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Document And Entity Information - USD ($)	12 Months Ended
Document And Entity Information - USD ($)	Dec. 31, 2014	Feb. 20, 2015	Jun. 30, 2014
Document And Entity Information [Abstract]
Document Type	10-K
Entity Registrant Name	CHURCHILL DOWNS INC
Entity Central Index Key	0000020212
Amendment Flag	false
Entity Well-known Seasoned Issuer	Yes
Entity Filer Category	Accelerated Filer
Document Period End Date	Dec. 31, 2014
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		17,632,693
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float			$ 1,177,242,546

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013
Assets, Current [Abstract]
Cash and cash equivalents	$ 67,936	$ 44,708
Restricted cash	26,065	36,074
Accounts receivable, net of allowance for doubtful accounts of $4,246 in 2014 and $4,338 in 2013	75,890	46,572
Deferred income taxes	17,716	8,927
Income taxes receivable	29,455	12,398
Other current assets	24,665	12,036
Total current assets	241,727	160,715
Property and equipment, net	595,315	585,498
Investment in and advances to unconsolidated affiliates	109,548	86,151
Goodwill	839,520	300,616
Other intangible assets, net	549,972	198,149
Other assets	24,192	21,132
Total assets	2,360,274	1,352,261
Liabilities, Current [Abstract]
Accounts payable	45,597	43,123
Bank overdraft	544	973
Purses payable	11,169	18,839
Account wagering deposit liabilities	18,137	18,679
Accrued expenses	91,056	67,328
Estimated Payable to the acquisition equity holders, income tax refund	18,087	0
Deferred revenue	51,833	49,078
Deferred revenue - Big Fish Games	41,747	0
Deferred Payment to Founder, Fair Value-Current	27,180	0
Current maturities of long-term debt	11,250	0
Dividends payable	17,419	15,186
Total current liabilities	334,019	213,206
Long-term Debt, Excluding Current Maturities	459,105	69,191
Notes payable	300,000	300,000
Deferred Payment to Founder, Fair Value-Noncurrent	51,620	0
Big Fish Games earnout liability	327,800	0
Other liabilities	21,718	17,753
Deferred revenue	16,489	16,706
Deferred income taxes	149,522	30,616
Total liabilities	1,660,273	647,472
Commitments and contingencies
Shareholders’ equity:
Preferred stock, no par value; 250 shares authorized; no shares issued	0	0
Common stock, no par value; 50,000 shares authorized; 17,472 shares issued at December 31, 2014 and 17,948 shares issued at December 31, 2013	262,280	295,955
Accumulated other comprehensive loss	(125)	0
Retained earnings	437,846	408,834
Total shareholders’ equity	700,001	704,789
Total liabilities and shareholders’ equity	$ 2,360,274	$ 1,352,261

Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Dec. 31, 2014	Dec. 31, 2013
Statement of Financial Position [Abstract]
Accounts receivable, allowance for doubtful accounts	$ 4,246	$ 4,338
Preferred stock, no par value	$ 0	$ 0
Preferred stock, shares authorized	250	250
Preferred stock, shares issued	0	0
Common stock, no par value	$ 0	$ 0
Common stock, shares authorized	50,000	50,000
Common stock, shares issued	17,472	17,948

Consolidated Statements Of Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Net revenues:
Racing	$ 261,453	$ 274,269	$ 302,088
Casinos	329,010	297,473	223,112
TwinSpires	190,333	184,541	183,279
Big Fish Games	13,855	0	0
Other	18,283	23,042	22,817
Net revenues	812,934	779,325	731,296
Operating expenses:
Racing	216,269	233,286	255,405
Casinos	244,051	222,879	163,686
TwinSpires	133,553	123,449	123,476
Big Fish Games	15,971	0	0
Other	24,188	26,540	25,356
Selling, general and administrative expenses	85,114	83,446	73,829
Acquisition related charges	3,826	0	0
Insurance recoveries, net of losses	(431)	(375)	(7,006)
Operating income	90,393	90,100	96,550
Other income (expense):
Interest income	20	112	90
Interest expense	(20,842)	(6,231)	(4,531)
Equity in gains (losses) of unconsolidated investments	6,328	(4,142)	(1,701)
Miscellaneous, net	619	5,667	819
Total other income (expense)	(13,875)	(4,594)	(5,323)
Earnings from continuing operations before provision for income taxes	76,518	85,506	91,227
Income tax provision	(30,161)	(30,473)	(33,075)
Earnings from continuing operations	46,357	55,033	58,152
Discontinued operations, net of income taxes:
(Loss) gain from operations	0	(50)	124
Loss on sale of assets	0	(83)	0
Net earnings	$ 46,357	$ 54,900	$ 58,276
Earnings Per Share, Basic [Abstract]
Earnings from continuing operations	$ 2.67	$ 3.13	$ 3.38
Discontinued operations	0.00	(0.01)	0.01
Net earnings	2.67	3.12	3.39
Earnings Per Share, Diluted [Abstract]
Earnings from continuing operations	2.64	3.07	3.33
Discontinued operations	0.00	(0.01)	0.01
Net earnings	$ 2.64	$ 3.06	$ 3.34
Weighted average shares outstanding:
Basic	17,271	17,294	17,047
Diluted	17,589	17,938	17,475
Foreign currency translation adjustment, net of ($70) tax effect	$ (125)	$ 0	$ 0
Other Comprehensive Income (Loss), Net of Tax	(125)	0	0
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	$ 46,232	$ 54,900	$ 58,276

Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Accumulated Other Comprehensive Income (Loss) [Member]	Retained Earnings [Member]
Shares, Outstanding, Beginning of Period at Dec. 31, 2011		17,178,000
Stockholders' Equity Attributable to Parent, Beginning of Period at Dec. 31, 2011	$ 584,030	$ 260,199	$ 0	$ 323,831
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings and comprehensive income	58,276			58,276
Issuance of common stock for convertible note payable, shares		155,000
Issuance of common stock for convertible note payable, value	5,663	$ 5,663
Issuance of common stock for employee benefit plans, shares		19,000
Issuance of common stock for employee benefit plan, value	714	$ 714
Issuance of common stock for long-term incentive plan, shares		158,000
Issuance of common stock for long-term incentive plan, value	4,207	$ 4,207
Tax windfall/(shortfall) provision from share-based compensation	1,407	$ 1,407
Repurchase of common stock, shares		(84,000)
Stock repurchased during period, value	(5,094)	$ (5,094)
Stock Repurchased and Retired During Period, Value	$ 0
Restricted stock forfeitures	0	(1,000)
Grant of restricted stock, shares		23,000
Amortization of restricted stock, value	$ 6,377	$ 6,377
Cash dividends	(12,351)			(12,351)
Restricted dividends	(170)			(170)
Stock option plan expense	1,236	$ 1,236
Shares, Outstanding, End of Period at Dec. 31, 2012		17,448,000
Stockholders' Equity Attributable to Parent, End of Period at Dec. 31, 2012	644,295	$ 274,709	0	369,586
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Foreign currency translation adjustment, net of ($70) tax effect	0
Net earnings and comprehensive income	54,900			54,900
Issuance of common stock, stock option exercises, shares		7,000
Issuance of common stock, stock option exercises, value	330	$ 330
Issuance of common stock for employee benefit plans, shares		17,000
Issuance of common stock for employee benefit plan, value	805	$ 805
Issuance of common stock for long-term incentive plan, shares		174,000
Issuance of common stock for long-term incentive plan, value	6,371	$ 6,371
Tax windfall/(shortfall) provision from share-based compensation	2,981	$ 2,981
Repurchase of common stock, shares		(133,000)
Stock repurchased during period, value	(10,723)	$ (10,723)
Stock Repurchased and Retired During Period, Value	0
Restricted stock forfeitures		(1,000)
Grant of restricted stock, shares		436,000
Amortization of restricted stock, value	20,525	$ 20,525
Cash dividends	(15,186)			(15,186)
Restricted dividends	(466)			(466)
Stock option plan expense	957	$ 957
Shares, Outstanding, End of Period at Dec. 31, 2013		17,948,000
Stockholders' Equity Attributable to Parent, End of Period at Dec. 31, 2013	704,789	$ 295,955	0	408,834
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Foreign currency translation adjustment, net of ($70) tax effect	0
Net earnings and comprehensive income	46,357			46,357
Issuance of common stock, stock option exercises, shares		186,000
Issuance of common stock, stock option exercises, value	6,417	$ 6,417
Issuance of common stock for employee benefit plans, shares		15,000
Issuance of common stock for employee benefit plan, value	1,058	$ 1,058
Tax windfall/(shortfall) provision from share-based compensation	$ 7,708	$ 7,708
Repurchase of common stock, shares	(691,000)	(160,000)
Stock repurchased during period, value	$ (15,021)	$ (15,021)
Stock Repurchased and Retired During Period, Shares	(691,000)
Stock Repurchased and Retired During Period, Value	$ (61,561)
Restricted stock forfeitures		(9,000)
Grant of restricted stock, shares		26,000
Amortization of restricted stock, value	11,527	$ 11,527
Cash dividends	(17,026)			(17,026)
Restricted dividends	(319)			(319)
Stock option plan expense	404	$ 404
Shares, Outstanding, End of Period at Dec. 31, 2014		17,472,000
Stockholders' Equity Attributable to Parent, End of Period at Dec. 31, 2014	$ 700,001	$ 262,280	(125)	$ 437,846
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock Issued During Period, Shares, Acquisitions	157,000
Stock Issued During Period, Value, Acquisitions	$ 15,793
Foreign currency translation adjustment, net of ($70) tax effect	$ (125)		$ (125)

Consolidated Statements of Shareholders' Equity Shareholders' Equity (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Statement of Stockholders' Equity Parenthetical [Abstract]
Common Stock, Dividends, Per Share, Cash Paid	$ 1.00	$ 0.87	$ 0.72
Dividends, Share-based Compensation, Per Share, Cash Paid	$ 1.00	$ 0.87	$ 0.72
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax	$ 70

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Cash flows from operating activities:
Net earnings	$ 46,357	$ 54,900	$ 58,276
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	68,257	61,750	55,600
Acquisition related charges	3,826	0	0
Asset impairment loss	3,247	0	25
Gain on sale of business and asset dispositions	(382)	(366)	(128)
Equity in (gains) losses of unconsolidated investments	(6,328)	4,142	1,701
Share-based compensation	11,931	21,482	7,613
Deferred tax provision	14,839	5,284	9,659
Other	619	689	910
Increase (decrease) in cash resulting from changes in operating assets and liabilities, net of business acquisitions and dispositions:
Restricted cash	9,468	6,359	9,178
Accounts receivable	(1,619)	(495)	(5,396)
Other current assets	(3,255)	1,372	(3,075)
Income taxes	206	(11,023)	764
Accounts payable	(8,385)	(5,879)	3,459
Purses payable	(7,669)	(6,594)	(10,148)
Accrued expenses	8,330	4,866	9,923
Deferred revenue	639	6,029	8,804
Other assets and liabilities	1,538	2,399	(3,067)
Net cash provided by operating activities	141,619	144,915	144,098
Cash flows from investing activities:
Additions to property and equipment	(54,486)	(48,771)	(41,298)
Acquisition of businesses, net of cash acquired	(366,045)	(154,872)	(142,915)
Acquisition of gaming licenses	(2,250)	(2,650)	(2,250)
Investment in joint ventures	(17,906)	(70,500)	(19,850)
Purchases of minority investments	(602)	(902)	(2,153)
Proceeds from sale of assets	981	15	833
Proceeds from insurance recoveries	0	0	10,505
Net cash used in investing activities	(440,308)	(277,680)	(197,128)
Cash flows from financing activities:
Borrowings on bank line of credit	804,986	740,131	554,248
Repayments of bank line of credit	(403,822)	(880,667)	(472,083)
Proceeds from bond issuance	0	300,000	0
Change in bank overdraft	(429)	(5,053)	555
Payment of dividends	(15,186)	0	(22,461)
Stock Repurchased and Retired During Period, Value	(61,561)	0	0
Repurchase of common stock from share-based compensation	(15,021)	(10,723)	(5,094)
Common stock issued	7,475	1,135	6,377
Windfall tax provision from share-based compensation	7,708	2,981	1,407
Loan origination fees	(1,069)	(2,258)	(67)
Debt issuance costs	(1,032)	(5,250)	0
Net cash provided by financing activities	322,049	140,296	62,882
Net increase in cash and cash equivalents	23,360	7,531	9,852
Effect of Exchange Rate on Cash and Cash Equivalents	(132)	0	0
Cash and cash equivalents, beginning of year	44,708	37,177	27,325
Cash and cash equivalents, end of year	67,936	44,708	37,177
Supplemental disclosures of cash flow information:
Interest	17,517	4,032	2,856
State Tax Credit	0
Income taxes	16,982	31,324	24,462
Schedule of non-cash investing and financing activities:
Earnout liability for acquisition of Big Fish Games	324,747	0	0
Deferred payment for acquisition of Big Fish Games	97,073	0	0
Issuance of common stock in connection with the Company LTIP, the New Company LTIP and other restricted stock plans	2,991	30,678	5,459
Dividends payable	17,419	15,186	0
Dividends accrued on restricted stock plans	319	466	170
Accrued debt issuance costs	0	1,000	0
Property and equipment additions included in accounts payable and accrued expenses	1,269	3,769	5,254
Assets acquired and liabilities assumed from acquisition of businesses:
Accounts receivable, net	19,274	252	486
Income taxes receivable	18,087	0	0
Other current assets	10,632	799	688
Other non-current assets	1,780	0	282
Property and equipment, net	14,632	45,105	64,935
Goodwill	538,904	50,202	36,702
Other intangible assets	362,863	64,693	46,004
Accounts payable	(9,064)	(1,063)	(780)
Accrued expenses	(16,987)	(5,111)	(5,234)
Deferred revenue	(37,250)	(5)	(168)
Deferred income taxes	(96,182)	0	0
Other liabilities	(3,031)	0	0
Issuance Of Common Stock For Extinguishment Of Convertible Note Payable [Member]
Schedule of non-cash investing and financing activities:
Issuance of common stock for acquisition of Big Fish Games	$ 15,793	$ 0	$ 0

Basis Of Presentation and Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2014

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis Of Presentation and Summary of Significant Accounting Policies

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

Churchill Downs Incorporated (the “Company”) is a diversified provider of pari-mutuel horseracing, casino gaming, entertainment, and is the country’s premier source of online account wagering on horseracing events. In addition, the Company is one of the world's largest producers and distributors of casual games for PCs and mobile devices. The Company offers casino gaming through its casinos in Mississippi, its slot and video poker operations in Louisiana, its slot operations in Florida, and its casino in Maine.

The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Calder Race Course, Inc. and Tropical Park, Inc. which hold licenses to conduct pari-mutuel wagering and horseracing at Calder Race Course (“Calder”), Arlington International Race Course, LLC (“Arlington”), Churchill Downs Louisiana Horseracing Company, LLC (“CDI Louisiana”), Churchill Downs Louisiana Video Poker Company, LLC (“CD Louisiana Video”) and its wholly-owned subsidiary, Video Services, LLC (“VSI”), SW Gaming, LLC (“Harlow’s”), Oxford Casino (“Oxford”), Magnolia Hill, LLC ("Riverwalk"), Churchill Downs Technology Initiatives Company (“CDTIC”), the owner and operator of TwinSpires, Big Fish Games, Inc. ("Big Fish Games"), United Tote Company, Inc. (“United Tote”), Churchill Downs Investment Company (“CDIC”), Bluff Media ("Bluff"), as well as the Company's equity investment in HRTV, LLC (“HRTV”) and a 50% joint venture in Miami Valley Gaming LLC ("MVG"). All significant intercompany balances and transactions have been eliminated in consolidation.

The Consolidated Statements of Comprehensive Income include net revenues and operating expenses associated with the Company's Racing, Casinos, TwinSpires, Big Fish Games and Other Investments operating segments and are defined as follows:

Racing: net revenues and corresponding operating expenses associated with commissions earned on wagering at the Company’s racetracks, off-track betting facilities (“OTBs”) and simulcast fees earned from other wagering sites. In addition, amounts include ancillary revenues and expenses generated by the pari-mutuel facilities including admissions, sponsorships and licensing rights, food and beverage sales and fees for the alternative uses of its facilities.

Casinos: net revenues and corresponding operating expenses generated from slot machines, table games and video poker. In addition, it includes ancillary revenues and expenses generated by food and beverage sales, hotel operations revenue and miscellaneous other revenue.

TwinSpires: net revenues and corresponding operating expenses generated by the Company’s Advance Deposit Wagering (“ADW”) business from wagering through the Internet, telephone or other mobile devices on pari-mutuel events. In addition, it includes the Company’s information business that provides data information and processing services to the equine industry.

Big Fish Games: net revenues and corresponding expenses generated by premium paid, casual free-to-play and casino-style games for PC, Mac, smartphone, tablet and online.

Other: net revenues and corresponding operating expenses generated by United Tote Company, the Company’s provider of pari-mutuel wagering systems and Bluff.

Reclassifications

During the year ended December 31, 2013, the Company completed the sale of 100% of the assets of Fight! Magazine ("Fight"), a division of Bluff which was acquired by the Company in February 2012. Net revenues, operating expenses and the loss on the sale of Fight for the years ended December 31, 2013 and 2012, have been reclassified to discontinued operations. There was no impact from these reclassifications on net earnings or cash flows.

Summary of Significant Accounting Policies

Cash Equivalents

The Company considers investments with original maturities of three months or less to be cash equivalents. The Company has, from time to time, cash in the bank in excess of federally insured limits. Checks issued but not presented to banks frequently result in overdraft balances for accounting purposes and are classified as a current liability in the Consolidated Balance Sheets.

Restricted Cash

Restricted cash represents amounts due to horsemen for purses, stakes and awards as well as customer deposits collected for advance deposit wagering. In addition, as of December 31, 2013, restricted cash included $8.8 million of funds related to the Horse Racing Equity Trust Fund ("HRE Trust Fund") proceeds in Illinois, as further described in Note 21.

Foreign Currency Transactions

The functional currency of the Company's international subsidiaries is the U.S. dollar, with the exception of the Big Fish Games Luxembourg subsidiary, whose functional currency is the Euro. For subsidiaries with a functional currency of the U.S. dollar, foreign currency denominated monetary assets and liabilities are remeasured into U.S. dollars at current exchange rates and foreign currency denominated nonmonetary assets and liabilities are remeasured into U.S. dollars at historical exchange rates. Foreign currency denominated revenue and expenses are remeasured at historical exchange rates. Gains or losses from foreign currency remeasurement are included in other income and expense. For the Luxembourg subsidiary, assets and liabilities are translated into U.S. dollars using exchange rates in effect at the end of a reporting period. Income and expense accounts are translated into U.S. dollars using average rates of exchange. The net gain or loss resulting from translation is recorded as foreign currency translation adjustment and included in accumulated other comprehensive income in stockholders' equity.

Allowance for Doubtful Accounts Receivable

The Company maintains an allowance for doubtful accounts for estimated losses resulting from the inability of its customers to make required payments. The allowance is maintained at a level considered appropriate based on historical and other factors that affect collectability. Uncollectible accounts receivable are written off against the allowance for doubtful accounts receivable when management determines that the probability of payment is remote and collection efforts have ceased.

Property and Equipment

Property and equipment are recorded at cost. Depreciation is calculated using the straight-line method over the estimated useful lives of the related assets as follows: 10 to 40 years for grandstands and buildings, 2 to 10 years for equipment, 2 to 10 years for furniture and fixtures and 10 to 20 years for tracks and other improvements.

Intangible Assets

The Company determines the initial carrying value of its intangible assets in accordance with purchase accounting based on the anticipated future cash flows relating to the intangible asset. Definite-lived intangible assets are amortized over their estimated useful lives ranging from one to thirty years using the straight-line method. Definite-lived intangible assets are reviewed for impairment in accordance with the Company's policy for long-lived assets below.

Goodwill is tested for impairment annually as of March 31 or between annual tests if events occur or circumstances indicate there may be impairment. Guidance related to goodwill impairment testing allows an entity the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If, after assessing the totality of events or circumstances, an entity determines it is more likely than not that the fair value of a reporting unit is less than the carrying amount, then the Company would perform the two step goodwill impairment test. The first step, used to identify potential impairment, is a comparison of the reporting unit's estimated fair value to its carrying value, including goodwill. If the fair value of the reporting unit exceeds its carrying value, applicable goodwill is considered not to be impaired. If the carrying value exceeds fair value, there is an indication of impairment and the second step is performed to measure the amount of the impairment, if any. The second step of the goodwill impairment test consists of comparing the implied fair value of reporting unit goodwill with the carrying amount of that goodwill. If the carrying amount of reporting unit goodwill exceeds the implied fair value of that goodwill, an impairment loss is recognized equal to such excess. The implied fair value of goodwill is determined in the same manner, as when determining the amount of goodwill recognized in a business combination.

The Company considers its slots gaming rights and trademarks as indefinite-lived intangible assets that do not require amortization based on its future expectations to operate its casino facilities, as well as its historical experience in renewing these intangible assets at minimal cost with various state gaming commissions. In addition, the Company expects to use the Big Fish Games name indefinitely. These intangible assets are tested annually as of March 31, or more frequently if indicators of impairment exist. In 2013, in connection with its annual impairment testing, the Company adopted Financial Accounting Standards Board ("FASB") ASU No. 2012-02, Intangibles-Goodwill and Other: Testing Indefinite-Lived Assets for Impairment which allows an entity the option to first assess qualitative factors to determine whether it is more likely than not that the fair value of the indefinite-lived intangible asset is less than its carrying amount. If the carrying amount of the slots gaming rights and trademark intangible assets exceed their fair value, an impairment loss is recognized. The Company completed the required annual impairment tests of goodwill and indefinite-lived intangible assets, and no adjustment to the carrying values of goodwill or indefinite-lived intangible assets was required.

Long-lived Assets-Impairments

In the event that facts and circumstances indicate that the carrying amount of tangible assets and other long-lived assets or groups of assets may be impaired, an evaluation of recoverability is performed. If an evaluation is required, the estimated future undiscounted cash flows associated with the assets is compared to the assets’ carrying amount to determine if an impairment loss should be recorded. The impairment loss is based on the excess, if any, of the carrying value over the fair value of the assets.

Fair Value of Assets and Liabilities

The Company adheres to a hierarchy for ranking the quality and reliability of the information used to determine fair values. Assets and liabilities that are carried at fair value are classified and disclosed in one of the following three categories: Level 1: Unadjusted quoted market prices in active markets for identical assets or liabilities; Level 2: Unadjusted quoted prices in active markets for similar assets or liabilities, unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability; and Level 3: Unobservable inputs for the asset or liability. The Company endeavors 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.

Internal Use Software

The Company capitalized internal use software primarily related to TwinSpires of approximately $5.3 million, $7.4 million and $5.2 million during the years ended December 31, 2014, 2013 and 2012, respectively. The estimated useful life of costs capitalized is generally three years. During the years ended December 31, 2014, 2013 and 2012, the amortization of capitalized costs totaled approximately $6.0 million, $5.1 million and $4.2 million, respectively. Capitalized internal use software is included in property and equipment, net. The Company records internal use software in accordance with current accounting guidance governing computer software developed or obtained for internal use.

Loan Origination Costs

During the years ended December 31, 2014, 2013 and 2012, the Company incurred $1.1 million, $2.3 million and $0.1 million, respectively, in loan origination costs associated with the second, third and fourth amended and restated credit agreements, which were capitalized and are being amortized as interest expense over the remaining term of the credit facility.

Debt Issuance Costs

Debt issuance costs are deferred and amortized to interest expense using the effective interest method over the contractual term of the underlying indebtedness. During the years ended December 31, 2014 and 2013, the Company incurred total debt issuance costs of $6.3 million associated with the issuance of the Senior Unsecured Notes.

Investment in and Advances to Unconsolidated Affiliates

The Company has investments in unconsolidated affiliates accounted for under the equity method. Under the equity method, carrying value is adjusted for the Company's share of the investees' earnings and losses, as well as capital contributions to and distributions from these companies. Distributions in excess of equity method earnings are recognized as a return of investment and recorded as investing cash inflows in the consolidated statements of cash flows. The Company classifies income and losses as well as gains and impairments related to its investments in unconsolidated affiliates as a component of its other income (expense).

The Company evaluates its investment in unconsolidated affiliates for impairment whenever events or changes in circumstances indicate that the carrying value of its investment may have experienced an "other-than-temporary" decline in value. If such conditions exist, the Company compares the estimated fair value of the investment to its carrying value to determine if an impairment is indicated and determines whether the impairment is "other-than-temporary" based on its assessment of all relevant factors, including consideration of the Company's intent and ability to retain its investment. The Company estimates fair value using a discounted cash flow analysis based on estimated future results of the investee.

Revenue Recognition

Pari-mutuel revenues are recognized upon occurrence of the live race that is presented for wagering and after that live race is made official by the respective state’s racing regulatory body. Casino revenues represent net casino wins, which is the difference between casino wins and losses. Other operating revenues such as admissions, programs and concession revenues are recognized once delivery of the product or services has occurred.

Racing and TwinSpires revenues are generated by pari-mutuel wagering on live and simulcast racing content. Live racing handle includes patron wagers made on live races at the Company’s racetracks and also wagers made on imported simulcast signals by patrons at the Company’s racetracks during live meets. Import simulcasting handle includes wagers on imported signals at the Company’s racetracks when the respective tracks are not conducting live racing meets, at the Company’s OTBs and through the Company’s ADW providers throughout the year. Export handle includes all patron wagers made on live racing signals sent to other tracks, OTBs and ADW providers. Advance deposit wagering consists of patron wagers through an advance deposit account.

The Company retains as revenue a predetermined percentage or commission on the total amount wagered, and the balance is distributed to the winning patrons. The gross percentages earned approximated 11% of handle for the Racing segment and 19% of handle for the TwinSpires segment. The Company is subject to pari-mutuel and casino taxes based on pari-mutuel and casino revenues in the jurisdictions in which it operates. These taxes are recorded as an operating expense in the Consolidated Statements of Comprehensive Income.

Big Fish Games Deferred Revenue and Revenue Recognition

Big Fish Games revenue is primarily derived from the sale of premium paid, casino and casual free-to-play games and virtual goods within games. Premium game revenue is derived from a subscription business, the Big Fish Game Club, and from the sale of specific games. Subscribers receive a game credit each month with their subscription. The Company determined that the price of a monthly subscription is equivalent to the vendor specific objective evidence (“VSOE”) of the game credit and that the additional benefits of the monthly subscription are marketing and promotional activities. The value of the game credit is recognized when a customer redeems the game credit. The Company also sells game credits on its website that are redeemable for the download of a game. Revenue is recognized when the customer redeems the game credit for a game.

The Company records breakage revenue, which is recognized based on historical game credit redemption patterns and represents the balance of credits where it has determined the likelihood of redemption is remote or the credits have legally expired.

The Company offers casino and casual games that customers can play at no cost and can purchase virtual goods within games to enhance the game playing experience. These games are distributed primarily through third party mobile platform providers, including by not limited to, Apple and Google. Once downloaded, players can purchase in-game virtual currency which is redeemable in the game for virtual goods. Substantially all of the virtual goods can be consumed by a player action. The Company recognizes revenue when persuasive evidence of an arrangement exists, the service has been provided to the user, the price paid by the user is fixed or determinable, and collectability is reasonably assured. Determining whether and when some of these criteria have been satisfied requires judgments that may have a significant impact on the timing and amount of revenue reported in each period. For the purpose of determining when the service has been provided to the player, the Company has determined that an implied obligation exists to the paying user to continue to make available the purchased virtual goods within the game over the estimated average playing period of paying player for the game, which represents the Company's best estimate of the estimated average life of the virtual goods. For casino games, the estimated average life of the virtual goods is estimated to be the time period over which virtual goods are consumed or approximately four days. For all other casual games, the average playing period of paying players of approximately four months represents the Company's best estimate of the estimated average life of virtual goods.

The Company receives reports from third party mobile platform providers which breakdown the virtual goods purchased in casual and casino games for a given time period. The proceeds from the sale of virtual goods are recorded as deferred revenue, and recognized as revenue over the estimated average life of the virtual goods. The Company computes its estimated life of virtual goods at least once each year, and more frequently if qualitative evidence exists that would indicate a possible change including consideration of changes in the characteristics of games.

Principal Agent Considerations

In accordance with Accounting Standards Codification (“ASC”) 605-45, Revenue Recognition: Principal Agent Considerations, the Company evaluates its digital storefront agreements in order to determine whether or not it is acting as the principal or as an agent when selling the Company's games, which it considers in determining if revenue should be reported gross or net. The Company primarily uses digital storefronts for distributing its casino and casual free-to-play games. Key indicators that it evaluates in order to reach this determination include:


•	the terms and conditions of the Company contracts with the digital storefronts;


•	the party responsible for billing and collecting fees from the end-users, including the resolution of billing disputes;


•	whether the Company is paid a fixed percentage of the arrangement’s consideration or a fixed fee for each game;


•	the party which sets the pricing with the end-user, has the credit risk and provides customer support; and


•	the party responsible for the fulfillment of the game and that determines the specifications of the game.

Based on the evaluation of the above indicators, the Company has determined that it is generally acting as a principal and is the primary obligor to end-users for games distributed through digital storefronts, and the Company therefore recognizes revenue related to these arrangements on a gross basis.

Customer Loyalty Programs

The Company's customer loyalty programs offer incentives to customers who wager at the Company’s racetracks, through its advance deposit wagering platform, TwinSpires.com, or at its casino facilities. The TSC Elite program, which was introduced during the year ended December 31, 2012, to replace the previous program, TwinSpires Club, is for pari-mutuel wagering at the Company’s racetracks or through TwinSpires.com. The Player’s Club is offered at the Company’s casino facilities in Louisiana, Florida, Maine and Mississippi. Under the programs, customers are able to accumulate points over time that they may redeem for cash, free play, merchandise or food and beverage items at their discretion under the terms of the programs. As a result of the ability of the customer to accumulate points, the Company accrues the cost of points, after consideration of estimated forfeitures, as they are earned. For the TSC Elite program, the estimated value of the cost to redeem points is recorded as the points are earned. To arrive at the estimated cost associated with points, estimates and assumptions are made regarding incremental costs of the benefits, rates and the mix of goods and services for which points will be redeemed. For the Player’s Cub program, the retail value of the points-based cash awards or complimentary goods and services is netted against revenue as a promotional allowance. As of December 31, 2014 and 2013, the outstanding reward point liability was $1.7 million and $2.1 million, for each respective period.

Account Wagering Deposit Liabilities

Account wagering deposit liabilities consist of deposits received from TwinSpires.com and Velocity customers, to be used to fund wagering through the TwinSpires players' accounts. Account wagering deposit liability balances are also classified as restricted cash within the Company's Consolidated Balance Sheets.

Promotional Allowances

Promotional allowances, which include the Company’s customer loyalty programs, primarily consist of the retail value of complimentary goods and services provided to guests at no charge. The retail value of these promotional allowances is included in gross revenue and then deducted to arrive at net revenue.

During the years ended December 31, 2014, 2013 and 2012, promotional allowances of $32.5 million, $33.0 million and $21.5 million, respectively, were included as a reduction to net revenues. During those periods, TwinSpires promotional allowances were $12.5 million, $12.3 million and $9.3 million, Casino promotional allowances were $19.2 million, $19.8 million and $11.2 million, and Racing promotional allowances were $0.7 million, $0.9 million and $1.0 million, respectively. The estimated cost of providing promotional allowances is included in operating expenses for the years ended December 31, 2014, 2013 and 2012 and totaled $9.1 million, $9.5 million and $5.7 million, respectively.

Deferred Revenue

Deferred revenue includes advance sales related to the Kentucky Derby and Kentucky Oaks races in Kentucky and other advance billings on racing events. Revenues from these advance billings are recognized when the related event occurs. Deferred revenue also includes advance sales of Personal Seat Licenses (“PSLs”) and luxury suites. PSLs represent the ownership of a specific seat for the Kentucky Derby, Kentucky Oaks and Breeders’ Cup races at Churchill Downs and have a contractual life of either one, two, three, five or thirty years.

Revenue from PSLs is recognized when the Kentucky Derby, Kentucky Oaks and Breeders’ Cup races occur on a ratable basis over the term of the contract. Luxury suites are sold for specific racing events as well as for a predetermined contractual term. Revenue related to the sale of luxury suites is recognized as they are utilized when the related event occurs.

Pari-mutuel and Casino Taxes

The Company recognizes pari-mutuel and casino tax expense based on the statutorily required percentage of revenue that is required to be paid to state and local jurisdictions in the states in which wagering occurs. Individual states and local jurisdictions set pari-mutuel tax rates which range from 0.5% to 10.0% of the total handle wagered by patrons. Casino tax rates range from 1.5% to 46% of net casino revenue.

Purse Expense

The Company recognizes purse expense based on the statutorily required percentage of revenue that is required to be paid out in the form of purses to the qualifying finishers of horseraces run at the Company’s racetracks in the period in which wagering occurs. The Company incurs a liability for all unpaid purses to be paid out. The Company may pay out purses in excess of statutorily required amounts resulting in purse overpayments, which are expensed as incurred. Recoveries of purse overpayments are recognized in the period they are realized.

Income Taxes

In accordance with the liability method of accounting for income taxes, the Company recognizes the amount of taxes payable or refundable for the current year and deferred tax assets and liabilities for the future tax consequences of events that have been recognized in the consolidated financial statements or tax returns.

Adjustments to deferred taxes are determined based upon the changes in differences between the book basis and tax basis of assets and liabilities, measured by enacted tax rates the Company estimates will be applicable when these differences are expected to reverse. Changes in current tax laws, enacted tax rates or the estimated level of taxable income or non-deductible expenses could change the valuation of deferred tax assets and liabilities and affect the overall effective tax rate and tax provision.

When tax returns are filed, it is highly certain that some positions taken will be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that will be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50 percent likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with the tax positions taken that exceeds the amount measured as described above is reflected as a liability for unrecognized tax benefits in the accompanying balance sheet along with any associated interest and penalties that would be payable to the taxing authorities upon examination.

Uncashed Winning Tickets

The Company’s policy for uncashed winning pari-mutuel tickets follows the requirements as set forth by each state’s pari-mutuel wagering laws. The Company will either remit uncashed pari-mutuel ticket winnings to the state according to the state’s escheat or pari-mutuel laws or will maintain the liability during the required holding period according to state law at which time the Company will recognize it as income.

Insurance Recoveries

In connection with losses incurred from natural disasters, insurance proceeds are collected on existing business interruption and property and casualty insurance policies. When losses are sustained in one accounting period and the amounts to be recovered are collected in a subsequent accounting period, management uses estimates and judgment to determine the amounts that are probable of recovery. Estimated losses, net of anticipated insurance recoveries, are recognized in the period the natural disaster occurs and the amount of the loss is determinable. To the extent that insurance proceeds received are less than the carrying value of the assets impaired, the proceeds are reported in the statement of cash flows as an investing activity. Insurance recoveries in excess of estimated losses are recognized when realizable and are reported in net earnings in the statement of cash flows as an operating activity.

Workers’ Compensation and General Liability Self-Insurance

The Company is substantially self-insured for losses related to workers’ compensation and general liability claims with stop-loss insurance for both coverages. Losses are accrued based upon the Company’s undiscounted estimates of the aggregate liability for claims incurred based on historical experience and certain actuarial assumptions. Expected recoveries from third party insurance companies are also estimated and accrued.

Advertising

The Company expenses the costs of general advertising and associated promotional expenditures at the time the costs are incurred. During the years ended December 31, 2014, 2013 and 2012, the Company incurred advertising expenses of approximately $9.9 million, $9.5 million and $6.9 million, respectively.

Share-Based Compensation

All share-based payments to employees, including grants of employee stock options and restricted stock, are recognized as compensation expense over the service period based on the fair value on the date of grant.

Computation of Net Earnings per Common Share

Net earnings per common share is presented for both basic earnings per common share (“Basic EPS”) and diluted earnings per common share (“Diluted EPS”). Earnings attributable to securities that are deemed to be participating securities are excluded from the calculation of Basic EPS using the two-class method. The Company has determined that employee restricted stock grants, including awards granted under its long-term incentive plans, are participating securities. Basic EPS is based upon the weighted average number of common shares outstanding during the period, excluding unvested restricted stock and stock options held by employees. Diluted EPS is based upon the weighted average number of common and potential common shares outstanding during the period. Potential common shares result from the assumed exercise of outstanding stock options as well as unvested restricted stock, the proceeds of which are then assumed to have been used to repurchase outstanding common stock using the treasury stock method. For periods that the Company reports a net loss, all potential common shares are considered anti-dilutive and are excluded from calculations of Diluted EPS. For periods when the Company reports net earnings, potential common shares with exercise prices in excess of the Company’s average common stock fair value for the related period are considered anti-dilutive and are excluded from calculations of Diluted EPS. See Note 18 for further details.

Use of Estimates and Critical Accounting Policies

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The Company’s most significant estimates relate to the valuation of property and equipment, income tax liabilities, goodwill and other intangible assets, which may be significantly affected by changes in the regulatory environment in which the Company operates, and to the aggregate costs for self-insured liability claims.

Comprehensive Income

The Company's accumulated other comprehensive income, as of December 31, 2014, consisted of foreign currency translation losses.

Reclassifications

Certain financial statement accounts have been reclassified in prior years to conform to current year presentation. There was no impact from these reclassifications on total assets, total liabilities, total net revenues, operating income or cash flows.

Recent Accounting Pronouncements

In August 2014, the FASB issued Accounting Standards Update ("ASU") No. 2014-15, Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern, which explicitly requires management to assess an entity's ability to continue as a going concern, and to provide related footnote disclosures in certain circumstances. Management will be required to assess, in each interim and annual period, if there is substantial doubt of an entity's ability to continue as a going concern as evidenced by relevant known or knowable conditions including an entity's ability to meet its future obligations. Management will be required to provide disclosures regardless of whether substantial doubt is alleviated by management's plans. The guidance will become effective for annual fiscal periods ending after December 15, 2016.

In May, 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers ("ASU 2014-09"). ASU 2014-09 is a new comprehensive standard for revenue recognition that is based on the core principle that revenue be recognized in a manner that depicts the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Under the new standard, a good or service is transferred to the customer when, or as, the customer obtains control of the good or service, which differs from the risk and rewards approach under current guidance. The new standard provides guidance for transactions that were not previously addressed comprehensively, including service revenue and contract modifications, eliminates industry-specific revenue recognition guidance, including that for software, and requires enhanced disclosures about revenue. ASU 2014-09 affects any entity that enters into contracts with customers to transfer goods or services, except for certain contracts within the scope of other standards, such as leases, and is also applicable to transfers of nonfinancial assets outside of the entity's ordinary activities. ASU 2014-09 will be effective for the Company on January 1, 2017 and may be adopted through either retrospective application to all periods presented in the financial statements or through a cumulative effect adjustment to retained earnings by applying the new guidance to contracts that still require performance at the effective date. Early adoption is not permitted. The Company is in the process of evaluating the new standard and cannot currently estimate the financial statement impact of adoption.

In April 2014, the FASB issued ASU No. 2014-08, Presentation of Financial Statements and Property Plant and Equipment: Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. Under ASU 2014-08, only a disposal of a component or a group of components that represents a strategic shift that has or will have a major effect on an entity's operational and financial results will qualify as a discontinued operation. In addition, under the revised definition, reporting discontinued operations will no longer be precluded when the operations and cash flows of the disposed component have not been eliminated from ongoing operations or when there is a significant continuing involvement with the component after disposal. The amendments in ASU 2014-08 will be effective prospectively for the Company in the first quarter of 2015. The Company does not anticipate a material impact to its financial statements from ASU 2014-08, absent any disposals of components or groups of components that represent a strategic shift having a major effect on the Company's operation and financial results in future periods.

Acquisitions And New Ventures

12 Months Ended

Dec. 31, 2014

Acquisitions and New Ventures [Abstract]

Schedule of Business Acquisitions, by Acquisition [Table Text Block]

ACQUISITIONS AND NEW VENTURES

Big Fish Games

On December 16, 2014, the Company completed the acquisition of Big Fish Games. Big Fish Games, which has locations in Seattle, Washington, Oakland, California and in Luxembourg employs approximately 580 employees and develops casual games for PCs and mobile devices worldwide. Big Fish Games operates in three business lines: premium paid, casino and casual free-to-play. The Company acquired Big Fish Games to leverage its casino and casual game experience, assembled workforce and to position itself in the mobile and online game industry. The Company financed the acquisition with borrowings under its Amended and Restated Credit Agreement (the “Senior Secured Credit Facility”) and the addition of a $200 million Term Loan Facility (“Term Loan”) to the existing Senior Secured Credit Facility.

The purchase price consideration was $838.3 million, composed of $401.7 million in cash, a deferred payment to the founder of Big Fish Games of $85.3 million, payable over three years and recorded at fair value of $78.0 million as of the acquisition date, an estimated payable to the Big Fish Games equity holders related to an income tax refund of $18.1 million and $15.8 million payable in 157,115 shares of the common stock of the Company. In addition, the Company may be required to pay additional variable cash consideration that is contingent upon the achievement of certain performance milestones of Big Fish Games through December 31, 2015 and is limited to a maximum of $350 million based on achievement of certain non-GAAP earnings targets before interest and tax. The estimated fair value of the earnout liability at the acquisition date was $324.7 million. The Company estimated the fair value of the deferred payment and the earnout liability using a discounted cash flows analysis over the period in which the obligation is expected to be settled, and applied a discount rate based on the Company’s cost of debt. The cost of debt as of the closing date was based on the observed market yields of the Company’s Senior Unsecured Notes issued in December of 2013 and was adjusted for the difference in seniority and term of the deferred payment and the earnout liability. See Note 16 for further discussion of the fair value measurement of the deferred payment and the earnout liability.

The fair values recorded were based upon a preliminary valuation. Estimates and assumptions used in such valuation are subject to change, which could be significant, within the measurement period up to one year from the acquisition date. The primary areas of the preliminary valuation that are not yet finalized relate to the fair value of amounts for income taxes, adjustments to working capital, and the final amount of residual goodwill. The Company expects to continue to obtain information to assist it in determining the fair values of the net assets acquired at the acquisition date during the measurement period. The following table summarizes (in thousands) the preliminary fair value of the assets acquired and liabilities assumed, net of cash acquired of $34.7 million, at the date of acquisition.



	Total
Accounts receivable	$	19,274
Income taxes receivable	18,087
Prepaid expenses	9,727
Deferred income taxes	905
Other assets	1,780
Property and equipment	14,632
Goodwill	538,904
Other intangible assets	362,863
Total assets acquired	966,172
Accounts payable	9,064
Accrued expenses	16,987
Income taxes payable	210
Deferred revenue	37,250
Deferred income taxes	96,182
Other liabilities	2,821
Total liabilities acquired	162,514
Purchase price, net of cash acquired	$	803,658

The preliminary fair value of other intangible assets consists of the following (in thousands):



	Fair Value Recognized		Weighted-Average Useful Life
Tradename	$	200,000	N/A
Customer relationships	32,663		3.0 years
Developed Technology	87,000		4.0 years
In-Process Research & Development	12,700		5.0 years
Strategic Developer Relationships	30,500		6.0 years
Total intangible assets	$	362,863

The Company engaged a third-party valuation firm to assist management in its analysis of the fair value of tangible and intangible assets acquired. All estimates, key assumptions and forecasts were either provided by or reviewed by the Company. While the Company chose to utilize a third-party valuation firm, the fair value analysis and related valuation represents the conclusions of management and not the conclusions of any third party.

Depreciation of property and equipment is calculated using the straight-line method over the estimated useful lives of the related assets as follows: 1 to 5 years for computer hardware and software and 2 to 10 years for office furniture, fixtures and equipment. The estimated useful lives for leasehold improvements is 3 to 10 years based on the shorter of the estimated useful life of the improvement or the lease term.

The tradename was valued using the relief-from-royalty method of the income approach, which estimates the fair value of the intangible asset by discounting the fair value of the hypothetical royalty payments a market participant would be willing to pay to enjoy the benefits of the asset. A royalty rate of 5.0% was used based on a review of third-party licensing agreements given Big Fish Games’ brand recognition and competitive position in the market. The tradename was assigned an indefinite life based on the Company’s intention to keep the Big Fish Games name for an indefinite period of time.

In valuing the customer relationships, the replacement cost method of the cost approach was used. The value was determined based on the number of paying customers and average cost per customer. Developed technology was valued using the relief-from-royalty method of the income approach based upon revenues derived from games within the premium paid, casino and casual free-to-play categories. Big Fish Games pays royalties of 10.0% and 25.0% to its developers and these rates were used in the valuation.

As of the valuation date, Big Fish Games had a portfolio of free-to-play games expected to launch in 2015 and one game expected to launch in 2016. The Company estimated that the majority of the revenues associated with games launched in 2015 would be 5 years and the game launched in 2016 would be 6 years. The fair value was calculated using the relief-from-royalty method of the income approach and a royalty rate of 10.0% was used in the valuation.

Strategic developers are third-party alliance partners that develop content exclusively for Big Fish Games. In the valuation of strategic developer relationships, the comparative method of the income approach was used to calculate the fair value. In estimating the fair value, the analysis considered the differences in the present value of the cash flows associated with the strategic developers and without the strategic developers.

As of the valuation date, the fair value of Big Fish Games’ deferred revenue was $37.3 million, which reflects the costs including network and delivery, royalties, third party platform fees, game operations and corporate expenses, plus a market participant margin.

Goodwill of $538.9 million arising from the acquisition consisted largely of projected future revenue and profit growth, including benefits from Big Fish Games’ expertise in the mobile and online games industry, particularly social casinos. All of the goodwill was assigned to Big Fish Games, which remains a stand-alone business within the Company for purposes of segment reporting. None of the goodwill recognized will be deducted for tax purposes.

The acquisition of Big Fish Games is included in Acquisition of businesses, net of cash acquired in the investing section of the Consolidated Statements of Cash Flows in the amount $366.0 million, net of cash acquired of $34.7 million. Included in non-cash investing activities is common stock issued in connection with the acquisition of $15.8 million, earnout liability of $324.7 million, and deferred payments of $97.1 million.

Acquisition-related costs in the amount of $6.4 million were charged directly to operations and were included in Selling, general and administrative expenses on the Consolidated Statements of Comprehensive Income. Acquisition-related costs include legal, advisory, valuation, accounting and other fees incurred to effect the business combination.

During the period from December 16, 2014 through December 31, 2014, Big Fish Games contributed revenues of $13.9 million and loss from continuing operations before provision for income taxes of $2.9 million.

Saratoga Harness Racing, Inc. ("SHRI") Joint Venture

On May 13, 2014, the Company entered into a 50% joint venture with SHRI to bid on the development, construction and operation of the Capital View Casino & Resort located in the Capital Region near Albany, New York. On June 30, 2014, the Company filed an application with the New York State Facility Location Board to obtain a license to build and operate a facility with approximately 1,500 slot machines, 56 table games, a 100-room hotel and multiple entertainment and dining options. On December 17, 2014, the New York State Facility Location Board recommended that the Capital Region license be granted to another bidder.

During the year ended December 31, 2014, the Company incurred $1.0 million in equity losses in our other investments segment associated with the license application process and funded $3.3 million to the joint venture. As a result of the bid decision, the Company recorded an impairment loss of $1.6 million to reduce the Company's investment in the joint venture to its fair market value.

Oxford Casino Acquisition

On July 17, 2013, the Company completed its acquisition of Oxford Casino (“Oxford”) in Oxford, Maine for cash consideration of approximately $168.6 million. The transaction included the acquisition of a 25,000-square-foot casino and various dining facilities. The acquisition continued the Company's diversification and growth strategies to invest in assets with rates of returns attractive to the Company's shareholders. The Company financed the acquisition with borrowings under its Senior Secured Credit Facility.

During the years ended December 31, 2014 and 2013, Oxford recognized revenues of $76.5 million and $34.4 million, respectively, and earnings from continuing operations of $14.0 million and $6.1 million, respectively, subsequent to its acquisition by the Company. The following table summarizes (in thousands) the fair values of the assets acquired and liabilities assumed, net of cash acquired of $13.7 million, at the date of the acquisition.



	Total
Accounts receivable	$	252
Prepaid expenses	675
Inventory	124
Property and equipment	45,105
Goodwill	50,202
Other intangible assets	64,693
Total assets acquired	161,051
Accounts payable	1,063
Accrued expenses	5,111
Other liabilities	5
Total liabilities acquired	6,179
Purchase price, net of cash acquired	$	154,872

The fair value of other intangible assets consists of the following (in thousands):



	Total
Slot gaming rights	$	58,500
Customer relationships	1,700
Tradename	2,400
Other intangibles	2,093
Total intangible assets	$	64,693

Depreciation of property and equipment acquired is calculated using the straight-line method over the estimated remaining useful lives of the related assets as follows: 2 to 5 years for computer hardware and software, 2 to 9 years for equipment, 6 years for furniture and fixtures, 40 years for buildings and 14 years for building improvements. Amortization of definite-lived intangible assets acquired is calculated using the straight-line method over the estimated useful life of the related intangible asset. Intangible assets include customer relationships valued at $1.7 million with a life of 6 years. Other intangibles include table game fees paid to the State of Maine which is amortized over the 20-year contract period. Slot gaming rights and tradename are determined to have indefinite lives and are not being amortized.

Goodwill of $50.2 million was recognized given the expected contribution of the Oxford acquisition to the Company's overall business strategy. The entire balance of goodwill has been allocated to the Casinos business segment. The Company expects to deduct goodwill for tax purposes.

Pro Forma (unaudited)

The following table illustrates the effect on net revenues, earnings from continuing operations and earnings from continuing operations per common share as if the Company had acquired Big Fish Games and Oxford as of the beginning of 2013. The pro forma results have been prepared for comparative purposes only and do not purport to be indicative of the results of operations that would have occurred had the acquisitions of Big Fish Games and Oxford been consummated at the beginning of 2013.



	Year Ended December 31,
	2014		2013
Net revenues	$	1,126,592	$	1,085,518
Earnings from continuing operations	$	64,145	$	11,182

For the year ended December 31, 2013 earnings from continuing operations includes Company and Big Fish related non-recurring acquisition costs of $23.1 million.

Discontinued Operations

12 Months Ended

Dec. 31, 2014

Discontinued Operations and Disposal Groups [Abstract]

Discontiued Operations

DISCONTINUED OPERATIONS

Sale of Fight! Magazine

On December 16, 2013, the Company completed the sale of 100% of the assets of Fight! Magazine ("Fight") for an immaterial cash consideration. Fight is a division of Bluff which was acquired by the Company in February 2012. Net revenues, operating expenses and the loss on sale of Fight for the years ended December 31, 2013 and 2012, have been reclassified to discontinued operations.

Hollywood Park Racetrack

The Company recognized operating expenses of $0.1 million during the year ended December 31, 2013, from adjustments related to workers' compensation reserves retained by the Company subsequent to its sale of Hollywood Park Racetrack during 2005 which have been recorded in discontinued operations.

Financial Information

Fight and Hollywood Park have been accounted for as discontinued operations. Accordingly, the results of operations of the sold businesses for all periods presented and the loss on the sold businesses have been classified as discontinued operations, net of income taxes, in the Consolidated Statements of Comprehensive Income. Set forth below is a summary of the results of operations of discontinued businesses for the years ended December 31, 2014, 2013 and 2012 (in thousands):



	Year ended December 31,
	2014		2013			2012
Net revenues	$	—	$	632		$	1,087
Operating expenses	—		857			885
Selling, general and administrative expenses	—		—			—
Operating (loss) gain	—		(225		)	202
Other income (expense)	—		145			(2		)
(Loss) earnings from operations before income taxes	—		(80		)	200
Income tax benefit (provision)	—		30			(76		)
(Loss) gain from operations	—		(50		)	124
Loss on sale of assets, net of income taxes	—		(83		)	—
Net (loss) gain	$	—	$	(133	)	$	124

- Definition

The entire disclosure for the facts and circumstances leading to the completed or expected disposal, manner and timing of disposal, the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the segment in which the disposal group was reported, and the classification (whether sold or classified as held for sale) and carrying value of the assets and liabilities comprising the disposal group. Includes all disposal groups, including those classified as components of the entity (discontinued operations).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1436-107760

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1361-107760

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1474-107760

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 3
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e1020-107759

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 4
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 45
-Paragraph 5
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-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6391110&loc=d3e2941-110230

+ Details

Natural Disasters

12 Months Ended

Dec. 31, 2014

Risks and Uncertainties [Abstract]

Natural Disasters

NATURAL DISASTERS

Kentucky Hailstorm

On April 28, 2012, a hailstorm caused damage to portions of Louisville, Kentucky including Churchill Downs Racetrack ("Churchill Downs") and its separate training facility known as Trackside Louisville. Both locations sustained damage to their stable areas as well as damages to administrative offices and several other structures. The Company carries property and casualty insurance, subject to a $0.5 million deductible. During the year ended December 31, 2012, the Company recorded a reduction of property and equipment of $0.6 million and received $1.1 million from its insurance carriers in partial settlement of its claim. The Company recognized insurance recoveries, net of losses of $0.5 million during the year ended December 31, 2012. During the year ended December 31, 2013, the Company received an additional $0.4 million and recognized insurances recoveries, net of losses of $0.4 million as a component of operating income during 2013. During the year ended December 31, 2014, the Company received an additional $0.4 million from its insurance carriers and recognized insurance recoveries, net of losses of $0.4 million as a component of operating income. The insurance claims for this event have been finalized, and the Company does not expect to receive additional funds from this claim.

Mississippi River Flooding

As a result of the Mississippi River flooding during 2011, the Company temporarily ceased operations at Harlow’s Casino Resort & Spa (“Harlow’s”) on May 6, 2011, and the Board of Mississippi Levee Commissioners ordered the closure of the Mainline Mississippi River Levee on May 7, 2011. On May 12, 2011, the property sustained damage to its 2,600-seat entertainment center and a portion of its dining facilities. On June 1, 2011, Harlow’s resumed casino operations with temporary dining facilities. During December 2012 and January 2013, the Company completed the renovation and improvement projects, which included a new buffet area, steakhouse, business center, spa facility, fitness center, pool and a multi-purpose event center.

The Company carries flood, property and casualty insurance as well as business interruption insurance subject to a $1.3 million deductible for damages. As of December 31, 2012, the Company recorded a reduction of property and equipment of $8.5 million and incurred $2.0 million in repair expenditures. During the year ended December 31, 2011, the Company received $3.5 million from its insurance carriers in partial settlement of its claim. This amount has been included as insurance recoveries, summarized below, for the year ended December 31, 2012. In addition, the Company finalized its claim with its insurance carriers and received $12.0 million during the year ended December 31, 2012. The Company recognized insurance recoveries, net of losses, of $5.0 million during the year ended December 31, 2012. The insurance claims for this event have been finalized with the Company's insurance carriers, and it does not expect to receive additional funds or recognize additional income from the claim.

Mississippi Wind Damage

On February 24, 2011, severe storms caused damage to portions of Mississippi, including Greenville, Mississippi, the location of Harlow’s. The Harlow’s property sustained damage to a portion of the hotel, including its roof, furniture and fixtures in approximately 61 hotel rooms and fixtures in other areas of the hotel. The hotel was closed to customers for renovations following the storm damage and reopened during June 2011. The Company carries property and casualty insurance as well as business interruption insurance subject to a $0.1 million deductible for damages. As of December 31, 2012, the Company recorded a reduction of property and equipment of $1.4 million and incurred $0.4 million in repair expenditures. The Company filed a preliminary claim with its insurance carriers for $1.0 million in damages, which it received during the second quarter of 2011. The Company received an additional $3.4 million from its insurance carriers during the year ended December 31, 2012. The Company recognized insurance recoveries, net of losses, of $1.5 million during the year ended December 31, 2012. The insurance claims for this event have been finalized with the Company's insurance carriers, and it does not expect to receive additional funds or recognize additional income from the claim.

Financial Information

The casualty losses and related insurance proceeds have been included as components of operating income in the Company’s Consolidated Statements of Comprehensive Income. Set forth below is a summary of the impact of the natural disasters on the results of operations of the Company for the years ended December 31, 2014, 2013 and 2012, respectively, (in thousands):



	Year Ended December 31, 2014
	Casualty Losses		Insurance Recoveries			Insurance Recoveries, Net of Losses
Racing	$	—	$	(431	)	$	(431	)
Total	$	—	$	(431	)	$	(431	)



	Year Ended December 31, 2013
	Casualty Losses		Insurance Recoveries			Insurance Recoveries, Net of Losses
Racing	$	—	$	(375	)	$	(375	)
Total	$	—	$	(375	)	$	(375	)



	Year Ended December 31, 2012
	Casualty Losses		Insurance Recoveries			Insurance Recoveries, Net of Losses
Casinos	$	12,331	$	(18,856	)	$	(6,525	)
Racing	$	644	$	(1,125	)	$	(481	)
Total	$	12,975	$	(19,981	)	$	(7,006	)

Accounts Receivable

12 Months Ended

Dec. 31, 2014

Accounts Receivable Additional Disclosures [Abstract]

Accounts Receivable

ACCOUNTS RECEIVABLE

The Company's accounts receivable at December 31, 2014 and 2013 is comprised of the following (in thousands):



	2014			2013
Simulcast and ADW receivables	$	17,282		$	19,768
Trade receivables	46,985			16,129
PSL and hospitality receivables	10,877			9,410
Other receivables	4,992			5,603
	80,136			50,910
Allowance for doubtful accounts	(4,246		)	(4,338		)
Total	$	75,890		$	46,572

At December 31, 2014, Big Fish Games' accounts receivable was $28.9 million included within trade receivables and primarily represents amounts due from mobile, retail and publishing partners.

During the years ended December 31, 2014, 2013 and 2012, the Company recognized $0.7 million, $0.5 million and $0.9 million, respectively, of bad debt expense in its TwinSpires segment associated with customer wagering on TwinSpires.com. In addition, during the year ended December 31, 2013, the Company recognized $2.5 million of bad debt expense associated with the collectibility of a third-party deposit related to an Internet gaming license.

- Definition

The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses.

+ References + Details

Property and Equipment

12 Months Ended

Dec. 31, 2014

Property, Plant and Equipment [Abstract]

Property and Equipment

PROPERTY AND EQUIPMENT

Property and equipment is comprised of the following (in thousands):



	2014			2013
Land	$	118,658		$	118,165
Grandstands and buildings	439,625			435,125
Equipment	237,867			208,966
Furniture and fixtures	51,815			47,718
Tracks and other improvements	142,975			121,085
Construction in progress	15,427			15,214
	1,006,367			946,273
Accumulated depreciation	(411,052		)	(360,775		)
Total	$	595,315		$	585,498

Depreciation expense was approximately $55.0 million, $49.6 million and $44.4 million for the years ended December 31, 2014, 2013 and 2012, respectively, and is classified in operating expenses in the Consolidated Statements of Comprehensive Income.

On July 1, 2014, the Company ceased its pari-mutuel operations at Calder and finalized an agreement with The Stronach Group ("TSG") under which TSG will operate, at TSG's expense, live racing and maintain certain facilities used for racing and training at Calder through an agreement which expires on December 31, 2020. As a result, the Company assessed alternative potential uses of the Calder facility and certain assets not required to be maintained under lease agreement. During the year ended December 31, 2014 the Company recognized accelerated depreciation expense of $2.4 million, primarily related to Calder's barns, which are not expected to be utilized subsequent to December 31, 2014. During 2015, the Company will continue to assess potential alternative uses of the Calder facility not associated with the lease agreement.

On November 4, 2014, the Company ceased operations of Luckity and recorded an impairment charge of $3.2 million in its TwinSpires segment for property and equipment specifically associated with Luckity. Prior to this date, the Company was still investing in this business and actively marketing to Luckity customers.

During 2012, the Company began an assessment of potential alternative uses to its Trackside training facility at Churchill Downs. As such, the Company reviewed the useful lives of assets at this facility and commenced accelerated depreciation on certain of its long-term assets, resulting in additional depreciation expense of $1.5 million and $0.9 million during the years ended December 31, 2013 and 2012, respectively, related to this facility. The Trackside assets were fully depreciated as of December 31, 2013.

Investment In and Advances To Unconsolidated Affiliate (Notes)

12 Months Ended

Dec. 31, 2014

Investment In and Advances To Unconsolidated Affiliate [Abstract]

Investments in and Advances to Affiliates, Schedule of Investments [Text Block]

NOTE 7—INVESTMENT IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES

Miami Valley Gaming Joint Venture

During March 2012, the Company entered into a 50% joint venture with Delaware North Companies Gaming & Entertainment Inc. (“DNC”) to develop a new harness racetrack and video lottery terminal (“VLT”) gaming facility in Lebanon, Ohio. Through the joint venture agreement, the Company and DNC formed a new company, Miami Valley Gaming, LLC (“MVG”), to manage both the Company’s and DNC’s interests in the development and operation of the racetrack and VLT gaming facility. On December 21, 2012, MVG completed the purchase of the harness racing licenses and certain assets held by Lebanon Trotting Club Inc. and Miami Valley Trotting Inc. ("MVG Sellers") for total consideration of $60.0 million, of which $10.0 million was funded at closing with the remainder funded through a $50.0 million note payable with a six year term effective upon the commencement of gaming operations. In addition, there is a potential contingent consideration payment of $10.0 million based on the financial performance of the facility during the seven-year period after gaming operations commence.

On December 12, 2013, the new facility opened in Lebanon, Ohio on a 120-acre site. The facility includes a 5/8-mile harness racing track and an 186,000-square-foot gaming facility with approximately 1,580 VLTs. MVG invested $204.6 million in the new facility, including a $50.0 million license fee to the Ohio Lottery Commission. During the twelve months ended December 30, 2014, the Company funded $14.6 million in capital contributions to the joint venture bringing the Company's total investment to $105.0 million.

Since both DNC and the Company have participating rights over MVG, and both must consent to MVG's operating, investing and financing decisions, the Company accounts for MVG using the equity method. Summarized financial information for MVG is comprised of the following (in thousands):



	2014		2013
Assets
Current assets	$	24,943	$	18,001
Property and equipment, net	130,868		140,793
Other assets, net	105,059		80,408
Total assets	$	260,870	$	239,202

Liabilities and Members' Equity
Current liabilities	$	16,775	$	36,324
Current portion of long-term debt	8,332		8,471
Long-term debt, excluding current portion	26,584		32,287
Other liabilities	83		75
Members' equity	209,096		162,045
Total liabilities and members' equity	$	260,870	$	239,202

The joint venture's long-term debt consists of a $50 million secured note payable from MVG to the MVG Sellers payable quarterly over 6 years through August 2019 at a 5.0% interest rate.



	Years Ended December 31,
	2014			2013			2012
Casino revenue	$	126,111		$	6,472		$	—
Non-casino revenue	6,257			5,479			109
Net revenues	132,368			11,951			109
Operating and SG&A expenses	97,385			10,815			242
Depreciation & amortization expenses	12,299			935			7
Pre-opening expenses	54			7,240			1,079
Operating income (loss)	22,630			(7,039		)	(1,219		)
Interest and other expenses, net	(4,829		)	(397		)	—
Net income (loss)	$	17,801		$	(7,436	)	$	(1,219	)

The Company's 50% share of MVG's results has been included in the Consolidated Statements of Comprehensive Income for the years ended December 31, 2014, 2013 and 2012 as follows (in thousands):



	Years Ended December 31,
	2014		2013			2012
Equity in gains (losses) of unconsolidated investments	$	8,900	$	(3,718	)	$	(610	)

Goodwill

12 Months Ended

Dec. 31, 2014

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill Disclosure [Text Block]

GOODWILL

Goodwill of the Company at December 31, 2014 and 2013 is comprised of the following (in thousands):



	Racing		Casinos		TwinSpires		Big Fish Games		Other Investments		Total
Balance as of December 31, 2012	$	51,659	$	67,457	$	127,364	$	—	$	3,934	$	250,414
Additions	—		50,202		—		—		—		50,202
Balance as of December 31, 2013	51,659		117,659		127,364		—		3,934		300,616
Additions	—		—		—		538,904		—		538,904
Balance as of December 31, 2014	$	51,659	$	117,659	$	127,364	$	538,904	$	3,934	$	839,520

During the year ended December 31, 2014, the Company established goodwill of $538.9 million related to the acquisition of Big Fish Games on December, 16, 2014.

During the year ended December 31, 2013, the Company established goodwill of $50.2 million related to the acquisition of Oxford on July 17, 2013.

The Company performed its annual goodwill impairment analysis for the year ended December 31, 2014 in accordance with ASU No. 2011-08, Intangibles-Goodwill and Other: Testing Goodwill for Impairment. This analysis included an assessment of qualitative factors to determine whether it is more likely than not that the fair value of the reporting units is less than their carrying amounts. The impairment analysis included an assessment of certain qualitative factors including but not limited to macroeconomic, industry and market conditions; cost factors that have a negative effect on earnings; overall financial performance; the movement of the Company's share price; and other relevant entity and reporting unit specific events. This assessment included the determination of the likely effect of each factor on the fair value of each reporting unit. Although the Company believes the factors considered in the impairment analysis are reasonable, significant changes in any of the assumptions could produce a significantly different result. Based on the annual goodwill impairment analysis for the years ended December 31, 2014 and 2013, the Company concluded that goodwill had not been impaired.

Other Intangible Assets

12 Months Ended

Dec. 31, 2014

Goodwill and Intangible Assets Disclosure [Abstract]

Other Intangible Assets

OTHER INTANGIBLE ASSETS

The Company’s other intangible assets are comprised of the following (in thousands):



	December 31, 2014							December 31, 2013
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Definite-lived intangible assets:
Favorable contracts	$	11,000	$	(4,907	)	$	6,093	$	11,000	$	(4,260	)	$	6,740
Customer relationships	89,203		(39,399		)	49,804		56,540		(30,464		)	26,076
Slots gaming license	2,250		(1,125		)	1,125		2,250		(1,125		)	1,125
Table games license	2,493		(180		)	2,313		2,493		(50		)	2,443
Developed Technology	87,000		(931		)	86,069		—		—			—
In-Process Research & Development	12,700		(105		)	12,595		—		—			—
Strategic Development	30,500		(263		)	30,237		—		—			—
Other	3,719		(326		)	3,393		3,719		(297		)	3,422
	$	238,865	$	(47,236	)	191,629		$	76,002	$	(36,196	)	39,806
Indefinite-lived intangible assets:
Slots gaming rights						128,890							128,890
Trademarks						225,729							25,729
Illinois Horseracing Equity Trust						3,307							3,307
Other						417							417
Total						$	549,972						$	198,149

Amortization expense for definite-lived intangible assets was approximately $13.3 million, $12.2 million and $11.2 million for the years ended December 31, 2014, 2013 and 2012, respectively, and is classified in operating expenses. The Company submitted payments of $2.3 million for each of the years ended December 31, 2014 and 2013, respectively, for annual license fees for Calder Casino. Payments are being amortized to expense over the annual license period.

Indefinite-lived intangible assets consist primarily of state gaming licenses in Maine, Mississippi and Florida, rights to participate in the Horse Racing Equity Fund and trademarks.

During the year ended December 31, 2014, the Company established definite-lived intangible assets of $162.9 million and indefinite-lived intangible assets of $200.0 million related to the Big Fish Games acquisition.

During the year ended December 31, 2013, the Company established definite-lived intangible assets of $3.8 million and indefinite-lived intangible assets of $60.9 million related to the Oxford acquisition. During November 2013, the Company paid $0.4 million to the State of Maine for table game fees that are being amortized over a 20-year contract period. During the year ended December 31, 2013, the Company reduced customer relationships and accumulated amortization by $2.8 million and other definite-lived intangibles and accumulated amortization by $0.4 million, related to the Harlow's acquisition, as these amounts were fully amortized. Finally, the Company expensed $0.2 million of definite-lived and indefinite lived assets related to the disposal of Fight! Magazine.

Indefinite-lived intangible assets are tested for impairment on an annual basis as of March 31. In March 2013, the Company adopted ASU No. 2012-02, Intangibles-Goodwill and Other: Testing Indefinite-Lived Intangible Assets for Impairment. ASU 2012-02 simplifies indefinite-lived intangible asset impairment testing by adding a qualitative review step to assess whether a quantitative impairment analysis is necessary. Under the amended guidance, a testing methodology similar to that which is performed for goodwill impairment testing is acceptable for assessing a company's indefinite-lived intangible assets. The Company completed the required annual impairment tests of indefinite-lived intangible assets as of March 31, 2014, and no adjustment to the carrying value of indefinite-lived intangible assets was required. The Company assessed its indefinite-lived intangible assets by qualitatively evaluating events and circumstances that have both positive and negative factors, including macroeconomic conditions, industry events, financial performance and other changes and concluded that it was more likely than not that fair value of its indefinite-lived intangible assets exceeds their carrying value.

Future estimated amortization expense does not include additional payments of $2.3 million in 2013 and in each year thereafter for the ongoing amortization of future expected annual Florida slots gaming license fees not yet incurred or paid. Future estimated aggregate amortization expense on existing definite-lived intangible assets for each of the next five fiscal years is as follows (in thousands):



Year Ended December 31,	Estimated Amortization Expense
2015	$	53,818
2016	$	51,596
2017	$	35,927
2018	$	18,716
2019	$	16,638

Income Taxes

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Income Taxes

INCOME TAXES

Components of the provision for income taxes are as follows (in thousands):



	2014			2013			2012
Current provision:
Federal	$	13,236		$	22,727		$	21,103
State and local	2,008			2,462			2,351
Foreign	78			—			(38		)
	15,322			25,189			23,416
Deferred:
Federal	19,672			5,788			8,292
State and local	81			(504		)	1,367
Foreign	(4,914		)	—			—
	14,839			5,284			9,659
	$	30,161		$	30,473		$	33,075

The Company’s income tax expense is different from the amount computed by applying the federal statutory income tax rate to income before taxes as follows (in thousands):



	2014			2013			2012
Federal statutory tax on earnings before income taxes	$	26,782		$	29,928		$	31,929
State income taxes, net of federal income tax benefit	1,388			1,514			2,185
Non-deductible lobbying and contributions	999			723			946
Tax credits and incentives	(1,209		)	(663		)	(494		)
Tax adjustments	(485		)	(174		)	(1,093		)
Accruals and settlements related to tax audits	529			(395		)	(686		)
Valuation allowance	—			(220		)	—
Change in effective state tax rates	(401		)	(383		)	197
Non-deductible transaction costs	947			—			—
Non-deductible acquisition related charges	1,339			—			—
Other permanent differences	272			143			91
	$	30,161		$	30,473		$	33,075

During 2003, the Company entered into a Tax Increment Financing (“TIF”) Agreement with the Commonwealth of Kentucky. Pursuant to this agreement, the Company is entitled to receive reimbursement for 80% of the increase in Kentucky income and sales tax resulting from its 2005 renovation of the Churchill facility. During the years ended 2014, 2013, and 2012, the Company recognized reductions in operating expenses of $0.6 million, $0.8 million and $0.7 million, respectively. In addition, the Company recognized reductions to its income tax expense, net of federal taxes, of $0.1 million, $0.4 million, and $0.5 million, respectively. As of December 31, 2014, the Company has received $6.4 million of combined benefits and established a sales tax receivable of $0.6 million and an income tax receivable of $0.1 million related to the reimbursement.

Components of the Company’s deferred tax assets and liabilities are as follows (in thousands):



	2014			2013
Deferred tax assets:
Deferred compensation plans	$	31,520		$	14,271
Deferred income	752			6,328
Allowance for uncollectible receivables	1,323			1,295
Deferred liabilities	3,822			3,574
Net operating losses and credit carryforward	32,573			19,186
Deferred tax assets	69,990			44,654
Valuation allowance	(1,274		)	(1,213		)
Net deferred tax asset	68,716			43,441
Deferred tax liabilities:
Intangible assets in excess of tax basis	151,210			22,749
Property and equipment in excess of tax basis	37,827			40,135
Other	11,485			2,246
Deferred tax liabilities	200,522			65,130
Net deferred tax liability	$	(131,806	)	$	(21,689	)
Income taxes are classified in the balance sheet as follows:
Net current deferred tax asset	$	17,716		$	8,927
Net non-current deferred tax liability	(149,522		)	(30,616		)
	$	(131,806	)	$	(21,689	)

As of December 31, 2014, the Company had federal net operating losses of $24.4 million, which were acquired in conjunction with the acquisitions of Youbet.com and Big Fish Games. The utilization of these losses, which expire between 2019 and 2034, is limited on an annual basis pursuant to IRC § 382. The Company believes that it will be able to fully utilize all of these losses. In addition, the Company has $4.3 million of state net operating losses; $2.4 million of this loss carryforward was acquired in conjunction with the acquisitions of Youbet.com and Big Fish Games. These losses, which expire between 2015 and 2034, may be subject to annual limitations similar to IRC § 382. The Company has recorded a valuation allowance of $0.9 million against the state net operating losses due to the fact that it is unlikely that it will generate income in certain states, which is necessary to utilize the assets.

The changes in the valuation allowance for deferred tax assets for the years ended December 31, 2014 and 2013 are as follows (in thousands):



	2014			2013
Balance at beginning of the year	$	1,213		$	1,334
Charged to costs and expenses	158			168
Charged to other accounts	(83		)	—
Deductions	(14		)	(289		)
Balance at end of the year	$	1,274		$	1,213

The IRS has audited the Company through 2012. Subsequent years are open to examination. State and local tax years open for examination vary by jurisdiction. As of December 31, 2014, the Company had approximately $2.9 million of total gross unrecognized tax benefits, excluding interest of $0.1 million. Of this amount, $1.7 million was related to tax positions acquired in the Big Fish Games acquisition. If the total gross unrecognized tax benefits were recognized, there would be a $1.8 million effect to the annual effective tax rate and an additional $1.1 million would be reimbursed by the pre-acquisition shareholders of Big Fish Games, in conjunction with a tax indemnity agreement. The Company anticipates a decrease in its unrecognized tax positions of approximately $1.1 million during the next twelve months. This anticipated decrease is primarily due to the expiration of statutes of limitations.

During October 2012, the Company funded a $2.9 million income tax payment to the State of Illinois related to a dispute over state income tax apportionment methodology which was recorded in other assets at December 31, 2014. The Company filed its state income tax returns related to the years 2002 through 2005 following the methodology prescribed by Illinois statute, however the State of Illinois has taken a contrary tax position. The Company filed a formal protest with the State of Illinois during the fourth quarter of 2012. The Company does not expect this issue to have a material adverse effect on its business, financial condition or results of operations. See Note 17 for further discussion of this matter.

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands):



	2014			2013			2012
Balance as of January 1	$	582		$	8,565		$	2,109
Additions for tax positions related to the current year	573			190			—
Additions for tax positions of prior years	2,097			207			7,390
Reductions for tax positions of prior years	(326		)	(8,380		)	(934		)
Balance as of December 31	$	2,926		$	582		$	8,565

The increase in the uncertain tax position in 2014 was primarily related to the acquisition of Big Fish Games. The decrease in the uncertain tax position in 2013 was due to an IRS settlement related to the timing of the taxation of receipts from the HRE Trust Fund and the expiration of statute of limitations related to various tax positions. The Company recognizes interest accrued related to unrecognized tax benefits in income tax expense and penalties in selling, general and administrative expenses in the Consolidated Statements of Comprehensive Income. The Company accrued less than $0.2 million of interest for each of the years ended December 31, 2014 and 2013.

Shareholders Equity	12 Months Ended
Shareholders Equity	Dec. 31, 2014
Equity [Abstract]
Shareholders Equity	SHAREHOLDERS’ EQUITY Stock Repurchase Program On April 23, 2013, the Company’s Board of Directors authorized the repurchase of up to $100 million of the Company's stock in a stock repurchase program. During the year ended December 31, 2014, the Company repurchased 691,000 shares for $61.6 million in a privately negotiated transaction. The shares were retired, and the cost of the shares acquired was treated as a deduction from shareholders' equity. The Company funded this repurchase using available cash and borrowings under its Senior Secured Credit Facility. Under the terms of the stock repurchase program, the Company may repurchase an additional $38.4 million of common stock prior to the termination of the repurchase program on December 31, 2015. Shareholder Rights Plan On March 13, 2008, the Company’s Board of Directors approved a shareholder rights plan, which granted each shareholder the right, in certain circumstances, to purchase a fraction of a share of Series A Junior Participating Preferred Stock at the rate of one right for each share of the Company’s common stock. If a person or group, together with its affiliates and associates, become an acquiring person, defined as the beneficial owner of 15% or more of the Company’s common stock, each holder of a right (other than the person or group who has become an acquiring person) will have the right to receive, upon exercise, shares of the Company’s common stock having a value equal to two times the exercise price of the right. Certain persons and transactions are exempted from the definition of acquiring person. In the event that, at any time following the date such person or group becomes an acquiring person, (i) the Company engages in a merger or other business combination transaction in which the Company is not the surviving corporation (other than with an entity that acquired the shares pursuant to an offer for all outstanding shares of common stock that a majority of the independent directors determines to be fair and not inadequate and to otherwise be in the best interests of the Company and its shareholders, after receiving advice from one or more investment banking firms (a “Qualifying Offer”) ), (ii) the Company engages in a merger or other business combination transaction (other than with an entity that acquired the shares pursuant to a Qualifying Offer) in which the Company is the surviving corporation and the common stock of the Company is changed or exchanged, or (iii) 50% or more of the Company’s assets, cash flow or earnings power is sold or transferred, each holder of a right (other than the person or group who has become an acquiring person) shall thereafter have the right to receive, upon exercise, common stock of the surviving entity having a value equal to two times the exercise price of the right. At any time after a person or group becomes an acquiring person, and prior to the acquisition by such person or group of fifty percent (50)% or more of the outstanding common stock, the Board of Directors may exchange the rights (other than rights owned by such acquiring person), in whole or in part, for common stock at an exchange ratio of one share of common stock, or one one-thousandth of a share of Preferred Stock (or of a share of a class or series of the Company’s preferred stock having equivalent rights, preferences and privileges), per right (subject to adjustment).

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(d),(e))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-Section 50
-Paragraph 4
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB TOPIC 4.E)
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
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-Topic 210
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-Paragraph 1
-Subparagraph (SX 210.5-02.29-31)
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-Subparagraph (SX 210.3-04)
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
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-Topic 505
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-URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Preferred Stock
-URI http://asc.fasb.org/extlink&oid=6521494

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
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-Number 210
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-Paragraph d
-Article 4

Reference 15: http://www.xbrl.org/2003/role/presentationRef
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-Name Regulation S-X (SX)
-Number 210
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Reference 16: http://www.xbrl.org/2003/role/presentationRef
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Reference 17: http://www.xbrl.org/2003/role/presentationRef
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Reference 18: http://www.xbrl.org/2003/role/presentationRef
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Reference 19: http://www.xbrl.org/2003/role/presentationRef
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-Number 210
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-Article 3

+ Details

Employee Benefit Plans	12 Months Ended
Employee Benefit Plans	Dec. 31, 2014
Compensation and Retirement Disclosure [Abstract]
Employee Benefit Plans Text Block	EMPLOYEE BENEFIT PLANS The Company has a profit-sharing plan that covers all employees, other than Big Fish Games employees and others not participating in an associated profit-sharing plan, with three months or more of service. The Company will match contributions made by the employee up to 3% of the employee’s annual compensation and will also match, at 50%, contributions made by the employee up to an additional 2% of compensation with certain limits. The Company may also contribute a discretionary amount determined annually by the Board of Directors as well as a year-end discretionary match not to exceed 4% of compensation. The Company’s cash contribution to the plan for the years ended December 31, 2014, 2013 and 2012 was approximately $2.5 million, $2.3 million and $1.8 million, respectively. Big Fish Games has a defined contribution plan that covers all employees and matches employee contributions to the plan at 3% of the employee's annual compensation. The Company is a member of a noncontributory defined benefit multi-employer retirement plan for all members of the Pari-mutuel Clerk’s Union of Kentucky and several other collectively bargained retirement plans, which are administered by unions. Cash contributions are made in accordance with negotiated labor contracts. Retirement plan expense for each of the years ended December 31, 2014, 2013 and 2012 was approximately $0.7 million, $0.7 million and $0.6 million, respectively. The Company’s policy is to fund this expense as accrued. The Company currently estimates that future contributions to these plans will not increase significantly from prior years. The Company provides eligible executives and directors of the Company an opportunity to defer to a future date the receipt of base and bonus compensation for services as well as director’s fees through a deferred compensation plan. The Company’s matching contribution on base compensation deferrals equals the matching contribution of the Company’s profit-sharing plan with certain limits. The Company’s cash contribution to the plan amounts to $0.1 million for each of the years ended December 31, 2014, 2013 and 2012, respectively.

Total Debt

12 Months Ended

Dec. 31, 2014

Long-term Debt, Unclassified [Abstract]

Long-term debt

TOTAL DEBT

The following table presents our total debt outstanding at December 31, 2014 and 2013 (in thousands):



	As of December 31,
	2014		2013
Senior Secured Credit Facility:
Senior Secured Credit Facility due 2018	$	258,000	$	58,000
Term Loan A due 2019	200,000		—
Swing line of credit	12,355		11,191
5.375% Senior Unsecured Notes due 2021	300,000		300,000
Total debt	770,355		369,191
Current maturities of long-term debt	11,250		—
Total debt, net of current maturities	$	759,105	$	369,191

5.375% Senior Unsecured Notes

On December 16, 2013, the Company completed an offering of $300 million in aggregate principal amount of 5.375% Senior Unsecured Notes that mature on December 15, 2021 (the “Senior Unsecured Notes”). The Senior Unsecured Notes were issued at par, with interest payable on June 15^th and December 15^th of each year. The Company received net proceeds of $295 million, after deducting underwriting fees, and used the net proceeds from the offering to repay a portion of its outstanding borrowings, and accrued and unpaid interest outstanding under its Third Amended and Restated Credit Agreement ("Senior Secured Credit Facility"). In connection with the issuance, the Company capitalized $6.3 million of debt issuance costs which are being amortized as interest expense over the remaining term of the Senior Unsecured Notes.

The Senior Unsecured Notes were issued in a private offering that was exempt from registration under the Securities Act of 1933, as amended, and are senior unsecured obligations of the Company. The Senior Unsecured Notes are guaranteed by each of the Company’s domestic subsidiaries that guarantee its Senior Secured Credit Facility and will rank equally with the Company’s existing and future senior obligations. At any time prior to December 15, 2016, the Company may redeem all or part of the Senior Unsecured Notes at par plus the present value (discounted at the treasury rate plus 50 basis points) of scheduled interest payments through December 15, 2016, along with accrued and unpaid interest, if any, at the date of redemption. On or after December 15, 2016, the Company may redeem all or part of the Senior Unsecured Notes at a redemption price of 104.0% which gradually reduces to par by 2019.

Senior Secured Credit Facility

On December 1, 2014, the Company executed the Fourth Amended and Restated Credit Agreement (the “Senior Secured Credit Facility”) whereby it added a $200 million Term Loan Facility (“Term Loan”) to the existing Senior Secured Credit Facility and amended certain definitions and provisions of the credit agreement including Consolidated Funded Indebtedness, EBITDA and calculation of the Total Leverage Ratio. The Company incurred loan origination costs of $0.9 million in connection with this amendment, which were capitalized and are being amortized as interest expense over the remaining term of the Senior Secured Credit Facility.

On May 17, 2013, the Company entered into the Third Amended and Restated Credit Agreement (also referred to as the “Senior Secured Credit Facility”) which amended certain provisions of the credit agreement including increasing the maximum aggregate commitment from $375 million to $500 million. The Senior Secured Credit Facility also provides for an accordion feature which, if exercised, could increase the maximum aggregate commitment by up to an additional $225 million and reduce the pricing schedule for outstanding borrowings and commitment fees across all leverage pricing levels. The guarantors under the Senior Secured Credit Facility continue to be a majority of the Company's wholly-owned subsidiaries. The Company incurred loan origination costs of $2.3 million in connection with this amendment, which were capitalized and are being amortized as interest expense over the remaining term of the Senior Secured Credit Facility.

The Senior Secured Credit Facility matures on May 17, 2018. The Term Loan matures on December 1, 2019 provided however, in the event the Senior Secured Credit Facility has not, prior to May 17, 2018, been extended to a maturity date of December 1, 2019, the Term Loan matures on May 17, 2018.

Regarding the Term Loan, the Company is required to make quarterly principal payments that commence on March 31, 2015 and are set to occur on the last day of each quarter through September 30, 2019. Payments start at $2.5 million and increase in increments of $1.25 million on December 31 of each year to reach final year quarterly payment amount of $7.5 million. To the extent not previously repaid, any outstanding balance on the Term Loan shall be repaid in full on the facility termination date. If no additional payments are made, and the termination date is September 30, 2019, the balance due at termination will be $102.5 million.

Generally, borrowings made pursuant to the Senior Secured Credit Facility bear interest at a LIBOR-based rate per annum plus an applicable percentage ranging from 1.125% to 3.0% depending on the Company's total leverage ratio. In addition, under the Senior Secured Credit Facility, the Company agreed to pay a commitment fee at rates that range from 0.175% to 0.45% of the available aggregate commitment, depending on the Company's leverage ratio. The Term Loan is not subject to, nor included in the calculation of, the commitment fee. The weighted average interest rate on outstanding borrowings at December 31, 2014 and 2013 was 2.19% and 1.71%, respectively.

The Senior Secured Credit Facility contains customary affirmative and negative covenants for credit facilities of this type, including limitations on the Company and its subsidiaries with respect to indebtedness, restricted payments, liens, investments, mergers and acquisitions, disposition of assets, sale-leaseback transactions and transactions with affiliates. The covenants permit the Company to use proceeds of the credit extended under the agreement for general corporate purposes, restricted payments and acquisition needs. The Senior Secured Credit Facility also contains financial covenants that require the Company (i) to maintain an interest coverage ratio (i.e., consolidated adjusted EBITDA to consolidated interest expense) that is greater than 3.0 to 1.0; (ii) not to permit the total leverage ratio (i.e., total consolidated funded indebtedness to consolidated adjusted EBITDA) to be greater than 4.5 to 1.0, provided that if a certain minimum consolidated adjusted EBITDA is reached then the total leverage ratio will be increased to 5.0 to 1.0 for such periods that the minimum is maintained; and (iii) not to permit the senior secured leverage ratio (i.e. senior secured consolidated funded indebtedness to consolidated adjusted EBITDA) to be greater than 3.5 to 1.0. As of December 31, 2014, the Company was in compliance with all covenants under the Senior Secured Credit Facility, and substantially all of the Company's assets continue to be pledged as collateral under the Senior Secured Credit Facility.

As of December 31, 2014, we had $223.7 million of borrowing capacity under the Senior Secured Credit Facility.

Future aggregate maturities of total debt are as follows (in thousands):



Year Ended December 31,
2015	$	11,250
2016	16,250
2017	21,250
2018	421,605
Thereafter	300,000
Total	$	770,355

Operating Leases

12 Months Ended

Dec. 31, 2014

Leases [Abstract]

Operating Leases

OPERATING LEASES

The Company leases facilities for nine of its ten OTB operations at Arlington. Eight of Arlington's OTB operations are conducted at non-owned Illinois restaurants under licensing agreements with varying payment terms, including payment contingent on handle. These OTB operations are generally multi-year agreements, renewable with 90 days notice by either party. Arlington's ninth leased facility, Waukegan, operates as a traditional OTB under a lease which will expire in 2015. The Company has ten operating lease agreements for Fair Grounds OTBs, which expire in various years from 2014 through 2021. Furthermore, the Company has operating leases for its corporate headquarters, TwinSpires, and Big Fish Games locations.

Future minimum operating lease payments are as follows, not including the variable portion of contingent leases and Arlington’s contingent licensing agreements (in thousands):



Year Ended December 31,
2015	$	11,604
2016	10,719
2017	9,601
2018	4,591
2019	2,515
Thereafter	3,590
Total	$	42,620

The Company also leases totalisator equipment, gaming equipment, audio/visual equipment and operates certain facilities that are partially contingent on handle, bandwidth usage or race days. Total annual rent expense for contingent lease payments, including totalisator equipment, audio/visual equipment, gaming equipment, land and facilities, was approximately $4.3 million, $3.7 million and $3.6 million for the years ended December 31, 2014, 2013 and 2012, respectively. The Company’s total rent expense for all operating leases, including the contingent lease payments, was approximately $20.2 million, $20.2 million and $18.4 million for the years ended December 31, 2014, 2013 and 2012, respectively. During 2013, the increase in total rent expense primarily reflects an increase in slot machine expense, which is attributable to the acquisitions of Riverwalk and Oxford.

Share-Based Compensation Plans

12 Months Ended

Dec. 31, 2014

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Share-Based Compensation Plans

SHARE-BASED COMPENSATION PLANS

As of December 31, 2014, the Company has share-based employee compensation plans as described below. The total compensation expense, which includes compensation expense related to restricted share awards, restricted stock unit awards, stock option awards, granted LTIP awards and stock options associated with an employee stock purchase plan, was $11.9 million, $21.5 million, and $7.6 million for the years ended December 31, 2014, 2013 and 2012, respectively.

Employee Stock Options

The Company sponsors the Churchill Downs Incorporated 1997 Stock Option Plan (the “97 Plan”) and the Churchill Downs Incorporated 2007 Omnibus Stock Incentive Plan (the “07 Incentive Plan”). In addition, the Company may, from time to time, grant stock option awards to individuals outside of its share-based compensation plans. These share-based incentive compensation plans are described below.

On March 13, 2003, the Board of Directors suspended the 97 Plan. Awards issued under the 97 Plan prior to its suspension were unaffected by such suspension.

The 97 Plan and the 07 Incentive Plan provide that the exercise price of any incentive stock option may not be less than the fair market value of the common stock on the date of grant. Outstanding stock options under the 97 Plan have contractual terms of ten years and generally vest three years from the date of grant. Outstanding stock options under the 07 Incentive Plan have contractual terms of ten years and generally vest ratably on each anniversary of the grant date over a three year period.

Activity for stock options granted by the Company during the years ended December 31, 2014, 2013 and 2012 is presented below (in thousands, except per common share data):



	Number of Shares Under Option		Weighted Average Exercise Price
Balance as of December 31, 2011	354		$	36.52
Granted	—		$	—
Exercises	(153	)	$	36.80
Canceled/forfeited	—		$	—
Balance as of December 31, 2012	201		$	36.30
Granted	—		$	—
Exercises	(7	)	$	42.94
Canceled/forfeited	(1	)	$	36.12
Balance as of December 31, 2013	193		$	36.04
Granted	—		$	—
Exercises	(182	)	$	35.26
Canceled/forfeited	(1	)	$	49.95
Balance as of December 31, 2014	10		$	48.63

During the year ended December 31, 2010, the Company entered into an amended and restated employment agreement with Robert L. Evans, the Company’s Chairman of the Board and former Chief Executive Officer. Mr. Evans received a stock option, vesting quarterly over approximately three years to purchase an aggregate of 180,000 shares of the Company’s common stock, with an exercise price equal to the fair market value of a share of the Company’s common stock on September, 27, 2010, the date on which the award was granted. This stock option has a contractual term of six years expiring on November 14, 2016. Under Mr. Evans’ previous employment agreement, Mr. Evans received a stock option, vesting quarterly over three years, to purchase an aggregate of 130,000 shares of the Company’s common stock, with an exercise price equal to the fair market value of a share of the Company’s common stock on July 18, 2006.

During 2014, Mr. Evans exercised options for 180,000 shares of the Company's common stock which were granted at $35.19 per share, for common stock prices ranging from $85.00 to $91.33 per share. During 2012, Mr. Evans exercised options for 130,000 shares of the Company's common stock which were granted at $36.16 per share, for common stock at stock prices ranging from $57.36 to $60.05 per share.

During the years ended December 31, 2014, 2013 and 2012, no stock options were granted. Whenever the Company issues stock options, it estimates the fair value of the stock options as of the date of grant, using the Black-Scholes option pricing model. The Black-Scholes option pricing model was developed for use in estimating the fair value of traded options which have no vesting restrictions and are fully transferable. In addition, option valuation models require the input of highly subjective assumptions, including the expected stock price volatility. Because the Company’s employee stock options have characteristics significantly different from those of traded options and because changes in the subjective input assumptions can materially affect the fair value estimate, in the Company’s opinion, the existing models do not necessarily provide a reliable single measure of the fair value of the Company’s employee stock options. The Company calculates the expected term for its stock options based on historical exercise behavior and bases the risk-free interest rate on a traded zero-coupon U.S. Treasury bond with a term substantially equal to the stock option’s expected term. The volatility used to value stock options is based on historical volatility. The Company calculates historical volatility using a simple average calculation methodology based on daily price intervals as measured over the expected term of the stock option.

At December 31, 2014, all outstanding options were vested and exercisable. The following table summarizes information about stock options outstanding as of December 31, 2014 (in thousands, except contractual life and per share data):



	Shares Under Option	Remaining Contractual Life	Average Exercise Price Per Share		Intrinsic Value per Share⁽¹⁾		Aggregate Intrinsic Value
Options exercisable and vested at December 31, 2014	10	3.2	$	48.63	$	46.67	$	483


(1)	Computed based upon the amount by which the fair market value of the Company’s common stock at December 31, 2014 of $95.30 per share exceeded the weighted average exercise price.

The total intrinsic value of stock options exercised during the years ended December 31, 2014, 2013 and 2012 was $9.6 million, $0.3 million, and $5.7 million, respectively. Cash received from stock option exercises totaled $6.4 million, $0.3 million, and $3.4 million for the years ended December 31, 2014, 2013 and 2012, respectively.

At December 31, 2013, there were 193 thousand options exercisable with a weighted average exercise price of $36.04.

Restricted Shares and Restricted Stock Units

2013 New Company LTIP

During 2013, the Board of Directors approved the terms and conditions of performance share awards issued pursuant to the Churchill Downs Incorporated 2007 Omnibus stock incentive plan (the "New Company LTIP"). As a way to continue to encourage innovation, an entrepreneurial approach, and careful risk assessment, and in order to retain key executives, the New Company LTIP offers long-term incentive compensation to the Company's named executive officers and other key executives ("Grantees") as reported in the Company's Schedule 14A Proxy Statement filing.

During 2013, the Grantees received 92,000 restricted shares of the Company's common stock vesting over approximately four years and 324,000 restricted shares of the Company's common stock with vesting contingent upon the Company's common stock reaching certain closing prices on NASDAQ for 20 consecutive trading days. During the year ended December 31, 2014, the Company's closing stock price achieved the twenty consecutive trading days closing price stock requirement for 84,500 restricted shares. During the year ended December 31, 2013, the Company's closing stock price achieved the stock price requirement for 155,000 restricted shares.

During the years ended December 31, 2014 and 2013, the Company recognized $8.3 million and $12.8 million, respectively, of compensation expense related to the New Company LTIP. As of December 31, 2014, unrecognized compensation expense attributable to unvested service period awards was $2.8 million. The weighted average period over which the Company expects to recognize the remaining compensation expense under the service period awards approximates 17 months. There is no remaining unrecognized expense under the market condition awards.

Other Restricted Share Awards

The Company sponsored the Churchill Downs Incorporated 2004 Restricted Stock Plan (the “04 Plan”). In addition, the Company, may, from time to time, grant restricted shares or restricted stock units to individuals outside of its share-based compensation plans.

On March 15, 2007, the Board of Directors replaced the 04 Plan with the 07 Incentive Plan. Awards issued under the 04 Plan prior to its termination were unaffected by such termination. The 07 Incentive Plan permits the award of restricted shares or restricted stock units to directors and key employees, including officers of the Company and its subsidiaries who are from time to time responsible for the management, growth and protection of the business of the Company and its subsidiaries.

Restricted shares granted under the 04 Plan generally vest in full five years from the date of grant or upon retirement at or after age 60. Restricted shares granted under the 07 Incentive Plan generally vest in full three years from the date of grant or upon retirement at or after age 60. The fair value of restricted shares under both the 04 Plan and the 07 Incentive Plan is determined by the product of the number of shares granted and the grant date market price of the Company’s common stock, discounted to consider the fact that dividends are not paid on these shares.

During the year ended December 31, 2010, the Company entered into an amended and restated employment agreement with Robert L. Evans. Mr. Evans received (i) 45,000 restricted shares of the Company’s common stock, with vesting contingent upon the Company’s common stock reaching certain closing prices on NASDAQ for twenty consecutive trading days, and (ii) 81,250 restricted stock shares, vesting quarterly over 6.0 years. During the years ended December 31, 2013 and 2012, 15,000 shares and 30,000 shares, respectively, with vesting contingent upon the Company's stock price, reached the required closing stock prices and vested.

Under a previous employment agreement with Robert L. Evans, Mr. Evans received (i) 90,000 restricted shares of the Company’s common stock, with vesting contingent upon the Company’s common stock reaching certain closing prices on NASDAQ for twenty consecutive trading days, (ii) 65,000 restricted shares of the Company’s common stock, vesting quarterly over five years, and contingent upon the Company’s common stock reaching certain closing prices on NASDAQ for ten consecutive trading days and (iii) 65,000 restricted stock units representing shares of the Company’s common stock, vesting quarterly over five years, with Mr. Evans entitled to receive the shares underlying the units (along with a cash payment equal to accumulated dividend equivalents beginning with the lapse of forfeiture, plus interest at a 3% annual rate) six months after termination of employment. The restricted share awards were approved by the Company’s shareholders at its Annual Meeting of Shareholders held on June 28, 2007, the grant date of these awards. During the years ended December 31, 2014 and 2013, zero shares and 60,000 shares, respectively, with vesting contingent upon the Company's stock price, reached the required closing stock prices and vested.

Activity for the 2013 New Company LTIP, 04 Plan, the 07 Incentive Plan and awards made outside of share-based compensation plans for the years ended December 31, 2014, 2013 and 2012, is presented below (in thousands, except per common share data):



	Market Condition (Performance-Based) Awards				Service Period Awards				Total
	Number of Shares		Weighted Average Grant Date Fair Value		Number of Shares		Weighted Average Grant Date Fair Value		Number of Shares		Weighted Average Grant Date Fair Value
Balance as of December 31, 2011	112		$	43.76	307		$	38.63	419		$	40.01
Granted	—		$	—	182		$	51.99	182		$	51.99
Vested	(52	)	$	41.31	(169	)	$	45.85	(221	)	$	44.77
Canceled/forfeited	—		$	—	(1	)	$	39.12	(1	)	$	39.12
Balance as of December 31, 2012	60		$	45.90	319		$	42.42	379		$	42.97
Granted	324		$	53.71	287		$	67.55	611		$	60.21
Vested	(60	)	$	45.90	(256	)	$	59.54	(316	)	$	53.90
Canceled/forfeited	—		$	—	(1	)	$	38.75	(1	)	$	38.75
Balance as of December 31, 2013	324		$	53.71	349		$	53.58	673		$	53.64
Granted	—		$	—	26		$	88.58	26		$	88.58
Vested	(239	)	$	53.49	(107	)	$	54.15	(346	)	$	53.70
Canceled/forfeited	—		$	—	(12	)	$	60.41	(12	)	$	60.41
Balance as of December 31, 2014	85		$	54.32	256		$	56.24	341		$	55.77

As of December 31, 2014, there was $5.9 million of unrecognized share-based compensation expense related to nonvested restricted share and restricted stock unit awards that the Company expects to recognize over a weighted average period of 1.9 years.

As of December 31, 2014, employees of the Company held 84,500 restricted shares subject to performance-based vesting criteria (all of which are considered market-based restricted shares), which were issued during the year ended December 31, 2013. The number of these shares that vest is based upon established market-based performance targets that will be assessed on an ongoing basis.

Employee Stock Purchase Plan

Under the Employee Stock Purchase Plan, the Company is authorized to sell, pursuant to short-term stock options, shares of its common stock to its full-time (or part-time for at least 20 hours per week and at least five months per year) employees at a discount from the common stock’s fair market value. The Employee Stock Purchase Plan operates on the basis of recurring, consecutive one-year periods. Each period commences on August 1 and ends on the following July 31.

Each August 1, the Company offers eligible employees the opportunity to purchase common stock. Employees who elect to participate for each period have a designated percentage of their compensation withheld (after-tax) and applied to the purchase of shares of common stock on the last day of the period, July 31. The Employee Stock Purchase Plan allows withdrawals, terminations and reductions on the amounts being deducted. The purchase price for the common stock is 85% of the lesser of the fair market value of the common stock on (i) the first day of the period, or (ii) the last day of the period. No employee may purchase common stock under the Employee Stock Purchase Plan valued at more than $25 thousand for each calendar year.

Under the Employee Stock Purchase Plan, the Company sold approximately fifteen thousand shares of common stock to employees pursuant to options granted on August 1, 2013, and exercised on July 31, 2014. Because the plan year overlaps the Company’s fiscal year, the number of shares to be sold pursuant to options granted on August 1, 2014, can only be estimated because the 2014 plan year is not yet complete. The Company’s estimate of options granted in 2014 under the Plan is based on the number of shares sold to employees under the Employee Stock Purchase Plan for the 2013 plan year, adjusted to reflect the change in the number of employees participating in the Employee Stock Purchase Plan in 2014. The Company recognized compensation expense related to the Employee Stock Purchase Plan of $0.4 million, for each of the years ended December 31, 2014, 2013 and 2012.

Fair Value Of Assets And Liabilities

12 Months Ended

Dec. 31, 2014

Fair Value Disclosures [Abstract]

Fair Value Of Assets And Liabilities

FAIR VALUE OF ASSETS AND LIABILITIES

The Company endeavors 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 tables present the Company's assets and liabilities measured at fair value at December 31, 2014 and 2013 (in thousands):



	Year Ended December 31, 2014
	Level 1		Level 2		Level 3
Cash equivalents and restricted cash	$	27,464	$	—	$	—
Big Fish Games deferred payments	—		—		78,800
Big Fish Games earnout liability	—		—		327,800
Senior unsecured notes	—		299,250		—
Bluff contingent consideration liability	—		—		2,331
Total	$	27,464	$	299,250	$	408,931



	Year Ended December 31, 2013
	Level 1		Level 2		Level 3
Cash equivalents and restricted cash	$	36,940	$	—	$	—
Senior unsecured notes	—		305,250		—
Bluff contingent consideration liability	—		—		2,331
Total	$	36,940	$	305,250	2,331



	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
Balance as of December 31, 2013	$	2,331
Additions	402,774
Change in fair value	3,826
Balance as of December 31, 2014	$	408,931

The Company's cash equivalents and restricted cash, which are held in interest-bearing accounts, qualify for Level 1 in the fair value hierarchy which includes unadjusted quoted market prices in active markets for identical assets.

The Company's accrued liability for a contingent consideration recorded in conjunction with the Bluff acquisition was based on significant inputs not observed in the market and represents a Level 3 fair value measurement. The estimate of the contingent consideration liability uses an income approach and is based on the probability of achieving enabling legislation which permits Internet poker gaming and the probability-weighted discounted cash flows. Any change in the fair value of the contingent consideration subsequent to the acquisition date will be recognized in the Company's Consolidated Statements of Comprehensive Income.

The Company estimated the fair value of the Big Fish Games deferred payment and earnout liability as of December 31, 2014 using a discounted cash flows analysis over the period in which the obligation is expected to be settled, and applied a discount rate based on the Company’s cost of debt. The cost of debt as of the closing date was based on the observed market yields of the Company's Senior Unsecured Notes issued in December of 2013 and represents a Level 3 fair value measurement and was adjusted for the difference in seniority and term of the deferred payment and earnout liability. The change in fair values of the Big Fish Games deferred payment and earnout liability of $3.8 million between the closing date and December 31, 2014 was recorded as acquisition related charges in the Consolidated Statements of Comprehensive Income. Changes to the Company's cost of debt could lead to a different fair value estimate for the deferred payment and earnout liability.

The Company's $300 million par value Senior Unsecured Notes, which were issued on December 16, 2013, via a private offering, represent a Level 2 fair value measurement. The fair value of the Senior Unsecured Notes is estimated based on unadjusted quoted prices for similar liabilities in markets that are not active.

The Company currently has no other assets or liabilities subject to fair value measurement on a recurring basis. The following methods and assumptions were used by the Company in estimating its fair value disclosures for financial instruments:

Cash Equivalents—The carrying amount reported in the balance sheet for cash equivalents approximates its fair value due to the short-term maturity of these instruments.

Long-Term Debt: Senior Secured Credit Facility—The carrying amounts of the Company’s borrowings under its Senior Secured Credit Facility approximates fair value, based upon current interest rates and represents a Level 2 fair value measurement.

During the years ended December 31, 2014 and 2013, the Company did not measure any assets at fair value on a non-recurring basis.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Commitments And Contingencies	12 Months Ended
Commitments And Contingencies	Dec. 31, 2014
Commitments and Contingencies Disclosure [Abstract]
Commitments And Contingencies	COMMITMENTS AND CONTINGENCIES Legal Proceedings The Company records an accrual for legal contingencies to the extent that it concludes that it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. Except as disclosed below, no estimate of the possible loss or range of loss in excess of amounts accrued, if any, can be made at this time regarding the matters specifically described below. We do not believe that the final outcome of these matters will have a material adverse impact on our business, financial condition and results of operations. Louisiana Horsemens' Purses On April 21, 2014, John L. Soileau and other individuals filed a Petition for Declaratory Judgment, Permanent Injunction, and Damages - Class Action styled John L. Soileau, et. al. versus Churchill Downs Louisiana Horseracing, LLC, Churchill Downs Louisiana Video Poker Company, LLC (Suit No. 14-3873) in the Parish of Orleans, State of Louisiana. The petition defines the “alleged plaintiff class” as quarter-horse owners, trainers and jockeys that have won purses at the “Fair Grounds Race Course & Slots” facility in New Orleans, Louisiana since the first effective date of La. R.S. 27:438 and specifically since 2008. The petition alleges that Churchill Downs Louisiana Horseracing, L.L.C. and Churchill Downs Louisiana Video Poker Company, L.L.C. (“Fair Grounds”) have collected certain monies through video draw poker devices that constitute monies earned for purse supplements and all of those supplemental purse monies have been paid to thoroughbred horsemen during Fair Grounds’ live thoroughbred horse meets while La. R.S. 27:438 requires a portion of those supplemental purse monies to be paid to quarter-horse horsemen during Fair Grounds’ live quarter-horse meets. The petition requests that the Court declare that Fair Grounds violated La. R.S. 27:438, issue a permanent and mandatory injunction ordering Fair Grounds to pay all future supplements due to the plaintiff class pursuant to La. R.S. 27:438, and to pay the plaintiff class such sums as it finds to reasonably represent the value of the sums due to the plaintiff class. On August 14, 2014, the plaintiffs filed an amendment to their petition naming the Horsemen’s Benevolent and Protective Association 1993, Inc. (“HBPA”) as an additional defendant and alleging that HBPA is also liable to plaintiffs for the disputed purse funds. On October 9, 2014, HBPA and Fair Grounds filed exceptions to the suit, including an exception of primary jurisdiction seeking a referral to the Louisiana Racing Commission. By Judgment dated November 21, 2014, the District Court granted the exception of primary jurisdiction and referred the matter to the Louisiana Racing Commission. On January 26, 2015, the Louisiana Fourth Circuit Court of Appeals denied the plaintiffs’ request for supervisory review of the Judgment. This matter is currently awaiting review by the Louisiana Racing Commission. Illinois Department of Revenue In October 2012, the Company filed a verified complaint for preliminary and permanent injunctive relief and for declaratory judgment (the “Complaint”) against the Illinois Department of Revenue (the “Department”). The Company's complaint was filed in response to Notices of Deficiency issued by the Department on March 18, 2010, and September 6, 2012. In response to said Notices of Deficiency, the Company, on October 4, 2012, issued a payment in protest in the amount of $2.9 million (the “Protest Payment”) under the State Officers and Employees Money Disposition Act and recorded this amount in other assets. The Company subsequently filed its complaint in November 2012 alleging that the Department erroneously included handle, instead of the Company's commissions from handle, in the computation of the Company's sales factor (a computation of the Company's gross receipts from wagering within the State of Illinois) for determining the applicable tax owed. On October 30, 2012, the Company's Motion for Preliminary Injunctive Relief was granted, which prevents the Department from depositing any monies from the Protest Payment into the State of Illinois General Fund and from taking any further action against the Company until the Circuit Court takes final action on the Company's Complaint. If successful with its Complaint, the Company will be entitled to a full or partial refund of the Protest Payment from the Department. On December 3, 2014, the Company filed its Motion for Summary Judgment on all material aspects of its case. Also on December 3, 2014, the Department, by and through its counsel, the Illinois Attorney General, filed its Cross-Motion for Summary Judgment. This matter remains pending before the Tax and Miscellaneous Remedies Section of the Circuit Court of Cook County. Oral arguments on the parties’ Motions for Summary Judgment are scheduled for March 5, 2015. Kentucky Downs On September 5, 2012, Kentucky Downs Management, Inc. (“KDMI”) filed a petition for declaration of rights in Kentucky Circuit Court located in Simpson County, Kentucky styled Kentucky Downs Management Inc. v. Churchill Downs Incorporated (Civil Action No. 12-CI-330) (the “Simpson County Case”) requesting a declaration that the Company does not have the right to exercise its put right and require Kentucky Downs, LLC (“Kentucky Downs”) and/or Kentucky Downs Partners, LLC (“KDP”) to purchase the Company’s ownership interest in Kentucky Downs. On September 18, 2012, the Company filed a complaint in Kentucky Circuit Court located in Jefferson County, Kentucky, styled Churchill Downs Incorporated v. Kentucky Downs, LLC; Kentucky Downs Partners, LLC; and Kentucky Downs Management Inc. (Civil Action No. 12-CI-04989) (the “Jefferson County Case”) claiming that Kentucky Downs and KDP had breached the operating agreement for Kentucky Downs and requesting a declaration that the Company had validly exercised its put right and a judgment compelling Kentucky Downs and/or KDP to purchase the Company’s ownership interest in Kentucky Downs pursuant to the terms of the applicable operating agreement. On October 9, 2012, the Company filed a motion to dismiss the Simpson County Case and Kentucky Downs, KDP and KDMI filed a motion to dismiss the Jefferson County Case. A hearing for the motion to dismiss in the Simpson County Case occurred November 30, 2012. At that hearing the Company’s motion to dismiss the Simpson County Case was denied. Subsequently, Kentucky Downs, KDMI and KDP’s motion to dismiss the Jefferson County Case was granted on January 23, 2013, due to the Simpson County Circuit Court’s assertion of jurisdiction over the dispute. On May 16, 2013, Kentucky Downs, KDP and KDMI filed a Motion for Summary Judgment against the Company and Turfway Park, LLC. On September 19, 2013, the Company filed its response to the Motion for Summary Judgment. A hearing occurred before the Simpson County Circuit Court on September 23, 2013, on the Kentucky Downs, KDP and KDMI Motion for Summary Judgment. All parties appeared before the Simpson County Court and oral arguments were heard. On October 31, 2013, the Simpson County Court entered an Order Denying Petitioners’ (Kentucky Downs Management Inc. et al.) Motion for Summary Judgment. The case will now move forward through discovery and to trial. No trial date has been set. Texas Pari-Mutuel Wagering On September 21, 2012, the Company filed a lawsuit in the United States District Court for the Western District of Texas styled Churchill Downs Incorporated; Churchill Downs Technology Initiatives Company d/b/a TwinSpires.com v. Chuck Trout, in his official capacity as Executive Director of the Texas Racing Commission; Gary P. Aber, Susan Combs, Ronald F. Ederer, Gloria Hicks, Michael F. Martin, Allan Polunsky, Robert Schmidt, John T. Steen III, Vicki Smith Weinberg, in their official capacity as members of the Texas Racing Commission (Case No. 1:12-cv-00880-LY) challenging the constitutionality of a Texas law requiring residents of Texas that desire to wager on horseraces to wager in person at a Texas race track. In addition to its complaint, on September 21, 2012, the Company filed a motion for preliminary injunction seeking to enjoin the state from taking any action to enforce the law in question. In response, on October 9, 2012, counsel for the state assured both the Company and the court that the state would not enforce the law in question against the Company without prior notice, at which time the court could then consider the motion for preliminary injunction. On April 15, 2013, both parties filed their opening briefs, and a trial was held on May 2, 2013. On September 23, 2013, the United States District Court for the Western District of Texas ruled against the Company and upheld the Texas law at issue. Subsequently, on September 25, 2013, the Company ceased taking wagers from Texas residents via TwinSpires.com and returned deposited funds to Texas residents. The Company filed a motion for an expedited hearing in the United States Court of Appeals, which was granted on October 17, 2013. The Texas Racing Commission, et. al., filed an appellate brief on December 13, 2013. The Company filed its brief in reply on December 30, 2013. Oral arguments were heard before the United States Court of Appeals for the Fifth Circuit on February 4, 2014. On September 25, 2014, the United States Court of Appeals for the Fifth Circuit issued an unpublished opinion affirming the United States District Court for the Western District of Texas and its ruling in favor of the Texas Racing Commission. There are no other material pending legal proceedings.

Earnings Per Common Share Computations

12 Months Ended

Dec. 31, 2014

Earnings Per Share [Abstract]

Earnings Per Common Share Computations

EARNINGS PER COMMON SHARE COMPUTATIONS

The following is a reconciliation of the numerator and denominator of the earnings per common share computations (in thousands, except per share data):



	Year Ended December 31,
	2014			2013			2012
Numerator for basic earnings from continuing operations per common share:
Earnings from continuing operations	$	46,357		$	55,033		$	58,152
Earnings from continuing operations allocated to participating securities	(267		)	(873		)	(518		)
Numerator for basic earnings from continuing operations per common share	$	46,090		$	54,160		$	57,634
Numerator for basic earnings per common share:
Net earnings	$	46,357		$	54,900		$	58,276
Net earnings allocated to participating securities	(267		)	(870		)	(519		)
Numerator for basic net earnings per common share	$	46,090		$	54,030		$	57,757
Numerator for diluted earnings from continuing operations per common share:	$	46,357		$	55,033		$	58,152
Numerator for diluted earnings per common share	$	46,357		$	54,900		$	58,276

Denominator for net earnings per common share:
Basic	17,271			17,294			17,047
Plus dilutive effect of stock options and restricted stock	153			248			233
Plus dilutive effect of participating securities	165			396			195
Diluted	17,589			17,938			17,475
Earnings (loss) per common share:
Basic
Earnings from continuing operations	$	2.67		$	3.13		$	3.38
Discontinued operations	—			(0.01		)	0.01
Net earnings	$	2.67		$	3.12		$	3.39
Diluted
Earnings from continuing operations	$	2.64		$	3.07		$	3.33
Discontinued operations	—			(0.01		)	0.01
Net earnings	$	2.64		$	3.06		$	3.34

Segment Information

12 Months Ended

Dec. 31, 2014

Segment Reporting [Abstract]

Segment Information

SEGMENT INFORMATION

The Company operates in the following five segments: (1) Racing, which includes Churchill Downs, Arlington and its ten OTBs, Fair Grounds and its twelve OTBs and Calder, which ceased pari-mutuel operations on July 1, 2014; (2) Casinos, which includes video poker and gaming operations at Calder Casino, Fair Grounds Slots, Harlow’s, Riverwalk, Oxford, MVG and VSI; (3) TwinSpires, which includes TwinSpires, our ADW business, Fair Grounds Account Wagering, Bloodstock Research Information Services, Velocity and Luckity, until the cessation of its operations on November 4, 2014, as well as the Company's equity investment in HRTV, LLC; (4) Big Fish Games; and (5) Other Investments, which includes United Tote, Bluff and the Company's other minor investments. Eliminations include the elimination of intersegment transactions.

On January 1, 2014, the Company reclassified its equity investment in MVG from Other Investments to Casinos, to coincide with the first full period of operations for the venture, which opened on December 12, 2013. MVG's results of operations for the year ended December 31, 2013 have been reclassified to the Casinos segment.

In order to evaluate the performance of these operating segments internally, the Company uses Adjusted EBITDA (defined as earnings before interest, taxes, depreciation, amortization, and adjusted for insurance recoveries net of losses, HRE Trust Fund proceeds, share-based compensation expenses, pre-opening expenses, the impairment of assets, Big Fish Games transaction expenses, Big Fish Games acquisition-related charges, changes in Big Fish Games deferred revenue and other charges or recoveries). Big Fish Games transaction expenses include legal, accounting and other deal-related expenses. Big Fish Games acquisition-related charges reflect the change in fair value of the Big Fish Games earnout and deferred consideration liability recorded each reporting period. Changes in Big Fish Games deferred revenue reflect reductions in revenue from business combination accounting rules when deferred revenue balances assumed as part of an acquisition are adjusted to their fair values. Fair value approximates the cost of fulfilling the service obligation, plus a reasonable profit margin. Adjusted EBITDA also includes 50% of the operating income or loss of our joint venture, MVG.

During the year ended December 31, 2013, the Company implemented the Adjusted EBITDA metric because it believes the inclusion or exclusion of certain recurring and non-recurring items is necessary to provide a more accurate measure of its core operating results and enables management and investors to evaluate and compare from period to period our operating performance in a meaningful and consistent manner. The 2012 financial information has been retrospectively revised to reflect the change in the segment profitability reporting measure. 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. The Company's calculation of Adjusted EBITDA may be different from the calculation used by other companies and, therefore, comparability may be limited.

The accounting policies of the segments are the same as those described in the “Summary of Significant Accounting Policies” in Note 1. The table below presents information about reported segments for the years ended December 31, 2014, 2013 and 2012 (in thousands):



	Year Ended December 31,
	2014			2013			2012
Net revenues from external customers:
Churchill Downs	$	143,191		$	132,845		$	124,255
Arlington	60,312			64,483			69,077
Calder	19,325			36,264			64,566
Fair Grounds	38,625			40,677			44,190
Total Racing	261,453			274,269			302,088
Calder Casino	77,003			78,951			77,864
Fair Grounds Slots	40,774			42,156			42,881
VSI	34,369			35,931			35,433
Harlow’s Casino	50,199			52,440			56,604
Oxford Casino	76,526			34,350			—
Riverwalk Casino	50,139			53,645			10,330
Total Casinos	329,010			297,473			223,112
TwinSpires	190,333			184,541			183,279
Big Fish Games	13,855			—			—
Other Investments	17,125			21,899			21,785
Corporate	1,158			1,143			1,032
Net revenues from external customers	$	812,934		$	779,325		$	731,296
Intercompany net revenues:
Churchill Downs	$	7,038		$	6,686		$	5,592
Arlington	5,767			3,395			4,712
Calder	707			1,263			1,583
Fair Grounds	1,089			1,151			1,270
Total Racing	14,601			12,495			13,157
TwinSpires	958			853			836
Other Investments	4,130			4,409			3,466
Eliminations	(19,689		)	(17,757		)	(17,459		)
Net revenues	$	—		$	—		$	—



	Year Ended December 31,
	2014			2013			2012
Reconciliation of segment Adjusted EBITDA to net earnings:
Racing	$	61,160		$	50,275		$	54,357
Casinos	101,106			80,631			64,231
TwinSpires	45,282			49,122			44,618
Big Fish Games	3,837			—			—
Other Investments	(3,857		)	809			(117		)
Total segment Adjusted EBITDA	207,528			180,837			163,089
Corporate Adjusted EBITDA	(5,037		)	(4,606		)	(4,834		)
Insurance recoveries, net of losses	431			375			7,006
Big Fish Games acquisition charges	(3,826		)	—			—
Big Fish Games transaction expenses	(6,367		)	—			—
Big Fish Games changes in deferred revenue	(4,497		)	—			—
HRE Trust Fund proceeds	—			4,541			—
Share-based compensation expense	(11,932		)	(21,482		)	(13,993		)
Pre-opening expenses	(27		)	(3,620		)	—
MVG interest expense, net	(2,546		)	(170		)	—
Asset impairment charges	(4,843		)	—			—
Other charges	(3,287		)	(2,500		)	—
Depreciation and amortization	(68,257		)	(61,750		)	(55,600		)
Interest income (expense), net	(20,822		)	(6,119		)	(4,441		)
Income tax provision	(30,161		)	(30,473		)	(33,075		)
Earnings from continuing operations	46,357			55,033			58,152
Discontinued operations, net of income taxes	—			(133		)	124
Net earnings	46,357			54,900			58,276
Foreign currency translation, net of tax	(125		)	—			—
Comprehensive income	$	46,232		$	54,900		$	58,276

The table below presents information about equity in (losses) earnings of unconsolidated investments included in the Company's reported segments for the years ended December 31, 2014, 2013 and 2012 (in thousands):



	Year Ended December 31,
	2014			2013			2012
Casinos	$	8,900		$	(3,718	)	$	(610	)
TwinSpires	(68		)	(848		)	(1,413		)
Other Investments	(2,504		)	424			322
	$	6,328		$	(4,142	)	$	(1,701	)

The tables below present total asset information about reported segments as of December 31, 2014 and 2013 and capital expenditures for the years ended December 31, 2014, 2013 and 2012 (in thousands):



	As of December 31,
	2014		2013
Total assets:
Racing	$	518,517	$	513,345
Casinos	621,240		622,038
TwinSpires	182,322		186,621
Big Fish Games	1,007,438		—
Other Investments	30,757		30,257
	$	2,360,274	$	1,352,261



	Year Ended December 31,
	2014		2013		2012
Capital expenditures, net:
Racing	$	35,637	$	20,184	$	14,027
Casinos	7,715		13,643		14,524
TwinSpires	5,778		5,908		4,427
Big Fish Games	116		—		—
Other Investments	5,240		9,036		8,320
	$	54,486	$	48,771	$	41,298

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 33
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
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-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
-Paragraph 29
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599

+ Details

Related Party Transactions (Notes)	12 Months Ended
Related Party Transactions (Notes)	Dec. 31, 2014
Related Party Transactions [Abstract]
Related Party Transactions	RELATED PARTY TRANSACTIONS Directors and employees of the Company may from time to time own or have interests in horses racing at the Company’s racetracks. All such races are conducted, as applicable, under the regulations of each state’s respective regulatory agency, and no director receives any extra or special benefit with regard to having his or her horses selected to run in races or in connection with the actual running of races. There is no material financial statement impact attributable to directors who may have interests in horses racing at our racetracks. In its ordinary course of business, the Company may enter into transactions with certain of its officers and directors for the sale of personal seat licenses and suite accommodations at its racetracks, and tickets for its live racing events. The Company believes that each such transaction has been on terms no less favorable for the Company than could have been obtained in a transaction with a third party and no such person received any extra or special benefit in connection with such transactions.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References + Details

HRE Trust Fund Proceeds (Notes)	12 Months Ended
HRE Trust Fund Proceeds (Notes)	Dec. 31, 2014
HRE Trust Fund Proceeds [Abstract]
HRE Trust Fund Proceeds [Table Text Block]	NOTE 21— HRE TRUST FUND PROCEEDS Under legislation enacted in 1999, the HRE Trust Fund was scheduled to receive amounts equal to 15% of the adjusted gross receipts generated by a tenth riverboat casino license to be granted in Illinois. The funds were to be distributed to racetracks in Illinois for purses as well as racetrack discretionary spending. During December 2008, the Illinois Gaming Board awarded the tenth riverboat license to a casino in Des Plaines, Illinois. This casino opened during July 2011, entitling the Illinois racing industry to receive an amount equal to 15% of the adjusted gross receipts of this casino from the gaming taxes generated by that casino, once the accumulated funds were appropriated by the state. On July 10, 2013, the Governor of Illinois signed Illinois House Bill 214 into law, providing for the release of $23.0 million of funds collected from the tenth riverboat licensee since its opening during 2011. During the year ended December 31, 2013, Arlington received $7.9 million as its share of the proceeds, of which $3.6 million was designated for Arlington purses. The remaining $4.2 million was recognized as miscellaneous other income in the Company's Consolidated Statements of Comprehensive Income during the year ended December 31, 2013. No additional proceeds related to future funds of the tenth riverboat are expected to be distributed to Illinois racetracks under the provisions of House Bill 214.

Subsequent Event (Notes)	12 Months Ended
Subsequent Event (Notes)	Dec. 31, 2014
Subsequent Events [Abstract]
Subsequent Events [Text Block]	NOTE 22— SUBSEQUENT EVENT - HRTV EQUITY INVESTMENT DIVESTITURE As part of the TSG agreement related to the cessation of Calder pari-mutuel operations, the Company modified its HRTV operating and ownership agreement with TSG resulting in the divestiture of the Company’s interest in HRTV effective January 2, 2015. During January 2015, we received $6.0 million in proceeds from the sale of the ownership interest. The Company recorded a gain of $5.8 million during January 2015 from the sale of its remaining investment in HRTV.

Basis Of Presentation and Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2014

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

Big Fish Games: net revenues and corresponding expenses generated by premium paid, casual free-to-play and casino-style games for PC, Mac, smartphone, tablet and online.

Other: net revenues and corresponding operating expenses generated by United Tote Company, the Company’s provider of pari-mutuel wagering systems and Bluff.

Reclassifications

Cash Equivalents

Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block]

Restricted Cash

Foreign Currency Transactions and Translations Policy [Policy Text Block]

Foreign Currency Transactions

Allowance for Doubtful Accounts Receivable

Property and Equipment

Intangible Assets

Long-lived Assets-Impairments

Fair Value of Assets and Liabilities

Internal Use Software

Loan Orgination Costs

Loan Origination Costs

Debt, Policy [Policy Text Block]

Debt Issuance Costs

Investments in and Advances to Affiliates, Schedule of Investments [Text Block]

Investment in and Advances to Unconsolidated Affiliates

Revenue Recognition

Big Fish Games Deferred Revenue and Revenue Recognition

Principal Agent Considerations


•	the terms and conditions of the Company contracts with the digital storefronts;


•	the party responsible for billing and collecting fees from the end-users, including the resolution of billing disputes;


•	whether the Company is paid a fixed percentage of the arrangement’s consideration or a fixed fee for each game;


•	the party which sets the pricing with the end-user, has the credit risk and provides customer support; and


•	the party responsible for the fulfillment of the game and that determines the specifications of the game.

Customer Loyalty Programs

Account Wagering Deposit Liabilities

Promotional Allowances

Deferred Revenue

Pari-mutuel and Gaming Taxes

Pari-mutuel and Casino Taxes

Purse Expense

Income Taxes

Uncashed Winning Tickets

Insurance Recoveries

Workers' Compensation and General Liability Self-Insurance

Workers’ Compensation and General Liability Self-Insurance

Advertising

The Company expenses the costs of general advertising and associated promotional expenditures at the time the costs are incurred.

Share-Based Compensation

Computation of Net Earnings per Common Share

Use of Estimates,

Use of Estimates and Critical Accounting Policies

Comprehensive Income, Policy

Comprehensive Income

The Company's accumulated other comprehensive income, as of December 31, 2014, consisted of foreign currency translation losses.

Recent Accounting Pronouncements

Acquisitions And New Ventures Acquisitions And New Ventures (Tables)

12 Months Ended

Dec. 31, 2014

Business Acquisition [Line Items]

Business Acquisition, Pro Forma Information [Table Text Block]

Pro Forma (unaudited)



	Year Ended December 31,
	2014		2013
Net revenues	$	1,126,592	$	1,085,518
Earnings from continuing operations	$	64,145	$	11,182

For the year ended December 31, 2013 earnings from continuing operations includes Company and Big Fish related non-recurring acquisition costs of $23.1 million.

Big Fish Games [Member]

Business Acquisition [Line Items]

Schedule of Intangible Assets Acquired as Part of Business Combination [Table Text Block]

The preliminary fair value of other intangible assets consists of the following (in thousands):



	Fair Value Recognized		Weighted-Average Useful Life
Tradename	$	200,000	N/A
Customer relationships	32,663		3.0 years
Developed Technology	87,000		4.0 years
In-Process Research & Development	12,700		5.0 years
Strategic Developer Relationships	30,500		6.0 years
Total intangible assets	$	362,863

Oxford Acquisition [Member]

Business Acquisition [Line Items]

Schedule of Intangible Assets Acquired as Part of Business Combination [Table Text Block]

The fair value of other intangible assets consists of the following (in thousands):



	Total
Slot gaming rights	$	58,500
Customer relationships	1,700
Tradename	2,400
Other intangibles	2,093
Total intangible assets	$	64,693

Oxford Acquisition [Member]

Business Acquisition [Line Items]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]

The following table summarizes (in thousands) the fair values of the assets acquired and liabilities assumed, net of cash acquired of $13.7 million, at the date of the acquisition.



	Total
Accounts receivable	$	252
Prepaid expenses	675
Inventory	124
Property and equipment	45,105
Goodwill	50,202
Other intangible assets	64,693
Total assets acquired	161,051
Accounts payable	1,063
Accrued expenses	5,111
Other liabilities	5
Total liabilities acquired	6,179
Purchase price, net of cash acquired	$	154,872

Big Fish Games [Member]

Business Acquisition [Line Items]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]

The following table summarizes (in thousands) the preliminary fair value of the assets acquired and liabilities assumed, net of cash acquired of $34.7 million, at the date of acquisition.



	Total
Accounts receivable	$	19,274
Income taxes receivable	18,087
Prepaid expenses	9,727
Deferred income taxes	905
Other assets	1,780
Property and equipment	14,632
Goodwill	538,904
Other intangible assets	362,863
Total assets acquired	966,172
Accounts payable	9,064
Accrued expenses	16,987
Income taxes payable	210
Deferred revenue	37,250
Deferred income taxes	96,182
Other liabilities	2,821
Total liabilities acquired	162,514
Purchase price, net of cash acquired	$	803,658

Discontinued Operations Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2014

Discontinued Operations and Disposal Groups [Abstract]

Summary of results of operations of discontinued businesses

Set forth below is a summary of the results of operations of discontinued businesses for the years ended December 31, 2014, 2013 and 2012 (in thousands):



	Year ended December 31,
	2014		2013			2012
Net revenues	$	—	$	632		$	1,087
Operating expenses	—		857			885
Selling, general and administrative expenses	—		—			—
Operating (loss) gain	—		(225		)	202
Other income (expense)	—		145			(2		)
(Loss) earnings from operations before income taxes	—		(80		)	200
Income tax benefit (provision)	—		30			(76		)
(Loss) gain from operations	—		(50		)	124
Loss on sale of assets, net of income taxes	—		(83		)	—
Net (loss) gain	$	—	$	(133	)	$	124

- Definition

Tabular disclosure of disposal groups, which may include the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the classification and carrying value of the assets and liabilities comprising the disposal group, and the segment in which the disposal group was reported. Also may include the amount of adjustments to amounts previously reported in discontinued operations such as resolution of contingencies arising from the disposal transaction or the operations of the component prior to disposal.

+ References + Details

Natural Disasters (Tables)

12 Months Ended

Dec. 31, 2014

Risks and Uncertainties [Abstract]

Summary Of The Impact Of The Natural Disasters Results Of Operations

Set forth below is a summary of the impact of the natural disasters on the results of operations of the Company for the years ended December 31, 2014, 2013 and 2012, respectively, (in thousands):



	Year Ended December 31, 2014
	Casualty Losses		Insurance Recoveries			Insurance Recoveries, Net of Losses
Racing	$	—	$	(431	)	$	(431	)
Total	$	—	$	(431	)	$	(431	)



	Year Ended December 31, 2013
	Casualty Losses		Insurance Recoveries			Insurance Recoveries, Net of Losses
Racing	$	—	$	(375	)	$	(375	)
Total	$	—	$	(375	)	$	(375	)



	Year Ended December 31, 2012
	Casualty Losses		Insurance Recoveries			Insurance Recoveries, Net of Losses
Casinos	$	12,331	$	(18,856	)	$	(6,525	)
Racing	$	644	$	(1,125	)	$	(481	)
Total	$	12,975	$	(19,981	)	$	(7,006	)

Accounts Receivable (Tables)

12 Months Ended

Dec. 31, 2014

Accounts Receivable [Abstract]

Schedule of Accounts Receivable

The Company's accounts receivable at December 31, 2014 and 2013 is comprised of the following (in thousands):



	2014			2013
Simulcast and ADW receivables	$	17,282		$	19,768
Trade receivables	46,985			16,129
PSL and hospitality receivables	10,877			9,410
Other receivables	4,992			5,603
	80,136			50,910
Allowance for doubtful accounts	(4,246		)	(4,338		)
Total	$	75,890		$	46,572

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2014

Property, Plant and Equipment [Abstract]

Schedule of property and equipment

Property and equipment is comprised of the following (in thousands):



	2014			2013
Land	$	118,658		$	118,165
Grandstands and buildings	439,625			435,125
Equipment	237,867			208,966
Furniture and fixtures	51,815			47,718
Tracks and other improvements	142,975			121,085
Construction in progress	15,427			15,214
	1,006,367			946,273
Accumulated depreciation	(411,052		)	(360,775		)
Total	$	595,315		$	585,498

Investment In and Advances To Unconsolidated Affiliate (Tables)

12 Months Ended

Dec. 31, 2014

Affiliate Income Statement [Abstract]

Affiliate Balance Sheet [Table Text Block]



	2014		2013
Assets
Current assets	$	24,943	$	18,001
Property and equipment, net	130,868		140,793
Other assets, net	105,059		80,408
Total assets	$	260,870	$	239,202

Liabilities and Members' Equity
Current liabilities	$	16,775	$	36,324
Current portion of long-term debt	8,332		8,471
Long-term debt, excluding current portion	26,584		32,287
Other liabilities	83		75
Members' equity	209,096		162,045
Total liabilities and members' equity	$	260,870	$	239,202

Affiliate Income Statement [Table Text Block]



	Years Ended December 31,
	2014			2013			2012
Casino revenue	$	126,111		$	6,472		$	—
Non-casino revenue	6,257			5,479			109
Net revenues	132,368			11,951			109
Operating and SG&A expenses	97,385			10,815			242
Depreciation & amortization expenses	12,299			935			7
Pre-opening expenses	54			7,240			1,079
Operating income (loss)	22,630			(7,039		)	(1,219		)
Interest and other expenses, net	(4,829		)	(397		)	—
Net income (loss)	$	17,801		$	(7,436	)	$	(1,219	)

Investments in and Advances to Affiliates [Table Text Block]

The Company's 50% share of MVG's results has been included in the Consolidated Statements of Comprehensive Income for the years ended December 31, 2014, 2013 and 2012 as follows (in thousands):



	Years Ended December 31,
	2014		2013			2012
Equity in gains (losses) of unconsolidated investments	$	8,900	$	(3,718	)	$	(610	)

Goodwill (Tables)

12 Months Ended

Dec. 31, 2014

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

Goodwill of the Company at December 31, 2014 and 2013 is comprised of the following (in thousands):



	Racing		Casinos		TwinSpires		Big Fish Games		Other Investments		Total
Balance as of December 31, 2012	$	51,659	$	67,457	$	127,364	$	—	$	3,934	$	250,414
Additions	—		50,202		—		—		—		50,202
Balance as of December 31, 2013	51,659		117,659		127,364		—		3,934		300,616
Additions	—		—		—		538,904		—		538,904
Balance as of December 31, 2014	$	51,659	$	117,659	$	127,364	$	538,904	$	3,934	$	839,520

Other Intangible Assets Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2014

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Indefinite and Finite Lived Assets [Table Text Block]

The Company’s other intangible assets are comprised of the following (in thousands):



	December 31, 2014							December 31, 2013
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Definite-lived intangible assets:
Favorable contracts	$	11,000	$	(4,907	)	$	6,093	$	11,000	$	(4,260	)	$	6,740
Customer relationships	89,203		(39,399		)	49,804		56,540		(30,464		)	26,076
Slots gaming license	2,250		(1,125		)	1,125		2,250		(1,125		)	1,125
Table games license	2,493		(180		)	2,313		2,493		(50		)	2,443
Developed Technology	87,000		(931		)	86,069		—		—			—
In-Process Research & Development	12,700		(105		)	12,595		—		—			—
Strategic Development	30,500		(263		)	30,237		—		—			—
Other	3,719		(326		)	3,393		3,719		(297		)	3,422
	$	238,865	$	(47,236	)	191,629		$	76,002	$	(36,196	)	39,806
Indefinite-lived intangible assets:
Slots gaming rights						128,890							128,890
Trademarks						225,729							25,729
Illinois Horseracing Equity Trust						3,307							3,307
Other						417							417
Total						$	549,972						$	198,149

Schedule of future estimated amortization expense

Future estimated aggregate amortization expense on existing definite-lived intangible assets for each of the next five fiscal years is as follows (in thousands):



Year Ended December 31,	Estimated Amortization Expense
2015	$	53,818
2016	$	51,596
2017	$	35,927
2018	$	18,716
2019	$	16,638

Income Taxes Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Schedule of components of income tax expense (benefit)

Components of the provision for income taxes are as follows (in thousands):



	2014			2013			2012
Current provision:
Federal	$	13,236		$	22,727		$	21,103
State and local	2,008			2,462			2,351
Foreign	78			—			(38		)
	15,322			25,189			23,416
Deferred:
Federal	19,672			5,788			8,292
State and local	81			(504		)	1,367
Foreign	(4,914		)	—			—
	14,839			5,284			9,659
	$	30,161		$	30,473		$	33,075

The Company’s income tax expense is different from the amount computed by applying the federal statutory income tax rate to income before taxes as follows (in thousands):



	2014			2013			2012
Federal statutory tax on earnings before income taxes	$	26,782		$	29,928		$	31,929
State income taxes, net of federal income tax benefit	1,388			1,514			2,185
Non-deductible lobbying and contributions	999			723			946
Tax credits and incentives	(1,209		)	(663		)	(494		)
Tax adjustments	(485		)	(174		)	(1,093		)
Accruals and settlements related to tax audits	529			(395		)	(686		)
Valuation allowance	—			(220		)	—
Change in effective state tax rates	(401		)	(383		)	197
Non-deductible transaction costs	947			—			—
Non-deductible acquisition related charges	1,339			—			—
Other permanent differences	272			143			91
	$	30,161		$	30,473		$	33,075

Schedule of deferred tax assets and liabilities

Components of the Company’s deferred tax assets and liabilities are as follows (in thousands):



	2014			2013
Deferred tax assets:
Deferred compensation plans	$	31,520		$	14,271
Deferred income	752			6,328
Allowance for uncollectible receivables	1,323			1,295
Deferred liabilities	3,822			3,574
Net operating losses and credit carryforward	32,573			19,186
Deferred tax assets	69,990			44,654
Valuation allowance	(1,274		)	(1,213		)
Net deferred tax asset	68,716			43,441
Deferred tax liabilities:
Intangible assets in excess of tax basis	151,210			22,749
Property and equipment in excess of tax basis	37,827			40,135
Other	11,485			2,246
Deferred tax liabilities	200,522			65,130
Net deferred tax liability	$	(131,806	)	$	(21,689	)
Income taxes are classified in the balance sheet as follows:
Net current deferred tax asset	$	17,716		$	8,927
Net non-current deferred tax liability	(149,522		)	(30,616		)
	$	(131,806	)	$	(21,689	)

Schedule of valuation allowance for deferred tax assets

The changes in the valuation allowance for deferred tax assets for the years ended December 31, 2014 and 2013 are as follows (in thousands):



	2014			2013
Balance at beginning of the year	$	1,213		$	1,334
Charged to costs and expenses	158			168
Charged to other accounts	(83		)	—
Deductions	(14		)	(289		)
Balance at end of the year	$	1,274		$	1,213

Summary of income tax contingencies

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands):



	2014			2013			2012
Balance as of January 1	$	582		$	8,565		$	2,109
Additions for tax positions related to the current year	573			190			—
Additions for tax positions of prior years	2,097			207			7,390
Reductions for tax positions of prior years	(326		)	(8,380		)	(934		)
Balance as of December 31	$	2,926		$	582		$	8,565

Total Debt (Tables)

12 Months Ended

Dec. 31, 2014

Long-term Debt, Unclassified [Abstract]

Schedule of Long-term Debt Instruments [Table Text Block]

The following table presents our total debt outstanding at December 31, 2014 and 2013 (in thousands):



	As of December 31,
	2014		2013
Senior Secured Credit Facility:
Senior Secured Credit Facility due 2018	$	258,000	$	58,000
Term Loan A due 2019	200,000		—
Swing line of credit	12,355		11,191
5.375% Senior Unsecured Notes due 2021	300,000		300,000
Total debt	770,355		369,191
Current maturities of long-term debt	11,250		—
Total debt, net of current maturities	$	759,105	$	369,191

Schedule of Maturities of Long-term Debt [Table Text Block]

Future aggregate maturities of total debt are as follows (in thousands):



Year Ended December 31,
2015	$	11,250
2016	16,250
2017	21,250
2018	421,605
Thereafter	300,000
Total	$	770,355

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=34725769&loc=d3e28878-108400

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21538-112644

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28541-108399

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28551-108399

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21521-112644

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 22
-Article 5

+ Details

Operating Leases (Tables)

12 Months Ended

Dec. 31, 2014

Leases [Abstract]

Future minimum operating lease payments

Future minimum operating lease payments are as follows, not including the variable portion of contingent leases and Arlington’s contingent licensing agreements (in thousands):



Year Ended December 31,
2015	$	11,604
2016	10,719
2017	9,601
2018	4,591
2019	2,515
Thereafter	3,590
Total	$	42,620

Share-Based Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2014

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Schedule of stock option activity



	Market Condition (Performance-Based) Awards				Service Period Awards				Total
	Number of Shares		Weighted Average Grant Date Fair Value		Number of Shares		Weighted Average Grant Date Fair Value		Number of Shares		Weighted Average Grant Date Fair Value
Balance as of December 31, 2011	112		$	43.76	307		$	38.63	419		$	40.01
Granted	—		$	—	182		$	51.99	182		$	51.99
Vested	(52	)	$	41.31	(169	)	$	45.85	(221	)	$	44.77
Canceled/forfeited	—		$	—	(1	)	$	39.12	(1	)	$	39.12
Balance as of December 31, 2012	60		$	45.90	319		$	42.42	379		$	42.97
Granted	324		$	53.71	287		$	67.55	611		$	60.21
Vested	(60	)	$	45.90	(256	)	$	59.54	(316	)	$	53.90
Canceled/forfeited	—		$	—	(1	)	$	38.75	(1	)	$	38.75
Balance as of December 31, 2013	324		$	53.71	349		$	53.58	673		$	53.64
Granted	—		$	—	26		$	88.58	26		$	88.58
Vested	(239	)	$	53.49	(107	)	$	54.15	(346	)	$	53.70
Canceled/forfeited	—		$	—	(12	)	$	60.41	(12	)	$	60.41
Balance as of December 31, 2014	85		$	54.32	256		$	56.24	341		$	55.77

Activity for stock options granted by the Company during the years ended December 31, 2014, 2013 and 2012 is presented below (in thousands, except per common share data):



	Number of Shares Under Option		Weighted Average Exercise Price
Balance as of December 31, 2011	354		$	36.52
Granted	—		$	—
Exercises	(153	)	$	36.80
Canceled/forfeited	—		$	—
Balance as of December 31, 2012	201		$	36.30
Granted	—		$	—
Exercises	(7	)	$	42.94
Canceled/forfeited	(1	)	$	36.12
Balance as of December 31, 2013	193		$	36.04
Granted	—		$	—
Exercises	(182	)	$	35.26
Canceled/forfeited	(1	)	$	49.95
Balance as of December 31, 2014	10		$	48.63

Disclosure of share based compensation award activity

The following table summarizes information about stock options outstanding as of December 31, 2014 (in thousands, except contractual life and per share data):



	Shares Under Option	Remaining Contractual Life	Average Exercise Price Per Share		Intrinsic Value per Share⁽¹⁾		Aggregate Intrinsic Value
Options exercisable and vested at December 31, 2014	10	3.2	$	48.63	$	46.67	$	483


(1)	Computed based upon the amount by which the fair market value of the Company’s common stock at December 31, 2014 of $95.30 per share exceeded the weighted average exercise price.

estimates the fair value of the stock options as of the date of grant, using the Black-Scholes option pricing model.

Fair Value Of Assets And Liabilities (Tables)

12 Months Ended

Dec. 31, 2014

Fair Value Disclosures [Abstract]

Fair Value Measurements, Recurring and Nonrecurring

The following tables present the Company's assets and liabilities measured at fair value at December 31, 2014 and 2013 (in thousands):



	Year Ended December 31, 2014
	Level 1		Level 2		Level 3
Cash equivalents and restricted cash	$	27,464	$	—	$	—
Big Fish Games deferred payments	—		—		78,800
Big Fish Games earnout liability	—		—		327,800
Senior unsecured notes	—		299,250		—
Bluff contingent consideration liability	—		—		2,331
Total	$	27,464	$	299,250	$	408,931



	Year Ended December 31, 2013
	Level 1		Level 2		Level 3
Cash equivalents and restricted cash	$	36,940	$	—	$	—
Senior unsecured notes	—		305,250		—
Bluff contingent consideration liability	—		—		2,331
Total	$	36,940	$	305,250	2,331



	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
Balance as of December 31, 2013	$	2,331
Additions	402,774
Change in fair value	3,826
Balance as of December 31, 2014	$	408,931

Earnings Per Common Share Computations (Tables)

12 Months Ended

Dec. 31, 2014

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The following is a reconciliation of the numerator and denominator of the earnings per common share computations (in thousands, except per share data):



	Year Ended December 31,
	2014			2013			2012
Numerator for basic earnings from continuing operations per common share:
Earnings from continuing operations	$	46,357		$	55,033		$	58,152
Earnings from continuing operations allocated to participating securities	(267		)	(873		)	(518		)
Numerator for basic earnings from continuing operations per common share	$	46,090		$	54,160		$	57,634
Numerator for basic earnings per common share:
Net earnings	$	46,357		$	54,900		$	58,276
Net earnings allocated to participating securities	(267		)	(870		)	(519		)
Numerator for basic net earnings per common share	$	46,090		$	54,030		$	57,757
Numerator for diluted earnings from continuing operations per common share:	$	46,357		$	55,033		$	58,152
Numerator for diluted earnings per common share	$	46,357		$	54,900		$	58,276

Denominator for net earnings per common share:
Basic	17,271			17,294			17,047
Plus dilutive effect of stock options and restricted stock	153			248			233
Plus dilutive effect of participating securities	165			396			195
Diluted	17,589			17,938			17,475
Earnings (loss) per common share:
Basic
Earnings from continuing operations	$	2.67		$	3.13		$	3.38
Discontinued operations	—			(0.01		)	0.01
Net earnings	$	2.67		$	3.12		$	3.39
Diluted
Earnings from continuing operations	$	2.64		$	3.07		$	3.33
Discontinued operations	—			(0.01		)	0.01
Net earnings	$	2.64		$	3.06		$	3.34

Segment Information (Tables)

12 Months Ended

Dec. 31, 2014

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment



	Year Ended December 31,
	2014			2013			2012
Casinos	$	8,900		$	(3,718	)	$	(610	)
TwinSpires	(68		)	(848		)	(1,413		)
Other Investments	(2,504		)	424			322
	$	6,328		$	(4,142	)	$	(1,701	)

The tables below present total asset information about reported segments as of December 31, 2014 and 2013 and capital expenditures for the years ended December 31, 2014, 2013 and 2012 (in thousands):



	As of December 31,
	2014		2013
Total assets:
Racing	$	518,517	$	513,345
Casinos	621,240		622,038
TwinSpires	182,322		186,621
Big Fish Games	1,007,438		—
Other Investments	30,757		30,257
	$	2,360,274	$	1,352,261



	Year Ended December 31,
	2014		2013		2012
Capital expenditures, net:
Racing	$	35,637	$	20,184	$	14,027
Casinos	7,715		13,643		14,524
TwinSpires	5,778		5,908		4,427
Big Fish Games	116		—		—
Other Investments	5,240		9,036		8,320
	$	54,486	$	48,771	$	41,298



	Year Ended December 31,
	2014			2013			2012
Net revenues from external customers:
Churchill Downs	$	143,191		$	132,845		$	124,255
Arlington	60,312			64,483			69,077
Calder	19,325			36,264			64,566
Fair Grounds	38,625			40,677			44,190
Total Racing	261,453			274,269			302,088
Calder Casino	77,003			78,951			77,864
Fair Grounds Slots	40,774			42,156			42,881
VSI	34,369			35,931			35,433
Harlow’s Casino	50,199			52,440			56,604
Oxford Casino	76,526			34,350			—
Riverwalk Casino	50,139			53,645			10,330
Total Casinos	329,010			297,473			223,112
TwinSpires	190,333			184,541			183,279
Big Fish Games	13,855			—			—
Other Investments	17,125			21,899			21,785
Corporate	1,158			1,143			1,032
Net revenues from external customers	$	812,934		$	779,325		$	731,296
Intercompany net revenues:
Churchill Downs	$	7,038		$	6,686		$	5,592
Arlington	5,767			3,395			4,712
Calder	707			1,263			1,583
Fair Grounds	1,089			1,151			1,270
Total Racing	14,601			12,495			13,157
TwinSpires	958			853			836
Other Investments	4,130			4,409			3,466
Eliminations	(19,689		)	(17,757		)	(17,459		)
Net revenues	$	—		$	—		$	—

Reconciliation of Assets from Segment to Consolidated



	Year Ended December 31,
	2014			2013			2012
Reconciliation of segment Adjusted EBITDA to net earnings:
Racing	$	61,160		$	50,275		$	54,357
Casinos	101,106			80,631			64,231
TwinSpires	45,282			49,122			44,618
Big Fish Games	3,837			—			—
Other Investments	(3,857		)	809			(117		)
Total segment Adjusted EBITDA	207,528			180,837			163,089
Corporate Adjusted EBITDA	(5,037		)	(4,606		)	(4,834		)
Insurance recoveries, net of losses	431			375			7,006
Big Fish Games acquisition charges	(3,826		)	—			—
Big Fish Games transaction expenses	(6,367		)	—			—
Big Fish Games changes in deferred revenue	(4,497		)	—			—
HRE Trust Fund proceeds	—			4,541			—
Share-based compensation expense	(11,932		)	(21,482		)	(13,993		)
Pre-opening expenses	(27		)	(3,620		)	—
MVG interest expense, net	(2,546		)	(170		)	—
Asset impairment charges	(4,843		)	—			—
Other charges	(3,287		)	(2,500		)	—
Depreciation and amortization	(68,257		)	(61,750		)	(55,600		)
Interest income (expense), net	(20,822		)	(6,119		)	(4,441		)
Income tax provision	(30,161		)	(30,473		)	(33,075		)
Earnings from continuing operations	46,357			55,033			58,152
Discontinued operations, net of income taxes	—			(133		)	124
Net earnings	46,357			54,900			58,276
Foreign currency translation, net of tax	(125		)	—			—
Comprehensive income	$	46,232		$	54,900		$	58,276

Basis Of Presentation and Summary of Significant Accounting Policies Basis of Presentation and Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Variable Interest Entity [Line Items]
Debt Issuance Cost		$ 6,300
Restricted cash	$ 26,065	36,074
Equity Method Investment, Ownership Percentage	50.00%
Deferred Finance Costs, Gross	$ 1,100	2,300	$ 100
Advertising Expense	$ 9,900	9,500	$ 6,900
Advanced Sales of Personal Seat Licenses, Contractual Life, Term One	1 year
Advanced Sales of Personal Seat Licenses, Contractual Life, Term Two	2 years
Advanced Sales of Personal Seat Licenses, Contractual Life, Term Three	3 years
Advanced Sales of Personal Seat Licenses, Contractual Life, Term Four	5 years
Advanced Sales of Personal Seat Licenses, Contractual Life, Term Five	30 years
HRE Trust Fund
Variable Interest Entity [Line Items]
Restricted cash		$ 8,800
Minimum
Variable Interest Entity [Line Items]
Pari-Mutuel Tax Rate	0.50%
Gaming Tax Rate	1.50%
Maximum [Member]
Variable Interest Entity [Line Items]
Pari-Mutuel Tax Rate	10.00%
Gaming Tax Rate	46.00%

Basis Of Presentation and Summary of Significant Accounting Policies Basis Of Presentation and Summary of Significant Accounting Policies - Property, Plant and Equipment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Grandstands and buildings \| Minimum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	10 years
Grandstands and buildings \| Maximum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	40 years
Equipment \| Minimum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	2 years
Equipment \| Maximum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	10 years
Furniture and fixtures \| Minimum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	2 years
Furniture and fixtures \| Maximum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	10 years
Tracks and other improvements \| Minimum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	10 years
Tracks and other improvements \| Maximum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	20 years
Internal use software
Property, Plant and Equipment [Line Items]
Estimated useful life of capitalized costs	3 years
Capitalized costs, amortization	$ 6.0	$ 5.1	$ 4.2
TwinSpires [Member] \| Internal use software
Property, Plant and Equipment [Line Items]
Capitalized internal use software	$ 5.3	$ 7.4	$ 5.2

Basis Of Presentation and Summary of Significant Accounting Policies Basis Of Presentation and Summary of Significant Accounting Policies - Intangible Assets (Details)	12 Months Ended
	Dec. 31, 2014
Minimum
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	1 year
Maximum
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	30 years

Basis Of Presentation and Summary of Significant Accounting Policies - Promotional Allowance (Details) - USD ($)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Promotional Allowance [Line Items]
Customer Loyalty Program Liability, Current	$ 1,731,863	$ 2,102,442
Promotional allowances	32,500,000	33,000,000	$ 21,500,000
Estimated cost of providing promotional allowances	9,100,000	9,500,000	5,700,000
Racing Segment [Member]
Promotional Allowance [Line Items]
Promotional allowances	700,000	900,000	1,000,000
TwinSpires [Member]
Promotional Allowance [Line Items]
Promotional allowances	12,500,000	12,300,000	9,300,000
Casino Segment
Promotional Allowance [Line Items]
Promotional allowances	$ 19,200,000	$ 19,800,000	$ 11,200,000

Acquisitions And New Ventures (Details) $ in Thousands		1 Months Ended	5 Months Ended	12 Months Ended
Acquisitions And New Ventures (Details) $ in Thousands	Dec. 16, 2014 USD ($)	Dec. 31, 2014 USD ($) shares	Dec. 31, 2013 USD ($)	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)	Dec. 31, 2012 USD ($)	May 13, 2014	Jul. 17, 2013 USD ($) ft²
Business Acquisition [Line Items]
Estimated Payable to the acquisition equity holders, income tax refund		$ 18,087	$ 0	$ 18,087	$ 0
Acquisition related charges				6,367	0	$ 0
Revenues				0	0	0
Payments to Acquire Businesses, Net of Cash Acquired				366,045	154,872	142,915
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest				76,518	85,506	91,227
Earnout liability for acquisition of Big Fish Games				324,747	0	0
Deferred payment for acquisition of Big Fish Games				$ 97,073	0	0
Equity Method Investment, Ownership Percentage		50.00%		50.00%
Equity in gains (losses) of unconsolidated investments				$ 6,328	(4,142)	(1,701)
Payments to Acquire Interest in Joint Venture				17,906	70,500	19,850
Big Fish Games [Member]
Business Acquisition [Line Items]
Future Business Acquisition, Cost Of Acquired Entity, Purchase Price	$ 838,300
Future Business Acquisition, Cost Of Acquired Entity, Cash paid	401,700
Deferred Payment-Founder	85,300
Deferred Founders Payment,Time Payable		3 years
Deferred Payment-Founder, Fair Value	78,000
Estimated Payable to the acquisition equity holders, income tax refund	18,100
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents	34,700
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Deferred Revenue	37,250
Other intangible assets	362,863
Revenues		$ 13,900
Payments to Acquire Businesses, Net of Cash Acquired				366,000
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest		$ 2,900
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares \| shares		157,115
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High	350,000
Business Combination, Contingent Consideration, Liability	$ 324,700
Oxford Acquisition [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents								$ 13,700
Other intangible assets								64,693
Purchase price of the entity to be acquired								$ 168,600
Square footage of Casino \| ft²								25,000
Revenues			34,400	76,500
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest			$ 6,100	$ 14,000
Furniture and fixtures \| Oxford Acquisition [Member]
Business Acquisition [Line Items]
Property, Plant and Equipment, Useful Life			6 years
Buildings \| Oxford Acquisition [Member]
Business Acquisition [Line Items]
Property, Plant and Equipment, Useful Life			40 years
Building Improvements [Member] \| Oxford Acquisition [Member]
Business Acquisition [Line Items]
Property, Plant and Equipment, Useful Life			14 years
Minimum \| Computer Equipment and Software [Member] \| Big Fish Games [Member]
Business Acquisition [Line Items]
Property, Plant and Equipment, Useful Life	1 year
Minimum \| Equipment
Business Acquisition [Line Items]
Property, Plant and Equipment, Useful Life				2 years
Minimum \| Equipment \| Big Fish Games [Member]
Business Acquisition [Line Items]
Property, Plant and Equipment, Useful Life	2 years
Minimum \| Equipment \| Oxford Acquisition [Member]
Business Acquisition [Line Items]
Property, Plant and Equipment, Useful Life			2 years
Minimum \| Furniture and fixtures
Business Acquisition [Line Items]
Property, Plant and Equipment, Useful Life				2 years
Minimum \| Furniture and fixtures \| Big Fish Games [Member]
Business Acquisition [Line Items]
Property, Plant and Equipment, Useful Life	2 years
Minimum \| Leasehold Improvements [Member] \| Big Fish Games [Member]
Business Acquisition [Line Items]
Property, Plant and Equipment, Useful Life	3 years
Minimum \| Buildings
Business Acquisition [Line Items]
Property, Plant and Equipment, Useful Life				10 years
Minimum \| Computer Equipment [Member] \| Oxford Acquisition [Member]
Business Acquisition [Line Items]
Property, Plant and Equipment, Useful Life			2 years
Maximum \| Computer Equipment and Software [Member] \| Big Fish Games [Member]
Business Acquisition [Line Items]
Property, Plant and Equipment, Useful Life	5 years
Maximum \| Equipment
Business Acquisition [Line Items]
Property, Plant and Equipment, Useful Life				10 years
Maximum \| Equipment \| Big Fish Games [Member]
Business Acquisition [Line Items]
Property, Plant and Equipment, Useful Life	10 years
Maximum \| Equipment \| Oxford Acquisition [Member]
Business Acquisition [Line Items]
Property, Plant and Equipment, Useful Life			9 years
Maximum \| Furniture and fixtures
Business Acquisition [Line Items]
Property, Plant and Equipment, Useful Life				10 years
Maximum \| Furniture and fixtures \| Big Fish Games [Member]
Business Acquisition [Line Items]
Property, Plant and Equipment, Useful Life	10 years
Maximum \| Leasehold Improvements [Member] \| Big Fish Games [Member]
Business Acquisition [Line Items]
Property, Plant and Equipment, Useful Life	10 years
Maximum \| Buildings
Business Acquisition [Line Items]
Property, Plant and Equipment, Useful Life				40 years
Maximum \| Computer Equipment [Member] \| Oxford Acquisition [Member]
Business Acquisition [Line Items]
Property, Plant and Equipment, Useful Life			5 years
New York Joint Venture [Member]
Business Acquisition [Line Items]
Equity Method Investment, Realized Gain (Loss) on Disposal				$ (1,600)
Equity Method Investment, Ownership Percentage							50.00%
Equity in gains (losses) of unconsolidated investments				(1,000)
Payments to Acquire Interest in Joint Venture				3,300
Secured Debt [Member]
Business Acquisition [Line Items]
Other Loans Payable, Long-term, Noncurrent		$ 200,000	$ 0	200,000	0
Issuance Of Common Stock For Extinguishment Of Convertible Note Payable [Member]
Business Acquisition [Line Items]
Issuance of common stock for acquisition of Big Fish Games				$ 15,793	$ 0	$ 0
Trademarks
Business Acquisition [Line Items]
Fair Value Inputs, Discount Rate		0.00%
Customer Relationships [Member]
Business Acquisition [Line Items]
Fair Value Inputs, Discount Rate		0.00%
Customer Relationships [Member] \| Big Fish Games [Member]
Business Acquisition [Line Items]
Other intangible assets	$ 32,663
Customer Relationships [Member] \| Oxford Acquisition [Member]
Business Acquisition [Line Items]
Other intangible assets								$ 1,700
Developed Technology Rights [Member]
Business Acquisition [Line Items]
Fair Value Inputs, Discount Rate		0.00%
In Process Research and Development [Member]
Business Acquisition [Line Items]
Fair Value Inputs, Discount Rate		0.00%
In Process Research and Development [Member] \| Big Fish Games [Member]
Business Acquisition [Line Items]
Other intangible assets	$ 12,700

Acquisitions And New Ventures Acquisitions And New Ventures - Identifiable Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands		5 Months Ended
	Dec. 16, 2014	Dec. 31, 2013	Dec. 31, 2014	Jul. 17, 2013
Oxford Acquisition [Member]
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Accounts receivable				$ 252
Prepaid expenses				675
Inventory				124
Property and equipment				45,105
Goodwill		$ 50,200		50,202
Other intangible assets				64,693
Total assets acquired				161,051
Accounts payable				1,063
Accrued expenses				5,111
Other liabilities				5
Total liabilities acquired				6,179
Purchase price, net of cash acquired				154,872
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents				13,700
Big Fish Games [Member]
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Accounts receivable	$ 19,274
Business Combination, Income Taxes Receivable	18,087
Prepaid expenses	9,727
Business Combination, Assets, Deferred Income Taxes	905
Business Combination, Other Assets	1,780
Property and equipment	14,632
Goodwill	538,904		$ 538,900
Other intangible assets	362,863
Total assets acquired	966,172
Accounts payable	9,064
Accrued expenses	16,987
Business Combination, Income Tax Payable	210
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Deferred Revenue	37,250
Business Combination, Liabilities, Deferred Income Taxes	96,182
Other liabilities	2,821
Total liabilities acquired	162,514
Purchase price, net of cash acquired	803,658
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents	34,700
Contractual Rights [Member] \| Oxford Acquisition [Member]
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Other intangible assets				58,500
Trade Names [Member] \| Oxford Acquisition [Member]
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Other intangible assets				2,400
Trade Names [Member] \| Big Fish Games [Member]
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Other intangible assets	$ 200,000
In Process Research and Development [Member] \| Big Fish Games [Member]
Business Acquisition [Line Items]
Finite-Lived Intangible Asset, Useful Life	5 years
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Other intangible assets	$ 12,700
Technology-Based Intangible Assets [Member] \| Big Fish Games [Member]
Business Acquisition [Line Items]
Finite-Lived Intangible Asset, Useful Life	4 years
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Other intangible assets	$ 87,000
Customer Relationships [Member] \| Oxford Acquisition [Member]
Business Acquisition [Line Items]
Finite-Lived Intangible Asset, Useful Life		6 years
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Other intangible assets				1,700
Customer Relationships [Member] \| Big Fish Games [Member]
Business Acquisition [Line Items]
Finite-Lived Intangible Asset, Useful Life	3 years
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Other intangible assets	$ 32,663
Other Intangible Assets [Member] \| Oxford Acquisition [Member]
Business Acquisition [Line Items]
Finite-Lived Intangible Asset, Useful Life		20 years
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Other intangible assets				$ 2,093
Strategic Developer Relationships [Member] \| Big Fish Games [Member]
Business Acquisition [Line Items]
Finite-Lived Intangible Asset, Useful Life	6 years
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Other intangible assets	$ 30,500

Acquisitions And New Ventures Acquisitions And New Ventures - Pro Forma Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Acquisitions and New Ventures [Abstract]
Business Acquisition, Non-recurring Acquisition Costs		$ 23,100
Business Acquisition, Pro Forma Information [Abstract]
Net revenues	$ 1,126,592	1,085,518
Earnings from continuing operations	$ 64,145	$ 11,182

Discontinued Operations Discontinued Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest [Abstract]
Discontinued Operation, Revenue	$ 0	$ 632	$ 1,087
Discontinued Operation, Operating Expense	0	857	885
Discontinued Operations, Selling, General and Adminstrative Expenses	0	0	0
Discontinued Operation, Operating Income (Loss)	0	(225)	202
Discontinued Operations, Other (Expense) Income	0	145	(2)
Discontinued Operation, (Loss) Earnings From Operations Before Benefit (Provision) For Income Taxes	0	(80)	200
Discontinued Operation Income Tax Benefit (Provision)	0	30	(76)
Discontinued Operation, Loss From Operations	0	(50)	124
Loss on sale of assets	0	(83)	0
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent	$ 0	(133)	$ 124
Hollywood Park Racetrack [Member]
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest [Abstract]
Operating Expenses		$ 100

Natural Disasters (Details) $ in Thousands		12 Months Ended
Natural Disasters (Details) $ in Thousands	Feb. 24, 2011 USD ($) hotel_rooms	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)	Dec. 31, 2012 USD ($)	Dec. 31, 2011 USD ($)	May 12, 2011 seats
Business Interruption Loss [Line Items]
Unusual or Infrequent Item, Net of Insurance Proceeds		$ (431)	$ (375)	$ (7,006)
Casualty Losses		0	0	12,975
Insurance Recoveries		(431)	(375)	(19,981)
Casino Segment
Business Interruption Loss [Line Items]
Unusual or Infrequent Item, Net of Insurance Proceeds				(6,525)
Casualty Losses				12,331
Insurance Recoveries				(18,856)
Racing Segment [Member]
Business Interruption Loss [Line Items]
Unusual or Infrequent Item, Net of Insurance Proceeds		(431)	(375)	(481)
Casualty Losses		0	0	644
Insurance Recoveries		(431)	(375)	(1,125)
Churchill Downs \| Hail
Business Interruption Loss [Line Items]
Insurance Deductible		500
Reduction To Property And Equipment Due To Natural Disaster				600
Insurance Settlements Received		400	400	1,100
Unusual or Infrequent Item, Net of Insurance Proceeds		400	400	500
Harlows Casino
Business Interruption Loss [Line Items]
Number Of Hotels Rooms Damaged \| hotel_rooms	61
Harlows Casino \| Wind
Business Interruption Loss [Line Items]
Insurance Deductible		100
Reduction To Property And Equipment Due To Natural Disaster				1,400
Repair expenditures				400
Insurance Settlements Received			3,400
Unusual or Infrequent Item, Net of Insurance Proceeds				1,500
Preliminary Claim For Damages Incurred	$ 1,000
Harlows Casino \| Flood
Business Interruption Loss [Line Items]
Number Of Seats In Entertainment Center \| seats						2,600
Insurance Deductible		$ 1,300
Reduction To Property And Equipment Due To Natural Disaster				8,500
Repair expenditures				2,000
Insurance Settlements, Partial Settlement Received					$ 3,500
Insurance Settlements Received			$ 12,000
Unusual or Infrequent Item, Net of Insurance Proceeds				$ 5,000

Accounts Receivable (Details) - USD ($) $ in Thousands	12 Months Ended
Accounts Receivable (Details) - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Accounts Receivable, Net, Current [Abstract]
Accounts receivable, gross	$ 80,136	$ 50,910
Accounts receivable, allowance for doubtful accounts	(4,246)	(4,338)
Accounts receivable, net	75,890	46,572
Bad debt expense		(2,500)
Big Fish Games [Member]
Accounts Receivable, Net, Current [Abstract]
Accounts receivable, net	28,900
TwinSpires [Member]
Accounts Receivable, Net, Current [Abstract]
Bad debt expense	(700)	(500)	$ (900)
Simulcast and ADW Receivables
Accounts Receivable, Net, Current [Abstract]
Accounts receivable, gross	17,282	19,768
Trade Account Receivable
Accounts Receivable, Net, Current [Abstract]
Accounts receivable, gross	46,985	16,129
PSL and Hospitality Receivables
Accounts Receivable, Net, Current [Abstract]
Accounts receivable, gross	10,877	9,410
Other receivables
Accounts Receivable, Net, Current [Abstract]
Accounts receivable, gross	$ 4,992	$ 5,603

Property and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 1,006,367	$ 946,273
Accumulated depreciation	(411,052)	(360,775)
Property, Plant and Equipment, Net	595,315	585,498
Depreciation	55,000	49,600	$ 44,400
Restructuring and Related Cost, Accelerated Depreciation	2,400
Asset impairment loss	4,843	0	0
Land
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	118,658	118,165
Grandstands and buildings
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	439,625	435,125
Equipment
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	237,867	208,966
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	51,815	47,718
Tracks and other improvements
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	142,975	121,085
Construction in progress
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	15,427	15,214
Trackside
Property, Plant and Equipment [Line Items]
Depreciation		$ 1,500	$ 900
Luckity [Member]
Property, Plant and Equipment [Line Items]
Asset impairment loss	$ 3,200

Investment In and Advances To Unconsolidated Affiliate (Details) $ in Thousands		12 Months Ended			34 Months Ended
	Dec. 21, 2012 USD ($)	Dec. 31, 2014 USD ($) ft² mi	Dec. 31, 2013 USD ($) a terminal	Dec. 31, 2012 USD ($)	Dec. 31, 2014 USD ($) ft² mi
Investments in and Advances to Affiliates [Line Items]
Equity Method Investment, Summarized Financial Information, Current Assets		$ 24,943	$ 18,001		$ 24,943
Equity in gains (losses) of unconsolidated investments		6,328	(4,142)	$ (1,701)
Investment Affiliate-Property Plant & Equipment		130,868	140,793		130,868
Equity Method Investment, Summarized Financial Information, Noncurrent Assets		105,059	80,408		105,059
Equity Method Investment, Summarized Financial Information, Assets		260,870	239,202		260,870
Equity Method Investment, Summarized Financial Information, Current Liabilities		16,775	36,324		16,775
Equity Method Investment-Long-term Debt, Current Maturities		8,332	8,471		8,332
Equity Method Investment, Summarized Financial Information, Noncurrent Liabilities		26,584	32,287	50,000	26,584
Investment Affiliate-Other Liabilities		83	75		83
Equity Method Investment Summarized Financial Information, Equity		209,096	162,045		209,096
Equity Method Investment, Summarized Financial Information, Liabilities and Equity		260,870	239,202		$ 260,870
Investment Affiliate-Gaming Revenue		126,111	6,472	0
Investment Affiliate-Non-Gaming Revenue		6,257	5,479	109
Equity Method Investment, Summarized Financial Information, Revenue		132,368	11,951	109
Investment Affiliate-Expenses		97,385	10,815	242
Equity Method, Depreciation & Amortization		12,299	935	7
Investment Affiliate-Pre-Opening Expenses		54	7,240	1,079
Equity Method Investment Operating Income Loss		22,630	(7,039)	(1,219)
Investment Affiliate-Interest		(4,829)	(397)	0
Equity Method Investment, Summarized Financial Information, Net Income (Loss)		17,801	(7,436)	(1,219)
Investment in joint ventures		$ (17,906)	(70,500)	(19,850)
Equity Method Investment, Ownership Percentage		50.00%			50.00%
Other Investments
Investments in and Advances to Affiliates [Line Items]
Equity in gains (losses) of unconsolidated investments		$ (2,504)	424	322
Miami Valley Gaming and Racing [Member] \| Other Investments
Investments in and Advances to Affiliates [Line Items]
Equity in gains (losses) of unconsolidated investments		$ 8,900	$ (3,718)	$ (610)
Miami Valley Gaming and Racing [Member]
Investments in and Advances to Affiliates [Line Items]
Race Track, Length \| mi		0.000625			0.000625
Equity Method Investments	$ 60,000
Note Payable, Term	6 years
Equity Method Investments, Contingent Payable	$ 10,000
Acres \| a			120
Square footage of Casino \| ft²		186,000			186,000
Equity Method Investments, Facility Cost			$ 204,600
Investment in joint ventures		$ (14,600)			$ (105,000)
Funded at Closing [Member] \| Miami Valley Gaming and Racing [Member]
Investments in and Advances to Affiliates [Line Items]
Equity Method Investments	10,000
Notes Payable, Other Payables [Member] \| Miami Valley Gaming and Racing [Member]
Investments in and Advances to Affiliates [Line Items]
Equity Method Investments	$ 50,000
Minimum \| Miami Valley Gaming and Racing [Member]
Investments in and Advances to Affiliates [Line Items]
Number of Lottery Terminals \| terminal			1,580

Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
Goodwill (Details) - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013	Dec. 16, 2014	Jul. 17, 2013
Goodwill [Roll Forward]
Balance, beginning of period	$ 300,616	$ 250,414
Additions	538,904	50,202
Balance, end of period	839,520	300,616
Racing Segment [Member]
Goodwill [Roll Forward]
Balance, beginning of period	51,659	51,659
Additions	0	0
Balance, end of period	51,659	51,659
Casino Segment
Goodwill [Roll Forward]
Balance, beginning of period	117,659	67,457
Additions	0	50,202
Balance, end of period	117,659	117,659
TwinSpires [Member]
Goodwill [Roll Forward]
Balance, beginning of period	127,364	127,364
Additions	0	0
Balance, end of period	127,364	127,364
Big Fish Games [Member]
Goodwill [Roll Forward]
Balance, beginning of period	0	0
Additions	538,904	0
Balance, end of period	538,904	0
Other Investments
Goodwill [Roll Forward]
Balance, beginning of period	3,934	3,934
Additions	0	0
Balance, end of period	3,934	3,934
Big Fish Games [Member]
Goodwill [Line Items]
Goodwill	$ 538,900		$ 538,904
Oxford Acquisition [Member]
Goodwill [Line Items]
Goodwill		$ 50,200		$ 50,202

Other Intangible Assets Other Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Jul. 17, 2013
Finite-Lived Intangible Assets, Net [Abstract]
Gross carrying amount	$ 238,865	$ 76,002
Accumulated amortization	(47,236)	(36,196)
Net carrying amount	191,629	39,806
Indefinite-Lived Intangible Assets (Excluding Goodwill) [Abstract]
Net carrying amount	549,972	198,149
Amortization expense	13,300	12,200	$ 11,200
Annual license fees paid	2,300
Oxford Acquisition [Member]
Indefinite-Lived Intangible Assets (Excluding Goodwill) [Abstract]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles				$ 3,800
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets				$ 60,900
Calder
Indefinite-Lived Intangible Assets (Excluding Goodwill) [Abstract]
Annual license fees paid	2,300	2,300
Slots gaming rights
Indefinite-Lived Intangible Assets (Excluding Goodwill) [Abstract]
Net carrying amount	128,890	128,890
Trademarks
Indefinite-Lived Intangible Assets (Excluding Goodwill) [Abstract]
Net carrying amount	225,729	25,729
Illinois Horseracing Equity Trust
Indefinite-Lived Intangible Assets (Excluding Goodwill) [Abstract]
Net carrying amount	3,307	3,307
Other
Indefinite-Lived Intangible Assets (Excluding Goodwill) [Abstract]
Net carrying amount	417	417
Favorable contracts
Finite-Lived Intangible Assets, Net [Abstract]
Gross carrying amount	11,000	11,000
Accumulated amortization	(4,907)	(4,260)
Net carrying amount	6,093	6,740
Customer Relationships [Member]
Finite-Lived Intangible Assets, Net [Abstract]
Gross carrying amount	89,203	56,540
Accumulated amortization	(39,399)	(30,464)
Net carrying amount	49,804	26,076
Slot gaming license
Finite-Lived Intangible Assets, Net [Abstract]
Gross carrying amount	2,250	2,250
Accumulated amortization	(1,125)	(1,125)
Net carrying amount	1,125	1,125
Table Games License [Member]
Finite-Lived Intangible Assets, Net [Abstract]
Gross carrying amount	2,493
Accumulated amortization	(180)
Technology-Based Intangible Assets [Member]
Finite-Lived Intangible Assets, Net [Abstract]
Gross carrying amount	87,000	0
Accumulated amortization	(931)	0
Net carrying amount	86,069	0
In Process Research and Development [Member]
Finite-Lived Intangible Assets, Net [Abstract]
Gross carrying amount	12,700	0
Accumulated amortization	(105)	0
Net carrying amount	12,595	0
Other
Finite-Lived Intangible Assets, Net [Abstract]
Gross carrying amount	3,719	3,719
Accumulated amortization	(326)	(297)
Net carrying amount	3,393	3,422
Strategic Developer Relationships [Member]
Finite-Lived Intangible Assets, Net [Abstract]
Gross carrying amount	30,500	0
Accumulated amortization	(263)	0
Net carrying amount	30,237	$ 0
Oxford Acquisition [Member] \| Table Games License [Member]
Finite-Lived Intangible Assets, Net [Abstract]
Gross carrying amount	400
Harlows Casino [Member] \| Customer Relationships [Member]
Finite-Lived Intangible Assets, Net [Abstract]
Gross carrying amount	2,800
Harlows Casino [Member] \| Other
Finite-Lived Intangible Assets, Net [Abstract]
Gross carrying amount	400
Big Fish Games [Member]
Finite-Lived Intangible Assets, Net [Abstract]
Gross carrying amount	162,900
Indefinite-Lived Intangible Assets (Excluding Goodwill) [Abstract]
Net carrying amount	$ 200,000

Other Intangible Assets Finite-Lived Intangible, Amortization Expense (Details) $ in Thousands	Dec. 31, 2014 USD ($)
Finite-Lived Intangible Assets, Amortization Expense [Abstract]
2015	$ 53,818
2016	51,596
2017	35,927
2018	18,716
2019	$ 16,638

Income Taxes Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Current Income Tax Expense (Benefit), Continuing Operations [Abstract]
Federal	$ 13,236	$ 22,727	$ 21,103
State and local	2,008	2,462	2,351
Foreign	78	0	(38)
Current Income Tax Expense (Benefit)	15,322	25,189	23,416
Deferred Income Tax Expense (Benefit), Continuing Operations [Abstract]
Federal	19,672	5,788	8,292
State and local	81	(504)	1,367
Deferred Foreign Income Tax Expense (Benefit)	(4,914)	0	0
Deferred Income Tax Expense (Benefit)	14,839	5,284	9,659
Income Tax Expense (Benefit), Continuing Operations	$ 30,161	$ 30,473	$ 33,075

Income Taxes Income Taxes - Income Tax Reconcilation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Income Tax Expense (Benefit), Continuing Operations, Income Tax Reconciliation [Abstract]
Federal statutory tax on earnings before income taxes	$ 26,782	$ 29,928	$ 31,929
State income taxes, net of federal income tax benefit	1,388	1,514	2,185
Non-deductible lobbying and contributions	999	723	946
Tax credits and incentives	(1,209)	(663)	(494)
Tax adjustments	(485)	(174)	(1,093)
Accruals and settlements related to tax audits	529	(395)	(686)
Valuation allowance	0	(220)	0
Change in effective state tax rates	(401)	(383)	197
Income Tax Reconcilation, Deductions, Non-deductible Transaction Costs	947	0	0
Income Tax Reconcilation, Deductions, Non-deductible Acquisition Related Charges	1,339	0	0
Other permanent differences	272	143	91
Income Tax Expense (Benefit), Continuing Operations	$ 30,161	$ 30,473	$ 33,075

Income Taxes Income Taxes - Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013
Components of Deferred Tax Assets [Abstract]
Deferred compensation plans	$ 31,520	$ 14,271
Deferred income	752	6,328
Allowance for uncollectible receivables	1,323	1,295
Deferred liabilities	3,822	3,574
Deferred Tax Assets, Operating Loss Carryforwards	32,573	19,186
Deferred tax assets	69,990	44,654
Valuation allowance	(1,274)	(1,213)
Net deferred tax asset	68,716	43,441
Deferred Tax Liabilities, Gross [Abstract]
Intangible assets in excess of tax basis	151,210	22,749
Property and equipment in excess of tax basis	37,827	40,135
Other	11,485	2,246
Deferred tax liabilities	200,522	65,130
Net deferred tax asset (liability)	(131,806)	(21,689)
Deferred income taxes	17,716	8,927
Net non-current deferred tax liability	$ (149,522)	$ (30,616)

Income Taxes Income Taxes - Valuation allowance for deferred tax assets (Details) - Deferred Income Tax Asset Valuation Allowance - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Valuation allowance for deferred tax assets [Roll Forward]
Balance at beginning of the year	$ 1,213	$ 1,334	$ 1,487
Charged to Expenses	158	168
Charged to other accounts	(83)	0
Deductions	(14)	(289)
Balance at end of the year	$ 1,274	$ 1,213	$ 1,334

Income Taxes Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 16, 2014
Income Tax Disclosure [Abstract]
Business Combination, Indemnification Assets, Amount as of Acquisition Date				$ 1,100
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued	$ 100
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Unrecognized tax benefit, beginning of period	582	$ 8,565	$ 2,109
Additions for tax positions related to the current year	573	190	0
Additions for tax positions of prior years	2,097	207	7,390
Reductions for tax positions of prior years	(326)	(8,380)	(934)
Unrecognized tax benefit, end of period	$ 2,926	$ 582	$ 8,565

Income Taxes (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Oct. 31, 2012	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2003	Dec. 31, 2011
Income Taxes [Line Items]
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions		$ 326	$ 8,380	$ 934
Income tax provision		(30,161)	(30,473)	(33,075)
Combined benefits received		6,400
Sales tax receivable		600
Income tax receivable recorded		100
Unrecognized Tax Benefits		2,926	582	8,565		$ 2,109
Unrecognized Tax Benefits that Would Impact Effective Tax Rate		1,800
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit		1,100
Accrued interest epense related to unrecognized income tax benefits		200	200
Adjustment
Income Taxes [Line Items]
Reduction in operating expense		(600)	(800)	700
Income tax provision		(100)	$ (400)	$ 500
State
Income Taxes [Line Items]
Operating Loss Carryforwards		4,300
Operating Loss Carryforwards, Valuation Allowance		900
Youbet.com \| Federal
Income Taxes [Line Items]
Operating Loss Carryforwards		24,400
Youbet.com \| State
Income Taxes [Line Items]
Operating Loss Carryforwards		2,400
KENTUCKY \| State
Income Taxes [Line Items]
Reimbursement percentage of income and sales tax					80.00%
ILLINOIS \| State
Income Taxes [Line Items]
Income taxes paid	$ 2,900
Big Fish Games [Member]
Income Taxes [Line Items]
Unrecognized Tax Benefits		$ 1,700

Shareholders Equity (Details) $ in Thousands		12 Months Ended
Shareholders Equity (Details) $ in Thousands	Mar. 13, 2008 right / shares shares / right firm shares	Dec. 31, 2014 USD ($) shares	Dec. 31, 2013 USD ($)	Dec. 31, 2012 USD ($)	Apr. 23, 2013 USD ($)
Stock Repurchase Program, Authorized Amount					$ 100,000
Number of investment banking firms consulting with company \| firm	1
Percent of common stock issued	200.00%
Maximum percentage of companies assets, cash flow or earnings power before shareholders will lose right to exercise shares	50.00%
Class of Warrant or Right, Triggering Event, Repurchase, Beneficial Owner, Percentage	50.00%
Stock Repurchased During Period, Shares \| shares		691,000
Stock Repurchased and Retired During Period, Value		$ 61,561	$ 0	$ 0
Stock Repurchase Program, Remaining Authorized Repurchase Amount		$ 38,400
Preferred Stock
Conversion of Stock, Shares Issued \| shares	0.0001
Minimum
Beneficial ownership percentage	15.00%
Common Stock \| Common Stock
Class or Warrant or Right, Percent of Common Stock Issued	200.00%
Class of Warrant or Right, Repurchase Rate \| shares / right	1
Series A Preferred Stock [Member] \| Common Stock
Class of Warrant or Right, Issuance Rate \| right / shares	1

Employee Benefit Plans (Details) - USD ($) $ in Millions	12 Months Ended
Employee Benefit Plans (Details) - USD ($) $ in Millions	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Defined Benefit Plan Disclosure [Line Items]
Employer matching contribution, percent	3.00%
Maximum annual contribution per employee, percent	50.00%
Employers maximum additional match, percentage	2.00%
Employers matching contribution, annual vesting percentage	4.00%
Defined Contribution Plan, Cost Recognized	$ 2.5	$ 2.3	$ 1.8
Company's cash contribution to deferred compensation plans	0.1	0.1	0.1
Noncontributory Defined Benefit Multi-Employer Retirement Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Retirement plan expense	$ 0.7	$ 0.7	$ 0.6

Total Debt (Details)		12 Months Ended
Total Debt (Details)	May 17, 2013 USD ($)	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)	Dec. 31, 2012 USD ($)	Oct. 31, 2010 USD ($)
Debt Instrument [Line Items]
5.375% Senior Unsecured Notes due 2021		$ 300,000,000	$ 300,000,000
Debt, Long-term and Short-term, Combined Amount		$ 770,355,000	369,191,000
Debt Instrument, Interest Rate, Stated Percentage		5.375%
Proceeds from Issuance of Unsecured Debt			295,000,000
Debt Issuance Cost			6,300,000
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed		104.031%
Current maturities of long-term debt		$ 11,250,000	0
Loan origination fees		$ (1,069,000)	$ (2,258,000)	$ (67,000)
Debt, Weighted Average Interest Rate		2.19%	1.71%
Interest Expense		$ 20,842,000	$ 6,231,000	$ 4,531,000
Payments of Financing Costs		900,000
Long-term Debt		759,105,000	369,191,000
Unsecured Debt [Member]
Debt Instrument [Line Items]
5.375% Senior Unsecured Notes due 2021		300,000,000	300,000,000
Secured Debt [Member]
Debt Instrument [Line Items]
Senior Secured Credit Facility due 2018		258,000,000	58,000,000
Other Loans Payable, Long-term, Noncurrent		200,000,000	0
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Current maturities of long-term debt		$ 11,250,000	0
Revolving Credit Facility [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Debt instrument, face amount	$ 500,000,000				$ 375,000,000
Amendment, decrease in pricing schedule					0.375%
Amendment, decrease in commitment fee					0.05%
Variable rate basis		LIBOR
Remaining borrowing capacity		$ 223,700,000
Debt Instrument additional amount	225,000,000
Payments of Financing Costs	$ 2,300,000
Revolving Credit Facility [Member] \| London Interbank Offered Rate (LIBOR) [Member] \| Minimum
Debt Instrument [Line Items]
Margin on variable rate		1.125%
Commitment fee, unused capacity		0.175%
Debt covenant, interest coverage ratio		3.0
Debt covenant, leverage ratio		4.5
Revolving Credit Facility [Member] \| London Interbank Offered Rate (LIBOR) [Member] \| Maximum
Debt Instrument [Line Items]
Margin on variable rate		3.00%
Commitment fee, unused capacity		0.45%
Debt covenant, leverage ratio		5.0
Line of Credit Facility, Covenant Terms,SeniorSecuredLeverage Ratio		3.5
Line of Credit [Member]
Debt Instrument [Line Items]
Long-term Line of Credit		$ 12,355,000	$ 11,191,000
Quarterly Principal Payments [Member] \| Secured Debt [Member]
Debt Instrument [Line Items]
Long-term Line of Credit, Noncurrent		2,500,000
Incremental Quarterly Principal Payments [Member] \| Secured Debt [Member]
Debt Instrument [Line Items]
Long-term Line of Credit, Noncurrent		1,250,000
Maximum Quarterly Principal Payments [Member] \| Secured Debt [Member]
Debt Instrument [Line Items]
Long-term Line of Credit, Noncurrent		7,500,000
Final Balance Due [Member] \| Secured Debt [Member]
Debt Instrument [Line Items]
Long-term Line of Credit, Noncurrent		$ 102,500,000

Total Debt - Fiscal Year Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013
Long-term Debt, Fiscal Year Maturity [Abstract]
2015	$ 11,250
2016	16,250
2017	21,250
2018	421,605
Thereafter	300,000
Debt, Long-term and Short-term, Combined Amount	$ 770,355	$ 369,191

Operating Leases (Details) $ in Thousands	12 Months Ended
Operating Leases (Details) $ in Thousands	Dec. 31, 2014 USD ($) Off_Track_Betting_Palors operating_leases	Dec. 31, 2013 USD ($)	Dec. 31, 2012 USD ($)
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
2015	$ 11,604
2016	10,719
2017	9,601
2018	4,591
2019	2,515
Thereafter	3,590
Operating Leases, Future Minimum Payments Due	42,620
Operating Leases, Rent Expense, Contingent Rentals	4,300	$ 3,700	$ 3,600
Operating Leases, Rent Expense, Net	$ 20,200	$ 20,200	$ 18,400
Arlington Park
Operating Leased Assets [Line Items]
Number Of Operating Lease Agreements \| operating_leases	9
Number Of Off Track Betting Palors \| Off_Track_Betting_Palors	10
Number Of Off Track Betting Sites Operated By Third Party \| operating_leases	8
Fair Grounds
Operating Leased Assets [Line Items]
Number Of Operating Lease Agreements \| operating_leases	10
Number Of Off Track Betting Palors \| Off_Track_Betting_Palors	12

Share-Based Compensation Plans (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	May 29, 2013	Mar. 21, 2013	Dec. 31, 2010
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 11,931	$ 21,482	$ 7,613
Shares authorized to be purchased	50,000,000	50,000,000
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	84,500				155,000	92,000
Trading Days		20 days
Employee Stock Purchase Plan [Abstract]
Compensation expense recognized	$ 11,932	$ 21,482	$ 13,993
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options	2,800
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized	$ 5,900
Recognization of share-based compensation expenses, weighted average period	1 year 11 months
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares exercised	(182,000)	(7,000)	(153,000)
Total intrinsic value of options exercised	$ 9,600	$ 300	$ 5,700
Cash received from exercised options	$ 6,400	$ 300	$ 3,400
Shares exercisable at period end		193,000
Shares exercised, weighted average exercise price		$ 36.04
97 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options, contractual term	10 years
Award vesting period	3 years
07 Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options, contractual term	10 years
Award vesting period	3 years
Minimal age when award becomes fully vested	60 years
Amended and restated employment agreement \| Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options, contractual term			6 years
Award vesting period			3 years
Shares authorized to be purchased							180,000
Employee agreement \| Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			3 years
Shares authorized to be purchased							130,000
Shares exercised	(180,000)		(130,000)
Shares granted (in dollars per share)	$ 35.19		$ 36.16
Shares exercised, minimum price	85.00		57.36
Shares exercised, maximum price	$ 91.33		$ 60.05
Omnibus Stock Incentive Plans, 2007 New LTIP [Member]
Employee Stock Purchase Plan [Abstract]
Compensation expense recognized	$ 8,300	$ 12,800
04 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	5 years
Minimal age when award becomes fully vested	60 years
Previous employment agreement \| Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Annual interest rate				3.00%
Period before options become vested subsequent to termination				6 months
Churchill 2004 and 2007 Plan [Member] \| Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares, vested	(346,000)	(316,000)	(221,000)
Shares held by Company subject to performance-based vesting criteria	341,000	673,000	379,000	419,000
Minimum \| Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Recognization of share-based compensation expenses, weighted average period	17 months
Employee Stock Purchase Plan [Member]
Employee Stock Purchase Plan [Abstract]
Number of hours required to be considered a full time employee	20 hours
Number of months per year that an employee needs to work to be considered full-time	5 months
Percentage of common stock purchase price that employee allowed to purchase at	85.00%
Maximum stock allowed to be purchased by employee in one year, value	$ 25
Stock sold by company to employees	15,000
Compensation expense recognized	$ 400
Criteria One \| Amended and restated employment agreement \| Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares issued to director	30,000	15,000		45,000
Consecutive trading days mimimum price per share must be met for options to vest				20 days
Criteria One \| Previous employment agreement \| Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares issued to director		60,000		90,000
Consecutive trading days mimimum price per share must be met for options to vest				20 days
Criteria Two \| Amended and restated employment agreement \| Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period				6 years
Restricted shares required before shares become exercisable				81,250
Criteria Two \| Previous employment agreement \| Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period				5 years
Restricted shares required before shares become exercisable				65,000
Consecutive trading days mimimum price per share must be met for options to vest				10 days
Criteria Three \| Previous employment agreement \| Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period				5 years
Restricted shares required before shares become exercisable				65,000
Performance-Based Awards [Member] \| Churchill 2004 and 2007 Plan [Member] \| Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares, vested	(239,000)	(60,000)	(52,000)
Shares held by Company subject to performance-based vesting criteria	84,500	324,000	60,000	112,000

Share-Based Compensation Plans Share-Based Compensation Plans - Stock Option Activity (Details) - Stock Options - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Shares outstanding, beginning of period	193	201	354
Shares granted	0	0	0
Shares exercised	(182)	(7)	(153)
Shares cancelled/forfeited	(1)	(1)	0
Shares outstanding, end of period	10	193	201
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward]
Shares outstanding, weighted average exercise price, beginning of period	$ 36.04	$ 36.30	$ 36.52
Shares granted, weighted average exercise price	0	0.00	0.00
Shares exercised, weighted average exercise price	35.26	42.94	36.80
Shares cancelled/forfeited, weighted average exercise price	49.95	36.12	0.00
Shares outstanding, weighted average exercise price, end of period	$ 48.63	$ 36.04	$ 36.30

Share-Based Compensation Plans Share-Based Compensation Plans - Activity of Stock Options Exercisable and Outstanding (Details)
$ / shares in Units, shares in Thousands, $ in Thousands

12 Months Ended

Dec. 31, 2014

USD ($)

$ / shares

Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest [Abstract]

Exercisable and vested options at period end, shares under option | shares

Exercisable and vested options at period end, remaining contractual life (in years)

3 years 2 months

Exercisable and vested options at period end, average exercise price per share

$ 48.63

Exercisable and vested options at period end, intrinsic value per share

$ 46.67

^[1]

Exercisable and vested options at period end, aggregate intrinsic value | $

$ 483

Common Stock, Market Fair Value

$ 95.30

[1]	Computed based upon the amount by which the fair market value of the Company’s common stock at December 31, 2014 of $95.30 per share exceeded the weighted average exercise price.

Share-Based Compensation Plans Share-Based Compensation Plans, Restricted Stock Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	May 29, 2013	Mar. 21, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options	$ 2,800
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	84,500			155,000	92,000
Allocated Share-based Compensation Expense	$ 11,932	$ 21,482	$ 13,993
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Trading Days		20 days
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized	$ 5,900
Churchill 2004 and 2007 Plan [Member] \| Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Shares outstanding, beginning of period	673,000	379,000	419,000
Shares, granted	26,000	611,000	182,000
Shares, vested	346,000	316,000	221,000
Shares cancelled/forfeited	(12,000)	(1,000)	(1,000)
Shares outstanding, end of period	341,000	673,000	379,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Shares outstanding, weighted average grant date fair value, beginning of period	$ 53.64	$ 42.97	$ 40.01
Shares, weighted average grant date fair value, granted	88.58	60.21	51.99
Shares, weighted average grant date fair value, vested	53.70	53.90	44.77
Shares, weighted average grant date fair value, cancelled/forfeited	60.41	38.75	39.12
Shares outstanding, weighted average grant date fair value, end of period	$ 55.77	$ 53.64	$ 42.97
Performance-Based Awards [Member] \| Churchill 2004 and 2007 Plan [Member] \| Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Shares outstanding, beginning of period	324,000	60,000	112,000
Shares, granted	0	324,000	0
Shares, vested	239,000	60,000	52,000
Shares cancelled/forfeited	0	0	0
Shares outstanding, end of period	84,500	324,000	60,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Shares outstanding, weighted average grant date fair value, beginning of period	$ 53.71	$ 45.90	$ 43.76
Shares, weighted average grant date fair value, granted	0.00	53.71	0.00
Shares, weighted average grant date fair value, vested	53.49	45.90	41.31
Shares, weighted average grant date fair value, cancelled/forfeited	0.00	0.00	0.00
Shares outstanding, weighted average grant date fair value, end of period	$ 54.32	$ 53.71	$ 45.90
Service Period Awards [Member] \| Churchill 2004 and 2007 Plan [Member] \| Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Shares outstanding, beginning of period	349,000	319,000	307,000
Shares, granted	26,000	287,000	182,000
Shares, vested	(107,000)	(256,000)	(169,000)
Shares cancelled/forfeited	(12,000)	(1,000)	(1,000)
Shares outstanding, end of period	256,000	349,000	319,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Shares outstanding, weighted average grant date fair value, beginning of period	$ 53.58	$ 42.42	$ 38.63
Shares, weighted average grant date fair value, granted	88.58	67.55	51.99
Shares, weighted average grant date fair value, vested	54.15	59.54	45.85
Shares, weighted average grant date fair value, cancelled/forfeited	60.41	38.75	39.12
Shares outstanding, weighted average grant date fair value, end of period	$ 56.24	$ 53.58	$ 42.42

Fair Value Of Assets And Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term Debt, Excluding Current Maturities	$ 459,105	$ 69,191
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value	408,931	2,331
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Purchases	402,774
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings	3,826
Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents and restricted cash	27,464	36,940
Fair Value, Inputs, Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent Consideration Classified as Equity, Fair Value Disclosure	2,331	2,331
Deferred Payment-Founder, Fair Value	78,800
Business Combination, Contingent Consideration, Liability	327,800
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term Debt, Fair Value	299,250	$ 305,250
Unsecured Debt [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term Debt, Excluding Current Maturities	$ 300,000

Commitments And Contingencies (Details) $ in Millions	Oct. 04, 2012 USD ($)
Gain Contingencies [Line Items]
Other Assets	$ 2.9

Earnings Per Common Share Computations (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Earnings from continuing operations	$ 46,357	$ 55,033	$ 58,152
Earnings from continuing operations allocated to participating securities	(267)	(873)	(518)
Numerator for basic earnings from continuing operations per common share	46,090	54,160	57,634
Net earnings	46,357	54,900	58,276
Net earnings allocated to participating securities	(267)	(870)	(519)
Numerator for basic net earnings per common share	$ 46,090	$ 54,030	$ 57,757
Earnings Per Share, Basic and Diluted [Abstract]
Basic	17,271	17,294	17,047
Plus dilutive effect of stock options (in shares)	153	248	233
Plus dilutive effect of participating securities (in shares)	165	396	195
Diluted (in shares)	17,589	17,938	17,475
Earnings Per Share, Basic [Abstract]
Earnings from continuing operations	$ 2.67	$ 3.13	$ 3.38
Discontinued operations	0.00	(0.01)	0.01
Net earnings (per basic share)	2.67	3.12	3.39
Earnings Per Share, Diluted [Abstract]
Earnings from continuing operations	2.64	3.07	3.33
Discontinued operations	0.00	(0.01)	0.01
Net earnings (per share, diluted)	$ 2.64	$ 3.06	$ 3.34

Segment Information - Information About Reported Segments (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2014 USD ($) Off_Track_Betting_Palors Segments	Dec. 31, 2013 USD ($)	Dec. 31, 2012 USD ($)
Segment Reporting Information [Line Items]
Number of Operating Segments \| Segments	5
Net revenues from external customers	$ 812,934	$ 779,325	$ 731,296
Revenues	0	0	0
Adjusted Segment EBITDA	207,528	180,837	163,089
Adjusted Corporate EBITDA	(5,037)	(4,606)	(4,834)
Insurance Recoveries, Net of Losses	431	375	7,006
Acquisition related charges	(3,826)	0	0
Business Combination, Acquisition Related Costs	(6,367)	0	0
Increase (Decrease) in Deferred Revenue of Acquisition	(4,497)	0	0
Illinois HRE Trust Fund Proceeds	0	4,541	0
Allocated Share-based Compensation Expense	(11,932)	(21,482)	(13,993)
Pre-opening expenses	(27)	(3,620)	0
MVG interest expense, net	(2,546)	(170)	0
Asset impairment loss	(4,843)	0	0
Other Nonrecurring Expense	(3,287)	(2,500)	0
Depreciation and amortization	(68,257)	(61,750)	(55,600)
Interest Income (Expense), Net	(20,822)	(6,119)	(4,441)
Income tax provision	(30,161)	(30,473)	(33,075)
Earnings from continuing operations	46,357	55,033	58,152
Discontinued Operation, Net Gain (Loss)	0	(133)	124
Net earnings and comprehensive income	$ 46,357	54,900	58,276
Equity Method Investment, Ownership Percentage	50.00%
Foreign currency translation adjustment, net of ($70) tax effect	$ (125)	0	0
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	46,232	54,900	58,276
Racing Segment [Member]
Segment Reporting Information [Line Items]
Net revenues from external customers	261,453	274,269	302,088
Revenues	14,601	12,495	13,157
Adjusted Segment EBITDA	61,160	50,275	54,357
Casino Segment
Segment Reporting Information [Line Items]
Net revenues from external customers	329,010	297,473	223,112
Adjusted Segment EBITDA	101,106	80,631	64,231
TwinSpires [Member]
Segment Reporting Information [Line Items]
Net revenues from external customers	190,333	184,541	183,279
Revenues	958	853	836
Adjusted Segment EBITDA	45,282	49,122	44,618
Big Fish Games [Member]
Segment Reporting Information [Line Items]
Net revenues from external customers	13,855	0	0
Adjusted Segment EBITDA	3,837	0	0
Intersegment Elimination
Segment Reporting Information [Line Items]
Revenues	(19,689)	(17,757)	(17,459)
Other Investments
Segment Reporting Information [Line Items]
Net revenues from external customers	17,125	21,899	21,785
Revenues	4,130	4,409	3,466
Adjusted Segment EBITDA	(3,857)	809	(117)
Corporate
Segment Reporting Information [Line Items]
Net revenues from external customers	1,158	1,143	1,032
Churchill Downs \| Racing Segment [Member]
Segment Reporting Information [Line Items]
Net revenues from external customers	143,191	132,845	124,255
Revenues	$ 7,038	6,686	5,592
Arlington Park
Segment Reporting Information [Line Items]
Number Of Off Track Betting Palors \| Off_Track_Betting_Palors	10
Arlington Park \| Racing Segment [Member]
Segment Reporting Information [Line Items]
Net revenues from external customers	$ 60,312	64,483	69,077
Revenues	5,767	3,395	4,712
Calder \| Racing Segment [Member]
Segment Reporting Information [Line Items]
Net revenues from external customers	19,325	36,264	64,566
Revenues	$ 707	1,263	1,583
Fair Grounds
Segment Reporting Information [Line Items]
Number Of Off Track Betting Palors \| Off_Track_Betting_Palors	12
Fair Grounds \| Racing Segment [Member]
Segment Reporting Information [Line Items]
Net revenues from external customers	$ 38,625	40,677	44,190
Revenues	1,089	1,151	1,270
Calder Casinos \| Casino Segment
Segment Reporting Information [Line Items]
Net revenues from external customers	77,003	78,951	77,864
Fair Grounds Slots \| Casino Segment
Segment Reporting Information [Line Items]
Net revenues from external customers	40,774	42,156	42,881
VSI \| Casino Segment
Segment Reporting Information [Line Items]
Net revenues from external customers	34,369	35,931	35,433
Harlows Casino \| Casino Segment
Segment Reporting Information [Line Items]
Net revenues from external customers	50,199	52,440	56,604
Oxford Casino \| Casino Segment
Segment Reporting Information [Line Items]
Net revenues from external customers	76,526	34,350	0
Riverwalk Casino \| Casino Segment
Segment Reporting Information [Line Items]
Net revenues from external customers	$ 50,139	$ 53,645	$ 10,330

Segment Information - Equity in Earnings (Losses) of Unconsolidated Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Segment Reporting, Other Significant Reconciling Item [Line Items]
Equity in (gains) losses of unconsolidated investments	$ 6,328	$ (4,142)	$ (1,701)
Casino Segment
Segment Reporting, Other Significant Reconciling Item [Line Items]
Equity in (gains) losses of unconsolidated investments	8,900	(3,718)	(610)
TwinSpires [Member]
Segment Reporting, Other Significant Reconciling Item [Line Items]
Equity in (gains) losses of unconsolidated investments	(68)	(848)	(1,413)
Other Investments
Segment Reporting, Other Significant Reconciling Item [Line Items]
Equity in (gains) losses of unconsolidated investments	$ (2,504)	$ 424	$ 322

Segment Information - Total Asset Information For Segments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	$ 2,360,274	$ 1,352,261
Capital expenditures	54,486	48,771	$ 41,298
Racing Segment [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	518,517	513,345
Capital expenditures	35,637	20,184	14,027
Casino Segment
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	621,240	622,038
Capital expenditures	7,715	13,643	14,524
TwinSpires [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	182,322	186,621
Capital expenditures	5,778	5,908	4,427
Big Fish Games [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	1,007,438	0
Capital expenditures	116	0	0
Other Investments
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	30,757	30,257
Capital expenditures	$ 5,240	$ 9,036	$ 8,320

HRE Trust Fund Proceeds (Details) - USD ($) $ in Millions	Dec. 31, 2014	Jul. 22, 2013	Jul. 18, 2013
HRE Trust Fund Proceeds [Line Items]
HRE Trust Fund Proceeds	15.00%
Gross Proceeds from HRE Trust		$ 23.0	$ 7.9
Other Income [Member]
HRE Trust Fund Proceeds [Line Items]
Gross Proceeds from HRE Trust			4.2
Purses [Member]
HRE Trust Fund Proceeds [Line Items]
Gross Proceeds from HRE Trust			$ 3.6

Subsequent Event (Details) - Subsequent Event [Member] $ in Millions	Jan. 02, 2015 USD ($)
Subsequent Event [Line Items]
Proceeds from Sale of Equity Method Investments	$ 6.0
Gain (Loss) on Sale of Equity Investments	$ 5.8

Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Allowance for Doubtful Accounts
Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at beginning of the year	$ 4,338	$ 1,885	$ 2,408
Acquired Balances	0	0	0
Charged to Expenses	1,710	3,785	1,937
Deductions	(1,802)	(1,332)	(2,460)
Balance at end of the year	4,246	4,338	1,885
Deferred Income Tax Asset Valuation Allowance
Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at beginning of the year	1,213	1,334	1,487
Charged to Expenses	158	168
Deductions	(14)	(289)
Balance at end of the year	$ 1,274	$ 1,213	$ 1,334