 |
Adjusted EBITDA | 24.1 | 23.1 |
Gaming | ||
Segment Reporting Information [Line Items] | ||
Net revenue | 179.2 | 154 |
Taxes and purses | (67.3) | (59.3) |
Marketing and advertising | (3.5) | (1.4) |
Salaries and benefits | (23.9) | (19.9) |
Content expense | (1.5) | (1) |
Selling, general and administrative expense | (6.6) | (6) |
Other operating expense | (20) | (15.5) |
Other income | 34.7 | 31.5 |
Adjusted EBITDA | 91.1 | 82.4 |
Adjusted EBITDA | 91.1 | 82.4 |
Gaming | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Net revenue | 177.3 | 152 |
Adjusted EBITDA | 91.1 | 82.4 |
Adjusted EBITDA | $ 91.1 | $ 82.4 |
Segment Information - Equity in
Segment Information - Equity in Earnings of Unconsolidated Investments (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||
Equity in income (loss) of unconsolidated investments | $ 32.5 | $ 24.9 |
Gaming | ||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||
Equity in income (loss) of unconsolidated investments | $ 32.5 | $ 24.9 |
Segment Information - Summary o
Segment Information - Summary of Assets (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Total assets | $ 3,036.9 | $ 2,981.6 | $ 2,981.6 |
Operating Segments | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Total assets | 2,008.3 | 1,975.6 | |
Operating Segments | Live and Historical Racing | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Total assets | 719 | 682.7 | |
Operating Segments | TwinSpires | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Total assets | 286 | 289.6 | |
Operating Segments | Gaming | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Total assets | 1,003.3 | 1,003.3 | |
All Other | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Total assets | $ 1,028.6 | $ 1,006 |
Segment Information - Summary_2
Segment Information - Summary of Capital Expenditures (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Capital expenditures | $ 55.5 | $ 12.3 |
Operating Segments | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Capital expenditures | 55.1 | 11.8 |
Operating Segments | Live and Historical Racing | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Capital expenditures | 44.5 | 7.8 |
Operating Segments | TwinSpires | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Capital expenditures | 3.1 | 2.4 |
Operating Segments | Gaming | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Capital expenditures | 7.5 | 1.6 |
All Other | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Capital expenditures | $ 0.4 | $ 0.5 |
Subsequent Event (Details)
Subsequent Event (Details) - USD ($) $ in Millions | Apr. 13, 2022 | Mar. 17, 2021 |
2028 Senior Notes | Senior Notes | ||
Subsequent Event [Line Items] | ||
Face amount of debt issuance | $ 700 | |
Subsequent Event | Credit Agreement Amendment | Senior Notes | ||
Subsequent Event [Line Items] | ||
Face amount of debt issuance | $ 1,200 | |
Subsequent Event | Senior Notes Due 2030 | ||
Subsequent Event [Line Items] | ||
Stated interest rate | 5.75% | |
Subsequent Event | Senior Notes Due 2030 | Senior Notes | ||
Subsequent Event [Line Items] | ||
Face amount of debt issuance | $ 1,200 | |
Subsequent Event | Delayed Draw Term Loan A | Senior Notes | ||
Subsequent Event [Line Items] | ||
Face amount of debt issuance | $ 800 |