Churchill Downs (CHDN) 10-Q 26 Apr 23 2023 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2023	Apr. 19, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
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		37,433,763
Entity Central Index Key	0000020212
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false

Condensed Consolidated Statemen

Condensed Consolidated Statements of Comprehensive Income - USD ($) shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Net revenue:
Net revenue	$ 559.5	$ 364.1
Operating expense:
Selling, general and administrative expense	52.3	35.9
Asset impairments	0	4.9
Transaction expense, net	(0.2)	5
Total operating expense	439.6	316.7
Operating income	119.9	47.4
Other income (expense):
Interest expense, net	(64.7)	(21.3)
Equity in income of unconsolidated affiliates	38.3	32.5
Gain on sale of Arlington	114	0
Miscellaneous, net	1.4	0
Total other income	89	11.2
Income from operations before provision for income taxes	208.9	58.6
Income tax provision	(53.2)	(16.5)
Net income	$ 155.7	$ 42.1
Net income per common share data:
Basic net income (in dollars per share)	$ 4.14	$ 1.10
Diluted net income (in dollars per share)	$ 4.09	$ 1.08
Weighted average shares outstanding:
Basic (in shares)	37,600	38,300
Diluted (in shares)	38,100	38,800
Live and Historical
Net revenue:
Net revenue	$ 214.4	$ 86
Operating expense:
Operating expense	143.3	67.7
TwinSpires
Net revenue:
Net revenue	94.8	100.3
Operating expense:
Operating expense	65.7	74.9
Gaming
Net revenue:
Net revenue	250	177.3
Operating expense:
Operating expense	173.5	125.2
All Other
Net revenue:
Net revenue	0.3	0.5
Operating expense:
Operating expense	$ 5	$ 3.1

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 173.9	$ 129.8
Restricted cash	63.5	74.9
Accounts receivable, net	74	81.5
Income taxes receivable	0	14
Other current assets	66.1	44.3
Total current assets	377.5	344.5
Property and equipment, net	2,095.4	1,978.3
Investment in and advances to unconsolidated affiliates	651.9	659.4
Goodwill	724.1	723.8
Other intangible assets, net	2,390.6	2,391.8
Other assets	34	27
Long-term assets held for sale	0	82
Total assets	6,273.5	6,206.8
Current liabilities:
Accounts payable	145.3	145.5
Accrued expenses and other current liabilities	348.2	361
Income taxes payable	7.6	2.1
Current deferred revenue	120.8	39
Current maturities of long-term debt	72	47
Dividends payable	0.5	27
Total current liabilities	694.4	621.6
Long-term debt, net of current maturities and loan origination fees	1,872.8	2,081.6
Notes payable, net of debt issuance costs	2,477.9	2,477.1
Non-current deferred revenue	11.8	11.8
Deferred income taxes	374	340.8
Other liabilities	138.4	122.4
Total liabilities	5,569.3	5,655.3
Commitments and contingencies
Shareholders' equity:
Preferred stock	0	0
Common stock	4.7	0
Retained earnings	700.4	552.4
Accumulated other comprehensive loss	(0.9)	(0.9)
Total shareholders' equity	704.2	551.5
Total liabilities and shareholders' equity	$ 6,273.5	$ 6,206.8

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Shareholders' Equity - USD ($) shares in Thousands, $ in Millions	Total	Common Stock	Retained Earnings	Accumulated Other Comprehensive Loss
Shares outstanding, beginning (in shares) at Dec. 31, 2021		38,100
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)		100
Repurchase of common stock (in shares)		(100)
Repurchase of common stock	(25)	$ (7)	(18)
Taxes paid related to net share settlement of stock awards (in shares)		(100)
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		38,000
Shareholders' equity, ending at Mar. 31, 2022	317.8	$ 0	318.7	(0.9)
Shares outstanding, beginning (in shares) at Dec. 31, 2022		37,400
Shareholders' equity, beginning at Dec. 31, 2022	551.5	$ 0	552.4	(0.9)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	155.7		155.7
Repurchase of common stock		(3.9)	3.9
Taxes paid related to net share settlement of stock awards	(11.3)		(11.3)
Stock-based compensation	8.6	$ 8.6
Other	(0.3)		(0.3)
Shares outstanding, ending (in shares) at Mar. 31, 2023		37,400
Shareholders' equity, ending at Mar. 31, 2023	$ 704.2	$ 4.7	$ 700.4	$ (0.9)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities:
Net income	$ 155.7	$ 42.1
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	37.9	25.1
Distributions from unconsolidated affiliates	45.8	40.6
Equity in income of unconsolidated affiliates	(38.3)	(32.5)
Stock-based compensation	8.6	7
Deferred income taxes	33.2	10.2
Asset impairments	0	4.9
Amortization of operating lease assets	2.2	1.3
Gain on sale of Arlington	(114)	0
Other	0.8	1.2
Changes in operating assets and liabilities:
Income taxes	19.9	6.4
Deferred revenue	81.8	56.3
Other assets and liabilities	(17.7)	(27.4)
Net cash provided by operating activities	215.9	135.2
Cash flows from investing activities:
Capital maintenance expenditures	(11.8)	(10)
Capital project expenditures	(122.9)	(45.5)
Proceeds from sale of Arlington	195.7	0
Other	(6.5)	(7.3)
Net cash provided by (used in) investing activities	54.5	(62.8)
Cash flows from financing activities:
Proceeds from borrowings under long-term debt obligations	615.5	0
Repayments of borrowings under long-term debt obligations	(797.5)	(1.8)
Payment of dividends	(26.7)	(25.7)
Repurchase of common stock	(0.5)	(24.3)
Taxes paid related to net share settlement of stock awards	(11.3)	(13.1)
Debt issuance costs	(2.5)	0
Change in bank overdraft	(14.2)	(3)
Other	(0.5)	(0.1)
Net cash used in financing activities	(237.7)	(68)
Net increase in cash, cash equivalents and restricted cash	32.7	4.4
Cash, cash equivalents and restricted cash, beginning of period	204.7	355.6
Cash, cash equivalents and restricted cash, end of period	237.4	360
Supplemental disclosures of cash flow information:
Cash paid for interest	55.5	20.7
Cash paid for income taxes	0.8	0.1
Cash received from income tax refunds	0.7	0
Schedule of non-cash operating, investing and financing activities:
Property and equipment additions included in accounts payable and accrued expenses	54.2	29.9
Debt issuance costs included in accrued expense and other current liabilities	0.7	3.2
Right-of-use assets obtained in exchange for lease obligations in operating leases	0.5	0.9
Right-of-use assets obtained in exchange for lease obligations in finance leases	23.6	0
Repurchase of common stock included in accrued expense and other current liabilities	$ 0	$ 0.7

Description of Business

Description of Business	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	DESCRIPTION OF BUSINESS Basis of Presentation Churchill Downs Incorporated (the "Company", "we", "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, 2022 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, 2022. 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. Arlington sale On February 15, 2023, we closed on the sale of the Arlington International Racecourse property ("Arlington") located in Arlington Heights, Illinois. We sold 326-acres to the Chicago Bears for $197.2 million. For more information, refer to Note 4, Dispositions. Acquisition of Peninsula Pacific Entertainment On November 1, 2022, the Company completed the acquisition of substantially all of the assets of Peninsula Pacific Entertainment LLC ("P2E") with a base purchase price of $2.75 billion ("P2E Transaction") subject to working capital and other purchase price adjustments. The P2E assets acquired included Colonial Downs Racetrack ("Colonial Downs") and six Historical Racing Machine ("HRM") entertainment venues in Virginia, del Lago Resort & Casino in New York ("del Lago"), and Hard Rock Hotel & Casino in Iowa ("Hard Rock Sioux City"), as well as the development rights for the Dumfries and Emporia HRM facilities in Virginia, up to five additional HRM entertainment venues in Virginia, and the potential for ONE Casino and Resort in Virginia in collaboration with Urban One. Refer to Note 3, Acquisitions for further information on the transaction. Acquisitions of Chasers Poker Room and Ellis Park On September 2, 2022, the Company completed the acquisition of Chasers Poker Room ("Chasers") in Salem, New Hampshire (the "Chasers Transaction"). As part of the transaction, we made an initial payment to the sellers for rights to operate the poker room and to build an HRM venue. Additional payments will be made once all necessary permits are obtained, and the planned historical racing entertainment venue is opened. The Company plans to develop an expanded charitable gaming facility in Salem to accommodate HRMs and table games. On September 26, 2022, we completed the acquisition of Ellis Park Racing and Gaming ("Ellis Park") in Henderson, Kentucky, from Enchantment Holdings, LLC, an affiliate of Laguna Development Corporation, for total consideration of $79.0 million in cash, subject to certain working capital and other purchase price adjustments (the "Ellis Park Transaction"). Refer to Note 3, Acquisitions for further information on the transaction. Impact of COVID-19 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 The Company has exited the direct online Sports and Casino business in every state except for Arizona.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Recent Accounting Pronouncements	RECENT ACCOUNTING PRONOUNCEMENTS Recent Accounting Pronouncements - effective in 2023 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 to simplify 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. In December 2022, the FASB deferred the date for which this guidance can be applied from December 31, 2022 to December 31, 2024. The use of LIBOR was phased out at the end of 2021, although the phase-out of U.S. dollar LIBOR for existing agreements has been delayed until June 2023. The Company will complete the transition of its financing from LIBOR to the Secured Overnight Financing Rate ("SOFR") by June 30, 2023. These transition activities will not have a material impact on the Company’s financial statements.

Acquisitions

Acquisitions	3 Months Ended
	Mar. 31, 2023
Business Combination and Asset Acquisition [Abstract]
Acquisitions	ACQUISITIONS Chasers Poker Room On September 2, 2022, the Company completed the Chasers Transaction which was treated as an asset acquisition because substantially all the value of the gross assets acquired was concentrated in the gaming rights. The Company made an initial payment at closing and recorded a liability for the remaining payments due on a future date. In conjunction with the acquisition, the Company recorded an $82.2 million gaming rights intangible asset which represented its fair value at the date of acquisition. The fair value of the gaming rights acquired in the Chasers Transaction was determined using the Greenfield Method, which is an income approach methodology that calculates the present value of the gaming rights intangible asset based on a projected cash flow stream. This method assumes that the gaming rights intangible asset provides the opportunity to develop a gaming or historical racing facility in a specified region, and that the present value of the projected cash flows is a result of the realization of advantages contained in these rights. Under this methodology, the acquirer is expected to absorb all start-up costs, as well as incur all expenses pertaining to the acquisition and/or the creation of all tangible and intangible assets. The estimated future revenue, future operating expenses, start-up costs, and discount rate were the primary inputs in the valuation. The gaming rights intangible asset was assigned an indefinite useful life based on the Company's expected use of the asset and determination that no legal, regulatory, contractual, competitive, economic, or other factors limit the useful life of the gaming rights. Ellis Park On September 26, 2022, the Company completed the Ellis Park Transaction for total consideration of $79.0 million in cash, plus $3.5 million in working capital and other preliminary purchase price adjustments. The fair values of the Ellis Park Transaction were based upon preliminary valuations. Estimates and assumptions used in such valuations are subject to change, which could be significant, within the measurement period up to one year from the acquisition date. The areas of the preliminary valuations that are not yet finalized relate to the amounts for income taxes, working capital adjustments and the final amount of residual goodwill. The Company expects to continue to obtain information to assist in determining fair values of net assets acquired at the acquisition date during the measurement period. The preliminary fair values of the assets acquired and liabilities assumed, net of cash acquired of $1.4 million, at the date of acquisition were as follows: property and equipment of $19.3 million, indefinite-lived gaming rights of $47.4 million, indefinite-lived trademark of $3.6 million, goodwill of $9.5 million, and net working capital of $1.3 million. The Company has not included other disclosures regarding the Chasers or Ellis Park Transactions as these transactions are immaterial to our business. P2E Transaction On November 1, 2022, the Company completed the acquisition of substantially all the ass ets of P2E for preliminary purchase consideration of $2,835.9 million, net of cash acquired. The P2E assets acquired included Colonial Downs and six HRM entertainment venues in Virginia, del Lago in New York, and Hard Rock Sioux City in Iowa, as well as the development rights for Dumfries and Emporia HRM facilities in Virginia, up to five additional HRM entertainment venues in Virginia, and the potential for ONE Casino & Resort in Virginia in collaboration with Urban One. The following table summarizes the preliminary fair value of the assets acquired and liabilities assumed, net of cash acquired of $126.4 million, as of November 1, 2022: (in millions) Total Accounts receivable, net $ 9.8 Other current assets 7.2 Property and equipment 611.2 Goodwill 347.8 Other intangible assets 1,941.5 Deferred taxes 20.8 Other assets 16.0 Total assets acquired $ 2,954.3 Accounts payable 4.0 Accrued expenses and other current liabilities 96.9 Other liabilities assumed 17.5 Total liabilities assumed $ 118.4 Net assets acquired (net of cash) $ 2,835.9 The fair value of the intangible assets consists of the following: (in millions) Fair Value Recognized Gaming rights $ 1,865.6 Trademark 75.9 Total intangible assets $ 1,941.5 Current assets and current liabilities were valued at the existing carrying values, as these items are short term in nature and represent management's estimated fair value of the respective items at November 1, 2022. The property and equipment acquired primarily relates to land, buildings, equipment, and furniture and fixtures. The fair value of the land was determined using the market approach and the fair values of the remaining property and equipment were primarily determined using the cost replacement method which is based on replacement or reproduction costs of the assets. The fair value of the gaming rights was determined using the Greenfield Method, which is an income approach methodology that calculates the present value of the overall business enterprise based on a projected cash flow stream. This method assumes that the gaming rights intangible assets provide the opportunity to develop a casino or historical racing facility in a specified region, and that the present value of the projected cash flows are a result of the realization of advantages contained in these rights. Under this methodology, the acquirer is expected to absorb all start-up costs, as well as incur all expenses pertaining to the acquisition and/or the creation of all tangible and intangible assets. The estimated future revenue and operating expenses, start-up costs, and discount rates were the primary assumptions and estimates in the valuation of the gaming rights. The gaming rights intangible assets were assigned an indefinite useful life based on the Company's expected use of the assets and determination that no legal, regulatory, contractual, competitive, economic, or other factors limit the useful life of the gaming rights. The trademark intangible assets were valued using the relief-from-royalty method of the income approach, which estimates the fair value of the intangible assets by discounting the fair value of the hypothetical royalty payments a market participant would be willing to pay to enjoy the benefits of the assets. The estimated future revenue, royalty rates, and discount rates were the primary assumptions and estimates in the valuation of the trademarks. The trademarks were assigned an indefinite useful life based on the Company’s intention to keep the trademarks for an indefinite period of time. Goodwill of $347.8 million was recognized due to the expected contribution of P2E to the Company's overall business strategy. The goodwill was assigned to the Gaming segment in the amount of $129.1 million and to the Live and Historical Racing segment in the amount of $218.7 million and is mostly deductible for tax purposes. Estimates and assumptions used in such valuations are subject to change, which could be significant, within the measurement period up to one year from the acquisition date. The preliminary purchase consideration is subject to adjustment upon finalization of customary post-closing adjustments related to working capital. The primary areas of the preliminary valuation that are not yet finalized relate to the fair values of amounts for income taxes, property and equipment, intangible assets, adjustments to working capital, and the final amount of residual goodwill. The Company expects to continue to obtain information to assist in determining fair values of net assets acquired at the acquisition date during the measurement period. The following unaudited pro forma consolidated financial information for the Company has been prepared assuming the P2E Transaction had occurred as of January 1, 2021. The unaudited pro forma financial information is not necessarily indicative of either future results of operations or results of operations that might have been achieved had the acquisition been consummated as of January 1, 2021. (in millions) Three months ended March 31, 2022 Net revenue $ 512.9 Net income $ 41.3

Dispositions

Dispositions	3 Months Ended
	Mar. 31, 2023
Discontinued Operations and Disposal Groups [Abstract]
Dispositions	DISPOSITIONS 2023 Disposition On February 15, 2023, we closed on the sale of the Arlington property in Arlington Heights, Illinois, to the Chicago Bears for $197.2 million. We received net proceeds of $195.7 million for the 326-acres and recognized a gain of $114.0 million on the sale, which is included in other income in the accompanying Condensed Consolidated Statements of Comprehensive Income. The Company has classified certain assets of Arlington totaling $82.0 million as held for sale as of December 31, 2022 on the accompanying Condensed Consolidated Balance Sheets. Arlington’s operations and assets are included in All Other in our consolidated results. The Company executed a forward like-kind exchange transaction by purchasing certain property as part of the P2E Transaction for $197.2 million, which qualified as an Internal Revenue Code §1031 transaction. An exchange accommodation titleholder ("EAT"), a type of variable interest entity, was used to facilitate this reverse like-kind exchange. The Company determined that it is the primary beneficiary of the EAT, thus the property held by the EAT has been consolidated and recorded in Property and equipment, net on the Condensed Consolidated Balance Sheets.

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	3 Months Ended
	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill, by segment, is composed of the following: (in millions) Live and Historical TwinSpires Gaming All Other Total Balances as of December 31, 2022 $ 280.3 $ 152.2 $ 290.3 $ 1.0 $ 723.8 Adjustments 0.3 — — — 0.3 Balances as of March 31, 2023 $ 280.6 $ 152.2 $ 290.3 $ 1.0 $ 724.1 Other intangible assets are comprised of the following: March 31, 2023 December 31, 2022 (in millions) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Definite-lived intangible assets $ 31.0 $ (22.6) $ 8.4 $ 31.0 $ (21.4) $ 9.6 Indefinite-lived intangible assets 2,382.2 2,382.2 Total $ 2,390.6 $ 2,391.8

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXESThe Company’s effective income tax rate for the three months ended March 31, 2023 was higher than the U.S. federal statutory rate of 21.0% primarily resulting from state income taxes and non-deductible officer’s compensation. 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.

Shareholders' Equity

Shareholders' Equity	3 Months Ended
	Mar. 31, 2023
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 Repurchase 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 $270.2 million of repurchase authority remaining under the 2021 Stock Repurchase Program at March 31, 2023, based on trade date. We repurchased the following shares under the 2021 Stock Repurchase Program: Three Months Ended March 31, (in millions, except share data) 2023 2022 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	3 Months Ended
	Mar. 31, 2023
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 ("PSUs"), and stock options associated with our employee stock purchase plan was $8.6 million for the three months ended March 31, 2023 and $7.0 million for the three months ended March 31, 2022. During the three months ended March 31, 2023, the Company awarded RSUs to employees, RSUs and PSUs to certain named executive officers ("NEOs"), and RSUs to directors. The vesting criteria for the PSU awards granted in 2023 were based on a three-year service period with two performance conditions and a market condition related to relative total shareholder return ("TSR") consistent with prior year grants. The total compensation cost we will recognize under the PSUs is determined using the Monte Carlo valuation methodology, which factors in the value of the TSR market condition when determining the grant date fair value of the PSU. Compensation cost for each PSU is recognized during the performance and service period based on the probable achievement of the two performance criteria. The PSUs are converted into shares of our common stock at the time the PSU award value is finalized. A summary of the RSUs and PSUs granted during 2023 is presented below (units in thousands): Grant Year Award Type Number of Units Awarded (1) Vesting Terms 2023 RSU 57 Vest equally over three 2023 PSU 31 Three (1) PSUs reflect the target number of units for the original PSU grant.

Debt

Debt	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Debt	DEBT The following table presents our total debt outstanding: (in millions) March 31, 2023 December 31, 2022 Term Loan B due 2024 $ 379.0 $ 380.0 Term Loan B-1 due 2028 294.0 294.7 Term Loan A due 2027 1,283.8 800.0 Revolver — 664.1 2027 Senior Notes 600.0 600.0 2028 Senior Notes 700.0 700.0 2030 Senior Notes 1,200.0 1,200.0 Total debt 4,456.8 4,638.8 Current maturities of long-term debt (72.0) (47.0) Unamortized premium and deferred finance charges (34.1) (33.1) Total debt, net of current maturities and costs $ 4,350.7 $ 4,558.7 Credit Agreement At March 31, 2023, the Company’s senior secured credit facility (as amended from time to time, the “Credit Agreement") consisted of a $1.2 billion revolving credit facility (the "Revolver"), $400.0 million senior secured term loan B due 2024 (the "Term Loan B"), $300.0 million senior secured term loan B-1 due 2028 (the "Term Loan B-1"), $1.3 billion senior secured term loan A due 2027 (the "Term Loan A"), and $100.0 million swing line commitment. Certain amendments to the Credit Agreement entered into during 2022 and 2023, respectively, are described below. On April 13, 2022, we amended the Credit Agreement to extend the maturity date of its Revolver to April 13, 2027, to increase the commitments under the existing revolving credit facility from $700.0 million to $1.2 billion, and to increase the swing line commitment from $50.0 million to $100.0 million. This amendment also provided for the senior secured Term Loan A due April 13, 2027 in the amount of $800.0 million, which was drawn on November 1, 2022 as part of the financing for the P2E Transaction. Refer to Note 3, Acquisitions for more information regarding the P2E Transaction. The Company capitalized $3.2 million of debt issuance costs associated with the Revolver commitment increase and $6.4 million of debt issuance costs associated with the Term Loan A which are being amortized as interest expense over the 5-year term. On February 24, 2023, we amended our Credit Agreement to increase the loans under the existing Term Loan A due 2027 from $800.0 million to $1.3 billion and made certain other changes to the existing credit agreement. The Company used the net proceeds from the borrowings under the increased Term Loan A to repay outstanding loans under its Revolver, pay related transaction fees and expenses and for general corporate purposes. The Company capitalized $2.5 million of debt issuance costs associated with the increased Term Loan A which are being amortized as interest expense over the remainder of the 5-year term. The Company is required to pay a commitment fee on the unused portion of the Revolver as determined by a pricing grid based on the consolidated total net secured leverage ratio of the Company. For the period ended March 31, 2023, the Company's commitment fee rate was 0.25%. The Revolver and Term Loan A bear interest at SOFR plus 10 basis points, plus a variable applicable margin which is determined by the Company's net leverage ratio. As of March 31, 2023, that applicable margin was 150 basis points. The Term Loan B and Term Loan B-1 bear interest at LIBOR plus 200 basis points. The phase-out of LIBOR in existing debt agreements is set for June 30, 2023. The Credit Agreement includes a general process for establishing an alternative reference rate to the extent LIBOR is phased out. The Company will complete the transition of its financing from LIBOR to SOFR by June 30, 2023. These transition activities will not have a material impact on the Company’s financial statements. 2027 Senior Notes As of March 31, 2023, we had $600.0 million in aggregate principal amount of 5.500% senior unsecured notes that mature on April 1, 2027 (the "2027 Senior Notes"). The 2027 Senior Notes were issued at par in a private offering to qualified institutional buyers, with interest payable in arrears on April 1st and October 1st of each year, commencing on October 1, 2019. The Company may redeem some or all of the 2027 Senior Notes at redemption prices set forth in the 2027 Indenture. 2028 Senior Notes As of March 31, 2023, we had a total of $700.0 million in aggregate principal amount of 4.750% senior unsecured notes (collectively, the “2028 Senior Notes”) maturing on January 15, 2028. The 2028 Senior Notes consist of $500.0 million notes issued at par and $200.0 million notes issued at 103.25%. The 2028 Senior Notes were issued in a private offering to qualified institutional buyers, with interest payable in arrears on January 15th and July 15th of each year, commencing on July 15, 2018. The 3.25% premium is being amortized through interest expense, net over the term of the notes. The Company may redeem some or all the 2028 Senior Notes at redemption prices set forth in the 2028 Indenture. 2030 Senior Notes As of March 31, 2023, we had $1.2 billion in aggregate principal amount of 5.750% senior unsecured notes that mature on April 13, 2030 (the "2030 Senior Notes"). The 2030 Senior Notes were issued at par in a private offering to qualified institutional buyers, with interest payable in arrears on April 1st and October 1st of each year, commencing on October 1, 2022. In connection with the offering, we capitalized $18.3 million of debt issuance costs which are being amortized as interest expense over the term of the 2030 Senior Notes. The Company held the net proceeds of this transaction of $1.2 billion in escrow until the proceeds were utilized to complete the P2E Transaction on November 1, 2022. The Company may redeem some or all the 2030 Senior Notes at redemption prices set forth in the 2030 Indenture.

Revenue from Contracts with Cus

Revenue from Contracts with Customers	3 Months Ended
	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Revenue from Contracts with Customers	REVENUE FROM CONTRACTS WITH CUSTOMERS Performance Obligations As of March 31, 2023, 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 $172.7 million. The revenue we expect to recognize on these remaining performance obligations is $50.2 million for the remainder of 2023, $47.5 million in 2024, $36.8 million in 2025, and the remainder thereafter. As of March 31, 2023, 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, 2023 and December 31, 2022, contract assets were not material. As of March 31, 2023 and December 31, 2022, contract liabilities were $140.7 million and $58.7 million, respectively, which are included in current deferred revenue, non-current deferred revenue, and accrued expense in the accompanying Condensed Consolidated Balance Sheets. Contract liabilities primarily relate to the Live and Historical Racing segment and the increase was primarily due to cash payments received for unfulfilled performance obligations. We recognized $3.6 million of revenue during the three months ended March 31, 2023, which was included in the contract liabilities balance at December 31, 2022. 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. Disaggregation of Revenue The Company has included its disaggregated revenue disclosures as follows: • For the Live and Historical Racing segment, revenue is disaggregated between Churchill Downs Racetrack and historical racing properties given that our racing facilities revenues primarily revolve around live racing events while our historical racing properties revenues primarily revolve around historical racing. 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 live and simulcast racing, gaming, and other services. • For the Gaming segment, revenue is disaggregated by location given the geographic economic factors that affect the revenue of gaming service offerings. Within the Gaming segment, revenue is further disaggregated between live and simulcast racing, racing event-related services, gaming, and other services. We believe that these disclosures depict how the amount, nature, timing, and uncertainty of cash flows are affected by economic factors. The tables below present net revenue from external customers and intercompany revenue from each of our segments: Three Months Ended March 31, (in millions) 2023 2022 Net revenue from external customers: Live and Historical Racing: Churchill Downs Racetrack $ 2.4 $ 2.0 Louisville 44.0 42.8 Northern Kentucky 26.3 10.8 Southwestern Kentucky 36.5 30.4 Western Kentucky 4.8 — Virginia 97.7 — New Hampshire 2.7 — Total Live and Historical Racing $ 214.4 $ 86.0 TwinSpires: $ 94.8 $ 100.3 Gaming: Florida $ 26.1 $ 27.0 Iowa 24.5 — Louisiana 44.1 41.5 Maine 27.7 26.8 Maryland 23.3 21.3 Mississippi 27.5 27.5 New York 44.5 — Pennsylvania 32.3 33.2 Total Gaming $ 250.0 $ 177.3 All Other 0.3 0.5 Net revenue from external customers $ 559.5 $ 364.1 Intercompany net revenues: Live and Historical Racing $ 1.4 $ 1.2 TwinSpires 1.6 1.1 Gaming 1.5 1.9 All Other 0.2 — Eliminations (4.7) (4.2) Intercompany net revenue $ — $ — Three Months Ended March 31, 2023 (in millions) Live and Historical Racing TwinSpires Gaming Total Segments All Other Total Net revenue from external customers Pari-mutuel: Live and simulcast racing $ 11.0 $ 79.4 $ 11.6 $ 102.0 $ — $ 102.0 Historical racing (a) 185.3 — 6.0 191.3 — 191.3 Racing event-related services 1.0 — 1.9 2.9 — 2.9 Gaming (a) 2.6 4.4 205.5 212.5 — 212.5 Other (a) 14.5 11.0 25.0 50.5 0.3 50.8 Total $ 214.4 $ 94.8 $ 250.0 $ 559.2 $ 0.3 $ 559.5 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 (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 racing pari-mutuel revenue for HRMs or gaming revenue for our casino properties. These amounts were $12.1 million for the three months ended March 31, 2023 and $7.0 million for the three months ended March 31, 2022.

Other Balance Sheet Items

Other Balance Sheet Items	3 Months Ended
	Mar. 31, 2023
Payables and Accruals [Abstract]
Other Balance Sheet Items	OTHER BALANCE SHEET ITEMS Accounts receivable, net Accounts receivable is comprised of the following: (in millions) March 31, 2023 December 31, 2022 Trade receivables $ 13.2 $ 12.5 Simulcast and online wagering receivables 45.0 54.1 Other receivables 20.7 20.6 78.9 87.2 Allowance for doubtful accounts (4.9) (5.7) Total $ 74.0 $ 81.5 Accrued expenses and other current liabilities Accrued expenses and other current liabilities consisted of the following: (in millions) March 31, 2023 December 31, 2022 Account wagering deposits liability $ 50.7 $ 57.8 Accrued salaries and related benefits 18.8 39.6 Purses payable 41.3 46.1 Accrued interest 58.3 47.8 Accrued fixed assets 43.6 39.5 Accrued gaming liabilities 26.5 26.3 Other 109.0 103.9 Total $ 348.2 $ 361.0

Investments in and Advances to

Investments in and Advances to Unconsolidated Affiliates	3 Months Ended
	Mar. 31, 2023
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, 2023 and December 31, 2022 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, 2023 , 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 $832.4 million. Our investment in Rivers Des Plaines was $537.9 million and $544.9 million as of March 31, 2023 and December 31, 2022, respectively. The Company received distributions from Rivers Des Plaines of $33.8 million and $30.5 million for the three months ended March 31, 2023 and 2022, respectively. Miami Valley Gaming Delaware North Companies Gaming & Entertainment Inc. ("DNC") owns the remaining 50% interest in MVG. Since both the Company 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 $113.9 million and $114.4 million as of March 31, 2023 and December 31, 2022, respectively. The Company received distributions from MVG of $12.0 million and $10.0 million for the three months ended March 31, 2023 and 2022, respectively. Summarized Financial Results for our Unconsolidated Affiliates Summarized below are the financial results for our unconsolidated affiliates. Three Months Ended March 31, (in millions) 2023 2022 Net revenue $ 220.6 $ 177.2 Operating and SG&A expense 137.2 118.2 Depreciation and amortization 5.7 5.3 Total operating expense 142.9 123.5 Operating income 77.7 53.7 Interest and other, net (10.9) 4.1 Net income $ 66.8 $ 57.8 (in millions) March 31, 2023 December 31, 2022 Assets Current assets $ 103.2 $ 91.0 Property and equipment, net 343.9 345.7 Other assets, net 264.4 265.0 Total assets $ 711.5 $ 701.7 Liabilities and Members' Deficit Current liabilities $ 121.8 $ 97.9 Long-term debt 838.0 838.6 Other liabilities 0.2 0.2 Members' deficit (248.5) (235.0) Total liabilities and members' deficit $ 711.5 $ 701.7

Fair Value of Assets And Liabil

Fair Value of Assets And Liabilities	3 Months Ended
	Mar. 31, 2023
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 held in money market and 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 2030 Senior Notes, 2028 Senior Notes, and 2027 Senior Notes are estimated based on unadjusted quoted prices for identical or similar liabilities in markets that are not active and as such are Level 2 measurements. The fair values of the Company's Term Loan B, Term Loan B-1, Term Loan A, 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, 2023 (in millions) Carrying Amount Fair Value Level 1 Level 2 Level 3 Financial assets: Restricted cash $ 63.5 $ 63.5 $ 63.5 $ — $ — Financial liabilities: Term Loan B $ 377.6 $ 379.0 $ — $ 379.0 $ — Term Loan B-1 291.0 294.0 — 294.0 — Term Loan A 1,276.1 1,283.8 — 1,283.8 — Revolver — — — — — 2027 Senior Notes 595.6 585.8 — 585.8 — 2028 Senior Notes 698.5 653.6 — 653.6 — 2030 Senior Notes 1,183.7 1,155.2 — 1,155.2 — December 31, 2022 (in millions) Carrying Amount Fair Value Level 1 Level 2 Level 3 Financial assets: Restricted cash $ 74.9 $ 74.9 $ 74.9 $ — $ — Financial liabilities: Term Loan B $ 378.4 $ 380.0 $ — $ 380.0 $ — Term Loan B-1 291.6 294.8 — 294.8 — Term Loan A 794.5 800.0 — 800.0 — Revolver 664.1 664.1 — 664.1 — 2027 Senior Notes 595.3 574.5 — 574.5 — 2028 Senior Notes 698.4 626.5 — 626.5 — 2030 Senior Notes 1,183.4 1,079.4 — 1,079.4 —

Contingencies

Contingencies	3 Months Ended
	Mar. 31, 2023
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

Net Income Per Common Share Com

Net Income Per Common Share Computations	3 Months Ended
	Mar. 31, 2023
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) 2023 2022 Numerator for basic and diluted net income per common share: Net income $ 155.7 $ 42.1 Denominator for net income per common share: Basic 37.6 38.3 Plus dilutive effect of stock awards 0.5 0.5 Diluted 38.1 38.8 Net income per common share data: Basic net income $ 4.14 $ 1.10 Diluted net income $ 4.09 $ 1.08

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Segment Information	SEGMENT INFORMATION We manage our operations through three reportable segments: Live and Historical Racing, TwinSpires, and Gaming. Our operating segments reflect the internal management reporting used by our chief operating decision maker to evaluate results of operations and to assess performance and allocate resources. • 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 and our historical racing properties in Kentucky, Virginia, and New Hampshire. 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, fees from racing event-related services including admissions, personal seat licenses, sponsorships, television rights, and other miscellaneous services, and revenue from food and beverage services. • TwinSpires The TwinSpires segment includes the revenue and expenses for TwinSpires Horse Racing, TwinSpires Sports and Casino and United Tote businesses and these businesses are headquartered in Louisville, Kentucky. TwinSpires Horse Racing operates the online horse racing wagering business for TwinSpires.com, BetAmerica.com, and other white-label platforms; facilitates high dollar wagering by international customers; and provides the Bloodstock Research Information Services platform for horse racing statistical data. TwinSpires Sports and Casino includes retail and online sports betting and online casino operations. Our TwinSpires Sports and Casino business includes the results of our nine retail sportsbooks at our wholly-owned properties and our casino platform in Pennsylvania. Rivers Des Plaines retail and online BetRivers sportsbook and MVG sportsbook results are included in the Gaming segment. The Company exited the direct online Sports and Casino business in every state except Arizona. United Tote manufactures and operates pari-mutuel wagering systems for racetracks, off-track betting facilities ("OTBs") and other pari-mutuel wagering businesses. United Tote provides totalisator services which accumulate wagers, calculate payoffs and displays wagering data to patrons who wager on horse races. United Tote has contracts to provide totalisator services to third-party racetracks, OTBs and other pari-mutuel wagering businesses and also provides these services at our facilities. • Gaming The Gaming segment includes revenue and expenses for the casino properties and associated racetrack facilities which support the casino license as applicable. The Gaming segment has approximately 13,980 slot machines and video lottery terminals ("VLTs") and 358 table games located in ten states. The Gaming segment revenue and expenses includes the following properties: • Florida - Calder Casino ("Calder") ▪ Iowa - Hard Rock Hotel & Casino ("Hard Rock Sioux City") ▪ Louisiana - Fair Grounds Slots, Fair Grounds Race Course, and Video Services, LLC ("VSI") (collectively, "Fair Grounds and VSI") ▪ Maryland - Ocean Downs Casino & Racetrack ("Ocean Downs") ▪ Maine - Oxford Casino & Hotel ("Oxford") ▪ Mississippi • Harlow’s Casino Resort and Spa ("Harlow's") • Riverwalk Casino Hotel ("Riverwalk") ▪ New York - del Lago Resort & Casino ("del Lago") ▪ Pennsylvania • Presque Isle Downs & Casino ("Presque Isle") • Lady Luck Casino Nemacolin ("Lady Luck Nemacolin") management agreement The Gaming segment also includes net income for our ownership portion of the Company’s equity investments in the following: • Illinois - 61.3% equity investment in Midwest Gaming, the parent company of Rivers Des Plaines • Ohio - 50% equity investment in MVG The Gaming segment generates revenue and expenses from slot machines, table games, VLTs, video poker, HRMs, ancillary food and beverage services, hotel services, commission on pari-mutuel wagering, racing event-related services, and other miscellaneous operations. We have aggregated Arlington as well as certain corporate operations, and other immaterial joint ventures in All Other to reconcile to consolidated results. 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 property sale related charges; – Direct online Sports and Casino business exit 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; • Gain on property sales; • Legal reserves; • Pre-opening expense; and • Other charges, recoveries, and expenses As of December 31, 2021, Arlington ceased racing and simulcast operations and the property was sold on February 15, 2023 to the Chicago Bears. Arlington's results in 2022 and 2023 are treated as an adjustment to EBITDA and are 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 measure provided in accordance with GAAP. Our calculation of Adjusted EBITDA may be different from the calculation used by other companies and, therefore, comparability may be limited. For segment reporting, Adjusted EBITDA includes intercompany revenue and expense totals that are eliminated in the accompanying Consolidated Statements of Comprehensive Income (Loss). The tables below present net revenue from external customers, Adjusted EBITDA by segment and reconciles comprehensive income to Adjusted EBITDA: Net revenue by segment is comprised of the following: Three Months Ended March 31, (in millions) 2023 2022 Live and Historical Racing $ 214.4 $ 86.0 TwinSpires 94.8 100.3 Gaming 250.0 177.3 All Other 0.3 0.5 Net Revenue $ 559.5 $ 364.1 Adjusted EBITDA by segment is comprised of the following: Three Months Ended March 31, 2023 (in millions) Live and Historical Racing TwinSpires Gaming Revenues $ 215.8 $ 96.3 $ 251.6 Taxes and purses (56.5) (5.0) (83.6) Marketing and advertising (8.2) (1.4) (8.6) Salaries and benefits (21.8) (6.2) (34.5) Content expense (1.5) (43.0) (1.8) Selling, general and administrative expense (8.7) (2.3) (12.2) Other operating expense (37.0) (10.0) (30.0) Other income — 1.0 48.6 Adjusted EBITDA $ 82.1 $ 29.4 $ 129.5 Three Months Ended March 31, 2022 (in millions) Live and Historical Racing TwinSpires Gaming Revenues $ 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 Adjusted EBITDA by segment is comprised of the following: Three Months Ended March 31, (in millions) 2023 2022 Reconciliation of Comprehensive Income to Adjusted EBITDA: Net income and comprehensive income $ 155.7 $ 42.1 Additions: Depreciation and amortization 37.9 25.1 Interest expense 64.7 21.3 Income tax provision 53.2 16.5 EBITDA $ 311.5 $ 105.0 Adjustments to EBITDA: Stock-based compensation expense $ 8.6 $ 7.0 Pre-opening expense 3.2 2.1 Other expenses, net 3.7 2.5 Asset impairments — 4.9 Transaction expense, net (0.2) 5.0 Other income, expense: Interest, depreciation and amortization expense related to equity investments 9.8 11.1 Changes in fair value of Rivers Des Plaines' interest rate swaps — (10.4) Rivers Des Plaines' legal reserves and transaction costs — 0.3 Other charges and recoveries, net 0.3 1.0 Gain on sale of Arlington (114.0) — Total adjustments to EBITDA (88.6) 23.5 Adjusted EBITDA $ 222.9 $ 128.5 Adjusted EBITDA by segment: Live and Historical Racing $ 82.1 $ 27.9 TwinSpires 29.4 24.1 Gaming 129.5 91.1 Total segment Adjusted EBITDA 241.0 143.1 All Other (18.1) (14.6) Total Adjusted EBITDA $ 222.9 $ 128.5 The table below presents total asset information for each of our segments: (in millions) March 31, 2023 December 31, 2022 Total assets: Live and Historical Racing $ 3,440.5 $ 3,345.4 TwinSpires 279.6 287.9 Gaming 1,818.5 1,824.2 Total segment assets 5,538.6 5,457.5 All Other 734.9 749.3 Total assets $ 6,273.5 $ 6,206.8 The table below presents total capital expenditures for each of our segments: Three Months Ended March 31, (in millions) 2023 2022 Capital expenditures: Live and Historical Racing $ 108.4 $ 44.5 TwinSpires 3.0 3.1 Gaming 20.7 7.5 Total segment capital expenditures 132.1 55.1 All Other 2.6 0.4 Total capital expenditures $ 134.7 $ 55.5

Subsequent Event

Subsequent Event	3 Months Ended
	Mar. 31, 2023
Subsequent Events [Abstract]
Subsequent Event	SUBSEQUENT EVENTS 2031 Senior Notes On April 25, 2023, the Company completed an offering of $600.0 million in aggregate principal amount of 6.750% senior unsecured notes that mature on April 25, 2031 ("2031 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 Company used a portion of the net proceeds from the offering to repay indebtedness outstanding under its Term Loan B Facility due 2024 and to fund related transaction fees and expenses, and intends to use the remainder of the proceeds for working capital and other general corporate purposes. The 2031 Notes were issued at 100% of the principal amount, plus interest deemed to have accrued from April 25, 2023, with interest payable in arrears on May 1 and November 1 of each year, commencing on November 1, 2023. The 2031 Notes will vote as one class under the indenture governing the 2031 Senior Notes. The Company may redeem some or all of the 2031 Notes at any time prior to April 25, 2025, at redemption prices set forth in the 2031 Offering Memorandum. In connection with the issuance of the 2031 Notes, the Company and the guarantors of the 2031 Notes entered into a Registration Rights Agreement to register any 2031 Notes under the Securities Act for resale that are not freely tradable 366 days from April 25, 2023. Two for One Stock Split At its regularly scheduled meeting held April 25, 2023, the Board of Directors of the Company approved a two-for-one stock split of the Company's common stock and a proportionate increase in the number of its authorized shares of common. The Company expects the additional shares to be distributed on May 19, 2023, and the stock to begin trading at the split-adjusted price starting on May 22, 2023.

Recent Accounting Pronounceme_2

Recent Accounting Pronouncements (Policies)	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Recent Accounting Pronouncements - Effective in 2022 or Thereafter	Recent Accounting Pronouncements - effective in 2023 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 to simplify 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. In December 2022, the FASB deferred the date for which this guidance can be applied from December 31, 2022 to December 31, 2024. The use of LIBOR was phased out at the end of 2021, although the phase-out of U.S. dollar LIBOR for existing agreements has been delayed until June 2023. The Company will complete the transition of its financing from LIBOR to the Secured Overnight Financing Rate ("SOFR") by June 30, 2023. These transition activities will not have a material impact on the Company’s financial statements.

Business Combinations and Asset

Business Combinations and Asset Acquisitions (Tables)	3 Months Ended
	Mar. 31, 2023
Business Combination and Asset Acquisition [Abstract]
Summary of Assets Acquired and Liabilities Assumed	The following table summarizes the preliminary fair value of the assets acquired and liabilities assumed, net of cash acquired of $126.4 million, as of November 1, 2022: (in millions) Total Accounts receivable, net $ 9.8 Other current assets 7.2 Property and equipment 611.2 Goodwill 347.8 Other intangible assets 1,941.5 Deferred taxes 20.8 Other assets 16.0 Total assets acquired $ 2,954.3 Accounts payable 4.0 Accrued expenses and other current liabilities 96.9 Other liabilities assumed 17.5 Total liabilities assumed $ 118.4 Net assets acquired (net of cash) $ 2,835.9
Schedule of Indefinite-lived Intangible Assets Acquired as Part of Business Combination	The fair value of the intangible assets consists of the following: (in millions) Fair Value Recognized Gaming rights $ 1,865.6 Trademark 75.9 Total intangible assets $ 1,941.5
Business Acquisition, Pro Forma Information	The following unaudited pro forma consolidated financial information for the Company has been prepared assuming the P2E Transaction had occurred as of January 1, 2021. The unaudited pro forma financial information is not necessarily indicative of either future results of operations or results of operations that might have been achieved had the acquisition been consummated as of January 1, 2021. (in millions) Three months ended March 31, 2022 Net revenue $ 512.9 Net income $ 41.3

Goodwill And Other Intangible_2

Goodwill And Other Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	Goodwill, by segment, is composed of the following: (in millions) Live and Historical TwinSpires Gaming All Other Total Balances as of December 31, 2022 $ 280.3 $ 152.2 $ 290.3 $ 1.0 $ 723.8 Adjustments 0.3 — — — 0.3 Balances as of March 31, 2023 $ 280.6 $ 152.2 $ 290.3 $ 1.0 $ 724.1
Schedule of Indefinite and Finite Lived Assets	Other intangible assets are comprised of the following: March 31, 2023 December 31, 2022 (in millions) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Definite-lived intangible assets $ 31.0 $ (22.6) $ 8.4 $ 31.0 $ (21.4) $ 9.6 Indefinite-lived intangible assets 2,382.2 2,382.2 Total $ 2,390.6 $ 2,391.8

Equity (Tables)

Equity (Tables)	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Schedule of Repurchase Agreements	We repurchased the following shares under the 2021 Stock Repurchase Program: Three Months Ended March 31, (in millions, except share data) 2023 2022 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, 2023
Share-Based Payment Arrangement [Abstract]
Summary of RSUs and PSUs Granted	A summary of the RSUs and PSUs granted during 2023 is presented below (units in thousands): Grant Year Award Type Number of Units Awarded (1) Vesting Terms 2023 RSU 57 Vest equally over three 2023 PSU 31 Three (1) PSUs reflect the target number of units for the original PSU grant.

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Schedule of Long-Term Debt Instruments	The following table presents our total debt outstanding: (in millions) March 31, 2023 December 31, 2022 Term Loan B due 2024 $ 379.0 $ 380.0 Term Loan B-1 due 2028 294.0 294.7 Term Loan A due 2027 1,283.8 800.0 Revolver — 664.1 2027 Senior Notes 600.0 600.0 2028 Senior Notes 700.0 700.0 2030 Senior Notes 1,200.0 1,200.0 Total debt 4,456.8 4,638.8 Current maturities of long-term debt (72.0) (47.0) Unamortized premium and deferred finance charges (34.1) (33.1) Total debt, net of current maturities and costs $ 4,350.7 $ 4,558.7

Revenue from Contract with Cust

Revenue from Contract with Customer (Tables)	3 Months Ended
	Mar. 31, 2023
Revenue from Contract with Customer [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: Three Months Ended March 31, (in millions) 2023 2022 Net revenue from external customers: Live and Historical Racing: Churchill Downs Racetrack $ 2.4 $ 2.0 Louisville 44.0 42.8 Northern Kentucky 26.3 10.8 Southwestern Kentucky 36.5 30.4 Western Kentucky 4.8 — Virginia 97.7 — New Hampshire 2.7 — Total Live and Historical Racing $ 214.4 $ 86.0 TwinSpires: $ 94.8 $ 100.3 Gaming: Florida $ 26.1 $ 27.0 Iowa 24.5 — Louisiana 44.1 41.5 Maine 27.7 26.8 Maryland 23.3 21.3 Mississippi 27.5 27.5 New York 44.5 — Pennsylvania 32.3 33.2 Total Gaming $ 250.0 $ 177.3 All Other 0.3 0.5 Net revenue from external customers $ 559.5 $ 364.1 Intercompany net revenues: Live and Historical Racing $ 1.4 $ 1.2 TwinSpires 1.6 1.1 Gaming 1.5 1.9 All Other 0.2 — Eliminations (4.7) (4.2) Intercompany net revenue $ — $ — Three Months Ended March 31, 2023 (in millions) Live and Historical Racing TwinSpires Gaming Total Segments All Other Total Net revenue from external customers Pari-mutuel: Live and simulcast racing $ 11.0 $ 79.4 $ 11.6 $ 102.0 $ — $ 102.0 Historical racing (a) 185.3 — 6.0 191.3 — 191.3 Racing event-related services 1.0 — 1.9 2.9 — 2.9 Gaming (a) 2.6 4.4 205.5 212.5 — 212.5 Other (a) 14.5 11.0 25.0 50.5 0.3 50.8 Total $ 214.4 $ 94.8 $ 250.0 $ 559.2 $ 0.3 $ 559.5 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 (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 racing pari-mutuel revenue for HRMs or gaming revenue for our casino properties. These amounts were $12.1 million for the three months ended March 31, 2023 and $7.0 million for the three months ended March 31, 2022. The tables below present net revenue from external customers, Adjusted EBITDA by segment and reconciles comprehensive income to Adjusted EBITDA: Net revenue by segment is comprised of the following: Three Months Ended March 31, (in millions) 2023 2022 Live and Historical Racing $ 214.4 $ 86.0 TwinSpires 94.8 100.3 Gaming 250.0 177.3 All Other 0.3 0.5 Net Revenue $ 559.5 $ 364.1

Other Balance Sheet Items (Tabl

Other Balance Sheet Items (Tables)	3 Months Ended
	Mar. 31, 2023
Payables and Accruals [Abstract]
Schedule of Accounts, Notes, Loans and Financing Receivable	Accounts receivable is comprised of the following: (in millions) March 31, 2023 December 31, 2022 Trade receivables $ 13.2 $ 12.5 Simulcast and online wagering receivables 45.0 54.1 Other receivables 20.7 20.6 78.9 87.2 Allowance for doubtful accounts (4.9) (5.7) Total $ 74.0 $ 81.5
Schedule of Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities consisted of the following: (in millions) March 31, 2023 December 31, 2022 Account wagering deposits liability $ 50.7 $ 57.8 Accrued salaries and related benefits 18.8 39.6 Purses payable 41.3 46.1 Accrued interest 58.3 47.8 Accrued fixed assets 43.6 39.5 Accrued gaming liabilities 26.5 26.3 Other 109.0 103.9 Total $ 348.2 $ 361.0

Investments in and Advances t_2

Investments in and Advances to Unconsolidated Affiliates (Tables)	3 Months Ended
	Mar. 31, 2023
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) 2023 2022 Net revenue $ 220.6 $ 177.2 Operating and SG&A expense 137.2 118.2 Depreciation and amortization 5.7 5.3 Total operating expense 142.9 123.5 Operating income 77.7 53.7 Interest and other, net (10.9) 4.1 Net income $ 66.8 $ 57.8
Affiliate Balance Sheet	(in millions) March 31, 2023 December 31, 2022 Assets Current assets $ 103.2 $ 91.0 Property and equipment, net 343.9 345.7 Other assets, net 264.4 265.0 Total assets $ 711.5 $ 701.7 Liabilities and Members' Deficit Current liabilities $ 121.8 $ 97.9 Long-term debt 838.0 838.6 Other liabilities 0.2 0.2 Members' deficit (248.5) (235.0) Total liabilities and members' deficit $ 711.5 $ 701.7

Fair Value Of Assets And Liab_2

Fair Value Of Assets And Liabilities (Tables)	3 Months Ended
	Mar. 31, 2023
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, 2023 (in millions) Carrying Amount Fair Value Level 1 Level 2 Level 3 Financial assets: Restricted cash $ 63.5 $ 63.5 $ 63.5 $ — $ — Financial liabilities: Term Loan B $ 377.6 $ 379.0 $ — $ 379.0 $ — Term Loan B-1 291.0 294.0 — 294.0 — Term Loan A 1,276.1 1,283.8 — 1,283.8 — Revolver — — — — — 2027 Senior Notes 595.6 585.8 — 585.8 — 2028 Senior Notes 698.5 653.6 — 653.6 — 2030 Senior Notes 1,183.7 1,155.2 — 1,155.2 — December 31, 2022 (in millions) Carrying Amount Fair Value Level 1 Level 2 Level 3 Financial assets: Restricted cash $ 74.9 $ 74.9 $ 74.9 $ — $ — Financial liabilities: Term Loan B $ 378.4 $ 380.0 $ — $ 380.0 $ — Term Loan B-1 291.6 294.8 — 294.8 — Term Loan A 794.5 800.0 — 800.0 — Revolver 664.1 664.1 — 664.1 — 2027 Senior Notes 595.3 574.5 — 574.5 — 2028 Senior Notes 698.4 626.5 — 626.5 — 2030 Senior Notes 1,183.4 1,079.4 — 1,079.4 —

Net Income Per Common Share C_2

Net Income Per Common Share Computations (Tables)	3 Months Ended
	Mar. 31, 2023
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) 2023 2022 Numerator for basic and diluted net income per common share: Net income $ 155.7 $ 42.1 Denominator for net income per common share: Basic 37.6 38.3 Plus dilutive effect of stock awards 0.5 0.5 Diluted 38.1 38.8 Net income per common share data: Basic net income $ 4.14 $ 1.10 Diluted net income $ 4.09 $ 1.08

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2023
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: Three Months Ended March 31, (in millions) 2023 2022 Net revenue from external customers: Live and Historical Racing: Churchill Downs Racetrack $ 2.4 $ 2.0 Louisville 44.0 42.8 Northern Kentucky 26.3 10.8 Southwestern Kentucky 36.5 30.4 Western Kentucky 4.8 — Virginia 97.7 — New Hampshire 2.7 — Total Live and Historical Racing $ 214.4 $ 86.0 TwinSpires: $ 94.8 $ 100.3 Gaming: Florida $ 26.1 $ 27.0 Iowa 24.5 — Louisiana 44.1 41.5 Maine 27.7 26.8 Maryland 23.3 21.3 Mississippi 27.5 27.5 New York 44.5 — Pennsylvania 32.3 33.2 Total Gaming $ 250.0 $ 177.3 All Other 0.3 0.5 Net revenue from external customers $ 559.5 $ 364.1 Intercompany net revenues: Live and Historical Racing $ 1.4 $ 1.2 TwinSpires 1.6 1.1 Gaming 1.5 1.9 All Other 0.2 — Eliminations (4.7) (4.2) Intercompany net revenue $ — $ — Three Months Ended March 31, 2023 (in millions) Live and Historical Racing TwinSpires Gaming Total Segments All Other Total Net revenue from external customers Pari-mutuel: Live and simulcast racing $ 11.0 $ 79.4 $ 11.6 $ 102.0 $ — $ 102.0 Historical racing (a) 185.3 — 6.0 191.3 — 191.3 Racing event-related services 1.0 — 1.9 2.9 — 2.9 Gaming (a) 2.6 4.4 205.5 212.5 — 212.5 Other (a) 14.5 11.0 25.0 50.5 0.3 50.8 Total $ 214.4 $ 94.8 $ 250.0 $ 559.2 $ 0.3 $ 559.5 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 (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 racing pari-mutuel revenue for HRMs or gaming revenue for our casino properties. These amounts were $12.1 million for the three months ended March 31, 2023 and $7.0 million for the three months ended March 31, 2022. The tables below present net revenue from external customers, Adjusted EBITDA by segment and reconciles comprehensive income to Adjusted EBITDA: Net revenue by segment is comprised of the following: Three Months Ended March 31, (in millions) 2023 2022 Live and Historical Racing $ 214.4 $ 86.0 TwinSpires 94.8 100.3 Gaming 250.0 177.3 All Other 0.3 0.5 Net Revenue $ 559.5 $ 364.1
Schedule of Segment Reporting Information	Adjusted EBITDA by segment is comprised of the following: Three Months Ended March 31, 2023 (in millions) Live and Historical Racing TwinSpires Gaming Revenues $ 215.8 $ 96.3 $ 251.6 Taxes and purses (56.5) (5.0) (83.6) Marketing and advertising (8.2) (1.4) (8.6) Salaries and benefits (21.8) (6.2) (34.5) Content expense (1.5) (43.0) (1.8) Selling, general and administrative expense (8.7) (2.3) (12.2) Other operating expense (37.0) (10.0) (30.0) Other income — 1.0 48.6 Adjusted EBITDA $ 82.1 $ 29.4 $ 129.5 Three Months Ended March 31, 2022 (in millions) Live and Historical Racing TwinSpires Gaming Revenues $ 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 Adjusted EBITDA by segment is comprised of the following: Three Months Ended March 31, (in millions) 2023 2022 Reconciliation of Comprehensive Income to Adjusted EBITDA: Net income and comprehensive income $ 155.7 $ 42.1 Additions: Depreciation and amortization 37.9 25.1 Interest expense 64.7 21.3 Income tax provision 53.2 16.5 EBITDA $ 311.5 $ 105.0 Adjustments to EBITDA: Stock-based compensation expense $ 8.6 $ 7.0 Pre-opening expense 3.2 2.1 Other expenses, net 3.7 2.5 Asset impairments — 4.9 Transaction expense, net (0.2) 5.0 Other income, expense: Interest, depreciation and amortization expense related to equity investments 9.8 11.1 Changes in fair value of Rivers Des Plaines' interest rate swaps — (10.4) Rivers Des Plaines' legal reserves and transaction costs — 0.3 Other charges and recoveries, net 0.3 1.0 Gain on sale of Arlington (114.0) — Total adjustments to EBITDA (88.6) 23.5 Adjusted EBITDA $ 222.9 $ 128.5 Adjusted EBITDA by segment: Live and Historical Racing $ 82.1 $ 27.9 TwinSpires 29.4 24.1 Gaming 129.5 91.1 Total segment Adjusted EBITDA 241.0 143.1 All Other (18.1) (14.6) Total Adjusted EBITDA $ 222.9 $ 128.5
Schedule of Total Assets and Capital Expenditures by Operating Segment	The table below presents total asset information for each of our segments: (in millions) March 31, 2023 December 31, 2022 Total assets: Live and Historical Racing $ 3,440.5 $ 3,345.4 TwinSpires 279.6 287.9 Gaming 1,818.5 1,824.2 Total segment assets 5,538.6 5,457.5 All Other 734.9 749.3 Total assets $ 6,273.5 $ 6,206.8 The table below presents total capital expenditures for each of our segments: Three Months Ended March 31, (in millions) 2023 2022 Capital expenditures: Live and Historical Racing $ 108.4 $ 44.5 TwinSpires 3.0 3.1 Gaming 20.7 7.5 Total segment capital expenditures 132.1 55.1 All Other 2.6 0.4 Total capital expenditures $ 134.7 $ 55.5

Description of Business - Addit

Description of Business - Additional Information (Details) $ in Millions			3 Months Ended
	Nov. 01, 2022 USD ($) venue	Sep. 26, 2022 USD ($)	Mar. 31, 2023 segment license	Feb. 15, 2023 USD ($) a
Business Acquisition [Line Items]
Number of reportable segments | segment			3
Additional HRM entertainment venues | venue	5
Number of online market access licenses | license			2
Disposal Group, Held-for-sale, Not Discontinued Operations | Arlington Heights Property
Business Acquisition [Line Items]
Area of land (in acres) | a				326
Sale price				$ 197.2
P2E Transaction
Business Acquisition [Line Items]
Purchase price	$ 2,750
Number of HRM entertainment venues | venue	6
Total consideration	$ 2,835.9
Number of online market access licenses | venue	5
Ellis Park
Business Acquisition [Line Items]
Total consideration		$ 79

Acquisitions - Additional Infor

Acquisitions - Additional Information (Details) $ in Millions				3 Months Ended
	Nov. 01, 2022 USD ($) venue	Sep. 26, 2022 USD ($)	Sep. 02, 2022 USD ($)	Mar. 31, 2023 USD ($) license	Dec. 31, 2022 USD ($)
Business Acquisition [Line Items]
Goodwill				$ 724.1	$ 723.8
Number of online market access licenses | license				2
Ellis Park
Business Acquisition [Line Items]
Total consideration		$ 79
Working capital and other purchase price adjustments		3.5
Cash acquired in the acquisition		1.4
Property and equipment		19.3
Goodwill		9.5
Net working capital		1.3
P2E Transaction
Business Acquisition [Line Items]
Total consideration	$ 2,835.9
Cash acquired in the acquisition	126.4
Property and equipment	611.2
Total intangible assets	1,941.5
Goodwill	$ 347.8
Number of HRM entertainment venues | venue	6
Number of online market access licenses | venue	5
P2E Transaction | Gaming
Business Acquisition [Line Items]
Goodwill	$ 129.1
P2E Transaction | Live and Historical
Business Acquisition [Line Items]
Goodwill	218.7
Chasers Poker Room [Member]
Business Acquisition [Line Items]
Gaming rights intangible asset			$ 82.2
Gaming Rights | Ellis Park
Business Acquisition [Line Items]
Total intangible assets		47.4
Trademarks | Ellis Park
Business Acquisition [Line Items]
Total intangible assets		$ 3.6
Trademarks | P2E Transaction
Business Acquisition [Line Items]
Total intangible assets	$ 75.9

Acquisitions - Summary of Asset

Acquisitions - Summary of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022	Nov. 01, 2022
Business Acquisition [Line Items]
Goodwill	$ 724.1	$ 723.8
P2E Transaction
Business Acquisition [Line Items]
Accounts receivable, net			$ 9.8
Other current assets			7.2
Property and equipment			611.2
Goodwill			347.8
Other intangible assets			1,941.5
Deferred taxes			20.8
Other assets			16
Total assets acquired			2,954.3
Accounts payable			4
Accrued expenses and other current liabilities			96.9
Other liabilities assumed			17.5
Total liabilities assumed			118.4
Net assets acquired (net of cash)			$ 2,835.9

Acquisitions - Summary of Intan

Acquisitions - Summary of Intangible Assets Acquired (Details) - P2E Transaction $ in Millions	Nov. 01, 2022 USD ($)
Business Acquisition [Line Items]
Total intangible assets	$ 1,941.5
Game Rights
Business Acquisition [Line Items]
Total intangible assets	1,865.6
Trademarks
Business Acquisition [Line Items]
Total intangible assets	$ 75.9

Acquisitions - Pro Forma Inform

Acquisitions - Pro Forma Information (Details) - P2E Transaction $ in Millions	3 Months Ended
	Mar. 31, 2022 USD ($)
Business Acquisition [Line Items]
Net revenue	$ 512.9
Net income	$ 41.3

Dispositions - Additional Infor

Dispositions - Additional Information (Details) - USD ($) $ in Millions		3 Months Ended
	Feb. 15, 2023	Mar. 31, 2023	Dec. 31, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Carrying value of the assets sold		$ 0	$ 82
Deferred Income Taxes
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Deferred tax liability		27.8
P2E Transaction
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Forward like-kind exchange		$ 197.2
Disposal Group, Held-for-sale, Not Discontinued Operations | Arlington International Racecourse
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net proceeds	$ 195.7
Gain recognized	$ 114
Carrying value of the assets sold			$ 82

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets - Goodwill (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Goodwill [Roll Forward]
Goodwill, Beginning Balance	$ 723.8
Adjustments	0.3
Goodwill, Ending Balance	724.1
All Other
Goodwill [Roll Forward]
Goodwill, Beginning Balance	1
Adjustments	0
Goodwill, Ending Balance	1
Live and Historical | Operating Segments
Goodwill [Roll Forward]
Goodwill, Beginning Balance	280.3
Adjustments	0.3
Goodwill, Ending Balance	280.6
TwinSpires | Operating Segments
Goodwill [Roll Forward]
Goodwill, Beginning Balance	152.2
Adjustments	0
Goodwill, Ending Balance	152.2
Gaming | Operating Segments
Goodwill [Roll Forward]
Goodwill, Beginning Balance	290.3
Adjustments	0
Goodwill, Ending Balance	$ 290.3

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets - Intangible Assets (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Gross Carrying Amount	$ 31	$ 31
Accumulated Amortization	(22.6)	(21.4)
Definite-lived intangible assets, Net Carrying Amount	8.4	9.6
Indefinite-lived intangible assets, Net Carrying Amount	2,382.2	2,382.2
Total intangible assets	$ 2,390.6	$ 2,391.8

Shareholders' Equity - Addition

Shareholders' Equity - Additional Information (Details) - USD ($) $ in Millions	Mar. 31, 2023	Sep. 29, 2021	Oct. 30, 2018
October 2018 Stock Repurchase Program
Share Repurchase Program [Line Items]
Authorized stock repurchase amount			$ 300
Remaining unused authorization for stock repurchase program		$ 97.9
2021 Stock Repurchase Program
Share Repurchase Program [Line Items]
Authorized stock repurchase amount		$ 500
Remaining unused authorization for stock repurchase program	$ 270.2

Shareholders' Equity - Schedule

Shareholders' Equity - Schedule of Repurchase Agreements (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share Repurchase Program [Line Items]
Repurchase aggregate cost		$ 25
2021 Stock Repurchase Program
Share Repurchase Program [Line Items]
Repurchase of common stock (in shares)	0	116,863
Repurchase aggregate cost	$ 0	$ 25

Stock-based Compensation Plan_2

Stock-based Compensation Plans - Additional Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($) performanceCondition performanceCriteria	Mar. 31, 2022 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	$ 8.6	$ 7
Number of performance criteria | performanceCriteria	2
Performance Shares (PSUs) | Churchill Downs Incorporated 2007 Omnibus Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)	3 years
Number of performance conditions | performanceCondition	2
Continuing Operations [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	$ 8.6	$ 7

Stock-based Compensation Plan_3

Stock-based Compensation Plans - Summary of RSUs and PSUs Granted (Details) shares in Thousands	3 Months Ended
	Mar. 31, 2023 shares
Restricted Stock Units (RSUs) | Share-based Compensation Award, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Units Awarded (in shares)	57
Award vesting period (in years)	3 years
Performance Shares (PSUs) | Share-based Compensation Award, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Units Awarded (in shares)	31
Performance Shares (PSUs) | Share-based Compensation Award, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Service period vested (in years)	3 years

Debt - Schedule of Long-Term De

Debt - Schedule of Long-Term Debt Instruments (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Total debt	$ 4,456.8	$ 4,638.8
Current maturities of long-term debt	(72)	(47)
Unamortized premium and deferred finance charges	34.1	33.1
Total debt, net of current maturities and costs	4,350.7	4,558.7
2027 Senior Notes | Senior Notes
Debt Instrument [Line Items]
Total debt	600	600
2028 Senior Notes | Senior Notes
Debt Instrument [Line Items]
Total debt	700	700
2030 Senior Notes | Senior Notes
Debt Instrument [Line Items]
Total debt	1,200	1,200
Term Loan B | Term Loan B due 2024
Debt Instrument [Line Items]
Total debt	379	380
Term Loan B | Term Loan B-1 due 2028
Debt Instrument [Line Items]
Total debt	294	294.7
Term Loan B | Term Loan A due 2027
Debt Instrument [Line Items]
Total debt	1,283.8	800
Revolving Credit Facility | Revolver
Debt Instrument [Line Items]
Total debt	$ 0	$ 664.1

Debt - Additional Information (

Debt - Additional Information (Details) - USD ($) $ in Millions			3 Months Ended	12 Months Ended
	Feb. 24, 2023	Apr. 13, 2022	Mar. 31, 2023	Mar. 31, 2023	Mar. 17, 2021	Dec. 27, 2017
Debt Instrument [Line Items]
Amortization period of debt issuance costs (in years)	5 years	5 years
London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread			2%
Term Loan B due 2024
Debt Instrument [Line Items]
Face amount of debt issuance					$ 300
Senior Notes | 2027 Senior Notes
Debt Instrument [Line Items]
Face amount of debt issuance			$ 600	$ 600
Stated interest rate			5.50%	5.50%
Senior Notes | 2028 Senior Notes
Debt Instrument [Line Items]
Face amount of debt issuance			$ 700	$ 700
Senior Notes | Senior Notes Due 2028, Existing
Debt Instrument [Line Items]
Face amount of debt issuance			$ 500	$ 500
Stated interest rate			4.75%	4.75%
Senior Notes | Senior Notes Due 2028, Additional
Debt Instrument [Line Items]
Face amount of debt issuance			$ 200	$ 200
Redemption price, percentage of face amount			103.25%
Premium (percent)			0.0325	0.0325
Senior Notes | 2030 Senior Notes
Debt Instrument [Line Items]
Face amount of debt issuance			$ 1,200	$ 1,200
Debt issuance costs			$ 18.3	$ 18.3
Stated interest rate			5.75%	5.75%
Revolving Credit Facility | Incremental Joinder Agreement No. 2
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 1,300					$ 800
Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Face amount of debt issuance			$ 1,200	$ 1,200
Maximum borrowing capacity						700
Increase to maximum borrowing capacity				$ 1,200
Commitment fee percentage			0.25%
Revolving Credit Facility | Line of Credit | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread			0.10%
Revolving Credit Facility | Line of Credit | Credit Agreement Amendment | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread			1.50%
Term Loan B | Term Loan B due 2024
Debt Instrument [Line Items]
Face amount of debt issuance						$ 400
Term Loan B | Term Loan A
Debt Instrument [Line Items]
Face amount of debt issuance		$ 800
Term Loan B | Revolver
Debt Instrument [Line Items]
Debt issuance costs		3.2
Term Loan B | Delayed Draw Term Loan A
Debt Instrument [Line Items]
Debt issuance costs	$ 2.5	6.4
Swing Line Commitment | Line of Credit
Debt Instrument [Line Items]
Face amount of debt issuance		100
Maximum borrowing capacity		$ 50

Revenue from Contracts with C_2

Revenue from Contracts with Customers - Performance Obligations (Details) $ in Millions	Mar. 31, 2023 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, amount	$ 172.7
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01
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	$ 50.2
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	1 year
Remaining performance obligation, amount	$ 47.5
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period
Remaining performance obligation, amount	$ 36.8

Revenue from Contracts with C_3

Revenue from Contracts with Customers - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Contract with customer, revenue recognized	$ 3.6	$ 3.2
Contract with customer, liability	$ 140.7		$ 58.7

Revenue from Contracts with C_4

Revenue from Contracts with Customers - Net Revenue From External Customers and Intercompany Revenue From Each Operating Segment (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Net revenue	$ 559.5	$ 364.1
Intercompany net revenue	0	0
Disclosure of complimentary revenue	12.1	7
Gaming
Disaggregation of Revenue [Line Items]
Net revenue	250	177.3
Other
Disaggregation of Revenue [Line Items]
Net revenue	0.3	0.5
External Customer
Disaggregation of Revenue [Line Items]
Net revenue	559.5	364.1
External Customer | Pari-mutuel, live and simulcast racing
Disaggregation of Revenue [Line Items]
Net revenue	102	100
External Customer | Pari-mutuel, historical racing
Disaggregation of Revenue [Line Items]
Net revenue	191.3	73.6
External Customer | Racing event-related services
Disaggregation of Revenue [Line Items]
Net revenue	2.9	0.9
External Customer | Gaming
Disaggregation of Revenue [Line Items]
Net revenue	212.5	161.2
External Customer | Other
Disaggregation of Revenue [Line Items]
Net revenue	50.8	28.4
Live and Historical
Disaggregation of Revenue [Line Items]
Net revenue	215.8	87.2
TwinSpires
Disaggregation of Revenue [Line Items]
Net revenue	96.3	101.4
Gaming
Disaggregation of Revenue [Line Items]
Net revenue	251.6	179.2
Operating Segments | External Customer
Disaggregation of Revenue [Line Items]
Net revenue	559.2	363.6
Operating Segments | External Customer | Pari-mutuel, live and simulcast racing
Disaggregation of Revenue [Line Items]
Net revenue	102	100
Operating Segments | External Customer | Pari-mutuel, historical racing
Disaggregation of Revenue [Line Items]
Net revenue	191.3	73.6
Operating Segments | External Customer | Racing event-related services
Disaggregation of Revenue [Line Items]
Net revenue	2.9	0.9
Operating Segments | External Customer | Gaming
Disaggregation of Revenue [Line Items]
Net revenue	212.5	161.2
Operating Segments | External Customer | Other
Disaggregation of Revenue [Line Items]
Net revenue	50.5	27.9
Operating Segments | Live and Historical
Disaggregation of Revenue [Line Items]
Net revenue	214.4	86
Intercompany net revenue	1.4	1.2
Operating Segments | Live and Historical | External Customer
Disaggregation of Revenue [Line Items]
Net revenue	214.4	86
Operating Segments | Live and Historical | External Customer | Pari-mutuel, live and simulcast racing
Disaggregation of Revenue [Line Items]
Net revenue	11	5.6
Operating Segments | Live and Historical | External Customer | Pari-mutuel, historical racing
Disaggregation of Revenue [Line Items]
Net revenue	185.3	73.6
Operating Segments | Live and Historical | External Customer | Racing event-related services
Disaggregation of Revenue [Line Items]
Net revenue	1	0.5
Operating Segments | Live and Historical | External Customer | Gaming
Disaggregation of Revenue [Line Items]
Net revenue	2.6	0
Operating Segments | Live and Historical | External Customer | Other
Disaggregation of Revenue [Line Items]
Net revenue	14.5	6.3
Operating Segments | TwinSpires
Disaggregation of Revenue [Line Items]
Net revenue	94.8	100.3
Intercompany net revenue	1.6	1.1
Operating Segments | TwinSpires | External Customer
Disaggregation of Revenue [Line Items]
Net revenue	94.8	100.3
Operating Segments | TwinSpires | External Customer | Pari-mutuel, live and simulcast racing
Disaggregation of Revenue [Line Items]
Net revenue	79.4	81.5
Operating Segments | TwinSpires | External Customer | Pari-mutuel, historical racing
Disaggregation of Revenue [Line Items]
Net revenue	0	0
Operating Segments | TwinSpires | External Customer | Racing event-related services
Disaggregation of Revenue [Line Items]
Net revenue	0	0
Operating Segments | TwinSpires | External Customer | Gaming
Disaggregation of Revenue [Line Items]
Net revenue	4.4	10.3
Operating Segments | TwinSpires | External Customer | Other
Disaggregation of Revenue [Line Items]
Net revenue	11	8.5
Operating Segments | Gaming
Disaggregation of Revenue [Line Items]
Net revenue	250	177.3
Intercompany net revenue	1.5	1.9
Operating Segments | Gaming | External Customer
Disaggregation of Revenue [Line Items]
Net revenue	250	177.3
Operating Segments | Gaming | External Customer | Pari-mutuel, live and simulcast racing
Disaggregation of Revenue [Line Items]
Net revenue	11.6	12.9
Operating Segments | Gaming | External Customer | Pari-mutuel, historical racing
Disaggregation of Revenue [Line Items]
Net revenue	6	0
Operating Segments | Gaming | External Customer | Racing event-related services
Disaggregation of Revenue [Line Items]
Net revenue	1.9	0.4
Operating Segments | Gaming | External Customer | Gaming
Disaggregation of Revenue [Line Items]
Net revenue	205.5	150.9
Operating Segments | Gaming | External Customer | Other
Disaggregation of Revenue [Line Items]
Net revenue	25	13.1
All Other
Disaggregation of Revenue [Line Items]
Net revenue	0.3	0.5
Intercompany net revenue	0.2	0
All Other | External Customer
Disaggregation of Revenue [Line Items]
Net revenue	0.3	0.5
All Other | External Customer | Pari-mutuel, live and simulcast racing
Disaggregation of Revenue [Line Items]
Net revenue	0	0
All Other | External Customer | Pari-mutuel, historical racing
Disaggregation of Revenue [Line Items]
Net revenue	0	0
All Other | External Customer | Racing event-related services
Disaggregation of Revenue [Line Items]
Net revenue	0	0
All Other | External Customer | Gaming
Disaggregation of Revenue [Line Items]
Net revenue	0	0
All Other | External Customer | Other
Disaggregation of Revenue [Line Items]
Net revenue	0.3	0.5
Eliminations
Disaggregation of Revenue [Line Items]
Intercompany net revenue	(4.7)	(4.2)
Churchill Downs Racetrack | Operating Segments | Live and Historical
Disaggregation of Revenue [Line Items]
Net revenue	2.4	2
Louisville | Operating Segments | Live and Historical
Disaggregation of Revenue [Line Items]
Net revenue	44	42.8
Northern Kentucky | Operating Segments | Live and Historical
Disaggregation of Revenue [Line Items]
Net revenue	26.3	10.8
Southwestern Kentucky | Operating Segments | Live and Historical
Disaggregation of Revenue [Line Items]
Net revenue	36.5	30.4
Western Kentucky | Operating Segments | Live and Historical
Disaggregation of Revenue [Line Items]
Net revenue	4.8	0
Virginia | Operating Segments | Live and Historical
Disaggregation of Revenue [Line Items]
Net revenue	97.7	0
New Hampshire | Operating Segments | Live and Historical
Disaggregation of Revenue [Line Items]
Net revenue	2.7	0
Florida | Operating Segments | Gaming
Disaggregation of Revenue [Line Items]
Net revenue	26.1	27
Iowa | Operating Segments | Gaming
Disaggregation of Revenue [Line Items]
Net revenue	24.5	0
Louisiana | Operating Segments | Gaming
Disaggregation of Revenue [Line Items]
Net revenue	44.1	41.5
Maine | Operating Segments | Gaming
Disaggregation of Revenue [Line Items]
Net revenue	27.7	26.8
Maryland | Operating Segments | Gaming
Disaggregation of Revenue [Line Items]
Net revenue	23.3	21.3
Mississippi | Operating Segments | Gaming
Disaggregation of Revenue [Line Items]
Net revenue	27.5	27.5
New York | Operating Segments | Gaming
Disaggregation of Revenue [Line Items]
Net revenue	44.5	0
Pennsylvania | Operating Segments | Gaming
Disaggregation of Revenue [Line Items]
Net revenue	$ 32.3	$ 33.2

Other Balance Sheet Items - Sch

Other Balance Sheet Items - Schedule of Accounts Receivable (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable	$ 78.9	$ 87.2
Allowance for doubtful accounts	(4.9)	(5.7)
Accounts receivable, net	74	81.5
Trade receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable	13.2	12.5
Simulcast and online wagering receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable	45	54.1
Other receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable	$ 20.7	$ 20.6

Other Balance Sheet Items - S_2

Other Balance Sheet Items - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Account wagering deposits liability	$ 50.7	$ 57.8
Accrued salaries and related benefits	18.8	39.6
Purses payable	41.3	46.1
Accrued interest	58.3	47.8
Accrued fixed assets	43.6	39.5
Accrued gaming liabilities	26.5	26.3
Other	109	103.9
Total	$ 348.2	$ 361

Investments in and Advances t_3

Investments in and Advances to Unconsolidated Affiliates - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Investments in and Advances to Affiliates [Line Items]
Distributions from unconsolidated affiliates	$ 45.8	$ 40.6
Rivers Des Plaines
Investments in and Advances to Affiliates [Line Items]
Equity method investment, ownership percentage	61.30%		61.30%
Miami Valley Gaming LLC
Investments in and Advances to Affiliates [Line Items]
Equity method investment, ownership percentage	50%		50%
Equity method investment, amount	$ 113.9		$ 114.4
Distributions from unconsolidated affiliates	12	10
Midwest Gaming Holdings, LLC
Investments in and Advances to Affiliates [Line Items]
Equity method investment, difference between carrying amount and underlying equity	832.4
Equity method investment, amount	537.9		$ 544.9
Distributions from unconsolidated affiliates	$ 33.8	$ 30.5
High Plaines | Rivers Des Plaines
Investments in and Advances to Affiliates [Line Items]
Equity method investment, ownership percentage	36%
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%

Investments in and Advances t_4

Investments in and Advances to Unconsolidated Affiliates - Affiliate Income Statement (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Investments in and Advances to Affiliates [Line Items]
Net revenue	$ 559.5	$ 364.1
Operating and SG&A expense	52.3	35.9
Operating income	119.9	47.4
Interest and other, net	(64.7)	(21.3)
Net income	155.7	42.1
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Investments in and Advances to Affiliates [Line Items]
Net revenue	220.6	177.2
Operating and SG&A expense	137.2	118.2
Depreciation and amortization	5.7	5.3
Total operating expense	142.9	123.5
Operating income	77.7	53.7
Interest and other, net	(10.9)	4.1
Net income	$ 66.8	$ 57.8

Investments in and Advances t_5

Investments in and Advances to Unconsolidated Affiliates - Affiliate Balance Sheet (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Assets
Current assets	$ 377.5	$ 344.5
Other assets, net	34	27
Total assets	6,273.5	6,206.8
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities	694.4	621.6
Other liabilities	138.4	122.4
Members' deficit	700.4	552.4
Total liabilities and shareholders' equity	6,273.5	6,206.8
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Assets
Current assets	103.2	91
Property and equipment, net	343.9	345.7
Other assets, net	264.4	265
Total assets	711.5	701.7
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities	121.8	97.9
Long-term debt	838	838.6
Other liabilities	0.2	0.2
Members' deficit	(248.5)	(235)
Total liabilities and shareholders' equity	$ 711.5	$ 701.7

Fair Value Of Assets And Liab_3

Fair Value Of Assets And Liabilities - Schedule of Fair Value Measurements on a Recurring Basis (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	$ 63.5	$ 74.9
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	63.5	74.9
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 | 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	585.8	574.5
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	653.6	626.5
2028 Senior Notes | Senior Notes | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	0	0
2030 Senior Notes | Senior Notes | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	0	0
2030 Senior Notes | Senior Notes | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	1,155.2	1,079.4
2030 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 | Line of Credit | 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 | Line of Credit | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	379	380
Term Loan B | Term Loan B | Line of Credit | 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	294	294.8
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
Term Loan B | Term Loan A | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	0	0
Term Loan B | Term Loan A | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	1,283.8	800
Term Loan B | Term Loan A | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	0	0
Revolving Credit Facility | Revolver | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	0	0
Revolving Credit Facility | Revolver | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	0	664.1
Revolving Credit Facility | Revolver | 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	63.5	74.9
Carrying Amount | 2027 Senior Notes | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	595.6	595.3
Carrying Amount | 2028 Senior Notes | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	698.5	698.4
Carrying Amount | 2030 Senior Notes | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	1,183.7	1,183.4
Carrying Amount | Term Loan B | Term Loan B
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	377.6	378.4
Carrying Amount | Term Loan B | Term Loan B-1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	291	291.6
Carrying Amount | Term Loan B | Term Loan A
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	1,276.1	794.5
Carrying Amount | Revolving Credit Facility | Revolver
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	0	664.1
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	63.5	74.9
Fair Value | 2027 Senior Notes | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	585.8	574.5
Fair Value | 2028 Senior Notes | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	653.6	626.5
Fair Value | 2030 Senior Notes | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	1,155.2	1,079.4
Fair Value | Term Loan B | Term Loan B | Line of Credit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	379	380
Fair Value | Term Loan B | Term Loan B-1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	294	294.8
Fair Value | Term Loan B | Term Loan A
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	1,283.8	800
Fair Value | Revolving Credit Facility | Revolver
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	$ 0	$ 664.1

Net Income Per Common Share C_3

Net Income Per Common Share Computations (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Numerator for basic and diluted net income per common share:
Net income	$ 155.7	$ 42.1
Denominator for net income per common share:
Basic (in shares)	37,600	38,300
Plus dilutive effect of stock awards (in shares)	500	500
Diluted (in shares)	38,100	38,800
Basic
Basic net income (in dollars per share)	$ 4.14	$ 1.10
Diluted
Diluted net income (in dollars per share)	$ 4.09	$ 1.08

Segment Information - Additiona

Segment Information - Additional Information (Details)	3 Months Ended
	Mar. 31, 2023 slot_machine segment state game	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Number of operating segments	3
Number of slot machines | slot_machine	13,980
Number of table games | game	358
Number of states in which Gaming segment has slot machines and video lottery terminals | state	10
TwinSpires
Schedule of Equity Method Investments [Line Items]
Number of sportsbooks	9
Rivers Des Plaines
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	61.30%	61.30%
Miami Valley Gaming LLC
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	50%	50%

Segment Information - Net Reven

Segment Information - Net Revenue From External Customers and Intercompany Revenue From Each Operating Segment (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting Information [Line Items]
Net revenue	$ 559.5	$ 364.1
Live and Historical
Segment Reporting Information [Line Items]
Net revenue	215.8	87.2
TwinSpires
Segment Reporting Information [Line Items]
Net revenue	96.3	101.4
Gaming
Segment Reporting Information [Line Items]
Net revenue	251.6	179.2
External Customer
Segment Reporting Information [Line Items]
Net revenue	559.5	364.1
Operating Segments | Live and Historical
Segment Reporting Information [Line Items]
Net revenue	214.4	86
Operating Segments | TwinSpires
Segment Reporting Information [Line Items]
Net revenue	94.8	100.3
Operating Segments | Gaming
Segment Reporting Information [Line Items]
Net revenue	250	177.3
Operating Segments | External Customer
Segment Reporting Information [Line Items]
Net revenue	559.2	363.6
Operating Segments | External Customer | Live and Historical
Segment Reporting Information [Line Items]
Net revenue	214.4	86
Operating Segments | External Customer | TwinSpires
Segment Reporting Information [Line Items]
Net revenue	94.8	100.3
Operating Segments | External Customer | Gaming
Segment Reporting Information [Line Items]
Net revenue	250	177.3
All Other
Segment Reporting Information [Line Items]
Net revenue	0.3	0.5
All Other | External Customer
Segment Reporting Information [Line Items]
Net revenue	$ 0.3	$ 0.5

Segment Information - Schedule

Segment Information - Schedule of Adjusted EBITDA by Segment (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting Information [Line Items]
Revenues	$ 559.5	$ 364.1
Adjusted EBITDA	222.9	128.5
Live and Historical
Segment Reporting Information [Line Items]
Revenues	215.8	87.2
Taxes and purses	(56.5)	(26.8)
Marketing and advertising	(8.2)	(2.9)
Salaries and benefits	(21.8)	(10.9)
Content expense	(1.5)	(0.6)
Selling, general and administrative expense	(8.7)	(3.3)
Other operating expense	(37)	(14.8)
Other income	0	0
Adjusted EBITDA	82.1	27.9
TwinSpires
Segment Reporting Information [Line Items]
Revenues	96.3	101.4
Taxes and purses	(5)	(7.5)
Marketing and advertising	(1.4)	(5.1)
Salaries and benefits	(6.2)	(6.7)
Content expense	(43)	(43.1)
Selling, general and administrative expense	(2.3)	(2.6)
Other operating expense	(10)	(12.3)
Other income	1	0
Adjusted EBITDA	29.4	24.1
Gaming
Segment Reporting Information [Line Items]
Revenues	251.6	179.2
Taxes and purses	(83.6)	(67.3)
Marketing and advertising	(8.6)	(3.5)
Salaries and benefits	(34.5)	(23.9)
Content expense	(1.8)	(1.5)
Selling, general and administrative expense	(12.2)	(6.6)
Other operating expense	(30)	(20)
Other income	48.6	34.7
Adjusted EBITDA	$ 129.5	$ 91.1

Segment Information - Reconcili

Segment Information - Reconciliation of Comprehensive Income to Adjusted EBITDA by Segment (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting Information [Line Items]
Net income and comprehensive income	$ 155.7	$ 42.1
Depreciation and amortization	37.9	25.1
Interest expense	64.7	21.3
Income tax provision	53.2	16.5
EBITDA	311.5	105
Stock-based compensation expense	8.6	7
Pre-opening expense	3.2	2.1
Other expenses, net	3.7	2.5
Asset impairments	0	4.9
Transaction expense, net	(0.2)	5
Interest, depreciation and amortization expense related to equity investments	9.8	11.1
Changes in fair value of Rivers Des Plaines' interest rate swaps	0	(10.4)
Other charges and recoveries, net	0.3	1
Gain on sale of Arlington	(114)	0
Total adjustments to EBITDA	88.6	(23.5)
Adjusted EBITDA	222.9	128.5
Operating Segments
Segment Reporting Information [Line Items]
Adjusted EBITDA	241	143.1
All Other
Segment Reporting Information [Line Items]
Adjusted EBITDA	(18.1)	(14.6)
Live and Historical
Segment Reporting Information [Line Items]
Adjusted EBITDA	82.1	27.9
Live and Historical | Operating Segments
Segment Reporting Information [Line Items]
Adjusted EBITDA	82.1	27.9
TwinSpires
Segment Reporting Information [Line Items]
Adjusted EBITDA	29.4	24.1
TwinSpires | Operating Segments
Segment Reporting Information [Line Items]
Adjusted EBITDA	29.4	24.1
Gaming
Segment Reporting Information [Line Items]
Adjusted EBITDA	129.5	91.1
Gaming | Operating Segments
Segment Reporting Information [Line Items]
Adjusted EBITDA	129.5	91.1
Rivers Des Plaines
Segment Reporting Information [Line Items]
Rivers Des Plaines' legal reserves and transaction costs	$ 0	$ 0.3

Segment Information - Schedul_2

Segment Information - Schedule of Total Assets and Capital Expenditures by Operating Segment (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 6,273.5		$ 6,206.8
Property, Plant and Equipment, Additions	134.7	$ 55.5
Operating Segments
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	5,538.6		5,457.5
Property, Plant and Equipment, Additions	132.1	55.1
Operating Segments | Live and Historical
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	3,440.5		3,345.4
Property, Plant and Equipment, Additions	108.4	44.5
Operating Segments | TwinSpires
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	279.6		287.9
Property, Plant and Equipment, Additions	3	3.1
Operating Segments | Gaming
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	1,818.5		1,824.2
Property, Plant and Equipment, Additions	20.7	7.5
All Other
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	734.9		$ 749.3
Property, Plant and Equipment, Additions	$ 2.6	$ 0.4

Subsequent Event (Details)

Subsequent Event (Details) - Subsequent Event $ in Millions	Apr. 25, 2023 USD ($)
Subsequent Event [Line Items]
Percent of principal loan amount	100%
Stock split, conversion ratio	2
2031 Notes | Senior Notes
Subsequent Event [Line Items]
Face amount of debt issuance	$ 600
Stated interest rate	6.75%