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Document And Entity Information - shares	3 Months Ended
Document And Entity Information - shares	Mar. 31, 2015	Apr. 23, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
false	false
Document Period End Date	Mar. 31, 2015
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1
Entity Registrant Name	CHURCHILL DOWNS INC
Entity Central Index Key	0000020212
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		17,581,280

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2015	Dec. 31, 2014
ASSETS
Cash and cash equivalents	$ 49,525	$ 67,936
Restricted cash	20,772	26,065
Accounts receivable, net of allowance for doubtful accounts of $4,206 at March 31, 2015 and $4,246 at December 31, 2014	60,361	75,890
Deferred income taxes	17,707	18,519
Income taxes receivable	14,560	29,455
Game technology and rights, net	4,617	530
Other current assets	35,131	24,135
Total current assets	202,673	242,530
Property and equipment, net	590,170	595,315
Investment in and advances to unconsolidated affiliate	108,606	109,548
Goodwill	840,947	840,947
Other intangible assets, net	535,732	549,972
Other assets	24,242	24,192
Total assets	2,302,370	2,362,504
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable	51,988	45,597
Bank overdraft	1,291	544
Purses payable	6,162	11,169
Account wagering deposit liabilities	19,294	18,137
Accrued expenses	85,934	93,286
Tax refund due to Big Fish Games former equity holders	6,313	18,087
Deferred revenue	75,758	51,833
Deferred revenue - Big Fish Games	54,623	41,747
Big Fish Games deferred payment, current	27,710	27,180
Current maturities of long-term debt	12,500	11,250
Dividends payable	0	17,419
Total current liabilities	341,573	336,249
Long-term debt, net of current maturities	387,257	459,105
Notes payable	300,000	300,000
Big Fish Games deferred payment, net of current amount due	52,690	51,620
Big Fish Games earnout liability	332,600	327,800
Other liabilities	23,119	21,718
Deferred revenue	17,196	16,489
Deferred income taxes	149,192	149,522
Total liabilities	1,603,627	1,662,503
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; 17,581 shares issued at March 31, 2015 and 17,472 shares issued at December 31, 2014	262,967	262,280
Accumulated other comprehensive loss	(512)	(125)
Retained earnings	436,288	437,846
Total shareholders' equity	698,743	700,001
Total liabilities and shareholders' equity	$ 2,302,370	$ 2,362,504

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Mar. 31, 2015	Dec. 31, 2014
Allowance for doubtful accounts	$ 4,206	$ 4,246
Preferred stock, shares authorized	250	250
Common stock, shares authorized	50,000	50,000
Common stock, shares issued	17,581	17,472

Condensed Consolidated Statements Of Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax	$ 328
Net revenues:
Big Fish Games	91,903	$ 0
Casinos	85,415	86,386
TwinSpires	45,315	46,084
Racing	24,438	30,579
Other	3,839	4,092
Net revenues	250,910	167,141
Operating expenses:
Big Fish Games	82,159	0
Casinos	60,781	62,046
TwinSpires	31,781	33,577
Racing	36,510	43,220
Other	5,603	5,698
Research and development	10,232	0
Selling, general and administrative expenses	21,572	21,465
Acquisition related charges	6,400	0
Insurance recoveries, net of losses	0	(431)
Operating (loss) income	(4,128)	1,566
Other income (expense):
Interest income	218	4
Interest expense	(7,484)	(4,973)
Equity in gains of unconsolidated investments	2,948	2,290
Gain on sale of equity investment	5,817	0
Miscellaneous, net	(188)	(25)
Nonoperating Income (Expense)	1,311	(2,704)
Loss from continuing operations before income tax benefit	(2,817)	(1,138)
Income tax benefit	1,259	438
Net loss	$ (1,558)	$ (700)
Earnings Per Share, Basic [Abstract]
Net loss (in dollars per share), Basic	$ (0.09)	$ (0.04)
Loss Per Share, Diluted [Abstract]
Net loss (in dollars per share), Diluted	$ (0.09)	$ (0.04)
Weighted average shares outstanding:
Basic (in shares)	17,268	17,419
Diluted (in shares)	17,268	17,419
Other Comprehensive Loss, Net of Tax [Abstract]
Foreign currency translation, net of ($328) tax effect	$ (387)	$ 0
Other comprehensive loss	(387)	0
Comprehensive loss	$ (1,945)	$ (700)

Condensed Consolidated Statements of Comprehensive Loss (Parenthetical) $ in Thousands	3 Months Ended
	Mar. 31, 2015 USD ($)
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax	$ 328

Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Cash flows from operating activities:
Net loss	$ (1,558)	$ (700)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	27,407	15,284
Game technology and rights amortization	725	0
Acquisition related charges	6,400	0
Loss on asset disposals	377	1
Gain on sale of equity investment	5,817	0
Equity in gains of unconsolidated investments	(2,948)	(2,290)
Dividend from investment in unconsolidated affiliate	3,500	0
Share-based compensation	2,723	5,241
Other	402	149
Increase (decrease) in cash resulting from changes in operating assets and liabilities, net of business acquisition:
Restricted cash	5,293	6,547
Accounts receivable	(2,244)	(153)
Other current assets	(10,962)	(8,883)
Game technology and rights	(4,812)	0
Accounts payable	9,532	9,519
Purses payable	(5,007)	(5,445)
Accrued expenses	(5,921)	(6,979)
Deferred revenue	55,939	33,099
Income taxes receivable and payable	12,997	6,030
Other assets and liabilities	3,648	511
Net cash provided by operating activities	89,674	51,931
Cash flows from investing activities:
Additions to property and equipment	(9,784)	(20,169)
Deferred payments to Big Fish Games former equity holders	(959)	0
Investment in joint ventures	(327)	(6,500)
Proceeds from sale of equity investment	6,000	0
Purchases of minority investments	(81)	(273)
Proceeds on sale of property and equipment	67	86
Net cash used in investing activities	(5,084)	(26,856)
Cash flows from financing activities:
Borrowings on bank line of credit	75,620	93,067
Repayments on bank line of credit	(146,218)	(96,509)
Tax refund payments to Big Fish Games equity holders	(11,773)	0
Change in bank overdraft	747	1,845
Payment of dividends	(17,419)	(15,186)
Repurchase of common stock	(4,870)	(7,402)
Common stock issued	0	68
Windfall tax benefit from share-based compensation	2,834	2,630
Loan origination fees	(26)	(103)
Debt issuance costs	0	(1,029)
Net cash used in financing activities	(101,105)	(22,619)
Net (decrease) increase in cash and cash equivalents	(16,515)	2,456
Effect of exchange rate changes on cash	(1,896)	0
Cash and cash equivalents, beginning of period	67,936	44,708
Cash and cash equivalents, end of period	49,525	47,164
Cash paid during the period for:
Interest	3,176	381
Income taxes	130	48
Schedule of non-cash investing and financing activities:
Issuance of common stock in connection with the Company's restricted stock plans	$ 15,476	$ 0

Basis Of Presentation	3 Months Ended
Basis Of Presentation	Mar. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis Of Presentation	NOTE 1 — BASIS OF PRESENTATION The accompanying Condensed Consolidated Financial Statements are presented in accordance with the requirements of this Quarterly Report on Form 10-Q and consequently do not include all of the disclosures normally required by Generally Accepted Accounting Principles ("GAAP") in the United States of America or those normally made in Churchill Downs Incorporated’s (the “Company”) Annual Report on Form 10-K. The year-end Condensed Consolidated Balance Sheet data was derived from audited financial statements but does not include all disclosures required by accounting principles generally accepted in the United States of America. Accordingly, the reader of this Quarterly Report on Form 10-Q should refer to the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 for further information. The accompanying Condensed Consolidated Financial Statements have been prepared in accordance with the Company’s customary accounting practices and have not been audited. In the opinion of management, all adjustments necessary for a fair statement of this information have been made, and all such adjustments are of a normal, recurring nature. Certain amounts for the three months ended March 31, 2014 were reclassified to be consistent with current year presentation. There was no impact from these reclassifications on net loss or cash flows. The Company’s revenues and earnings are seasonal in nature, primarily due to its Racing segment. Therefore, revenues and operating results for any interim quarter are generally not indicative of the revenues and operating results for the year and may not be comparable with results for the corresponding period of the previous year. For instance, the Company historically has had fewer live racing days during the first quarter of each year, and the majority of its live racing revenue occurs during the second quarter, with the running of the Kentucky Derby and the Kentucky Oaks. The Company conducted 57 live thoroughbred racing days during the first quarter of 2015, which compares to 97 live thoroughbred racing days during the first quarter of 2014. This decrease is primarily related to the cessation of pari-mutuel operations at Calder Race Course in July 2014. Furthermore, casino revenues and earnings have historically been higher during the first quarter due to seasonal revenues from the Company's predominately southern casino properties. 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 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. At each of March 31, 2015 and December 31, 2014, the outstanding reward point liabilities were $1.7 million and were included in accrued expenses. 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 three months ended March 31, 2015 and 2014, promotional allowances of $7.1 million and $7.6 million, respectively, were included as a reduction to net revenues. During those periods, TwinSpires promotional allowances were $2.8 million and $2.7 million, respectively. Casino promotional allowances were $4.2 million and $4.7 million, respectively. Racing promotional allowances were $0.1 million for both periods. The estimated cost of providing casino promotional allowances included in operating expenses for the three months ended March 31, 2015 and 2014 totaled $2.0 million and $2.4 million, respectively. Game Technology and Rights Game technology and rights are purchased from third-party developers before the games have been produced or launched. The Company pays amounts to these developers as they reach agreed-upon milestones. Once the game is launched, the Company amortizes its game technology and rights on an accelerated basis over the useful life of the game, which is generally one year. Research and Development Costs incurred for research and development activities are expensed as incurred. Development costs associated with software to be sold are capitalized when technological feasibility has been established through the date the product is available for general release. At March 31, 2015 and December 31, 2014, there were no material amounts capitalized. For the three months ended March 31, 2015, the Company incurred research and development expenses of $10.2 million within its Big Fish Games, Inc. ("Big Fish Games") segment, which consisted primarily of compensation related expenses.

Acquisition And New Ventures (Notes)

3 Months Ended

Mar. 31, 2015

Acquisitions and Joint Ventures [Abstract]

Acquisitions And New Ventures

NOTE 2 — NEW VENTURES & ACQUISITIONS

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 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 and 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 7 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 were not finalized at December 31, 2014 related to the fair value of amounts for income taxes, adjustments to working capital, and the final amount of residual goodwill.

During the three months ended March 31, 2015, the Company obtained additional information to assist it in determining the values of the liabilities assumed at the acquisition date and changes which occurred during the measurement period. A measurement period adjustment was recorded related to estimated payroll taxes associated with the earnout liability. The Company retroactively adjusted the December 31, 2014 Condensed Consolidated Balance Sheet by increasing deferred income taxes by $0.8 million, increasing goodwill by $1.4 million and increasing accrued expenses by $2.2 million. In addition, the Company made deferred payments of $12.7 million to Big Fish Games former equity holders for the receipt of a federal income tax refund and working capital adjustments related to the acquisition.

The following table summarizes (in thousands) the current 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	1,708
Other assets	1,780
Property and equipment	14,632
Goodwill	540,331
Other intangible assets	362,863
Total assets acquired	968,402
Accounts payable	9,064
Accrued expenses	19,217
Income taxes payable	210
Deferred revenue	37,250
Deferred income taxes	96,182
Other liabilities	2,821
Total liabilities acquired	164,744
Purchase price, net of cash acquired	$	803,658

During the three months ended March 31, 2015, Big Fish Games contributed revenues of $91.9 million and loss from continuing operations before provision for income taxes of $5.8 million.

Pro Forma

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 as of the beginning of 2014. The unaudited 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 acquisition of Big Fish Games been consummated at the beginning of 2014 (in thousands):



	Three Months Ended March 31,
	2014
Net revenues	$	241,462
Loss from continuing operations	$	(1,638	)

Saratoga Harness Racing, Inc. Equity Investment and Management Agreement

On October 28, 2014, the Company signed a definitive purchase agreement to acquire a 25% ownership interest in Saratoga Casino Holdings, LLC ("SCH"), a newly formed entity which will own Saratoga Casino and Raceway in Saratoga Springs, NY; Saratoga Harness Racing, Inc.'s ("SHRI") controlling interest in Saratoga Casino Black Hawk in Black Hawk, Colorado; SHRI's 50% interest in a joint venture with Delaware North Companies to manage the Gideon Putnam Hotel and Resort in Saratoga Springs, New York; its interest in the proposed Capital View Casino & Resort in East Greenbush, New York; and SHRI's interest in a joint venture with Rush Street Gaming to build the proposed Hudson Valley Casino and Resort in Newburgh, New York.

In addition, the Company signed a five-year management agreement pursuant to which it will manage Saratoga Casino and Raceway and Saratoga Casino Black Hawk. Both the funding of the equity investment and the commencement of the management agreement are subject to regulatory approval and licensing requirements in New York and Colorado.

Natural Disasters (Notes)	3 Months Ended
Natural Disasters (Notes)	Mar. 31, 2015
Natural Disasters [Abstract]
Natural Disasters [Text Block]	NOTE 3 — NATURAL DISASTERS 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 2012 and 2013, the Company received partial payments for the claim from its insurance carriers. During the three months ended March 31, 2014, the Company received final proceeds of $0.4 million, which it recognized as insurance recoveries, net of losses 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.

Investment in and Advances to Unconsolidated Affiliate (Notes)

3 Months Ended

Mar. 31, 2015

Investments in and Advances to Affiliates, Schedule of Investments [Abstract]

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

NOTE 4 — INVESTMENT IN AND ADVANCES TO UNCONSOLIDATED AFFILIATE

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”) casino 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 casino 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 casino 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 casino 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 casino facility with approximately 1,570 VLTs. MVG invested $204.6 million in the new facility, including a $50.0 million license fee to the Ohio Lottery Commission.

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):



	March 31, 2015		December 31, 2014
Assets
Current assets	$	22,466	$	24,943
Property and equipment, net	128,418		130,868
Other assets, net	105,059		105,059
Total assets	$	255,943	$	260,870

Liabilities and Members' Equity
Current liabilities	$	15,231	$	16,775
Current portion of long-term debt	8,332		8,332
Long-term debt, excluding current portion	25,094		26,584
Other liabilities	75		83
Members' equity	207,211		209,096
Total liabilities and members' equity	$	255,943	$	260,870

The joint venture's long-term debt consists of a $50.0 million secured note payable from MVG to the MVG Sellers payable quarterly over 6 years through November 2019 at a 5.0% interest rate for which it has funded $10.4 million in principal repayments. During the three months ended March 31, 2015, the Company received distributions from MVG totaling $3.5 million.



	Three Months Ended March 31,
	2015			2014
Casino revenue	$	32,044		$	31,163
Non-casino revenue	1,957			1,631
Net revenues	34,001			32,794
Operating and SG&A expenses	24,634			24,211
Depreciation & amortization expenses	3,144			3,367
Pre-opening expenses	—			54
Operating income	6,223			5,162
Interest (expense) income, net	(1,108		)	(1,080		)
Net income	$	5,115		$	4,082

The Company's 50% share of MVG's results has been included in our accompanying condensed consolidated financial statements for the three months ended March 31, 2015 and 2014, as follows (in thousands):



	Three Months Ended March 31,
	2015		2014
Equity in gains of unconsolidated investments	$	2,558	$	2,041

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2015
Income Tax Disclosure [Abstract]
Income Taxes	NOTE 5 — INCOME TAXES The Company’s effective tax rate from continuing operations for the three months ended March 31, 2015 and 2014 was 45% and 38%, respectively. The effective tax rate for the three months ended March 31, 2015 was greater than the Federal statutory rate due to expenses associated with the revaluation of liabilities associated with the purchase of Big Fish Games, state and local income tax expense and certain expenses that were not deductible for tax purposes. These additional tax expenses were partially mitigated by the manufacturing deduction that will be available associated with the development of social games by Big Fish Games. Certain tax authorities may periodically audit the Company, and the Company may occasionally be assessed interest and penalties by tax jurisdictions. The Company recognizes accrued interest from uncertain income tax benefits in its income tax provision, while penalties are accrued in selling, general and administrative expenses. During the three months ended March 31, 2015, the Company recorded $0.1 million interest expense related to uncertain income tax benefits and had gross uncertain tax benefits of $3.0 million as of March 31, 2015. If these benefits had been recognized, there would have been a $1.6 million decrease to annual income tax expense. $1.1 million of the uncertain tax positions were related to issues that existed prior to the acquisition of Big Fish Games, and to the extent that these liabilities are incurred, they would be reimbursed by the pre-acquisition shareholders of Big Fish Games, in conjunction with a tax indemnity agreement. During October 2012, the Company funded a $2.9 million income tax payment to the State of Illinois related to a dispute over its state income tax apportionment methodology, which was recorded as an other asset. 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 and results of operations.

Goodwill And Indefinite-Lived Intangible Assets Impairment Test

3 Months Ended

Mar. 31, 2015

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Indefinte-Lived Intangible Assets Impairment Test

NOTE 6 — GOODWILL AND INDEFINITE-LIVED INTANGIBLE ASSETS IMPAIRMENT TEST

In accordance with ASU No. 2011-08, Intangibles-Goodwill and Other: Testing Goodwill for Impairment and ASU No. 2012-02, Intangibles-Goodwill and Other: Testing Indefinite-Lived Intangible Assets for Impairment, the Company completed the required annual impairment tests of goodwill and indefinite-lived intangible assets as of March 31, 2015, and no adjustment to the carrying value of goodwill or indefinite-lived intangible assets was required. The Company assessed its goodwill and indefinite-lived intangible assets by performing its step one fair value calculations on a quantitative basis for each of its reporting units and indefinite-lived intangible assets. The Company concluded that the fair values of its reporting units and indefinite-lived intangible assets exceeded their carrying value and therefore step two of the assessment was not required. Goodwill and definite-lived and indefinite-lived intangible assets are summarized as follows (in thousands):



	Big Fish Games		Casinos		TwinSpires		Racing		Other Investments		Total
Goodwill as of December 31, 2014	$	540,331	$	117,659	$	127,364	$	51,659	$	3,934	$	840,947
Adjustments	—		—		—		—		—		—
Goodwill as of March 31, 2015	$	540,331	$	117,659	$	127,364	$	51,659	$	3,934	$	840,947



	March 31, 2015							December 31, 2014
	Gross Carrying Value		Accumulated Amortization			Net Book Value		Gross Carrying Value		Accumulated Amortization			Net Book Value
Definite-lived intangible assets	$	238,865	$	(61,476	)	$	177,389	$	238,865	$	(47,236	)	$	191,629
Indefinite-lived intangible assets	358,343		—			358,343		358,343		—			358,343
Total	$	597,208	$	(61,476	)	$	535,732	$	597,208	$	(47,236	)	$	549,972

Fair Value Of Assets And Liabilities

3 Months Ended

Mar. 31, 2015

Fair Value Disclosures [Abstract]

Fair Value Of Assets And Liabilities

NOTE 7 — 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 as of March 31, 2015 and December 31, 2014 (in thousands):



	March 31, 2015
	Level 1		Level 2		Level 3
Cash equivalents and restricted cash	$	21,100	$	—	$	—
Big Fish Games deferred payments	—		—		80,400
Big Fish Games earnout liability	—		—		332,600
Senior unsecured notes	—		305,250		—
Bluff contingent consideration liability	—		—		2,331
Total	$	21,100	$	305,250	$	415,331



	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

The following table presents the change in fair value of the Company's level 3 liabilities during the three months ended March 31, 2015 (in thousands):



	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Big Fish Games Deferred Payments		Big Fish Games Earnout Liability		Bluff Contingent Consideration		Total
Balance as of December 31, 2014	$	78,800	$	327,800	$	2,331	$	408,931
Change in fair value	1,600		4,800		—		6,400
Balance as of March 31, 2015	$	80,400	$	332,600	$	2,331	$	415,331

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 Media ("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 for Bluff which permits Internet poker gaming and the probability-weighted discounted cash flows. Any change in the fair value of the Bluff contingent consideration subsequent to the acquisition date will be recognized in the Company's Consolidated Statements of Comprehensive Loss.

The Company estimated the fair value of the Big Fish Games deferred payment and earnout liability as of March 31, 2015 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 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 $6.4 million during the three months ended March 31, 2015 was recorded as acquisition related charges in the Consolidated Statements of Comprehensive Loss. 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 represent a Level 2 fair value measurement. The fair value of the Senior Unsecured Notes is disclosed 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.

During the three months ended March 31, 2015, 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

Long-term Incentive Plan (Notes)	3 Months Ended
Long-term Incentive Plan (Notes)	Mar. 31, 2015
LTIP [Abstract]
Long-term Incentive Plan	NOTE 8 — LONG-TERM INCENTIVE PLAN 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 the three months ended March 31, 2015, Grantees and certain Big Fish Games employees received approximately 131,000 restricted shares of the Company's common stock vesting over service periods ranging from seven months to three years. 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 years ended December 31, 2014 and 2013, the Company's closing stock price achieved the twenty consecutive trading days closing stock price requirement for 239,500 restricted shares. During the three months ended March 31, 2015, the Company's closing stock price achieved the stock price requirement for the final 84,500 restricted shares. During the three months ended March 31, 2015, the Company recognized $1.8 million of compensation expense included in selling general and administrative expenses related to service period awards under the New Company LTIP, which includes compensation expense for the Big Fish Games employee grant. As of March 31, 2015, unrecognized compensation expense attributable to unvested service period awards was $13.6 million. The weighted average period over which the Company expects to recognize the remaining compensation expense under service period awards approximates 20 months at March 31, 2015. There is no remaining unrecognized expense under the market condition awards.

Loss Per Common Share Computations

3 Months Ended

Mar. 31, 2015

Earnings Per Share [Abstract]

Loss Per Common Share Computations

NOTE 9 — LOSS PER COMMON SHARE COMPUTATIONS

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



	Three Months Ended March 31,
	2015			2014

Numerator basic and diluted loss per common share	$	(1,558	)	$	(700	)
Denominator basic and diluted net loss per common share	17,268			17,419

Loss per common share:
Basic	$	(0.09	)	$	(0.04	)
Diluted	$	(0.09	)	$	(0.04	)

Options to purchase 0.4 million and 0.5 million shares and participating securities for the three months ended March 31, 2015 and 2014, respectively were excluded from the computation of diluted loss per common shares since their effect was anti-dilutive because of the net loss from continuing operations for the period.

Segment Information

3 Months Ended

Mar. 31, 2015

Segment Reporting [Abstract]

Segment Information

NOTE 10 — SEGMENT INFORMATION

The Company operates in the following five segments: (1) Big Fish Games; (2) Casinos, which includes video poker and casino operations at Calder Casino, Fair Grounds Slots, Harlow’s Casino Resort & Spa ("Harlow's"), the Company's equity investment in MVG, Oxford Casino (“Oxford”), Riverwalk Casino Hotel ("Riverwalk") and Video Services, LLC (“VSI”); (3) TwinSpires, which includes TwinSpires, our Advance Deposit Wagering (“ADW”) business, Fair Grounds Account Wagering, Bloodstock Research Information Services and Velocity, a business focused on high wagering-volume international customers, as well as the Company's equity investment in HRTV, LLC, prior to its sale during January 2015; (4) Racing, which includes Churchill Downs, Arlington International Race Course ("Arlington") and its ten off-track betting facilities ("OTBs"), and Fair Grounds Race Course ("Fair Grounds") and the pari-mutuel activity generated at its twelve OTBs; and (5) Other Investments, which includes United Tote, Bluff and the Company's other minor investments. Eliminations include the elimination of intersegment transactions.

In order to evaluate the performance of these operating segments internally, the Company's chief operating decision maker uses Adjusted EBITDA (defined as earnings before interest, taxes, depreciation, amortization, and adjusted for insurance recoveries net of losses, 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. The Company utilizes 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. 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 table below presents information about the reported segments for the three months ended March 31, 2015 and 2014 (in thousands):



	Three Months Ended March 31,
	2015			2014
Net revenues from external customers:
Big Fish Games	$	91,903		$	—
Casinos:
Calder Casino	20,379			20,583
Fair Grounds Slots	11,482			11,784
VSI	9,184			8,754
Harlow's Casino	13,680			14,451
Oxford Casino	17,503			17,519
Riverwalk Casino	13,187			13,295
Total Casinos	85,415			86,386
TwinSpires	45,315			46,084
Racing:
Churchill Downs	2,008			2,142
Arlington	5,812			6,122
Calder	674			8,024
Fair Grounds	15,944			14,291
Total Racing	24,438			30,579
Other Investments	3,605			3,837
Corporate	234			255
Net revenues from external customers	$	250,910		$	167,141
Intercompany net revenues:
TwinSpires	$	297		$	230
Racing:
Churchill Downs	233			228
Arlington	958			1,017
Calder	—			356
Fair Grounds	858			732
Total Racing	2,049			2,333
Other Investments	795			898
Eliminations	(3,141		)	(3,461		)
Net revenues	$	—		$	—
Reconciliation of segment Adjusted EBITDA to net loss:
Big Fish Games	$	20,026		$	—
Casinos	28,787			27,251
TwinSpires	11,190			9,950
Racing	(9,197		)	(10,250		)
Other Investments	(668		)	(1,353		)
Total segment Adjusted EBITDA	50,138			25,598
Corporate Adjusted EBITDA	(1,867		)	(1,106		)
Insurance recoveries, net of losses	—			431
Big Fish Games acquisition charges	(6,400		)	—
Big Fish Games changes in deferred revenue	(12,876		)	—
Share-based compensation	(2,723		)	(5,241		)
Pre-opening costs	—			(27		)
MVG interest expense, net	(554		)	(540		)
Other charges and recoveries	6,138			—
Depreciation and amortization	(27,407		)	(15,284		)
Interest (expense) income, net	(7,266		)	(4,969		)
Income tax benefit	1,259			438
Loss from continuing operations	(1,558		)	(700		)
Foreign currency translation, net of ($328) tax effected	(387		)	—
Comprehensive loss	$	(1,945	)	$	(700	)

The table below presents equity in earnings of unconsolidated investments included in the Company’s reported segments for the three months ended March 31, 2015 and 2014 (in thousands):



	Three Months Ended March 31,
	2015		2014
Casinos	$	2,558	$	2,041
TwinSpires	—		220
Other Investments	390		29
	$	2,948	$	2,290

The table below presents total assets for the reported segments (in thousands):



	March 31, 2015		December 31, 2014
Total assets:
Big Fish Games	$	1,018,086	$	1,009,668
Casinos	616,201		621,240
TwinSpires	183,175		182,322
Racing	455,079		518,517
Other Investments	29,829		30,757
	$	2,302,370	$	2,362,504

The table below presents total capital expenditures for the reported segments for the three months ended March 31, 2015 and 2014 (in thousands):



	Three Months Ended March 31,
	2015		2014
Capital expenditures:
Big Fish Games	$	1,163	$	—
Casinos	4,261		2,250
TwinSpires	943		1,592
Racing	3,264		14,037
Other Investments	153		2,290
	$	9,784	$	20,169

- 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
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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+ Details

Commitments And Contingencies	3 Months Ended
Commitments And Contingencies	Mar. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments And Contingencies	NOTE 11 — 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. Big Fish Casino On April 17, 2015, Cheryl Kater, by and through counsel, filed a Complaint - Class Action styled Cheryl Kater v. Churchill Downs Incorporated. Plaintiff, Cheryl Kater, filed the purported class action lawsuit in the United States District Court, for the Western District of Washington, in Seattle, alleging, among other claims, that the Company’s “Big Fish Casino” violates Washington law, including the Washington Consumer Protection Act, by facilitating unlawful gambling through its virtual casino games (namely the Company’s slots, blackjack, poker, and roulette games offered through Big Fish Casino). This litigation was just filed, and Plaintiff, through counsel, did not specify or claim a specific amount of damages in the Complaint. Therefore, the Company is unable to reasonably estimate the magnitude of any settlement or potential damages. As a result, the Company does not, at this time, know the extent to which, if at all, this litigation will have a material impact on its business or financial results. 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 occurred on March 5, 2015. The Company is currently awaiting a ruling by the Tax and Miscellaneous Remedies Section of the Circuit Court of Cook County. 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.

Accounting Pronouncements (Notes)	3 Months Ended
Accounting Pronouncements (Notes)	Mar. 31, 2015
Accounting Policies [Abstract]
New Accounting Pronouncements, Policy [Policy Text Block]	NOTE 12 — RECENT ACCOUNTING PRONOUNCEMENTS In April 2015, the Financial Accounting Standards Board ("FASB") issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs, which requires debt issuance cost to be presented in the balance sheet as a direct deduction of the carrying value of the associated debt liability, consistent with the presentation of a debt discount. Prior to the issuance of the standard, debt issuance costs were required to be presented in the balance sheet as a deferred asset. The new standard will become effective for annual fiscal periods beginning after December 15, 2015. The Company does not expect adoption to have a material impact on the Company's business, financial condition or results of operations. In August 2014, the FASB issued ASU No. 2014-15, Disclosures 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, which provides a five-step analysis of transactions to determine when and how revenue is recognized. The core principle is that a company should recognize revenue in a manner that depicts the transfer of promised 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. The revised guidance will become effective for annual periods beginning after December 15, 2017 and will be applied retrospectively to each period presented or as a cumulative-effect adjustment as of the date of adoption. The Company is assessing the impact of the new accounting guidance and cannot currently estimate the financial statement impact of adoption.

Calder Racing Operations (Notes)	3 Months Ended
Calder Racing Operations (Notes)	Mar. 31, 2015
Calder Racing [Abstract]
Calder Racing Operations [Text Block]	NOTE 13 — CALDER RACING On July 1, 2014, the Company finalized an agreement with The Stronach Group (“TSG”) under which TSG operates, at TSG’s expense, live racing and maintains certain facilities used for racing and training at Calder. The agreement, which expires on December 31, 2020, involves a lease to TSG of Calder’s racetrack and certain other racing and training facilities. TSG operates live horse racing at Calder, under Calder’s racing permits, in compliance with all applicable laws and licensing requirements and maintains the racing and training facilities at Calder on a year-round basis. Furthermore, TSG is responsible for substantially all of the direct and indirect costs associated with these activities and receives the associated revenues. The Company continues to own and operate the Calder Casino. As a result of the agreement with TSG, Calder recognized accelerated depreciation expense of approximately $2.4 million during the year ended December 31, 2014 primarily related to Calder's barns, which were not expected to be utilized subsequent to December 31, 2014. During the three months ended March 31, 2015, the Company continued its assessment of potential alternative uses of its Calder facility not associated with the lease agreement, and as a result, Calder commenced the demolition of its barns not associated with the TSG agreement. Calder expects to fund and capitalize approximately $0.8 million in expenditures during 2015 for construction costs to remove the barns and to prepare the stable area for alternate future uses.

HRTV Equity Investment Divestiture (Notes)	3 Months Ended
HRTV Equity Investment Divestiture (Notes)	Mar. 31, 2015
HRTV Equity Investiture Divestiture [Abstract]
Mergers, Acquisitions and Dispositions Disclosures [Text Block]	NOTE 14 — HRTV EQUITY INVESTMENT DIVESTITURE As part of the TSG agreement related to the cessation of Calder pari-mutuel operations during 2014, 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 in its Other Investments segment, which has been excluded from Segment Adjusted EBITDA and is included in other charges and recoveries in the reconciliation of Segment Adjusted EBITDA to Comprehensive Loss.

Basis Of Presentation (Policies)	3 Months Ended
Basis Of Presentation (Policies)	Mar. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Revenue Recognition	The Company’s revenues and earnings are seasonal in nature, primarily due to its Racing segment. Therefore, revenues and operating results for any interim quarter are generally not indicative of the revenues and operating results for the year and may not be comparable with results for the corresponding period of the previous year. For instance, the Company historically has had fewer live racing days during the first quarter of each year, and the majority of its live racing revenue occurs during the second quarter, with the running of the Kentucky Derby and the Kentucky Oaks. The Company conducted 57 live thoroughbred racing days during the first quarter of 2015, which compares to 97 live thoroughbred racing days during the first quarter of 2014. This decrease is primarily related to the cessation of pari-mutuel operations at Calder Race Course in July 2014. Furthermore, casino revenues and earnings have historically been higher during the first quarter due to seasonal revenues from the Company's predominately southern casino properties.
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 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. At each of March 31, 2015 and December 31, 2014, the outstanding reward point liabilities were $1.7 million and were included in accrued expenses.
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.
Game Technology and Rights [Policy Text Block]	Game Technology and Rights Game technology and rights are purchased from third-party developers before the games have been produced or launched. The Company pays amounts to these developers as they reach agreed-upon milestones. Once the game is launched, the Company amortizes its game technology and rights on an accelerated basis over the useful life of the game, which is generally one year.
Research and Development Expense, Policy [Policy Text Block]	Research and Development Costs incurred for research and development activities are expensed as incurred. Development costs associated with software to be sold are capitalized when technological feasibility has been established through the date the product is available for general release.

- Definition

Disclosure of accounting policy for revenue recognition. If the entity has different policies for different types of revenue transactions, the policy for each material type of transaction is generally disclosed. If a sales transaction has multiple element arrangements (for example, delivery of multiple products, services or the rights to use assets) the disclosure may indicate the accounting policy for each unit of accounting as well as how units of accounting are determined and valued. The disclosure may encompass important judgment as to appropriateness of principles related to recognition of revenue. The disclosure also may indicate the entity's treatment of any unearned or deferred revenue that arises from the transaction.

+ References + Details

Acquisition and New Ventures (Tables)

3 Months Ended

Mar. 31, 2015

Acquisitions and New Ventures [Abstract]

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



	Total
Accounts receivable	$	19,274
Income taxes receivable	18,087
Prepaid expenses	9,727
Deferred income taxes	1,708
Other assets	1,780
Property and equipment	14,632
Goodwill	540,331
Other intangible assets	362,863
Total assets acquired	968,402
Accounts payable	9,064
Accrued expenses	19,217
Income taxes payable	210
Deferred revenue	37,250
Deferred income taxes	96,182
Other liabilities	2,821
Total liabilities acquired	164,744
Purchase price, net of cash acquired	$	803,658

Business Acquisition, Pro Forma Information [Table Text Block]

The unaudited 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 acquisition of Big Fish Games been consummated at the beginning of 2014 (in thousands):



	Three Months Ended March 31,
	2014
Net revenues	$	241,462
Loss from continuing operations	$	(1,638	)

Investment in and Advances to Unconsolidated Affiliate (Tables)

3 Months Ended

Mar. 31, 2015

Investments in and Advances to Affiliates, Schedule of Investments [Abstract]

Affiliate Balance Sheet [Table Text Block]

Summarized financial information for MVG is comprised of the following (in thousands):



	March 31, 2015		December 31, 2014
Assets
Current assets	$	22,466	$	24,943
Property and equipment, net	128,418		130,868
Other assets, net	105,059		105,059
Total assets	$	255,943	$	260,870

Liabilities and Members' Equity
Current liabilities	$	15,231	$	16,775
Current portion of long-term debt	8,332		8,332
Long-term debt, excluding current portion	25,094		26,584
Other liabilities	75		83
Members' equity	207,211		209,096
Total liabilities and members' equity	$	255,943	$	260,870

Affiliate Income Statement [Table Text Block]



	Three Months Ended March 31,
	2015			2014
Casino revenue	$	32,044		$	31,163
Non-casino revenue	1,957			1,631
Net revenues	34,001			32,794
Operating and SG&A expenses	24,634			24,211
Depreciation & amortization expenses	3,144			3,367
Pre-opening expenses	—			54
Operating income	6,223			5,162
Interest (expense) income, net	(1,108		)	(1,080		)
Net income	$	5,115		$	4,082

Investments in and Advances to Affiliates [Table Text Block]



	Three Months Ended March 31,
	2015		2014
Equity in gains of unconsolidated investments	$	2,558	$	2,041

Goodwill And Indefinite-Lived Intangible Assets Impairment Test (Tables)

3 Months Ended

Mar. 31, 2015

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill [Table Text Block]



	Big Fish Games		Casinos		TwinSpires		Racing		Other Investments		Total
Goodwill as of December 31, 2014	$	540,331	$	117,659	$	127,364	$	51,659	$	3,934	$	840,947
Adjustments	—		—		—		—		—		—
Goodwill as of March 31, 2015	$	540,331	$	117,659	$	127,364	$	51,659	$	3,934	$	840,947

Schedule of Indefinite and Finite Lived Assets



	March 31, 2015							December 31, 2014
	Gross Carrying Value		Accumulated Amortization			Net Book Value		Gross Carrying Value		Accumulated Amortization			Net Book Value
Definite-lived intangible assets	$	238,865	$	(61,476	)	$	177,389	$	238,865	$	(47,236	)	$	191,629
Indefinite-lived intangible assets	358,343		—			358,343		358,343		—			358,343
Total	$	597,208	$	(61,476	)	$	535,732	$	597,208	$	(47,236	)	$	549,972

Fair Value Of Assets And Liabilities (Tables)

3 Months Ended

Mar. 31, 2015

Fair Value Disclosures [Abstract]

Fair Value Measurements, Recurring and Nonrecurring

The following tables present the Company’s assets and liabilities measured at fair value as of March 31, 2015 and December 31, 2014 (in thousands):



	March 31, 2015
	Level 1		Level 2		Level 3
Cash equivalents and restricted cash	$	21,100	$	—	$	—
Big Fish Games deferred payments	—		—		80,400
Big Fish Games earnout liability	—		—		332,600
Senior unsecured notes	—		305,250		—
Bluff contingent consideration liability	—		—		2,331
Total	$	21,100	$	305,250	$	415,331



	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

The following table presents the change in fair value of the Company's level 3 liabilities during the three months ended March 31, 2015 (in thousands):



	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Big Fish Games Deferred Payments		Big Fish Games Earnout Liability		Bluff Contingent Consideration		Total
Balance as of December 31, 2014	$	78,800	$	327,800	$	2,331	$	408,931
Change in fair value	1,600		4,800		—		6,400
Balance as of March 31, 2015	$	80,400	$	332,600	$	2,331	$	415,331

Loss Per Common Share Computations (Tables)

3 Months Ended

Mar. 31, 2015

Earnings Per Share [Abstract]

Schedule of Loss Per Share, Basic and Diluted

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



	Three Months Ended March 31,
	2015			2014

Numerator basic and diluted loss per common share	$	(1,558	)	$	(700	)
Denominator basic and diluted net loss per common share	17,268			17,419

Loss per common share:
Basic	$	(0.09	)	$	(0.04	)
Diluted	$	(0.09	)	$	(0.04	)

Segment Information (Tables)

3 Months Ended

Mar. 31, 2015

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The table below presents information about the reported segments for the three months ended March 31, 2015 and 2014 (in thousands):



	Three Months Ended March 31,
	2015			2014
Net revenues from external customers:
Big Fish Games	$	91,903		$	—
Casinos:
Calder Casino	20,379			20,583
Fair Grounds Slots	11,482			11,784
VSI	9,184			8,754
Harlow's Casino	13,680			14,451
Oxford Casino	17,503			17,519
Riverwalk Casino	13,187			13,295
Total Casinos	85,415			86,386
TwinSpires	45,315			46,084
Racing:
Churchill Downs	2,008			2,142
Arlington	5,812			6,122
Calder	674			8,024
Fair Grounds	15,944			14,291
Total Racing	24,438			30,579
Other Investments	3,605			3,837
Corporate	234			255
Net revenues from external customers	$	250,910		$	167,141
Intercompany net revenues:
TwinSpires	$	297		$	230
Racing:
Churchill Downs	233			228
Arlington	958			1,017
Calder	—			356
Fair Grounds	858			732
Total Racing	2,049			2,333
Other Investments	795			898
Eliminations	(3,141		)	(3,461		)
Net revenues	$	—		$	—
Reconciliation of segment Adjusted EBITDA to net loss:
Big Fish Games	$	20,026		$	—
Casinos	28,787			27,251
TwinSpires	11,190			9,950
Racing	(9,197		)	(10,250		)
Other Investments	(668		)	(1,353		)
Total segment Adjusted EBITDA	50,138			25,598
Corporate Adjusted EBITDA	(1,867		)	(1,106		)
Insurance recoveries, net of losses	—			431
Big Fish Games acquisition charges	(6,400		)	—
Big Fish Games changes in deferred revenue	(12,876		)	—
Share-based compensation	(2,723		)	(5,241		)
Pre-opening costs	—			(27		)
MVG interest expense, net	(554		)	(540		)
Other charges and recoveries	6,138			—
Depreciation and amortization	(27,407		)	(15,284		)
Interest (expense) income, net	(7,266		)	(4,969		)
Income tax benefit	1,259			438
Loss from continuing operations	(1,558		)	(700		)
Foreign currency translation, net of ($328) tax effected	(387		)	—
Comprehensive loss	$	(1,945	)	$	(700	)

Reconciliation of Assets from Segment to Consolidated

The table below presents equity in earnings of unconsolidated investments included in the Company’s reported segments for the three months ended March 31, 2015 and 2014 (in thousands):



	Three Months Ended March 31,
	2015		2014
Casinos	$	2,558	$	2,041
TwinSpires	—		220
Other Investments	390		29
	$	2,948	$	2,290

The table below presents total capital expenditures for the reported segments for the three months ended March 31, 2015 and 2014 (in thousands):



	Three Months Ended March 31,
	2015		2014
Capital expenditures:
Big Fish Games	$	1,163	$	—
Casinos	4,261		2,250
TwinSpires	943		1,592
Racing	3,264		14,037
Other Investments	153		2,290
	$	9,784	$	20,169

The table below presents total assets for the reported segments (in thousands):



	March 31, 2015		December 31, 2014
Total assets:
Big Fish Games	$	1,018,086	$	1,009,668
Casinos	616,201		621,240
TwinSpires	183,175		182,322
Racing	455,079		518,517
Other Investments	29,829		30,757
	$	2,302,370	$	2,362,504

Basis Of Presentation (Details) $ in Thousands	3 Months Ended
Basis Of Presentation (Details) $ in Thousands	Mar. 31, 2015 USD ($) d	Mar. 31, 2014 USD ($) d	Dec. 31, 2014 USD ($)
Promotional Allowance [Line Items]
Research and development	$ 10,232	$ 0
Live Racing Days \| d	57	97
Promotional Allowances	$ 7,100	$ 7,600
Estimated Cost Of Providing Promotional Allowances	2,000	2,400
Customer Loyalty Program Liability, Current	1,700		$ 1,700
TwinSpires [Member]
Promotional Allowance [Line Items]
Promotional Allowances	2,800	2,700
Racing Segment [Member]
Promotional Allowance [Line Items]
Promotional Allowances	100	100
Casino Segment [Member]
Promotional Allowance [Line Items]
Promotional Allowances	$ 4,200	$ 4,700

Acquisitions And New Ventures (Details) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended
	Dec. 16, 2014	Dec. 31, 2014	Mar. 31, 2015	Mar. 31, 2014	Oct. 28, 2014
Schedule of Equity Method Investments [Line Items]
Revenues			$ 0	$ 0
Tax refund due to Big Fish Games former equity holders		$ 18,087	6,313
Goodwill, Purchase Accounting Adjustments			1,400
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Deferred Income Taxes			800
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Accrued Expenses			2,200
Deferred payments to Big Fish Games former equity holders			12,700
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest			(2,817)	$ (1,138)
Big Fish Games [Member]
Schedule of Equity Method Investments [Line Items]
Revenues			91,900
Payments to Acquire Businesses, Gross	$ 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
Tax refund due to Big Fish Games former equity holders	18,100
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned	15,800
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares		157,115
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High	350,000
Business Combination, Contingent Consideration, Liability	324,700
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents	$ 34,700
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest			$ 5,800
Saratoga Casino Holdings, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage					25.00%
Secured Debt [Member]
Schedule of Equity Method Investments [Line Items]
Other Loans Payable, Long-term, Noncurrent		$ 200,000
Gideon Putnam Hotel and Resort [Member] \| Saratoga Casino Holdings, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage					50.00%

Acquisitions And New Ventures Identifiable Assets Acquired and Liabilities Assumed (Details) - Big Fish Games [Member] $ in Thousands	Dec. 16, 2014 USD ($)
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables	$ 19,274
Business Combination, Income Taxes Receivable	18,087
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets	9,727
Business Combination, Assets, Deferred Income Taxes	1,708
Business Combination, Other Assets	1,780
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	14,632
Business Acquisition, Goodwill, Expected Tax Deductible Amount	540,331
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	362,863
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets	968,402
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable	9,064
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accrued Expenses	19,217
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
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other	2,821
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities	164,744
Future Business Acquisition, Cost Of Acquired Entity, Purchase Price	$ 803,658

Acquisitions And New Ventures Pro Forma Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2014 USD ($)
Business Acquisition [Line Items]
Net revenues	$ 241,462
Loss from continuing operations	$ (1,638)

Natural Disasters (Details) - Churchill Downs - Hail [Member] - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2014	Dec. 31, 2012
Business Interruption Loss [Line Items]
Insurance Deductible		$ 0.5
Insurance Settlements, Cash Settlement Received	$ 0.4

Investment in and Advances to Unconsolidated Affiliate (Details) $ in Thousands		3 Months Ended
	Dec. 21, 2012 USD ($)	Mar. 31, 2015 USD ($) terminal	Mar. 31, 2014 USD ($)	Dec. 31, 2014 USD ($) ft² a mi
Investments in and Advances to Affiliates [Line Items]
Repayments of Notes Payable		$ 10,400
Dividend from investment in unconsolidated affiliate		$ 3,500	$ 0
Miami Valley Gaming and Racing [Member]
Investments in and Advances to Affiliates [Line Items]
Equity Method Investment, Ownership Percentage				50.00%
Equity Method Investments	$ 60,000
Note Payable, Term	6 years
Equity Method Investments, Contingent Payable	$ 10,000
Acres \| a				120
Race Track, Length \| mi				0.625
Square footage of Casino \| ft²				186,000
Number of Lottery Terminals \| terminal		1,570
Equity Method Investments, Facility Cost				$ 204,600
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate		5.00%
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

Investment in and Advances to Unconsolidated Affiliate Equity Method Investment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Schedule of Equity Method Investments [Line Items]
Income (Loss) from Equity Method Investments	$ 2,948	$ 2,290
Equity Method Investment-Gaming Revenue	32,044	31,163
Equity Method Investment-Non-Gaming Revenue	1,957	1,631
Equity Method Investment, Summarized Financial Information, Revenue	34,001	32,794
Equity Method Investment-Expenses	24,634	24,211
Equity Method, Depreciation & Amortization	3,144	3,367
Equity Method Investment-Pre-Opening Expenses	0	54
Equity Method Investment Operating Income Loss	6,223	5,162
Equity Method Investment-Interest	(1,108)	(1,080)
Equity Method Investment, Summarized Financial Information, Net Income (Loss)	5,115	4,082
Miami Valley Gaming and Racing [Member]
Schedule of Equity Method Investments [Line Items]
Income (Loss) from Equity Method Investments	$ 2,558	$ 2,041

Investment in and Advances to Unconsolidated Affiliate Affiliate Balance Sheet (Details) - USD ($) $ in Thousands	Mar. 31, 2015	Dec. 31, 2014	Dec. 31, 2012
Investments in and Advances to Affiliates, Affiliate Balance Sheet [Abstract]
Equity Method Investment, Summarized Financial Information, Current Assets	$ 22,466	$ 24,943
Equity Method Investment-Property Plant & Equipment	128,418	130,868
Equity Method Investment, Summarized Financial Information, Noncurrent Assets	105,059	105,059
Equity Method Investment, Summarized Financial Information, Assets	255,943	260,870
Equity Method Investment, Summarized Financial Information, Current Liabilities	15,231	16,775
Equity Method Investment-Long-term Debt, Current Maturities	8,332	8,332
Equity Method Investment, Summarized Financial Information, Noncurrent Liabilities	25,094	26,584	$ 50,000
Investment Affiliate-Other Liabilities	75	83
Equity Method Investment Summarized Financial Information, Equity	207,211	209,096
Equity Method Investment, Summarized Financial Information, Liabilities and Equity	$ 255,943	$ 260,870

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Mar. 31, 2015	Mar. 31, 2014	Oct. 04, 2012
Income Tax Contingency [Line Items]
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued	$ 0.1
Effective Income Tax Rate, Continuing Operations	45.00%	38.00%
Other Assets			$ 2.9
Gross unrecognized tax benefits	$ 3.0
Total amount of unrecognized tax benefits, if recognized, would affect the effective tax rate	1.6
Business Combination, Indemnification Assets, Amount as of Acquisition Date	$ 1.1

Goodwill And Indefinite-Lived Intangible Assets Impairment Test - Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2015	Dec. 31, 2014
Goodwill
Goodwill	$ 840,947	$ 840,947
Goodwill, Acquired During Period	0
Intangible Assets, Net (Excluding Goodwill)
Definite-lived intangible assets, gross carrying amount	238,865	238,865
Definite-lived intangible assets, accumulated amortization	(61,476)	(47,236)
Definite-lived intangible assets, net book value	177,389	191,629
Intangible Assets, Net (Excluding Goodwill)	535,732	549,972
Indefinite-lived intangible assets, gross carrying value	358,343	358,343
Intangible Assets Excluding Goodwill, Gross	597,208	597,208
Big Fish Games [Member]
Goodwill
Goodwill	540,331	540,331
Goodwill, Acquired During Period	0
Casino Segment [Member]
Goodwill
Goodwill	117,659	117,659
Goodwill, Acquired During Period	0
TwinSpires [Member]
Goodwill
Goodwill	127,364	127,364
Goodwill, Acquired During Period	0
Racing Segment [Member]
Goodwill
Goodwill	51,659	51,659
Goodwill, Acquired During Period	0
Other Investments Segment [Member]
Goodwill
Goodwill	3,934	$ 3,934
Goodwill, Acquired During Period	$ 0

Fair Value Of Assets And Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value	$ 415,331	$ 408,931
Long-term debt, net of current maturities	387,257	459,105
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings	6,400
Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents and restricted cash	21,100	27,464
Deferred Payment-Founder, Fair Value	0	0
Contingent consideration liability	0	0
Long-term Debt, Fair Value	0	0
Business Combination, Contingent Consideration, Liability	0	0
Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents and restricted cash	0	0
Deferred Payment-Founder, Fair Value	0	0
Contingent consideration liability	0	0
Long-term Debt, Fair Value	305,250	299,250
Business Combination, Contingent Consideration, Liability	0	0
Fair Value, Inputs, Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents and restricted cash	0	0
Deferred Payment-Founder, Fair Value	80,400	78,800
Contingent consideration liability	2,331	2,331
Long-term Debt, Fair Value	0	0
Business Combination, Contingent Consideration, Liability	332,600	$ 327,800
Unsecured Debt [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, net of current maturities	$ 300,000

Long-term Incentive Plan (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
Long-term Incentive Plan (Details) - USD ($) $ in Thousands	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2013	Dec. 31, 2014	Mar. 21, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	131,000			84,500	92,000
Allocated Share-based Compensation Expense	$ 2,723	$ 5,241
Trading Days			20 days
Share-Based Compensation Arrangements by Share Based Payment Award, Equity Instruments Other than options vested in period	239,500
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized	$ 13,600
Omnibus Stock Incentive Plans, 2007 New LTIP [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated Share-based Compensation Expense	$ 1,800
Common Stock [Member] \| Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term	7 months
Common Stock [Member] \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term	3 years
Weighted average period over which unrecognized compensation is expected to be recognized for equity-based compensation plan	20 months
Performance-Based Awards [Member] \| Restricted Stock [Member] \| Churchill 2004 and 2007 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number			324,000

Loss Per Common Share Computations (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Earnings Per Share [Abstract]
Net Loss Available to Common Stockholders, Basic	$ (1,558)	$ (700)
Antidilutive Securities Excluded from Computation of Loss Per Share, Amount	400	500
Loss Per Share, Basic and Diluted [Abstract]
Basic (in shares)	17,268	17,419
Diluted (in shares)	17,268	17,419
Net loss (in dollars per share), Basic	$ (0.09)	$ (0.04)
Net loss (in dollars per share), Diluted	$ (0.09)	$ (0.04)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References + Details

Segment Information - Information About Reported Segments (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2015 USD ($) Off_Track_Betting_Palors Segments	Mar. 31, 2014 USD ($)
Segment Reporting Information [Line Items]
Number of Operating Segments \| Segments	5
Net revenues from external customers	$ 250,910	$ 167,141
Intercompany net revenues	0	0
Adjusted Segment EBITDA	50,138	25,598
Adjusted Corporate EBITDA	(1,867)	(1,106)
Insurance Recoveries, Net of Losses	0	431
Acquisition Related Contingent Consideration Costs	(6,400)	0
Increase (Decrease) in Deferred Revenue of Acquisition	(12,876)	0
Allocated Share-based Compensation Expense	(2,723)	(5,241)
Pre-Opening Costs	0	(27)
MVG interest expense, net	(554)	(540)
Other Nonrecurring Expense	6,138	0
Depreciation and Amortization	(27,407)	(15,284)
Interest Income (Expense), Net	(7,266)	(4,969)
Income tax benefit	1,259	438
Net loss	(1,558)	(700)
Foreign currency translation, net of ($328) tax effect	(387)	0
Comprehensive loss	$ (1,945)	(700)
Arlington Park
Segment Reporting Information [Line Items]
Number Of Off Track Betting Palors \| Off_Track_Betting_Palors	10
Fair Grounds
Segment Reporting Information [Line Items]
Number Of Off Track Betting Palors \| Off_Track_Betting_Palors	12
Big Fish Games [Member]
Segment Reporting Information [Line Items]
Net revenues from external customers	$ 91,903	0
Adjusted Segment EBITDA	20,026	0
Casino Segment [Member]
Segment Reporting Information [Line Items]
Net revenues from external customers	85,415	86,386
Adjusted Segment EBITDA	28,787	27,251
Casino Segment [Member] \| Calder Casinos
Segment Reporting Information [Line Items]
Net revenues from external customers	20,379	20,583
Casino Segment [Member] \| Fair Grounds Slots
Segment Reporting Information [Line Items]
Net revenues from external customers	11,482	11,784
Casino Segment [Member] \| VSI
Segment Reporting Information [Line Items]
Net revenues from external customers	9,184	8,754
Casino Segment [Member] \| Harlows Casino
Segment Reporting Information [Line Items]
Net revenues from external customers	13,680	14,451
Casino Segment [Member] \| Oxford Acquisition [Member]
Segment Reporting Information [Line Items]
Net revenues from external customers	17,503	17,519
Casino Segment [Member] \| Riverwalk Casino
Segment Reporting Information [Line Items]
Net revenues from external customers	13,187	13,295
TwinSpires [Member]
Segment Reporting Information [Line Items]
Net revenues from external customers	45,315	46,084
Intercompany net revenues	297	230
Adjusted Segment EBITDA	11,190	9,950
Racing Segment [Member]
Segment Reporting Information [Line Items]
Net revenues from external customers	24,438	30,579
Intercompany net revenues	2,049	2,333
Adjusted Segment EBITDA	(9,197)	(10,250)
Racing Segment [Member] \| Churchill Downs
Segment Reporting Information [Line Items]
Net revenues from external customers	2,008	2,142
Intercompany net revenues	233	228
Racing Segment [Member] \| Arlington Park
Segment Reporting Information [Line Items]
Net revenues from external customers	5,812	6,122
Intercompany net revenues	958	1,017
Racing Segment [Member] \| Calder
Segment Reporting Information [Line Items]
Net revenues from external customers	674	8,024
Intercompany net revenues	0	356
Racing Segment [Member] \| Fair Grounds
Segment Reporting Information [Line Items]
Net revenues from external customers	15,944	14,291
Intercompany net revenues	858	732
Other Investments Segment [Member]
Segment Reporting Information [Line Items]
Net revenues from external customers	3,605	3,837
Intercompany net revenues	795	898
Adjusted Segment EBITDA	(668)	(1,353)
Corporate
Segment Reporting Information [Line Items]
Net revenues from external customers	234	255
Intersegment Elimination
Segment Reporting Information [Line Items]
Intercompany net revenues	$ (3,141)	$ (3,461)

Segment Information - Equity in Earnings (Losses) of Unconsolidated Investments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Segment Reporting, Other Significant Reconciling Item [Line Items]
Equity in gains of unconsolidated investments	$ (2,948)	$ (2,290)
Casino Segment [Member]
Segment Reporting, Other Significant Reconciling Item [Line Items]
Equity in gains of unconsolidated investments	(2,558)	(2,041)
TwinSpires [Member]
Segment Reporting, Other Significant Reconciling Item [Line Items]
Equity in gains of unconsolidated investments	0	(220)
Other Investments Segment [Member]
Segment Reporting, Other Significant Reconciling Item [Line Items]
Equity in gains of unconsolidated investments	$ (390)	$ (29)

Segment Information - Total Asset Information For Segments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 2,302,370		$ 2,362,504
Capital expenditures	9,784	$ 20,169
Big Fish Games [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	1,018,086		1,009,668
Capital expenditures	1,163	0
Casino Segment [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	616,201		621,240
Capital expenditures	4,261	2,250
TwinSpires [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	183,175		182,322
Capital expenditures	943	1,592
Racing Segment [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	455,079		518,517
Capital expenditures	3,264	14,037
Other Investments Segment [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	29,829		$ 30,757
Capital expenditures	$ 153	$ 2,290

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

Calder Racing Operations (Details) $ in Millions	3 Months Ended
Calder Racing Operations (Details) $ in Millions	Mar. 31, 2015 USD ($)
Calder Racing [Abstract]
Restructuring and Related Cost, Accelerated Depreciation	$ 2.4
Demolition Expense	$ 0.8

HRTV Equity Investment Divestiture (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
HRTV Equity Investiture Divestiture [Abstract]
Payments for (Proceeds from) Investments	$ 6,000
Gain on sale of equity investment	$ 5,817	$ 0