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Document And Entity Information - shares	3 Months Ended
Document And Entity Information - shares	Mar. 31, 2017	Apr. 19, 2017
Document And Entity Information [Abstract]
Document Type	10-Q
false	false
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2017
Document Fiscal Period Focus	Q1
Entity Registrant Name	CHURCHILL DOWNS INC
Entity Central Index Key	0000020212
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		16,484,632

Condensed Consolidated Statements Of Comprehensive Income - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Net revenue:
Racing	$ 23.9	$ 26.2
Casinos	87.5	86.5
TwinSpires	52.0	49.6
Big Fish Games	112.0	122.1
Other Investments	4.1	4.0
Total net revenue	279.5	288.4
Operating expense:
Racing	36.4	35.6
Casinos	62.7	61.0
TwinSpires	36.4	34.6
Big Fish Games	86.9	109.4
Other Investments	3.9	3.9
Corporate	0.7	0.6
Selling, general and administrative expense	24.1	23.1
Research and development	10.3	10.8
Calder exit costs	0.4	0.4
Acquisition expenses, net	0.2	2.7
Total operating expense	262.0	282.1
Operating income	17.5	6.3
Other income (expense):
Interest expense	(11.8)	(10.6)
Equity in income of unconsolidated investments	6.1	3.8
Miscellaneous, net	0.0	(0.5)
Total other expense	(5.7)	(7.3)
Income (loss) from operations before provision for income taxes	11.8	(1.0)
Income tax (provision) benefit	(4.5)	3.8
Net income	$ 7.3	$ 2.8
Earnings Per Share, Basic [Abstract]
Basic	$ 0.44	$ 0.17
Earnings Per Share, Diluted [Abstract]
Diluted	$ 0.44	$ 0.16
Weighted average shares outstanding:
Basic	16.3	16.5
Diluted (in shares)	16.8	17.0
Other comprehensive loss:
Foreign currency translation, net of tax	$ (0.1)	$ 0.0
Other comprehensive loss	(0.1)	0.0
Comprehensive income	$ 7.2	$ 2.8

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
ASSETS
Cash and cash equivalents	$ 54.9	$ 48.7
Restricted cash	25.0	34.3
Accounts receivable, net of allowance for doubtful accounts of $3.8 at March 31, 2017 and $3.5 at December 31, 2016	62.3	81.4
Escrow Deposit	3.5	13.6
Income taxes receivable	1.0	7.6
Game software development, net	8.9	9.6
Other current assets	57.7	50.8
Total current assets	213.3	246.0
Property and equipment, net	590.7	574.4
Game software development, net	8.1	6.3
Investment in and advances to unconsolidated affiliates	164.7	139.1
Goodwill	832.2	832.2
Other intangible assets, net	435.4	445.7
Other assets	11.7	10.7
Total assets	2,256.1	2,254.4
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable	56.1	53.2
Purses payable	9.5	12.5
Account wagering deposit liabilities	21.5	25.0
Accrued expense	92.4	100.1
Deferred revenue - Big Fish Games	80.2	81.3
Deferred revenue - all other	85.2	64.3
Big Fish Games deferred payment, current	28.0	27.8
Big Fish Games earnout liability, current	33.7	67.9
Current maturities of long-term debt	15.3	14.2
Dividends payable	0.0	21.8
Total current liabilities	421.9	468.1
Long-term debt (net of current maturities and loan origination fees of $0.5 at both March 31, 2017 and December 31, 2016)	358.0	312.8
Notes payable (including premium of $2.4 at March 31, 2017 and $2.5 at December 31, 2016 and net of debt issuance costs of $7.4 at March 31, 2017 and $7.8 at December 31, 2016)	595.0	594.7
Deferred revenue - all other	24.5	24.4
Deferred income taxes	150.3	153.1
Other liabilities	17.5	16.3
Total liabilities	1,567.2	1,569.4
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 at March 31, 2017 and at December 31, 2016	113.2	116.5
Retained earnings	577.0	569.7
Accumulated other comprehensive loss	(1.3)	(1.2)
Total shareholders' equity	688.9	685.0
Total liabilities and shareholders' equity	$ 2,256.1	$ 2,254.4

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Millions, $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 3.8	$ 3.5
Loan Origination Fees	0.5	0.5
Premium	2.4	2.5
Debt Issuance Costs	$ 7.4	$ 7.8
Preferred stock, shares authorized	0.3	0.3
Common stock, shares authorized	50.0	50.0
Common stock, shares issued	16.5	16.5

Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash flows from operating activities:
Net income	$ 7.3	$ 2.8
Adjustments to reconcile net income to net cash provided by operating activities:
Total adjustments to EBITDA	24.5	27.0
Game software development amortization	4.4	3.7
Acquisition expenses, net	0.2	2.7
Distributed earnings from equity investments	4.3	4.0
Earnings from equity investments, net	(6.1)	(3.8)
Stock-based compensation	4.9	4.1
Big Fish Games earnout payment	(2.5)	(19.7)
Other	0.3	0.7
Increase (decrease) in cash resulting from changes in operating assets and liabilities, net of business acquisitions and dispositions:
Other current assets and liabilities	(5.2)	0.3
Increase (Decrease) in Software Development	5.3	4.2
Income taxes	6.6	(5.7)
Deferred revenue	42.4	53.9
Other assets and liabilities	(1.2)	0.8
Net cash provided by operating activities	74.6	66.6
Cash flows from investing activities:
Capital maintenance expenditures	(10.2)	(7.9)
Payments to Acquire Productive Assets	(27.3)	(8.5)
(Increase) Decrease in Escrow Receivable	10.1	0.0
Proceeds from sale of equity investment	0.0	1.4
Net cash used in investing activities	(51.4)	(15.0)
Payments to Acquire Interest in Joint Venture	(24.0)	0.0
Cash flows from financing activities:
Borrowings on bank line of credit	239.1	292.1
Repayments of bank line of credit	(192.7)	(87.0)
Earnout Payment, Financing Activity	(31.7)	(261.9)
Payment of dividends	(21.8)	(19.1)
Repurchase of common stock	(8.6)	(0.8)
Common stock issued	0.1	0.0
Loan origination fees and debt issuance costs		(1.4)
Other	(1.4)	3.0
Net cash used in financing activities	(17.0)	(75.1)
Net increase (decrease) in cash and cash equivalents	6.2	(23.5)
Effect of exchange rate changes on cash	0.0	0.1
Cash and cash equivalents, beginning of period	48.7
Cash and cash equivalents, end of period	54.9
Cash paid during the period for:
Interest	2.6	1.1
Income taxes	0.3	2.2
Schedule of non-cash investing and financing activities:
Issuance of common stock in connection with the Company's restricted stock plans	18.2	16.6
Repurchase of Common Stock, Payment of Income Taxes For Stock Based Compensation	$ 0.0	$ 4.0

Basis Of Presentation	3 Months Ended
Basis Of Presentation	Mar. 31, 2017
Basis of Presentation [Abstract]
Basis of Presentation and Significant Accounting Policies [Text Block]	Basis of Presentation The Churchill Downs Incorporated (the "Company", "we", "us", "our") financial statements are presented in conformity with the requirements of this Quarterly Report on Form 10-Q and consequently do not include all of the disclosures normally required by U.S. generally accepted accounting principles ("GAAP") or those normally made in our Annual Report on Form 10-K. The year-end Condensed Consolidated Balance Sheet data was derived from audited financial statements but does not include all disclosures required by GAAP. The following information is unaudited. Tabular dollars are in millions, except as otherwise noted. All per share amounts assume dilution unless otherwise noted. This report should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2016. In the opinion of management, all adjustments necessary for a fair statement of this information have been made, and all such adjustments are of a normal, recurring nature. Our critical accounting policies are revenue recognition, goodwill and indefinite intangible assets, property and equipment and income taxes. Our significant accounting policies are more fully described in Note 2 to the Consolidated Financial Statements included in Item 8. "Financial Statements and Supplementary Data" of our Annual Report on Form 10-K for the year ended December 31, 2016. Seasonality Racing Due to the seasonal nature of our live racing business, revenue and operating results for any interim quarter are generally not indicative of the revenues and operating results for the year and may not be comparable with results for the corresponding period of the previous year. Historically, we 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 Derby and the Kentucky Oaks. We conducted 55 live thoroughbred race days in the first quarter 2017 and 54 live thoroughbred race days in the first quarter of 2016. Casinos Revenue from our casino properties have a seasonal component and are typically higher during the first and second quarters. TwinSpires Due to the seasonal nature of the racing business, revenue and operating results for any interim quarter are generally not indicative of the revenues and operating results for the year and may not be comparable with results for the corresponding period of the previous year. Historically, our revenue is higher in the second quarter with the running of the Kentucky Derby and the Kentucky Oaks. Big Fish Games Revenue from our Big Fish Games, Inc. ("Big Fish Games") segment also have a seasonal component and are typically lower during the summer months.

Accounting Pronouncements (Notes)	3 Months Ended
Accounting Pronouncements (Notes)	Mar. 31, 2017
Accounting Policies [Abstract]
New Accounting Pronouncements, Policy [Policy Text Block]	In January 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) ASU No. 2017-04, Intangibles - Goodwill and Other: Simplifying the Test for Goodwill Impairment. This new guidance simplifies the accounting for goodwill impairments by removing step two from the goodwill impairment test. Instead, if the carrying amount of a reporting unit exceeds its fair value, an impairment loss shall be recognized in an amount equal to that excess. The new guidance is effective in 2020 with early adoption permitted for any goodwill impairment test performed between January 1, 2017 and January 1, 2020. We are assessing the impact of the new accounting guidance and currently cannot estimate the financial statement impact of adoption. In January 2017, the FASB issued ASU No. 2017-01, Business Combinations: Clarifying the Definition of a Business, in an effort to clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The guidance will become effective in 2018. We will assess the impact of the new accounting guidance as necessary for future transactions. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows: Restricted Cash. The new standard requires that the statement of cash flows explain the change during the period of cash, cash equivalents, and amounts generally described as restricted cash. Entities will also be required to reconcile to the balance sheet and disclose the nature of the restrictions. The guidance will become effective in 2018. While we are continuing to assess all potential impacts of the standard, we believe the most significant impact relates to the presentation of our statement of cash flows where we will be required to reconcile to total cash, cash equivalents, and restricted cash. Currently, our statement of cash flows reconciles to total cash and cash equivalents. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments. 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 in 2018. We are assessing the impact of the new accounting guidance and currently cannot estimate the financial statement impact of adoption. 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 in 2020. We are assessing the impact of the new accounting guidance and currently cannot estimate the financial statement impact of adoption. 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 in our first quarter of fiscal 2019 on a modified retrospective basis and earlier adoption is permitted. We are currently evaluating the impact of our pending adoption of ASU 2016-02 on our Condensed Consolidated Financial Statements, and we currently 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 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 in 2018 and will be applied retrospectively to each period presented or as a cumulative-effect adjustment as of the date of adoption. During 2016, the FASB issued ASU No. 2016-08, Revenue from Contracts with Customers: Principal versus Agent Considerations (Reporting Revenue Gross versus Net); ASU No. 2016-10, Revenue from Contracts with Customers: Identifying Performance Obligations and Licensing; and ASU No. 2016-12, Revenue from Contracts with Customers: Narrow-Scope Improvements and Practical Expedients; which clarified the guidance on certain items such as reporting revenue gross versus net and presentation of sales tax, among other things. While we are continuing to assess all potential impacts of the new standard, we believe the most significant impact primarily relates to our accounting for breakage revenue for our outstanding premium game club credits for Big Fish Games. Currently, we record breakage revenue for our outstanding premium game credits when the credits have legally expired. Under the new standard, we will be required to recognize the expected breakage related to our outstanding premium game club credits as revenue in proportion to the pattern of game club credits redeemed by our customers. We anticipate this standard may have a material impact on our Condensed Consolidated Financial Statements.

Receivable from Escrow (Notes)	3 Months Ended
Receivable from Escrow (Notes)	Mar. 31, 2017
Receivable from Escrow [Abstract]
Receivable from Escrow [Text Block]	3. RECEIVABLE FROM ESCROW On November 8, 2016, we established a $14.0 million qualified intermediary trust with a portion of the proceeds from the sale of excess land at Calder Race Course ("Calder") to be used to purchase previously identified real property within six months post closing. As of March 31, 2017, we had a receivable from escrow of $3.5 million from the qualified intermediary trust, which is included in our accompanying Condensed Consolidated Balance Sheets, compared to $13.6 million at December 31, 2016.

Investment in and Advances to Unconsolidated Affiliates (Notes)

3 Months Ended

Mar. 31, 2017

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

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

Miami Valley Gaming

We acquired a 50% joint venture in Miami Valley Gaming ("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 of accounting.

The joint venture's long-term debt consists of a $50.0 million secured note payable quarterly over 6 years through November 2019 at a 5.0% interest rate for which it has funded $27.1 million in principal repayments. We received distributions from MVG totaling $4.0 million for each of the three months ended March 31, 2017 and March 31, 2016.

Summarized below is financial information for our equity investment:



	Three Months Ended March 31,
(in millions)	2017			2016
Casino revenue	$	39.3		$	36.0
Non-casino revenue	2.1			2.0
Net revenue	41.4			38.0
Operating and SG&A expense	28.6			26.8
Depreciation & amortization	3.1			3.2
Operating income	9.7			8.0
Interest and other expense, net	(0.7		)	(0.9		)
Net income	$	9.0		$	7.1



(in millions)	March 31, 2017		December 31, 2016
Assets
Current assets	$	18.6	$	18.7
Property and equipment, net	107.3		109.8
Other assets, net	105.0		105.0
Total assets	$	230.9	$	233.5

Liabilities and Members' Equity
Current liabilities	$	10.6	$	12.5
Current portion of long-term debt	8.3		8.3
Long-term debt, excluding current portion	12.3		14.0
Other liabilities	0.1		0.1
Members' equity	199.6		198.6
Total liabilities and members' equity	$	230.9	$	233.5

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



	Three Months Ended March 31,
(in millions)	2017		2016
Equity in income of unconsolidated investments	$	4.5	$	3.6

Saratoga

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, a 117-room hotel, dining facilities and a 3,000 square-foot multi-functional event space. 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 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 500 slot machines, seven table games, three lounges and two dining facilities.

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"). The Company's portion of the initial equity investment in Ocean Downs was $24.0 million. Ocean Downs, located near Ocean City, Maryland, owns and operates VLTs at the Casino at Oceans 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 accounts for Ocean Downs using the equity method of accounting.

Goodwill And Indefinite-Lived Intangible Assets Impairment Test

3 Months Ended

Mar. 31, 2017

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Indefinte-Lived Intangible Assets Impairment Test

We performed our annual goodwill and indefinite-lived intangible impairment analysis for 2017 in accordance with ASU No. 2011-08, Intangibles-Goodwill and Other: Testing Goodwill for Impairment, and ASU No. 2012-02, Intangibles-Goodwill and Other: Testing Indefinite-Lived Intangible Assets for Impairment, as of March 31, 2017, and no adjustment to the carrying value of goodwill or indefinite-lived intangible assets was required. We assessed goodwill and indefinite-lived intangible assets by performing step one fair value calculations on a quantitative basis for each reporting unit and indefinite-lived intangible asset. We concluded that the fair values of our reporting units and indefinite-lived intangible assets exceeded their carrying value and therefore step two of the assessment was not required.

During the three months ended March 31, 2017, the Company changed its annual goodwill and indefinite-lived impairment testing date from March 31 to April 1 of each year. As a result, the annual impairment tests were performed as of March 31, 2017 and will be performed again as of April 1, 2017. The change was made to better align with our forecasting process and to provide the Company with additional time to complete its annual goodwill and indefinite-lived intangible impairment testing in advance of its quarterly reporting. The Company believes this change in measurement date, which represents a change in method of applying an accounting principle, is preferable under the circumstances. We believe the resulting change in accounting principle related to changing the annual impairment testing date will not delay, accelerate, or avoid an impairment charge.

Goodwill is comprised of the following:



(in millions)	Racing		Casinos		TwinSpires		Big Fish Games		Total
Balances as of December 31, 2016	$	51.7	$	117.6	$	132.1	$	530.8	$	832.2
Adjustments	—		—		—		—		—
Balances as of March 31, 2017	$	51.7	$	117.6	$	132.1	$	530.8	$	832.2

Other intangible assets are comprised of the following:



	March 31, 2017							December 31, 2016
(in millions)	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Definite-lived intangible assets	$	187.4	$	(110.3	)	$	77.1	$	187.4	$	(100.0	)	$	87.4
Indefinite-lived intangible assets						358.3							358.3
Total						$	435.4						$	445.7

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

+ References + Details

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2017
Income Tax Disclosure [Abstract]
Income Taxes	The Company’s income tax rate for the three months ended March 31, 2017 was higher than the U. S federal statutory rate of 35.0% primarily due to state income taxes and certain expenses that are not deductible for the purposes of income taxes. These unfavorable tax consequences are partially mitigated by benefits from tax credits and the manufacturing deduction. The Company’s income tax rate for the three months ended March 31, 2016 was lower than the U. S federal statutory rate of 35.0% primarily due to a $3.1 million tax benefit resulting from tax deductions from vesting restricted stock units in excess of the book deductions that were recognized upon our adoption of ASU 2016-09, Improvements to Employee Share-Based Payment Accounting. This benefit was offset by state income taxes and certain expenses that are not deductible for the purposes of income taxes.

Fair Value Of Assets And Liabilities

3 Months Ended

Mar. 31, 2017

Fair Value Disclosures [Abstract]

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:



	March 31, 2017
(in millions)	Level 1		Level 3
Cash equivalents and restricted cash	$	25.0	$	—
Big Fish Games deferred payments	—		28.0
Big Fish Games earnout liability	—		33.7
Total	$	25.0	$	61.7



	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

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



	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
(in millions)	Big Fish Games Deferred Payments		Big Fish Games Earnout Liability			Total
Balances as of December 31, 2016	$	27.8	$	67.9		$	95.7
Payments	—		(34.2		)	(34.2		)
Change in fair value	0.2		—			0.2
Balances as of March 31, 2017	$	28.0	$	33.7		$	61.7

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 value of the Big Fish Games deferred payment and earnout liability as of March 31, 2017 using a discounted cash flows analysis over the period in which the obligation is expected to be settled, and applied a discount rate of 2.7% based on our cost of debt. The cost of debt was based on the observed market yields of our $600.0 million, 5.375% Senior Unsecured Notes ("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 payments and earnout liability of $0.2 million during the three months ended March 31, 2017 was recorded as acquisition-related charges in the Condensed Consolidated Statements of Comprehensive Income. During 2015, Big Fish Games achieved its earnout milestones and we have made earnout payments of $34.2 million in March 2017 and $281.6 million in March 2016.

We currently have no other assets or liabilities subject to fair value measurement on a recurring basis. Our $600.0 million 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 Level 3 fair value of the Senior Unsecured Notes was $622.5 million at both March 31, 2017 and December 31, 2016.

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 and represent a Level 2 fair value measurement.

We did not measure any assets at fair value on a non-recurring basis for 2017 or 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

Shareholders' Equity (Notes)	3 Months Ended
Shareholders' Equity (Notes)	Mar. 31, 2017
Shareholders' Equity [Abstract]
Stockholders' Equity Note Disclosure [Text Block]	In February 2016, our Board of Directors authorized the repurchase of up to $150.0 million of our common stock in a stock repurchase program. 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 the three months ended March 31, 2017, we repurchased 53,721 shares of our common stock in conjunction with our stock repurchase program at a total cost of $7.8 million. We had approximately $114.6 million of repurchase authority remaining under this program at March 31, 2017. Refer to Note 13, Subsequent Events, for information on a new common stock repurchase program.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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+ Details

Stock-based Compensation Plans (Notes)

3 Months Ended

Mar. 31, 2017

Share-based Compensation [Abstract]

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

9. STOCK-BASED COMPENSATION PLANS

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.

2017 Awards

On February 17, 2017, certain NEOs and Grantees received the following:


•	25,119 restricted stock units ("RSU") to NEOs vesting equally over three service periods ending December 31, 2017, December 31, 2018 and December 31, 2019;


•	28,467 performance share units ("PSU") to NEOs with vesting contingent on financial performance measures at the end of a 34-month performance period ending December 31, 2019; and


•	61,530 restricted stock shares to Grantees vesting equally over three service periods ending February 17, 2018, February 17, 2019 and February 17, 2020.

The performance criteria for the 2017 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 2017, we recognized compensation expense of $1.7 million for awards granted in 2017 and $3.2 million for awards granted prior to 2017. In 2016, we recognized compensation expense of $1.1 million for awards granted in 2016 and $3.0 million for awards granted prior to 2016. At March 31, 2017, compensation expense that had not been amortized attributable to unvested 2017 RSU and PSU awards was $8.0 million and $8.6 million for all other 2017 awards.

- 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

Commitments And Contingencies	3 Months Ended
Commitments And Contingencies	Mar. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments And 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.

Income Per Common Share Computations

3 Months Ended

Mar. 31, 2017

Earnings Per Share [Abstract]

Earnings Per Common Share Computations

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



	Three Months Ended March 31,
(in millions, except per share data)	2017			2016
Numerator for basic income per common share:
Net income	$	7.3		$	2.8
Net income allocated to participating securities	(0.1		)	(0.1		)
Numerator for basic income per common share	$	7.2		$	2.7

Numerator for diluted income per common share	$	7.3		$	2.8

Denominator for basic and diluted net income per common share:
Basic	16.3			16.5
Plus dilutive effect of stock options and restricted stock	0.2			0.2
Plus dilutive effect of participating securities	0.3			0.3
Diluted	16.8			17.0

Income per common share:
Basic	$	0.44		$	0.17
Diluted	$	0.44		$	0.16

Segment Information

3 Months Ended

Mar. 31, 2017

Segment Reporting [Abstract]

Segment Information

We manage our operations through six operating segments:


•	Racing, which includes Churchill Downs Racetrack ("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, 50% equity investment in Ocean Downs and 25% of EBITDA from our equity investment, SCH, which includes investments in Saratoga's New York facility, Saratoga's Colorado facility and Ocean Downs;


•	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. Effective January 1, 2017, certain revenue previously included in our Corporate segment was deemed by management to be more closely aligned with our TwinSpires segment. The prior year amounts were reclassified to conform to this presentation.

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:



	Three Months Ended March 31,
(in millions)	2017		2016
Net revenue from external customers:
Racing:
Churchill Downs	$	2.3	$	2.3
Arlington	8.5		9.0
Fair Grounds	12.5		14.3
Calder	0.6		0.6
Total Racing	23.9		26.2
Casinos:
Oxford Casino	20.9		19.9
Riverwalk Casino	11.5		12.7
Harlow’s Casino	13.5		13.0
Calder Casino	21.4		20.3
Fair Grounds Slots	10.2		10.6
VSI	9.7		9.8
Saratoga	0.3		0.2
Total Casinos	87.5		86.5
TwinSpires	52.0		49.6
Big Fish Games:
Social casino	46.2		47.5
Casual and mid-core free-to-play	45.3		50.4
Premium	20.5		24.2
Total Big Fish Games	112.0		122.1
Other Investments	4.1		4.0
Net revenue from external customers	$	279.5	$	288.4



	Three Months Ended March 31,
(in millions)	2017			2016
Intercompany net revenue:
Racing:
Churchill Downs	$	0.3		$	0.3
Arlington	1.0			1.0
Fair Grounds	0.9			1.0
Total Racing	2.2			2.3
TwinSpires	0.3			0.3
Other Investments	1.4			0.9
Eliminations	(3.9		)	(3.5		)
Intercompany net revenue	$	—		$	—

Adjusted EBITDA by segment is comprised of the following:



	Three Months Ended March 31, 2017
(in millions)	Racing			Casinos			TwinSpires			Big Fish Games			Other Investments			Corporate
Net revenue	$	26.1		$	87.5		$	52.3		$	112.0		$	5.5		$	—

Taxes & purses	(10.2		)	(29.1		)	(3.0		)	—			—			—
Platform & development fees	—			—			—			(41.5		)	—			—
Marketing & advertising	(0.7		)	(3.0		)	(1.0		)	(24.5		)	—			—
Salaries & benefits	(8.6		)	(13.1		)	(2.2		)	(7.0		)	(2.9		)	—
Content expense	(3.2		)	—			(25.4		)	—			—			—
SG&A expense	(3.8		)	(5.2		)	(2.7		)	(4.7		)	(0.8		)	(2.2		)
Research & development	—			—			—			(10.3		)	—			—
Other operating expense	(9.3		)	(11.4		)	(4.8		)	(3.7		)	(1.3		)	(0.2		)
Other income (expense)	—			9.6			—			—			0.1			—

Adjusted EBITDA	$	(9.7	)	$	35.3		$	13.2		$	20.3		$	0.6		$	(2.4	)



	Three Months Ended March 31, 2016
(in millions)	Racing			Casinos			TwinSpires			Big Fish Games			Other Investments			Corporate
Net revenue	$	28.5		$	86.5		$	49.9		$	122.1		$	4.9		$	—

Taxes & purses	(11.2		)	(28.4		)	(2.8		)	—			—			—
Platform & development fees	—			—			—			(44.1		)	—			—
Marketing & advertising	(0.8		)	(3.4		)	(1.0		)	(42.8		)	—			—
Salaries & benefits	(8.4		)	(12.1		)	(2.3		)	(6.1		)	(2.7		)	—
Content expense	(3.3		)	—			(23.9		)	—			—			—
SG&A expense	(3.9		)	(5.1		)	(2.8		)	(4.9		)	(0.7		)	(1.8		)
Research & development	—			—			—			(10.8		)	—			—
Other operating expense	(8.4		)	(9.7		)	(5.0		)	(3.9		)	(0.7		)	(0.3		)
Other income (expense)	0.1			6.5			—			(0.6		)	—			0.1

Adjusted EBITDA	$	(7.4	)	$	34.3		$	12.1		$	8.9		$	0.8		$	(2.0	)



	Three Months Ended March 31,
(in millions)	2017			2016
Reconciliation of Comprehensive Income to Adjusted EBITDA:

Comprehensive income	$	7.2		$	2.8
Foreign currency translation, net of tax	0.1			—
Net income	7.3			2.8
Additions:
Depreciation and amortization	24.5			27.0
Interest expense	11.8			10.6
Income tax provision (benefit)	4.5			(3.8		)
EBITDA	48.1			36.6

Adjustments to EBITDA:
Selling, general and administrative:
Stock-based compensation expense	4.9			4.1
Other charges	0.2			—
Other income, expense:
Interest, depreciation and amortization expense related to equity investments	3.5			2.5
Other charges and recoveries, net	—			0.4
Acquisition expense, net	0.2			2.7
Calder exit costs	0.4			0.4
Total adjustments to EBITDA	9.2			10.1
Adjusted EBITDA	$	57.3		$	46.7

Adjusted EBITDA by segment:
Racing	$	(9.7	)	$	(7.4	)
Casinos	35.3			34.3
TwinSpires	13.2			12.1
Big Fish Games	20.3			8.9
Other Investments	0.6			0.8
Corporate	(2.4		)	(2.0		)
Adjusted EBITDA	$	57.3		$	46.7

The table below presents information about equity in income (losses) of unconsolidated investments included in our reported segments:



	Three Months Ended March 31,
(in millions)	2017		2016
Casinos	$	6.1	$	4.1
Other Investments	—		(0.3		)
	$	6.1	$	3.8

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



(in millions)	March 31, 2017		December 31, 2016
Total assets:
Racing	$	437.1	$	454.6
Casinos	655.4		628.7
TwinSpires	205.5		209.9
Big Fish Games	900.0		893.8
Other Investments	10.1		11.1
Corporate	48.0		56.3
	$	2,256.1	$	2,254.4

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



	Three Months Ended March 31,
(in millions)	2017		2016
Capital expenditures:
Racing	$	23.6	$	9.4
Casinos	8.1		3.3
TwinSpires	3.2		1.9
Big Fish Games	2.0		1.2
Other Investments	0.4		0.2
Corporate	0.2		0.4
	$	37.5	$	16.4

- 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
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+ Details

Subsequent Event (Notes)	3 Months Ended
Subsequent Event (Notes)	Mar. 31, 2017
Subsequent Events [Abstract]
Subsequent Events [Text Block]	At its regular scheduled meeting held April 25, 2017, the Board of Directors of the Company approved a new common stock repurchase program of up to $250.0 million. The new program replaces the prior $150.0 million program that was authorized in February 2016 and had unused authorization of $114.6 million. The new authorized amount includes and is not in addition to any unspent amount remaining under the prior authorization. Repurchases may be made at management’s discretion from time to time on the open market (either with or without a 10b5-1 plan) or through privately negotiated transactions. The repurchase program has no time limit and may be suspended or discontinued at any time.

Basis Of Presentation (Policies)	3 Months Ended
Basis Of Presentation (Policies)	Mar. 31, 2017
Basis of Presentation [Abstract]
Revenue Recognition, Policy [Policy Text Block]	Seasonality Racing Due to the seasonal nature of our live racing business, revenue and operating results for any interim quarter are generally not indicative of the revenues and operating results for the year and may not be comparable with results for the corresponding period of the previous year. Historically, we 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 Derby and the Kentucky Oaks. We conducted 55 live thoroughbred race days in the first quarter 2017 and 54 live thoroughbred race days in the first quarter of 2016. Casinos Revenue from our casino properties have a seasonal component and are typically higher during the first and second quarters. TwinSpires Due to the seasonal nature of the racing business, revenue and operating results for any interim quarter are generally not indicative of the revenues and operating results for the year and may not be comparable with results for the corresponding period of the previous year. Historically, our revenue is higher in the second quarter with the running of the Kentucky Derby and the Kentucky Oaks. Big Fish Games Revenue from our Big Fish Games, Inc. ("Big Fish Games") segment also have a seasonal component and are typically lower during the summer months.

Investment in and Advances to Unconsolidated Affiliates (Tables)

3 Months Ended

Mar. 31, 2017

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

Affiliate Balance Sheet [Table Text Block]



(in millions)	March 31, 2017		December 31, 2016
Assets
Current assets	$	18.6	$	18.7
Property and equipment, net	107.3		109.8
Other assets, net	105.0		105.0
Total assets	$	230.9	$	233.5

Liabilities and Members' Equity
Current liabilities	$	10.6	$	12.5
Current portion of long-term debt	8.3		8.3
Long-term debt, excluding current portion	12.3		14.0
Other liabilities	0.1		0.1
Members' equity	199.6		198.6
Total liabilities and members' equity	$	230.9	$	233.5

Affiliate Income Statement [Table Text Block]



	Three Months Ended March 31,
(in millions)	2017			2016
Casino revenue	$	39.3		$	36.0
Non-casino revenue	2.1			2.0
Net revenue	41.4			38.0
Operating and SG&A expense	28.6			26.8
Depreciation & amortization	3.1			3.2
Operating income	9.7			8.0
Interest and other expense, net	(0.7		)	(0.9		)
Net income	$	9.0		$	7.1

Investments in and Advances to Affiliates [Table Text Block]

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



	Three Months Ended March 31,
(in millions)	2017		2016
Equity in income of unconsolidated investments	$	4.5	$	3.6

Saratoga

Ocean Downs

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

3 Months Ended

Mar. 31, 2017

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill [Table Text Block]



(in millions)	Racing		Casinos		TwinSpires		Big Fish Games		Total
Balances as of December 31, 2016	$	51.7	$	117.6	$	132.1	$	530.8	$	832.2
Adjustments	—		—		—		—		—
Balances as of March 31, 2017	$	51.7	$	117.6	$	132.1	$	530.8	$	832.2

Schedule of Indefinite and Finite Lived Assets



	March 31, 2017							December 31, 2016
(in millions)	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Definite-lived intangible assets	$	187.4	$	(110.3	)	$	77.1	$	187.4	$	(100.0	)	$	87.4
Indefinite-lived intangible assets						358.3							358.3
Total						$	435.4						$	445.7

Fair Value Of Assets And Liabilities (Tables)

3 Months Ended

Mar. 31, 2017

Fair Value Disclosures [Abstract]

Fair Value Measurements, Recurring and Nonrecurring



	March 31, 2017
(in millions)	Level 1		Level 3
Cash equivalents and restricted cash	$	25.0	$	—
Big Fish Games deferred payments	—		28.0
Big Fish Games earnout liability	—		33.7
Total	$	25.0	$	61.7



	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

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



	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
(in millions)	Big Fish Games Deferred Payments		Big Fish Games Earnout Liability			Total
Balances as of December 31, 2016	$	27.8	$	67.9		$	95.7
Payments	—		(34.2		)	(34.2		)
Change in fair value	0.2		—			0.2
Balances as of March 31, 2017	$	28.0	$	33.7		$	61.7

Income Per Common Share Computations (Tables)

3 Months Ended

Mar. 31, 2017

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted



	Three Months Ended March 31,
(in millions, except per share data)	2017			2016
Numerator for basic income per common share:
Net income	$	7.3		$	2.8
Net income allocated to participating securities	(0.1		)	(0.1		)
Numerator for basic income per common share	$	7.2		$	2.7

Numerator for diluted income per common share	$	7.3		$	2.8

Denominator for basic and diluted net income per common share:
Basic	16.3			16.5
Plus dilutive effect of stock options and restricted stock	0.2			0.2
Plus dilutive effect of participating securities	0.3			0.3
Diluted	16.8			17.0

Income per common share:
Basic	$	0.44		$	0.17
Diluted	$	0.44		$	0.16

Segment Information (Tables)

3 Months Ended

Mar. 31, 2017

Segment Reporting [Abstract]

Reconciliation of Revenue from Segments to Consolidated [Table Text Block]



	Three Months Ended March 31,
(in millions)	2017		2016
Net revenue from external customers:
Racing:
Churchill Downs	$	2.3	$	2.3
Arlington	8.5		9.0
Fair Grounds	12.5		14.3
Calder	0.6		0.6
Total Racing	23.9		26.2
Casinos:
Oxford Casino	20.9		19.9
Riverwalk Casino	11.5		12.7
Harlow’s Casino	13.5		13.0
Calder Casino	21.4		20.3
Fair Grounds Slots	10.2		10.6
VSI	9.7		9.8
Saratoga	0.3		0.2
Total Casinos	87.5		86.5
TwinSpires	52.0		49.6
Big Fish Games:
Social casino	46.2		47.5
Casual and mid-core free-to-play	45.3		50.4
Premium	20.5		24.2
Total Big Fish Games	112.0		122.1
Other Investments	4.1		4.0
Net revenue from external customers	$	279.5	$	288.4



	Three Months Ended March 31,
(in millions)	2017			2016
Intercompany net revenue:
Racing:
Churchill Downs	$	0.3		$	0.3
Arlington	1.0			1.0
Fair Grounds	0.9			1.0
Total Racing	2.2			2.3
TwinSpires	0.3			0.3
Other Investments	1.4			0.9
Eliminations	(3.9		)	(3.5		)
Intercompany net revenue	$	—		$	—

Schedule of Segment Reporting Information, by Segment [Table Text Block]

Adjusted EBITDA by segment is comprised of the following:



	Three Months Ended March 31, 2017
(in millions)	Racing			Casinos			TwinSpires			Big Fish Games			Other Investments			Corporate
Net revenue	$	26.1		$	87.5		$	52.3		$	112.0		$	5.5		$	—

Taxes & purses	(10.2		)	(29.1		)	(3.0		)	—			—			—
Platform & development fees	—			—			—			(41.5		)	—			—
Marketing & advertising	(0.7		)	(3.0		)	(1.0		)	(24.5		)	—			—
Salaries & benefits	(8.6		)	(13.1		)	(2.2		)	(7.0		)	(2.9		)	—
Content expense	(3.2		)	—			(25.4		)	—			—			—
SG&A expense	(3.8		)	(5.2		)	(2.7		)	(4.7		)	(0.8		)	(2.2		)
Research & development	—			—			—			(10.3		)	—			—
Other operating expense	(9.3		)	(11.4		)	(4.8		)	(3.7		)	(1.3		)	(0.2		)
Other income (expense)	—			9.6			—			—			0.1			—

Adjusted EBITDA	$	(9.7	)	$	35.3		$	13.2		$	20.3		$	0.6		$	(2.4	)



	Three Months Ended March 31, 2016
(in millions)	Racing			Casinos			TwinSpires			Big Fish Games			Other Investments			Corporate
Net revenue	$	28.5		$	86.5		$	49.9		$	122.1		$	4.9		$	—

Taxes & purses	(11.2		)	(28.4		)	(2.8		)	—			—			—
Platform & development fees	—			—			—			(44.1		)	—			—
Marketing & advertising	(0.8		)	(3.4		)	(1.0		)	(42.8		)	—			—
Salaries & benefits	(8.4		)	(12.1		)	(2.3		)	(6.1		)	(2.7		)	—
Content expense	(3.3		)	—			(23.9		)	—			—			—
SG&A expense	(3.9		)	(5.1		)	(2.8		)	(4.9		)	(0.7		)	(1.8		)
Research & development	—			—			—			(10.8		)	—			—
Other operating expense	(8.4		)	(9.7		)	(5.0		)	(3.9		)	(0.7		)	(0.3		)
Other income (expense)	0.1			6.5			—			(0.6		)	—			0.1

Adjusted EBITDA	$	(7.4	)	$	34.3		$	12.1		$	8.9		$	0.8		$	(2.0	)



	Three Months Ended March 31,
(in millions)	2017			2016
Reconciliation of Comprehensive Income to Adjusted EBITDA:

Comprehensive income	$	7.2		$	2.8
Foreign currency translation, net of tax	0.1			—
Net income	7.3			2.8
Additions:
Depreciation and amortization	24.5			27.0
Interest expense	11.8			10.6
Income tax provision (benefit)	4.5			(3.8		)
EBITDA	48.1			36.6

Adjustments to EBITDA:
Selling, general and administrative:
Stock-based compensation expense	4.9			4.1
Other charges	0.2			—
Other income, expense:
Interest, depreciation and amortization expense related to equity investments	3.5			2.5
Other charges and recoveries, net	—			0.4
Acquisition expense, net	0.2			2.7
Calder exit costs	0.4			0.4
Total adjustments to EBITDA	9.2			10.1
Adjusted EBITDA	$	57.3		$	46.7

Adjusted EBITDA by segment:
Racing	$	(9.7	)	$	(7.4	)
Casinos	35.3			34.3
TwinSpires	13.2			12.1
Big Fish Games	20.3			8.9
Other Investments	0.6			0.8
Corporate	(2.4		)	(2.0		)
Adjusted EBITDA	$	57.3		$	46.7

Reconciliation of Other Significant Reconciling Items from Segments to Consolidated [Table Text Block]



	Three Months Ended March 31,
(in millions)	2017		2016
Casinos	$	6.1	$	4.1
Other Investments	—		(0.3		)
	$	6.1	$	3.8

Reconciliation of Assets from Segment to Consolidated



(in millions)	March 31, 2017		December 31, 2016
Total assets:
Racing	$	437.1	$	454.6
Casinos	655.4		628.7
TwinSpires	205.5		209.9
Big Fish Games	900.0		893.8
Other Investments	10.1		11.1
Corporate	48.0		56.3
	$	2,256.1	$	2,254.4



	Three Months Ended March 31,
(in millions)	2017		2016
Capital expenditures:
Racing	$	23.6	$	9.4
Casinos	8.1		3.3
TwinSpires	3.2		1.9
Big Fish Games	2.0		1.2
Other Investments	0.4		0.2
Corporate	0.2		0.4
	$	37.5	$	16.4

Basis Of Presentation (Details) - d	3 Months Ended
Basis Of Presentation (Details) - d	Mar. 31, 2017	Mar. 31, 2016
Basis of Presentation [Abstract]
Live Racing Days	55	54

Receivable from Escrow (Details) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016	Nov. 08, 2016
Receivable from Escrow [Abstract]
Escrow Deposit	$ 3.5	$ 13.6	$ 14.0

Investment in and Advances to Unconsolidated Affiliates (Details) $ in Millions			3 Months Ended
	Oct. 02, 2015 USD ($) terminal	Dec. 21, 2012 USD ($)	Mar. 31, 2017 USD ($)	Mar. 31, 2016 USD ($)	Jan. 03, 2017 USD ($)	Dec. 31, 2016	Nov. 21, 2016 USD ($) slot_machine dining_facility gaming_table lounges	Aug. 31, 2016	Jul. 06, 2016 ft² rooms	Dec. 31, 2012 USD ($)
Investments in and Advances to Affiliates [Line Items]
Other liabilities										$ 50.0
Distributed earnings from equity investments			$ 4.3	$ 4.0
Saratoga Casino Black Hawk [Member]
Investments in and Advances to Affiliates [Line Items]
Equity Method Investment, Ownership Percentage							25.00%
Equity Method Investments							$ 6.5
Equity Method Investments, Number of Slot Machines \| slot_machine							500
Equity Method Investments, Number of Table Games \| gaming_table							7
Equity Method Investments, Number of Lounges \| lounges							3
Equity Method Investments, Number of Dining Facilities \| dining_facility							2
Old Bay Gaming and Racing LLC [Member]
Investments in and Advances to Affiliates [Line Items]
Equity Method Investment, Ownership Percentage								50.00%
Ocean Downs [Member]
Investments in and Advances to Affiliates [Line Items]
Equity Method Investment, Ownership Percentage					25.00%
Equity Method Investments					$ 24.0
Miami Valley Gaming LLC [Member]
Investments in and Advances to Affiliates [Line Items]
Equity Method Investment, Ownership Percentage						50.00%
Equity Method Investments		$ 60.0
Note Payable, Term		6 years
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate			5.00%
Repayments of Notes Payable			$ 27.1
Distributed earnings from equity investments			$ 4.0	$ 4.0
Saratoga Casino Holdings, LLC [Member]
Investments in and Advances to Affiliates [Line Items]
Equity Method Investment, Ownership Percentage	25.00%
Equity Method Investments	$ 24.5
Number of Lottery Terminals \| terminal	1,700
Ocean Downs LLC and Racing Services LLC [Member]
Investments in and Advances to Affiliates [Line Items]
Equity Method Investment, Ownership Percentage Through Other Investments					12.50%
Equity Method Investment, Effective Ownership Percentage					62.50%
Funded at Closing [Member] \| Miami Valley Gaming LLC [Member]
Investments in and Advances to Affiliates [Line Items]
Equity Method Investments		$ 10.0
Saratoga Casino and Raceway [Member] \| DNC [Member]
Investments in and Advances to Affiliates [Line Items]
Equity Method Investment, Ownership Percentage	50.00%
Saratoga Casino and Raceway [Member] \| Saratoga Casino Holdings, LLC [Member]
Investments in and Advances to Affiliates [Line Items]
Management Fee Agreement, Term	5 years
Saratoga Casino Holdings, LLC [Member]
Investments in and Advances to Affiliates [Line Items]
Number of Units in Real Estate Property \| rooms									117
Area of Event Space \| ft²									3,000

Investment in and Advances to Unconsolidated Affiliates Affiliate Balance Sheet (Details) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016	Dec. 31, 2012
Investments in and Advances to Affiliates [Line Items]
Other liabilities			$ 50.0
Miami Valley Gaming and Racing [Member]
Investments in and Advances to Affiliates [Line Items]
Current assets	$ 18.6	$ 18.7
Equity Method Investment-Property Plant & Equipment	107.3	109.8
Other assets, net	105.0	105.0
Total assets	230.9	233.5
Current liabilities	10.6	12.5
Equity Method Investment-Long-term Debt, Current Maturities	8.3	8.3
Other liabilities	12.3	14.0
Investment Affiliate-Other Liabilities	0.1	0.1
Members' equity	199.6	198.6
Total liabilities and members' equity	$ 230.9	$ 233.5

Investment in and Advances to Unconsolidated Affiliates Equity Method Investment (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Schedule of Equity Method Investments [Line Items]
Income (Loss) from Equity Method Investments	$ 6.1	$ 3.8
Miami Valley Gaming and Racing [Member]
Schedule of Equity Method Investments [Line Items]
Income (Loss) from Equity Method Investments	$ 4.5	$ 3.6

Investment in and Advances to Unconsolidated Affiliates Affiliate Income Statement (Details) - Miami Valley Gaming and Racing [Member] - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Investments in and Advances to Affiliates [Line Items]
Equity Method Investment-Casino Revenue	$ 39.3	$ 36.0
Equity Method Investment-Non-Casino Revenue	2.1	2.0
Net revenue	41.4	38.0
Equity Method Investment-Expenses	28.6	26.8
Equity Method, Depreciation & Amortization	3.1	3.2
Equity Method Investment Operating Income Loss	9.7	8.0
Interest and other expense, net	(0.7)	(0.9)
Net income	$ 9.0	$ 7.1

Goodwill And Indefinite-Lived Intangible Assets Impairment Test Goodwill (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Goodwill [Line Items]
Goodwill	$ 832.2	$ 832.2
Goodwill, Acquired During Period	0.0
Racing Segment [Member]
Goodwill [Line Items]
Goodwill	51.7	51.7
Goodwill, Acquired During Period	0.0
Casino Segment [Member]
Goodwill [Line Items]
Goodwill	117.6	117.6
Goodwill, Acquired During Period	0.0
TwinSpires [Member]
Goodwill [Line Items]
Goodwill	132.1	132.1
Goodwill, Acquired During Period	0.0
Big Fish Games [Member]
Goodwill [Line Items]
Goodwill	530.8	$ 530.8
Goodwill, Acquired During Period	$ 0.0

Goodwill And Indefinite-Lived Intangible Assets Impairment Test Intangible Table (Details) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	$ 187.4	$ 187.4
Finite-Lived Intangible Assets, Accumulated Amortization	(110.3)	(100.0)
Finite-Lived Intangible Assets, Net	77.1	87.4
Indefinite-Lived Intangible Assets (Excluding Goodwill)	358.3	358.3
Other intangible assets, net	$ 435.4	$ 445.7

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Mar. 31, 2017	Mar. 31, 2016
Income Tax Contingency [Line Items]
Effective Income Tax Rate Reconciliation, Share-based Compensation, Excess Tax Benefit, Amount	$ 3.1
Income tax (provision) benefit	$ (4.5)	$ 3.8

Fair Value Of Assets And Liabilities (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016	Dec. 16, 2013
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Inputs, Discount Rate	2.70%
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value	$ 61.7		$ 95.7
Contingent consideration paid	(34.2)	$ (281.6)
Long-term debt (net of current maturities and loan origination fees of $0.5 at both March 31, 2017 and December 31, 2016)	358.0		312.8
Debt Instrument, Interest Rate, Stated Percentage				5.375%
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings	0.2
Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents and restricted cash	25.0		34.1
Deferred Payment-Founder, Fair Value	0.0		0.0
Business Combination, Contingent Consideration, Liability	0.0		0.0
Assets, Fair Value Disclosure	25.0		34.1
Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term Debt, Fair Value	622.5
Fair Value, Inputs, Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value	61.7		95.7
Increase (Decrease) in Deferred Founder Payment Liability	0.0
Deferred Payment-Founder, Change in Fair Value	0.2
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability	0.0
Cash equivalents and restricted cash	0.0		0.0
Deferred Payment-Founder, Fair Value	28.0		27.8
Business Combination, Contingent Consideration, Liability	33.7		67.9
Unsecured Debt [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt (net of current maturities and loan origination fees of $0.5 at both March 31, 2017 and December 31, 2016)	$ 600.0		$ 600.0

Shareholders' Equity (Details) - USD ($) $ in Millions	3 Months Ended
Shareholders' Equity (Details) - USD ($) $ in Millions	Mar. 31, 2017	Feb. 24, 2016
Distribution Made to Limited Partner [Line Items]
Stock Repurchase Program, Authorized Amount		$ 150.0
Stock Repurchase Program, Remaining Authorized Repurchase Amount	$ 114.6
Stock Repurchased During Period, Shares	53,721
Stock Repurchased and Retired During Period, Value	$ 7.8

Stock-based Compensation Plans (Details) $ in Millions		3 Months Ended		12 Months Ended
Stock-based Compensation Plans (Details) $ in Millions	Feb. 17, 2017 service_period shares	Mar. 31, 2017 USD ($)	Mar. 31, 2016 USD ($)	Dec. 31, 2016 USD ($)	Sep. 22, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation		$ 4.9	$ 4.1
February 17, 2017 [Member] \| Performance Share Units [Member] \| Executive Long-Term Incentive Compensation Plan (the “ELTI Plan”) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Payout Curve, Maximum Percentage of Original Award	200.00%
Share-based Compensation Arrangement by Share-based Payment Award, Percentage Increase in Awards If In Top Quartile	25.00%
Share-based Compensation Arrangement by Share-based Payment Award, Percentage Decrease If In Bottom Quartile	25.00%
February 17, 2017 [Member] \| Performance-Based Awards [Member] \| Performance Share Units [Member] \| Executive Long-Term Incentive Compensation Plan (the “ELTI Plan”) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Other Award	3 years
Share-based Compensation Arrangement by Share-based Payment Award, Number of Requisite Service Periods \| service_period	3
September 22, 2015 [Member] \| RSU and PSU awards [Member] \| Executive Long-Term Incentive Compensation Plan (the “ELTI Plan”) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation		3.2		$ 3.0
February 23, 2016 [Member] \| Performance Share Units [Member] \| Executive Long-Term Incentive Compensation Plan (the “ELTI Plan”) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of performance share units as percentage of original award (in percent)					250.00%
February 23, 2016 [Member] \| RSUs, PSUs, and Other Employee Awards [Member] \| Executive Long-Term Incentive Compensation Plan (the “ELTI Plan”) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation		1.7		$ 1.1
February 23, 2016 [Member] \| RSU and PSU awards [Member] \| Executive Long-Term Incentive Compensation Plan (the “ELTI Plan”) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested compensation expense		8.0
February 23, 2016 [Member] \| Other Awards [Member] \| Executive Long-Term Incentive Compensation Plan (the “ELTI Plan”) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested compensation expense		$ 8.6
NEOs [Member] \| February 17, 2017 [Member] \| Restricted Stock Units (RSUs) [Member] \| Executive Long-Term Incentive Compensation Plan (the “ELTI Plan”) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period \| shares	25,119
Share-based Compensation Arrangement by Share-based Payment Award, Performance period under adopted ELTI Plan \| service_period	3
NEOs [Member] \| February 17, 2017 [Member] \| Performance Share Units [Member] \| Executive Long-Term Incentive Compensation Plan (the “ELTI Plan”) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period \| shares	28,467
Share-based Compensation Arrangement by Share-based Payment Award, Other Award	34 months
Grantees [Member] \| February 17, 2017 [Member] \| Restricted Stock Units (RSUs) [Member] \| Executive Long-Term Incentive Compensation Plan (the “ELTI Plan”) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period \| shares	61,530
Share-based Compensation Arrangement by Share-based Payment Award, Performance period under adopted ELTI Plan \| service_period	3

Income Per Common Share Computations (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Earnings Per Share [Abstract]
Net income	$ 7.3	$ 2.8
Participating Securities, Distributed and Undistributed Earnings (Loss), Basic	(0.1)	(0.1)
Income (Loss) from Continuing Operations, Basic	7.2	2.7
Net Income (Loss) Available to Common Stockholders, Diluted	$ 7.3	$ 2.8
Earnings Per Share, Basic and Diluted [Abstract]
Basic	16.3	16.5
Plus dilutive effect of stock options and restricted stock	0.2	0.2
Plus dilutive effect of participating securities	0.3	0.3
Diluted	16.8	17.0
Earnings Per Share, Diluted [Abstract]
Basic	$ 0.44	$ 0.17
Diluted	$ 0.44	$ 0.16

Segment Information - Information About Reported Segments (Details)	3 Months Ended
	Mar. 31, 2017 USD ($) Segments	Mar. 31, 2016 USD ($)
Segment Reporting Information [Line Items]
Racing	$ 23,900,000	$ 26,200,000
Casinos	87,500,000	86,500,000
TwinSpires	52,000,000	49,600,000
Big Fish Games	112,000,000	122,100,000
Other Investments	$ 4,100,000	4,000,000
Number of Operating Segments \| Segments	6
Property, Plant and Equipment, Additions	$ 37,500,000	16,400,000
Intercompany net revenues	0	0
Adjusted EBITDA	57,300,000	46,700,000
Stock-based compensation	4,900,000	4,100,000
Other income, expense:	(200,000)	0
Interest, depreciation and amortization expense related to equity investments	3,500,000	2,500,000
Other charges and recoveries, net	0	400,000
Acquisition expense, net	200,000	2,700,000
Calder exit costs	400,000	400,000
Total adjustments to EBITDA	(9,200,000)	(10,100,000)
Adjusted Earnings Before Interest, Tax, Depreciation, and Amortization	57,300,000	46,700,000
Total adjustments to EBITDA	24,500,000	27,000,000
Adjusted EBITDA	11,800,000	10,600,000
Income (loss) from operations before provision for income taxes	11,800,000	(1,000,000)
Income tax (provision) benefit	4,500,000	(3,800,000)
Earnings Before Interest Taxes Depreciation and Amortization	48,100,000	36,600,000
Net income	7,300,000	2,800,000
Foreign currency translation, net of tax	100,000	0
Comprehensive income	7,200,000	2,800,000
Racing Segment [Member]
Segment Reporting Information [Line Items]
Racing	23,900,000	26,200,000
Property, Plant and Equipment, Additions	23,600,000	9,400,000
Intercompany net revenues	2,200,000	2,300,000
Adjusted EBITDA	(9,700,000)	(7,400,000)
Racing Segment [Member] \| Churchill Downs
Segment Reporting Information [Line Items]
Racing	2,300,000	2,300,000
Intercompany net revenues	300,000	300,000
Racing Segment [Member] \| Arlington Park
Segment Reporting Information [Line Items]
Racing	8,500,000	9,000,000
Intercompany net revenues	1,000,000	1,000,000
Racing Segment [Member] \| Fair Grounds
Segment Reporting Information [Line Items]
Racing	12,500,000	14,300,000
Intercompany net revenues	900,000	1,000,000
Racing Segment [Member] \| Calder
Segment Reporting Information [Line Items]
Racing	600,000	600,000
Casino Segment [Member]
Segment Reporting Information [Line Items]
Casinos	87,500,000	86,500,000
Property, Plant and Equipment, Additions	8,100,000	3,300,000
Adjusted EBITDA	35,300,000	34,300,000
Casino Segment [Member] \| Oxford Casino
Segment Reporting Information [Line Items]
Casinos	20,900,000	19,900,000
Casino Segment [Member] \| Riverwalk Casino
Segment Reporting Information [Line Items]
Casinos	11,500,000	12,700,000
Casino Segment [Member] \| Harlows Casino
Segment Reporting Information [Line Items]
Casinos	13,500,000	13,000,000
Casino Segment [Member] \| Calder Casinos
Segment Reporting Information [Line Items]
Casinos	21,400,000	20,300,000
Casino Segment [Member] \| Fair Grounds Slots
Segment Reporting Information [Line Items]
Casinos	10,200,000	10,600,000
Casino Segment [Member] \| VSI
Segment Reporting Information [Line Items]
Casinos	9,700,000	9,800,000
Casino Segment [Member] \| Saratoga Casino Holdings, LLC [Member]
Segment Reporting Information [Line Items]
Casinos	300,000	200,000
TwinSpires [Member]
Segment Reporting Information [Line Items]
TwinSpires	52,000,000	49,600,000
Property, Plant and Equipment, Additions	3,200,000	1,900,000
Intercompany net revenues	300,000	300,000
Adjusted EBITDA	13,200,000	12,100,000
Big Fish Games [Member]
Segment Reporting Information [Line Items]
Big Fish Games	112,000,000	122,100,000
Property, Plant and Equipment, Additions	2,000,000	1,200,000
Adjusted EBITDA	20,300,000	8,900,000
Other Investments Segment [Member]
Segment Reporting Information [Line Items]
Other Investments	4,100,000	4,000,000
Property, Plant and Equipment, Additions	400,000	200,000
Intercompany net revenues	1,400,000	900,000
Corporate
Segment Reporting Information [Line Items]
Property, Plant and Equipment, Additions	200,000	400,000
Adjusted EBITDA	(2,400,000)	(2,000,000)
Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
Intercompany net revenues	(3,900,000)	(3,500,000)
Social casino \| Big Fish Games [Member]
Segment Reporting Information [Line Items]
Big Fish Games	46,200,000	47,500,000
Casual and mid-core free-to-play \| Big Fish Games [Member]
Segment Reporting Information [Line Items]
Big Fish Games	45,300,000	50,400,000
Premium \| Big Fish Games [Member]
Segment Reporting Information [Line Items]
Big Fish Games	20,500,000	24,200,000
Saratoga Harness Racing Inc Joint Venture [Member]
Segment Reporting Information [Line Items]
Adjusted Corporate EBITDA	(2,400,000.0)	(2,000,000)
Saratoga Harness Racing Inc Joint Venture [Member] \| Racing Segment [Member]
Segment Reporting Information [Line Items]
Adjusted EBITDA	(9,700,000.0)	(7,400,000.0)
Saratoga Harness Racing Inc Joint Venture [Member] \| Casino Segment [Member]
Segment Reporting Information [Line Items]
Adjusted EBITDA	35,300,000.0	34,300,000.0
Saratoga Harness Racing Inc Joint Venture [Member] \| TwinSpires [Member]
Segment Reporting Information [Line Items]
Adjusted EBITDA	13,200,000.0	12,100,000.0
Saratoga Harness Racing Inc Joint Venture [Member] \| Big Fish Games [Member]
Segment Reporting Information [Line Items]
Adjusted EBITDA	20,300,000.0	8,900,000.0
Saratoga Harness Racing Inc Joint Venture [Member] \| Other Investments Segment [Member]
Segment Reporting Information [Line Items]
Adjusted EBITDA	$ 600,000.0	$ 800,000.0

Segment Information Adjusted EBITDA by Segment (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Segment Reporting Information [Line Items]
Net revenue from external customers	$ 279.5	$ 288.4
Research & development	(10.3)	(10.8)
Adjusted EBITDA	57.3	46.7
Racing Segment [Member]
Segment Reporting Information [Line Items]
Net revenue from external customers	26.1	28.5
Taxes & purses	(10.2)	(11.2)
Platform & development fees	0.0	0.0
Marketing & advertising	(0.7)	(0.8)
Salaries & benefits	(8.6)	(8.4)
Content expense	(3.2)	(3.3)
SG&A expense	(3.8)	(3.9)
Research & development	0.0	0.0
Other operating expense	9.3	8.4
Other income (expense)	0.0	0.1
Adjusted EBITDA	(9.7)	(7.4)
Casino Segment [Member]
Segment Reporting Information [Line Items]
Net revenue from external customers	87.5	86.5
Taxes & purses	(29.1)	(28.4)
Platform & development fees	0.0	0.0
Marketing & advertising	(3.0)	(3.4)
Salaries & benefits	(13.1)	(12.1)
Content expense	0.0	0.0
SG&A expense	(5.2)	(5.1)
Research & development	0.0	0.0
Other operating expense	11.4	9.7
Other income (expense)	9.6	6.5
Adjusted EBITDA	35.3	34.3
TwinSpires [Member]
Segment Reporting Information [Line Items]
Net revenue from external customers	52.3	49.9
Taxes & purses	(3.0)	(2.8)
Platform & development fees	0.0	0.0
Marketing & advertising	(1.0)	(1.0)
Salaries & benefits	(2.2)	(2.3)
Content expense	(25.4)	(23.9)
SG&A expense	(2.7)	(2.8)
Research & development	0.0	0.0
Other operating expense	4.8	5.0
Other income (expense)	0.0	0.0
Adjusted EBITDA	13.2	12.1
Big Fish Games [Member]
Segment Reporting Information [Line Items]
Net revenue from external customers	112.0	122.1
Taxes & purses	0.0	0.0
Platform & development fees	(41.5)	(44.1)
Marketing & advertising	(24.5)	(42.8)
Salaries & benefits	(7.0)	(6.1)
Content expense	0.0	0.0
SG&A expense	(4.7)	(4.9)
Research & development	(10.3)	(10.8)
Other operating expense	3.7	3.9
Other income (expense)	0.0	(0.6)
Adjusted EBITDA	20.3	8.9
Other Segments [Member]
Segment Reporting Information [Line Items]
Net revenue from external customers	5.5	4.9
Taxes & purses	0.0	0.0
Platform & development fees	0.0	0.0
Marketing & advertising	0.0	0.0
Salaries & benefits	(2.9)	(2.7)
Content expense	0.0	0.0
SG&A expense	(0.8)	(0.7)
Research & development	0.0	0.0
Other operating expense	1.3	0.7
Other income (expense)	0.1	0.0
Adjusted EBITDA	0.6	0.8
Corporate
Segment Reporting Information [Line Items]
Net revenue from external customers	0.0	0.0
Taxes & purses	0.0	0.0
Platform & development fees	0.0	0.0
Marketing & advertising	0.0	0.0
Salaries & benefits	0.0	0.0
Content expense	0.0	0.0
SG&A expense	(2.2)	(1.8)
Research & development	0.0	0.0
Other operating expense	0.2	0.3
Other income (expense)	0.0	0.1
Adjusted EBITDA	$ (2.4)	$ (2.0)

Segment Information - Equity in Earnings of Unconsolidated Investments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Segment Reporting, Other Significant Reconciling Item [Line Items]
Equity in income of unconsolidated investments	$ 6.1	$ 3.8
Casino Segment [Member]
Segment Reporting, Other Significant Reconciling Item [Line Items]
Equity in income of unconsolidated investments	6.1	4.1
Other Investments Segment [Member]
Segment Reporting, Other Significant Reconciling Item [Line Items]
Equity in income of unconsolidated investments	$ 0.0	$ (0.3)

Segment Information - Total Asset Information For Segments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 2,256.1		$ 2,254.4
Capital expenditures	37.5	$ 16.4
Racing Segment [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	437.1		454.6
Capital expenditures	23.6	9.4
Casino Segment [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	655.4		628.7
Capital expenditures	8.1	3.3
TwinSpires [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	205.5		209.9
Capital expenditures	3.2	1.9
Big Fish Games [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	900.0		893.8
Capital expenditures	2.0	1.2
Other Investments Segment [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	10.1		11.1
Capital expenditures	0.4	0.2
Corporate
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	48.0		$ 56.3
Capital expenditures	$ 0.2	$ 0.4

Subsequent Event (Details) - USD ($) $ in Millions	Apr. 25, 2017	Mar. 31, 2017	Feb. 24, 2016
Subsequent Event [Line Items]
Stock Repurchase Program, Authorized Amount			$ 150.0
Stock Repurchase Program, Remaining Authorized Repurchase Amount		$ 114.6
Subsequent Event [Member]
Subsequent Event [Line Items]
Stock Repurchase Program, Authorized Amount	$ 250.0