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Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2017	Feb. 22, 2018	Jun. 30, 2017
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, 2017
Document Fiscal Year Focus	2017
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Common Stock, Shares Outstanding		13,508,724
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float			$ 2,268,953,571

Consolidated Statements Of Comprehensive Income - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Net revenue:
Racing	$ 257.3	$ 251.1	$ 248.0
Casino	350.5	332.8	332.9
TwinSpires	255.6	221.6	201.1
Other Investments	19.2	16.9	16.6
Total net revenue	882.6	822.4	798.6
Operating expense:
Racing	192.5	187.7	189.9
Casino	247.3	241.3	241.1
TwinSpires	170.2	146.7	135.4
Other Investments	17.8	16.5	16.3
Corporate	2.0	1.8	0.1
Selling, general and administrative expense	83.1	79.4	75.6
Impairment of tangible and other intangible assets	21.7	0.0	0.0
Gain on Calder land sale	0.0	(23.7)	0.0
Calder exit costs	0.8	2.5	13.9
Other, net	1.5	(2.3)	0.0
Total operating expense	736.9	649.9	672.3
Operating income	145.7	172.5	126.3
Other income (expense):
Interest expense	(49.3)	(43.7)	(28.6)
Loss on extinguishment of debt	(20.7)	0.0	0.0
Equity in income of unconsolidated investments	25.5	17.4	11.2
Miscellaneous, net	1.3	1.2	6.5
Total other expense	(43.2)	(25.1)	(10.9)
Income from continuing operations before provision for income taxes	102.5	147.4	115.4
Income tax benefit (provision)	19.9	(50.7)	(44.6)
Income from continuing operations, net of tax	122.4	96.7	70.8
Income (loss) from discontinued operations, net of tax	18.1	11.4	(5.6)
Net income	$ 140.5	$ 108.1	$ 65.2
Net income (loss) per common share data - basic:
Continuing operations (in dollars per share)	$ 7.76	$ 5.83	$ 4.08
Discontinued operations (in dollars per share)	1.15	0.69	(0.33)
Net income per common share - basic (in dollars per share)	8.91	6.52	3.75
Net income (loss) per common share data - diluted:
Continuing operations (in dollars per share)	7.64	5.74	4.03
Discontinued operations (in dollars per share)	1.13	0.68	(0.32)
Net income per common share - diluted (in dollars per share)	$ 8.77	$ 6.42	$ 3.71
Weighted average shares outstanding:
Basic (in shares)	15.7	16.4	17.2
Diluted (in shares)	16.0	16.8	17.6
Other comprehensive loss:
Foreign currency translation, net of tax	$ (0.1)	$ 0.2	$ (0.5)
Change in pension benefits, net of tax	0.0	(0.8)	0.0
Other comprehensive loss	(0.1)	(0.6)	(0.5)
Comprehensive income	$ 140.4	$ 107.5	$ 64.7

Consolidated Balance Sheets - USD ($)	Dec. 31, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 51,700,000	$ 45,300,000
Restricted cash	31,200,000	34,300,000
Accounts receivable, net of allowance for doubtful accounts of $3.6 in 2017 and $3.5 in 2016	49,600,000	56,600,000
Receivable from escrow	0	13,600,000
Income taxes receivable	35,600,000	7,600,000
Other current assets	18,900,000	17,800,000
Current assets of discontinued operations held for sale	69,100,000	70,800,000
Total current assets	256,100,000	246,000,000
Property and equipment, net	608,000,000	560,600,000
Investment in and advances to unconsolidated affiliates	171,300,000	139,100,000
Goodwill	317,600,000	301,500,000
Other intangible assets, net	169,400,000	174,000,000
Other assets	13,600,000	9,900,000
Long-term assets of discontinued operations held for sale	823,400,000	823,300,000
Total assets	2,359,400,000	2,254,400,000
Current liabilities:
Accounts payable	54,100,000	49,500,000
Purses payable	12,500,000	12,500,000
Account wagering deposit liabilities	24,000,000	25,000,000
Accrued expense	75,800,000	73,200,000
Deferred revenue	70,900,000	64,300,000
Current maturities of long-term debt	4,000,000	14,200,000
Dividends payable	23,700,000	21,800,000
Current liabilities of discontinued operations held for sale	188,200,000	207,600,000
Total current liabilities	453,200,000	468,100,000
Long-term debt (net of current maturities and loan origination fees of $5.1 in 2017 and $0.5 in 2016)	632,900,000	312,800,000
Notes payable (including premium of $2.5 in 2016 and net of debt issuance costs of $7.7 in 2017 and $7.8 in 2016)	492,300,000	594,700,000
Deferred revenue	29,300,000	24,400,000
Deferred income taxes	40,600,000	63,200,000
Other liabilities	16,000,000	13,900,000
Non-current liabilities of discontinued operations held for sale	54,800,000	92,300,000
Total liabilities	1,719,100,000	1,569,400,000
Commitments and contingencies
Shareholders' equity:
Preferred stock, no par value; 0.3 shares authorized; no shares issued or outstanding	0	0
Common stock, no par value; 50.0 shares authorized; 15.4 shares issued and outstanding in 2017 and 16.5 in 2016	7,300,000	116,500,000
Retained earnings	634,300,000	569,700,000
Accumulated other comprehensive loss	(1,300,000)	(1,200,000)
Total shareholders' equity	640,300,000	685,000,000
Total liabilities and shareholders' equity	$ 2,359,400,000	$ 2,254,400,000

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 3.6	$ 3.5
Current maturities and loan origination fees	5.1	0.5
Premium on notes payable		2.5
Debt issuance costs on notes payable	$ 7.7	$ 7.8
Preferred stock, shares authorized	300,000.0	300,000.0
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, shares authorized	50,000,000	50,000,000
Common stock, shares issued	15,400,000	16,500,000
Common stock, shares outstanding	15,400,000	16,500,000

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, 2014		17,500,000
Shareholders' equity, beginning 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)
Issuance of restricted stock awards, net of forfeitures (in shares)		200,000
Issuance of restricted stock awards, net of forfeitures	0.0	$ 0.0
Stock-based compensation	13.8	$ 13.8
Cash & stock unit 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)
Issuance of restricted stock awards, net of forfeitures (in shares)		100,000
Issuance of restricted stock awards, net of forfeitures	0.0	$ 0.0
Stock-based compensation	18.9	$ 18.9
Cash & stock unit 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)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	140.5		140.5
Issuance of common stock (in shares)		0
Issuance of common stock	2.1	$ 2.1
Repurchase of common stock (in shares)		(1,200,000)
Repurchase of common stock	(190.9)	$ (138.4)	(52.5)
Issuance of restricted stock awards, net of forfeitures (in shares)		100,000
Issuance of restricted stock awards, net of forfeitures	0.0
Stock-based compensation	27.1	$ 27.1
Cash & stock unit dividends	(23.4)		(23.4)
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, 2017		15,400,000
Shareholders' equity, ending at Dec. 31, 2017	$ 640.3	$ 7.3	$ 634.3	$ (1.3)

Consolidated Statements of Shareholders' Equity (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Statement of Stockholders' Equity [Abstract]
Cash & restricted stock dividends (in dollars per share)	$ 1.52	$ 1.32	$ 1.15
Foreign currency translation adjustment, tax	$ (0.1)	$ (0.1)	$ (0.2)
Change in pension benefits, tax		$ (0.5)

Consolidated Statements Of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Cash flows from operating activities:
Net income	$ 140.5	$ 108.1	$ 65.2
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	97.1	108.6	109.7
Game software development amortization	17.5	17.2	9.7
Acquisition expenses, net	3.9	3.4	34.7
Gain on sale of equity investments	0.0	0.0	(5.8)
Earnings from equity investments, net	(25.5)	(17.4)	(11.2)
Distributed earnings from equity investments	18.0	15.6	15.2
Stock-based compensation	27.1	18.9	13.8
Deferred income taxes	(65.0)	35.4	(3.4)
Impairment of tangible and other intangible assets	21.7	0.0	0.0
Loss on extinguishment of debt	20.7	0.0	0.0
(Gain) loss on sale of assets	0.1	(23.6)	0.3
Big Fish Games earnout payment	(2.4)	(19.7)	0.0
Big Fish Games deferred payment	0.0	(2.0)	0.0
Other	1.7	2.0	4.6
Increase (decrease) in cash resulting from changes in operating assets and liabilities, net of business acquisitions:
Other current assets and liabilities	(10.4)	(10.2)	(15.3)
Game software development	(22.1)	(22.1)	(19.8)
Income taxes	(27.4)	(6.6)	28.5
Deferred revenue	17.2	17.9	38.3
Other assets and liabilities	5.5	1.3	0.0
Net cash provided by operating activities	218.2	226.8	264.5
Cash flows from investing activities:
Capital maintenance expenditures	(33.3)	(30.9)	(31.1)
Capital project expenditures	(83.6)	(23.8)	(12.4)
Receivable from escrow	13.6	(13.6)	0.0
Acquisition of businesses, net of cash acquired	(24.2)	0.0	(0.9)
Investment in joint ventures	(24.0)	(8.0)	(25.0)
Proceeds from sale of assets	0.0	25.6	0.2
Other	(2.1)	0.0	3.7
Net cash used in investing activities	(153.6)	(50.7)	(65.5)
Cash flows from financing activities:
Proceeds from borrowings under long-term debt obligations	2,050.4	727.1	1,004.2
Repayments of borrowings under long-term debt obligations	(1,835.8)	(588.4)	(985.8)
Call premium on 2021 Senior Notes	(16.1)	0.0	0.0
Debt issuance costs	(14.4)	(1.4)	(4.6)
Repurchase of common stock	(190.9)	(39.0)	(147.6)
Payment of dividends	(21.5)	(19.1)	(17.4)
Common stock issued	2.1	2.2	1.2
Big Fish Games earnout payment	(31.8)	(261.9)	0.0
Big Fish Games deferred payment	0.0	(26.4)	(28.5)
Tax refund payments to Big Fish Games equity holders	0.0	(0.4)	(17.7)
Other	(1.5)	5.4	5.6
Net cash used in financing activities	(59.5)	(201.9)	(190.6)
Net increase (decrease) in cash and cash equivalents	5.1	(25.8)	8.4
Effect of exchange rate changes on cash	0.5	0.0	(1.8)
Cash and cash equivalents, beginning of year	48.7	74.5	67.9
Cash and cash equivalents, end of year	54.3	48.7	74.5
Supplemental disclosures of cash flow information:
Interest	47.7	40.0	25.2
Income taxes	75.9	32.4	41.5
Schedule of non-cash investing and financing activities:
Dividends payable	23.7	21.8	19.1
Property and equipment additions included in accounts payable and accrued expense	9.6	4.2	1.5
Repurchase of common stock in payment of income taxes on stock-based compensation included in accrued expense	$ 1.3	$ 6.4	$ 3.6

Description of Business	12 Months Ended
Description of Business	Dec. 31, 2017
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 10,000 gaming positions in eight states, and we are the largest, legal online account wagering platform for horseracing in the U.S. We were organized as a Kentucky corporation in 1928, and our principal executive offices are located in Louisville, Kentucky. On November 29, 2017, the Company entered into a definitive Stock Purchase Agreement (the “Stock Purchase Agreement”) to sell its mobile gaming subsidiary, Big Fish Games, Inc., a Washington corporation (“Big Fish Games”), to Aristocrat Technologies, Inc., a Nevada corporation (the “Purchaser”), an indirect, wholly owned subsidiary of Aristocrat Leisure Limited, an Australian corporation (the “Big Fish Transaction”). On January 9, 2018, pursuant to the Stock Purchase Agreement, the Company completed the Big Fish Transaction. The Purchaser paid an aggregate consideration of $990.0 million in cash in connection with the Big Fish Transaction, subject to customary adjustments for working capital and indebtedness and certain other adjustments as set forth in the Stock Purchase Agreement. The Big Fish Games segment and related Big Fish Transaction meet the criteria for held for sale and discontinued operation presentation. Accordingly, the Consolidated Statements of Comprehensive Income, Consolidated Balance Sheets, and the notes to financial statements reflect the Big Fish Games segment as discontinued operations for all periods presented. Unless otherwise specified, disclosures in these consolidated financial statements reflect continuing operations only. The Consolidated Statements of Cash Flows includes both continuing and discontinued operations. Refer to Note 3, Discontinued Operations, for further information on the discontinued operations relating to the Big Fish Transaction. 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, all of which are included in continuing operations with the exception of Big Fish Games, 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 operations including admissions, sponsorships and licensing rights, food and beverage services and alternative uses of our pari-mutuel facilities. Casino: 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"), our 25% equity investment in Saratoga Casino Holdings LLC ("SCH"), and an effective 62.5% equity investment in Ocean Downs. 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. Other Investments: pari-mutuel wagering systems for racetracks and other investments. Corporate: other revenue and general and administrative expense not allocated to our other operating segments. Big Fish Games: social casino, casual and mid-core free to play, and premium paid games for PC, Mac, and mobile devices. Refer to Note 3, Discontinued Operations, for further information relating to the Big Fish Transaction.

Significant Accounting Policies

12 Months Ended

Dec. 31, 2017

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 ("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, and property and equipment.

Reclassifications

We have reclassified certain items in the accompanying Consolidated Financial Statements for prior years to be comparable with 2017 classifications. 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.

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 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 2017 approximated 18.3% of handle for the TwinSpires segment and 11.1% 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 when the related event occurs.

Casino

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.

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.

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;


•	whether 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

During 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 April 1, 2017. The change was made to better align with our forecasting process and to provide the Company with additional time to complete our annual goodwill and indefinite-lived intangible impairment testing in advance of our 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. The resulting change in accounting principle related to changing the annual impairment testing date did not delay, accelerate, or avoid an impairment charge.

We perform an annual review for impairment of goodwill and indefinite-lived intangible assets 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, referred to as a component. We are required to aggregate the components of an operating segment into one reporting unit if they have similar economic characteristics.

Goodwill and intangible assets can or may be required to be tested using a two-step impairment test. An entity may 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 and 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.

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. These indefinite lived 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.

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 to be held and 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 Consolidated Balance Sheets, 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 that are readily convertible to cash to be cash equivalents. We have, from time to time, cash in the bank in excess of federally insured limits. Under our cash management system, checks issued but not yet presented to banks that would result in negative bank balances when presented 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.

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 experience and other factors that affect our expectation of future 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 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 of approximately $7.2 million in 2017, $6.7 million in 2016, and $8.9 million in 2015. We incurred amortization expense of approximately $6.3 million in 2017, $6.0 million in 2016, and $6.2 million in 2015 for projects which had been placed in service. Capitalized internal use software is classified as equipment and included in property and equipment, net in the accompanying Consolidated Balance Sheets.

Research and development expenditures are expensed as incurred. We recognized research and development expense of $39.6 million in 2017, $39.0 million in 2016, and $39.4 million in 2015 specific to Big Fish Games, which is included in discontinued operations in the accompanying Consolidated Statements of Comprehensive Income.

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

Debt issuance costs and loan origination fees associated with our term debt, revolver, and notes payable are amortized as interest expense over the term of each respective financial instrument. Debt issuance costs and loan origination fees associated with our term debt and notes payable are presented as a direct deduction from the carrying amount of the related liability. Debt issuance costs and loan origination fees associated with our revolver are presented as an asset.

Casino and Pari-mutuel Taxes

We recognize casino and pari-mutuel tax expense based on the statutory requirements of the state and local jurisdictions in which we conduct business. 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 or contractually determined amount 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.

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 reported in continuing operations of approximately $24.8 million in 2017, $23.1 million in 2016, and $23.0 million in 2015. We incurred advertising and marketing expense reported in discontinued operations of approximately $116.6 million in 2017, $127.9 million in 2016, and $107.7 million in 2015.

Stock-Based Compensation

All stock-based payments to employees and directors, 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. For awards that have a graded vesting schedule, we recognize expense on a straight-line basis for each separately vesting portion of the award. We recognize forfeitures of awards as incurred.

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"). 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.

Common Stock Share Repurchases

From time-to-time, we repurchase shares of our common stock under share repurchase programs authorized by our Board of Directors. Share repurchases constitute authorized but unissued shares under the Kentucky laws under which we are incorporated. Additionally, our common stock has no par or stated value. Accordingly, we record the full value of share repurchases, upon the trade date, against common stock on our Consolidated Balance Sheets except when to do so would result in a negative balance in such common stock account. In such instances, on a reporting period basis, we record the cost of any further share repurchases as a reduction to retained earnings. Due to the large number of share repurchases of our common stock over the past several years our common stock balance frequently will be zero at the end of any given reporting period. Refer to Note 12, Shareholders' Equity, for additional information on our share repurchases.

Recent Accounting Pronouncements - effective in 2018

In May 2014, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") No. 2014-09, Revenue from Contracts with Customers (Topic 606), 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. We will adopt the new revenue standard in 2018 using the modified retrospective method. The application of the new standard will result in cumulative effect adjustments being recognized through opening retained earnings on January 1, 2018.

While we are continuing to assess all potential impacts of the new revenue standard, we have identified the following areas of impact:

(i)

The first area relates to accounting for breakage revenue for the outstanding premium game club credits for Big Fish Games; however, due to the Big Fish Transaction, this will not have an impact on our revenues prospectively. Currently, Big Fish Games records breakage revenue for outstanding premium game credits when the credits have legally expired. Under the new standard, Big Fish Games will be required to recognize the expected breakage related to outstanding premium game club credits as revenue in proportion to the pattern of game club credits redeemed by customers.

(ii)

The second area relates to accounting for loyalty points under our various rewards programs which are earned by customers at our casinos. Our accumulated loyalty points are redeemable for free complimentaries, including free game play, food and beverage. The estimated liability for unredeemed points is currently accrued based on expected redemption rates and the estimated costs of the services or merchandise to be provided. Under the new standard, we will defer the standalone selling price of the complimentaries until the future revenue transaction occurs. Although the exact amount of the increase to our point liabilities has not yet been determined, we do not anticipate it will result in a significant cumulative effect adjustment nor a significant impact on our revenues prospectively.

(iii)

The third area relates to our presentation of accounts receivable and deferred revenue related to advanced billings in our Racing segment. Under the current standard, we recognize an accounts receivable asset and related deferred revenue liability at the time of billing. The new standard requires recognition of an accounts receivable asset and related deferred revenue liability when we have a right to consideration under the contract. This change will not result in a cumulative adjustment upon adoption or timing of revenue recognition.

Another aspect of Topic 606 the Company is currently evaluating is whether we are acting as the principal or as the agent in determining if revenue should be reported gross or net in our Racing and TwinSpires segments based on the terms of our contracts and governing laws. Currently, we report commissions and simulcast fees and certain pari-mutuel taxes paid on a gross basis. Any changes related to principal versus agent determination would only impact the presentation of net revenue and expense and there would be no cumulative effect adjustment nor any impact on net income or cash flows prospectively.

Under the new revenue standard, entities also are required to disaggregate revenue into categories that depict how economic factors affect the nature, amount, timing and uncertainty of revenue and cash flows. See Note 20, Segment Information, for the disaggregation of our revenue under the current accounting standards in effect for each of the three years in the period ended December 31, 2017. Upon adoption of the new revenue standard, we expect to disaggregate our revenues consistently with the disaggregation reflected in Note 20, Segment Information. We are currently evaluating the new revenue standard's disclosure requirements, beyond the requirement to disaggregate revenue. We are also assessing the impact of the new revenue standard on our internal controls over financial reporting.

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 the cash, cash equivalents, and restricted cash in the statement of cash flows to the balance sheet and disclose the nature of the restrictions on restricted cash. The guidance will become effective in 2018 and is to be applied at the beginning of the earliest comparative period of financial statements using the retrospective method. Currently, our statement of cash flows reconciles total cash and cash equivalents to the balance sheet. While we are continuing to assess all potential impacts of the standard, we will be required to reconcile total cash, cash equivalents, and restricted cash from our statement of cash flows to the balance sheet.

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 and is to be applied at the beginning of the earliest comparative period of financial statements using the retrospective method. We do not expect a material impact to our statement of cash flows as a result of this new standard.

In May 2017, the FASB issued ASU No. 2017-09, Compensation - Stock Compensation: Scope of Modification Accounting, which provides clarity about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting for stock compensation expense. The guidance will become effective in 2018 and is to be applied prospectively. We will assess the impact of the new accounting guidance as necessary for future transactions.

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 and is to be applied prospectively. We will assess the impact of the new accounting guidance as necessary for future transactions.

Recent Accounting Pronouncements - effective in 2019 or thereafter

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. As currently issued, ASU 2016-02 will be effective in 2019 with earlier adoption permitted, and is to be applied at the beginning of the earliest comparative period in the financial statements using a modified retrospective approach. We are currently evaluating the impact of our pending adoption of this new standard, 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 August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities, which makes more financial and nonfinancial hedging strategies eligible for hedge accounting. The new guidance is intended to more closely align hedge accounting with entities' risk management strategies, simplify the application of hedge accounting, and increase transparency as to the scope and results of hedging programs. The new standard is effective in 2019 with early adoption permitted in any interim or annual period prior to 2019. We are currently evaluating the timing of our adoption and impact of the new accounting guidance on our financial statements and related disclosures.

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, and is to be applied through a modified retrospective approach during the year of adoption. 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. 2017-04, 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, and is to be applied prospectively. We are currently evaluating the timing of our adoption and impact of the new accounting guidance on our financial statements and related disclosures.

Discontinued Operations

12 Months Ended

Dec. 31, 2017

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

DISCONTINUED OPERATIONS

On January 9, 2018, pursuant to the Stock Purchase Agreement entered into on November 29, 2017, the Company completed the Big Fish Transaction. The Purchaser paid an aggregate consideration of $990.0 million in cash in connection with the Big Fish Transaction, subject to customary adjustments for working capital and indebtedness and certain other adjustments as set forth in the Stock Purchase Agreement.

The following table presents the financial results of Big Fish Games included in “Income (loss) from discontinued operations, net of tax”:



	Years Ended December 31,
(in millions)	2017			2016			2015
Net revenue	$	466.0		$	486.2		$	413.7
Operating expenses	369.0			398.9			340.1
Selling, general and administrative expense	27.8			20.9			15.2
Research and development	39.6			39.0			39.4
Transaction expense, net	4.7			5.8			21.7
Total operating expense	441.1			464.6			416.4
Operating income (loss)	24.9			21.6			(2.7		)
Other expense	(1.7		)	(0.9		)	(0.6		)
Income (loss) from discontinued operations before provision for income taxes	23.2			20.7			(3.3		)
Income tax provision	(5.1		)	(9.3		)	(2.3		)
Income (loss) from discontinued operations, net of tax	$	18.1		$	11.4		$	(5.6	)

The following table presents the major classes of assets and liabilities presented as held for sale related to the Big Fish Transaction as of December 31, 2017 and 2016:



	December 31,
(in millions)	2017		2016
ASSETS
Current assets:
Cash and cash equivalents	$	2.6	$	3.4
Accounts receivable	42.9		24.7
Game software development, net	6.9		9.6
Other current assets	16.7		33.1
Current assets of discontinued operations held for sale	69.1		70.8
Property and equipment, net	16.4		13.8
Game software development, net	13.5		6.3
Goodwill	530.7		530.7
Other intangible assets, net	238.8		271.7
Other assets	24.0		0.8
Long-term assets of discontinued operations held for sale	823.4		823.3
Total assets	$	892.5	$	894.1
LIABILITIES
Current liabilities:
Accounts payable	$	5.5	$	3.7
Accrued expense	35.0		26.9
Deferred revenue	85.1		81.3
Big Fish Games deferred payment	28.4		27.8
Big Fish Games earnout liability	34.2		67.9
Current liabilities of discontinued operations held for sale	188.2		207.6
Deferred income taxes	47.6		90.0
Other liabilities	7.2		2.3
Non-current liabilities of discontinued operations held for sale	54.8		92.3
Total liabilities	$	243.0	$	299.9

Stock-Based Compensation

As part of the Big Fish Transaction, the vesting dates for all outstanding unvested restricted stock awards, restricted stock unit awards, and performance share units awards (collectively the "Stock Awards") for certain Big Fish Games' employees were accelerated to vest on the closing date. Most of these Stock Awards would not have vested prior to the closing date of the Big Fish Transaction. Therefore, the related stock-based compensation expense previously recognized through the modification date was reduced to zero and a new fair value of the Stock Award was established on the date of the announcement of the Big Fish Transaction. The expense will be amortized during the period from the date of the announcement to the closing of the Big Fish Transaction. The incremental stock-based compensation expense recognized during 2017 due to the acceleration of vesting was $3.4 million, which is included in income (loss) from discontinued operations, net of tax in the accompanying Consolidated Statements of Comprehensive Income.

Total stock-based compensation expense related to Big Fish Games, which includes the accelerated vesting of the Stock Awards and stock options associated with the Company's employee stock purchase plan, was $11.1 million in 2017, $5.6 million in 2016, and $1.3 million in 2015. The Company expects to recognize $3.5 million of remaining stock-based compensation expense related to Big Fish Games in the first quarter of 2018.

Fair Value of 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 liabilities measured at fair value on a recurring basis related to our discontinued operations and liabilities held for sale:



	Level 3
(in millions)	December 31, 2017		December 31, 2016
Big Fish Games deferred payments	$	28.4	$	27.8
Big Fish Games earnout liability	34.2		67.9
Total	$	62.6	$	95.7

The following table presents the change in fair value of our instruments classified within Level 3 related to our discontinued operations and liabilities held for sale:



	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
(in millions)	Big Fish Games Deferred Payments		Big Fish Games Earnout Liability			Total
Balance as of December 31, 2016	$	27.8	$	67.9		$	95.7
Payments	—		(34.2		)	(34.2		)
Change in fair value	0.6		0.5			1.1
Balance as of December 31, 2017	$	28.4	$	34.2		$	62.6

On March 27, 2017, the Company amended the Agreement and Plan of Merger associated with the Company's acquisition of Big Fish Games dated as of December 16, 2014, to extend the deferral of the earnout consideration payable and the Big Fish Games' founder deferred payment on December 15, 2017 to January 3, 2018. The estimated fair value of the Big Fish Games deferred payment and earnout liability as of December 31, 2017 was equal to the cash paid on January 3, 2018. The increase in fair values of the Big Fish Games deferred payment and earnout liability of $1.1 million in 2017, $5.7 million in 2016 and $21.7 million in 2015 is included in discontinued operations in the accompanying Consolidated Statements of Comprehensive Income.

Acquisition	12 Months Ended
Acquisition	Dec. 31, 2017
Business Combinations [Abstract]
Acquisition	ACQUISITION On April 24, 2017, we completed the acquisition of certain assets of BAM Software and Services, LLC ("BetAmerica"), which has not had a material impact on our results of operations, financial condition or cash flows. The Company has not included other disclosures regarding BetAmerica because the acquired business is immaterial to our business.

Accounts Receivable

12 Months Ended

Dec. 31, 2017

Receivables [Abstract]

Accounts Receivable

ACCOUNTS RECEIVABLE

Accounts receivable is comprised of the following:



	As of December 31,
(in millions)	2017			2016
Trade receivables	$	5.5		$	7.0
Derby-related receivables	22.3			27.1
Simulcast and mobile and online wagering receivables	20.5			21.0
Other receivables	4.9			5.0
	53.2			60.1
Allowance for doubtful accounts	(3.6		)	(3.5		)
Total	$	49.6		$	56.6

We recognized bad debt expense of $1.2 million in 2017, $1.1 million in 2016 and $0.9 million in 2015.

- 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, 2017

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)	2017			2016
Grandstands and buildings	$	439.8		$	410.5
Equipment	286.7			258.3
Tracks and other improvements	177.9			157.3
Land	131.7			117.5
Furniture and fixtures	60.3			54.4
Construction in progress	23.5			26.7
Artwork	2.2			2.1
	1,122.1			1,026.8
Accumulated depreciation	(514.1		)	(466.2		)
Total	$	608.0		$	560.6

Depreciation expense was $49.1 million in 2017, $49.1 million in 2016 and $47.6 million in 2015 and is classified in operating expense in the accompanying Consolidated Statements of Comprehensive Income.

During the fourth quarter of 2017, the Company recorded a $13.7 million non-cash impairment charge related to certain i-Gaming assets included in our TwinSpires segment. The impairment was due to a change in the Company's planned usage of these assets.

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 Statements 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 for the purchase of previously identified real property. We utilized the entire escrow amount during 2017, resulting in a zero balance at December 31, 2017, compared to our $13.6 million receivable from the qualified intermediary trust at December 31, 2016 included in our accompanying Consolidated Balance Sheets.

Calder Exit Costs	12 Months Ended
Calder Exit Costs	Dec. 31, 2017
Restructuring and Related Activities [Abstract]
Calder Exit Costs	CALDER EXIT COSTS The Company has 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. Based on our assessment of potential alternative uses of the Calder property, 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 $0.8 million in 2017, $2.5 million in 2016, and $13.9 million in 2015 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 6, 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, 2017

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)	2017		2016
Assets
Current assets	$	64.5	$	38.8
Property and equipment, net	234.6		198.0
Other assets, net	236.5		165.0
Total assets	$	535.6	$	401.8

Liabilities and Members' Equity
Current liabilities	$	100.3	$	77.5
Long-term debt	110.1		69.2
Other liabilities	0.1		0.1
Members' equity	325.1		255.0
Total liabilities and members' equity	$	535.6	$	401.8



	Years Ended December 31,
(in millions)	2017			2016			2015
Net revenue	$	303.3		$	216.1		$	195.2
Operating and SG&A expense	204.9			142.8			137.2
Depreciation and amortization	25.9			18.5			15.2
Operating income	72.5			54.8			42.8
Interest and other expense, net	(8.5		)	(6.9		)	(6.2		)
Net income	$	64.0		$	47.9		$	36.6

Miami Valley Gaming Joint Venture

We own a 50% interest in MVG, which has a harness racetrack and video lottery terminal ("VLT") gaming facility in Lebanon, Ohio. Delaware North Companies Gaming & Entertainment Inc. ("DNC") owns the remaining 50% interest in this entity.

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 $33.3 million in principal repayments. We received distributions from MVG of $17.0 million in 2017, $15.0 million in 2016 and $15.0 million in 2015.

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



	Years Ended December 31,
(in millions)	2017		2016		2015
Equity in income of unconsolidated investments	$	16.7	$	14.2	$	10.6

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.

Ocean Downs

In August 2016, we signed a limited liability company operating agreement with Saratoga Casino Holdings LLC ("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 and table games 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 in Ocean Downs, 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

12 Months Ended

Dec. 31, 2017

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

GOODWILL

Goodwill is comprised of the following:



(in millions)	Racing		Casino		TwinSpires		Total
Balances as of December 31, 2016	$	51.7	$	117.7	$	132.1	$	301.5
Additions	—		—		16.1		16.1
Balances as of December 31, 2017	$	51.7	$	117.7	$	148.2	$	317.6

In 2017, we established goodwill of $16.1 million related to the BetAmerica acquisition. There were no changes to goodwill from December 31, 2015 to December 31, 2016.

We performed our annual goodwill and indefinite-lived intangible impairment analysis as of March 31, 2017 and again as of April 1, 2017, and no adjustment to the carrying value of goodwill or indefinite-lived intangible assets was required. We assessed goodwill by performing step one fair value calculations on a quantitative basis for each reporting unit. We concluded that the fair values of our reporting units exceeded their carrying value and therefore step two of the assessment was not required.

Other Intangible Assets

12 Months Ended

Dec. 31, 2017

Intangible Assets, Net (Excluding Goodwill) [Abstract]

Other Intangible Assets

OTHER INTANGIBLE ASSETS

Other intangible assets are comprised of the following:



	December 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:
Customer relationships	$	16.7	$	(10.6	)	$	6.1	$	27.1	$	(22.4	)	$	4.7
Favorable contracts	11.0		(6.8		)	4.2		11.0		(6.2		)	4.8
Other	7.1		(1.5		)	5.6		3.7		(1.0		)	2.7
Table games license	2.7		(0.6		)	2.1		2.7		(0.4		)	2.3
Slots gaming license	2.3		(1.1		)	1.2		2.3		(1.1		)	1.2
	$	39.8	$	(20.6	)	$	19.2	$	46.8	$	(31.1	)	$	15.7
Indefinite-lived intangible assets:
Trademarks						21.2							25.7
Slots gaming rights						128.9							128.9
Illinois Horseracing Equity Trust						—							3.3
Other						0.1							0.4
Total						$	169.4						$	174.0

In 2017, we established definite-lived intangible assets of $4.7 million for customer relationships and $3.4 million for other intangibles related to the BetAmerica acquisition.

Amortization expense for definite-lived intangible assets was approximately $6.8 million in 2017, $9.4 million in 2016 and $10.5 million in 2015 and is classified in operating expense. We submitted payments of $2.3 million for 2017 and 2016 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 trademarks and state gaming licenses in Maine, Mississippi and Louisiana.

We performed our annual indefinite-lived intangible asset impairment analysis for 2017 which included an assessment of qualitative and 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.

During the fourth quarter of 2017, the Company recorded a $4.7 million non-cash impairment charge related to our Bluff acquisition ($4.5 million for a trademark and $0.2 million related to customer relationships), which is included in our TwinSpires segment, and a $3.3 million non-cash impairment charge related to our Illinois Horseracing Equity Trust, which is included in our Racing segment. These impairments were due to changes in the business climate in the fourth quarter of 2017 that resulted in projected future cash flows being less than carrying value.

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
2018	$	4.8
2019	2.1
2020	1.9
2021	1.8
2022	1.8

Future estimated amortization expense does not include additional payments of $2.3 million in 2018 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

12 Months Ended

Dec. 31, 2017

Income Tax Disclosure [Abstract]

Income Taxes

INCOME TAXES

Components of the provision for income taxes are as follows:



	Years Ended December 31,
(in millions)	2017			2016		2015
Current provision:
Federal	$	29.5		$	33.6	$	33.3
State and local	3.0			3.3		3.2
	32.5			36.9		36.5
Deferred (benefit) provision:
Federal	(53.0		)	12.7		6.0
State and local	0.8			1.1		2.1
Foreign	(0.2		)	—		—
	(52.4		)	13.8		8.1
	$	(19.9	)	$	50.7	$	44.6

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



	Years Ended December 31,
(in millions)	2017		2016		2015
Domestic	$	102.2	$	146.4	$	114.1
Foreign	0.3		1.0		1.3
	$	102.5	$	147.4	$	115.4

Our income tax (benefit) 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)	2017			2016			2015
Federal statutory tax on earnings before income taxes	$	35.9		$	51.6		$	40.4
State income taxes, net of federal income tax benefit	2.5			4.0			2.0
Non-deductible officer's compensation	4.7			2.3			2.0
Change in enacted tax rates	(57.7		)	0.1			0.7
Windfall deduction from equity compensation	(5.2		)	(4.9		)	—
Other	(0.1		)	(2.4		)	(0.5		)
	$	(19.9	)	$	50.7		$	44.6

On December 22, 2017, the Tax Cuts and Jobs Act (the "Tax Act") was signed into law. The Tax Act significantly revises the U.S. corporate income tax by, among other things, lowering the statutory corporate tax rate from 35% to 21%, eliminating certain deductions, imposing a one-time tax on accumulated earnings of foreign subsidiaries as of 2017, introducing new tax regimes, and changing how foreign earnings are subject to U.S. tax. The Tax Act also enhanced and extended through 2026 the option to claim accelerated depreciation deductions on qualified property. As a result of the Tax Act, the Company’s deferred tax assets and liabilities have been re-measured at December 22, 2017, using the maximum U.S. federal tax rate of 21%. The impact of this balance sheet re-measurement was $56.9 million of future tax benefits recognized by the Company in the fourth quarter of 2017. In addition to the future tax benefit recognized by the Company due to the reduced federal tax rate, the Company recognized $0.8 million of tax benefits in relation to the mandatory deemed repatriation of its foreign earnings and profits pursuant to the Tax Act in combination with the reversal of deferred tax liabilities that had been maintained on foreign earnings.

In accordance with Staff Accounting Bulletin No. 118 (“SAB 118”), the Company has made estimates for certain provisions of the Tax Act which are considered to be incomplete. The accounting for these estimates will be finalized during a one-year measurement period following the enactment of the Tax Act. The following is a list of sections of the Tax Act for which we have made an estimate:

•

We have estimated the impact of non-deductible officer’s compensation and recognized provisional tax expense of $4.7 million. This estimate considers certain performance compensation plans to be tax-deductible due to their establishment before enactment of the Tax Act. We are continuing our consideration of the new rules and any additional information that needs to be acquired for this section of the Tax Act.


•	We have made a reasonable estimate of tax depreciation, providing a $19.7 million provisional tax benefit which includes the accelerated cost recovery allowance granted by the Tax Act effective September 27, 2017. However, our inventory of capital expenditures requires further analysis to finalize the deductibility allowed by the Tax Act.


•	We have made a reasonable estimate of the tax consequences of mandatory deemed repatriation required by the Tax Act and recorded provisional tax expense of $0.9 million. We are continuing to evaluate certain applications related to this section of the Tax Act and the application of ASC 740.


•	We have re-measured our deferred taxes as of December 22, 2017 at a reduced corporate tax rate of 21% and recognized a provisional future tax benefit of $56.9 million. While we are able to make a reasonable estimate of this impact, it may be affected by other elements of the Tax Act including, but not limited to capital expensing and non-deductible officer’s compensation.

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



	As of December 31,
(in millions)	2017			2016
Deferred tax assets:
Deferred compensation plans	$	6.5		$	10.7
Deferred income	4.7			4.3
Allowance for uncollectible receivables	0.8			1.2
Deferred liabilities	2.1			3.0
Net operating losses and credit carryforward	5.1			8.1
Deferred tax assets	19.2			27.3
Valuation allowance	(0.2		)	(0.4		)
Net deferred tax asset	19.0			26.9
Deferred tax liabilities:
Intangible assets in excess of tax basis	29.2			41.2
Property and equipment in excess of tax basis	22.4			34.8
Equity investments in excess of tax basis	6.8			11.1
Other	1.2			3.0
Deferred tax liabilities	59.6			90.1
Net deferred tax liability	$	(40.6	)	$	(63.2	)

As of December 31, 2017, we have federal net operating loss carryforwards of $9.6 million which were acquired in conjunction with the acquisition 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 $2.1 million of state net operating losses, $0.5 million of which was acquired in conjunction with the acquisitions of Youbet.com. These losses, which expire between 2028 and 2030, 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 has completed audits through 2012. Tax years 2014 and after are open to examination. State and local tax years open for examination vary by jurisdiction.

As of December 31, 2017, we had approximately $2.9 million of total gross unrecognized tax benefits. If the total gross unrecognized tax benefits were recognized, there would be a $2.8 million effect to the annual effective tax rate. We anticipate a decrease in our unrecognized tax positions of approximately $0.2 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)	2017			2016			2015
Balance as of January 1	$	2.3		$	1.8		$	1.5
Additions for tax positions related to the current year	0.5			0.5			0.3
Additions for tax positions of prior years	0.3			0.1			0.2
Reductions for tax positions of prior years	(0.2		)	(0.1		)	(0.2		)
Balance as of December 31	$	2.9		$	2.3		$	1.8

Shareholders' Equity	12 Months Ended
Shareholders' Equity	Dec. 31, 2017
Equity [Abstract]
Shareholders' Equity	SHAREHOLDERS’ EQUITY Stock Repurchase Program 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 ("TDG"), 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. 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. 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 had approximately $122.4 million of repurchase authority remaining under this program at December 31, 2016 based on settlement date. On 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 replaced the prior $150.0 million program that was authorized in February 2016 and had unused authorization of $114.6 million. The new authorized amount included and was not in addition to any unspent amount remaining under the prior authorization in February 2016. 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. Share repurchases result in the shares being retired, and the cost of the shares acquired are treated as a reduction from common stock and retained earnings. The repurchase program has no time limit and may be suspended or discontinued at any time. On June 9, 2017, we entered into an agreement with an affiliate of TDG to repurchase 1,000,000 shares of the Company's common stock for $158.78 per share in a privately negotiated transaction. The aggregate purchase price was $158.8 million. For the year ended December 31, 2017, including the repurchase of 1,000,000 shares from TDG, we have repurchased 1,077,029 shares of our common stock under the April 2017 stock repurchase program at a total cost of $171.7 million. We had approximately $78.3 million of repurchase authority remaining under this program at December 31, 2017. On November 29, 2017, the Board of Directors of the Company approved up to $500.0 million of share repurchases from the proceeds of the Big Fish Transaction. This amount is in addition to any unspent amounts remaining under the prior authorization which was in effect at April 25, 2017. Refer to Note 23, Subsequent Events, for additional information. Shareholder Rights Plan On March 13, 2008, our Board of Directors approved a shareholder rights plan which expires on March 13, 2018 and 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).

Director and Employee Benefit Plans	12 Months Ended
Director and Employee Benefit Plans	Dec. 31, 2017
Retirement Benefits [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 $2.7 million in 2017, $2.5 million in 2016, and $2.5 million in 2015. 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 2017, 2016 and 2015. 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, 2017

Debt Disclosure [Abstract]

Total Debt

TOTAL DEBT

The following table presents our total debt outstanding:



	As of December 31, 2017
			Unamortized Premium, Debt Issuance Costs and Loan Origination Fees
(in millions)	Outstanding Principal		Premium		Issuance Costs and Fees		Long-Term Debt, Net
2017 Credit Agreement:
Term Loan B due 2024	$	400.0	$	—	$	5.1	$	394.9
Revolving Credit Facility	239.0		—		—		239.0
Swing line of credit	3.0		—		—		3.0
Total 2017 Credit Agreement	642.0		—		5.1		636.9
2028 Senior Notes	500.0		—		7.7		492.3
Total debt	1,142.0		—		12.8		1,129.2
Current maturities of long-term debt	4.0		—		—		4.0
Total debt, net of current maturities	$	1,138.0	$	—	$	12.8	$	1,125.2



	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
2014 Credit Agreement:
Senior Secured Credit Facility due 2021	$	135.0	$	—	$	—	$	135.0
Term Loan A due 2021	179.3		—		0.5		178.8
Swing line of credit	13.2		—		—		13.2
Total 2014 Credit Agreement	327.5		—		0.5		327.0
2021 Senior Notes	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

2017 Credit Agreement

On December 27, 2017, we entered into a senior secured credit agreement (the "2017 Credit Agreement") with a syndicate of lenders. The 2017 Credit Agreement replaced the 2014 Credit Agreement. The 2017 Credit Agreement provides for a $700.0 million senior secured revolving credit facility due 2022 (the "Revolver") and a $400.0 million senior secured term loan B due 2024 (the "Term Loan B"). Included in the maximum borrowing of $700.0 million under the Revolver is a letter of credit sub facility not to exceed $50.0 million and a swing line commitment up to a maximum principal amount of $50.0 million. The 2017 Credit Agreement is collateralized by substantially all assets of the Company.

The Revolver bears interest at LIBOR plus a spread as determined by the Company's net leverage ratio, which was LIBOR plus 175 points at December 31, 2017. The Term Loan B bears interest at LIBOR plus 200 basis points.

The 2017 Credit Agreement contains certain customary affirmative and negative covenants, which include limitations on liens, investments, indebtedness, dispositions, mergers and acquisitions, the making of restricted payments, changes in the nature of business, changes in fiscal year, and transactions with affiliates. The 2017 Credit Agreement also contains financial covenants providing for maintenance of a maximum consolidated secured net leverage ratio (4.0 to 1.0 or 4.5 to 1.0 for the year following any permitted acquisition greater than $100.0 million) and maintenance of a minimum consolidated interest coverage ratio of 2.5 to 1.0. The Company was in compliance with all applicable covenants in the 2017 Credit Agreement at December 31, 2017.

The Term Loan B requires quarterly payments of 0.25% of the original $400.0 million balance, or $1.0 million per quarter. The Term Loan B may be subject to additional mandatory prepayment from excess cash flow on an annual basis per the provisions of the 2017 Credit Agreement. The Company is required to pay a commitment fee on the unused portion of the Revolver determined by a pricing grid based on the consolidated total net secured leverage ratio of the Company. For the period ended December 31, 2017, the Company's commitment fee rate was 0.25%.

Upon closing of the Big Fish Transaction on January 9, 2018, the Company used a portion of the proceeds to pay down the $242.0 million balance as of December 31, 2017 on the Revolver.

As a result of the Company's 2017 Credit Agreement, $5.1 million of debt issuance costs were capitalized associated with the Term Loan B and will be amortized as interest expense over the respective debt period, or 7 years. The Company also capitalized $1.6 million of debt issuance costs associated with the Revolver which will be amortized as interest expense over the respective debt period, or 5 years.

2014 Credit Agreement

The Company used the proceeds from the 2017 Credit Agreement to repay in full and terminate the 2014 Credit Agreement. The 2014 Credit Agreement provided for a maximum aggregate commitment of $500.0 million consisting of a Senior Secured Credit Facility and Term Loan A. In conjunction with the repayment of all outstanding borrowings on the 2014 Credit Agreement, the Company expensed approximately $0.4 million of debt issuance costs relating to the Term Loan A in the fourth quarter of 2017, which is included in loss on extinguishment of debt in the accompanying Consolidated Statements of Comprehensive Income.

2028 Senior Notes

On December 27, 2017, we completed an offering of $500.0 million in aggregate principal amount of 4.75% Senior Unsecured Notes that mature on January 15, 2028 (the "2028 Senior Notes") in a private offering to qualified institutional buyers pursuant to Rule 144A that is exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"), and to certain non-U.S. persons in accordance with Regulation S under the Securities Act. The 2028 Senior Notes were issued at par, with interest payable on January 15^th and July 15^th of each year, commencing on July 15, 2018. The Company used the net proceeds from the offering to repay a portion of our $600.0 million 5.375% Senior Unsecured Notes. In connection with the offering, we capitalized $7.7 million of debt issuance costs which are being amortized as interest expense over the term of the 2028 Senior Notes.

The 2028 Senior Notes were issued pursuant to an indenture, dated December 27, 2017 (the "2028 Indenture"), among the Company, certain subsidiaries of the Company as guarantors (the "Guarantors"), and U.S Bank National Association, as trustee. The Company may redeem some or all of the 2028 Senior Notes at any time prior to January 15, 2023, at a price equal to 100% of the principal amount of the 2028 Senior Notes redeemed plus an applicable make-whole premium. On or after such date, the Company may redeem some or all of the 2028 Senior Notes at redemption prices set forth in the 2028 Indenture. In addition, at any time prior to January 15, 2021, the Company may redeem up to 40% of the aggregate principal amount of the 2028 Senior Notes at a redemption price equal to 104.75% of the principal amount thereof with the net cash proceeds of one or more equity offerings provided that certain conditions are met. The terms of the 2028 Indenture, among other things, limit the ability of the Company to: (i) incur additional debt and issue preferred stock; (ii) pay dividends or make other restricted payments; (iii) make certain investments; (iv) create liens; (v) allow restrictions on the ability of certain of our subsidiaries to pay dividends or make other payments; (vi) sell assets; (vii) merge or consolidate with other entities; and (viii) and enter into transactions with affiliates.

In connection with the issuance of the 2028 Senior Notes, the Company and the Guarantors entered into a Registration Rights Agreement to register any 2028 Senior Notes under the Securities Act for resale that are not freely tradable 366 days from December 27, 2017.

2021 Senior Notes

The 2021 Senior Notes were comprised of 5.375% Senior Unsecured Notes that mature on December 15, 2021, which were issued in an initial offering of $300.0 million in aggregate principal amount at par, completed on December 16, 2013, and an additional offering of $300.0 million in aggregate principal amount at 101%, completed on December 16, 2015. Interest on the 2021 Senior Notes was payable on June 15th and December 15th of each year.

The Company used the proceeds from the 2017 Credit Agreement and 2028 Senior Notes to redeem the 2021 Senior Notes and to pay related fees and expenses. The 2021 Senior Notes were redeemed at a price equal to the principal amount thereof and the applicable "make-whole" premium, $16.1 million, which is included in loss on extinguishment of debt in the accompanying Consolidated Statements of Comprehensive Income. The Company accounted for the redemption of the 2021 Senior Notes as an extinguishment and wrote off $6.3 million of unamortized debt issuance costs and incurred a benefit of $2.0 million related to the unamortized bond premium, both of which are included in loss on extinguishment of debt in the accompanying Consolidated Statements of Comprehensive Income.

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



Years Ended December 31,

2018	$	4.0
2019	4.0
2020	4.0
2021	4.0
2022	246.0
Thereafter	880.0
Total	$	1,142.0

Operating Leases

12 Months Ended

Dec. 31, 2017

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 (in millions):



Years Ended December 31,

2018	$	5.2
2019	4.3
2020	3.8
2021	3.4
2022	1.9
Thereafter	3.2
Total	$	21.8

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 $3.6 million in 2017, $3.4 million in 2016 and $3.5 million in 2015. Our total rent expense for all operating leases, including the contingent lease payments, was $18.3 million in 2017, $18.9 million in 2016, and $19.7 million in 2015.

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, 2017

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

Stock-Based Compensation Plans

STOCK-BASED COMPENSATION PLANS

On December 31, 2017, we had stock-based employee compensation plans as described below. Our total compensation expense, which includes expense related to restricted stock awards, restricted stock unit awards, performance share unit awards, stock option awards, and stock options associated with our employee stock purchase plan was $16.0 million in 2017, $13.3 million in 2016, and $12.5 million in 2015. The income tax benefit related to stock-based employee compensation expense was $5.5 million in 2017, $4.9 million in 2016, and $4.5 million in 2015.

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 ("RSA"), restricted stock units ("RSU"), performance share units ("PSU"), performance units, or performance cash. The 2016 Incentive Plan has a minimum vesting period of one year for awards granted. During 2017, we granted stock awards under the 2016 Incentive Plan.

Restricted Stock, Restricted Stock Units, and Performance Share Units

The 2016 Incentive Plan and the 2007 Incentive Plan (collectively "the 2016 and 2007 Plans") permit the award of RSAs or RSUs to directors and key employees, including our officers who are from time to time responsible for the management, growth and protection of our business. RSAs and RSUs granted to employees under the 2016 and 2007 Plans generally vest either in full upon three years from the date of grant or on a pro-rata basis over a three year term. RSAs are legally issued common stock at the time of grant, with certain restrictions placed on them. RSUs granted to employees are converted into shares of our common stock at vesting. The RSUs granted to directors under the 2016 and 2007 Plans generally vest in full upon one year from the date of grant. RSUs granted to directors are converted into shares of our common stock at the time of the director's retirement. The fair value of RSAs and RSUs 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 may earn variable equity payouts based upon us achieving certain key performance metrics over a specified period. The ELTI Plan was adopted pursuant to the 2016 and 2007 Plans, which were previously approved by our shareholders.

The vesting criteria for the PSU awards granted in 2015, 2016, and 2017 were based on a three year performance and service period. The two performance criteria were 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 PSU awards also include a market condition related to relative total shareholder return ("TSR"). 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. Once applying any TSR adjustment, the maximum number of PSUs that can be earned for a performance period is 250% of the original award.

The total compensation cost we will recognize under the PSUs will be determined using the Monte Carlo valuation methodology, which factors in the value of the TSR market condition when determining the grant date fair value of the PSU. Compensation cost for each PSU is recognized during the performance and service period based on the probable achievement of the two performance criteria. The PSUs are converted into shares of our common stock at the time the PSU award value is finalized.

A summary of the RSUs and PSUs granted to certain NEOs is presented below (units in thousands):



Grant Year	Award Type	Number of Units Awarded⁽¹⁾	Vesting Terms
2015	RSU	23	Majority vest equally over two service periods ending December 31 of 2016 and 2017
2015	PSU	17	Three year performance and service period ending December 31, 2017
2016	RSU	20	Vest equally over three service periods ending December 31 of 2016, 2017, and 2018
2016	PSU	20	Three year performance and service period ending December 31, 2018
2017	RSU	22	Vest equally over three service periods ending December 31 of 2017, 2018, and 2019
2017	PSU	21	Three year performance and service period ending December 31, 2019

(1) PSUs presented are based on the target number of units for the original PSU grant. If both performance criteria do not achieve a minimum of 85% of their respective targets, no units will be awarded for the PSU grant.

A summary of the RSAs granted to certain NEOs and employees and RSUs granted to directors is presented below (shares/units in thousands):



Grant Year	Award Type	Number of Shares/Units Awarded	Vesting Terms
2015	RSA	137	Vest over service periods ranging from seven months to three years
2015	RSU	6	Vest over service period ending in April 2016
2016	RSA	35	Majority vest equally over three service periods ending in January of 2017, 2018, and 2019
2016	RSU	8	Vest over service period ending in April 2017
2017	RSA	29	Vest equally over three service periods ending in February of 2018, 2019, and 2020
2017	RSU	6	Vest over service period ending in April 2018

Activity for our RSAs, RSUs, and PSUs is presented below (shares/units in thousands):



	Market Condition & Performance-Based Awards				Service Period Awards				Total
(in thousands, except grant date values)	Number of Shares/Units		Weighted Average Grant Date Fair Value		Number of Shares/Units		Weighted Average Grant Date Fair Value		Number of Shares/Units		Weighted Average Grant Date Fair Value
Balance as of December 31, 2014	85		$	54.32	264		$	57.07	349		$	56.40
Granted	17		$	153.01	166		$	102.34	183		$	107.06
Vested	(85	)	$	48.31	(157	)	$	65.89	(242	)	$	57.24
Canceled/forfeited	—		$	—	(5	)	$	91.14	(5	)	$	91.14
Balance as of December 31, 2015	17		$	153.01	268		$	71.98	285		$	83.71
Granted	20		$	141.02	63		$	134.04	83		$	135.71
Vested	—		$	—	(167	)	$	67.61	(167	)	$	67.61
Canceled/forfeited	—		$	—	(4	)	$	88.92	(4	)	$	88.92
Balance as of December 31, 2016	37		$	146.57	160		$	110.71	197		$	111.69
Granted	21		$	167.25	58		$	156.92	79		$	159.75
Adjustments⁽¹⁾	15		$	153.01	—		$	—	15		$	153.01
Vested	(32	)	$	153.01	(111	)	$	110.38	(143	)	$	119.94
Canceled/forfeited	—		$	—	(1	)	$	125.75	(1	)	$	125.75
Balance as of December 31, 2017	41		$	154.78	106		$	136.54	147		$	130.75

(1) Adjustments to number of units awarded for PSUs based on achievement of performance and market conditions.

The fair value of shares and units vested was $29.6 million in 2017, $24.3 million in 2016, and $28.4 million in 2015.

A summary of total unrecognized stock-based compensation expense related to RSAs, RSUs, and PSUs (based on current performance estimates), at December 31, 2017 is presented below:



(in millions, except years)	December 31, 2017		Weighted Average Remaining Vesting Period (Years)
Unrecognized RSA expense	$	3.0	1.3
Unrecognized RSU expense	2.0		1.3
Unrecognized PSU expense	3.4		1.7
Total	$	8.4	1.5

Employee Stock Options

All remaining stock options under the 2007 Incentive Plan were exercised during 2017. No stock options have been awarded under the 2016 Incentive Plan.

Activity for our stock options is presented below:



(in thousands, except per average exercise price)	Number of Shares Under Option		Weighted Average Exercise Price
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
Granted	—		$	—
Exercises	(4	)	$	43.74
Canceled/forfeited	—		$	—
Balance as of December 31, 2017	—		$	—

The total intrinsic value of stock options exercised was $0.5 million in 2017, $0.4 million in 2016, and $0.1 million in 2015. Cash received from stock option exercises totaled $0.2 million in 2017, $0.2 million in 2016, and $0.1 million in 2015.

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. Compensation expense related to the ESP Plan was not material for any year included in our accompanying Consolidated Statements of Comprehensive Income.

Fair Value Of Assets And Liabilities

12 Months Ended

Dec. 31, 2017

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. Refer to Note 3, Discontinued Operations, for disclosures relating to our liabilities held for sale. The following tables present our assets measured at fair value on a recurring basis:



	Level 1
(in millions)	December 31, 2017		December 31, 2016
Cash equivalents and restricted cash	$	31.2	$	34.3

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

The Company previously accrued for a contingent consideration liability in conjunction with the Bluff acquisition that 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 the liability which was included in other, 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 $500.0 million par value 2028 Senior 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 2028 Senior Notes was $496.8 million at December 31, 2017.

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: 2017 Credit Agreement and 2014 Credit Agreement—The carrying amounts of the borrowings under our 2017 Credit Agreement and 2014 Credit Agreement 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 2017 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, 2017
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, 2017

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)	2017			2016			2015
Numerator for basic net income per common share:
Net income from continuing operations	$	122.4		$	96.7		$	70.8
Net income from continuing operations allocated to participating securities	(0.1		)	(1.0		)	(0.6		)
Net income from discontinued operations	18.1			11.4			(5.6		)
Numerator for basic net income per common share	$	140.4		$	107.1		$	64.6

Numerator for diluted net income from continuing operations per common share	$	122.4		$	96.7		$	70.8

Numerator for diluted net income per common share	$	140.5		$	108.1		$	65.2

Denominator for net income per common share:
Basic	15.7			16.4			17.2
Plus dilutive effect of stock awards	0.2			0.2			0.1
Plus dilutive effect of participating securities	0.1			0.2			0.3
Diluted	16.0			16.8			17.6

Net income (loss) per common share data:
Basic
Continuing operations	$	7.76		$	5.83		$	4.08
Discontinued operations	$	1.15		$	0.69		$	(0.33	)
Net income per common share - basic	$	8.91		$	6.52		$	3.75

Diluted
Continuing operations	$	7.64		$	5.74		$	4.03
Discontinued operations	$	1.13		$	0.68		$	(0.32	)
Net income per common share - diluted	$	8.77		$	6.42		$	3.71

Segment Information

12 Months Ended

Dec. 31, 2017

Segment Reporting [Abstract]

Segment Information

SEGMENT INFORMATION

We manage our operations through six operating segments, all of which are included in continuing operations with the exception of Big Fish Games:


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


•	Casino, 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, an effective 62.5% of EBITDA from our equity investment in Ocean Downs and 25% of EBITDA from our equity investment in SCH.


•	TwinSpires, which includes TwinSpires.com, Fair Grounds Account Wagering, Velocity, BetAmerica, and Bloodstock Research Information Services;


•	Other Investments, which includes United Tote and other minor investments;


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

•

Big Fish Games 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. Big Fish Games is headquartered in Seattle, Washington and has a studio location in Oakland, California, with approximately 700 employees. On November 29, 2017, we entered into a definitive stock purchase agreement to sell Big Fish Games to the Purchaser in the Big Fish Transaction. On January 9, 2018, we closed the Big Fish Transaction, at which time Big Fish Games ceased to be an operating segment.

Eliminations include the elimination of intersegment transactions. We utilize non-GAAP measures, including EBITDA (earnings before interest, taxes, depreciation and amortization) and Adjusted EBITDA. Our chief operating decision maker utilizes Adjusted EBITDA to evaluate segment performance, develop strategy and allocate resources. Adjusted EBITDA 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:


•	Transaction expense, net which includes:


◦	Acquisition and disposition related charges, including fair value adjustments related to earnouts and deferred payments; and


◦	Other transaction expense, including legal, accounting and other deal-related expense;


•	Stock-based compensation expense;


•	Asset impairments;


•	Gain on Calder land sale;


•	Calder exit costs;


•	Loss on extinguishment of debt; and


•	Other charges, recoveries and expenses

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. Due to the Big Fish Transaction, the Company has presented Big Fish Games as held for sale and discontinued operations in the accompanying Consolidated Financial Statements and these notes. The Company has not allocated corporate and other certain expenses to Big Fish Games consistent with the discontinued operations presentation in the accompanying Consolidated Statements of Comprehensive Income. Accordingly, 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 GAAP. Our calculation of Adjusted EBITDA may be different from the calculation used by other companies and, therefore, comparability may be limited. For segment reporting, Adjusted EBITDA includes intercompany revenue and expense totals that are eliminated in the accompanying Consolidated Statements of Comprehensive Income. We have included Big Fish Games Adjusted EBITDA information as applicable within this Note due to the fact that Big Fish Games was an operating segment as of December 31, 2017.

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)	2017			2016			2015
Net revenue from external customers:
Racing:
Churchill Downs	$	161.3		$	155.2		$	151.1
Arlington	57.2			55.3			54.4
Fair Grounds	36.3			38.0			39.8
Calder	2.5			2.6			2.7
Total Racing	257.3			251.1			248.0
Casino:
Oxford Casino	90.8			84.6			80.4
Riverwalk Casino	48.2			46.1			49.8
Harlow’s Casino	50.0			48.4			49.0
Calder Casino	85.4			79.1			77.4
Fair Grounds Slots	36.5			36.9			39.0
VSI	38.3			36.9			36.9
Saratoga	1.3			0.8			0.4
Total Casino	350.5			332.8			332.9
TwinSpires	255.6			221.6			201.1
Other Investments	19.2			16.9			16.6
Corporate	—			—			—
Net revenue from external customers	$	882.6		$	822.4		$	798.6
Intercompany net revenue:
Racing:
Churchill Downs	$	11.4		$	10.0		$	7.8
Arlington	6.3			5.5			5.1
Fair Grounds	1.6			1.5			1.3
Calder	—			—			—
Total Racing	19.3			17.0			14.2
TwinSpires	1.1			1.3			1.1
Other Investments	4.5			3.9			3.5
Eliminations	(24.9		)	(22.2		)	(18.8		)
Intercompany net revenue	$	—		$	—		$	—

Adjusted EBITDA by segment is comprised of the following:



	Year Ended December 31, 2017
	Continuing Operations															Discontinued Operations
(in millions)	Racing			Casino			TwinSpires			Other Investments			Corporate^(a)			Big Fish Games
Net revenue	$	276.6		$	350.5		$	256.7		$	23.7		$	—		$	466.0

Taxes & purses	(65.4		)	(117.0		)	(14.7		)	—			—			—
Platform & development fees	—			—			—			—			—			(167.8		)
Marketing & advertising	(4.9		)	(12.1		)	(8.2		)	—			—			(116.6		)
Salaries & benefits	(41.7		)	(53.2		)	(9.9		)	(12.0		)				(27.8		)
Content expense	(15.2		)	—			(125.0		)	—			—			—
SG&A expense	(16.8		)	(22.6		)	(12.4		)	(3.3		)	(12.2		)	(16.6		)
Research & development	—			—			—			—			—			(39.6		)
Other operating expense	(48.9		)	(41.6		)	(22.1		)	(5.1		)	(0.5		)	(15.6		)
Other income	0.8			42.0			—			0.4			0.3			(1.7		)

Adjusted EBITDA	$	84.5		$	146.0		$	64.4		$	3.7		$	(12.4	)	$	80.3



	Year Ended December 31, 2016
	Continuing Operations															Discontinued Operations
(in millions)	Racing			Casino			TwinSpires			Other Investments			Corporate^(a)			Big Fish Games
Net revenue	$	268.1		$	332.8		$	222.9		$	20.8		$	—		$	486.2

Taxes & purses	(64.2		)	(110.9		)	(11.6		)	—			—			—
Platform & development fees	—			—			—			—			—			(179.9		)
Marketing & advertising	(4.6		)	(12.7		)	(6.3		)	—			—			(127.9		)
Salaries & benefits	(40.9		)	(50.8		)	(9.4		)	(10.9		)	—			(25.0		)
Content expense	(15.6		)	—			(107.6		)	—			—			—
SG&A expense	(16.2		)	(21.2		)	(12.0		)	(3.4		)	(11.7		)	(15.4		)
Research & development	—			—			—			—			—			(39.0		)
Other operating expense	(47.4		)	(39.1		)	(19.8		)	(4.1		)	(0.6		)	(15.9		)
Other income	0.5			27.7			—			0.3			0.2			(0.9		)

Adjusted EBITDA	$	79.7		$	125.8		$	56.2		$	2.7		$	(12.1	)	$	82.2



	Year Ended December 31, 2015
	Continuing Operations															Discontinued Operations
(in millions)	Racing			Casino			TwinSpires			Other Investments			Corporate^(a)			Big Fish Games
Net revenue	$	262.2		$	332.9		$	202.2		$	20.1		$	—		$	413.7

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		)	(11.1		)	—			(22.3		)
Content expense	(14.6		)	—			(97.9		)	—			—			—
SG&A expense	(16.6		)	(24.1		)	(11.5		)	(2.5		)	(9.3		)	(13.8		)
Research & development	—			—			—			—			—			(39.4		)
Other operating expense	(50.9		)	(41.3		)	(18.0		)	(3.8		)	1.1			(14.8		)
Other income	0.6			19.4			—			0.2			0.1			(0.6		)

Adjusted EBITDA	$	71.8		$	114.9		$	49.5		$	2.9		$	(8.1	)	$	71.5

(a) The Corporate segment includes corporate and other certain expenses of $3.6 million in 2017, $3.1 million in 2016 and $3.0 million in 2015 that have not been allocated to Big Fish Games as a result of the Big Fish Transaction and the Big Fish Games segment reported as held for sale and discontinued operations in the accompanying Consolidated Financial Statements and these notes.



	Years Ended December 31,
(in millions)	2017			2016			2015
Reconciliation of Comprehensive Income to Adjusted EBITDA:

Comprehensive income	$	140.4		$	107.5		$	64.7
Foreign currency translation, net of tax	0.1			(0.2		)	0.5
Net change in pension benefits, net of tax	—			0.8			—
Net income	140.5			108.1			65.2
Additions - continuing operations:
Depreciation and amortization	56.0			58.4			58.0
Interest expense	49.3			43.7			28.6
Loss on extinguishment of debt	20.7			—			—
Income tax (benefit) provision	(19.9		)	50.7			44.6
Additions - discontinued operations:
Depreciation and amortization	41.1			50.2			51.7
Income tax provision	5.1			9.3			2.3
EBITDA	$	292.8		$	320.4		$	250.4

Adjustments to EBITDA - continuing operations:
Selling, general and administrative:
Stock-based compensation expense	16.0			13.3			12.5
Other charges	1.2			2.5			—
Other income, expense:
Interest, depreciation and amortization expense related to equity investments	16.7			10.0			8.5
Other charges and recoveries, net	—			0.5			(5.8		)
Impairment of tangible and other intangible assets	21.7			—			—
Gain on Calder land sale	—			(23.7		)	—
Calder exit costs	0.8			2.5			13.9
Other, net	1.5			(2.4		)	—
Adjustments to EBITDA - discontinued operations:
Stock-based compensation expense	11.1			5.6			1.3
Transaction expense, net	4.7			5.8			21.7
Total adjustments to EBITDA	73.7			14.1			52.1
Adjusted EBITDA	$	366.5		$	334.5		$	302.5

Adjusted EBITDA by segment:
Racing	$	84.5		$	79.7		$	71.8
Casino	146.0			125.8			114.9
TwinSpires	64.4			56.2			49.5
Other Investments	3.7			2.7			2.9
Corporate^(a)	(12.4		)	(12.1		)	(8.1		)
Big Fish Games	80.3			82.2			71.5
Adjusted EBITDA	$	366.5		$	334.5		$	302.5

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



	Years Ended December 31,
(in millions)	2017		2016		2015
Casino	$	25.3	$	17.4	$	10.9
Other Investments	0.2		—		0.3
	$	25.5	$	17.4	$	11.2

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



	As of December 31,
(in millions)	2017		2016
Total assets:
Racing	$	483.0	$	454.6
Casino	679.6		628.7
TwinSpires	215.9		209.9
Other Investments	15.2		11.1
Corporate	73.2		56.3
Big Fish Games	892.5		893.8
	$	2,359.4	$	2,254.4

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



	Years Ended December 31,
(in millions)	2017		2016		2015
Capital expenditures:
Racing	$	57.8	$	26.1	$	12.3
Casino	37.5		13.9		18.8
TwinSpires	9.0		7.0		4.3
Other Investments	3.4		1.0		0.8
Corporate	1.3		1.2		0.9
Big Fish Games	7.9		5.5		6.4
	$	116.9	$	54.7	$	43.5

HRTV Equity Investment Divestiture	12 Months Ended
HRTV Equity Investment Divestiture	Dec. 31, 2017
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 is included in miscellaneous, net in other expense in the accompanying Consolidated Statements of Comprehensive Income. The HRTV gain has been excluded from Adjusted EBITDA and is included in other charges and recoveries, net in the reconciliation of Comprehensive Income to Adjusted EBITDA.

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2017
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 under the regulations of each state’s respective regulatory agency, as applicable, 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 our racetracks, and tickets for our 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, TDG, our largest shareholder. Additionally, on June 9, 2017, we entered into an agreement with TDG to repurchase 1,000,000 shares of the Company's common stock for $158.78 per share in a privately negotiated transaction. The aggregate purchase price was $158.8 million. Refer to Note 12, Shareholders' Equity, for additional information related to the repurchases.

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2017
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTS Modified Dutch Auction On November 29, 2017, the Board of Directors of the Company authorized a $500.0 million share repurchase program in a "modified Dutch auction" tender offer utilizing a portion of the proceeds from the Big Fish Transaction. The Company completed the tender offer on February 12, 2018, and repurchased 1,886,792 shares of the Company's common stock at a purchase price of $265.00 per share with an aggregate cost of $500.0 million, excluding fees and expenses related to the tender offer. Acquisitions On February 28, 2018, the Company announced it has entered into two separate definitive asset purchase agreements with Eldorado Resorts, Inc. and certain subsidiaries to acquire substantially all of the assets and properties used in connection with the operation of Presque Isle Downs & Casino ("Presque Isle") in Erie, Pennsylvania, and Lady Luck Casino (“Lady Luck Vicksburg”) in Vicksburg, Mississippi for total aggregate consideration of approximately $229.5 million, to be paid in cash. The transactions are dependent on usual and customary closing conditions, including the Company securing gaming licenses from the Pennsylvania Gaming Control Board and the Mississippi Gaming Commission as well as a racing license from the Pennsylvania State Horse Racing Commission. The Lady Luck Vicksburg transaction is expected to close in the second quarter of 2018. Closing of the Presque Isle purchase, which is conditioned on the closing of the Lady Luck Vicksburg transaction, is expected to close in the fourth quarter of 2018.

Quarterly Results of Operations (Unaudited)

12 Months Ended

Dec. 31, 2017

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, 2017
	First Quarter		Second Quarter		Third Quarter		Fourth Quarter^(a)
Net revenues	$	167.5	$	339.3	$	196.9	$	178.9
Operating income (loss)	8.4		123.3		26.8		(12.8		)
Income from continuing operations, net of tax	2.2		72.9		12.9		34.4
Income from discontinued operations, net of tax	5.1		5.4		3.8		3.8

Net income per common share - basic ^(c):
Continuing operations	$	0.13	$	4.52	$	0.85	$	2.25
Discontinued operations	0.31		0.34		0.24		0.25
Net income per common share - basic	$	0.44	$	4.86	$	1.09	$	2.50

Net income per common share - diluted ^(c):
Continuing operations	$	0.13	$	4.47	$	0.84	$	2.22
Discontinued operations	0.31		0.34		0.24		0.24
Net income per common share - diluted	$	0.44	$	4.81	$	1.08	$	2.46



(in millions, except per common share data)	For the Year Ended December 31, 2016
	First Quarter			Second Quarter		Third Quarter		Fourth Quarter^(b)
Net revenues	$	166.3		$	313.3	$	181.0	$	161.8
Operating income	12.5			113.6		14.0		32.4
Income from continuing operations, net of tax	7.1			66.8		3.4		19.4
(Loss) income from discontinued operations, net of tax	(4.3		)	3.0		5.3		7.4

Net income (loss) per common share - basic ^(c):
Continuing operations	$	0.43		$	3.97	$	0.20	$	1.17
Discontinued operations	(0.26		)	0.19		0.32		0.45
Net income per common share - basic	$	0.17		$	4.16	$	0.52	$	1.62

Net income (loss) per common share - diluted ^(c):
Continuing operations	$	0.42		$	3.93	$	0.20	$	1.16
Discontinued operations	(0.26		)	0.18		0.32		0.44
Net income per common share - diluted	$	0.16		$	4.11	$	0.52	$	1.60

(a) Fourth quarter of 2017 includes a $21.7 million impairment of tangible and intangible assets and a $20.7 million loss on extinguishment of debt. Additionally, fourth quarter of 2017 includes a $57.7 million income tax benefit resulting primarily from the re-measurement of our net deferred tax liabilities as a result of the Tax Act.

(b) Fourth quarter of 2016 includes a $23.7 million gain on Calder land sale.

(c) Net income (loss) per common share calculations for each quarter are based on the weighted average number of shares outstanding during the respective period. Accordingly, the sum of the quarters may not equal the full-year income (loss) per share.

Schedule II - Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2017

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:
2017	$	3.5	$	1.8	$	(1.7	)	$	3.6
2016	3.8		1.5		(1.8		)	3.5
2015	4.2		1.3		(1.7		)	3.8



(in millions)	Balance Beginning of Year		Additions		Deductions			Balance End of Year
Deferred income tax asset valuation allowance:
2017	$	0.4	$	—	$	(0.2	)	$	0.2
2016	0.9		—		(0.5		)	0.4
2015	1.2		—		(0.3		)	0.9

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2017

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

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

Revenue Recognition

Racing and TwinSpires

Casino

Big Fish Games


•	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;


•	whether 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.

Allowance for Doubtful Accounts Receivable

Game Software Development

Internal Use Software and Research & Development

Capitalized internal use software is classified as equipment and included in property and equipment, net in the accompanying Consolidated Balance Sheets.

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

We recognize casino and pari-mutuel tax expense based on the statutory requirements of the state and local jurisdictions in which we conduct business.

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

Common Stock Share Repurchases

Recent Accounting Pronouncements

Recent Accounting Pronouncements - effective in 2018

While we are continuing to assess all potential impacts of the new revenue standard, we have identified the following areas of impact:

(i)

(ii)

(iii)

Recent Accounting Pronouncements - effective in 2019 or thereafter

Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2017

Discontinued Operations and Disposal Groups [Abstract]

Summary information of disposal classified as held for sale

The following table presents the major classes of assets and liabilities presented as held for sale related to the Big Fish Transaction as of December 31, 2017 and 2016:



	December 31,
(in millions)	2017		2016
ASSETS
Current assets:
Cash and cash equivalents	$	2.6	$	3.4
Accounts receivable	42.9		24.7
Game software development, net	6.9		9.6
Other current assets	16.7		33.1
Current assets of discontinued operations held for sale	69.1		70.8
Property and equipment, net	16.4		13.8
Game software development, net	13.5		6.3
Goodwill	530.7		530.7
Other intangible assets, net	238.8		271.7
Other assets	24.0		0.8
Long-term assets of discontinued operations held for sale	823.4		823.3
Total assets	$	892.5	$	894.1
LIABILITIES
Current liabilities:
Accounts payable	$	5.5	$	3.7
Accrued expense	35.0		26.9
Deferred revenue	85.1		81.3
Big Fish Games deferred payment	28.4		27.8
Big Fish Games earnout liability	34.2		67.9
Current liabilities of discontinued operations held for sale	188.2		207.6
Deferred income taxes	47.6		90.0
Other liabilities	7.2		2.3
Non-current liabilities of discontinued operations held for sale	54.8		92.3
Total liabilities	$	243.0	$	299.9

The following table presents the financial results of Big Fish Games included in “Income (loss) from discontinued operations, net of tax”:



	Years Ended December 31,
(in millions)	2017			2016			2015
Net revenue	$	466.0		$	486.2		$	413.7
Operating expenses	369.0			398.9			340.1
Selling, general and administrative expense	27.8			20.9			15.2
Research and development	39.6			39.0			39.4
Transaction expense, net	4.7			5.8			21.7
Total operating expense	441.1			464.6			416.4
Operating income (loss)	24.9			21.6			(2.7		)
Other expense	(1.7		)	(0.9		)	(0.6		)
Income (loss) from discontinued operations before provision for income taxes	23.2			20.7			(3.3		)
Income tax provision	(5.1		)	(9.3		)	(2.3		)
Income (loss) from discontinued operations, net of tax	$	18.1		$	11.4		$	(5.6	)

Fair value of liabilities measured on recurring basis

The following tables present our liabilities measured at fair value on a recurring basis related to our discontinued operations and liabilities held for sale:



	Level 3
(in millions)	December 31, 2017		December 31, 2016
Big Fish Games deferred payments	$	28.4	$	27.8
Big Fish Games earnout liability	34.2		67.9
Total	$	62.6	$	95.7

Fair value of liabilities measured on recurring basis, unobservable input reconciliation

The following table presents the change in fair value of our instruments classified within Level 3 related to our discontinued operations and liabilities held for sale:



	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
(in millions)	Big Fish Games Deferred Payments		Big Fish Games Earnout Liability			Total
Balance as of December 31, 2016	$	27.8	$	67.9		$	95.7
Payments	—		(34.2		)	(34.2		)
Change in fair value	0.6		0.5			1.1
Balance as of December 31, 2017	$	28.4	$	34.2		$	62.6

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
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Reference 10: http://www.xbrl.org/2003/role/presentationRef
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Reference 11: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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+ Details

Accounts Receivable (Tables)

12 Months Ended

Dec. 31, 2017

Receivables [Abstract]

Schedule of Accounts Receivable

Accounts receivable is comprised of the following:



	As of December 31,
(in millions)	2017			2016
Trade receivables	$	5.5		$	7.0
Derby-related receivables	22.3			27.1
Simulcast and mobile and online wagering receivables	20.5			21.0
Other receivables	4.9			5.0
	53.2			60.1
Allowance for doubtful accounts	(3.6		)	(3.5		)
Total	$	49.6		$	56.6

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2017

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

Property and equipment is comprised of the following:



	As of December 31,
(in millions)	2017			2016
Grandstands and buildings	$	439.8		$	410.5
Equipment	286.7			258.3
Tracks and other improvements	177.9			157.3
Land	131.7			117.5
Furniture and fixtures	60.3			54.4
Construction in progress	23.5			26.7
Artwork	2.2			2.1
	1,122.1			1,026.8
Accumulated depreciation	(514.1		)	(466.2		)
Total	$	608.0		$	560.6

Investment In and Advances to Unconsolidated Affiliates (Tables)

12 Months Ended

Dec. 31, 2017

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)	2017		2016
Assets
Current assets	$	64.5	$	38.8
Property and equipment, net	234.6		198.0
Other assets, net	236.5		165.0
Total assets	$	535.6	$	401.8

Liabilities and Members' Equity
Current liabilities	$	100.3	$	77.5
Long-term debt	110.1		69.2
Other liabilities	0.1		0.1
Members' equity	325.1		255.0
Total liabilities and members' equity	$	535.6	$	401.8

Income Statement of Equity Method Investments



	Years Ended December 31,
(in millions)	2017			2016			2015
Net revenue	$	303.3		$	216.1		$	195.2
Operating and SG&A expense	204.9			142.8			137.2
Depreciation and amortization	25.9			18.5			15.2
Operating income	72.5			54.8			42.8
Interest and other expense, net	(8.5		)	(6.9		)	(6.2		)
Net income	$	64.0		$	47.9		$	36.6

Equity in Income of Unconsolidated Investments

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



	Years Ended December 31,
(in millions)	2017		2016		2015
Equity in income of unconsolidated investments	$	16.7	$	14.2	$	10.6

Goodwill (Tables)

12 Months Ended

Dec. 31, 2017

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

Goodwill is comprised of the following:



(in millions)	Racing		Casino		TwinSpires		Total
Balances as of December 31, 2016	$	51.7	$	117.7	$	132.1	$	301.5
Additions	—		—		16.1		16.1
Balances as of December 31, 2017	$	51.7	$	117.7	$	148.2	$	317.6

Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2017

Intangible Assets, Net (Excluding Goodwill) [Abstract]

Schedule of Indefinite-Lived Intangible Assets

Other intangible assets are comprised of the following:



	December 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:
Customer relationships	$	16.7	$	(10.6	)	$	6.1	$	27.1	$	(22.4	)	$	4.7
Favorable contracts	11.0		(6.8		)	4.2		11.0		(6.2		)	4.8
Other	7.1		(1.5		)	5.6		3.7		(1.0		)	2.7
Table games license	2.7		(0.6		)	2.1		2.7		(0.4		)	2.3
Slots gaming license	2.3		(1.1		)	1.2		2.3		(1.1		)	1.2
	$	39.8	$	(20.6	)	$	19.2	$	46.8	$	(31.1	)	$	15.7
Indefinite-lived intangible assets:
Trademarks						21.2							25.7
Slots gaming rights						128.9							128.9
Illinois Horseracing Equity Trust						—							3.3
Other						0.1							0.4
Total						$	169.4						$	174.0

Schedule of Finite-lived Intangible Assets

Other intangible assets are comprised of the following:



	December 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:
Customer relationships	$	16.7	$	(10.6	)	$	6.1	$	27.1	$	(22.4	)	$	4.7
Favorable contracts	11.0		(6.8		)	4.2		11.0		(6.2		)	4.8
Other	7.1		(1.5		)	5.6		3.7		(1.0		)	2.7
Table games license	2.7		(0.6		)	2.1		2.7		(0.4		)	2.3
Slots gaming license	2.3		(1.1		)	1.2		2.3		(1.1		)	1.2
	$	39.8	$	(20.6	)	$	19.2	$	46.8	$	(31.1	)	$	15.7
Indefinite-lived intangible assets:
Trademarks						21.2							25.7
Slots gaming rights						128.9							128.9
Illinois Horseracing Equity Trust						—							3.3
Other						0.1							0.4
Total						$	169.4						$	174.0

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
2018	$	4.8
2019	2.1
2020	1.9
2021	1.8
2022	1.8

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

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)	2017			2016		2015
Current provision:
Federal	$	29.5		$	33.6	$	33.3
State and local	3.0			3.3		3.2
	32.5			36.9		36.5
Deferred (benefit) provision:
Federal	(53.0		)	12.7		6.0
State and local	0.8			1.1		2.1
Foreign	(0.2		)	—		—
	(52.4		)	13.8		8.1
	$	(19.9	)	$	50.7	$	44.6

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)	2017		2016		2015
Domestic	$	102.2	$	146.4	$	114.1
Foreign	0.3		1.0		1.3
	$	102.5	$	147.4	$	115.4

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

Our income tax (benefit) 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)	2017			2016			2015
Federal statutory tax on earnings before income taxes	$	35.9		$	51.6		$	40.4
State income taxes, net of federal income tax benefit	2.5			4.0			2.0
Non-deductible officer's compensation	4.7			2.3			2.0
Change in enacted tax rates	(57.7		)	0.1			0.7
Windfall deduction from equity compensation	(5.2		)	(4.9		)	—
Other	(0.1		)	(2.4		)	(0.5		)
	$	(19.9	)	$	50.7		$	44.6

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)	2017			2016
Deferred tax assets:
Deferred compensation plans	$	6.5		$	10.7
Deferred income	4.7			4.3
Allowance for uncollectible receivables	0.8			1.2
Deferred liabilities	2.1			3.0
Net operating losses and credit carryforward	5.1			8.1
Deferred tax assets	19.2			27.3
Valuation allowance	(0.2		)	(0.4		)
Net deferred tax asset	19.0			26.9
Deferred tax liabilities:
Intangible assets in excess of tax basis	29.2			41.2
Property and equipment in excess of tax basis	22.4			34.8
Equity investments in excess of tax basis	6.8			11.1
Other	1.2			3.0
Deferred tax liabilities	59.6			90.1
Net deferred tax liability	$	(40.6	)	$	(63.2	)

Reconciliation of Unrecognized Tax Benefits

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



(in millions)	2017			2016			2015
Balance as of January 1	$	2.3		$	1.8		$	1.5
Additions for tax positions related to the current year	0.5			0.5			0.3
Additions for tax positions of prior years	0.3			0.1			0.2
Reductions for tax positions of prior years	(0.2		)	(0.1		)	(0.2		)
Balance as of December 31	$	2.9		$	2.3		$	1.8

Total Debt (Tables)

12 Months Ended

Dec. 31, 2017

Debt Disclosure [Abstract]

Schedule of Total Debt Outstanding

The following table presents our total debt outstanding:



	As of December 31, 2017
			Unamortized Premium, Debt Issuance Costs and Loan Origination Fees
(in millions)	Outstanding Principal		Premium		Issuance Costs and Fees		Long-Term Debt, Net
2017 Credit Agreement:
Term Loan B due 2024	$	400.0	$	—	$	5.1	$	394.9
Revolving Credit Facility	239.0		—		—		239.0
Swing line of credit	3.0		—		—		3.0
Total 2017 Credit Agreement	642.0		—		5.1		636.9
2028 Senior Notes	500.0		—		7.7		492.3
Total debt	1,142.0		—		12.8		1,129.2
Current maturities of long-term debt	4.0		—		—		4.0
Total debt, net of current maturities	$	1,138.0	$	—	$	12.8	$	1,125.2



	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
2014 Credit Agreement:
Senior Secured Credit Facility due 2021	$	135.0	$	—	$	—	$	135.0
Term Loan A due 2021	179.3		—		0.5		178.8
Swing line of credit	13.2		—		—		13.2
Total 2014 Credit Agreement	327.5		—		0.5		327.0
2021 Senior Notes	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

Schedule of Future Aggregate Maturities of Total Debt

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



Years Ended December 31,

2018	$	4.0
2019	4.0
2020	4.0
2021	4.0
2022	246.0
Thereafter	880.0
Total	$	1,142.0

- 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=84159872&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=75038535&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=84159872&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=84159872&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=84159872&loc=d3e21521-112644

+ Details

Operating Leases (Tables)

12 Months Ended

Dec. 31, 2017

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 (in millions):



Years Ended December 31,

2018	$	5.2
2019	4.3
2020	3.8
2021	3.4
2022	1.9
Thereafter	3.2
Total	$	21.8

Stock-Based Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2017

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

Schedule of Share-based Compensation Activity

A summary of the RSUs and PSUs granted to certain NEOs is presented below (units in thousands):



Grant Year	Award Type	Number of Units Awarded⁽¹⁾	Vesting Terms
2015	RSU	23	Majority vest equally over two service periods ending December 31 of 2016 and 2017
2015	PSU	17	Three year performance and service period ending December 31, 2017
2016	RSU	20	Vest equally over three service periods ending December 31 of 2016, 2017, and 2018
2016	PSU	20	Three year performance and service period ending December 31, 2018
2017	RSU	22	Vest equally over three service periods ending December 31 of 2017, 2018, and 2019
2017	PSU	21	Three year performance and service period ending December 31, 2019

A summary of the RSAs granted to certain NEOs and employees and RSUs granted to directors is presented below (shares/units in thousands):



Grant Year	Award Type	Number of Shares/Units Awarded	Vesting Terms
2015	RSA	137	Vest over service periods ranging from seven months to three years
2015	RSU	6	Vest over service period ending in April 2016
2016	RSA	35	Majority vest equally over three service periods ending in January of 2017, 2018, and 2019
2016	RSU	8	Vest over service period ending in April 2017
2017	RSA	29	Vest equally over three service periods ending in February of 2018, 2019, and 2020
2017	RSU	6	Vest over service period ending in April 2018

Activity for Awards Made Outside of Share-Based Compensation Plans

Activity for our RSAs, RSUs, and PSUs is presented below (shares/units in thousands):



	Market Condition & Performance-Based Awards				Service Period Awards				Total
(in thousands, except grant date values)	Number of Shares/Units		Weighted Average Grant Date Fair Value		Number of Shares/Units		Weighted Average Grant Date Fair Value		Number of Shares/Units		Weighted Average Grant Date Fair Value
Balance as of December 31, 2014	85		$	54.32	264		$	57.07	349		$	56.40
Granted	17		$	153.01	166		$	102.34	183		$	107.06
Vested	(85	)	$	48.31	(157	)	$	65.89	(242	)	$	57.24
Canceled/forfeited	—		$	—	(5	)	$	91.14	(5	)	$	91.14
Balance as of December 31, 2015	17		$	153.01	268		$	71.98	285		$	83.71
Granted	20		$	141.02	63		$	134.04	83		$	135.71
Vested	—		$	—	(167	)	$	67.61	(167	)	$	67.61
Canceled/forfeited	—		$	—	(4	)	$	88.92	(4	)	$	88.92
Balance as of December 31, 2016	37		$	146.57	160		$	110.71	197		$	111.69
Granted	21		$	167.25	58		$	156.92	79		$	159.75
Adjustments⁽¹⁾	15		$	153.01	—		$	—	15		$	153.01
Vested	(32	)	$	153.01	(111	)	$	110.38	(143	)	$	119.94
Canceled/forfeited	—		$	—	(1	)	$	125.75	(1	)	$	125.75
Balance as of December 31, 2017	41		$	154.78	106		$	136.54	147		$	130.75

(1) Adjustments to number of units awarded for PSUs based on achievement of performance and market conditions.

Summary of Unrecognized Stock-based Compensation Expense

A summary of total unrecognized stock-based compensation expense related to RSAs, RSUs, and PSUs (based on current performance estimates), at December 31, 2017 is presented below:



(in millions, except years)	December 31, 2017		Weighted Average Remaining Vesting Period (Years)
Unrecognized RSA expense	$	3.0	1.3
Unrecognized RSU expense	2.0		1.3
Unrecognized PSU expense	3.4		1.7
Total	$	8.4	1.5

Activity for Stock Options Outstanding

Activity for our stock options is presented below:



(in thousands, except per average exercise price)	Number of Shares Under Option		Weighted Average Exercise Price
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
Granted	—		$	—
Exercises	(4	)	$	43.74
Canceled/forfeited	—		$	—
Balance as of December 31, 2017	—		$	—

Fair Value Of Assets And Liabilities (Tables)

12 Months Ended

Dec. 31, 2017

Fair Value Disclosures [Abstract]

Schedule of Fair Value Measurements on a Recurring Basis

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



	Level 1
(in millions)	December 31, 2017		December 31, 2016
Cash equivalents and restricted cash	$	31.2	$	34.3

Net Income Per Common Share Computations (Tables)

12 Months Ended

Dec. 31, 2017

Earnings Per Share [Abstract]

Schedule of Earnings Per Share Calculation

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)	2017			2016			2015
Numerator for basic net income per common share:
Net income from continuing operations	$	122.4		$	96.7		$	70.8
Net income from continuing operations allocated to participating securities	(0.1		)	(1.0		)	(0.6		)
Net income from discontinued operations	18.1			11.4			(5.6		)
Numerator for basic net income per common share	$	140.4		$	107.1		$	64.6

Numerator for diluted net income from continuing operations per common share	$	122.4		$	96.7		$	70.8

Numerator for diluted net income per common share	$	140.5		$	108.1		$	65.2

Denominator for net income per common share:
Basic	15.7			16.4			17.2
Plus dilutive effect of stock awards	0.2			0.2			0.1
Plus dilutive effect of participating securities	0.1			0.2			0.3
Diluted	16.0			16.8			17.6

Net income (loss) per common share data:
Basic
Continuing operations	$	7.76		$	5.83		$	4.08
Discontinued operations	$	1.15		$	0.69		$	(0.33	)
Net income per common share - basic	$	8.91		$	6.52		$	3.75

Diluted
Continuing operations	$	7.64		$	5.74		$	4.03
Discontinued operations	$	1.13		$	0.68		$	(0.32	)
Net income per common share - diluted	$	8.77		$	6.42		$	3.71

Segment Information (Tables)

12 Months Ended

Dec. 31, 2017

Segment Reporting [Abstract]

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



	Years Ended December 31,
(in millions)	2017			2016			2015
Net revenue from external customers:
Racing:
Churchill Downs	$	161.3		$	155.2		$	151.1
Arlington	57.2			55.3			54.4
Fair Grounds	36.3			38.0			39.8
Calder	2.5			2.6			2.7
Total Racing	257.3			251.1			248.0
Casino:
Oxford Casino	90.8			84.6			80.4
Riverwalk Casino	48.2			46.1			49.8
Harlow’s Casino	50.0			48.4			49.0
Calder Casino	85.4			79.1			77.4
Fair Grounds Slots	36.5			36.9			39.0
VSI	38.3			36.9			36.9
Saratoga	1.3			0.8			0.4
Total Casino	350.5			332.8			332.9
TwinSpires	255.6			221.6			201.1
Other Investments	19.2			16.9			16.6
Corporate	—			—			—
Net revenue from external customers	$	882.6		$	822.4		$	798.6
Intercompany net revenue:
Racing:
Churchill Downs	$	11.4		$	10.0		$	7.8
Arlington	6.3			5.5			5.1
Fair Grounds	1.6			1.5			1.3
Calder	—			—			—
Total Racing	19.3			17.0			14.2
TwinSpires	1.1			1.3			1.1
Other Investments	4.5			3.9			3.5
Eliminations	(24.9		)	(22.2		)	(18.8		)
Intercompany net revenue	$	—		$	—		$	—

Schedule of Segment Reporting Information



	Years Ended December 31,
(in millions)	2017			2016			2015
Reconciliation of Comprehensive Income to Adjusted EBITDA:

Comprehensive income	$	140.4		$	107.5		$	64.7
Foreign currency translation, net of tax	0.1			(0.2		)	0.5
Net change in pension benefits, net of tax	—			0.8			—
Net income	140.5			108.1			65.2
Additions - continuing operations:
Depreciation and amortization	56.0			58.4			58.0
Interest expense	49.3			43.7			28.6
Loss on extinguishment of debt	20.7			—			—
Income tax (benefit) provision	(19.9		)	50.7			44.6
Additions - discontinued operations:
Depreciation and amortization	41.1			50.2			51.7
Income tax provision	5.1			9.3			2.3
EBITDA	$	292.8		$	320.4		$	250.4

Adjustments to EBITDA - continuing operations:
Selling, general and administrative:
Stock-based compensation expense	16.0			13.3			12.5
Other charges	1.2			2.5			—
Other income, expense:
Interest, depreciation and amortization expense related to equity investments	16.7			10.0			8.5
Other charges and recoveries, net	—			0.5			(5.8		)
Impairment of tangible and other intangible assets	21.7			—			—
Gain on Calder land sale	—			(23.7		)	—
Calder exit costs	0.8			2.5			13.9
Other, net	1.5			(2.4		)	—
Adjustments to EBITDA - discontinued operations:
Stock-based compensation expense	11.1			5.6			1.3
Transaction expense, net	4.7			5.8			21.7
Total adjustments to EBITDA	73.7			14.1			52.1
Adjusted EBITDA	$	366.5		$	334.5		$	302.5

Adjusted EBITDA by segment:
Racing	$	84.5		$	79.7		$	71.8
Casino	146.0			125.8			114.9
TwinSpires	64.4			56.2			49.5
Other Investments	3.7			2.7			2.9
Corporate^(a)	(12.4		)	(12.1		)	(8.1		)
Big Fish Games	80.3			82.2			71.5
Adjusted EBITDA	$	366.5		$	334.5		$	302.5

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



	Years Ended December 31,
(in millions)	2017		2016		2015
Casino	$	25.3	$	17.4	$	10.9
Other Investments	0.2		—		0.3
	$	25.5	$	17.4	$	11.2

Adjusted EBITDA by segment is comprised of the following:



	Year Ended December 31, 2017
	Continuing Operations															Discontinued Operations
(in millions)	Racing			Casino			TwinSpires			Other Investments			Corporate^(a)			Big Fish Games
Net revenue	$	276.6		$	350.5		$	256.7		$	23.7		$	—		$	466.0

Taxes & purses	(65.4		)	(117.0		)	(14.7		)	—			—			—
Platform & development fees	—			—			—			—			—			(167.8		)
Marketing & advertising	(4.9		)	(12.1		)	(8.2		)	—			—			(116.6		)
Salaries & benefits	(41.7		)	(53.2		)	(9.9		)	(12.0		)				(27.8		)
Content expense	(15.2		)	—			(125.0		)	—			—			—
SG&A expense	(16.8		)	(22.6		)	(12.4		)	(3.3		)	(12.2		)	(16.6		)
Research & development	—			—			—			—			—			(39.6		)
Other operating expense	(48.9		)	(41.6		)	(22.1		)	(5.1		)	(0.5		)	(15.6		)
Other income	0.8			42.0			—			0.4			0.3			(1.7		)

Adjusted EBITDA	$	84.5		$	146.0		$	64.4		$	3.7		$	(12.4	)	$	80.3



	Year Ended December 31, 2016
	Continuing Operations															Discontinued Operations
(in millions)	Racing			Casino			TwinSpires			Other Investments			Corporate^(a)			Big Fish Games
Net revenue	$	268.1		$	332.8		$	222.9		$	20.8		$	—		$	486.2

Taxes & purses	(64.2		)	(110.9		)	(11.6		)	—			—			—
Platform & development fees	—			—			—			—			—			(179.9		)
Marketing & advertising	(4.6		)	(12.7		)	(6.3		)	—			—			(127.9		)
Salaries & benefits	(40.9		)	(50.8		)	(9.4		)	(10.9		)	—			(25.0		)
Content expense	(15.6		)	—			(107.6		)	—			—			—
SG&A expense	(16.2		)	(21.2		)	(12.0		)	(3.4		)	(11.7		)	(15.4		)
Research & development	—			—			—			—			—			(39.0		)
Other operating expense	(47.4		)	(39.1		)	(19.8		)	(4.1		)	(0.6		)	(15.9		)
Other income	0.5			27.7			—			0.3			0.2			(0.9		)

Adjusted EBITDA	$	79.7		$	125.8		$	56.2		$	2.7		$	(12.1	)	$	82.2



	Year Ended December 31, 2015
	Continuing Operations															Discontinued Operations
(in millions)	Racing			Casino			TwinSpires			Other Investments			Corporate^(a)			Big Fish Games
Net revenue	$	262.2		$	332.9		$	202.2		$	20.1		$	—		$	413.7

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		)	(11.1		)	—			(22.3		)
Content expense	(14.6		)	—			(97.9		)	—			—			—
SG&A expense	(16.6		)	(24.1		)	(11.5		)	(2.5		)	(9.3		)	(13.8		)
Research & development	—			—			—			—			—			(39.4		)
Other operating expense	(50.9		)	(41.3		)	(18.0		)	(3.8		)	1.1			(14.8		)
Other income	0.6			19.4			—			0.2			0.1			(0.6		)

Adjusted EBITDA	$	71.8		$	114.9		$	49.5		$	2.9		$	(8.1	)	$	71.5

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)	2017		2016
Total assets:
Racing	$	483.0	$	454.6
Casino	679.6		628.7
TwinSpires	215.9		209.9
Other Investments	15.2		11.1
Corporate	73.2		56.3
Big Fish Games	892.5		893.8
	$	2,359.4	$	2,254.4

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



	Years Ended December 31,
(in millions)	2017		2016		2015
Capital expenditures:
Racing	$	57.8	$	26.1	$	12.3
Casino	37.5		13.9		18.8
TwinSpires	9.0		7.0		4.3
Other Investments	3.4		1.0		0.8
Corporate	1.3		1.2		0.9
Big Fish Games	7.9		5.5		6.4
	$	116.9	$	54.7	$	43.5

Quarterly Results of Operations (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2017

Quarterly Financial Information Disclosure [Abstract]

Schedule of Quarterly Results of Operations



(in millions, except per common share data)	For the Year Ended December 31, 2017
	First Quarter		Second Quarter		Third Quarter		Fourth Quarter^(a)
Net revenues	$	167.5	$	339.3	$	196.9	$	178.9
Operating income (loss)	8.4		123.3		26.8		(12.8		)
Income from continuing operations, net of tax	2.2		72.9		12.9		34.4
Income from discontinued operations, net of tax	5.1		5.4		3.8		3.8

Net income per common share - basic ^(c):
Continuing operations	$	0.13	$	4.52	$	0.85	$	2.25
Discontinued operations	0.31		0.34		0.24		0.25
Net income per common share - basic	$	0.44	$	4.86	$	1.09	$	2.50

Net income per common share - diluted ^(c):
Continuing operations	$	0.13	$	4.47	$	0.84	$	2.22
Discontinued operations	0.31		0.34		0.24		0.24
Net income per common share - diluted	$	0.44	$	4.81	$	1.08	$	2.46



(in millions, except per common share data)	For the Year Ended December 31, 2016
	First Quarter			Second Quarter		Third Quarter		Fourth Quarter^(b)
Net revenues	$	166.3		$	313.3	$	181.0	$	161.8
Operating income	12.5			113.6		14.0		32.4
Income from continuing operations, net of tax	7.1			66.8		3.4		19.4
(Loss) income from discontinued operations, net of tax	(4.3		)	3.0		5.3		7.4

Net income (loss) per common share - basic ^(c):
Continuing operations	$	0.43		$	3.97	$	0.20	$	1.17
Discontinued operations	(0.26		)	0.19		0.32		0.45
Net income per common share - basic	$	0.17		$	4.16	$	0.52	$	1.62

Net income (loss) per common share - diluted ^(c):
Continuing operations	$	0.42		$	3.93	$	0.20	$	1.16
Discontinued operations	(0.26		)	0.18		0.32		0.44
Net income per common share - diluted	$	0.16		$	4.11	$	0.52	$	1.60

Description of Business - Additional Information (Details) gaming_location in Thousands, $ in Millions		12 Months Ended
	Jan. 09, 2018 USD ($)	Dec. 31, 2017 state gaming_location	Jan. 03, 2017	Oct. 02, 2015	Dec. 31, 2012
Variable Interest Entity [Line Items]
Number of gaming locations \| gaming_location		10
Number of states in which the company operates \| state		8
Miami Valley Gaming LLC
Variable Interest Entity [Line Items]
Equity method investment, ownership percentage		50.00%			50.00%
Miami Valley Gaming LLC \| Casino
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%	25.00%
Saratoga Casino Holdings LLC \| Casino
Variable Interest Entity [Line Items]
Equity method investment, ownership percentage		25.00%
Ocean Downs and Racing Services
Variable Interest Entity [Line Items]
Equity method investment, ownership percentage		62.50%	62.50%
Subsequent Event \| Big Fish Games \| Discontinued Operations, Disposed of by Sale
Variable Interest Entity [Line Items]
Consideration in connection with the transaction \| $	$ 990.0

Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
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
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
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	$ 7.2	$ 6.7	$ 8.9
Capitalized computer software developed or acquired for internal use, amortization expense	$ 6.3	6.0	6.2
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	18.30%
Racing
Variable Interest Entity [Line Items]
Percentage earned on total amount wagered	11.10%
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
Variable Interest Entity [Line Items]
Capitalized computer software useful life	18 months
Premium \| Game Software Development
Variable Interest Entity [Line Items]
Capitalized computer software useful life	12 months
Big Fish Games
Variable Interest Entity [Line Items]
Research & development expenditures	$ 39.6	39.0	39.4
Continuing Operations
Variable Interest Entity [Line Items]
Advertising and marketing expense	24.8	23.1	23.0
Discontinued Operations
Variable Interest Entity [Line Items]
Advertising and marketing expense	$ 116.6	$ 127.9	$ 107.7

Discontinued Operations - Additional Information (Details) - USD ($)		3 Months Ended	12 Months Ended
	Jan. 09, 2018	Mar. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Nov. 29, 2017
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Increase in fair values of Big Fish Games deferred payment and earnout liability				$ (2,300,000)
Big Fish Games \| Discontinued Operations, Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Previously recognized compensation expense						$ 0
Compensation expense recognized due to acceleration of vesting			$ 3,400,000
Stock-based compensation expense			11,100,000	5,600,000	$ 1,300,000
Increase in fair values of Big Fish Games deferred payment and earnout liability			$ 1,100,000	$ 5,700,000	$ 21,700,000
Subsequent Event \| Big Fish Games \| Discontinued Operations, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration in connection with the transaction	$ 990,000,000
Scenario, Forecast \| Big Fish Games \| Discontinued Operations, Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Stock-based compensation expense		$ 3,500,000

Discontinued Operations - Income (Loss) From Discontinued Operations (Details) - Big Fish Games - Discontinued Operations, Held-for-sale - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net revenue	$ 466.0	$ 486.2	$ 413.7
Operating expenses	369.0	398.9	340.1
Selling, general and administrative expense	27.8	20.9	15.2
Research and development	39.6	39.0	39.4
Transaction expense, net	4.7	5.8	21.7
Total operating expense	441.1	464.6	416.4
Operating income (loss)	24.9	21.6	(2.7)
Other expense	(1.7)	(0.9)	(0.6)
Income (loss) from discontinued operations before provision for income taxes	23.2	20.7	(3.3)
Income tax provision	(5.1)	(9.3)	(2.3)
Income (loss) from discontinued operations, net of tax	$ 18.1	$ 11.4	$ (5.6)

Discontinued Operations - Major Classes of Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Current assets:
Current assets of discontinued operations held for sale	$ 69.1	$ 70.8
Long-term assets of discontinued operations held for sale	823.4	823.3
Current liabilities:
Current liabilities of discontinued operations held for sale	188.2	207.6
Non-current liabilities of discontinued operations held for sale	54.8	92.3
Big Fish Games \| Discontinued Operations, Held-for-sale
Current assets:
Cash and cash equivalents	2.6	3.4
Accounts receivable	42.9	24.7
Game software development, net	6.9	9.6
Other current assets	16.7	33.1
Current assets of discontinued operations held for sale	69.1	70.8
Property and equipment, net	16.4	13.8
Game software development, net	13.5	6.3
Goodwill	530.7	530.7
Other intangible assets, net	238.8	271.7
Other assets	24.0	0.8
Long-term assets of discontinued operations held for sale	823.4	823.3
Total assets	892.5	894.1
Current liabilities:
Accounts payable	5.5	3.7
Accrued expense	35.0	26.9
Deferred revenue	85.1	81.3
Big Fish Games deferred payment	28.4	27.8
Big Fish Games earnout liability	34.2	67.9
Current liabilities of discontinued operations held for sale	188.2	207.6
Deferred income taxes	47.6	90.0
Other liabilities	7.2	2.3
Non-current liabilities of discontinued operations held for sale	54.8	92.3
Total liabilities	$ 243.0	$ 299.9

Discontinued Operations - Fair Value of Liabilities (Details) - Big Fish Games - Discontinued Operations, Held-for-sale - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Liabilities measured at fair value on a recurring basis	$ 62.6	$ 95.7
Deferred Payments
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Liabilities measured at fair value on a recurring basis	28.4	27.8
Earnout Liability
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Liabilities measured at fair value on a recurring basis	$ 34.2	$ 67.9

Discontinued Operations - Change in Fair Value of Liabilities (Details) - Big Fish Games - Discontinued Operations, Held-for-sale $ in Millions	12 Months Ended
	Dec. 31, 2017 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance as of December 31, 2016	$ 95.7
Payments	(34.2)
Change in fair value	1.1
Balance as of December 31, 2017	62.6
Deferred Payments
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance as of December 31, 2016	27.8
Payments	0.0
Change in fair value	0.6
Balance as of December 31, 2017	28.4
Earnout Liability
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance as of December 31, 2016	67.9
Payments	(34.2)
Change in fair value	0.5
Balance as of December 31, 2017	$ 34.2

Accounts Receivable - Schedule of Accounts Receivable (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Accounts Receivable, Net, Current [Abstract]
Accounts receivable, gross	$ 53.2	$ 60.1
Allowance for doubtful accounts	(3.6)	(3.5)
Accounts receivable, net	49.6	56.6
Trade receivables
Accounts Receivable, Net, Current [Abstract]
Accounts receivable, gross	5.5	7.0
Derby-related receivables
Accounts Receivable, Net, Current [Abstract]
Accounts receivable, gross	22.3	27.1
Simulcast and mobile and online wagering receivables
Accounts Receivable, Net, Current [Abstract]
Accounts receivable, gross	20.5	21.0
Other receivables
Accounts Receivable, Net, Current [Abstract]
Accounts receivable, gross	$ 4.9	$ 5.0

Accounts Receivable - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Accounts, Notes, Loans and Financing Receivable [Line Items]
Bad debt expense	$ 1.2	$ 1.1	$ 0.9

Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 1,122.1	$ 1,026.8
Accumulated depreciation	(514.1)	(466.2)
Total	608.0	560.6
Grandstands and buildings
Property, Plant and Equipment [Line Items]
Property and equipment, gross	439.8	410.5
Equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	286.7	258.3
Tracks and other improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	177.9	157.3
Land
Property, Plant and Equipment [Line Items]
Property and equipment, gross	131.7	117.5
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	60.3	54.4
Construction in progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	23.5	26.7
Artwork
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 2.2	$ 2.1

Property and Equipment - Additional Information (Details)		3 Months Ended		12 Months Ended
	Nov. 08, 2016 USD ($) a	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)
Property, Plant and Equipment [Line Items]
Depreciation expense				$ 49,100,000	$ 49,100,000	$ 47,600,000
Area of land sold \| a	61
Gain (loss) on sale of land			$ 23,700,000	0	23,700,000	$ 0
Receivable from escrow	$ 14,000,000	$ 0	$ 13,600,000	$ 0	$ 13,600,000
Land
Property, Plant and Equipment [Line Items]
Proceeds from sale of land held-for-use	25,600,000
Gain (loss) on sale of land	$ 23,700,000
TwinSpires
Property, Plant and Equipment [Line Items]
Long-lived asset impairment		$ 13,700,000

Calder Exit Costs - Additional Information (Details) - USD ($)		3 Months Ended	12 Months Ended
	Nov. 08, 2016	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Restructuring Cost and Reserve [Line Items]
Calder exit costs			$ 800,000	$ 2,500,000	$ 13,900,000
Gain (loss) on sale of land		$ 23,700,000	$ 0	$ 23,700,000	0
Land
Restructuring Cost and Reserve [Line Items]
Gain (loss) on sale of land	$ 23,700,000
Calder Grandstand
Restructuring Cost and Reserve [Line Items]
Long-lived asset impairment					12,700,000
Net book value of asset					$ 0

Investment In and Advances to Unconsolidated Affiliates - Balance Sheet of Equity Method Investments (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Assets
Current assets	$ 64.5	$ 38.8
Property and equipment, net	234.6	198.0
Other assets, net	236.5	165.0
Total assets	535.6	401.8
Liabilities and Members' Equity
Current liabilities	100.3	77.5
Long-term debt	110.1	69.2
Other liabilities	0.1	0.1
Members' equity	325.1	255.0
Total liabilities and members' equity	$ 535.6	$ 401.8

Investment In and Advances to Unconsolidated Affiliates - Income Statement of Equity Method Investments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Net revenue:
Net revenue	$ 303.3	$ 216.1	$ 195.2
Operating and SG&A expense	204.9	142.8	137.2
Depreciation and amortization	25.9	18.5	15.2
Operating income	72.5	54.8	42.8
Interest and other expense, net	(8.5)	(6.9)	(6.2)
Net income	$ 64.0	$ 47.9	$ 36.6

Investment In and Advances to Unconsolidated Affiliates - Miami Valley Gaming Joint Venture (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2012
Schedule of Equity Method Investments [Line Items]
Other liabilities	$ 100,000	$ 100,000
Proceeds from equity method investment	$ 18,000,000	15,600,000	$ 15,200,000
Miami Valley Gaming LLC
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	50.00%			50.00%
Note payable term	6 years
Other liabilities	$ 50,000,000
Secured note payable fixed interest rate	5.00%
Principal repayments of secured note payable	$ 33,300,000
Proceeds from equity method investment	$ 17,000,000	$ 15,000,000	$ 15,000,000
Delaware North Companies Gaming & Entertainment Inc. \| Miami Valley Gaming LLC
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	50.00%

Investment In and Advances to Unconsolidated Affiliates - Equity in Income of MVG (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Schedule of Equity Method Investments [Line Items]
Equity in income of unconsolidated investments	$ 25.5	$ 17.4	$ 11.2
Miami Valley Gaming LLC
Schedule of Equity Method Investments [Line Items]
Equity in income of unconsolidated investments	$ 16.7	$ 14.2	$ 10.6

Investment In and Advances to Unconsolidated Affiliates - SHRI Equity Investment (Details) ft² in Thousands, $ in Millions		12 Months Ended
	Oct. 02, 2015 USD ($) terminal dining_facility mi	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Jan. 03, 2017	Nov. 21, 2016 USD ($) slot_machine lounge dining_facility gaming_table	Jul. 06, 2016 ft² rooms
Schedule of Equity Method Investments [Line Items]
Proceeds from equity method investment		$ 18.0	$ 15.6	$ 15.2
Saratoga Casino Holdings LLC
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	25.00%	25.00%			25.00%
Equity method investment, amount	$ 24.5
Number of lottery terminals \| terminal	1,700
Length of race track \| mi	0.5
Number of dining facilities \| dining_facility	3
Fair value of property and equipment		$ 3.7
Fair value of finite-lived intangible assets		$ 2.7
Saratoga Casino Black Hawk
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage						25.00%
Equity method investment, amount						$ 6.5
Number of dining facilities \| dining_facility						2
Number of slot machines \| slot_machine						600
Number of table games \| gaming_table						7
Number of lounges \| lounge						3
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 - Ocean Downs (Details) - USD ($) $ in Millions	Dec. 31, 2017	Jan. 03, 2017	Aug. 31, 2016	Oct. 02, 2015
Old Bay
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]
Equity method investment, ownership percentage	25.00%	25.00%		25.00%
Equity method investment, amount				$ 24.5
Ocean Downs and Racing Services
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	62.50%	62.50%
Equity method investment, amount		$ 24.0
Equity method investment, ownership percentage through other investments		12.50%

Goodwill - Schedule of Goodwill (Details) $ in Millions	12 Months Ended
Goodwill - Schedule of Goodwill (Details) $ in Millions	Dec. 31, 2017 USD ($)
Goodwill [Roll Forward]
Balance, beginning of period	$ 301.5
Additions	16.1
Balance, end of period	317.6
Racing
Goodwill [Roll Forward]
Balance, beginning of period	51.7
Additions	0.0
Balance, end of period	51.7
Casino
Goodwill [Roll Forward]
Balance, beginning of period	117.7
Additions	0.0
Balance, end of period	117.7
TwinSpires
Goodwill [Roll Forward]
Balance, beginning of period	132.1
Additions	16.1
Balance, end of period	$ 148.2

Goodwill - Additional Information (Details) $ in Millions	12 Months Ended
Goodwill - Additional Information (Details) $ in Millions	Dec. 31, 2017 USD ($)
Goodwill [Line Items]
Additions to goodwill	$ 16.1
TwinSpires
Goodwill [Line Items]
Additions to goodwill	16.1
BetAmerica Corporation \| TwinSpires
Goodwill [Line Items]
Additions to goodwill	$ 16.1

Other Intangible Assets - Schedule of Other Intangible Assets (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	$ 39.8	$ 46.8
Accumulated Amortization	(20.6)	(31.1)
Net Carrying Amount	19.2	15.7
Indefinite-Lived Intangible Assets (Excluding Goodwill) [Abstract]
Indefinite-lived intangible assets (excluding goodwill)	169.4	174.0
Trademarks
Indefinite-Lived Intangible Assets (Excluding Goodwill) [Abstract]
Indefinite-lived intangible assets (excluding goodwill)	21.2	25.7
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)	0.0	3.3
Other
Indefinite-Lived Intangible Assets (Excluding Goodwill) [Abstract]
Indefinite-lived intangible assets (excluding goodwill)	0.1	0.4
Customer relationships
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	16.7	27.1
Accumulated Amortization	(10.6)	(22.4)
Net Carrying Amount	6.1	4.7
Favorable contracts
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	11.0	11.0
Accumulated Amortization	(6.8)	(6.2)
Net Carrying Amount	4.2	4.8
Other
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	7.1	3.7
Accumulated Amortization	(1.5)	(1.0)
Net Carrying Amount	5.6	2.7
Table games license
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	2.7	2.7
Accumulated Amortization	(0.6)	(0.4)
Net Carrying Amount	2.1	2.3
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 ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Finite-Lived Intangible Assets [Line Items]
Amortization of definite-lived intangible assets		$ 6.8	$ 9.4	$ 10.5
Additional payments not included in future estimated amortization expense	$ 2.3	2.3
Calder
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets acquired		2.3	$ 2.3
Illinois Horseracing Equity Trust \| Racing
Finite-Lived Intangible Assets [Line Items]
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill)	3.3
BetAmerica Corporation \| Customer Relationships
Finite-Lived Intangible Assets [Line Items]
Finite-lived Intangible Assets Acquired		4.7
BetAmerica Corporation \| Other
Finite-Lived Intangible Assets [Line Items]
Finite-lived Intangible Assets Acquired		$ 3.4
Bluff Media \| TwinSpires
Finite-Lived Intangible Assets [Line Items]
Impairment of Intangible Assets (Excluding Goodwill)	4.7
Bluff Media \| TwinSpires \| Customer Relationships
Finite-Lived Intangible Assets [Line Items]
Impairment of Intangible Assets, Finite-lived	0.2
Bluff Media \| Trademarks \| TwinSpires
Finite-Lived Intangible Assets [Line Items]
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill)	$ 4.5

Other Intangible Assets - Schedule of Future Estimated Amortization Expense (Details) $ in Millions	Dec. 31, 2017 USD ($)
Intangible Assets, Net (Excluding Goodwill) [Abstract]
2018	$ 4.8
2019	2.1
2020	1.9
2021	1.8
2022	$ 1.8

Income Taxes - Schedule of Components of Provision for Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Current provision:
Federal	$ 29.5	$ 33.6	$ 33.3
State and local	3.0	3.3	3.2
Current income tax expense (benefit)	32.5	36.9	36.5
Deferred (benefit) provision:
Federal	(53.0)	12.7	6.0
State and local	0.8	1.1	2.1
Foreign	(0.2)	0.0	0.0
Deferred income tax expense (benefit)	(52.4)	13.8	8.1
Income tax expense (benefit)	$ (19.9)	$ 50.7	$ 44.6

Income Taxes - Schedule of Income from Operations Before Provision for Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Domestic	$ 102.2	$ 146.4	$ 114.1
Foreign	0.3	1.0	1.3
Income from continuing operations before provision for income taxes	$ 102.5	$ 147.4	$ 115.4

Income Taxes - Reconciliation of Amount Computed by Applying the Federal Statutory Income Tax Rate (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income Tax Expense (Benefit), Continuing Operations, Income Tax Reconciliation [Abstract]
Federal statutory tax on earnings before income taxes	$ 35.9	$ 51.6	$ 40.4
State income taxes, net of federal income tax benefit	2.5	4.0	2.0
Non-deductible officer's compensation	4.7	2.3	2.0
Change in enacted tax rates	(57.7)	0.1	0.7
Windfall deduction from equity compensation	(5.2)	(4.9)	0.0
Other	(0.1)	(2.4)	(0.5)
Income tax expense (benefit)	$ (19.9)	$ 50.7	$ 44.6

Income Taxes - Schedule of Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Deferred tax assets:
Deferred compensation plans	$ 6.5	$ 10.7
Deferred income	4.7	4.3
Allowance for uncollectible receivables	0.8	1.2
Deferred liabilities	2.1	3.0
Net operating losses and credit carryforward	5.1	8.1
Deferred tax assets	19.2	27.3
Valuation allowance	(0.2)	(0.4)
Net deferred tax asset	19.0	26.9
Deferred tax liabilities:
Intangible assets in excess of tax basis	29.2	41.2
Property and equipment in excess of tax basis	22.4	34.8
Equity investments in excess of tax basis	6.8	11.1
Other	1.2	3.0
Deferred tax liabilities	59.6	90.1
Net deferred tax liability	$ (40.6)	$ (63.2)

Income Taxes - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income Taxes [Line Items]
Change in tax rate income tax expense (benefit)	$ 56.9
Transition tax for accumulated foreign earnings, income tax expense (benefit)	0.8
Non-deductible officer's compensation provisional income tax expense	4.7
Tax depreciation provisional income tax benefit	19.7
Transition tax for accumulated foreign earnings provisional income tax expense	0.9
Change in tax rate provisional tax expense (benefit)	56.9
Unrecognized tax benefits	2.9	$ 2.3	$ 1.8	$ 1.5
Unrecognized tax benefits that would impact effective tax rate	2.8
Anticipated decrease in unrecognized tax positions	0.2
Federal \| Youbet.com
Income Taxes [Line Items]
Operating loss carryforwards	9.6
State
Income Taxes [Line Items]
Operating loss carryforwards	2.1
Operating loss carryforwards, valuation allowance	0.2
State \| Youbet.com
Income Taxes [Line Items]
Operating loss carryforwards	$ 0.5

Income Taxes - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Unrecognized tax benefit, beginning of period	$ 2.3	$ 1.8	$ 1.5
Additions for tax positions related to the current year	0.5	0.5	0.3
Additions for tax positions of prior years	0.3	0.1	0.2
Reductions for tax positions of prior years	(0.2)	(0.1)	(0.2)
Unrecognized tax benefit, end of period	$ 2.9	$ 2.3	$ 1.8

Shareholders' Equity - Additional Information (Details)					12 Months Ended
Shareholders' Equity - Additional Information (Details)	Jun. 09, 2017 USD ($) $ / shares shares	Nov. 19, 2015 USD ($) $ / shares shares	Mar. 13, 2008 right / shares shares / right	Mar. 13, 2008 right / shares shares / right firm	Dec. 31, 2017 USD ($) shares	Dec. 31, 2016 USD ($) shares	Nov. 29, 2017 USD ($)	Apr. 25, 2017 USD ($)	Feb. 29, 2016 USD ($)	Feb. 24, 2016 USD ($)	Dec. 31, 2015 USD ($)	Oct. 28, 2015 USD ($)
Distribution Made to Limited Partner [Line Items]
Authorized stock repurchase amount							$ 500,000,000.0	$ 250,000,000.0	$ 150,000,000.0	$ 150,000,000.0	$ 150,000,000.0	$ 150,000,000.0
Stock repurchased during period (in shares) \| shares						211,790
Stock repurchased and retired during period, value						$ 27,600,000
Number of days for average common stock repurchase price		20 days
Remaining unused authorization for stock repurchase program						$ 122,400,000			$ 114,600,000		$ 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
Distribution Made to Limited Partner [Line Items]
Beneficial ownership percentage			15.00%	15.00%
Series A Preferred Stock \| Common Stock
Distribution Made to Limited Partner [Line Items]
Class of warrant or right, issuance rate \| right / shares			1	1
Common Stock \| Preferred Stock
Distribution Made to Limited Partner [Line Items]
Class of warrant or right, repurchase rate			0.001	0.001
Common Stock \| Common Stock
Distribution Made to Limited Partner [Line Items]
Class or warrant or right, percent of common stock issued			200.00%	200.00%
Class of warrant or right, repurchase rate \| shares / right			1	1
The Duchossois Group
Distribution Made to Limited Partner [Line Items]
Stock repurchased during period (in shares) \| shares	1,000,000	945,000			1,000,000
Stock repurchased and retired during period, value	$ 158,800,000	$ 138,100,000
Repurchase price (in dollars per share) \| $ / shares	$ 158.78	$ 146.13
April 2017 Stock Repurchase Program
Distribution Made to Limited Partner [Line Items]
Stock repurchased during period (in shares) \| shares					1,077,029
Stock repurchased and retired during period, value					$ 171,700,000
Remaining unused authorization for stock repurchase program					$ 78,300,000

Director and Employee Benefit Plans - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Defined Benefit Plan Disclosure [Line Items]
Duration of service for eligibility	3 months
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	$ 2.7	$ 2.5	$ 2.5
Noncontributory Defined Benefit Multi-Employer Retirement Plan
Defined Benefit Plan Disclosure [Line Items]
Retirement plan expense	$ 0.6	$ 0.6	$ 0.6

Total Debt - Schedule of Total Debt Outstanding (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Outstanding Principal	$ 1,142.0	$ 927.5
Premium	0.0	2.5
Issuance Costs and Fees	12.8	8.3
Long-Term Debt, Net	1,129.2	921.7
Current maturities of long-term debt	4.0	14.2
Total principal amount of debt, net of current maturities	1,138.0	913.3
Total debt, net of current maturities	1,125.2	907.5
2017 Credit Agreement \| Line of Credit
Debt Instrument [Line Items]
Outstanding Principal	642.0
Premium	0.0
Issuance Costs and Fees	5.1
Long-Term Debt, Net	636.9
2014 Credit Agreement \| Line of Credit
Debt Instrument [Line Items]
Outstanding Principal		327.5
Premium		0.0
Issuance Costs and Fees		0.5
Long-Term Debt, Net		327.0
2028 Senior Notes \| Senior Notes
Debt Instrument [Line Items]
Outstanding Principal	500.0
Premium	0.0
Issuance Costs and Fees	7.7
Long-Term Debt, Net	492.3
2021 Senior Notes \| Senior Notes
Debt Instrument [Line Items]
Outstanding Principal		600.0
Premium		2.5
Issuance Costs and Fees		7.8
Long-Term Debt, Net		594.7
Term Loan \| 2017 Credit Agreement \| Line of Credit
Debt Instrument [Line Items]
Outstanding Principal	400.0
Premium	0.0
Issuance Costs and Fees	5.1
Long-Term Debt, Net	394.9
Term Loan \| 2014 Credit Agreement \| Line of Credit
Debt Instrument [Line Items]
Outstanding Principal		179.3
Premium		0.0
Issuance Costs and Fees		0.5
Long-Term Debt, Net		178.8
Revolving Credit Facility \| 2017 Credit Agreement \| Line of Credit
Debt Instrument [Line Items]
Outstanding Principal	239.0
Premium	0.0
Issuance Costs and Fees	0.0
Long-Term Debt, Net	239.0
Swing line of credit \| 2017 Credit Agreement \| Line of Credit
Debt Instrument [Line Items]
Outstanding Principal	3.0
Premium	0.0
Issuance Costs and Fees	0.0
Long-Term Debt, Net	$ 3.0
Swing line of credit \| 2014 Credit Agreement \| Line of Credit
Debt Instrument [Line Items]
Outstanding Principal		13.2
Premium		0.0
Issuance Costs and Fees		0.0
Long-Term Debt, Net		13.2
Senior Secured Credit Facility due 2021 \| 2014 Credit Agreement \| Line of Credit
Debt Instrument [Line Items]
Outstanding Principal		135.0
Premium		0.0
Issuance Costs and Fees		0.0
Long-Term Debt, Net		$ 135.0

Total Debt - Credit Agreements (Details) - Line of Credit				3 Months Ended	12 Months Ended
	Jan. 09, 2018 USD ($)	Dec. 31, 2017	Dec. 27, 2017 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2017	Dec. 26, 2017 USD ($)
Debt Instrument [Line Items]
Coverage ratio, prior year permitted acquisition amount			$ 100,000,000.0
Minimum
Debt Instrument [Line Items]
Maximum leverage ratio			4.0
Minimum interest coverage ratio			2.5
Maximum
Debt Instrument [Line Items]
Maximum leverage ratio			4.5
2014 Credit Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity						$ 500,000,000
Secured Debt \| Term Loan B due 2022
Debt Instrument [Line Items]
Long-term debt			$ 400,000,000.0
Required payment as a percentage of original balance			0.25%
Required periodic payment			$ 1,000,000
Debt issuance costs			$ 5,100,000
Amortization period of debt issuance costs			7 years
Secured Debt \| Term Loan B due 2022 \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Margin on variable rate		2.00%
Secured Debt \| 2014 Credit Agreement
Debt Instrument [Line Items]
Amortization of debt issuance costs				$ 400,000
Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 700,000,000.0
Commitment fee percentage					0.25%
Debt issuance costs			$ 1,600,000
Amortization period of debt issuance costs			5 years
Revolving Credit Facility \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Margin on variable rate		1.75%
Letter of credit
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 50,000,000.0
Swing line of credit
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 50,000,000.0
Subsequent Event \| Revolving Credit Facility
Debt Instrument [Line Items]
Repayments of lines of credit	$ 242,000,000

Total Debt - Senior Notes (Details) - Senior Notes - USD ($)	Dec. 27, 2017	Dec. 16, 2015	Dec. 16, 2013
2028 Senior Notes
Debt Instrument [Line Items]
Face amount of debt issuance	$ 500,000,000.0
Stated interest rate	4.75%
Debt issuance costs	$ 7,700,000
Redemption price, percentage of face amount	100.00%
2028 Senior Notes \| Any time prior to January 15, 2021
Debt Instrument [Line Items]
Redemption price, percentage of face amount	104.75%
Percentage of principal amount available for redemption	40.00%
2021 Senior Notes
Debt Instrument [Line Items]
Face amount of debt issuance	$ 600,000,000.0	$ 300,000,000	$ 300,000,000
Stated interest rate	5.375%		5.375%
Debt issuance, premium percentage		101.00%
Extinguishment of debt, amount	$ 16,100,000
Write off of debt issuance costs	6,300,000
Bond premium	$ 2,000,000

Total Debt - Schedule of Future Aggregate Maturities of Total Debt (Details) $ in Millions	Dec. 31, 2017 USD ($)
Long-term Debt, Fiscal Year Maturity [Abstract]
2018	$ 4.0
2019	4.0
2020	4.0
2021	4.0
2022	246.0
Thereafter	880.0
Total debt	$ 1,142.0

Operating Leases - Future Minimum Operating Lease Payments (Details) $ in Millions	Dec. 31, 2017 USD ($)
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
2018	$ 5.2
2019	4.3
2020	3.8
2021	3.4
2022	1.9
Thereafter	3.2
Total	$ 21.8

Operating Leases - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2002
Leases [Abstract]
Rent expense for contingent lease payments	$ 3,600,000	$ 3,400,000	$ 3,500,000
Total rent expense for all operating leases	$ 18,300,000	$ 18,900,000	$ 19,700,000
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 - Summary of Restricted Stock Units, Performance Stock Units, and Restricted Stock(Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)	3 years	3 years
Shares, granted (in shares)	29	35	137
Restricted Stock Units (RSU)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares, granted (in shares)	6	8	6
Executive Long-Term Incentive Compensation Plan (the “ELTI Plan”)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of targets	85.00%
Executive Long-Term Incentive Compensation Plan (the “ELTI Plan”) \| Restricted Stock Units (RSU)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)	3 years	3 years	2 years
Shares, granted (in shares)	22	20	23
Executive Long-Term Incentive Compensation Plan (the “ELTI Plan”) \| Performance Share Units (PSU)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares, granted (in shares)	21	20	17
Performance and service period under adopted ELTI Plan	3 years	3 years	3 years
Minimum \| Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)			7 months
Maximum \| Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)			3 years

Stock-Based Compensation Plans - Activity for Awards Made Outside of Share-Based Compensation Plans (Details) - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Restricted stock
Number of Shares/Units
Shares, granted (in shares)	29	35	137
ELTI Plan, the 2013 New Company LTIP, the 2007 Incentive Plan and awards made outside of stock-based compensation plans
Number of Shares/Units
Shares outstanding, beginning of period (in shares)	197	285	349
Shares, granted (in shares)	79	83	183
Shares, adjustments (in shares)	15
Shares, vested (in shares)	(143)	(167)	(242)
Shares cancelled/forfeited (in shares)	(1)	(4)	(5)
Shares outstanding, end of period (in shares)	147	197	285
Weighted Average Grant Date Fair Value
Shares outstanding, weighted average grant date fair value, beginning of period (in dollars per share)	$ 111.69	$ 83.71	$ 56.40
Shares, weighted average grant date fair value, granted (in dollars per share)	159.75	135.71	107.06
Shares, weighted average grant date fair value, adjustments (in dollars per share)	153.01
Shares, weighted average grant date fair value, vested (in dollars per share)	119.94	67.61	57.24
Shares, weighted average grant date fair value, cancelled/forfeited (in dollars per share)	125.75	88.92	91.14
Shares outstanding, weighted average grant date fair value, end of period (in dollars per share)	$ 130.75	$ 111.69	$ 83.71
Market Condition & Performance-Based Awards \| ELTI Plan, the 2013 New Company LTIP, the 2007 Incentive Plan and awards made outside of stock-based compensation plans
Number of Shares/Units
Shares outstanding, beginning of period (in shares)	37	17	85
Shares, granted (in shares)	21	20	17
Shares, adjustments (in shares)	15
Shares, vested (in shares)	(32)	0	(85)
Shares cancelled/forfeited (in shares)	0	0	0
Shares outstanding, end of period (in shares)	41	37	17
Weighted Average Grant Date Fair Value
Shares outstanding, weighted average grant date fair value, beginning of period (in dollars per share)	$ 146.57	$ 153.01	$ 54.32
Shares, weighted average grant date fair value, granted (in dollars per share)	167.25	141.02	153.01
Shares, weighted average grant date fair value, adjustments (in dollars per share)	153.01
Shares, weighted average grant date fair value, vested (in dollars per share)	153.01	0.00	48.31
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)	$ 154.78	$ 146.57	$ 153.01
Service Period Awards \| ELTI Plan, the 2013 New Company LTIP, the 2007 Incentive Plan and awards made outside of stock-based compensation plans
Number of Shares/Units
Shares outstanding, beginning of period (in shares)	160	268	264
Shares, granted (in shares)	58	63	166
Shares, adjustments (in shares)	0
Shares, vested (in shares)	(111)	(167)	(157)
Shares cancelled/forfeited (in shares)	(1)	(4)	(5)
Shares outstanding, end of period (in shares)	106	160	268
Weighted Average Grant Date Fair Value
Shares outstanding, weighted average grant date fair value, beginning of period (in dollars per share)	$ 110.71	$ 71.98	$ 57.07
Shares, weighted average grant date fair value, granted (in dollars per share)	156.92	134.04	102.34
Shares, weighted average grant date fair value, adjustments (in dollars per share)	0.00
Shares, weighted average grant date fair value, vested (in dollars per share)	110.38	67.61	65.89
Shares, weighted average grant date fair value, cancelled/forfeited (in dollars per share)	125.75	88.92	91.14
Shares outstanding, weighted average grant date fair value, end of period (in dollars per share)	$ 136.54	$ 110.71	$ 71.98

Stock-Based Compensation Plans - Summary of Unrecognized Stock-based Compensation Expense (Details) $ in Millions	12 Months Ended
	Dec. 31, 2017 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized expense	$ 8.4
Weighted Average Remaining Vesting Period (Years)	1 year 6 months
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized expense	$ 3.0
Weighted Average Remaining Vesting Period (Years)	1 year 3 months 19 days
Restricted Stock Units (RSU)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized expense	$ 2.0
Weighted Average Remaining Vesting Period (Years)	1 year 3 months 19 days
Performance Share Units (PSU)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized expense	$ 3.4
Weighted Average Remaining Vesting Period (Years)	1 year 8 months 12 days

Stock-Based Compensation Plans - Activity for Stock Options Outstanding (Details) - Stock Options - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Number of Shares Under Option
Stock options outstanding, beginning of period (in shares)	4	9	10
Granted (in shares)	0	0	0
Exercised (in shares)	(4)	(5)	(1)
Cancelled/forfeited (in shares)	0	0	0
Stock options outstanding, end of period (in shares)	0	4	9
Weighted Average Exercise Price
Stock options outstanding, beginning of period, weighted average exercise price (in dollars per share)	$ 43.74	$ 48.37	$ 48.63
Granted, weighted average exercise price (in dollars per share)	0.00	0.00	0.00
Exercises, weighted average exercise price (in dollars per share)	43.74	52.58	49.95
Canceled/forfeited, weighted average exercise price (in dollars per share)	0.00	0.00	0.00
Stock options outstanding, end of period, weighted average exercise price (in dollars per share)	$ 0.00	$ 43.74	$ 48.37

Stock-Based Compensation Plans - Additional Information (Details) $ in Millions		12 Months Ended
	Feb. 24, 2016	Dec. 31, 2017 USD ($) service_period	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense		$ 27.1	$ 18.9	$ 13.8
Income tax benefit related to stock-based employee compensation		5.5	4.9	4.5
Fair value of shares and units vested		29.6	24.3	28.4
Total intrinsic value of options exercised		0.5	0.4	0.1
Cash received from exercised options		$ 0.2	$ 0.2	0.1
Award period		1 year
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)		3 years	3 years
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
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
Executive Long-Term Incentive Compensation Plan (the “ELTI Plan”) \| February 23, 2016 \| Performance Share Units (PSU)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
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%
Performance-Based Awards \| Executive Long-Term Incentive Compensation Plan (the “ELTI Plan”) \| February 23, 2016 \| 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
Continuing Operations
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense		$ 16.0	$ 13.3	$ 12.5

Fair Value Of Assets And Liabilities - Schedule of Fair Value Measurements on a Recurring Basis (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents and restricted cash	$ 31.2	$ 34.3

Fair Value Of Assets And Liabilities - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Reduction in fair value	$ 2.3
Long-term debt	$ 907.5	$ 1,125.2
Unsecured Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt		500.0
Fair value of long-term debt		$ 496.8

Net Income Per Common Share Computations (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Earnings Per Share [Abstract]
Net income from continuing operations									$ 122.4	$ 96.7	$ 70.8
Net income from continuing operations allocated to participating securities									(0.1)	(1.0)	(0.6)
Income (loss) from discontinued operations, net of tax	$ 3.8	$ 3.8	$ 5.4	$ 5.1	$ 7.4	$ 5.3	$ 3.0	$ (4.3)	18.1	11.4	(5.6)
Numerator for basic net income per common share									140.4	107.1	64.6
Numerator for diluted net income from continuing operations per common share									122.4	96.7	70.8
Numerator for diluted net income per common share									$ 140.5	$ 108.1	$ 65.2
Denominator for net income per common share:
Basic (in shares)									15.7	16.4	17.2
Plus dilutive effect of stock awards (in shares)									0.2	0.2	0.1
Plus dilutive effect of participating securities (in shares)									0.1	0.2	0.3
Diluted (in shares)									16.0	16.8	17.6
Earnings Per Share, Basic [Abstract]
Continuing operations (in dollars per share)	$ 2.25	$ 0.85	$ 4.52	$ 0.13	$ 1.17	$ 0.20	$ 3.97	$ 0.43	$ 7.76	$ 5.83	$ 4.08
Discontinued operations (in dollars per share)	0.25	0.24	0.34	0.31	0.45	0.32	0.19	(0.26)	1.15	0.69	(0.33)
Net income per common share - basic (in dollars per share)	2.50	1.09	4.86	0.44	1.62	0.52	4.16	0.17	8.91	6.52	3.75
Earnings Per Share, Diluted [Abstract]
Continuing operations (in dollars per share)	2.22	0.84	4.47	0.13	1.16	0.20	3.93	0.42	7.64	5.74	4.03
Discontinued operations (in dollars per share)	0.24	0.24	0.34	0.31	0.44	0.32	0.18	(0.26)	1.13	0.68	(0.32)
Net income per common share - diluted (in dollars per share)	$ 2.46	$ 1.08	$ 4.81	$ 0.44	$ 1.60	$ 0.52	$ 4.11	$ 0.16	$ 8.77	$ 6.42	$ 3.71

Segment Information - Additional Information (Details)	12 Months Ended
Segment Information - Additional Information (Details)	Dec. 31, 2017 employee Segment	Jan. 03, 2017	Oct. 02, 2015	Dec. 31, 2012
Segment Reporting Information [Line Items]
Number of operating segments \| Segment	6
Miami Valley Gaming LLC
Segment Reporting Information [Line Items]
Equity method investment, ownership percentage	50.00%			50.00%
Ocean Downs and Racing Services
Segment Reporting Information [Line Items]
Equity method investment, ownership percentage	62.50%	62.50%
Saratoga
Segment Reporting Information [Line Items]
Equity method investment, ownership percentage	25.00%	25.00%	25.00%
Big Fish Games
Segment Reporting Information [Line Items]
Number of employees \| employee	700

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, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Segment Reporting Information [Line Items]
Net revenues	$ 178.9	$ 196.9	$ 339.3	$ 167.5	$ 161.8	$ 181.0	$ 313.3	$ 166.3	$ 882.6	$ 822.4	$ 798.6
Racing
Segment Reporting Information [Line Items]
Net revenues									257.3	251.1	248.0
Casino
Segment Reporting Information [Line Items]
Net revenues									350.5	332.8	332.9
TwinSpires
Segment Reporting Information [Line Items]
Net revenues									255.6	221.6	201.1
Other Investments
Segment Reporting Information [Line Items]
Net revenues									19.2	16.9	16.6
Corporate
Segment Reporting Information [Line Items]
Net revenues									0.0	0.0	0.0
Intersegment Eliminations
Segment Reporting Information [Line Items]
Net revenues									0.0	0.0	0.0
Intersegment Eliminations \| Racing
Segment Reporting Information [Line Items]
Net revenues									19.3	17.0	14.2
Intersegment Eliminations \| TwinSpires
Segment Reporting Information [Line Items]
Net revenues									1.1	1.3	1.1
Intersegment Eliminations \| Other Investments
Segment Reporting Information [Line Items]
Net revenues									4.5	3.9	3.5
Intersegment Eliminations \| Corporate
Segment Reporting Information [Line Items]
Net revenues									(24.9)	(22.2)	(18.8)
Churchill Downs \| Racing
Segment Reporting Information [Line Items]
Net revenues									161.3	155.2	151.1
Churchill Downs \| Intersegment Eliminations \| Racing
Segment Reporting Information [Line Items]
Net revenues									11.4	10.0	7.8
Arlington \| Racing
Segment Reporting Information [Line Items]
Net revenues									57.2	55.3	54.4
Arlington \| Intersegment Eliminations \| Racing
Segment Reporting Information [Line Items]
Net revenues									6.3	5.5	5.1
Fair Grounds \| Racing
Segment Reporting Information [Line Items]
Net revenues									36.3	38.0	39.8
Fair Grounds \| Intersegment Eliminations \| Racing
Segment Reporting Information [Line Items]
Net revenues									1.6	1.5	1.3
Calder \| Racing
Segment Reporting Information [Line Items]
Net revenues									2.5	2.6	2.7
Calder \| Intersegment Eliminations \| Racing
Segment Reporting Information [Line Items]
Net revenues									0.0	0.0	0.0
Oxford Casino \| Casino
Segment Reporting Information [Line Items]
Net revenues									90.8	84.6	80.4
Riverwalk Casino \| Casino
Segment Reporting Information [Line Items]
Net revenues									48.2	46.1	49.8
Harlow’s Casino \| Casino
Segment Reporting Information [Line Items]
Net revenues									50.0	48.4	49.0
Calder Casinos \| Casino
Segment Reporting Information [Line Items]
Net revenues									85.4	79.1	77.4
Fair Grounds Slots \| Casino
Segment Reporting Information [Line Items]
Net revenues									36.5	36.9	39.0
VSI \| Casino
Segment Reporting Information [Line Items]
Net revenues									38.3	36.9	36.9
Saratoga \| Casino
Segment Reporting Information [Line Items]
Net revenues									$ 1.3	$ 0.8	$ 0.4

Segment Information - Schedule of Adjusted EBITDA by Segment (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Segment Reporting Information [Line Items]
Net revenues	$ 178.9	$ 196.9	$ 339.3	$ 167.5	$ 161.8	$ 181.0	$ 313.3	$ 166.3	$ 882.6	$ 822.4	$ 798.6
Other operating expense									(1.5)	2.3	0.0
Adjusted EBITDA									366.5	334.5	302.5
Racing
Segment Reporting Information [Line Items]
Net revenues									257.3	251.1	248.0
Adjusted EBITDA									84.5	79.7	71.8
Casino
Segment Reporting Information [Line Items]
Net revenues									350.5	332.8	332.9
Adjusted EBITDA									146.0	125.8	114.9
TwinSpires
Segment Reporting Information [Line Items]
Net revenues									255.6	221.6	201.1
Adjusted EBITDA									64.4	56.2	49.5
Other Investments
Segment Reporting Information [Line Items]
Net revenues									19.2	16.9	16.6
Adjusted EBITDA									3.7	2.7	2.9
Corporate
Segment Reporting Information [Line Items]
Net revenues									0.0	0.0	0.0
Adjusted EBITDA									(12.4)	(12.1)	(8.1)
Operating Segments \| Racing
Segment Reporting Information [Line Items]
Net revenues									276.6	268.1	262.2
Taxes & purses									(65.4)	(64.2)	(63.6)
Platform & development fees									0.0	0.0	0.0
Marketing & advertising									(4.9)	(4.6)	(6.1)
Salaries & benefits									(41.7)	(40.9)	(39.2)
Content expense									(15.2)	(15.6)	(14.6)
SG&A expense									(16.8)	(16.2)	(16.6)
Research & development									0.0	0.0	0.0
Other operating expense									(48.9)	(47.4)	(50.9)
Other income									0.8	0.5	0.6
Adjusted EBITDA									84.5	79.7	71.8
Operating Segments \| Casino
Segment Reporting Information [Line Items]
Net revenues									350.5	332.8	332.9
Taxes & purses									(117.0)	(110.9)	(109.9)
Platform & development fees									0.0	0.0	0.0
Marketing & advertising									(12.1)	(12.7)	(12.4)
Salaries & benefits									(53.2)	(50.8)	(49.7)
Content expense									0.0	0.0	0.0
SG&A expense									(22.6)	(21.2)	(24.1)
Research & development									0.0	0.0	0.0
Other operating expense									(41.6)	(39.1)	(41.3)
Other income									42.0	27.7	19.4
Adjusted EBITDA									146.0	125.8	114.9
Operating Segments \| TwinSpires
Segment Reporting Information [Line Items]
Net revenues									256.7	222.9	202.2
Taxes & purses									(14.7)	(11.6)	(10.6)
Platform & development fees									0.0	0.0	0.0
Marketing & advertising									(8.2)	(6.3)	(4.8)
Salaries & benefits									(9.9)	(9.4)	(9.9)
Content expense									(125.0)	(107.6)	(97.9)
SG&A expense									(12.4)	(12.0)	(11.5)
Research & development									0.0	0.0	0.0
Other operating expense									(22.1)	(19.8)	(18.0)
Other income									0.0	0.0	0.0
Adjusted EBITDA									64.4	56.2	49.5
Operating Segments \| Other Investments
Segment Reporting Information [Line Items]
Net revenues									23.7	20.8	20.1
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									(12.0)	(10.9)	(11.1)
Content expense									0.0	0.0	0.0
SG&A expense									(3.3)	(3.4)	(2.5)
Research & development									0.0	0.0	0.0
Other operating expense									(5.1)	(4.1)	(3.8)
Other income									0.4	0.3	0.2
Adjusted EBITDA									3.7	2.7	2.9
Operating Segments \| Corporate
Segment Reporting Information [Line Items]
Net revenues									0.0	0.0	0.0
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
Content expense									0.0	0.0	0.0
SG&A expense									(12.2)	(11.7)	(9.3)
Research & development									0.0	0.0	0.0
Other operating expense									(0.5)	(0.6)	1.1
Other income									0.3	0.2	0.1
Adjusted EBITDA									(12.4)	(12.1)	(8.1)
Discontinued Operations, Held-for-sale \| Big Fish Games
Segment Reporting Information [Line Items]
Taxes & purses									0.0	0.0	0.0
Platform & development fees									(167.8)	(179.9)	(143.6)
Marketing & advertising									(116.6)	(127.9)	(107.7)
Salaries & benefits									(27.8)	(25.0)	(22.3)
Content expense									0.0	0.0	0.0
SG&A expense									(16.6)	(15.4)	(13.8)
Research & development									(39.6)	(39.0)	(39.4)
Other operating expense									(15.6)	(15.9)	(14.8)
Other income									(1.7)	(0.9)	(0.6)
Adjusted EBITDA									80.3	82.2	71.5
Discontinued Operations, Held-for-sale \| Operating Segments \| Big Fish Games
Segment Reporting Information [Line Items]
Net revenues									466.0	486.2	413.7
Big Fish Games \| Discontinued Operations, Held-for-sale
Segment Reporting Information [Line Items]
Adjusted EBITDA									80.3	82.2	71.5
Adjusted EBITDA corporate and other expenses										3.1	3.0
Big Fish Games \| Discontinued Operations, Held-for-sale \| Corporate
Segment Reporting Information [Line Items]
Adjusted EBITDA corporate and other expenses									$ 3.6	$ 3.1	$ 3.0

Segment Information - Reconciliation of Comprehensive Income to Adjusted EBITDA (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Segment Reporting Information [Line Items]
Comprehensive income	$ 140.4	$ 107.5	$ 64.7
Foreign currency translation, net of tax	0.1	(0.2)	0.5
Net change in pension benefits, net of tax	0.0	0.8	0.0
Net income	140.5	108.1	65.2
Depreciation and amortization	97.1	108.6	109.7
Loss on extinguishment of debt	20.7	0.0	0.0
Income tax (benefit) provision	(19.9)	50.7	44.6
EBITDA	292.8	320.4	250.4
Stock-based compensation expense	27.1	18.9	13.8
Impairment of tangible and other intangible assets	21.7	0.0	0.0
Calder exit costs	0.8	2.5	13.9
Total adjustments to EBITDA	73.7	14.1	52.1
Adjusted EBITDA	366.5	334.5	302.5
Racing
Segment Reporting Information [Line Items]
Adjusted EBITDA	84.5	79.7	71.8
Casino
Segment Reporting Information [Line Items]
Adjusted EBITDA	146.0	125.8	114.9
TwinSpires
Segment Reporting Information [Line Items]
Adjusted EBITDA	64.4	56.2	49.5
Other Investments
Segment Reporting Information [Line Items]
Adjusted EBITDA	3.7	2.7	2.9
Corporate
Segment Reporting Information [Line Items]
Adjusted EBITDA	(12.4)	(12.1)	(8.1)
Discontinued Operations, Held-for-sale \| Big Fish Games
Segment Reporting Information [Line Items]
Adjusted EBITDA	80.3	82.2	71.5
Big Fish Games \| Discontinued Operations, Held-for-sale
Segment Reporting Information [Line Items]
Adjusted EBITDA corporate and other expenses		3.1	3.0
Transaction expense, net	4.7	5.8	21.7
Adjusted EBITDA	80.3	82.2	71.5
Big Fish Games \| Discontinued Operations, Held-for-sale \| Corporate
Segment Reporting Information [Line Items]
Adjusted EBITDA corporate and other expenses	3.6	3.1	3.0
Continuing Operations
Segment Reporting Information [Line Items]
Depreciation and amortization	56.0	58.4	58.0
Interest expense	49.3	43.7	28.6
Loss on extinguishment of debt	20.7	0.0	0.0
Income tax (benefit) provision	(19.9)	50.7	44.6
Stock-based compensation expense	16.0	13.3	12.5
Other charges	1.2	2.5	0.0
Interest, depreciation and amortization expense related to equity investments	16.7	10.0	8.5
Other charges and recoveries, net	0.0	0.5	(5.8)
Impairment of tangible and other intangible assets	21.7	0.0	0.0
Gain on Calder land sale	0.0	(23.7)	0.0
Calder exit costs	0.8	2.5	13.9
Other, net	1.5	(2.4)	0.0
Discontinued Operations
Segment Reporting Information [Line Items]
Depreciation and amortization	41.1	50.2	51.7
Income tax (benefit) provision	5.1	9.3	2.3
Stock-based compensation expense	11.1	5.6	1.3
Transaction expense, net	$ 4.7	$ 5.8	$ 21.7

Segment Information - Schedule of Equity in Income (Losses) of Unconsolidated Investments Included in Reported Segments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Segment Reporting, Other Significant Reconciling Item [Line Items]
Equity in income of unconsolidated investments	$ 25.5	$ 17.4	$ 11.2
Casino
Segment Reporting, Other Significant Reconciling Item [Line Items]
Equity in income of unconsolidated investments	25.3	17.4	10.9
Other Investments
Segment Reporting, Other Significant Reconciling Item [Line Items]
Equity in income of unconsolidated investments	$ 0.2	$ 0.0	$ 0.3

Segment Information - Schedule of Total Assets and Capital Expenditures by Operating Segment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 2,359.4	$ 2,254.4
Capital expenditures	116.9	54.7	$ 43.5
Racing
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	483.0	454.6
Capital expenditures	57.8	26.1	12.3
Casino
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	679.6	628.7
Capital expenditures	37.5	13.9	18.8
TwinSpires
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	215.9	209.9
Capital expenditures	9.0	7.0	4.3
Other Investments
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	15.2	11.1
Capital expenditures	3.4	1.0	0.8
Corporate
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	73.2	56.3
Capital expenditures	1.3	1.2	0.9
Discontinued Operations, Held-for-sale \| Big Fish Games
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	892.5	893.8
Capital expenditures	$ 7.9	$ 5.5	$ 6.4

HRTV Equity Investment Divestiture - Additional Information (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Jan. 31, 2015	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Schedule of Equity Method Investments [Line Items]
Gain from sale of ownership interest		$ 0.0	$ 0.0	$ 5.8
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
	Jun. 09, 2017	Nov. 19, 2015	Dec. 31, 2017	Dec. 31, 2016
Related Party Transaction [Line Items]
Stock repurchased during period (in shares)				211,790
Stock repurchased and retired during period, value				$ 27.6
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)	1,000,000	945,000	1,000,000
Stock repurchased and retired during period, value	$ 158.8	$ 138.1
Repurchase price (in dollars per share)	$ 158.78	$ 146.13

Subsequent Events - Additional Information (Details)			10 Months Ended	12 Months Ended
Subsequent Events - Additional Information (Details)	Feb. 28, 2018 purchase_agreement	Feb. 12, 2018 USD ($) $ / shares shares	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($) shares	Dec. 31, 2015 USD ($)	Nov. 29, 2017 USD ($)	Apr. 25, 2017 USD ($)	Feb. 29, 2016 USD ($)	Feb. 24, 2016 USD ($)	Oct. 28, 2015 USD ($)
Subsequent Event [Line Items]
Authorized stock repurchase amount						$ 150,000,000.0	$ 500,000,000.0	$ 250,000,000.0	$ 150,000,000.0	$ 150,000,000.0	$ 150,000,000.0
Stock repurchased during period (in shares) \| shares					211,790
Repurchase aggregate cost				$ 190,900,000	$ 39,000,000	$ 151,100,000
Subsequent Event
Subsequent Event [Line Items]
Stock repurchased during period (in shares) \| shares		1,886,792
Repurchase price (in dollars per share) \| $ / shares		$ 265.00
Repurchase aggregate cost		$ 500,000,000
Presque Isle Downs & Casino And Lady Luck Casino \| Subsequent Event
Subsequent Event [Line Items]
Number of purchase agreements \| purchase_agreement	2
Scenario, Forecast \| Presque Isle Downs & Casino And Lady Luck Casino \| Subsequent Event
Subsequent Event [Line Items]
Consideration to be paid			$ 229,500,000

Quarterly Results of Operations (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Net revenues	$ 178.9	$ 196.9	$ 339.3	$ 167.5	$ 161.8	$ 181.0	$ 313.3	$ 166.3	$ 882.6	$ 822.4	$ 798.6
Operating income (loss)	(12.8)	26.8	123.3	8.4	32.4	14.0	113.6	12.5	145.7	172.5	126.3
Income from continuing operations, net of tax	34.4	12.9	72.9	2.2	19.4	3.4	66.8	7.1	122.4	96.7	70.8
(Loss) income from discontinued operations, net of tax	$ 3.8	$ 3.8	$ 5.4	$ 5.1	$ 7.4	$ 5.3	$ 3.0	$ (4.3)	$ 18.1	$ 11.4	$ (5.6)
Net income (loss) per common share data - basic:
Continuing operations (in dollars per share)	$ 2.25	$ 0.85	$ 4.52	$ 0.13	$ 1.17	$ 0.20	$ 3.97	$ 0.43	$ 7.76	$ 5.83	$ 4.08
Discontinued operations (in dollars per share)	0.25	0.24	0.34	0.31	0.45	0.32	0.19	(0.26)	1.15	0.69	(0.33)
Net income per common share - basic (in dollars per share)	2.50	1.09	4.86	0.44	1.62	0.52	4.16	0.17	8.91	6.52	3.75
Net income (loss) per common share data - diluted:
Continuing operations (in dollars per share)	2.22	0.84	4.47	0.13	1.16	0.20	3.93	0.42	7.64	5.74	4.03
Discontinued operations (in dollars per share)	0.24	0.24	0.34	0.31	0.44	0.32	0.18	(0.26)	1.13	0.68	(0.32)
Net income per common share - diluted (in dollars per share)	$ 2.46	$ 1.08	$ 4.81	$ 0.44	$ 1.60	$ 0.52	$ 4.11	$ 0.16	$ 8.77	$ 6.42	$ 3.71
Impairment of tangible and other intangible assets									$ 21.7	$ 0.0	$ 0.0
Loss on extinguishment of debt									(20.7)	0.0	0.0
Benefit from change in enacted tax rates									57.7
Gain (loss) on sale of land					$ 23.7				$ 0.0	$ 23.7	$ 0.0

Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Allowance for doubtful accounts:
Movement in Valuation Allowances and Reserves [Roll Forward]
Balance Beginning of Year	$ 3.5	$ 3.8	$ 4.2
Charged to Expense	1.8	1.5	1.3
Deductions	(1.7)	(1.8)	(1.7)
Balance End of Year	3.6	3.5	3.8
Deferred income tax asset valuation allowance:
Movement in Valuation Allowances and Reserves [Roll Forward]
Balance Beginning of Year	0.4	0.9	1.2
Additions	0.0	0.0	0.0
Deductions	(0.2)	(0.5)	(0.3)
Balance End of Year	$ 0.2	$ 0.4	$ 0.9