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Document And Entity Information - USD ($)	12 Months Ended
Document And Entity Information - USD ($)	Dec. 31, 2016	Feb. 23, 2017	Jun. 30, 2016
Document And Entity Information [Abstract]
Entity Registrant Name	CHURCHILL DOWNS INC
Entity Central Index Key	0000020212
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-K
Document Period End Date	Dec. 31, 2016
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Common Stock, Shares Outstanding		16,430,884
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float			$ 1,696,748,433

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 48.7	$ 74.5
Restricted cash	34.3	29.7
Accounts receivable, net of allowance for doubtful accounts of $3.5 in 2016 and $3.8 in 2015	81.4	67.8
Receivable from escrow	13.6	0.0
Income taxes receivable	7.6	1.0
Game software development, net	9.6	7.1
Other current assets	50.8	39.5
Total current assets	246.0	219.6
Property and equipment, net	574.4	573.2
Game software development, net	6.3	3.2
Investment in and advances to unconsolidated affiliates	139.1	129.7
Goodwill	832.2	841.7
Other intangible assets, net	445.7	496.2
Other assets	10.7	13.8
Total assets	2,254.4	2,277.4
Current liabilities:
Accounts payable	53.2	39.1
Purses payable	12.5	12.1
Account wagering deposit liabilities	25.0	20.4
Accrued expense	100.1	97.9
Tax refund due to Big Fish Games former equity holders	0.0	0.4
Deferred revenue - Big Fish Games	81.3	81.3
Deferred revenue - all other	64.3	46.0
Big Fish Games deferred payment, current	27.8	28.1
Big Fish Games earnout liability, current	67.9	279.5
Current maturities of long-term debt	14.2	16.2
Dividends payable	21.8	19.1
Total current liabilities	468.1	640.1
Long-term debt (net of current maturities and loan origination fees of $0.5 in 2016 and $0.6 in 2015	312.8	171.9
Notes payable (including premium of $2.5 in 2016 and $3.0 in 2015 and net of debt issuance costs of $7.8 in 2016 and $9.3 in 2015)	594.7	593.7
Big Fish Games deferred payment, net of current amount due	0.0	26.7
Big Fish Games earnout liability, net of current amount due	0.0	65.7
Deferred revenue - all other	24.4	16.1
Deferred income taxes	153.1	127.9
Other liabilities	16.3	18.1
Total liabilities	1,569.4	1,660.2
Commitments and contingencies
Shareholders' equity:
Preferred stock, no par value; 0.3 shares authorized; no shares issued	0.0	0.0
Common stock, no par value; 50.0 shares authorized; 16.5 shares issued in 2016 and 16.6 shares issued in 2015	116.5	134.0
Retained earnings	569.7	483.8
Accumulated other comprehensive loss	(1.2)	(0.6)
Total shareholders' equity	685.0	617.2
Total liabilities and shareholders' equity	$ 2,254.4	$ 2,277.4

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 3.5	$ 3.8
Current maturities and loan origination fees	0.5	0.6
Premium on notes payable	2.5	3.0
Debt issuance costs on notes payable	$ 7.8	$ 9.3
Preferred stock, no par value (in dollars per share)	$ 0	$ 0
Preferred stock, shares authorized	300,000	300,000
Preferred stock, shares issued	0	0
Common stock, no par value (in dollars per share)	$ 0	$ 0
Common stock, shares authorized	50,000,000	50,000,000
Common stock, shares issued	16,500,000	16,600,000

Consolidated Statements Of Comprehensive Income - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Net revenue:
Racing	$ 251.1	$ 248.0	$ 261.4
Casinos	332.8	332.9	328.3
TwinSpires	220.6	200.2	191.0
Big Fish Games	486.2	413.7	13.9
Other Investments	16.9	16.6	16.5
Corporate	1.0	0.9	1.1
Total net revenue	1,308.6	1,212.3	812.2
Operating expense:
Racing	187.7	189.9	216.3
Casinos	241.3	241.1	243.3
TwinSpires	146.7	135.4	138.2
Big Fish Games	398.9	340.1	16.0
Other Investments	16.5	16.3	17.6
Corporate	1.9	0.1	1.9
Selling, general and administrative expense	100.2	90.8	76.0
Research and development	39.0	39.4	0.0
Gain on Calder land sale	(23.7)	0.0	0.0
Calder exit costs	2.5	13.9	2.3
Acquisition expenses, net	3.4	21.7	10.2
Total operating expense	1,114.4	1,088.7	721.8
Operating income	194.2	123.6	90.4
Other income (expense):
Interest expense	(43.7)	(28.6)	(20.8)
Equity in income of unconsolidated investments	17.4	11.2	6.3
Miscellaneous, net	0.2	5.9	0.6
Total other expense	(26.1)	(11.5)	(13.9)
Income from operations before provision for income taxes	168.1	112.1	76.5
Income tax provision	(60.0)	(46.9)	(30.1)
Net income	$ 108.1	$ 65.2	$ 46.4
Net income per common share data:
Basic net income (in dollars per share)	$ 6.52	$ 3.75	$ 2.67
Diluted net income (in dollars per share)	$ 6.42	$ 3.71	$ 2.64
Weighted average shares outstanding:
Basic (in shares)	16.4	17.2	17.3
Diluted (in shares)	16.8	17.6	17.6
Other comprehensive loss:
Foreign currency translation, net of tax	$ 0.2	$ (0.5)	$ (0.1)
Change in pension benefits, net of tax	(0.8)	0.0	0.0
Other comprehensive loss	(0.6)	(0.5)	(0.1)
Comprehensive income	$ 107.5	$ 64.7	$ 46.3

Consolidated Statements of Shareholders' Equity - USD ($) $ in Millions	Total	Common Stock	Retained Earnings	Accumulated Other Comprehensive Loss
Shares outstanding, beginning (in shares) at Dec. 31, 2013		17,900,000
Shareholders' equity, beginning at Dec. 31, 2013	$ 704.8	$ 296.0	$ 408.8	$ 0.0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	46.4		46.4
Issuance of common stock (in shares)		400,000
Issuance of common stock	23.3	$ 23.3
Tax windfall from stock-based compensation	$ 7.7	$ 7.7
Repurchase of common stock (in shares)	(691,000)	(800,000)
Repurchase of common stock	$ (76.6)	$ (76.6)
Stock-based compensation	11.9	$ 11.9
Cash & restricted stock dividends	(17.3)		(17.3)
Foreign currency translation, net of tax	(0.1)			(0.1)
Change in pension benefits, net of tax	0.0
Shares outstanding, ending (in shares) at Dec. 31, 2014		17,500,000
Shareholders' equity, ending at Dec. 31, 2014	700.1	$ 262.3	437.9	(0.1)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	65.2		65.2
Issuance of common stock (in shares)		0
Issuance of common stock	3.5	$ 3.5
Tax windfall from stock-based compensation	5.5	$ 5.5
Repurchase of common stock (in shares)		(1,100,000)
Repurchase of common stock	(151.1)	$ (151.1)
Grants of restricted stock, net of forfeitures (in shares)		200,000
Grants of restricted stock, net of forfeitures	0.0	$ 0.0
Stock-based compensation	13.8	$ 13.8
Cash & restricted stock dividends	(19.3)		(19.3)
Foreign currency translation, net of tax	(0.5)			(0.5)
Change in pension benefits, net of tax	0.0
Shares outstanding, ending (in shares) at Dec. 31, 2015		16,600,000
Shareholders' equity, ending at Dec. 31, 2015	617.2	$ 134.0	483.8	(0.6)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	108.1		108.1
Issuance of common stock (in shares)		100,000
Issuance of common stock	$ 2.6	$ 2.6
Repurchase of common stock (in shares)	(211,790)	(300,000)
Repurchase of common stock	$ (39.0)	$ (39.0)
Grants of restricted stock, net of forfeitures (in shares)		100,000
Grants of restricted stock, net of forfeitures	0.0	$ 0.0
Stock-based compensation	18.9	$ 18.9
Cash & restricted stock dividends	(22.2)		(22.2)
Foreign currency translation, net of tax	0.2			0.2
Change in pension benefits, net of tax	(0.8)			(0.8)
Shares outstanding, ending (in shares) at Dec. 31, 2016		16,500,000
Shareholders' equity, ending at Dec. 31, 2016	$ 685.0	$ 116.5	$ 569.7	$ (1.2)

Consolidated Statements of Shareholders' Equity (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Statement of Stockholders' Equity [Abstract]
Cash & restricted stock dividends (in dollars per share)	$ 1.32	$ 1.15	$ 1.00
Foreign currency translation adjustment, tax	$ (0.1)	$ (0.2)	$ (0.1)
Change in pension benefits, tax	$ (0.5)

Consolidated Statements Of Cash Flows $ in Millions	12 Months Ended
Consolidated Statements Of Cash Flows $ in Millions	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)
Cash flows from operating activities:
Net income	$ 108.1	$ 65.2	$ 46.4
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	108.6	109.7	68.3
Game software development amortization	17.2	9.7	0.0
Acquisition expenses, net	3.4	34.7	7.1
Gain on sale of equity investments	0.0	(5.8)	0.0
Distributed earnings from equity investments	15.6	15.2	0.0
Earnings from equity investments, net	(17.4)	(11.2)	(6.3)
Stock-based compensation	18.9	13.8	11.9
Deferred tax provision (benefit)	35.4	(3.4)	14.8
(Gain) loss on sale of assets	(23.6)	0.3	(0.4)
Big Fish Games earnout payment	(19.7)	0.0	0.0
Big Fish Games deferred payment	(2.0)	0.0	0.0
Other	2.0	4.6	0.6
Increase (decrease) in cash resulting from changes in operating assets and liabilities, net of business acquisitions:
Other current assets and liabilities	(10.2)	(15.3)	(3.3)
Game software development	(22.1)	(19.8)	0.0
Income taxes	(6.6)	28.5	0.2
Deferred revenue	17.9	38.3	0.6
Other assets and liabilities	1.3	0.0	1.7
Net cash provided by operating activities	226.8	264.5	141.6
Cash flows from investing activities:
Capital maintenance expenditures	(30.9)	(31.1)	(22.7)
Capital project expenditures	(23.8)	(12.4)	(31.8)
Receivable from escrow	(13.6)	0.0	0.0
Acquisition of businesses, net of cash acquired	0.0	(0.9)	(366.0)
Acquisition of gaming licenses	(2.5)	(2.3)	(2.3)
Distributions of capital from equity investments	0.7	0.0	0.0
Investment in joint ventures	(8.0)	(25.0)	(18.5)
Proceeds from sale of equity investment	1.8	6.0	0.0
Proceeds from sale of assets	25.6	0.2	1.0
Net cash used in investing activities	(50.7)	(65.5)	(440.3)
Cash flows from financing activities:
Borrowings on bank line of credit	727.1	704.2	805.0
Repayments of bank line of credit	(588.4)	(985.8)	(403.8)
Big Fish Games earnout payment	(261.9)	0.0	0.0
Big Fish Games deferred payment	(26.4)	(28.5)	0.0
Tax refund payments to Big Fish Games equity holders	(0.4)	(17.7)	0.0
Proceeds from note issuance	0.0	300.0	0.0
Payment of dividends	(19.1)	(17.4)	(15.2)
Repurchase of common stock	(39.0)	(147.6)	(76.6)
Common stock issued	2.2	1.2	7.4
Windfall tax provision from stock-based compensation	0.0	5.6	7.7
Loan origination fees and debt issuance costs	(1.4)	(4.6)	(2.1)
Other	5.4	0.0	(0.4)
Net cash (used in) provided by financing activities	(201.9)	(190.6)	322.0
Net (decrease) increase in cash and cash equivalents	(25.8)	8.4	23.3
Effect of exchange rate changes on cash	0.0	(1.8)	(0.1)
Cash and cash equivalents, beginning of year	74.5	67.9	44.7
Cash and cash equivalents, end of year	48.7	74.5	67.9
Supplemental disclosures of cash flow information:
Interest	40.0	25.2	17.5
Income taxes	32.4	41.5	17.0
Schedule of non-cash investing and financing activities:
Issuance of common stock for acquisition of Big Fish Games	0.0	0.0	15.8
Earnout liability for acquisition of Big Fish Games	0.0	0.0	324.7
Deferred payment for acquisition of Big Fish Games	0.0	0.0	97.1
Issuance of common stock in connection with the Company LTIP, the New Company LTIP and other restricted stock plans	19.0	27.7	3.0
Dividends payable	21.8	19.1	17.4
Repurchase of common stock in payment of income taxes on stock-based compensation	6.4	3.6	0.0
Property and equipment additions included in accounts payable and accrued expense	$ 4.2	$ 1.5	$ 1.3

Description of Business	12 Months Ended
Description of Business	Dec. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	DESCRIPTION OF BUSINESS Churchill Downs Incorporated (the "Company", "we", "us", "our") is an industry-leading racing, gaming and online entertainment company anchored by our iconic flagship event - The Kentucky Derby. We are a leader in brick-and-mortar casino gaming with approximately 9,030 gaming positions in seven states, and we are the largest, legal online account wagering platform for horseracing in the U.S. We are also one of the world's largest producers and distributors of mobile games. We were organized as a Kentucky corporation in 1928, and our principal executive offices are located in Louisville, Kentucky. We conduct our business through our operating segments and report our net revenue and operating expense associated with our operating segments in our accompanying Consolidated Statements of Comprehensive Income. Our operating segments are defined as follows: Racing: primarily commissions earned on wagering at our racetracks, off-track betting facilities ("OTBs"), simulcast fees earned from other wagering sites, and the operations include admissions, sponsorships and licensing rights, food and beverage services and alternative uses of our pari-mutuel facilities. Casinos: slot machines, table games, video poker ancillary food and beverage services and hotel and other miscellaneous operations. In addition, we include our 50% joint venture in Miami Valley Gaming ("MVG") and our 25% equity investment in Saratoga Casino Holdings LLC ("SCH"). TwinSpires: mobile and online pari-mutuel wagering business on TwinSpires.com; high dollar wagering by international customers ("Velocity"); and horseracing statistical data generated by our information business that provides data information and processing services to the equine industry. Big Fish Games: social casino, casual and mid-core free to play, and premium paid games for PC, Mac, and mobile devices. Other Investments: pari-mutuel wagering systems for racetracks and an Internet real-money gaming operation. Corporate: other revenue and general and administrative expense not allocated to our other operating segments.

Significant Accounting Policies

12 Months Ended

Dec. 31, 2016

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Significant Accounting Policies

SIGNIFICANT ACCOUNTING POLICIES

Principles of Consolidation

The accompanying consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.

Use of Estimates

Our financial statements have been prepared in conformity with U.S. generally accepted accounting principles ("U.S. GAAP") and are based upon certain critical accounting policies. These policies may require management to make estimates, judgments and assumptions that we believe are reasonable based on our historical experience, contract terms, observance of known trends in our Company and the industry as a whole and information available from other outside sources. Our estimates affect the reported amounts of assets and liabilities and related disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expense during the reporting period. Actual results may differ from those initial estimates. Our most critical estimates relate to revenue recognition, goodwill and other intangible assets, property and equipment and income taxes.

Reclassifications

We have reclassified certain items in the accompanying Consolidated Financial Statements for prior years to be comparable with 2016 classifications. On January 1, 2016, we realigned our Churchill Downs Interactive Gaming ("I-Gaming") and Bluff Media ("Bluff") operations from our Other Investments segment to our TwinSpires segment to correspond with internal management reporting changes.

There was no impact from these reclassifications on net income or cash flows.

Revenue Recognition

Racing and TwinSpires

Racing and TwinSpires revenue is generated by pari-mutuel wagering on live and simulcast racing content. Additionally, we also generate revenue through sponsorships, admissions, television rights, concessions, programs and parking.

Our Racing and TwinSpires revenue and income are influenced by our racing calendar. Therefore, revenue and operating results for any interim quarter are not generally indicative of the revenue and operating results for the year and may not be comparable with results for the corresponding period of the previous year. We historically have had fewer live racing days during the first quarter of each year, and the majority of our live racing revenue occurs during the second quarter with the running of the Kentucky Oaks and Kentucky Derby.

Pari-mutuel revenue is recognized upon occurrence of the live race that is presented for wagering and after that live race is made official by the respective state’s racing regulatory body. Other operating revenue from sponsorships, admissions, television rights, concessions, programs and parking are recognized once delivery of the product or service has occurred.

Live racing handle includes patron wagers made on live races at our racetracks and also wagers made on imported simulcast signals by patrons at our racetracks during live meets. Import simulcasting handle includes wagers on imported signals at our racetracks when the respective tracks are not conducting live racing meets, at our OTBs and through our advance deposit wagering providers throughout the year. Export handle includes all patron wagers made on live racing signals sent to other tracks, OTBs and advance deposit wagering providers. Advance deposit wagering consists of patron wagers through an advance deposit account. The pari-mutuel revenue earned in 2016 approximated 18.4% of handle for the TwinSpires segment and 11.0% of handle for the Racing segment.

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

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

Casinos

Casino revenue represents net casino wins which is the difference between casino wins and losses. Other operating revenue, such as concession revenue, is recognized once delivery of the product or service has occurred.

Big Fish Games

Big Fish Games revenue is primarily derived from the sale of in-app purchases within our free-to-play games and sales of our premium paid games. We offer social casino and casual and mid-core free-to-play games that customers can play at no cost. Customers can purchase virtual currency that can be used to buy virtual items to enhance the game playing experience. These games are distributed primarily through third party mobile platform providers, including but not limited to, Apple and Google.

The proceeds from the sale of virtual goods are initially recorded as deferred revenue and recognized as revenue when persuasive evidence of an arrangement exists, the service has been provided to the user, the price paid by the user is fixed or determinable, and collectability is reasonably assured. Determining whether and when some of these criteria have been satisfied requires judgments that may have a significant impact on the timing and amount of revenue we report in each period. For the purpose of determining when the service has been provided to the player, we have determined that an implied obligation exists to the paying user to continue to make available the purchased virtual goods within the game over the estimated life of the virtual goods. For social casino games, the life of the virtual goods is estimated to be the time period over which virtual goods are consumed, approximating three days. For all other casual games, the average playing period of paying players of approximately four months represents our best estimate of the average life of virtual goods. The proceeds from the sale of virtual goods are recorded as deferred revenue and recognized as revenue over the estimated life of the virtual goods.

Premium game revenue is derived from our PC subscription business, the Big Fish Game Club and from the sale of individual games on PC, Mac and mobile devices. Subscribers receive a game credit each month with their subscription. The value of the game credit is recognized when a customer redeems the game credit.

We record breakage revenue related to outstanding premium game credits. For credits that are subject to expiration, breakage revenue is recorded when the credits have legally expired. Breakage revenue is recorded for game credits with no legal expiration when we have determined the likelihood of redemption is remote based on historical game credit redemption patterns.

Other Estimates and Judgments

We estimate revenue from digital storefronts, such as Apple and Google, in the current period when reasonable estimates of these amounts can be made. The digital storefronts provide reliable interim preliminary sales reporting data within a reasonable time frame following the end of each month, which, when validated against our internal data, allows us to make reasonable estimates of revenue and therefore to recognize revenue during the reporting period. Determination of the appropriate amount of revenue recognized involves judgments and estimates that we believe are reasonable, but it is possible that actual results may differ from our estimates. When we receive the final reports, to the extent not received within a reasonable time frame following the end of each month, we record any differences between estimated revenue and actual revenue in the reporting period when we determine the actual amounts. Historically, the revenue on the final revenue report has not differed significantly from the reported revenue for the period.

Principal Agent Considerations

We evaluate our digital storefront agreements in order to determine whether or not we are acting as the principal or as an agent when selling our games, which we consider in determining if revenue should be reported gross or net. We primarily use digital storefronts for distributing our social casino and casual free-to-play games. Key indicators that we evaluate in order to reach this determination include:


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


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


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


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


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

Based on the evaluation of the above indicators, we have determined that we are generally acting as a principal and are the primary obligor to end-users for games distributed through digital storefronts; and therefore, we recognize revenue related to these arrangements on a gross basis.

Goodwill and Indefinite Intangible Assets

We perform an annual review for impairment of goodwill and indefinite-lived intangible assets as of March 31 of each fiscal year, or more frequently if events or changes in circumstances indicate that the carrying value may not be recoverable. Adverse industry or economic trends, lower projections of profitability, or a sustained decline in our market capitalization, among other items, may be indications of potential impairment issues, which are triggering events requiring the testing of an asset’s carrying value for recoverability. Goodwill is allocated and evaluated for impairment at the reporting unit level, which is defined as an operating segment or one level below an operating segment.

Goodwill and intangible assets can or may be required to be tested using a two-step impairment test. We assess qualitative factors to determine whether it is necessary to complete the two-step impairment test using a more likely than not criteria. If an entity believes it is more likely than not that the fair value of a reporting unit is greater than its carrying value, including goodwill, the two-step process can be bypassed. Qualitative factors include macroeconomic conditions, industry and market conditions, cost factors, overall financial performance, among others. These factors require significant judgments and estimates, and application of alternative assumptions could produce significantly different results. Evaluations of possible impairment utilizing the two-step approach require us to estimate, among other factors, forecasts of future operating results, revenue growth, EBITDA margin, tax rates, capital expenditures, depreciation, working capital, weighted average cost of capital, long-term growth rates, risk premiums, terminal values and fair market values of our reporting units and assets. Changes in estimates or the application of alternative assumptions could produce significantly different results. There were no impairments to our goodwill in 2016.

Our slots gaming rights and casinos' trade names are considered indefinite-lived intangible assets that do not require amortization based on our future expectations to operate our gaming facilities and use the trade names indefinitely and our historical experience in renewing these intangible assets at minimal cost with various state gaming commissions. Our Big Fish Games trade name is also considered an indefinite-lived intangible asset. These indefinite intangible assets are tested annually, or more frequently, if indicators of impairment exist, by comparing the fair value of the recorded assets to their carrying amount. If the carrying amount of the slots gaming rights and trade name intangible assets exceed fair value, an impairment loss is recognized. There were no impairments to our indefinite-lived intangible assets in 2016.

Property and Equipment

We have a significant investment in long-lived property and equipment. Property and equipment are recorded at cost. Judgments are made in determining the estimated useful lives of assets, the salvage values to be assigned to assets and if or when an asset has been impaired. The accuracy of these estimates affects the amount of depreciation expense recognized in the financial results and whether to record a gain or loss on disposition of an asset.

We review the carrying value of our property and equipment used in our operations whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable from estimated future undiscounted cash flows expected to result from its use and eventual disposition. Adverse industry or economic trends, lower projections of profitability, or a significant adverse change in legal factors or in the business climate, among other items, may be indications of potential impairment issues. If the undiscounted cash flows exceed the carrying value, no impairment is indicated. If the undiscounted cash flows do not exceed the carrying value, an impairment is recorded based on the fair value of the asset.

There are three generally accepted approaches available in developing an opinion of value: 1) the cost approach which is the price a prudent investor would pay to produce or construct a similar new item; 2) the market approach which is typically used for land valuations by analyzing recent sales transactions of similar sites; and 3) the income approach which is based on a discounted cash flow model using the estimated future results of the relevant reporting unit discounted using our weighted-average cost of capital and market indicators of terminal year free cash flow multiples. If necessary, we solicit third-party valuation expertise to assist in the valuation of our assets. We apply the most indicative approach to the overall valuation, or in some cases, a weighted analysis of any or all of these methods. The determination of fair value uses accounting judgments and estimates, including market conditions and the reliability is dependent upon the availability and comparability of the market data uncovered, as well as the decision making criteria used by market participants when evaluating a property. Changes in estimates or application of alternative assumptions could produce significantly different results.

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

Income Taxes

We use estimates and judgments for financial reporting to determine our current tax liability and deferred taxes. In accordance with the liability method of accounting for income taxes, we recognize the amount of taxes payable or refundable for the current year and deferred tax assets and liabilities for the future tax consequences of events that have been recognized in the consolidated financial statements or tax returns.

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

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

Cash and Cash Equivalents

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

Restricted Cash and Account Wagering Deposit Liabilities

Restricted cash represents amounts due to horsemen for purses, stakes and awards as well as customer deposits collected for advance deposit wagering. Account wagering deposit liabilities consist of deposits received from TwinSpires.com and Velocity customers to be used to fund wagering through the TwinSpires players' accounts.

Foreign Currency Transactions

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

Allowance for Doubtful Accounts Receivable

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

Game Software Development

Game software development costs for Big Fish Games includes costs for internally developed and purchased third party software for free-to-play games and premium game software purchased from third parties.

Costs associated with internally developed online only free-to-play game software are capitalized according to the accounting guidance governing computer software developed or obtained for internal use. Costs associated with internally developed free-to-play game software that allows the user to access content in both an online and offline mode are capitalized as game software development once technological feasibility of the software has been established.

Any costs incurred during the preliminary project stage are expensed; costs incurred during the application development stage are capitalized as game software development and costs incurred during the post-implementation/operation stage are expensed. Any costs incurred prior to the establishment of technological feasibility are expensed when incurred as research and development costs.

Once the software is placed in operation, we amortize the capitalized software cost as an operating expense over its estimated economic useful life, which is typically 18 months to three years. In addition, enhancements to existing games that increase the functionality of the game are capitalized as game software development and amortized as an operating expense over the game’s estimated economic useful life which is typically 18 months.

Purchased third party free-to-play game software is capitalized as game software development and amortized, once placed into service, over the game’s estimated economic useful life, which is typically 18 months.

Purchased third party software for premium games is capitalized as game software development, and amortized, once placed into service, over the game’s estimated economic useful life, which is typically 12 months.

Internal Use Software and Research & Development

Internal use software costs for TwinSpires, I-Gaming and Big Fish Games software are capitalized in property and equipment, in accordance with accounting guidance governing computer software developed or obtained for internal use. Once the software is placed in operation, we amortize the capitalized software over its estimated economic useful life, which is generally three years.

We capitalized internal use software in accordance with accounting guidance governing computer software developed or obtained for internal use primarily related to TwinSpires and I-Gaming of approximately $12.2 million in 2016, $8.9 million in 2015 and $7.4 million in 2014. The estimated useful life of capitalized software is generally three years, once a project has commenced. We incurred amortization expense of approximately $8.9 million in 2016, $7.0 million in 2015 and $6.0 million in 2014 for projects which had been placed in service. Capitalized internal use software is included in property and equipment, net.

Research and development expenditures are expensed as incurred. We incurred research and development expense of $39.0 million in 2016 and $39.4 million in 2015.

Fair Value of Assets and Liabilities

We adhere to a hierarchy for ranking the quality and reliability of the information used to determine fair values. Assets and liabilities that are carried at fair value are classified and disclosed in one of the following three categories: Level 1: Unadjusted quoted market prices in active markets for identical assets or liabilities; Level 2: Unadjusted quoted prices in active markets for similar assets or liabilities, unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability; and Level 3: Unobservable inputs for the asset or liability. We endeavor to utilize the best available information in measuring fair value. Financial assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurement.

Investments in and Advances to Unconsolidated Affiliates

We have investments in unconsolidated affiliates accounted for under the equity method. Under the equity method, carrying value is adjusted for our share of the investees' income and losses, amortization of certain basis differences as well as capital contributions to and distributions from these companies. Distributions in excess of equity method income are recognized as a return of investment and recorded as investing cash inflows in the accompanying Consolidated Statements of Cash Flows. We classify income and losses as well as gains and impairments related to our investments in unconsolidated affiliates as a component of other income (expense) in the accompanying Consolidated Statements of Comprehensive Income.

We evaluate our investments in unconsolidated affiliates for impairment whenever events or changes in circumstances indicate that the carrying value of the investment may have experienced an "other-than-temporary" decline in value. If such conditions exist, we compare the estimated fair value of the investment to its carrying value to determine if an impairment is indicated and determine whether the impairment is "other-than-temporary" based on an assessment of all relevant factors, including consideration of our intent and ability to retain our investment until the recovery of the unrealized loss. We estimate fair value using a discounted cash flow analysis based on estimated future results of the investee.

Debt Issuance Costs and Loan Origination Fees

We incurred debt issuance costs and loan origination fees associated with our long-term debt and notes payable, which are being amortized as interest expense over the remaining term of the credit facility. These amounts are presented as a direct deduction from the carrying amount of the associated liability.

Casino and Pari-mutuel Taxes

We recognize casino and pari-mutuel tax expense based on the statutorily determined percentage of revenue that is required to be paid to state and local jurisdictions in the states in which wagering occurs. Individual states and local jurisdictions set tax rates which range from 1.5% to 46% of net casino revenue and from 0.5% to 10% of the total pari-mutuel handle wagered by patrons.

Purse Expense

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

Self-insurance Accruals

We are self-insured up to certain limits for costs associated with general liability, workers’ compensation and employee health coverage, and we purchase insurance for claims that exceed our self-insurance retention or deductible levels. We record self-insurance reserves that include accruals of estimated settlements for known claims ("Case Reserves"), as well as accruals of third-party actuarial estimates for claims incurred but not yet reported ("IBNR"). Case Reserves represent estimated liabilities for unpaid losses, based on a claims administrator's estimates of future payments on individual reported claims, including allocated loss adjustment expense, which generally include claims settlement costs such as legal fees. IBNR includes the provision for unreported claims, changes in case reserves and future payments on reopened claims.

Key variables and assumptions include, but are not limited to, loss development factors and trend factors such as changes in workers' compensation laws, medical care costs and wages. These loss development factors and trend factors are developed using our actual historical losses. It is possible that reasonable alternative selections would produce materially different reserve estimates. We believe the estimates of future liability are reasonable based upon this methodology; however, changes in key variables and assumptions, or generally in health care costs, accident frequency and severity could materially affect the estimate for these reserves.

Advertising and Marketing

We expense the costs of general advertising, marketing and associated promotional expenditures at the time the costs are incurred. We incurred advertising and marketing expense of approximately $151.0 million in 2016, $130.7 million in 2015 and $28.8 million in 2014.

Stock-Based Compensation

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

Computation of Net Income per Common Share

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

Recent Accounting Pronouncements

Recently Adopted Accounting Pronouncements

In March 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-09, Improvements to Employee Share-Based Payment Accounting, which simplifies various aspects related to share-based payments. Previously, tax benefits in excess of compensation cost ("windfalls") were recorded as an increase to shareholders' equity. Under the new ASU, windfalls are recorded as a component of income tax expense. ASU 2016-09 also requires that tax-related cash flows resulting from share-based payments be reported as a part of cash flows from operating activities. We early adopted this guidance, prospectively, as of January 1, 2016 and during the year ended December 31, 2016 recognized an income tax benefit of$4.9 million which was recorded as a component of income taxes in cash flows provided by operating activities in the accompanying Consolidated Statements of Cash Flows. Prior to adoption of this ASU, windfalls were presented as a component of cash flows from financing activities. Upon the adoption of this ASU, we elected to account for forfeitures when incurred under a modified retrospective approach which did not impact our financial statements. The adoption of this ASU did not have a material impact on diluted earnings per share.

In August 2014, the FASB issued ASU No. 2014-15, Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern, which explicitly requires management to assess our ability to continue as a going concern, and to provide related footnote disclosures in certain circumstances. Management is 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 is required to provide disclosures regardless of whether substantial doubt is alleviated by management's plans. We adopted this new standard as of December 31, 2016. The adoption of this guidance did not have a material impact on our Consolidated Financial Statements.

Recent Accounting Pronouncements Not Yet Adopted

In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows, a consensus of the FASB’s Emerging Issues Task Force. The new guidance is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. The guidance will become effective for us in 2017. The adoption of the new accounting guidance is not expected to have a material impact on our Consolidated Financial Statements.

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 us in 2018 and will be applied retrospectively to each period presented or as a cumulative-effect adjustment as of the date of adoption. We anticipate this standard may have a material impact on our Consolidated Financial Statements. While we are continuing to assess all potential impacts of the standard, we believe the most significant impact primarily relates to our accounting for breakage revenue for our outstanding premium game credits for Big Fish Games.

In February 2016, the FASB issued ASU No. 2016-02, Leases, which requires companies to generally recognize on the balance sheet operating and financing lease liabilities and corresponding right-of-use assets. ASU 2016-02 is effective for us in 2019 on a modified retrospective basis with earlier adoption permitted. We are currently evaluating the impact of our pending adoption of ASU 2016-02 on our Consolidated Financial Statements, and we expect that most of our operating lease commitments will be subject to the new standard and recognized as operating lease liabilities and right-of-use assets upon our adoption of ASU 2016-02.

In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses, which introduces a new model for recognizing credit losses on financial instruments based on an estimate of current expected credit losses. The new model will apply to: (1) loans, accounts receivable, trade receivables and other financial assets measured at amortized cost, (2) loan commitments and certain other off-balance sheet credit exposures, (3) debt securities and other financial assets measured at fair value through other comprehensive income, and (4) beneficial interests in securitized financial assets. The guidance will become effective for us in 2020. We are assessing the impact of the new accounting guidance and currently cannot estimate the financial statement impact of adoption.

Acquisitions And New Ventures

12 Months Ended

Dec. 31, 2016

Business Combinations [Abstract]

Acquisitions and New Ventures

ACQUISITIONS AND NEW VENTURES

California Internet Gaming

During May 2015, our Internet real-money gaming operation, I-Gaming, entered into an agreement with a licensed card room operator to provide Internet-based interactive gaming services within California, should enabling legislation be enacted in California which would permit such activities. The term of the agreement commences after enabling legislation and upon the acceptance of the first customer wager and will then continue for a ten-year period. Under the agreement, I-Gaming and the licensed operator will jointly provide a platform for operations, obtain and maintain required licenses and regulatory approvals and operate Internet-based interactive gaming services that will be marketed to California residents and may include poker and other real-money gaming activities. At this time, it is difficult to assess whether this legislation will be enacted into law and the effect it would have on our business.

Big Fish Games

On December 16, 2014, we completed the acquisition of Big Fish Games, a global producer and distributor of social casino, casual and mid-core free-to-play and premium paid games for PC, Mac and mobile devices. Big Fish Games is headquartered in Seattle, Washington and has locations in Oakland, California and Luxembourg. We acquired Big Fish Games to leverage its social casino and casual game experience, assembled workforce and to position ourselves in the mobile and online game industry. We financed the acquisition with borrowings under our Fourth Amended and Restated Credit Agreement (the "Senior Secured Credit Facility") and the addition of a $200.0 million Term Loan Facility ("Term Loan") to the existing Senior Secured Credit Facility.

The purchase price consideration was $838.4 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 our common stock. In addition, we are required to pay additional variable cash consideration based upon the achievement of certain performance milestones of Big Fish Games through December 31, 2015, limited to a maximum of $350.0 million based on achievement of certain non-GAAP earnings targets before interest and tax. In 2015, Big Fish Games achieved its earnout milestones, and in March 2016, we made our first earnout payment of $281.6 million. The remaining deferred earnout payment of $68.4 million will be made in 2017.

The estimated fair value of the earnout liability at the acquisition date was $324.7 million. We 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 our cost of debt. The cost of debt as of the closing date was based on the observed market yields of our 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. Refer to Note 16, Fair Value of Assets and Liabilities, for further discussion of the fair value measurement of the deferred payment and the earnout liability.

Goodwill of $540.3 million arising from the acquisition consisted largely of projected future revenue and profit growth, including benefits from Big Fish Games’ expertise in the mobile and online games industry, particularly social casinos. All of the goodwill was assigned to Big Fish Games, which remains a stand-alone business for purposes of segment reporting. None of the goodwill recognized will be deducted for tax purposes.

The acquisition of Big Fish Games is included in acquisition of businesses, net of cash acquired, in the investing section of the accompanying Consolidated Statements of Cash Flows in the amount of $366.0 million, net of cash acquired of $34.7 million. Included in non-cash investing activities for the year ended December 31, 2014 is common stock issued in connection with the acquisition of $15.8 million, earnout liability of $324.7 million and deferred payments of $97.1 million.

Acquisition-related costs in the amount of $6.4 million were charged directly to operations and were included in selling, general and administrative expense in the accompanying Consolidated Statements of Comprehensive Income. Acquisition-related costs included legal, advisory, valuation, accounting and other fees incurred.

During 2015, we obtained additional information to assist us 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. We retroactively adjusted the December 31, 2014 Consolidated Balance Sheet and increased deferred tax assets by $0.8 million, increased goodwill by $1.4 million and increased accrued expense by $2.2 million. We completed our valuation during the fourth quarter of 2015. During 2015, we made payments of $18.7 million to Big Fish Games former equity holders for the receipt of federal and state income tax refunds and working capital adjustments related to the acquisition and we made a scheduled deferred founder payment of $28.4 million.

The following table summarizes the final fair value of the assets acquired and liabilities assumed, net of cash acquired of $34.7 million, at the date of acquisition:



(in millions)	Total
Accounts receivable	$	19.4
Income taxes receivable	18.1
Prepaid expense	9.7
Deferred income taxes	1.7
Other assets	1.8
Property and equipment	14.6
Goodwill	540.3
Other intangible assets	362.9
Total assets acquired	968.5
Accounts payable	9.1
Accrued expense	19.2
Income taxes payable	0.2
Deferred revenue	37.3
Deferred income taxes	96.2
Other liabilities	2.8
Total liabilities assumed	164.8
Purchase price, net of cash acquired	$	803.7

The final fair value of other intangible assets consists of the following:



(in millions)	Fair Value Recognized		Weighted-Average Useful Life
Tradename	$	200.0	N/A
Customer relationships	32.7		2.3 years
Developed Technology	87.0		3.9 years
In-Process Research & Development	12.7		5.0 years
Strategic Developer Relationships	30.5		4.8 years
Total intangible assets	$	362.9

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

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

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

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

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

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

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

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

Pro Forma Information (unaudited)

The following table illustrates the impact on net revenue and earnings from operations as if we had acquired Big Fish Games as of the beginning of 2014. The pro forma results have been prepared for comparative purposes only and do not purport to be indicative of the results of operations that would have occurred had the acquisition of Big Fish Games been consummated at the beginning of 2014.



	Year ended December 31,
(in millions)	2014
Net revenue	$	1,126.6
Income from operations before provision from income taxes	$	64.1

- Definition

The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).

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+ Details

Accounts Receivable

12 Months Ended

Dec. 31, 2016

Receivables [Abstract]

Accounts Receivable

ACCOUNTS RECEIVABLE

Accounts receivable is comprised of the following:



	As of December 31,
(in millions)	2016			2015
Trade receivables	$	31.6		$	33.0
Derby-related receivables	27.2			17.6
Simulcast and mobile and online wagering receivables	21.1			14.8
Other receivables	5.0			6.2
	84.9			71.6
Allowance for doubtful accounts	(3.5		)	(3.8		)
Total	$	81.4		$	67.8

Big Fish Games' accounts receivable was $24.7 million in 2016 and $25.7 million in 2015. These amounts were included within trade receivables and primarily represent amounts due from mobile, retail and publishing partners.

We recognized bad debt expense of $1.1 million in 2016, $0.9 million in 2015 and $0.7 million in 2014 in our TwinSpires segment associated with customer wagering on TwinSpires.com.

- Definition

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

+ References + Details

Property and Equipment

12 Months Ended

Dec. 31, 2016

Property, Plant and Equipment [Abstract]

Property and Equipment

PROPERTY AND EQUIPMENT

Property and equipment is comprised of the following:



	As of December 31,
(in millions)	2016			2015
Grandstands and buildings	$	414.3		$	412.4
Equipment	275.5			252.1
Tracks and other improvements	157.3			142.8
Land	117.5			118.7
Furniture and fixtures	57.4			52.1
Construction in progress	27.4			22.8
Artwork	2.1			2.1
	1,051.5			1,003.0
Accumulated depreciation	(477.1		)	(429.8		)
Total	$	574.4		$	573.2

Depreciation expense was $55.7 million in 2016, $53.6 million in 2015 and $55.0 million in 2014 and is classified in operating expense in the accompanying Consolidated Statements of Comprehensive Income.

In 2014, we recognized accelerated depreciation expense of $2.4 million, primarily related to Calder's barns which were not utilized subsequent to December 31, 2014.

On November 4, 2014, we ceased operations of Luckity and recorded an impairment charge of $3.2 million in our TwinSpires segment for property and equipment specifically associated with Luckity.

On November 8, 2016, we completed the sale of 61 acres of excess, undeveloped land at Calder for which we received total proceeds of $25.6 million. We recognized a gain of $23.7 million on the sale of the Calder land, which is included in operating expenses in the accompanying Consolidated Statement of Comprehensive Income.

The Company received proceeds from the Calder land sale of $25.6 million, of which $14.0 million was placed in a qualified intermediary trust, which will purchase previously identified real property during the first half of 2017. As of December 31, 2016, we had a receivable from escrow of $13.6 million from the qualified intermediary trust, which is included in our accompanying Consolidated Balance Sheets.

Calder Exit Costs	12 Months Ended
Calder Exit Costs	Dec. 31, 2016
Restructuring and Related Activities [Abstract]
Calder Exit Costs	CALDER EXIT COSTS On July 1, 2014, we finalized an agreement with The Stronach Group ("TSG") that expires on December 31, 2020 under which we permit TSG to operate and manage Calder's racetrack and certain other racing and training facilities and to provide live horseracing under Calder’s racing permits. During the term of the agreement, TSG pays Calder a racing services fee and is responsible for the direct and indirect costs of maintaining the racing premises, including the training facilities and applicable barns, and TSG receives the associated revenue from the operation. In late 2014 and into 2015, we assessed potential alternative uses of the Calder property that are not associated with the TSG lease agreement. Based on our analysis, we razed the barns that were not associated with the TSG agreement and commenced the demolition of the grandstand and certain ancillary facilities. The Company recognized Calder exit costs of $2.5 million in 2016, $13.9 million in 2015, and $2.3 million in 2014 in our accompanying Consolidated Statements of Comprehensive Income related to demolition costs for the removal of the grandstand. The Calder exit costs recognized in 2015 included a non-cash impairment charge of $12.7 million to reduce the net book value of the grandstand assets to zero. Refer to Note 5, Property and Equipment, for the description of the gain on the Calder land sale of $23.7 million.

Investments In and Advances to Unconsolidated Affiliates

12 Months Ended

Dec. 31, 2016

Equity Method Investments and Joint Ventures [Abstract]

Investments In and Advances to Unconsolidated Affiliates

INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES

Summarized below is financial information for our equity investments:



	December 31,
(in millions)	2016		2015
Assets
Current assets	$	38.8	$	34.2
Noncurrent assets	363.0		339.5
Total assets	$	401.8	$	373.7

Liabilities and Members' Equity
Current liabilities	$	77.5	$	44.4
Noncurrent liabilities	69.3		79.7
Members' equity	255.0		249.6
Total liabilities and members' equity	$	401.8	$	373.7



	Years Ended December 31,
(in millions)	2016			2015			2014
Net revenue:
Net revenue	$	216.1		$	195.2		$	147.3
Operating expense	161.3			152.4			124.0
Operating income	54.8			42.8			23.3
Interest and other expense, net	(6.9		)	(6.2		)	(5.0		)
Net income	$	47.9		$	36.6		$	18.3

Miami Valley Gaming Joint Venture

We acquired a 50% joint venture in MVG, which has a harness racetrack and video lottery terminal ("VLT") gaming facility in Lebanon, Ohio, with Delaware North Companies Gaming & Entertainment Inc. ("DNC") in 2012. Total consideration was $60.0 million, of which $10.0 million was funded at closing with the remainder funded through a $50.0 million note payable with a six year term effective upon the commencement of gaming operations.

Since both we and DNC have participating rights over MVG, and both must consent to MVG's operating, investing and financing decisions, we account for MVG using the equity method.

The joint venture's long-term debt consists of a $50.0 million secured note payable from MVG payable quarterly over 6 years through August 2019 at a 5.0% interest rate for which it has funded $25.0 million in principal repayments. We received distributions from MVG of $15.0 million in 2015 and in 2016.

Our accompanying Consolidated Statements of Comprehensive Income include our 50% share of MVG's results as follows:



	Years Ended December 31,
(in millions)	2016		2015		2014
Equity in income of unconsolidated investments	$	14.2	$	10.6	$	8.9

SHRI Equity Investment

On October 2, 2015, we completed the acquisition of a 25% equity investment in Saratoga Casino Holdings LLC ("SCH") which owns Saratoga Casino and Raceway ("Saratoga's New York facility") in Saratoga Springs, New York, for $24.5 million from Saratoga Harness Racing, Inc. ("SHRI"). Saratoga's New York facility has a casino with approximately 1,700 VLTs, a 1/2-mile harness racetrack with a racing simulcast center, and three dining facilities. Saratoga's New York facility has a 50% interest in a joint venture with DNC to manage the Gideon Putnam Hotel and Resort. We signed a five-year management agreement with SCH to manage Saratoga's New York facility for which we receive management fee revenue.

On July 6, 2016, Saratoga's New York facility completed a significant expansion which included a 117-room hotel, additional dining facilities and a 3,000 square-foot multi-functional event space.

On November 21, 2016, we completed the acquisition of a 25% equity investment in Saratoga Casino Black Hawk in Black Hawk, Colorado ("Saratoga's Colorado facility") for $6.5 million from SHRI. Saratoga's Colorado facility has a casino with approximately 600 slot machines, seven table games, three lounges and two dining facilities.

Our investment in SCH recorded under the equity method includes our share of the basis difference between the fair value of property and equipment and definite-lived intangible assets of $3.7 million and $2.7 million, respectively. These basis differences are charged to expense over the remaining estimated useful lives of the property and equipment and intangible assets and are recorded as a component of equity in income of unconsolidated investments. Basis differences related to non-depreciable assets, such as land and indefinite lived-intangible assets, are not being amortized. In 2016, we received distributions from SCH of $1.2 million.

Saratoga Harness Racing Inc.

In 2014, we entered into a 50% joint venture with SHRI which unsuccessfully bid on the development of a destination casino and resort in the Capital Region of New York. As part of the bidding process, we incurred $1.0 million in equity losses in our Other Investments segment associated with the license application process and funded $3.3 million to the joint venture. As a result of the bid decision, we recorded an impairment loss of $1.6 million to reduce our investment in the joint venture to its fair value. In 2016, the joint venture disposed of its remaining asset reducing our investment to zero.

Goodwill

12 Months Ended

Dec. 31, 2016

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

GOODWILL

Goodwill is comprised of the following:



(in millions)	Racing		Casinos		TwinSpires		Big Fish Games			Total
Balance as of December 31, 2014	$	51.7	$	117.6	$	131.3	$	540.3		$	840.9
Additions	—		—		0.8		—			0.8
Balance as of December 31, 2015	51.7		117.6		132.1		540.3			841.7
Adjustments	—		—		—		(9.5		)	(9.5		)
Balance as of December 31, 2016	$	51.7	$	117.6	$	132.1	$	530.8		$	832.2

We performed our annual goodwill impairment analysis for 2016 in accordance with ASU No. 2011-08, Intangibles-Goodwill and Other: Testing Goodwill for Impairment. This analysis included an assessment of quantitative factors to determine whether it is more likely than not that the fair values of the reporting units are less than the carrying amounts. We assessed our goodwill by performing step one fair value calculations on a quantitative basis for each of our reporting units. We concluded that the fair values of our reporting units exceeded the carrying values and therefore step two of the assessment was not required. We concluded that goodwill had not been impaired based on the annual goodwill impairment analysis.

In the fourth quarter of 2016, the Company recorded an out-of-period adjustment to increase deferred tax assets and decrease goodwill by $9.5 million to correct errors that originated in the purchase price allocation for Big Fish Games. The Company determined that the error was not material to any of the Company's prior annual and interim period financial statements.

The carrying amount of our reporting segments has been retrospectively adjusted to conform to the 2016 presentation as discussed in Note 2, Significant Accounting Policies.

Other Intangible Assets

12 Months Ended

Dec. 31, 2016

Intangible Assets, Net (Excluding Goodwill) [Abstract]

Other Intangible Assets

OTHER INTANGIBLE ASSETS

Other intangible assets are comprised of the following:



	December 31, 2016							December 31, 2015
(in millions)	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Definite-lived intangible assets:
Developed technology	$	87.0	$	(45.6	)	$	41.4	$	87.0	$	(23.3	)	$	63.7
Customer relationships	43.0		(33.3		)	9.7		75.1		(46.6		)	28.5
Strategic development	25.0		(7.3		)	17.7		30.5		(6.6		)	23.9
In-process research & development	12.7		(5.1		)	7.6		12.7		(2.6		)	10.1
Favorable contracts	11.0		(6.2		)	4.8		11.0		(5.5		)	5.5
Other	3.7		(1.0		)	2.7		3.7		(0.9		)	2.8
Table games license	2.7		(0.4		)	2.3		2.5		(0.3		)	2.2
Slots gaming license	2.3		(1.1		)	1.2		2.3		(1.1		)	1.2
	$	187.4	$	(100.0	)	$	87.4	$	224.8	$	(86.9	)	$	137.9
Indefinite-lived intangible assets:
Trademarks						225.7							225.7
Slots gaming rights						128.9							128.9
Illinois Horseracing Equity Trust						3.3							3.3
Other						0.4							0.4
Total						$	445.7						$	496.2

Amortization expense for definite-lived intangible assets was approximately $52.9 million in 2016, $56.1 million in 2015 and $13.3 million in 2014 and is classified in operating expense. We submitted payments of $2.3 million for 2016 and 2015 for annual license fees for Calder Casino, which are being amortized to expense over the annual license period.

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

In 2016, we reduced our customer relationships intangible assets and accumulated amortization for TwinSpires by $4.6 million, $10.8 million for Harlow's and Big Fish Games by $16.7 million as these amounts were fully amortized, and we reduced our strategic development intangible assets and accumulated amortization by $5.5 million as these amounts were fully amortized. In addition, we submitted a payment of $0.2 million to the State of Maine for table game fees that are being amortized over a 20-year license period.

In 2015, we reduced our customer relationships intangible asset and accumulated amortization for TwinSpires by $14.0 million as this amount was fully amortized.

We performed our annual indefinite-lived intangible asset impairment analysis for 2016 in accordance with ASU No. 2012-02, Intangibles-Goodwill and Other: Testing Indefinite-Lived Intangible Assets for Impairment. This analysis included an assessment of quantitative factors to determine whether it is more likely than not that the fair values of the indefinite-lived intangible assets are less than the carrying amounts. We assessed our indefinite-lived intangible assets by performing fair value calculations for each of our indefinite-lived intangible assets. We concluded that the fair values of our indefinite-lived intangible assets exceeded the carrying values. Based on the annual indefinite-lived intangible asset impairment analysis, we concluded that indefinite-lived intangible assets were not impaired.

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



Years Ended December 31,	Estimated Amortization Expense
2017	$	36.8
2018	$	18.7
2019	$	16.6
2020	$	4.6
2021	$	4.3

Future estimated amortization expense does not include additional payments of $2.3 million in 2017 and in each year thereafter for the ongoing amortization of future expected annual Florida slots gaming license fees not yet incurred or paid.

Income Taxes and Other Taxes

12 Months Ended

Dec. 31, 2016

Income Tax Disclosure [Abstract]

Income and Other Taxes

INCOME AND OTHER TAXES

Income Taxes

Components of the provision for income taxes are as follows:



	Years Ended December 31,
(in millions)	2016			2015			2014
Current provision:
Federal	$	22.0		$	46.1		$	13.2
State and local	2.6			3.8			2.0
Foreign	—			0.4			0.1
	24.6			50.3			15.3
Deferred:
Federal	34.4			(1.8		)	19.7
State and local	1.6			—			—
Foreign	(0.6		)	(1.6		)	(4.9		)
	35.4			(3.4		)	14.8
	$	60.0		$	46.9		$	30.1

Income from operations before provision for income taxes were as follows:



	Years Ended December 31,
(in millions)	2016			2015			2014
Domestic	$	168.7		$	114.4		$	76.0
Foreign	(0.6		)	(2.3		)	0.5
	$	168.1		$	112.1		$	76.5

Our income tax expense is different from the amount computed by applying the federal statutory income tax rate to income before taxes as follows:



	Years Ended December 31,
(in millions)	2016			2015			2014
Federal statutory tax on earnings before income taxes	$	58.8		$	39.2		$	26.8
State income taxes, net of federal income tax benefit	3.5			1.8			1.4
Non-deductible expense	3.3			2.6			1.0
Non-deductible acquisition-related charges	1.7			6.6			1.3
Manufacturing deduction	—			(2.0		)	—
Valuation allowance	(0.2		)	—			—
Windfall deduction from equity compensation	(4.9		)	—			—
Other	(2.2		)	(1.3		)	(0.4		)
	$	60.0		$	46.9		$	30.1

Components of our deferred tax assets and liabilities are as follows:



	As of December 31,
(in millions)	2016			2015
Deferred tax assets:
Deferred compensation plans	$	13.3		$	34.1
Deferred income	6.3			14.3
Allowance for uncollectible receivables	1.2			1.3
Deferred liabilities	3.7			1.9
Net operating losses and credit carryforward	9.4			11.7
Deferred tax assets	33.9			63.3
Valuation allowance	(0.5		)	(1.1		)
Net deferred tax asset	33.4			62.2
Deferred tax liabilities:
Intangible assets in excess of tax basis	135.0			143.0
Property and equipment in excess of tax basis	35.3			31.2
Other	16.2			15.9
Deferred tax liabilities	186.5			190.1
Net deferred tax liability	$	(153.1	)	$	(127.9	)

As of December 31, 2016, we have federal net operating losses of $5.1 million which were acquired in conjunction with the acquisitions of Youbet.com. The utilization of these losses, which expire between 2023 and 2030, is limited on an annual basis pursuant to Internal Revenue Code ("IRC") § 382. We believe that we will be able to fully utilize all of these losses. In addition, we have $1.6 million of state net operating losses, $0.8 million of which was acquired in conjunction with the acquisitions of Youbet.com. These losses, which expire between 2017 and 2034, may be subject to annual limitations similar to IRC § 382. We have recorded a valuation allowance of $0.2 million against the state net operating losses due to the fact that it is unlikely that we will generate income in certain states which is necessary to utilize the assets.

The Internal Revenue Service ("IRS") has audited us through 2012. Subsequent years are open to examination. Big Fish Games was audited by the IRS for the tax year ended December 16, 2014 which is the last tax year prior to our acquisition of Big Fish Games. State and local tax years open for examination vary by jurisdiction.

As of December 31, 2016, we have approximately $3.1 million of total gross unrecognized tax benefits, excluding interest of less than $0.1 million. Of this amount, $1.0 million was related to tax positions acquired in the Big Fish Games acquisition. If the total gross unrecognized tax benefits were recognized, there would be a $2.6 million effect to the annual effective tax rate. We anticipate a decrease in our unrecognized tax positions of approximately $0.8 million during the next twelve months primarily due to the expiration of statutes of limitation.

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:



(in millions)	2016			2015			2014
Balance as of January 1	$	2.5		$	2.9		$	0.6
Additions for tax positions related to the current year	0.7			0.3			0.5
Additions for tax positions of prior years	0.1			0.3			2.1
Reductions for tax positions of prior years	(0.2		)	(1.0		)	(0.3		)
Balance as of December 31	$	3.1		$	2.5		$	2.9

Other Taxes

For the year ended December 31, 2016, we accrued a liability and recognized a $1.5 million selling, general and administrative expense in our accompanying Consolidated Statements of Comprehensive Income related to potential liability for the untimely submission of informational tax returns related to the years 2012 to 2015 for certain casino customers. We have not received any notification of a potential penalty nor remitted any payment, but believe an expense is probable.

On July 18, 2016, we were notified of an IRS matter under review in which we are potentially liable for non-filing of federal withholding tax information for certain TwinSpires customers, subsequent to the acquisition of YouBet in 2010. The potential civil penalty plus interest approximates $1.6 million. We believe that we have a strong case for the abatement of the potential penalty, and since it is not deemed probable that this amount will be paid, an accrual was not recorded at December 31, 2016.

Shareholders' Equity	12 Months Ended
Shareholders' Equity	Dec. 31, 2016
Equity [Abstract]
Shareholders' Equity	SHAREHOLDERS’ EQUITY Stock Repurchase Program On April 23, 2013, our Board of Directors authorized the repurchase of up to $100.0 million of our stock in a stock repurchase program. In 2014, we repurchased 691,000 shares for $61.6 million in a privately negotiated transaction. The shares were retired, and the cost of the shares acquired was treated as a deduction from shareholders' equity. We funded this repurchase using available cash and borrowings under our Senior Secured Credit Facility. On October 28, 2015, our Board of Directors authorized the repurchase of up to $150.0 million of our stock in a stock repurchase program. This amount included and was not in addition to any unspent amounts remaining under the prior authorization which would have expired at the end of 2015. Repurchases may be made at management’s discretion from time to time on the open market (either with or without a 10b5-1 plan) or through privately negotiated transactions. The repurchase program had no time limit and may be suspended for periods or discontinued at any time. On November 19, 2015, we repurchased approximately 945,000 common shares for $138.1 million in a privately negotiated transaction with a related party, The Duchossois Group, our largest shareholder. The aggregate purchase price for the transaction was based on a share price of $146.13 which was the average of the twenty-day trailing closing price for our common stock through November 18, 2015. The shares were retired, and the cost of the shares acquired was treated as a deduction from shareholders' equity. We funded this repurchase using available cash and borrowings under our Senior Secured Credit Facility. On February 24, 2016, our Board of Directors authorized the repurchase of up to $150.0 million of our common stock in a stock repurchase program. The new program replaced the prior $150.0 million plan which was in effect at December 31, 2015 and had unused authorization of $11.9 million. Repurchases may be made at management’s discretion from time to time on the open market (either with or without a 10b5-1 plan) or through privately negotiated transactions. The repurchase program has no time limit and may be suspended for periods or discontinued at any time. During 2016, we repurchased 211,790 shares of our common stock in conjunction with our stock repurchase program at a total cost of $27.6 million based on settlement date. We have approximately $122.4 million of repurchase authority remaining under this program at December 31, 2016 based on settlement date. Shareholder Rights Plan On March 13, 2008, our Board of Directors approved a shareholder rights plan which granted each shareholder the right, in certain circumstances, to purchase a fraction of a share of Series A Junior Participating Preferred Stock at the rate of one right for each share of our common stock. If a person or group, together with its affiliates and associates, become an acquiring person, defined as the beneficial owner of 15% or more of our common stock, each holder of a right (other than the person or group who has become an acquiring person) will have the right to receive, upon exercise, shares of our common stock having a value equal to two times the exercise price of the right. Certain persons and transactions are exempted from the definition of acquiring person. In the event that, at any time following the date such person or group becomes an acquiring person, (i) we engage in a merger or other business combination transaction in which we are not the surviving corporation (other than with an entity that acquired the shares pursuant to an offer for all outstanding shares of common stock that a majority of the independent directors determines to be fair and not inadequate and to otherwise be in the best interests of us and our shareholders, after receiving advice from one or more investment banking firms (a "Qualifying Offer") ), (ii) we engage in a merger or other business combination transaction (other than with an entity that acquired the shares pursuant to a Qualifying Offer) in which we are the surviving corporation and our common stock is changed or exchanged, or (iii) 50% or more of our assets, cash flow or earnings power is sold or transferred, each holder of a right (other than the person or group who has become an acquiring person) shall thereafter have the right to receive, upon exercise, common stock of the surviving entity having a value equal to two times the exercise price of the right. At any time after a person or group becomes an acquiring person, and prior to the acquisition by such person or group of fifty percent (50)% or more of the outstanding common stock, the Board of Directors may exchange the rights (other than rights owned by such acquiring person), in whole or in part, for common stock at an exchange ratio of one share of common stock, or one one-thousandth of a share of preferred stock (or of a share of a class or series of our preferred stock having equivalent rights, preferences and privileges), per right (subject to adjustment).

- Definition

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

+ References

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+ Details

Director and Employee Benefit Plans	12 Months Ended
Director and Employee Benefit Plans	Dec. 31, 2016
Compensation and Retirement Disclosure [Abstract]
Director and Employee Benefit Plans	DIRECTOR AND EMPLOYEE BENEFIT PLANS Directors and Officers Retirement Plan We provide eligible executives and directors an opportunity to defer to a future date the receipt of base and bonus compensation for services as well as director’s fees through the 2005 Deferred Compensation Plan (the "Deferred Plan"). Our matching contribution on base compensation deferral of executives equals the matching contribution of our profit-sharing plan with certain limits. Our directors may elect to invest the deferred director fee compensation into our common stock within the Deferred Plan. Investments in our common stock are credited as hypothetical shares of common stock based on the market price of the stock at the time the compensation was earned. Upon the end of the director's service, common stock shares are issued to the director. Other Retirement Plans We have a profit-sharing plan that covers all employees not otherwise participating in an associated profit-sharing plan, with three months or more of service. We will match contributions made by employees up to 3% of the employee’s annual compensation and match at 50% contributions made by the employee up to an additional 2% of compensation with certain limits. We may also contribute a discretionary amount determined annually by the Board of Directors as well as a year-end discretionary match not to exceed 4% of compensation. Our cash contribution to the plan was approximately $4.0 million in 2016, $3.4 million in 2015, and $2.5 million in 2014. We are a member of a noncontributory defined benefit multi-employer retirement plan for all members of the Pari-mutuel Clerk’s Union of Kentucky and several other collectively bargained retirement plans, which are administered by unions. Cash contributions are made in accordance with negotiated labor contracts. Retirement plan expense was $0.6 million in 2016, $0.6 million in 2015 and $0.7 million in 2014. Our policy is to fund this expense as accrued, and we currently estimate that future contributions to these plans will not increase significantly from prior years.

Total Debt

12 Months Ended

Dec. 31, 2016

Debt Disclosure [Abstract]

Total Debt

TOTAL DEBT

The following table presents our total debt outstanding:



	As of December 31, 2016
			Unamortized Premium, Debt Issuance Costs and Loan Origination Fees
(in millions)	Outstanding Principal		Premium		Issuance Costs and Fees		Long-Term Debt, Net
Senior Secured Credit Facility:
Senior Secured Credit Facility due 2021	$	135.0	$	—	$	—	$	135.0
Term Loan due 2021	179.3		—		0.5		178.8
Swing line of credit	13.2		—		—		13.2
Total Senior Secured Credit Facility	327.5		—		0.5		327.0
5.375% Senior Unsecured Notes due 2021	600.0		2.5		7.8		594.7
Total debt	927.5		2.5		8.3		921.7
Current maturities of long-term debt	14.2		—		—		14.2
Total debt, net of current maturities	$	913.3	$	2.5	$	8.3	$	907.5



	As of December 31, 2015
			Unamortized Premium, Debt Issuance Costs and Loan Origination Fees
(in millions)	Outstanding Principal		Premium		Issuance Costs and Fees		Long-Term Debt, Net
Senior Secured Credit Facility:
Senior Secured Credit Facility due 2021	$	—	$	—	$	—	$	—
Term Loan due 2021	188.7		—		0.6		188.1
Swing line of credit	—		—		—		—
Total Senior Secured Credit Facility	188.7		—		0.6		188.1
5.375% Senior Unsecured Notes due 2021	600.0		3.0		9.3		593.7
Total debt	788.7		3.0		9.9		781.8
Current maturities of long-term debt	16.2		—		—		16.2
Total debt, net of current maturities	$	772.5	$	3.0	$	9.9	$	765.6

Senior Secured Credit Facility

On February 17, 2016, we entered into an amendment to our Fourth Amended and Restated Credit Agreement (the "New Agreement") which amends certain provisions of the credit agreement including extending the maturity of both the Senior Secured Credit Facility and the Term Loan (collectively the "Facilities") through February 2021, coterminous with one another. The maximum aggregate commitment for the Senior Secured Credit Facility remains at $500.0 million, and the unamortized Term Loan of $188.7 million was refinanced as part of this amendment.

On December 1, 2014, we executed the Fourth Amended and Restated Credit Agreement (the "Senior Secured Credit Facility") whereby it added a $200.0 million Term Loan Facility ("Term Loan") to the existing Senior Secured Credit Facility and amended certain definitions and provisions of the credit agreement including consolidated funded indebtedness, EBITDA and calculation of the total leverage ratio.

Following the execution of the New Agreement, the new maturity date for both the Senior Secured Credit Facility and the Term Loan is February 17, 2021.

Regarding the Term Loan, we were required to make quarterly principal payments that commenced on March 31, 2015, per the amortization schedule laid out in the Fourth Amended and Restated Credit Agreement. Upon the execution of the New Agreement, the amortization schedule was modified based on $188.7 million outstanding on the Term Loan balance. Payments are set to occur on the last day of each quarter through the new maturity date with annual paydown requirements of 5%, 7.5%, 10%, 12.5%, 15% and a bullet payment due at maturity. The new amortization schedule calls for quarterly principal payments of $2.4 million that commenced on March 31, 2016 and increases in increments of $1.2 million on March 31 of each year to reach final year quarterly payment amounts of $7.1 million. If no additional payments are made, the balance due at termination will be $94.4 million.

Generally, borrowings made pursuant to the Senior Secured Credit Facility bear interest at a LIBOR-based rate per annum plus an applicable percentage ranging from 1.125% to 2.5% depending on our total leverage ratio. In addition, under the Senior Secured Credit Facility, we agreed to pay a commitment fee at rates that range from 0.15% to 0.35% of the available aggregate commitment, depending on our total leverage ratio. The Term Loan is not subject to, nor included in the calculation of, the commitment fee. The weighted average interest rate on outstanding borrowings was 2.70% at December 31, 2016 and 1.70% at December 31, 2015.

The Senior Secured Credit Facility contains customary affirmative and negative covenants for credit facilities of this type, including limitations on us and our subsidiaries with respect to indebtedness, restricted payments, liens, investments, mergers and acquisitions, disposition of assets, sale-leaseback transactions and transactions with affiliates. The covenants permit us to use proceeds of the credit extended under the agreement for general corporate purposes, restricted payments and acquisition needs. The Senior Secured Credit Facility also contains financial covenants that require us (i) to maintain an interest coverage ratio (i.e., consolidated adjusted EBITDA to consolidated interest expense) that is greater than 3.0 to 1.0; (ii) not to permit the total leverage ratio (i.e., total consolidated funded indebtedness to consolidated adjusted EBITDA) to be greater than 4.5 to 1.0, provided that if a certain minimum consolidated adjusted EBITDA is reached then the total leverage ratio will be increased to 5.0 to 1.0 for such periods that the minimum is maintained; and (iii) not to permit the senior secured leverage ratio (i.e. senior secured consolidated funded indebtedness to consolidated adjusted EBITDA) to be greater than 3.5 to 1.0. As of December 31, 2016, we were in compliance with all covenants under the Senior Secured Credit Facility, and substantially all of our assets continue to be pledged as collateral under the Senior Secured Credit Facility.

On December 31, 2016, we had $344.7 million of borrowing capacity under the Senior Secured Credit Facility.

5.375% Senior Unsecured Notes

On December 16, 2013, we completed an offering of $300.0 million in aggregate principal amount of 5.375% Senior Unsecured Notes that mature on December 15, 2021 (the "Initial Senior Unsecured Notes" or the "Existing Notes"). The Initial Senior Unsecured Notes were issued at par, with interest payable on June 15^th and December 15^th of each year. We received net proceeds of $295.0 million, after deducting underwriting fees, and used the net proceeds from the offering to repay a portion of our outstanding borrowings, and accrued and unpaid interest outstanding under our (then) Third Amended and Restated Credit Agreement ("Senior Secured Credit Facility"). In connection with the issuance, we capitalized $6.3 million of debt issuance costs which are being amortized as interest expense over the remaining term of the Initial Senior Unsecured Notes.

On December 16, 2015, we completed an additional offering of $300.0 million in aggregate principal amount of 5.375% Senior Unsecured Notes that mature on December 15, 2021 (the "Tack-on Notes"). The Tack-on Notes were issued under the December 16, 2013 Indenture governing the $300.0 million Existing Notes, and form a part of the same series as the Existing Notes for purposes of the Indenture. The Tack-on Notes were issued at 101% with interest payable on June 15^th and December 15^th of each year. We received net proceeds of $299.0 million, after deducting underwriting fees, and used the net proceeds from the offering to repay our outstanding revolver borrowings along with accrued and unpaid interest outstanding under the Senior Secured Credit Facility. In connection with the issuance, we capitalized $4.7 million of debt issuance costs which are being amortized as interest expense over the remaining term of the Tack-on Notes.

Upon completion of this Tack-on Notes offering, the aggregate principal amount of the outstanding notes under this series is $600.0 million (collectively the "Senior Unsecured Notes.") The Tack-on Notes were offered with different CUSIP and ISIN numbers from the Existing Notes and as a result thereof, will not trade fungibly until they have been assigned the same CUSIP and ISIN numbers. It is expected that the Tack-on Notes will be exchanged into the unrestricted CUSIP and ISIN numbers currently assigned to the Existing Notes one year from the date of issuance.

Both series of the Senior Unsecured Notes were issued in private offerings that were exempt from registration under the Securities Act of 1933, as amended, and are senior unsecured obligations. The total Senior Unsecured Notes are guaranteed by each of our domestic subsidiaries that guarantee our Senior Secured Credit Facility and will rank equally with our existing and future senior obligations. At any time prior to December 15, 2016, we could have redeemed all or part of the total Senior Unsecured Notes at a price equal to 100% of the principal amount of the notes redeemed plus a "make-whole" premium, together with accrued and unpaid interest and additional interest, if any, to the redemption date. On or after December 15, 2016, we may redeem all or part of the Senior Unsecured Notes at a redemption price of 104.0% which gradually reduces to par by 2019.

Future aggregate maturities of total debt are as follows:



Years Ended December 31,
(in millions)
2017	$	14.2
2018	18.9
2019	23.6
2020	28.3
2021	842.5
Thereafter	—
Total	$	927.5

Operating Leases

12 Months Ended

Dec. 31, 2016

Leases [Abstract]

Operating Leases

OPERATING LEASES

Future minimum operating lease payments on non-cancelable leases are as follows, not including the variable portion of contingent leases:



Years Ended December 31,
(in millions)
2017	$	11.9
2018	7.8
2019	9.8
2020	9.1
2021	10.0
Thereafter	85.0
Total	$	133.6

We also lease totalisator equipment, audio/visual equipment and operate certain facilities that are partially contingent on handle revenue, bandwidth usage or race days. Total annual rent expense for contingent lease payments, including totalisator equipment, audio/visual equipment, land and facilities, was approximately $3.4 million in 2016, $3.5 million in 2015 and $3.6 million in 2014. Our total rent expense for all operating leases, including the contingent lease payments, was $24.7 million in 2016, $25.4 million in 2015 and $20.2 million in 2014. During 2015, the increase in total rent expense primarily reflects a full year of Big Fish Games lease expense.

In 2002, as part of financing improvements to the Churchill Downs facility, we transferred title of the Churchill Downs facility to the City of Louisville, Kentucky and leased back the facility. Subject to the terms of the lease, we can re-acquire the facility at any time for $1.00.

Stock-Based Compensation Plans

12 Months Ended

Dec. 31, 2016

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

Stock-Based Compensation Plans

STOCK-BASED COMPENSATION PLANS

On December 31, 2016, we have stock-based employee compensation plans as described below. Our total compensation expense, which includes expense related to restricted stock awards, restricted stock unit awards, restricted performance units awards, stock option awards, and stock options associated with our employee stock purchase plan was $18.9 million in 2016, $13.8 million in 2015 and $11.9 million in 2014.

Retirement of Executive Chairman of the Board of Directors

Our former Executive Chairman of the Board of Directors and Chief Executive Officer, Robert L. Evans, retired effective September 30, 2015. Mr. Evans continues as a member of the Board of Directors. In conjunction with Mr. Evans' retirement, we amended his previous Change in Control, Severance, and Indemnity Agreement and upon his retirement, we accelerated vesting on 29,218 shares of restricted stock which were previously awarded and recognized compensation expense of $1.3 million in 2015 for the acceleration of the restricted stock awards.

2016 Omnibus Stock Incentive Plan

On February 24, 2016, we replaced our previous stock compensation program, the Churchill Downs Incorporated 2007 Omnibus Stock Incentive Plan (the "2007 Incentive Plan") with a new program, the Churchill Downs Incorporated 2016 Omnibus Stock Incentive Plan ("the 2016 Incentive Plan"). The 2016 Incentive Plan is intended to advance our long-term success by encouraging stock ownership among key employees and the Board of Directors. Awards may be in the form of stock options, stock appreciation rights, restricted stock, restricted stock units, performance shares, performance units or performance cash. The 2016 Incentive Plan has a minimum vesting period of one year for awards granted. During 2016, we awarded stock compensation under both the 2007 Incentive Plan and the 2016 Incentive Plan.

Employee Stock Options

We have stock options outstanding under the 2007 Incentive Plan. The 2007 Incentive Plan provides that the exercise price of any incentive stock option may not be less than the fair market value of the common stock on the date of grant. Outstanding stock options under the 2007 Incentive Plan have contractual terms of ten years and generally vest ratably on each anniversary of the grant date over a three year period. No stock options have been awarded under the 2016 Incentive Plan.

Activity for our stock options outstanding is presented below:



(in thousands, except per average exercise price)	Number of Shares Under Option		Weighted Average Exercise Price
Balance as of December 31, 2013	193		$	36.04
Granted	—		$	—
Exercises	(182	)	$	35.26
Canceled/forfeited	(1	)	$	49.95
Balance as of December 31, 2014	10		$	48.63
Granted	—		$	—
Exercises	(1	)	$	49.95
Canceled/forfeited	—		$	—
Balance as of December 31, 2015	9		$	48.37
Granted	—
Exercises	(5	)	$	52.58
Canceled/forfeited	—
Balance as of December 31, 2016	4		$	43.74

During 2014, Mr. Evans, our non-executive Chairman of the Board of Directors, exercised options for 180,000 shares of our common stock which were granted at $35.19 per share, for common stock prices ranging from $85.00 to $91.33 per share.

On December 31, 2016, all outstanding options were vested and exercisable. The following table summarizes information about stock options outstanding on December 31, 2016:



(in thousands, except contractual life and per share data)	Shares Under Option	Remaining Contractual Life (Years)	Average Exercise Price Per Share		Intrinsic Value per Share⁽¹⁾		Aggregate Intrinsic Value
Options exercisable and vested at December 31, 2016	4	1.8	$	43.74	$	106.71	$	437


(1)	Computed based upon the amount by which the fair market value of our common stock on December 31, 2016 of $150.45 per share exceeded the weighted average exercise price.

The total intrinsic value of stock options exercised was $0.4 million in 2016, $0.1 million in 2015 and $9.6 million in 2014. Cash received from stock option exercises totaled $0.2 million in 2016, $0.1 million in 2015 and $6.4 million in 2014.

Restricted Shares and Restricted Stock Units

The 2016 Incentive Plan and the 2007 Incentive Plan (collectively "the 2016 and 2007 Plans") permit the award of restricted shares or restricted stock units to directors and key employees, including our officers who are from time to time responsible for the management, growth and protection of our business. Restricted shares granted under the 2016 and 2007 Plans generally vest either in full upon three years from the date of grant, on a pro-rata basis over a three year term or upon retirement at or after age 60. The fair value of restricted shares that vest solely based on continued service under the 2016 and 2007 Plans is determined by the product of the number of shares granted and the grant date market price of our common stock.

On September 22, 2015, the Board of Directors approved the adoption of the Executive Long-Term Incentive Compensation Plan (the "ELTI Plan"), pursuant to which certain named executive officers ("NEOs") and other key executives ("Grantees") may earn variable equity payouts based upon us achieving certain key performance metrics over a specified period. The ELTI Plan was adopted pursuant to 2016 and 2007 Plans, which were previously approved by our shareholders.

2016 Awards

On February 23, 2016, certain NEOs received the following:


•	24,677 restricted stock units ("RSU") vesting equally over three service periods ending December 31, 2016, December 31, 2017 and December 31, 2018; and


•	29,633 performance share units ("PSU") with vesting contingent on financial performance measures at the end of a 34-month performance period ending December 31, 2018.

The performance criteria for the 2016 PSU awards are a cumulative Adjusted EBITDA target that was set at the beginning of the plan performance period for the entire three year period, and a cash flow metric that is the aggregate of the cash flow targets for the three individual years that is set annually at the beginning of each year. The cash flow metric is defined as cash flow from operating activities plus distributions of capital from equity investments less capital maintenance expenditures. The Compensation Committee can make adjustments as it may deem appropriate to these metrics. Measurement against these criteria will be determined against a payout curve which provides up to 200% of performance share units based on the original award.

The performance criteria also includes a relative total shareholder return ("TSR") component. Our TSR will be ranked versus the companies in the Russell 2000 index and will be calculated based on our relative placement within the Russell 2000 index. The PSU awards may be adjusted based on the Company’s TSR, by increasing the PSU awards by 25% if the Company’s TSR is in the top quartile, decreasing the PSU awards by 25% if the Company’s TSR is in the bottom quartile, and providing no change to the PSU awards if the Company’s TSR is in the middle two quartiles.

The total compensation cost we will recognize under the PSUs will be determined using the Monte Carlo valuation methodology and will be based upon an equal performance weighting for the two financial measures and then adjusted based on the Company’s TSR performance within the Russell 2000 index. The maximum number of PSUs that can be earned for a performance period is 250% of the original award.

In 2016, we recognized compensation expense of $7.7 million related to the 2016 grants for RSUs, PSUs and other employee grants made during 2016. At December 31, 2016, compensation expense that has not been amortized attributable to unvested 2016 RSU and PSU awards was $4.3 million and $4.9 million for 2016 other awards.

2015 Awards

On September 22, 2015, certain NEOs received the following:


•	22,142 RSUs vesting equally over two service periods ending December 31, 2016 and December 31, 2017; and


•	27,282 PSUs with vesting contingent on financial performance measures at the end of a 30-month performance period ending December 31, 2017.

The performance criteria for the 2015 PSUs are consistent with the 2016 Awards described above.

In 2016, we recognized compensation expense of $3.8 million related to the 2015 RSU and PSU grants and at December 31, 2016, unrecognized compensation expense related to these awards was $2.6 million. In 2015, we recognized compensation expense of $0.9 million related to the 2015 grants for RSUs and PSUs.

Other Awards

In 2016, we awarded 72,529 of restricted stock shares to other employees, the majority of which vest equally over three service periods ending in the first quarter of 2019. In 2016, we recognized $4.4 million of compensation expense related to these awards. On December 31, 2016, unrecognized compensation expense attributable to all unvested service period awards was $7.7 million. The weighted average period over which we expect to recognize the remaining compensation expense under the service period awards approximates 1.3 years.

In 2015, we awarded NEOs, Grantees and certain other employees 167,800 restricted shares of our common stock vesting over service periods ranging from seven months to three years. In 2016, we recognized $4.7 million of compensation expense and in 2015, we recognized $6.2 million of compensation expense related to these awards. On December 31, 2016, unrecognized compensation expense attributable to all unvested service period awards was $3.0 million. The weighted average period over which we expect to recognize the remaining compensation expense under the service period awards approximates 13 months.

Activity for the ELTI Plan, the 2013 New Company LTIP, the 2016 and 2007 Plans and awards made outside of stock-based compensation plans is presented below:



	Market Condition & Performance-Based Awards				Service Period Awards				Total
(in thousands, except grant date values)	Number of Shares		Weighted Average Grant Date Fair Value		Number of Shares		Weighted Average Grant Date Fair Value		Number of Shares		Weighted Average Grant Date Fair Value
Balance as of December 31, 2013	324		$	53.71	349		$	53.58	673		$	53.64
Granted	—		$	—	26		$	88.58	26		$	88.58
Vested	(239	)	$	53.49	(107	)	$	54.15	(346	)	$	53.70
Canceled/forfeited	—		$	—	(12	)	$	60.41	(12	)	$	60.41
Balance as of December 31, 2014	85		$	54.32	256		$	56.24	341		$	55.77
Granted	27		$	154.90	190		$	102.09	217		$	108.73
Vested	(85	)	$	48.31	(150	)	$	64.87	(235	)	$	58.91
Canceled/forfeited	—		$	—	(9	)	$	93.04	(9	)	$	93.04
Balance as of December 31, 2015	27		$	154.90	287		$	80.90	314		$	87.31
Granted	30		$	141.02	97		$	132.64	127		$	134.60
Vested	—		$	—	(186	)	$	70.81	(186	)	$	70.81
Canceled/forfeited	—		$	—	(6	)	$	100.31	(6	)	$	100.31
Balance as of December 31, 2016	57		$	147.67	192		$	114.33	249		$	121.95

On December 31, 2016, there was $15.6 million of unrecognized stock-based compensation expense related to nonvested restricted share awards, RSU and PSU awards that we expect to recognize over a weighted average period of 1.3 years.

On December 31, 2016, NEOs held 56,915 restricted shares subject to performance-based vesting criteria (all of which are considered performance based restricted shares), which were issued during 2016 and 2015. The number of these shares that vest is based upon established performance-based targets that will be assessed on an ongoing basis.

Employee Stock Purchase Plan

Under the Employee Stock Purchase Plan (the "ESP Plan"), we are authorized to sell, pursuant to short-term stock options, shares of our common stock to our full-time and qualifying part-time employees at a discount from our common stock’s fair market value. The ESP Plan operates on the basis of recurring, consecutive one-year periods. Each period commences on August 1 and ends on the following July 31.

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

On July 31, 2016, employees purchased approximately 18 thousand shares of common stock pursuant to options granted on August 1, 2015. Because the plan year overlaps our fiscal year, the number of shares to be sold pursuant to options granted on August 1, 2016, can only be estimated because the 2016 plan year is not yet complete. Our estimate of options granted in 2016 under the ESP Plan is based on the number of shares sold to employees under the ESP Plan for the 2015 plan year, adjusted to reflect the change in the number of employees participating in the ESP Plan in 2016. We recognized compensation expense related to the ESP Plan of $0.7 million in 2016, $0.6 million in 2015 and $0.4 million in 2014.

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References + Details

Fair Value Of Assets And Liabilities

12 Months Ended

Dec. 31, 2016

Fair Value Disclosures [Abstract]

Fair Value Of Assets And Liabilities

FAIR VALUE OF ASSETS AND LIABILITIES

We endeavor to utilize the best available information in measuring fair value. Financial assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurement. The following tables present our assets and liabilities measured at fair value on a recurring basis:



	December 31, 2016
(in millions)	Level 1		Level 3
Cash equivalents and restricted cash	$	34.1	$	—
Big Fish Games deferred payments	—		27.8
Big Fish Games earnout liability	—		67.9
Total	$	34.1	$	95.7



	December 31, 2015
(in millions)	Level 1		Level 3
Cash equivalents and restricted cash	$	30.1	$	—
Big Fish Games deferred payments	—		54.8
Big Fish Games earnout liability	—		345.2
Bluff contingent consideration liability	—		2.3
Total	$	30.1	402.3

The following table presents the change in fair value of our instruments classified within Level 3:



	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
(in millions)	Big Fish Games Deferred Payments			Big Fish Games Earnout Liability			Bluff Contingent Consideration			Total
Balance as of December 31, 2015	$	54.8		$	345.2		$	2.3		$	402.3
Payments	(28.4		)	(281.6		)	—			(310.0		)
Change in fair value	1.4			4.3			(2.3		)	3.4
Balance as of December 31, 2016	$	27.8		$	67.9		$	—		$	95.7

Our 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.

We estimated the fair values of the Big Fish Games deferred payment and earnout liability as of December 31, 2016 using a discounted cash flows analysis over the period in which the obligations are expected to be settled, and applied a discount rate of 2.3% based on our cost of debt. The cost of debt was based on the observed market yields of our Senior Unsecured Notes, a Level 3 fair value measurement, and was adjusted for the difference in seniority and term of the deferred payments and earnout liability. The increase in fair values of the Big Fish Games deferred payment and earnout liability of $5.7 million in 2016 and $21.7 million in 2015 was recorded as acquisition expense in the accompanying Consolidated Statements of Comprehensive Income. In December 2016 and 2015, we paid our deferred founder’s payment totaling $28.4 million each year. Changes to our cost of debt could lead to different fair value estimates for the deferred payments and earnout liability. A one-percentage point change in the discount rate would increase or decrease the fair values of the Big Fish Games deferred payment and earnout liability by $1.0 million.

Our accrued liability for a contingent consideration recorded in conjunction with the Bluff acquisition was based on significant inputs not observed in the market and represent a Level 3 fair value measurement. The estimate of the contingent consideration liability used an income approach and was based on the probability of achieving enabling legislation which permits Internet poker gaming and the probability-weighted discounted cash flows. During the fourth quarter of 2016, the Company eliminated the contingent liability as the legislation did not pass and thus the contingency period expired in February 2017. Therefore, the Company recorded a $2.3 million reduction of acquisition expenses, net, in the accompanying Consolidated Statements of Comprehensive Income in 2016.

We currently have no other assets or liabilities subject to fair value measurement on a recurring basis. Our $600.0 million par value Senior Unsecured Notes are disclosed at fair value which is based on unadjusted quoted prices for similar liabilities in markets that are not active. The fair value of the Senior Unsecured Notes was $622.5 million at December 31, 2016 and $604.1 million at December 31, 2015.

The following methods and assumptions were used in estimating our fair value disclosures for financial instruments:

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

Long-term debt: Senior Secured Credit Facility—The carrying amounts of the borrowings under the Senior Secured Credit Facility approximate fair value, based upon current interest rates, representing a Level 2 fair value measurement.

We did not measure any assets at fair value on a non-recurring basis for 2015 and 2016.

- 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

Contingencies	12 Months Ended
Contingencies	Dec. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Contingencies	CONTINGENCIES We are involved in litigation arising in the ordinary course of conducting business. We carry insurance for workers' compensation claims from our employees and general liability for claims from independent contractors, customers and guests. We are self-insured up to an aggregate stop loss for our general liability and workers' compensation coverages. We review all litigation on an ongoing basis when making accrual and disclosure decisions. For certain legal proceedings, we cannot reasonably estimate losses or a range of loss, if any, particularly for proceedings that are in the early stages of development or where the plaintiffs seek indeterminate damages. Various factors, including, but not limited to, the outcome of potentially lengthy discovery and the resolution of important factual questions, may need to be determined before probability can be established or before a loss or range of loss can be reasonably estimated. In accordance with current accounting standards for loss contingencies and based upon information currently known to us, we establish reserves for litigation when it is probable that a loss associated with a claim or proceeding has been incurred and the amount of the loss or range of loss can be reasonably estimated. When no amount within the range of loss is a better estimate than any other amount, we accrue the minimum amount of the estimable loss. To the extent that such litigation against us may have an exposure to a loss in excess of the amount we have accrued, we believe that such excess would not be material to our consolidated financial condition, results of operations, or cash flows. Legal fees are expensed as incurred. If the loss contingency in question is not both probable and reasonably estimable, we do not establish an accrual and the matter will continue to be monitored for any developments that would make the loss contingency both probable and reasonably estimable. In the event that a legal proceeding results in a substantial judgment against, or settlement by us, there can be no assurance that any resulting liability or financial commitment would not have a material adverse impact on our business.

Net Income Per Common Share Computations

12 Months Ended

Dec. 31, 2016

Earnings Per Share [Abstract]

Net Income Per Common Share Computations

NET INCOME PER COMMON SHARE COMPUTATIONS

The following is a reconciliation of the numerator and denominator of the net income per common share computations:



	Years Ended December 31,
(in millions, except per share data)	2016			2015			2014
Numerator for basic income per common share:
Net income	$	108.1		$	65.2		$	46.4
Net income allocated to participating securities	(1.0		)	(0.6		)	(0.3		)
Numerator for basic net income per common share	$	107.1		$	64.6		$	46.1

Numerator for diluted income per common share	$	108.1		$	65.2		$	46.4

Denominator for net income per common share:
Basic	16.4			17.2			17.3
Plus dilutive effect of stock options and restricted stock	0.2			0.1			0.1
Plus dilutive effect of participating securities	0.2			0.3			0.2
Diluted	16.8			17.6			17.6

Income per common share:
Basic	$	6.52		$	3.75		$	2.67
Diluted	$	6.42		$	3.71		$	2.64

Segment Information

12 Months Ended

Dec. 31, 2016

Segment Reporting [Abstract]

Segment Information

SEGMENT INFORMATION

We manage our operations through six operating segments:


•	Racing, which includes Churchill Downs, Arlington International Race Course ("Arlington"), Fair Grounds Race Course ("Fair Grounds") and Calder;


•	Casinos, which includes Oxford Casino ("Oxford"), Riverwalk Casino ("Riverwalk"), Harlow's Casino ("Harlow’s"), Calder Casino, Fair Grounds Slots, Video Services, LLC ("VSI"), 50% of EBITDA from our joint venture, MVG, and 25% of EBITDA from our equity investment, SCH, which includes investments in Saratoga's New York facility and Saratoga's Colorado facility;


•	TwinSpires, which includes TwinSpires.com, Fair Grounds Account Wagering ("FAW"), Velocity, Bloodstock Research Information Services ("BRIS"), Bluff and I-Gaming;


•	Big Fish Games, which is a global producer and distributor of social casino, casual and mid-core free-to-play, and premium paid games for PC, Mac and mobile devices;


•	Other Investments, which includes United Tote and Capital View Casino & Resort Joint Venture ("Capital View"); and


•	Corporate, which includes miscellaneous and other revenue, compensation expense, professional fees and other general and administrative expense not allocated to our other operating segments.

Eliminations include the elimination of intersegment transactions. Our chief operating decision maker utilizes Adjusted EBITDA to evaluate segment performance, develop strategy and allocate resources. Adjusted EBITDA is defined as earnings before interest, taxes, depreciation and amortization, adjusted for the following:

Adjusted EBITDA includes our portion of the EBITDA from our equity investments.

Adjusted EBITDA excludes:


•	Acquisition expense, net which includes:


•	Acquisition-related charges, including fair value adjustments related to earnouts and deferred payments; and


•	Transaction expense, including legal, accounting, and other deal-related expense;


•	Stock-based compensation expense;


•	Calder land sale;


•	Calder exit costs; and


•	Other charges and recoveries.

During 2016, we updated our definition of Adjusted EBITDA to exclude changes in Big Fish Games deferred revenue and to exclude depreciation and amortization from our equity investments. The prior year amounts were reclassified to conform to this presentation. We also prospectively implemented a change in accounting estimate for corporate expense allocated to other operating segments to use an activity based allocation rather than a revenue based allocation.

We utilize the Adjusted EBITDA metric because we believe the inclusion or exclusion of certain non-recurring items is necessary to provide a more accurate measure of our 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 U.S. generally accepted accounting principles. Our calculation of Adjusted EBITDA may be different from the calculation used by other companies and, therefore, comparability may be limited. For segment reporting, Adjusted EBITDA includes intercompany revenue and expense totals that are eliminated in the accompanying Consolidated Statements of Comprehensive Income.

The tables below present net revenue from external customers and intercompany revenue from each of our operating segments, Adjusted EBITDA by segment and reconciles Comprehensive Income to Adjusted EBITDA:



	Years Ended December 31,
(in millions)	2016			2015			2014
Net revenue from external customers:
Racing:
Churchill Downs	$	155.2		$	151.1		$	143.2
Arlington	55.3			54.4			60.3
Fair Grounds	38.0			39.8			38.6
Calder	2.6			2.7			19.3
Total Racing	251.1			248.0			261.4
Casinos:
Oxford Casino	84.6			80.4			76.5
Riverwalk Casino	46.1			49.8			50.1
Harlow’s Casino	48.4			49.0			50.2
Calder Casino	79.1			77.4			77.0
Fair Grounds Slots	36.9			39.0			40.8
VSI	36.9			36.9			33.7
Saratoga	0.8			0.4			—
Total Casinos	332.8			332.9			328.3
TwinSpires	220.6			200.2			191.0
Big Fish Games:
Social casino	182.5			193.4			7.6
Casual and mid-core free-to-play	212.7			125.3			2.1
Premium	91.0			95.0			4.2
Total Big Fish Games	486.2			413.7			13.9
Other Investments	16.9			16.6			16.5
Corporate	1.0			0.9			1.1
Net revenue from external customers	$	1,308.6		$	1,212.3		$	812.2
Intercompany net revenue:
Racing:
Churchill Downs	$	10.0		$	7.8		$	7.0
Arlington	5.5			5.1			5.8
Fair Grounds	1.5			1.3			1.1
Calder	—			—			0.7
Total Racing	17.0			14.2			14.6
TwinSpires	1.3			1.1			1.0
Other Investments	3.9			3.5			4.1
Eliminations	(22.2		)	(18.8		)	(19.7		)
Intercompany net revenue	$	—		$	—		$	—

Adjusted EBITDA by segment is comprised of the following:



	Year Ended December 31, 2016
(in millions)	Racing			Casinos			TwinSpires			Big Fish Games			Other Investments			Corporate
Net revenue	$	268.1		$	332.8		$	221.9		$	486.2		$	20.8		$	1.0

Taxes & purses	(64.2		)	(110.9		)	(11.7		)	—			—			—
Platform & development fees	—			—			—			(179.9		)	—			—
Marketing & advertising	(4.6		)	(12.7		)	(6.3		)	(127.9		)	—			—
Salaries & benefits	(40.9		)	(50.8		)	(9.4		)	(25.0		)	(10.9		)	—
Content expense	(15.6		)	—			(107.6		)	—			—			—
SG&A expense	(16.2		)	(21.2		)	(11.9		)	(18.5		)	(3.4		)	(8.6		)
Research & development	—			—			—			(39.0		)	—			—
Other operating expense	(47.4		)	(39.1		)	(19.8		)	(15.9		)	(4.1		)	(0.6		)
Other income (expense)	0.5			27.7			—			(0.9		)	0.3			0.2

Adjusted EBITDA	$	79.7		$	125.8		$	55.2		$	79.1		$	2.7		$	(8.0	)



	Year Ended December 31, 2015
(in millions)	Racing			Casinos			TwinSpires			Big Fish Games			Other Investments			Corporate
Net revenue	$	262.2		$	332.9		$	201.3		$	413.7		$	20.1		$	0.9

Taxes & purses	(63.6		)	(109.9		)	(10.6		)	—			—			—
Platform & development fees	—			—			—			(143.6		)	—			—
Marketing & advertising	(6.1		)	(12.4		)	(4.8		)	(107.7		)	—			—
Salaries & benefits	(39.2		)	(49.7		)	(9.9		)	(22.3		)	(11.1		)	—
Content expense	(14.6		)	—			(97.9		)	—			—			—
SG&A expense	(16.6		)	(24.1		)	(11.5		)	(16.8		)	(2.5		)	(6.3		)
Research & development	—			—			—			(39.4		)	—			—
Other operating expense	(50.9		)	(41.3		)	(18.0		)	(14.8		)	(3.8		)	1.1
Other income (expense)	0.6			19.4			—			(0.6		)	0.2			0.1

Adjusted EBITDA	$	71.8		$	114.9		$	48.6		$	68.5		$	2.9		$	(4.2	)



	Year Ended December 31, 2014
(in millions)	Racing			Casinos			TwinSpires			Big Fish Games			Other Investments			Corporate
Net revenue	$	276.0		$	328.3		$	192.0		$	13.9		$	20.6		$	1.1

Taxes & purses	(72.7		)	(108.0		)	(9.2		)	—			—			—
Platform & development fees	—			—			—			(5.1		)	—			—
Marketing & advertising	(6.1		)	(12.5		)	(4.7		)	(5.7		)	—			—
Salaries & benefits	(45.1		)	(49.1		)	(11.5		)	(2.6		)	(11.8		)	(0.2		)
Content expense	(19.0		)	—			(92.6		)	—			—			—
SG&A expense	(18.4		)	(25.5		)	(13.0		)	(0.8		)	(2.8		)	(5.3		)
Research & development	—			—			—			—			—			—
Other operating expense	(54.1		)	(43.5		)	(21.2		)	(0.4		)	(4.5		)	(0.7		)
Other income (expense)	0.6			17.5			—			—			0.1			0.1

Adjusted EBITDA	$	61.2		$	107.2		$	39.8		$	(0.7	)	$	1.6		$	(5.0	)



	Years Ended December 31,
(in millions)	2016			2015			2014
Reconciliation of Comprehensive Income to Adjusted EBITDA:

Comprehensive income	$	107.5		$	64.7		$	46.3
Foreign currency translation, net of tax	(0.2		)	0.5			0.1
Net change in pension benefits, net of tax	0.8			—			—
Net income	108.1			65.2			46.4
Additions:
Depreciation and amortization	108.6			109.7			68.3
Interest expense	43.7			28.6			20.8
Income tax provision	60.0			46.9			30.1
EBITDA	$	320.4		$	250.4		$	165.6

Adjustments to EBITDA:
Selling, general and administrative:
Stock-based compensation expense	18.9			13.8			11.9
Other charges	2.5			—			(0.4		)
TwinSpires operating expense	—			—			3.2
Other income, expense:
Interest, depreciation and amortization expense related to equity investments	10.0			8.5			8.7
Other charges and recoveries, net	0.5			(5.8		)	2.6
Acquisition expense, net	3.4			21.7			10.2
Gain on Calder land sale	(23.7		)	—			—
Calder exit costs	2.5			13.9			2.3
Total adjustments to EBITDA	14.1			52.1			38.5
Adjusted EBITDA	$	334.5		$	302.5		$	204.1

Adjusted EBITDA by segment:
Racing	$	79.7		$	71.8		$	61.2
Casinos	125.8			114.9			107.2
TwinSpires	55.2			48.6			39.8
Big Fish Games	79.1			68.5			(0.7		)
Other Investments	2.7			2.9			1.6
Corporate	(8.0		)	(4.2		)	(5.0		)
Adjusted EBITDA	$	334.5		$	302.5		$	204.1

The table below presents information about earnings (losses) from equity investments, net included in our reported segments:



	Years Ended December 31,
(in millions)	2016		2015		2014
Casinos	$	17.4	$	10.9	$	8.9
TwinSpires	—		—		(0.1		)
Other Investments	—		0.3		(2.5		)
	$	17.4	$	11.2	$	6.3

The table below presents total asset information for each of our operating segments:



	As of December 31,
(in millions)	2016		2015
Total assets:
Racing	$	454.6	$	437.1
Casinos	628.7		631.3
TwinSpires	209.9		202.4
Big Fish Games	893.8		947.1
Other Investments	11.1		12.2
Corporate	56.3		47.3
	$	2,254.4	$	2,277.4

The table below presents total capital expenditures for each of our operating segments:



	Years Ended December 31,
(in millions)	2016		2015		2014
Capital expenditures:
Racing	$	26.1	$	12.3	$	33.9
Casinos	13.9		18.8		7.7
TwinSpires	7.0		4.3		5.8
Big Fish Games	5.5		6.4		0.1
Other Investments	1.0		0.8		5.3
Corporate	1.2		0.9		1.7
	$	54.7	$	43.5	$	54.5

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8981-108599

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8380-108599

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
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Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8906-108599

+ Details

HRTV Equity Investment Divestiture	12 Months Ended
HRTV Equity Investment Divestiture	Dec. 31, 2016
Equity Method Investments and Joint Ventures [Abstract]
HRTV Equity Investment Divestiture	HRTV EQUITY INVESTMENT DIVESTITURE As part of the TSG agreement related to the cessation of Calder pari-mutuel operations in 2014, we modified our HRTV, LLC ("HRTV") operating and ownership agreement with TSG resulting in the divestiture of our interest in HRTV effective January 2, 2015. In January 2015, we received $6.0 million in proceeds from the sale of the ownership interest and we recorded a gain of $5.8 million in our Other Investments segment, which has been excluded from Adjusted EBITDA and is included in other charges and recoveries in the reconciliation of Comprehensive Income to Adjusted EBITDA.

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2016
Related Party Transactions [Abstract]
Related Party Transactions	RELATED PARTY TRANSACTIONS Directors and employees may from time to time own or have interests in horses racing at our racetracks. All such races are conducted, as applicable, under the regulations of each state’s respective regulatory agency, and no director receives any extra or special benefit with regard to having his or her horses selected to run in races or in connection with the actual running of races. There is no material financial statement impact attributable to directors who may have interests in horses racing at our racetracks. In the ordinary course of business, we may enter into transactions with certain of our officers and directors for the sale of personal seat licenses and suite accommodations at its racetracks, and tickets for its live racing events. We believe that each such transaction has been on terms no less favorable for us than could have been obtained in a transaction with a third party, and no such person received any extra or special benefit in connection with such transactions. On November 19, 2015, we repurchased approximately 945,000 common shares for $138.1 million in a privately negotiated transaction with a related party, The Duchossois Group, our largest shareholder. The aggregate purchase price for the transaction was based on a share price of $146.13, which was the average of the twenty-day trailing closing price for our common stock through November 18, 2015. The shares were retired, and the cost of the shares acquired was treated as a deduction from shareholders' equity. We funded this repurchase using available cash and borrowings under our Senior Secured Credit Facility.

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2016
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTS Ocean Downs In August 2016, we signed a limited liability company operating agreement with SCH, with each entity having a 50% interest, and formed Old Bay Gaming and Racing LLC (“Old Bay”). The Old Bay agreement provides both the Company and SCH equal participating rights, and both entities must consent to Old Bay’s operating, investing and financing decisions. On January 3, 2017, Old Bay acquired all of the equity interests of Ocean Enterprise 589 LLC, Ocean Downs LLC and Racing Services LLC (collectively, “Ocean Downs”). Ocean Downs, located near Ocean City, Maryland, owns and operates video lottery terminals ("VLT") at the Casino at Ocean Downs and conducts harness racing at Ocean Downs Racetrack. The Company’s 25% interest in SCH provides an additional 12.5% interest, resulting in an effective 62.5% interest in Ocean Downs. Since both the Company and SCH have participating rights and both must consent to Old Bay’s operating, investing and financing decisions, the Company will account for Ocean Downs using the equity method of accounting.

Quarterly Results of Operations (Unaudited)

12 Months Ended

Dec. 31, 2016

Quarterly Financial Information Disclosure [Abstract]

Quarterly Results of Operations (Unaudited)

QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)



(in millions, except per common share data)	For the Year Ended December 31, 2016
	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
Net revenue	$	288.4	$	438.5	$	303.4	$	278.3
Income from operations	2.8		69.8		8.7		26.8
Basic net income per common share	$	0.17	$	4.16	$	0.52	$	1.62
Diluted net income per common share	$	0.16	$	4.11	$	0.52	$	1.60



(in millions, except per common share data)	For the Year Ended December 31, 2015
	First Quarter			Second Quarter		Third Quarter		Fourth Quarter
Net revenue	$	250.9		$	409.2	$	279.8	$	272.4
(Loss) income from operations	(1.6		)	55.1		4.2		7.5
Basic net (loss) income per common share	$	(0.09	)	$	3.12	$	0.24	$	0.44
Diluted net (loss) income per common share	$	(0.09	)	$	3.10	$	0.24	$	0.43

Schedule II - Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2016

Valuation and Qualifying Accounts [Abstract]

Schedule II - Valuation and Qualifying Accounts

SCHEDULE II—VALUATION AND QUALIFYING ACCOUNTS



(in millions)	Balance Beginning of Year		Charged to Expense		Deductions			Balance End of Year
Allowance for doubtful accounts:
2016	$	3.8	$	2.0	$	(2.3	)	$	3.5
2015	4.2		1.3		(1.7		)	3.8
2014	4.3		1.7		(1.8		)	4.2



(in millions)	Balance Beginning of Year		Additions		Deductions			Balance End of Year
Deferred income tax asset valuation allowance:
2016	$	1.1	$	—	$	(0.6	)	$	0.5
2015	1.3		0.1		(0.3		)	1.1
2014	1.2		0.1		—			1.3

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2016

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Principles of Consolidation

The accompanying consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.

Use of Estimates

Reclassifications

We have reclassified certain items in the accompanying Consolidated Financial Statements for prior years to be comparable with 2016 classifications.

Revenue Recognition

Racing and TwinSpires

Casinos

Big Fish Games

Other Estimates and Judgments

Principal Agent Considerations


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


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


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


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


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

Goodwill and Indefinite Intangible Assets

Property and Equipment

Income Taxes

Cash and Cash Equivalents

Restricted Cash

Restricted cash represents amounts due to horsemen for purses, stakes and awards as well as customer deposits collected for advance deposit wagering.

Account Wagering Deposit Liabilities

Account wagering deposit liabilities consist of deposits received from TwinSpires.com and Velocity customers to be used to fund wagering through the TwinSpires players' accounts.

Foreign Currency Transactions

Allowance for Doubtful Accounts Receivable

Game Software Development

Internal Use Software and Research & Development

Research and development expenditures are expensed as incurred.

Fair Value of Assets and Liabilities

Investments in and Advances to Unconsolidated Affiliates

Debt Issuance Costs and Loan Origination Fees

Casino and Pari-mutuel Taxes

Purse Expense

Self Insurance Accruals

Advertising and Marketing

We expense the costs of general advertising, marketing and associated promotional expenditures at the time the costs are incurred.

Stock-Based Compensation

Computation of Net Income per Common Share

Recent Accounting Pronouncements

Recently Adopted Accounting Pronouncements

Recent Accounting Pronouncements Not Yet Adopted

Acquisitions And New Ventures (Tables)

12 Months Ended

Dec. 31, 2016

Business Acquisition [Line Items]

Pro Forma Information

Pro Forma Information (unaudited)



	Year ended December 31,
(in millions)	2014
Net revenue	$	1,126.6
Income from operations before provision from income taxes	$	64.1

Big Fish Games

Business Acquisition [Line Items]

Final Fair Value of Assets Acquired and Liabilities Assumed, Net of Cash Acquired

The following table summarizes the final fair value of the assets acquired and liabilities assumed, net of cash acquired of $34.7 million, at the date of acquisition:



(in millions)	Total
Accounts receivable	$	19.4
Income taxes receivable	18.1
Prepaid expense	9.7
Deferred income taxes	1.7
Other assets	1.8
Property and equipment	14.6
Goodwill	540.3
Other intangible assets	362.9
Total assets acquired	968.5
Accounts payable	9.1
Accrued expense	19.2
Income taxes payable	0.2
Deferred revenue	37.3
Deferred income taxes	96.2
Other liabilities	2.8
Total liabilities assumed	164.8
Purchase price, net of cash acquired	$	803.7

Final Fair Value of Other Intangible Assets

The final fair value of other intangible assets consists of the following:



(in millions)	Fair Value Recognized		Weighted-Average Useful Life
Tradename	$	200.0	N/A
Customer relationships	32.7		2.3 years
Developed Technology	87.0		3.9 years
In-Process Research & Development	12.7		5.0 years
Strategic Developer Relationships	30.5		4.8 years
Total intangible assets	$	362.9

Accounts Receivable (Tables)

12 Months Ended

Dec. 31, 2016

Receivables [Abstract]

Schedule of Accounts Receivable

Accounts receivable is comprised of the following:



	As of December 31,
(in millions)	2016			2015
Trade receivables	$	31.6		$	33.0
Derby-related receivables	27.2			17.6
Simulcast and mobile and online wagering receivables	21.1			14.8
Other receivables	5.0			6.2
	84.9			71.6
Allowance for doubtful accounts	(3.5		)	(3.8		)
Total	$	81.4		$	67.8

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2016

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

Property and equipment is comprised of the following:



	As of December 31,
(in millions)	2016			2015
Grandstands and buildings	$	414.3		$	412.4
Equipment	275.5			252.1
Tracks and other improvements	157.3			142.8
Land	117.5			118.7
Furniture and fixtures	57.4			52.1
Construction in progress	27.4			22.8
Artwork	2.1			2.1
	1,051.5			1,003.0
Accumulated depreciation	(477.1		)	(429.8		)
Total	$	574.4		$	573.2

Investment In and Advances To Unconsolidated Affiliates (Tables)

12 Months Ended

Dec. 31, 2016

Equity Method Investments and Joint Ventures [Abstract]

Balance Sheet of Equity Method Investments

Summarized below is financial information for our equity investments:



	December 31,
(in millions)	2016		2015
Assets
Current assets	$	38.8	$	34.2
Noncurrent assets	363.0		339.5
Total assets	$	401.8	$	373.7

Liabilities and Members' Equity
Current liabilities	$	77.5	$	44.4
Noncurrent liabilities	69.3		79.7
Members' equity	255.0		249.6
Total liabilities and members' equity	$	401.8	$	373.7

Income Statement of Equity Method Investments



	Years Ended December 31,
(in millions)	2016			2015			2014
Net revenue:
Net revenue	$	216.1		$	195.2		$	147.3
Operating expense	161.3			152.4			124.0
Operating income	54.8			42.8			23.3
Interest and other expense, net	(6.9		)	(6.2		)	(5.0		)
Net income	$	47.9		$	36.6		$	18.3

Equity in Income of Unconsolidated Investments

Our accompanying Consolidated Statements of Comprehensive Income include our 50% share of MVG's results as follows:



	Years Ended December 31,
(in millions)	2016		2015		2014
Equity in income of unconsolidated investments	$	14.2	$	10.6	$	8.9

Goodwill (Tables)

12 Months Ended

Dec. 31, 2016

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

Goodwill is comprised of the following:



(in millions)	Racing		Casinos		TwinSpires		Big Fish Games			Total
Balance as of December 31, 2014	$	51.7	$	117.6	$	131.3	$	540.3		$	840.9
Additions	—		—		0.8		—			0.8
Balance as of December 31, 2015	51.7		117.6		132.1		540.3			841.7
Adjustments	—		—		—		(9.5		)	(9.5		)
Balance as of December 31, 2016	$	51.7	$	117.6	$	132.1	$	530.8		$	832.2

Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2016

Intangible Assets, Net (Excluding Goodwill) [Abstract]

Schedule of Indefinite-Lived Intangible Assets

Other intangible assets are comprised of the following:



	December 31, 2016							December 31, 2015
(in millions)	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Definite-lived intangible assets:
Developed technology	$	87.0	$	(45.6	)	$	41.4	$	87.0	$	(23.3	)	$	63.7
Customer relationships	43.0		(33.3		)	9.7		75.1		(46.6		)	28.5
Strategic development	25.0		(7.3		)	17.7		30.5		(6.6		)	23.9
In-process research & development	12.7		(5.1		)	7.6		12.7		(2.6		)	10.1
Favorable contracts	11.0		(6.2		)	4.8		11.0		(5.5		)	5.5
Other	3.7		(1.0		)	2.7		3.7		(0.9		)	2.8
Table games license	2.7		(0.4		)	2.3		2.5		(0.3		)	2.2
Slots gaming license	2.3		(1.1		)	1.2		2.3		(1.1		)	1.2
	$	187.4	$	(100.0	)	$	87.4	$	224.8	$	(86.9	)	$	137.9
Indefinite-lived intangible assets:
Trademarks						225.7							225.7
Slots gaming rights						128.9							128.9
Illinois Horseracing Equity Trust						3.3							3.3
Other						0.4							0.4
Total						$	445.7						$	496.2

Schedule of Finite-lived Intangible Assets

Other intangible assets are comprised of the following:



	December 31, 2016							December 31, 2015
(in millions)	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Definite-lived intangible assets:
Developed technology	$	87.0	$	(45.6	)	$	41.4	$	87.0	$	(23.3	)	$	63.7
Customer relationships	43.0		(33.3		)	9.7		75.1		(46.6		)	28.5
Strategic development	25.0		(7.3		)	17.7		30.5		(6.6		)	23.9
In-process research & development	12.7		(5.1		)	7.6		12.7		(2.6		)	10.1
Favorable contracts	11.0		(6.2		)	4.8		11.0		(5.5		)	5.5
Other	3.7		(1.0		)	2.7		3.7		(0.9		)	2.8
Table games license	2.7		(0.4		)	2.3		2.5		(0.3		)	2.2
Slots gaming license	2.3		(1.1		)	1.2		2.3		(1.1		)	1.2
	$	187.4	$	(100.0	)	$	87.4	$	224.8	$	(86.9	)	$	137.9
Indefinite-lived intangible assets:
Trademarks						225.7							225.7
Slots gaming rights						128.9							128.9
Illinois Horseracing Equity Trust						3.3							3.3
Other						0.4							0.4
Total						$	445.7						$	496.2

Schedule of Future Estimated Amortization Expense

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



Years Ended December 31,	Estimated Amortization Expense
2017	$	36.8
2018	$	18.7
2019	$	16.6
2020	$	4.6
2021	$	4.3

Income and Other Taxes (Tables)

12 Months Ended

Dec. 31, 2016

Income Tax Disclosure [Abstract]

Schedule of Components of Provision for Income Taxes

Components of the provision for income taxes are as follows:



	Years Ended December 31,
(in millions)	2016			2015			2014
Current provision:
Federal	$	22.0		$	46.1		$	13.2
State and local	2.6			3.8			2.0
Foreign	—			0.4			0.1
	24.6			50.3			15.3
Deferred:
Federal	34.4			(1.8		)	19.7
State and local	1.6			—			—
Foreign	(0.6		)	(1.6		)	(4.9		)
	35.4			(3.4		)	14.8
	$	60.0		$	46.9		$	30.1

Schedule of Income from Operations Before Provision for Income Taxes

Income from operations before provision for income taxes were as follows:



	Years Ended December 31,
(in millions)	2016			2015			2014
Domestic	$	168.7		$	114.4		$	76.0
Foreign	(0.6		)	(2.3		)	0.5
	$	168.1		$	112.1		$	76.5

Reconciliation of Amount Computed by Applying the Federal Statutory Income Tax Rate

Our income tax expense is different from the amount computed by applying the federal statutory income tax rate to income before taxes as follows:



	Years Ended December 31,
(in millions)	2016			2015			2014
Federal statutory tax on earnings before income taxes	$	58.8		$	39.2		$	26.8
State income taxes, net of federal income tax benefit	3.5			1.8			1.4
Non-deductible expense	3.3			2.6			1.0
Non-deductible acquisition-related charges	1.7			6.6			1.3
Manufacturing deduction	—			(2.0		)	—
Valuation allowance	(0.2		)	—			—
Windfall deduction from equity compensation	(4.9		)	—			—
Other	(2.2		)	(1.3		)	(0.4		)
	$	60.0		$	46.9		$	30.1

Schedule of Components Deferred Tax Assets and Liabilities

Components of our deferred tax assets and liabilities are as follows:



	As of December 31,
(in millions)	2016			2015
Deferred tax assets:
Deferred compensation plans	$	13.3		$	34.1
Deferred income	6.3			14.3
Allowance for uncollectible receivables	1.2			1.3
Deferred liabilities	3.7			1.9
Net operating losses and credit carryforward	9.4			11.7
Deferred tax assets	33.9			63.3
Valuation allowance	(0.5		)	(1.1		)
Net deferred tax asset	33.4			62.2
Deferred tax liabilities:
Intangible assets in excess of tax basis	135.0			143.0
Property and equipment in excess of tax basis	35.3			31.2
Other	16.2			15.9
Deferred tax liabilities	186.5			190.1
Net deferred tax liability	$	(153.1	)	$	(127.9	)

Reconciliation of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:



(in millions)	2016			2015			2014
Balance as of January 1	$	2.5		$	2.9		$	0.6
Additions for tax positions related to the current year	0.7			0.3			0.5
Additions for tax positions of prior years	0.1			0.3			2.1
Reductions for tax positions of prior years	(0.2		)	(1.0		)	(0.3		)
Balance as of December 31	$	3.1		$	2.5		$	2.9

Total Debt (Tables)

12 Months Ended

Dec. 31, 2016

Debt Disclosure [Abstract]

Schedule of Total Debt Outstanding

The following table presents our total debt outstanding:



	As of December 31, 2016
			Unamortized Premium, Debt Issuance Costs and Loan Origination Fees
(in millions)	Outstanding Principal		Premium		Issuance Costs and Fees		Long-Term Debt, Net
Senior Secured Credit Facility:
Senior Secured Credit Facility due 2021	$	135.0	$	—	$	—	$	135.0
Term Loan due 2021	179.3		—		0.5		178.8
Swing line of credit	13.2		—		—		13.2
Total Senior Secured Credit Facility	327.5		—		0.5		327.0
5.375% Senior Unsecured Notes due 2021	600.0		2.5		7.8		594.7
Total debt	927.5		2.5		8.3		921.7
Current maturities of long-term debt	14.2		—		—		14.2
Total debt, net of current maturities	$	913.3	$	2.5	$	8.3	$	907.5



	As of December 31, 2015
			Unamortized Premium, Debt Issuance Costs and Loan Origination Fees
(in millions)	Outstanding Principal		Premium		Issuance Costs and Fees		Long-Term Debt, Net
Senior Secured Credit Facility:
Senior Secured Credit Facility due 2021	$	—	$	—	$	—	$	—
Term Loan due 2021	188.7		—		0.6		188.1
Swing line of credit	—		—		—		—
Total Senior Secured Credit Facility	188.7		—		0.6		188.1
5.375% Senior Unsecured Notes due 2021	600.0		3.0		9.3		593.7
Total debt	788.7		3.0		9.9		781.8
Current maturities of long-term debt	16.2		—		—		16.2
Total debt, net of current maturities	$	772.5	$	3.0	$	9.9	$	765.6

Schedule of Future Aggregate Maturities of Total Debt

Future aggregate maturities of total debt are as follows:



Years Ended December 31,
(in millions)
2017	$	14.2
2018	18.9
2019	23.6
2020	28.3
2021	842.5
Thereafter	—
Total	$	927.5

- Definition

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

+ References

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

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

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

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

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=64930739&loc=d3e28878-108400

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

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

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=64930785&loc=d3e28541-108399

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=64930785&loc=d3e28551-108399

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

+ Details

Operating Leases (Tables)

12 Months Ended

Dec. 31, 2016

Leases [Abstract]

Future Minimum Operating Lease Payments

Future minimum operating lease payments on non-cancelable leases are as follows, not including the variable portion of contingent leases:



Years Ended December 31,
(in millions)
2017	$	11.9
2018	7.8
2019	9.8
2020	9.1
2021	10.0
Thereafter	85.0
Total	$	133.6

Stock-Based Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2016

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

Activity for Stock Options Outstanding

Activity for our stock options outstanding is presented below:



(in thousands, except per average exercise price)	Number of Shares Under Option		Weighted Average Exercise Price
Balance as of December 31, 2013	193		$	36.04
Granted	—		$	—
Exercises	(182	)	$	35.26
Canceled/forfeited	(1	)	$	49.95
Balance as of December 31, 2014	10		$	48.63
Granted	—		$	—
Exercises	(1	)	$	49.95
Canceled/forfeited	—		$	—
Balance as of December 31, 2015	9		$	48.37
Granted	—
Exercises	(5	)	$	52.58
Canceled/forfeited	—
Balance as of December 31, 2016	4		$	43.74

Information on Stock Options Outstanding

The following table summarizes information about stock options outstanding on December 31, 2016:



(in thousands, except contractual life and per share data)	Shares Under Option	Remaining Contractual Life (Years)	Average Exercise Price Per Share		Intrinsic Value per Share⁽¹⁾		Aggregate Intrinsic Value
Options exercisable and vested at December 31, 2016	4	1.8	$	43.74	$	106.71	$	437


(1)	Computed based upon the amount by which the fair market value of our common stock on December 31, 2016 of $150.45 per share exceeded the weighted average exercise price.

Activity for Awards Made Outside of Share-Based Compensation Plans

Activity for the ELTI Plan, the 2013 New Company LTIP, the 2016 and 2007 Plans and awards made outside of stock-based compensation plans is presented below:



	Market Condition & Performance-Based Awards				Service Period Awards				Total
(in thousands, except grant date values)	Number of Shares		Weighted Average Grant Date Fair Value		Number of Shares		Weighted Average Grant Date Fair Value		Number of Shares		Weighted Average Grant Date Fair Value
Balance as of December 31, 2013	324		$	53.71	349		$	53.58	673		$	53.64
Granted	—		$	—	26		$	88.58	26		$	88.58
Vested	(239	)	$	53.49	(107	)	$	54.15	(346	)	$	53.70
Canceled/forfeited	—		$	—	(12	)	$	60.41	(12	)	$	60.41
Balance as of December 31, 2014	85		$	54.32	256		$	56.24	341		$	55.77
Granted	27		$	154.90	190		$	102.09	217		$	108.73
Vested	(85	)	$	48.31	(150	)	$	64.87	(235	)	$	58.91
Canceled/forfeited	—		$	—	(9	)	$	93.04	(9	)	$	93.04
Balance as of December 31, 2015	27		$	154.90	287		$	80.90	314		$	87.31
Granted	30		$	141.02	97		$	132.64	127		$	134.60
Vested	—		$	—	(186	)	$	70.81	(186	)	$	70.81
Canceled/forfeited	—		$	—	(6	)	$	100.31	(6	)	$	100.31
Balance as of December 31, 2016	57		$	147.67	192		$	114.33	249		$	121.95

Fair Value Of Assets And Liabilities (Tables)

12 Months Ended

Dec. 31, 2016

Fair Value Disclosures [Abstract]

Schedule of Fair Value Measurements on a Recurring Basis

The following tables present our assets and liabilities measured at fair value on a recurring basis:



	December 31, 2016
(in millions)	Level 1		Level 3
Cash equivalents and restricted cash	$	34.1	$	—
Big Fish Games deferred payments	—		27.8
Big Fish Games earnout liability	—		67.9
Total	$	34.1	$	95.7



	December 31, 2015
(in millions)	Level 1		Level 3
Cash equivalents and restricted cash	$	30.1	$	—
Big Fish Games deferred payments	—		54.8
Big Fish Games earnout liability	—		345.2
Bluff contingent consideration liability	—		2.3
Total	$	30.1	402.3

Change in Fair Value of Level 3 Investments

The following table presents the change in fair value of our instruments classified within Level 3:



	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
(in millions)	Big Fish Games Deferred Payments			Big Fish Games Earnout Liability			Bluff Contingent Consideration			Total
Balance as of December 31, 2015	$	54.8		$	345.2		$	2.3		$	402.3
Payments	(28.4		)	(281.6		)	—			(310.0		)
Change in fair value	1.4			4.3			(2.3		)	3.4
Balance as of December 31, 2016	$	27.8		$	67.9		$	—		$	95.7

Net Income Per Common Share Computations (Tables)

12 Months Ended

Dec. 31, 2016

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The following is a reconciliation of the numerator and denominator of the net income per common share computations:



	Years Ended December 31,
(in millions, except per share data)	2016			2015			2014
Numerator for basic income per common share:
Net income	$	108.1		$	65.2		$	46.4
Net income allocated to participating securities	(1.0		)	(0.6		)	(0.3		)
Numerator for basic net income per common share	$	107.1		$	64.6		$	46.1

Numerator for diluted income per common share	$	108.1		$	65.2		$	46.4

Denominator for net income per common share:
Basic	16.4			17.2			17.3
Plus dilutive effect of stock options and restricted stock	0.2			0.1			0.1
Plus dilutive effect of participating securities	0.2			0.3			0.2
Diluted	16.8			17.6			17.6

Income per common share:
Basic	$	6.52		$	3.75		$	2.67
Diluted	$	6.42		$	3.71		$	2.64

Segment Information (Tables)

12 Months Ended

Dec. 31, 2016

Segment Reporting [Abstract]

Net Revenue From External Customers and Intercompany Revenue From Each Operating Segment



	Years Ended December 31,
(in millions)	2016			2015			2014
Net revenue from external customers:
Racing:
Churchill Downs	$	155.2		$	151.1		$	143.2
Arlington	55.3			54.4			60.3
Fair Grounds	38.0			39.8			38.6
Calder	2.6			2.7			19.3
Total Racing	251.1			248.0			261.4
Casinos:
Oxford Casino	84.6			80.4			76.5
Riverwalk Casino	46.1			49.8			50.1
Harlow’s Casino	48.4			49.0			50.2
Calder Casino	79.1			77.4			77.0
Fair Grounds Slots	36.9			39.0			40.8
VSI	36.9			36.9			33.7
Saratoga	0.8			0.4			—
Total Casinos	332.8			332.9			328.3
TwinSpires	220.6			200.2			191.0
Big Fish Games:
Social casino	182.5			193.4			7.6
Casual and mid-core free-to-play	212.7			125.3			2.1
Premium	91.0			95.0			4.2
Total Big Fish Games	486.2			413.7			13.9
Other Investments	16.9			16.6			16.5
Corporate	1.0			0.9			1.1
Net revenue from external customers	$	1,308.6		$	1,212.3		$	812.2
Intercompany net revenue:
Racing:
Churchill Downs	$	10.0		$	7.8		$	7.0
Arlington	5.5			5.1			5.8
Fair Grounds	1.5			1.3			1.1
Calder	—			—			0.7
Total Racing	17.0			14.2			14.6
TwinSpires	1.3			1.1			1.0
Other Investments	3.9			3.5			4.1
Eliminations	(22.2		)	(18.8		)	(19.7		)
Intercompany net revenue	$	—		$	—		$	—

Schedule of Segment Reporting Information



	Years Ended December 31,
(in millions)	2016			2015			2014
Reconciliation of Comprehensive Income to Adjusted EBITDA:

Comprehensive income	$	107.5		$	64.7		$	46.3
Foreign currency translation, net of tax	(0.2		)	0.5			0.1
Net change in pension benefits, net of tax	0.8			—			—
Net income	108.1			65.2			46.4
Additions:
Depreciation and amortization	108.6			109.7			68.3
Interest expense	43.7			28.6			20.8
Income tax provision	60.0			46.9			30.1
EBITDA	$	320.4		$	250.4		$	165.6

Adjustments to EBITDA:
Selling, general and administrative:
Stock-based compensation expense	18.9			13.8			11.9
Other charges	2.5			—			(0.4		)
TwinSpires operating expense	—			—			3.2
Other income, expense:
Interest, depreciation and amortization expense related to equity investments	10.0			8.5			8.7
Other charges and recoveries, net	0.5			(5.8		)	2.6
Acquisition expense, net	3.4			21.7			10.2
Gain on Calder land sale	(23.7		)	—			—
Calder exit costs	2.5			13.9			2.3
Total adjustments to EBITDA	14.1			52.1			38.5
Adjusted EBITDA	$	334.5		$	302.5		$	204.1

Adjusted EBITDA by segment:
Racing	$	79.7		$	71.8		$	61.2
Casinos	125.8			114.9			107.2
TwinSpires	55.2			48.6			39.8
Big Fish Games	79.1			68.5			(0.7		)
Other Investments	2.7			2.9			1.6
Corporate	(8.0		)	(4.2		)	(5.0		)
Adjusted EBITDA	$	334.5		$	302.5		$	204.1

Adjusted EBITDA by segment is comprised of the following:



	Year Ended December 31, 2016
(in millions)	Racing			Casinos			TwinSpires			Big Fish Games			Other Investments			Corporate
Net revenue	$	268.1		$	332.8		$	221.9		$	486.2		$	20.8		$	1.0

Taxes & purses	(64.2		)	(110.9		)	(11.7		)	—			—			—
Platform & development fees	—			—			—			(179.9		)	—			—
Marketing & advertising	(4.6		)	(12.7		)	(6.3		)	(127.9		)	—			—
Salaries & benefits	(40.9		)	(50.8		)	(9.4		)	(25.0		)	(10.9		)	—
Content expense	(15.6		)	—			(107.6		)	—			—			—
SG&A expense	(16.2		)	(21.2		)	(11.9		)	(18.5		)	(3.4		)	(8.6		)
Research & development	—			—			—			(39.0		)	—			—
Other operating expense	(47.4		)	(39.1		)	(19.8		)	(15.9		)	(4.1		)	(0.6		)
Other income (expense)	0.5			27.7			—			(0.9		)	0.3			0.2

Adjusted EBITDA	$	79.7		$	125.8		$	55.2		$	79.1		$	2.7		$	(8.0	)



	Year Ended December 31, 2015
(in millions)	Racing			Casinos			TwinSpires			Big Fish Games			Other Investments			Corporate
Net revenue	$	262.2		$	332.9		$	201.3		$	413.7		$	20.1		$	0.9

Taxes & purses	(63.6		)	(109.9		)	(10.6		)	—			—			—
Platform & development fees	—			—			—			(143.6		)	—			—
Marketing & advertising	(6.1		)	(12.4		)	(4.8		)	(107.7		)	—			—
Salaries & benefits	(39.2		)	(49.7		)	(9.9		)	(22.3		)	(11.1		)	—
Content expense	(14.6		)	—			(97.9		)	—			—			—
SG&A expense	(16.6		)	(24.1		)	(11.5		)	(16.8		)	(2.5		)	(6.3		)
Research & development	—			—			—			(39.4		)	—			—
Other operating expense	(50.9		)	(41.3		)	(18.0		)	(14.8		)	(3.8		)	1.1
Other income (expense)	0.6			19.4			—			(0.6		)	0.2			0.1

Adjusted EBITDA	$	71.8		$	114.9		$	48.6		$	68.5		$	2.9		$	(4.2	)



	Year Ended December 31, 2014
(in millions)	Racing			Casinos			TwinSpires			Big Fish Games			Other Investments			Corporate
Net revenue	$	276.0		$	328.3		$	192.0		$	13.9		$	20.6		$	1.1

Taxes & purses	(72.7		)	(108.0		)	(9.2		)	—			—			—
Platform & development fees	—			—			—			(5.1		)	—			—
Marketing & advertising	(6.1		)	(12.5		)	(4.7		)	(5.7		)	—			—
Salaries & benefits	(45.1		)	(49.1		)	(11.5		)	(2.6		)	(11.8		)	(0.2		)
Content expense	(19.0		)	—			(92.6		)	—			—			—
SG&A expense	(18.4		)	(25.5		)	(13.0		)	(0.8		)	(2.8		)	(5.3		)
Research & development	—			—			—			—			—			—
Other operating expense	(54.1		)	(43.5		)	(21.2		)	(0.4		)	(4.5		)	(0.7		)
Other income (expense)	0.6			17.5			—			—			0.1			0.1

Adjusted EBITDA	$	61.2		$	107.2		$	39.8		$	(0.7	)	$	1.6		$	(5.0	)

The table below presents information about earnings (losses) from equity investments, net included in our reported segments:



	Years Ended December 31,
(in millions)	2016		2015		2014
Casinos	$	17.4	$	10.9	$	8.9
TwinSpires	—		—		(0.1		)
Other Investments	—		0.3		(2.5		)
	$	17.4	$	11.2	$	6.3

Schedule of Total Assets and Capital Expenditures by Operating Segment

The table below presents total asset information for each of our operating segments:



	As of December 31,
(in millions)	2016		2015
Total assets:
Racing	$	454.6	$	437.1
Casinos	628.7		631.3
TwinSpires	209.9		202.4
Big Fish Games	893.8		947.1
Other Investments	11.1		12.2
Corporate	56.3		47.3
	$	2,254.4	$	2,277.4

The table below presents total capital expenditures for each of our operating segments:



	Years Ended December 31,
(in millions)	2016		2015		2014
Capital expenditures:
Racing	$	26.1	$	12.3	$	33.9
Casinos	13.9		18.8		7.7
TwinSpires	7.0		4.3		5.8
Big Fish Games	5.5		6.4		0.1
Other Investments	1.0		0.8		5.3
Corporate	1.2		0.9		1.7
	$	54.7	$	43.5	$	54.5

Quarterly Results of Operations (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2016

Quarterly Financial Information Disclosure [Abstract]

Schedule of Quarterly Results of Operations



(in millions, except per common share data)	For the Year Ended December 31, 2016
	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
Net revenue	$	288.4	$	438.5	$	303.4	$	278.3
Income from operations	2.8		69.8		8.7		26.8
Basic net income per common share	$	0.17	$	4.16	$	0.52	$	1.62
Diluted net income per common share	$	0.16	$	4.11	$	0.52	$	1.60



(in millions, except per common share data)	For the Year Ended December 31, 2015
	First Quarter			Second Quarter		Third Quarter		Fourth Quarter
Net revenue	$	250.9		$	409.2	$	279.8	$	272.4
(Loss) income from operations	(1.6		)	55.1		4.2		7.5
Basic net (loss) income per common share	$	(0.09	)	$	3.12	$	0.24	$	0.44
Diluted net (loss) income per common share	$	(0.09	)	$	3.10	$	0.24	$	0.43

Description of Business - Additional Information (Details)	12 Months Ended
	Dec. 31, 2016 state gaming_location	Oct. 02, 2015	Dec. 31, 2012
Variable Interest Entity [Line Items]
Number of gaming locations \| gaming_location	9,030
Number of states in which the company operates \| state	7
Miami Valley Gaming LLC
Variable Interest Entity [Line Items]
Equity method investment, ownership percentage	50.00%		50.00%
Miami Valley Gaming LLC \| Casinos
Variable Interest Entity [Line Items]
Equity method investment, ownership percentage	50.00%
Saratoga Casino Holdings LLC
Variable Interest Entity [Line Items]
Equity method investment, ownership percentage	25.00%	25.00%
Saratoga Casino Holdings LLC \| Casinos
Variable Interest Entity [Line Items]
Equity method investment, ownership percentage	25.00%

Significant Accounting Policies - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Variable Interest Entity [Line Items]
Advanced sales of personal seat licenses, contractual life, term one	1 year
Advanced sales of personal seat licenses, contractual life, term two	30 years
Goodwill impairment	$ 0
Indefinite-lived intangible assets impairment	0
Research & development expenditures	39,000,000	$ 39,400,000	$ 0
Advertising and marketing expense	151,000,000	130,700,000	28,800,000
Income tax benefit derived from share based compensation costs	$ 4,900,000	0	0
Minimum
Variable Interest Entity [Line Items]
Gaming tax rate	1.50%
Pari-Mutuel tax rate	0.50%
Maximum
Variable Interest Entity [Line Items]
Gaming tax rate	46.00%
Pari-Mutuel tax rate	10.00%
Grandstands and buildings \| Minimum
Variable Interest Entity [Line Items]
Property, plant, and equipment, useful life	10 years
Grandstands and buildings \| Maximum
Variable Interest Entity [Line Items]
Property, plant, and equipment, useful life	40 years
Equipment \| Minimum
Variable Interest Entity [Line Items]
Property, plant, and equipment, useful life	2 years
Equipment \| Maximum
Variable Interest Entity [Line Items]
Property, plant, and equipment, useful life	10 years
Furniture and fixtures \| Minimum
Variable Interest Entity [Line Items]
Property, plant, and equipment, useful life	2 years
Furniture and fixtures \| Maximum
Variable Interest Entity [Line Items]
Property, plant, and equipment, useful life	10 years
Tracks and other improvements \| Minimum
Variable Interest Entity [Line Items]
Property, plant, and equipment, useful life	10 years
Tracks and other improvements \| Maximum
Variable Interest Entity [Line Items]
Property, plant, and equipment, useful life	20 years
Game Software Development \| Minimum
Variable Interest Entity [Line Items]
Capitalized computer software useful life	18 months
Game Software Development \| Maximum
Variable Interest Entity [Line Items]
Capitalized computer software useful life	3 years
Enhancements to Game Software Development \| Maximum
Variable Interest Entity [Line Items]
Capitalized computer software useful life	18 months
Internally developed and purchased third party software
Variable Interest Entity [Line Items]
Capitalized computer software developed or acquired for internal use	$ 12,200,000	8,900,000	7,400,000
Capitalized computer software estimated useful life of capitalized costs	3 years
Capitalized computer software developed or acquired for internal use, amortization expense	$ 8,900,000	7,000,000	6,000,000
Internally developed and purchased third party software \| Maximum
Variable Interest Entity [Line Items]
Property, plant, and equipment, useful life	3 years
TwinSpires
Variable Interest Entity [Line Items]
Percentage earned on total amount wagered	18.40%
Research & development expenditures	$ 0	0	0
Racing
Variable Interest Entity [Line Items]
Percentage earned on total amount wagered	11.00%
Research & development expenditures	$ 0	$ 0	$ 0
Social Casino Games
Variable Interest Entity [Line Items]
Average life of virtual goods	3 days
Other Casual Games
Variable Interest Entity [Line Items]
Average life of virtual goods	4 months
Free-to-play Game Software \| Game Software Development \| Maximum
Variable Interest Entity [Line Items]
Capitalized computer software useful life	18 months
Premium \| Game Software Development \| Maximum
Variable Interest Entity [Line Items]
Capitalized computer software useful life	12 months

Acquisitions And New Ventures - Additional Information (Details)		1 Months Ended					12 Months Ended
	Dec. 16, 2014 USD ($) shares	Dec. 31, 2016 USD ($) game	Mar. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	May 31, 2015	Dec. 31, 2014 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($) game	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)	Feb. 17, 2016 USD ($)	Dec. 01, 2014 USD ($)
Business Acquisition [Line Items]
Tax refund due to Big Fish Games former equity holders		$ 0		$ 400,000				$ 0	$ 400,000
Acquisition of businesses, net of cash acquired								0	900,000	$ 366,000,000
Earnout liability for acquisition of Big Fish Games								0	0	324,700,000
Deferred payment for acquisition of Big Fish Games								0	0	97,100,000
Acquisition expenses, net								3,400,000	34,700,000	7,100,000
Increase in deferred tax assets for business combination										800,000
Purchase accounting adjustments for goodwill										1,400,000
Increase in accrued expense for business combination										2,200,000
Big Fish Games deferred payment								$ 26,400,000	28,500,000	0
Royalty rate, fair value input								2.30%
Loss from continuing operations before provision for income taxes								$ (168,100,000)	(112,100,000)	(76,500,000)
Trademarks
Business Acquisition [Line Items]
Royalty rate, fair value input	5.00%
Customer Relationships
Business Acquisition [Line Items]
Royalty rate, fair value input	10.00%
Developed Technology Rights
Business Acquisition [Line Items]
Royalty rate, fair value input	25.00%
In-Process Research and Development
Business Acquisition [Line Items]
Royalty rate, fair value input	10.00%
Selling, General and Administrative Expense
Business Acquisition [Line Items]
Acquisition expenses, net										6,400,000
Minimum \| Equipment
Business Acquisition [Line Items]
Property, plant, and equipment, useful life								2 years
Minimum \| Furniture and fixtures
Business Acquisition [Line Items]
Property, plant, and equipment, useful life								2 years
Maximum \| Equipment
Business Acquisition [Line Items]
Property, plant, and equipment, useful life								10 years
Maximum \| Furniture and fixtures
Business Acquisition [Line Items]
Property, plant, and equipment, useful life								10 years
Issuance Of Common Stock For Extinguishment Of Convertible Note Payable
Business Acquisition [Line Items]
Issuance of common stock for acquisition of Big Fish Games	$ 15,800,000									$ 15,800,000
Secured Debt
Business Acquisition [Line Items]
Term loan facility											$ 188,700,000	$ 200,000,000
Big Fish Games
Business Acquisition [Line Items]
Purchase price consideration	838,400,000
Purchase price consideration, cash paid	401,700,000
Deferred payment to founder	85,300,000
Length of deferred founder payment payable (in years)						3 years
Big Fish Games deferred payments fair value	78,000,000
Tax refund due to Big Fish Games former equity holders	$ 18,100,000
Business acquisition, equity interest issued or issuable, number of shares \| shares	157,115
Maximum additional variable cash consideration for achievement of certain performance milestones	$ 350,000,000
Big Fish Games earnout liability, change in fair value			$ 281,600,000
Big Fish Games earnout liability	324,700,000
Goodwill from acquisition	540,300,000
Acquisition of businesses, net of cash acquired	366,000,000
Cash acquired in business combination	34,700,000
Payments to Big Fish Games former equity holders									18,700,000
Big Fish Games deferred payment		$ 28,400,000		$ 28,400,000					$ 28,400,000
Number of games expected to launch in next fiscal year \| game		1						1
Expected revenue recognition period of games launched in 2015								5 years
Expected revenue recognition period of games launched in 2016								6 years
Deferred revenue	$ 37,300,000
Net revenue						$ 13,900,000
Loss from continuing operations before provision for income taxes						$ 2,900,000
Big Fish Games \| Minimum \| Computer Equipment and Software
Business Acquisition [Line Items]
Property, plant, and equipment, useful life	1 year
Big Fish Games \| Minimum \| Equipment
Business Acquisition [Line Items]
Property, plant, and equipment, useful life	2 years
Big Fish Games \| Minimum \| Furniture and fixtures
Business Acquisition [Line Items]
Property, plant, and equipment, useful life	2 years
Big Fish Games \| Minimum \| Leasehold Improvements
Business Acquisition [Line Items]
Property, plant, and equipment, useful life	3 years
Big Fish Games \| Maximum \| Computer Equipment and Software
Business Acquisition [Line Items]
Property, plant, and equipment, useful life	5 years
Big Fish Games \| Maximum \| Equipment
Business Acquisition [Line Items]
Property, plant, and equipment, useful life	10 years
Big Fish Games \| Maximum \| Furniture and fixtures
Business Acquisition [Line Items]
Property, plant, and equipment, useful life	10 years
Big Fish Games \| Maximum \| Leasehold Improvements
Business Acquisition [Line Items]
Property, plant, and equipment, useful life	10 years
I-Gaming
Business Acquisition [Line Items]
Term of agreement for internet-based interactive gaming services within California (in years)					10 years
Scenario, Forecast \| Big Fish Games
Business Acquisition [Line Items]
Big Fish Games earnout liability, change in fair value							$ 68,400,000

Acquisitions And New Ventures - Final Fair Value of Assets Acquired and Liabilities Assumed, Net of Cash Acquired (Details) - Big Fish Games $ in Millions	Dec. 16, 2014 USD ($)
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Accounts receivable	$ 19.4
Income taxes receivable	18.1
Prepaid expense	9.7
Deferred income taxes	1.7
Other assets	1.8
Property and equipment	14.6
Goodwill	540.3
Other intangible assets	362.9
Total assets acquired	968.5
Accounts payable	9.1
Accrued expense	19.2
Income taxes payable	0.2
Deferred revenue	37.3
Deferred income taxes	96.2
Other liabilities	2.8
Total liabilities assumed	164.8
Purchase price, net of cash acquired	$ 803.7

Acquisitions And New Ventures - Final Fair Value of Other Intangible Assets (Details) - Big Fish Games $ in Millions	Dec. 16, 2014 USD ($)
Business Acquisition [Line Items]
Other intangible assets	$ 362.9
Customer Relationships
Business Acquisition [Line Items]
Other intangible assets	$ 32.7
Other intangible assets, weighted average useful lives	2 years 3 months 18 days
Developed Technology
Business Acquisition [Line Items]
Other intangible assets	$ 87.0
Other intangible assets, weighted average useful lives	3 years 10 months 24 days
In-Process Research and Development
Business Acquisition [Line Items]
Other intangible assets	$ 12.7
Other intangible assets, weighted average useful lives	5 years
Strategic Developer Relationships
Business Acquisition [Line Items]
Other intangible assets	$ 30.5
Other intangible assets, weighted average useful lives	4 years 9 months 18 days
Trade Name
Business Acquisition [Line Items]
Other intangible assets	$ 200.0

Acquisitions And New Ventures - Pro Forma Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2014 USD ($)
Business Combinations [Abstract]
Net revenue	$ 1,126.6
Income from operations before provision from income taxes	$ 64.1

Accounts Receivable - Schedule of Accounts Receivable (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Accounts Receivable, Net, Current [Abstract]
Accounts receivable, gross	$ 84.9	$ 71.6
Allowance for doubtful accounts	(3.5)	(3.8)
Accounts receivable, net	81.4	67.8
Trade receivables
Accounts Receivable, Net, Current [Abstract]
Accounts receivable, gross	31.6	33.0
Derby-related receivables
Accounts Receivable, Net, Current [Abstract]
Accounts receivable, gross	27.2	17.6
Simulcast and mobile and online wagering receivables
Accounts Receivable, Net, Current [Abstract]
Accounts receivable, gross	21.1	14.8
Other receivables
Accounts Receivable, Net, Current [Abstract]
Accounts receivable, gross	$ 5.0	$ 6.2

Accounts Receivable - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, net of allowance for doubtful accounts of $3.5 in 2016 and $3.8 in 2015	$ 81.4	$ 67.8
Big Fish Games
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, net of allowance for doubtful accounts of $3.5 in 2016 and $3.8 in 2015	24.7	25.7
TwinSpires
Accounts, Notes, Loans and Financing Receivable [Line Items]
Bad debt expense	$ 1.1	$ 0.9	$ 0.7

Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 1,051.5	$ 1,003.0
Accumulated depreciation	(477.1)	(429.8)
Total	574.4	573.2
Grandstands and buildings
Property, Plant and Equipment [Line Items]
Property and equipment, gross	414.3	412.4
Equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	275.5	252.1
Tracks and other improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	157.3	142.8
Land
Property, Plant and Equipment [Line Items]
Property and equipment, gross	117.5	118.7
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	57.4	52.1
Construction in progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	27.4	22.8
Artwork
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 2.1	$ 2.1

Property and Equipment - Additional Information (Details) $ in Millions			12 Months Ended
	Nov. 08, 2016 USD ($) a	Nov. 04, 2014 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)
Property, Plant and Equipment [Line Items]
Depreciation expense			$ 55.7	$ 53.6	$ 55.0
Area of land sold \| a	61
Gain (loss) on sale of land			23.7	0.0	0.0
Receivable from escrow	$ 14.0		$ 13.6	$ 0.0
TwinSpires
Property, Plant and Equipment [Line Items]
Asset impairment charges		$ 3.2
Grandstands and buildings \| Calder Barns
Property, Plant and Equipment [Line Items]
Accelerated depreciation expense					$ 2.4
Land
Property, Plant and Equipment [Line Items]
Proceeds from sale of land held-for-use	25.6
Gain (loss) on sale of land	$ 23.7

Calder Exit Costs - Additional Information (Details) - USD ($) $ in Millions		12 Months Ended
	Nov. 08, 2016	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Restructuring Cost and Reserve [Line Items]
Calder exit costs		$ 2.5	$ 13.9	$ 2.3
Gain (loss) on sale of land		$ 23.7	0.0	$ 0.0
Land
Restructuring Cost and Reserve [Line Items]
Gain (loss) on sale of land	$ 23.7
Calder Grandstand
Restructuring Cost and Reserve [Line Items]
Long-lived asset impairment			$ 12.7

Investment In and Advances To Unconsolidated Affiliates - Balance Sheet of Equity Method Investments (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Assets
Current assets	$ 38.8	$ 34.2
Noncurrent assets	363.0	339.5
Total assets	401.8	373.7
Liabilities and Members' Equity
Current liabilities	77.5	44.4
Noncurrent liabilities	69.3	79.7
Members' equity	255.0	249.6
Total liabilities and members' equity	$ 401.8	$ 373.7

Investment In and Advances To Unconsolidated Affiliates - Income Statement of Equity Method Investments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Net revenue:
Total net revenue	$ 216.1	$ 195.2	$ 147.3
Operating expense	161.3	152.4	124.0
Operating income	54.8	42.8	23.3
Interest and other expense, net	(6.9)	(6.2)	(5.0)
Net income	$ 47.9	$ 36.6	$ 18.3

Investment In and Advances To Unconsolidated Affiliates - Miami Valley Gaming Joint Venture (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2012
Schedule of Equity Method Investments [Line Items]
Noncurrent liabilities	$ 69,300,000	$ 79,700,000
Proceeds from equity method investment	$ 15,600,000	15,200,000	$ 0
Miami Valley Gaming LLC
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	50.00%			50.00%
Equity method investment, amount				$ 60,000,000.0
Note payable term				6 years
Noncurrent liabilities				$ 50,000,000
Secured note payable fixed interest rate				5.00%
Principal repayments of secured note payable				$ 25,000,000
Proceeds from equity method investment	$ 15,000,000	$ 15,000,000
Miami Valley Gaming LLC \| Funded at Closing
Schedule of Equity Method Investments [Line Items]
Equity method investment, amount				10,000,000.0
Miami Valley Gaming LLC \| Notes Payable, Other Payables
Schedule of Equity Method Investments [Line Items]
Equity method investment, amount				$ 50,000,000.0

Investment In and Advances To Unconsolidated Affiliates - Equity in Income of MVG (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Schedule of Equity Method Investments [Line Items]
Equity in income of unconsolidated investments	$ 17.4	$ 11.2	$ 6.3
Miami Valley Gaming LLC
Schedule of Equity Method Investments [Line Items]
Equity in income of unconsolidated investments	$ 14.2	$ 10.6	$ 8.9

Investment In and Advances To Unconsolidated Affiliates - SHRI Equity Investment (Details) ft² in Thousands		12 Months Ended
	Oct. 02, 2015 USD ($) terminal dining_facility mi	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)	Nov. 21, 2016 USD ($) slot_machine lounges dining_facility gaming_table	Jul. 06, 2016 ft² rooms
Schedule of Equity Method Investments [Line Items]
Proceeds from equity method investment		$ 15,600,000	$ 15,200,000	$ 0
Saratoga Casino Holdings LLC
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	25.00%	25.00%
Equity method investment, amount	$ 24,500,000
Number of lottery terminals \| terminal	1,700
Race track length \| mi	0.5
Number of dining facilities \| dining_facility	3
Fair value of property and equipment		$ 3,700,000
Fair value of finite-lived intangible assets		2,700,000
Proceeds from equity method investment		1,200,000
Saratoga Casino Black Hawk
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage					25.00%
Equity method investment, amount					$ 6,500,000
Number of slot machines \| slot_machine					600
Number of table games \| gaming_table					7
Number of lounges \| lounges					3
Number of dining facilities \| dining_facility					2
Saratoga Harness Racing Inc.
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage				50.00%
Equity method investment, amount		$ 0
Saratoga Casino and Raceway \| Saratoga Casino Holdings LLC
Schedule of Equity Method Investments [Line Items]
Management fee agreement, term	5 years
Saratoga Casino and Raceway \| DNC
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	50.00%
Saratoga Casino Holdings LLC
Schedule of Equity Method Investments [Line Items]
Number of room in hotel \| rooms						117
Area of event space \| ft²						3

Investment In and Advances To Unconsolidated Affiliates - SHRI Joint Venture (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments	$ 17,400,000	$ 11,200,000	$ 6,300,000
Payments to acquire interest in joint venture	8,000,000	$ 25,000,000	$ 18,500,000
Saratoga Harness Racing Inc.
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage			50.00%
Equity method investment, amount	$ 0
Income (loss) from equity method investments			$ (1,000,000)
Payments to acquire interest in joint venture			3,300,000
Equity method investment, impairment loss			$ 1,600,000

Goodwill - Schedule of Goodwill (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Goodwill [Roll Forward]
Balance, beginning of period	$ 841.7	$ 840.9
Additions		0.8
Adjustments	(9.5)
Balance, end of period	832.2	841.7
Racing
Goodwill [Roll Forward]
Balance, beginning of period	51.7	51.7
Additions		0.0
Adjustments	0.0
Balance, end of period	51.7	51.7
Casinos
Goodwill [Roll Forward]
Balance, beginning of period	117.6	117.6
Additions		0.0
Adjustments	0.0
Balance, end of period	117.6	117.6
TwinSpires
Goodwill [Roll Forward]
Balance, beginning of period	132.1	131.3
Additions		0.8
Adjustments	0.0
Balance, end of period	132.1	132.1
Big Fish Games
Goodwill [Roll Forward]
Balance, beginning of period	540.3	540.3
Additions		0.0
Adjustments	(9.5)
Balance, end of period	$ 530.8	$ 540.3

Goodwill - Additional Information (Details) - USD ($)	3 Months Ended	12 Months Ended
Goodwill - Additional Information (Details) - USD ($)	Dec. 31, 2016	Dec. 31, 2016
Goodwill [Line Items]
Goodwill impairment		$ 0
Increase in Deferred Tax Asset and Decrease in Goodwill Due to Incorrect Purchase Price Allocation
Goodwill [Line Items]
Correction of prior year error in current year	$ 9,500,000

Other Intangible Assets - Schedule of Other Intangible Assets (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	$ 187.4	$ 224.8
Accumulated Amortization	(100.0)	(86.9)
Net Carrying Amount	87.4	137.9
Indefinite-Lived Intangible Assets (Excluding Goodwill) [Abstract]
Indefinite-lived intangible assets (excluding goodwill)	445.7	496.2
Trademarks
Indefinite-Lived Intangible Assets (Excluding Goodwill) [Abstract]
Indefinite-lived intangible assets (excluding goodwill)	225.7	225.7
Slots gaming rights
Indefinite-Lived Intangible Assets (Excluding Goodwill) [Abstract]
Indefinite-lived intangible assets (excluding goodwill)	128.9	128.9
Illinois Horseracing Equity Trust
Indefinite-Lived Intangible Assets (Excluding Goodwill) [Abstract]
Indefinite-lived intangible assets (excluding goodwill)	3.3	3.3
Other
Indefinite-Lived Intangible Assets (Excluding Goodwill) [Abstract]
Indefinite-lived intangible assets (excluding goodwill)	0.4	0.4
Developed technology
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	87.0	87.0
Accumulated Amortization	(45.6)	(23.3)
Net Carrying Amount	41.4	63.7
Customer relationships
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	43.0	75.1
Accumulated Amortization	(33.3)	(46.6)
Net Carrying Amount	9.7	28.5
Strategic development
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	25.0	30.5
Accumulated Amortization	(7.3)	(6.6)
Net Carrying Amount	17.7	23.9
In-process research & development
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	12.7	12.7
Accumulated Amortization	(5.1)	(2.6)
Net Carrying Amount	7.6	10.1
Favorable contracts
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	11.0	11.0
Accumulated Amortization	(6.2)	(5.5)
Net Carrying Amount	4.8	5.5
Other
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	3.7	3.7
Accumulated Amortization	(1.0)	(0.9)
Net Carrying Amount	2.7	2.8
Table games license
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	2.7	2.5
Accumulated Amortization	(0.4)	(0.3)
Net Carrying Amount	2.3	2.2
Slots gaming license
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	2.3	2.3
Accumulated Amortization	(1.1)	(1.1)
Net Carrying Amount	$ 1.2	$ 1.2

Other Intangible Assets - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Finite-Lived Intangible Assets [Line Items]
Amortization of definite-lived intangible assets	$ 52,900,000	$ 56,100,000	$ 13,300,000
Indefinite-lived intangible assets impairment	0
Additional payments not included in future estimated amortization expense	2,300,000
Strategic development
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, period increase (decrease)	(5,500,000)
Table games license
Finite-Lived Intangible Assets [Line Items]
Definite-lived license agreements, gross	$ 200,000
Finite-lived intangible asset useful life	20 years
Calder
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets acquired	$ 2,300,000	2,300,000
TwinSpires \| Customer Relationships
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, period increase (decrease)	(4,600,000)	$ (14,000,000)
Big Fish Games \| Customer Relationships
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, period increase (decrease)	(16,700,000)
Casinos \| Customer Relationships
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, period increase (decrease)	$ (10,800,000)

Other Intangible Assets - Schedule of Future Estimated Amortization Expense (Details) $ in Millions	Dec. 31, 2016 USD ($)
Intangible Assets, Net (Excluding Goodwill) [Abstract]
2017	$ 36.8
2018	18.7
2019	16.6
2020	4.6
2021	$ 4.3

Income and Other Taxes - Schedule of Components of Provision for Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Current provision:
Federal	$ 22.0	$ 46.1	$ 13.2
State and local	2.6	3.8	2.0
Foreign	0.0	0.4	0.1
Current income tax expense (benefit)	24.6	50.3	15.3
Deferred:
Federal	34.4	(1.8)	19.7
State and local	1.6	0.0	0.0
Foreign	(0.6)	(1.6)	(4.9)
Deferred income tax expense (benefit)	35.4	(3.4)	14.8
Income tax expense (benefit)	$ 60.0	$ 46.9	$ 30.1

Income and Other Taxes - Schedule of Income from Operations Before Provision for Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Domestic	$ 168.7	$ 114.4	$ 76.0
Foreign	(0.6)	(2.3)	0.5
Income from operations before provision for income taxes	$ 168.1	$ 112.1	$ 76.5

Income and Other Taxes - Reconciliation of Amount Computed by Applying the Federal Statutory Income Tax Rate (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income Tax Expense (Benefit), Continuing Operations, Income Tax Reconciliation [Abstract]
Federal statutory tax on earnings before income taxes	$ 58.8	$ 39.2	$ 26.8
State income taxes, net of federal income tax benefit	3.5	1.8	1.4
Non-deductible expense	3.3	2.6	1.0
Non-deductible acquisition-related charges	1.7	6.6	1.3
Manufacturing deduction	0.0	(2.0)	0.0
Valuation allowance	(0.2)	0.0	0.0
Windfall deduction from equity compensation	(4.9)	0.0	0.0
Other	(2.2)	(1.3)	(0.4)
Income tax expense (benefit)	$ 60.0	$ 46.9	$ 30.1

Income and Other Taxes - Schedule of Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Deferred tax assets:
Deferred compensation plans	$ 13.3	$ 34.1
Deferred income	6.3	14.3
Allowance for uncollectible receivables	1.2	1.3
Deferred liabilities	3.7	1.9
Net operating losses and credit carryforward	9.4	11.7
Deferred tax assets	33.9	63.3
Valuation allowance	(0.5)	(1.1)
Net deferred tax asset	33.4	62.2
Deferred tax liabilities:
Intangible assets in excess of tax basis	135.0	143.0
Property and equipment in excess of tax basis	35.3	31.2
Other	16.2	15.9
Deferred tax liabilities	186.5	190.1
Net deferred tax liability	$ (153.1)	$ (127.9)

Income and Other Taxes - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Jul. 18, 2016	Dec. 31, 2013
Income Taxes [Line Items]
Unrecognized tax benefits	$ 3.1	$ 2.5	$ 2.9		$ 0.6
Unrecognized tax benefits, income tax penalties and interest accrued (less than)	0.1
Unrecognized tax benefits that would impact effective tax rate	2.6
Anticipated decrease in unrecognized tax positions	0.8
Selling, general and administrative expense	100.2	$ 90.8	$ 76.0
Tax contingency, civial penalty and interest estimate				$ 1.6
Big Fish Games
Income Taxes [Line Items]
Unrecognized tax benefits	1.0
Federal \| Youbet.com
Income Taxes [Line Items]
Operating loss carryforwards	5.1
State
Income Taxes [Line Items]
Operating loss carryforwards	1.6
Operating loss carryforwards, valuation allowance	0.2
State \| Youbet.com and Big Fish Games
Income Taxes [Line Items]
Operating loss carryforwards	0.8
Accrued Liabilities
Income Taxes [Line Items]
Selling, general and administrative expense	$ 1.5

Income and Other Taxes - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Unrecognized tax benefit, beginning of period	$ 2.5	$ 2.9	$ 0.6
Additions for tax positions related to the current year	0.7	0.3	0.5
Additions for tax positions of prior years	0.1	0.3	2.1
Reductions for tax positions of prior years	(0.2)	(1.0)	(0.3)
Unrecognized tax benefit, end of period	$ 3.1	$ 2.5	$ 2.9

Shareholders' Equity - Additional Information (Details)			12 Months Ended
Shareholders' Equity - Additional Information (Details)	Nov. 19, 2015 USD ($) $ / shares shares	Mar. 13, 2008 right / shares shares / right firm	Dec. 31, 2016 USD ($) shares	Dec. 31, 2014 USD ($) shares	Feb. 24, 2016 USD ($)	Dec. 31, 2015 USD ($)	Oct. 28, 2015 USD ($)	Apr. 23, 2013 USD ($)
Authorized stock repurchase amount					$ 150,000,000.0	$ 150,000,000.0	$ 150,000,000.0	$ 100,000,000
Stock repurchased during period (in shares) \| shares			211,790	691,000
Stock repurchased and retired during period, value			$ 27,600,000	$ 61,600,000
Number of days for average common stock repurchase price	20 days
Remaining unused authorization for stock repurchase program			$ 122,400,000			$ 11,900,000
Percent of common stock issued		200.00%
Number of investment banking firms consulting with company \| firm		1
Maximum percentage of companies assets, cash flow or earnings power before shareholders will lose right to exercise shares		50.00%
Class of warrant or right, triggering event, repurchase, beneficial owner, percentage		50.00%
Minimum
Beneficial ownership percentage		15.00%
Common Stock \| Common Stock
Class or warrant or right, percent of common stock issued		200.00%
Class of warrant or right, repurchase rate \| shares / right		1
Common Stock \| Series A Preferred Stock
Class of warrant or right, repurchase rate		0.0001
Series A Preferred Stock \| Common Stock
Class of warrant or right, issuance rate \| right / shares		1
The Duchossois Group
Stock repurchased during period (in shares) \| shares	945,000
Stock repurchased and retired during period, value	$ 138,100,000
Repurchase price (in dollars per share) \| $ / shares	$ 146.13

Director and Employee Benefit Plans - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Defined Benefit Plan Disclosure [Line Items]
Employer matching contribution, percent	3.00%
Maximum annual contribution per employee, percent	50.00%
Employer's maximum additional match, percentage	2.00%
Employer's discretionary matching contribution	4.00%
Cash contribution to profit-sharing plan	$ 4.0	$ 3.4	$ 2.5
Noncontributory Defined Benefit Multi-Employer Retirement Plan
Defined Benefit Plan Disclosure [Line Items]
Retirement plan expense	$ 0.6	$ 0.6	$ 0.7

Total Debt - Schedule of Total Debt Outstanding (Details) - USD ($)	Dec. 31, 2016	Dec. 31, 2015	Dec. 16, 2015	Dec. 16, 2013
Debt Instrument [Line Items]
Outstanding Principal	$ 927,500,000	$ 788,700,000
Premium	2,500,000	3,000,000
Issuance Costs and Fees	8,300,000	9,900,000
Long-Term Debt, Net	921,700,000	781,800,000
Current maturities of long-term debt	14,200,000	16,200,000
Total principal amount of debt, net of current maturities	913,300,000	772,500,000
Total debt, net of current maturities	907,500,000	765,600,000
Debt interest rate			5.375%	5.375%
Secured Debt
Debt Instrument [Line Items]
Outstanding Principal	327,500,000	188,700,000
Premium	0	0
Issuance Costs and Fees	500,000	600,000
Long-Term Debt, Net	327,000,000	188,100,000
Unsecured Debt
Debt Instrument [Line Items]
Total debt, net of current maturities	600,000,000
Senior Secured Credit Facility due 2021 \| Secured Debt
Debt Instrument [Line Items]
Outstanding Principal	135,000,000	0
Premium	0	0
Issuance Costs and Fees	0	0
Long-Term Debt, Net	135,000,000	0
Term Loan due 2021 \| Secured Debt
Debt Instrument [Line Items]
Outstanding Principal	179,300,000	188,700,000
Premium	0	0
Issuance Costs and Fees	500,000	600,000
Long-Term Debt, Net	178,800,000	188,100,000
Swing line of credit \| Line of Credit
Debt Instrument [Line Items]
Outstanding Principal	13,200,000	0
Premium	0	0
Issuance Costs and Fees	0	0
Long-Term Debt, Net	13,200,000	0
5.375% Senior Unsecured Notes due 2021 \| Unsecured Debt
Debt Instrument [Line Items]
Outstanding Principal	600,000,000	600,000,000
Premium	2,500,000	3,000,000
Issuance Costs and Fees	7,800,000	9,300,000
Long-Term Debt, Net	$ 594,700,000	$ 593,700,000
Debt interest rate	5.375%	5.375%

Total Debt - Additional Information (Details)				12 Months Ended
Total Debt - Additional Information (Details)	Feb. 17, 2016 USD ($)	Dec. 16, 2015 USD ($)	Dec. 16, 2013 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Dec. 01, 2014 USD ($)
Debt Instrument [Line Items]
Debt weighted average interest rate				2.70%	1.70%
Notes payable				$ 594,700,000	$ 593,700,000
Debt interest rate		5.375%	5.375%
Proceeds from Issuance of Unsecured Debt		$ 299,000,000	$ 295,000,000
Secured Debt
Debt Instrument [Line Items]
Term loan facility	$ 188,700,000					$ 200,000,000
Annual paydown requirements year one	5.00%
Annual paydown requirements year two	7.50%
Annual paydown requirements year three	10.00%
Annual paydown requirements year four	12.50%
Annual paydown requirements year five	15.00%
Revolving Credit Facility \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Variable rate basis				LIBOR
Remaining borrowing capacity				$ 344,700,000
Unsecured Debt
Debt Instrument [Line Items]
Notes payable		$ 300,000,000	300,000,000
Premium Percent for Debt Issuance		101.00%
Debt issuance costs		$ 4,700,000	$ 6,300,000
Quarterly Principal Payments \| Secured Debt
Debt Instrument [Line Items]
Long-term line of credit, noncurrent	$ 2,400,000
Incremental Quarterly Principal Payments \| Secured Debt
Debt Instrument [Line Items]
Long-term line of credit, noncurrent	1,200,000
Maximum Quarterly Principal Payments \| Secured Debt
Debt Instrument [Line Items]
Long-term line of credit, noncurrent	7,100,000
Final Balance Due \| Secured Debt
Debt Instrument [Line Items]
Long-term line of credit, noncurrent	$ 94,400,000
Minimum \| Revolving Credit Facility \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Margin on variable rate	1.125%
Commitment fee, unused capacity	0.15%
Debt covenant, interest coverage ratio	3.0
Debt covenant, leverage ratio	4.5
Maximum \| Revolving Credit Facility \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Margin on variable rate	2.50%
Commitment fee, unused capacity	0.35%
Debt covenant, leverage ratio	5.0
Line of Credit Facility, Covenant Terms, Senior Secured Leverage Ratio	3.5
Senior Secured Credit Facility due 2021 \| Secured Debt
Debt Instrument [Line Items]
Maximum aggregate commitment for Senior Secured Credit Facility	$ 500,000,000
Term Loan due 2021 \| Secured Debt
Debt Instrument [Line Items]
Unamortized term loan	$ 188,700,000
5.375% Senior Unsecured Notes due 2021 \| Unsecured Debt
Debt Instrument [Line Items]
Notes payable		$ 600,000,000
Debt interest rate				5.375%	5.375%
Percent of principal amount of notes redeemed prior to make-whole premium				100.00%
Percentage of principal amount redeemed				104.00%

Total Debt - Schedule of Future Aggregate Maturities of Total Debt (Details) $ in Millions	Dec. 31, 2016 USD ($)
Long-term Debt, Fiscal Year Maturity [Abstract]
2017	$ 14.2
2018	18.9
2019	23.6
2020	28.3
2021	842.5
Thereafter	0.0
Total debt	$ 927.5

Operating Leases - Future Minimum Operating Lease Payments (Details) $ in Millions	Dec. 31, 2016 USD ($)
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
2017	$ 11.9
2018	7.8
2019	9.8
2020	9.1
2021	10.0
Thereafter	85.0
Total	$ 133.6

Operating Leases - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2002
Leases [Abstract]
Rent expense for contingent lease payments	$ 3,400,000	$ 3,500,000	$ 3,600,000
Total rent expense for all operating leases	$ 24,700,000	$ 25,400,000	$ 20,200,000
Payment to re-acquire Churchill Downs facility in future period				$ 1.00

- Definition

The increases or decreases in lease payments that result from changes occurring after the inception of the lease in the factors (other than the passage of time) on which lease payments are based, except that any escalation of minimum lease payments relating to increases in construction or acquisition cost of the leased property or for increases in some measure of cost or value during the construction or preconstruction period, are excluded from contingent rentals. Contingent rentals also may include amounts for which the triggering events have not yet occurred or the specified targets for which have not yet been achieved (such as sales based percentage rent), but which events are considered probable of occurring or which specified targets are considered probable of being achieved.

+ References + Details

Stock-Based Compensation Plans - Additional Information - Employee Stock Options (Details) - USD ($) $ / shares in Units, $ in Millions		12 Months Ended
	Feb. 24, 2016	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense		$ 18.9	$ 13.8	$ 11.9
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Accelerated vesting of restricted stock (in shares)			29,218
Compensation expense recognized			$ 1.3
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options awarded (in shares)		0	0	0
Exercised (in shares)		5,000	1,000	182,000
Total intrinsic value of options exercised		$ 0.4	$ 0.1	$ 9.6
Cash received from exercised options		$ 0.2	$ 0.1	$ 6.4
Churchill Downs Incorporated 2016 Omnibus Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)	1 year
Stock options awarded (in shares)		0
Churchill Downs Incorporated 2007 Omnibus Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)		3 years
Stock options, contractual term (in years)		10 years
Churchill Downs Incorporated 2007 Omnibus Stock Incentive Plan \| Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)		3 years
Employee Agreement \| Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercised (in shares)				180,000
Shares granted (in dollars per share)				$ 35.19
Shares exercised, minimum price (in dollars per share)				85.00
Shares exercised, maximum price (in dollars per share)				$ 91.33

Stock-Based Compensation Plans - Activity for Stock Options Outstanding (Details) - Stock Options - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Number of Shares Under Option
Stock options outstanding, beginning of period (in shares)	9	10	193
Granted (in shares)	0	0	0
Exercised (in shares)	(5)	(1)	(182)
Cancelled/forfeited (in shares)	0	0	(1)
Stock options outstanding, end of period (in shares)	4	9	10
Weighted Average Exercise Price
Stock options outstanding, beginning of period, weighted average exercise price (in dollars per share)	$ 48.37	$ 48.63	$ 36.04
Granted, weighted average exercise price (in dollars per share)		0.00	0.00
Exercises, weighted average exercise price (in dollars per share)	52.58	49.95	35.26
Canceled/forfeited, weighted average exercise price (in dollars per share)		0.00	49.95
Stock options outstanding, end of period, weighted average exercise price (in dollars per share)	$ 43.74	$ 48.37	$ 48.63

Stock-Based Compensation Plans - Information on Stock Options Outstanding (Details) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2016 USD ($) $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest [Abstract]
Exercisable and vested options at period end, shares under option (in shares) \| shares	4
Exercisable and vested options at period end, remaining contractual life (in years)	21 months
Exercisable and vested options at period end, average exercise price per share (in dollars per share)	$ 43.74
Exercisable and vested options at period end, intrinsic value per share (in dollars per share)	$ 106.71
Exercisable and vested options at period end, aggregate intrinsic value \| $	$ 437
Common stock, market fair value (in dollars per share)	$ 150.45

Stock-Based Compensation Plans - Additional Information - Restricted Shares and Restricted Stock Units (Details) $ in Millions			12 Months Ended
	Feb. 23, 2016 service_period shares	Sep. 22, 2015 service_period shares	Dec. 31, 2016 USD ($) shares	Dec. 31, 2015 USD ($) shares	Dec. 31, 2014 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense			$ 18.9	$ 13.8	$ 11.9
Unrecognized compensation expense			$ 15.6
Weighted average period over which unrecognized compensation is expected to be recognized for equity-based compensation plan			15 months
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense				$ 1.3
Other awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of units received by NEOs and Grantees under adopted ELTI Plan (in shares) \| shares			72,529
Performance and service period under adopted ELTI Plan			3 years
Stock-based compensation expense			$ 4.4
Unrecognized compensation expense			$ 7.7
Weighted average period over which unrecognized compensation is expected to be recognized for equity-based compensation plan			15 months
Churchill Downs Incorporated 2007 Omnibus Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)			3 years
Churchill Downs Incorporated 2007 Omnibus Stock Incentive Plan \| Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)			3 years
NEOs, Grantees and certain other employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of units received by NEOs and Grantees under adopted ELTI Plan (in shares) \| shares				167,800
Unrecognized compensation expense			$ 3.0
Weighted average period over which unrecognized compensation is expected to be recognized for equity-based compensation plan			13 months
Stock-based compensation expense			$ 4.7	$ 6.2
Performance-Based Awards \| NEOs, Grantees and certain other employees \| Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares awarded \| shares			56,915
Minimum \| NEOs, Grantees and certain other employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting service period				7 months
Maximum \| NEOs, Grantees and certain other employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting service period				3 years
February 23, 2016 \| Executive Long-Term Incentive Compensation Plan (the “ELTI Plan”) \| Restricted Stock Units (RSU)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of units received by NEOs and Grantees under adopted ELTI Plan (in shares) \| shares	24,677
Number of vesting service periods \| service_period	3
February 23, 2016 \| Executive Long-Term Incentive Compensation Plan (the “ELTI Plan”) \| Performance Share Units (PSU)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of units received by NEOs and Grantees under adopted ELTI Plan (in shares) \| shares	29,633
Performance and service period under adopted ELTI Plan	34 months
Maximum award payout curve percentage of original performance share units awarded (as a percent)	200.00%
Percentage increase in awards if in top quartile	25.00%
Percentage decrease if in bottom quartile	25.00%
Maximum number of performance share units as percentage of original award (as a percent)		250.00%
February 23, 2016 \| Executive Long-Term Incentive Compensation Plan (the “ELTI Plan”) \| RSUs, PSUs, and Other Employee Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense			$ 7.7
February 23, 2016 \| Executive Long-Term Incentive Compensation Plan (the “ELTI Plan”) \| RSU and PSU awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense			4.3
February 23, 2016 \| Executive Long-Term Incentive Compensation Plan (the “ELTI Plan”) \| Other awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense			4.9
February 23, 2016 \| Performance-Based Awards \| Executive Long-Term Incentive Compensation Plan (the “ELTI Plan”) \| Performance Share Units (PSU)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance and service period under adopted ELTI Plan	3 years
Requisite service periods \| service_period	3
September 22, 2015 \| Executive Long-Term Incentive Compensation Plan (the “ELTI Plan”) \| Restricted Stock Units (RSU)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of units received by NEOs and Grantees under adopted ELTI Plan (in shares) \| shares		22,142
Requisite service periods \| service_period		2
September 22, 2015 \| Executive Long-Term Incentive Compensation Plan (the “ELTI Plan”) \| Performance Share Units (PSU)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of units received by NEOs and Grantees under adopted ELTI Plan (in shares) \| shares		27,282
Performance and service period under adopted ELTI Plan		30 months
September 22, 2015 \| Executive Long-Term Incentive Compensation Plan (the “ELTI Plan”) \| RSU and PSU awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense			3.8	$ 0.9
Unrecognized compensation expense			$ 2.6

Stock-Based Compensation Plans - Activity for Awards Made Outside of Share-Based Compensation Plans (Details) - ELTI Plan, the 2013 New Company LTIP, the 2007 Incentive Plan and awards made outside of stock-based compensation plans - Restricted stock - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Number of Shares
Shares outstanding, beginning of period (in shares)	314	341	673
Shares, granted (in shares)	127	217	26
Shares, vested (in shares)	(186)	(235)	(346)
Shares cancelled/forfeited (in shares)	(6)	(9)	(12)
Shares outstanding, end of period (in shares)	249	314	341
Weighted Average Grant Date Fair Value
Shares outstanding, weighted average grant date fair value, beginning of period (in dollars per share)	$ 87.31	$ 55.77	$ 53.64
Shares, weighted average grant date fair value, granted (in dollars per share)	134.60	108.73	88.58
Shares, weighted average grant date fair value, vested (in dollars per share)	70.81	58.91	53.70
Shares, weighted average grant date fair value, cancelled/forfeited (in dollars per share)	100.31	93.04	60.41
Shares outstanding, weighted average grant date fair value, end of period (in dollars per share)	$ 121.95	$ 87.31	$ 55.77
Market Condition & Performance-Based Awards
Number of Shares
Shares outstanding, beginning of period (in shares)	27	85	324
Shares, granted (in shares)	30	27	0
Shares, vested (in shares)	0	(85)	(239)
Shares cancelled/forfeited (in shares)	0	0	0
Shares outstanding, end of period (in shares)	57	27	85
Weighted Average Grant Date Fair Value
Shares outstanding, weighted average grant date fair value, beginning of period (in dollars per share)	$ 154.90	$ 54.32	$ 53.71
Shares, weighted average grant date fair value, granted (in dollars per share)	141.02	154.90	0.00
Shares, weighted average grant date fair value, vested (in dollars per share)	0.00	48.31	53.49
Shares, weighted average grant date fair value, cancelled/forfeited (in dollars per share)	0.00	0.00	0.00
Shares outstanding, weighted average grant date fair value, end of period (in dollars per share)	$ 147.67	$ 154.90	$ 54.32
Service Period Awards
Number of Shares
Shares outstanding, beginning of period (in shares)	287	256	349
Shares, granted (in shares)	97	190	26
Shares, vested (in shares)	(186)	(150)	(107)
Shares cancelled/forfeited (in shares)	(6)	(9)	(12)
Shares outstanding, end of period (in shares)	192	287	256
Weighted Average Grant Date Fair Value
Shares outstanding, weighted average grant date fair value, beginning of period (in dollars per share)	$ 80.90	$ 56.24	$ 53.58
Shares, weighted average grant date fair value, granted (in dollars per share)	132.64	102.09	88.58
Shares, weighted average grant date fair value, vested (in dollars per share)	70.81	64.87	54.15
Shares, weighted average grant date fair value, cancelled/forfeited (in dollars per share)	100.31	93.04	60.41
Shares outstanding, weighted average grant date fair value, end of period (in dollars per share)	$ 114.33	$ 80.90	$ 56.24

Stock-Based Compensation Plans - Additional Information - Employee Stock Purchase Plan (Details) - USD ($) shares in Thousands		12 Months Ended
	Jul. 31, 2016	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Employee Stock Purchase Plan [Abstract]
Award period		1 year
Employee Stock Purchase Plan
Employee Stock Purchase Plan [Abstract]
Percentage of common stock purchase price that employee allowed to purchase at		85.00%
Maximum stock allowed to be purchased by employee in one year, value		$ 25,000
Stock sold by company to employees (in shares)	18
Stock-based compensation expense		$ 700,000	$ 600,000	$ 400,000

Fair Value Of Assets And Liabilities - Schedule of Fair Value Measurements on a Recurring Basis (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents and restricted cash	$ 34.1	$ 30.1
Big Fish Games deferred payments	0.0	0.0
Big Fish Games earnout liability	0.0	0.0
Bluff contingent consideration liability		0.0
Total level one assets and liabilities	34.1	30.1
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	0.0
Big Fish Games deferred payments	27.8	54.8
Big Fish Games earnout liability	67.9	345.2
Bluff contingent consideration liability	0.0	2.3
Total level three assets and liabilities	$ 95.7	$ 402.3

Fair Value Of Assets And Liabilities - Level 3 Investment Rollforward (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Fair Value of Level 3 Investments Rollforward
Big Fish Games deferred payments, payments	$ 26.4	$ 28.5	$ 0.0
Change in fair value	5.7	21.7
Fair Value, Inputs, Level 3
Fair Value of Level 3 Investments Rollforward
Big Fish Games deferred payments, beginning balance	54.8
Big Fish Games earnout liability, beginning balance	345.2
Bluff contingent consideration, beginning balance	2.3
Total, beginning balance	402.3
Big Fish Games deferred payments, payments	(28.4)
Big Fish Games earnout liability, payments	(281.6)
Payments	(310.0)
Big Fish Games deferred payments, change in fair value	1.4
Big Fish Games earnout liability, change in fair value	4.3
Bluff contingent consideration, change in fair value	(2.3)
Change in fair value	3.4
Big Fish Games deferred payments, ending balance	27.8	54.8
Big Fish Games earnout liability, ending balance	67.9	345.2
Bluff contingent consideration, ending balance	0.0	2.3
Total, ending balance	$ 95.7	$ 402.3

Fair Value Of Assets And Liabilities - Additional Information (Details) - USD ($)	1 Months Ended		12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate, fair value input			2.30%
Increase in fair values of Big Fish Games deferred payment and earnout liability			$ 5,700,000	$ 21,700,000
Big Fish Games deferred payment			26,400,000	28,500,000	$ 0
Amount one-percentage point change in discount rate would increase or decrease the fair value of Big Fish Games deferred payment and earnout liability			1,000,000
Long-term debt	$ 907,500,000	$ 765,600,000	907,500,000	765,600,000
Unsecured Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	600,000,000		600,000,000
Fair value of long-term debt	622,500,000	604,100,000	622,500,000	604,100,000
Big Fish Games
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Big Fish Games deferred payment	$ 28,400,000	$ 28,400,000		$ 28,400,000
Fair Value, Inputs, Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Increase in fair values of Big Fish Games deferred payment and earnout liability			3,400,000
Big Fish Games deferred payment			(28,400,000)
Decrease in Bluff contingent consideration fair value			$ 2,300,000

Net Income Per Common Share Computations (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Earnings Per Share [Abstract]
Net income	$ 108.1	$ 65.2	$ 46.4
Net income allocated to participating securities	(1.0)	(0.6)	(0.3)
Numerator for basic net income per common share	107.1	64.6	46.1
Numerator for diluted income per common share	$ 108.1	$ 65.2	$ 46.4
Denominator for net income per common share:
Basic (in shares)	16.4	17.2	17.3
Plus dilutive effect of stock options and restricted stock (in shares)	0.2	0.1	0.1
Plus dilutive effect of participating securities (in shares)	0.2	0.3	0.2
Diluted (in shares)	16.8	17.6	17.6
Income per common share:
Basic (in dollars per share)	$ 6.52	$ 3.75	$ 2.67
Diluted (in dollars per share)	$ 6.42	$ 3.71	$ 2.64

Segment Information - Additional Information (Details) - Segment	12 Months Ended
	Dec. 31, 2016	Oct. 02, 2015	Dec. 31, 2012
Segment Reporting Information [Line Items]
Number of operating segments	6
Miami Valley Gaming LLC
Segment Reporting Information [Line Items]
Equity method investment, ownership percentage	50.00%		50.00%
Saratoga
Segment Reporting Information [Line Items]
Equity method investment, ownership percentage	25.00%	25.00%

Segment Information - Net Revenue From External Customers and Intercompany Revenue From Each Operating Segment (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Segment Reporting Information [Line Items]
Net revenue	$ 278.3	$ 303.4	$ 438.5	$ 288.4	$ 272.4	$ 279.8	$ 409.2	$ 250.9	$ 1,308.6	$ 1,212.3	$ 812.2
Racing
Segment Reporting Information [Line Items]
Net revenue									251.1	248.0	261.4
Casinos
Segment Reporting Information [Line Items]
Net revenue									332.8	332.9	328.3
TwinSpires
Segment Reporting Information [Line Items]
Net revenue									220.6	200.2	191.0
Big Fish Games
Segment Reporting Information [Line Items]
Net revenue									486.2	413.7	13.9
Other Investments
Segment Reporting Information [Line Items]
Net revenue									16.9	16.6	16.5
Corporate
Segment Reporting Information [Line Items]
Net revenue									1.0	0.9	1.1
Intersegment Eliminations
Segment Reporting Information [Line Items]
Net revenue									(22.2)	(18.8)	(19.7)
Intersegment Eliminations \| Racing
Segment Reporting Information [Line Items]
Net revenue									17.0	14.2	14.6
Intersegment Eliminations \| TwinSpires
Segment Reporting Information [Line Items]
Net revenue									1.3	1.1	1.0
Intersegment Eliminations \| Other Investments
Segment Reporting Information [Line Items]
Net revenue									3.9	3.5	4.1
Churchill Downs \| Racing
Segment Reporting Information [Line Items]
Net revenue									155.2	151.1	143.2
Churchill Downs \| Intersegment Eliminations \| Racing
Segment Reporting Information [Line Items]
Net revenue									10.0	7.8	7.0
Arlington \| Racing
Segment Reporting Information [Line Items]
Net revenue									55.3	54.4	60.3
Arlington \| Intersegment Eliminations \| Racing
Segment Reporting Information [Line Items]
Net revenue									5.5	5.1	5.8
Fair Grounds \| Racing
Segment Reporting Information [Line Items]
Net revenue									38.0	39.8	38.6
Fair Grounds \| Intersegment Eliminations \| Racing
Segment Reporting Information [Line Items]
Net revenue									1.5	1.3	1.1
Calder \| Racing
Segment Reporting Information [Line Items]
Net revenue									2.6	2.7	19.3
Calder \| Intersegment Eliminations \| Racing
Segment Reporting Information [Line Items]
Net revenue									0.0	0.0	0.7
Oxford Casino \| Casinos
Segment Reporting Information [Line Items]
Net revenue									84.6	80.4	76.5
Riverwalk Casino \| Casinos
Segment Reporting Information [Line Items]
Net revenue									46.1	49.8	50.1
Harlow’s Casino \| Casinos
Segment Reporting Information [Line Items]
Net revenue									48.4	49.0	50.2
Calder Casinos \| Casinos
Segment Reporting Information [Line Items]
Net revenue									79.1	77.4	77.0
Fair Grounds Slots \| Casinos
Segment Reporting Information [Line Items]
Net revenue									36.9	39.0	40.8
VSI \| Casinos
Segment Reporting Information [Line Items]
Net revenue									36.9	36.9	33.7
Saratoga \| Casinos
Segment Reporting Information [Line Items]
Net revenue									0.8	0.4	0.0
Social casino \| Big Fish Games
Segment Reporting Information [Line Items]
Net revenue									182.5	193.4	7.6
Casual and mid-core free-to-play \| Big Fish Games
Segment Reporting Information [Line Items]
Net revenue									212.7	125.3	2.1
Premium \| Big Fish Games
Segment Reporting Information [Line Items]
Net revenue									$ 91.0	$ 95.0	$ 4.2

Segment Information - Schedule of Adjusted EBITDA by Segment (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Segment Reporting Information [Line Items]
Net revenue	$ 278.3	$ 303.4	$ 438.5	$ 288.4	$ 272.4	$ 279.8	$ 409.2	$ 250.9	$ 1,308.6	$ 1,212.3	$ 812.2
Research & development									(39.0)	(39.4)	0.0
Adjusted EBITDA									334.5	302.5	204.1
Racing
Segment Reporting Information [Line Items]
Net revenue									251.1	248.0	261.4
Taxes & purses									(64.2)	(63.6)	(72.7)
Platform & development fees									0.0	0.0	0.0
Marketing & advertising									(4.6)	(6.1)	(6.1)
Salaries & benefits									(40.9)	(39.2)	(45.1)
Content expense									(15.6)	(14.6)	(19.0)
SG&A expense									(16.2)	(16.6)	(18.4)
Research & development									0.0	0.0	0.0
Other operating expense									(47.4)	(50.9)	(54.1)
Other income (expense)									0.5	0.6	0.6
Adjusted EBITDA									79.7	71.8	61.2
Casinos
Segment Reporting Information [Line Items]
Net revenue									332.8	332.9	328.3
Taxes & purses									(110.9)	(109.9)	(108.0)
Platform & development fees									0.0	0.0	0.0
Marketing & advertising									(12.7)	(12.4)	(12.5)
Salaries & benefits									(50.8)	(49.7)	(49.1)
Content expense									0.0	0.0	0.0
SG&A expense									(21.2)	(24.1)	(25.5)
Research & development									0.0	0.0	0.0
Other operating expense									(39.1)	(41.3)	(43.5)
Other income (expense)									27.7	19.4	17.5
Adjusted EBITDA									125.8	114.9	107.2
TwinSpires
Segment Reporting Information [Line Items]
Net revenue									220.6	200.2	191.0
Taxes & purses									(11.7)	(10.6)	(9.2)
Platform & development fees									0.0	0.0	0.0
Marketing & advertising									(6.3)	(4.8)	(4.7)
Salaries & benefits									(9.4)	(9.9)	(11.5)
Content expense									(107.6)	(97.9)	(92.6)
SG&A expense									(11.9)	(11.5)	(13.0)
Research & development									0.0	0.0	0.0
Other operating expense									(19.8)	(18.0)	(21.2)
Other income (expense)									0.0	0.0	0.0
Adjusted EBITDA									55.2	48.6	39.8
Big Fish Games
Segment Reporting Information [Line Items]
Net revenue									486.2	413.7	13.9
Taxes & purses									0.0	0.0	0.0
Platform & development fees									(179.9)	(143.6)	(5.1)
Marketing & advertising									(127.9)	(107.7)	(5.7)
Salaries & benefits									(25.0)	(22.3)	(2.6)
Content expense									0.0	0.0	0.0
SG&A expense									(18.5)	(16.8)	(0.8)
Research & development									(39.0)	(39.4)	0.0
Other operating expense									(15.9)	(14.8)	(0.4)
Other income (expense)									(0.9)	(0.6)	0.0
Adjusted EBITDA									79.1	68.5	(0.7)
Other Investments
Segment Reporting Information [Line Items]
Net revenue									16.9	16.6	16.5
Taxes & purses									0.0	0.0	0.0
Platform & development fees									0.0	0.0	0.0
Marketing & advertising									0.0	0.0	0.0
Salaries & benefits									(10.9)	(11.1)	(11.8)
Content expense									0.0	0.0	0.0
SG&A expense									(3.4)	(2.5)	(2.8)
Research & development									0.0	0.0	0.0
Other operating expense									(4.1)	(3.8)	(4.5)
Other income (expense)									0.3	0.2	0.1
Adjusted EBITDA									2.7	2.9	1.6
Corporate
Segment Reporting Information [Line Items]
Net revenue									1.0	0.9	1.1
Taxes & purses									0.0	0.0	0.0
Platform & development fees									0.0	0.0	0.0
Marketing & advertising									0.0	0.0	0.0
Salaries & benefits									0.0	0.0	(0.2)
Content expense									0.0	0.0	0.0
SG&A expense									(8.6)	(6.3)	(5.3)
Research & development									0.0	0.0	0.0
Other operating expense									(0.6)	1.1	(0.7)
Other income (expense)									0.2	0.1	0.1
Adjusted EBITDA									(8.0)	(4.2)	(5.0)
Operating Segments \| Racing
Segment Reporting Information [Line Items]
Net revenue									268.1	262.2	276.0
Operating Segments \| Casinos
Segment Reporting Information [Line Items]
Net revenue									332.8	332.9	328.3
Operating Segments \| TwinSpires
Segment Reporting Information [Line Items]
Net revenue									221.9	201.3	192.0
Operating Segments \| Big Fish Games
Segment Reporting Information [Line Items]
Net revenue									486.2	413.7	13.9
Operating Segments \| Other Investments
Segment Reporting Information [Line Items]
Net revenue									20.8	20.1	20.6
Operating Segments \| Corporate
Segment Reporting Information [Line Items]
Net revenue									$ 1.0	$ 0.9	$ 1.1

Segment Information - Reconciliation of Comprehensive Income to Adjusted EBITDA (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Segment Reporting Information [Line Items]
Comprehensive income	$ 107.5	$ 64.7	$ 46.3
Foreign currency translation, net of tax	(0.2)	0.5	0.1
Net change in pension benefits, net of tax	0.8	0.0	0.0
Net income	108.1	65.2	46.4
Depreciation and amortization	108.6	109.7	68.3
Interest expense	43.7	28.6	20.8
Income tax provision	60.0	46.9	30.1
EBITDA	320.4	250.4	165.6
Stock-based compensation expense	18.9	13.8	11.9
Other charges	2.5	0.0	(0.4)
Segment Operating Expense	0.0	0.0	3.2
Interest, depreciation and amortization expense related to equity investments	10.0	8.5	8.7
Other charges and recoveries, net	0.5	(5.8)	2.6
Acquisition expense, net	3.4	21.7	10.2
Gain on Calder land sale	(23.7)	0.0	0.0
Calder exit costs	2.5	13.9	2.3
Total adjustments to EBITDA	14.1	52.1	38.5
Adjusted EBITDA	334.5	302.5	204.1
Racing
Segment Reporting Information [Line Items]
Adjusted EBITDA	79.7	71.8	61.2
Casinos
Segment Reporting Information [Line Items]
Adjusted EBITDA	125.8	114.9	107.2
TwinSpires
Segment Reporting Information [Line Items]
Adjusted EBITDA	55.2	48.6	39.8
Big Fish Games
Segment Reporting Information [Line Items]
Adjusted EBITDA	79.1	68.5	(0.7)
Other Investments
Segment Reporting Information [Line Items]
Adjusted EBITDA	2.7	2.9	1.6
Corporate
Segment Reporting Information [Line Items]
Adjusted EBITDA	$ (8.0)	$ (4.2)	$ (5.0)

Segment Information - Schedule of Equity in Income (Losses) of Unconsolidated Investments Included in Reported Segments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Segment Reporting, Other Significant Reconciling Item [Line Items]
Equity in income of unconsolidated investments	$ 17.4	$ 11.2	$ 6.3
Casinos
Segment Reporting, Other Significant Reconciling Item [Line Items]
Equity in income of unconsolidated investments	17.4	10.9	8.9
TwinSpires
Segment Reporting, Other Significant Reconciling Item [Line Items]
Equity in income of unconsolidated investments	0.0	0.0	(0.1)
Other Investments
Segment Reporting, Other Significant Reconciling Item [Line Items]
Equity in income of unconsolidated investments	$ 0.0	$ 0.3	$ (2.5)

Segment Information - Schedule of Total Assets and Capital Expenditures by Operating Segment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 2,254.4	$ 2,277.4
Capital expenditures	54.7	43.5	$ 54.5
Racing
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	454.6	437.1
Capital expenditures	26.1	12.3	33.9
Casinos
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	628.7	631.3
Capital expenditures	13.9	18.8	7.7
TwinSpires
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	209.9	202.4
Capital expenditures	7.0	4.3	5.8
Big Fish Games
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	893.8	947.1
Capital expenditures	5.5	6.4	0.1
Other Investments
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	11.1	12.2
Capital expenditures	1.0	0.8	5.3
Corporate
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	56.3	47.3
Capital expenditures	$ 1.2	$ 0.9	$ 1.7

HRTV Equity Investment Divestiture - Additional Information (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Jan. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Schedule of Equity Method Investments [Line Items]
Proceeds from sale of equity investment		$ 1.8	$ 6.0	$ 0.0
Gain from sale of ownership interest		$ 0.0	$ 5.8	$ 0.0
HRTV, LLC
Schedule of Equity Method Investments [Line Items]
Proceeds from sale of equity investment	$ 6.0
Other Investments \| HRTV, LLC
Schedule of Equity Method Investments [Line Items]
Gain from sale of ownership interest	$ 5.8

Related Party Transactions - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions		12 Months Ended
	Nov. 19, 2015	Dec. 31, 2016	Dec. 31, 2014
Related Party Transaction [Line Items]
Stock repurchased during period (in shares)		211,790	691,000
Stock repurchased and retired during period, value		$ 27.6	$ 61.6
Number of days for average common stock repurchase price	20 days
The Duchossois Group
Related Party Transaction [Line Items]
Stock repurchased during period (in shares)	945,000
Stock repurchased and retired during period, value	$ 138.1
Repurchase price (in dollars per share)	$ 146.13

Subsequent Events - Additional Information (Details)	Jan. 03, 2017	Dec. 31, 2016	Aug. 31, 2016	Oct. 02, 2015
Old Bay
Subsequent Event [Line Items]
Equity method investment, ownership percentage			50.00%
Saratoga Casino Holdings LLC
Subsequent Event [Line Items]
Equity method investment, ownership percentage		25.00%		25.00%
Saratoga Casino Holdings LLC \| Subsequent Event
Subsequent Event [Line Items]
Equity method investment, ownership percentage	25.00%
Ocean Downs \| Subsequent Event
Subsequent Event [Line Items]
Equity method investment, ownership percentage through other investments	12.50%
Equity method investment, effective ownership percentage	62.50%

Quarterly Results of Operations (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Quarterly Financial Information Disclosure [Abstract]
Net revenue	$ 278.3	$ 303.4	$ 438.5	$ 288.4	$ 272.4	$ 279.8	$ 409.2	$ 250.9	$ 1,308.6	$ 1,212.3	$ 812.2
Income from operations	$ 26.8	$ 8.7	$ 69.8	$ 2.8	$ 7.5	$ 4.2	$ 55.1	$ (1.6)
Basic net (loss) income per common share (in dollars per share)	$ 1.62	$ 0.52	$ 4.16	$ 0.17	$ 0.44	$ 0.24	$ 3.12	$ (0.09)	$ 6.52	$ 3.75	$ 2.67
Diluted net (loss) income per common share (in dollars per share)	$ 1.60	$ 0.52	$ 4.11	$ 0.16	$ 0.43	$ 0.24	$ 3.10	$ (0.09)	$ 6.42	$ 3.71	$ 2.64

Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Allowance for doubtful accounts:
Movement in Valuation Allowances and Reserves [Roll Forward]
Balance Beginning of Year	$ 3.8	$ 4.2	$ 4.3
Charged to Expense	2.0	1.3	1.7
Deductions	(2.3)	(1.7)	(1.8)
Balance End of Year	3.5	3.8	4.2
Deferred income tax asset valuation allowance:
Movement in Valuation Allowances and Reserves [Roll Forward]
Balance Beginning of Year	1.1	1.3	1.2
Additions	0.0	0.1	0.1
Deductions	(0.6)	(0.3)	0.0
Balance End of Year	$ 0.5	$ 1.1	$ 1.3