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Document And Entity Information - shares	3 Months Ended
Document And Entity Information - shares	Mar. 31, 2018	Apr. 18, 2018
Document And Entity Information [Abstract]
Document Type	10-Q
false	false
Document Period End Date	Mar. 31, 2018
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	Q1
Entity Registrant Name	CHURCHILL DOWNS INC
Entity Central Index Key	0000020212
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		13,539,101

Condensed Consolidated Statements Of Comprehensive Income - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Net revenue:
Racing	$ 23.7	$ 23.9
TwinSpires	63.2	52.0
Casino	98.1	87.5
Other Investments	4.3	4.1
Total net revenue	189.3	167.5
Operating expense:
Racing	35.9	36.4
TwinSpires	44.0	36.4
Casino	64.8	62.7
Other Investments	4.6	3.9
Corporate	0.5	0.6
Selling, general and administrative expense	18.4	18.6
Calder exit costs	0.0	0.4
Transaction expense, net	1.4	0.0
Total operating expense	169.6	159.0
Operating income	19.7	8.5
Other income (expense):
Interest expense, net	(9.6)	(11.8)
Equity in income of unconsolidated investments	6.5	6.1
Miscellaneous, net	0.1	0.0
Total other expense	(3.0)	(5.7)
Income (loss) from operations before provision for income taxes	16.7	2.8
Income tax provision	(2.6)	(0.6)
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent	14.1	2.2
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent	167.9	5.1
Net income	$ 182.0	$ 7.3
Net earnings per common share data:
Income (Loss) from Continuing Operations, Per Basic Share	$ 0.98	$ 0.13
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share	11.63	0.31
Diluted	12.61	0.44
Income (Loss) from Continuing Operations, Per Diluted Share	0.97	0.13
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Diluted Share	11.58	0.31
Earnings Per Share, Diluted [Abstract]
Diluted	$ 12.55	$ 0.44
Weighted average shares outstanding:
Numerator for diluted net income per common share:	14.4	16.3
Diluted (in shares)	14.5	16.8
Other comprehensive income (loss):
Foreign currency translation, net of tax	$ 0.0	$ (0.1)
Other comprehensive income (loss)	0.0	(0.1)
Comprehensive income	$ 182.0	$ 7.2

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
ASSETS
Cash and cash equivalents	$ 202.7	$ 51.7
Restricted cash	31.5	31.2
Accounts receivable, net	34.6	49.6
Income taxes receivable	0.0	35.6
Other current assets	26.0	18.9
Current assets of discontinued operations held for sale	0.0	69.1
Total current assets	294.8	256.1
Property and equipment, net	634.9	608.0
Investment in and advances to unconsolidated affiliates	173.4	171.3
Goodwill	317.6	317.6
Other intangible assets, net	167.8	169.4
Other assets	12.5	13.6
Long-term assets of discontinued operations held for sale	0.0	823.4
Total assets	1,601.0	2,359.4
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable	59.8	54.1
Purses payable	8.4	12.5
Account wagering deposit liabilities	28.7	24.0
Accrued expense	75.6	75.8
Income taxes payable	21.4	0.0
Current deferred revenue	91.5	70.9
Current maturities of long-term debt	4.0	4.0
Dividends payable	0.0	23.7
Current liabilities of discontinued operations held for sale	0.0	188.2
Total current liabilities	289.4	453.2
Long-term debt, net of current maturities and loan origination fees	390.1	632.9
Notes payable, net of debt issuance costs	492.5	492.3
Non-current deferred revenue	25.0	29.3
Deferred income taxes	43.8	40.6
Other liabilities	16.6	16.0
Non-current liabilities of discontinued operations held for sale	0.0	54.8
Total liabilities	1,257.4	1,719.1
Commitments and contingencies
Preferred stock, no par value; 0.3 shares authorized; no shares issued or outstanding	0.0	0.0
Common stock, no par value; 50.0 shares authorized; 13.5 shares issued and outstanding at March 31, 2018 and 15.4 shares at December 31, 2017	0.0	7.3
Retained earnings	344.5	634.3
Total shareholders' equity	(0.9)	(1.3)
Shareholders' equity:
Total shareholders' equity	343.6	640.3
Total liabilities and shareholders' equity	$ 1,601.0	$ 2,359.4

Condensed Consolidated Balance Sheets (Parenthetical) - shares shares in Millions	Mar. 31, 2018	Dec. 31, 2017
Preferred stock, shares authorized	0.3	0.3
Common stock, shares authorized	50.0	50.0
Common stock, shares issued	16.5	16.5

Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Cash flows from operating activities:
Net income	$ 182.0	$ 7.3
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	13.8	24.5
Game software development amortization	0.4	4.4
Gain on sale of Big Fish Games	(219.5)	0.0
Distributed earnings from equity investments	4.5	4.3
Earnings from equity investments, net	(6.5)	(6.1)
Stock-based compensation	6.1	4.9
Deferred income taxes	2.1	0.0
Big Fish Games earnout payment	(2.4)	(2.5)
Big Fish Games deferred payment	(2.0)	0.0
Other	0.9	0.5
Increase (decrease) in cash resulting from changes in operating assets and liabilities, net of business acquisitions and dispositions:
Game software development	(0.3)	(5.3)
Income taxes	52.4	6.6
Deferred revenue	35.8	42.4
Other assets and liabilities	(11.4)	(15.7)
Net cash provided by operating activities	55.9	65.3
Cash flows from investing activities:
Capital maintenance expenditures	(7.5)	(10.2)
Capital project expenditures	(26.5)	(27.3)
Proceeds from sale of Big Fish Games	970.7	0.0
Receivable from escrow	0.0	10.1
Investment in unconsolidated affiliates	0.0	(24.0)
Net cash provided by (used in) investing activities	936.7	(51.4)
Cash flows from financing activities:
Borrowings on bank line of credit	100.9	239.1
Repayments of bank line of credit	(343.9)	(192.7)
Big Fish Games earnout payment	(31.8)	(31.7)
Big Fish Games deferred payment	(26.4)	0.0
Payment of dividends	(23.7)	(21.8)
Repurchase of common stock	(514.4)	(8.6)
Common stock issued	0.0	0.1
Other	(4.5)	(1.4)
Net cash used in financing activities	(843.8)	(17.0)
Net increase (decrease) in cash, cash equivalents and restricted cash	148.8	(3.1)
Effect of exchange rate changes on cash	(0.1)	0.0
Cash, cash equivalents and restricted cash, beginning of period	85.5	83.0
Cash, cash equivalents and restricted cash, end of period	234.2	79.9
Cash paid during the period for:
Interest	4.6	2.6
Income taxes	0.2	0.3
Schedule of non-cash investing and financing activities:
Property and equipment additions included in accounts payable and accrued expenses	$ 6.3	$ 0.0

Basis Of Presentation	3 Months Ended
Basis Of Presentation	Mar. 31, 2018
Basis of Presentation [Abstract]
Basis of Presentation and Significant Accounting Policies [Text Block]	Basis of Presentation The Churchill Downs Incorporated (the "Company", "we", "us", "our") financial statements are presented in conformity with the requirements of this Quarterly Report on Form 10-Q and consequently do not include all of the disclosures normally required by U.S. generally accepted accounting principles ("GAAP") or those normally made in our Annual Report on Form 10-K. The December 31, 2017 condensed consolidated balance sheet data was derived from audited financial statements but does not include all disclosures required by GAAP. 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 condensed consolidated statements of comprehensive income, condensed 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 condensed consolidated financial statements reflect continuing operations only. The condensed consolidated statements of cash flows include both continuing and discontinued operations. Refer to Note 5, Discontinued Operations, for further information on the discontinued operations relating to the Big Fish Transaction. The following information is unaudited. All per share amounts assume dilution unless otherwise noted. This report should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2017. In the opinion of management, all adjustments necessary for a fair statement of this information have been made, and all such adjustments are of a normal, recurring nature. Seasonality Racing Due to the seasonal nature of our live racing business, revenue and operating results for any interim quarter are generally not indicative of the revenues and operating results for the year and may not be comparable with results for the corresponding period of the previous year. Historically, we have had fewer live racing days during the first quarter of each year, and the majority of our live racing revenue occurs during the second quarter, with the running of the Kentucky Derby and the Kentucky Oaks. We conducted 54 live thoroughbred race days in the first quarter of 2018 and 55 live thoroughbred race days in the first quarter of 2017. TwinSpires Due to the seasonal nature of the racing business, revenue and operating results for any interim quarter are generally not indicative of the revenues and operating results for the year and may not be comparable with results for the corresponding period of the previous year. Historically, our revenue is higher in the second quarter with the running of the Kentucky Derby and the Kentucky Oaks. Casino Revenue from our casino properties has a seasonal component and is typically higher during the first and second quarters.

Recent Accounting Pronouncements (Notes)

3 Months Ended

Mar. 31, 2018

Accounting Policies [Abstract]

New Accounting Pronouncements, Policy [Policy Text Block]

Recent Accounting Pronouncement - Adopted on January 1, 2018

In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Updated (“ASU”) No. 2014-09, Revenue from Contracts with Customers (“ASC 606”) which provides a five-step analysis of transactions to determine when and how revenue is recognized. We adopted ASC 606 on January 1, 2018 using the modified retrospective method. We recognized the cumulative effect of initially applying the new revenue standard as an adjustment to the opening balance of retained earnings. The comparative information has not been retrospectively adjusted and continues to be reported under the accounting standards in effect for those periods. We expect the adoption of the new revenue standard will not have a material impact on our net income on an ongoing basis in future periods.

The cumulative effects of the changes made to our condensed consolidated balance sheet as of January 1, 2018 for the adoption of ASC 606 were as follows:



(in millions)	As Reported at December 31, 2017		Adoption of ASC 606			Balance at January 1, 2018
ASSETS
Accounts receivable, net of allowance for doubtful accounts	$	49.6	$	(21.8	)	$	27.8
Income taxes receivable	35.6		(4.1		)	31.5
Current assets of discontinued operations held for sale	69.1		0.7			69.8
Other assets	13.6		(1.1		)	12.5

LIABILITIES
Accrued expense	75.8		0.8			76.6
Current deferred revenue	70.9		(18.9		)	52.0
Current liabilities of discontinued operations held for sale	188.2		(38.8		)	149.4
Non-current deferred revenue	29.3		(4.5		)	24.8
Deferred income taxes	40.6		0.1			40.7
Non-current liabilities of discontinued operations held for sale	54.8		5.9			60.7

SHAREHOLDERS' EQUITY
Retained earnings	634.3		29.1			663.4

There were two primary changes to our condensed consolidated balance sheet resulting from the adoption of ASC 606. The most significant change was in current and non-current liabilities of discontinued operations held for sale and retained earnings related to breakage revenue for outstanding Big Fish Game Club credits. The other primary change was in accounts receivable, net of allowance for doubtful accounts, current deferred revenue, and non-current deferred revenue related to the timing of when we have a right to consideration under our contracts.

In accordance with ASC 606 requirements, the disclosure of the impact of adoption on our condensed consolidated balance sheet was as follows:



	At March 31, 2018
(in millions)	As Reported		Balances without Adoption of ASC 606		Effect of Change Increase/(Decrease)
ASSETS
Accounts receivable, net of allowance for doubtful accounts	$	34.6	$	37.7	$	(3.1	)
Other assets	12.5		14.5		(2.0		)

LIABILITIES
Accrued expense	75.6		74.8		0.8
Current deferred revenue	91.5		91.7		(0.2		)
Non-current deferred revenue	25.0		29.3		(4.3		)
Deferred income taxes	43.8		43.7		0.1

SHAREHOLDERS' EQUITY
Retained earnings	344.5		346.0		(1.5		)

Adoption of ASC 606 had no impact on cash provided by or used in operating, financing, or investing activities on our condensed consolidated statement of cash flow for the three months ended March 31, 2018. As part of the transition to ASC 606 on January 1, 2018, there have been certain modifications between the classification of net revenue and operating expenses in the TwinSpires segment in the current period. The impact of adopting ASC 606 on our condensed consolidated statement of comprehensive income for the three months ended March 31, 2018 was not material.

In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows: Restricted Cash (“ASU 2016-18”). 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 are also 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. We adopted ASU 2016-18 on January 1, 2018 using the retrospective method. As a result, we began including amounts generally described as restricted cash with cash and cash equivalents when reconciling the beginning of period and end of period total amounts shown on the statement of cash flows. We adjusted our condensed consolidated statement of cash flows from amounts previously reported due to the adoption of ASU 2016-18. The effects of adopting ASU 2016-18 on our condensed consolidated statement of cash flows were as follows:



	Three Months Ended March 31, 2017
(in millions)	As Reported		Adoption of ASU 2016-18			As Adjusted

Net cash provided by operating activities	$	74.6	$	(9.3	)	$	65.3

Cash, cash equivalents and restricted cash, beginning of period	$	48.7	$	34.3		$	83.0
Net increase (decrease) in cash, cash equivalents and restricted cash	6.2		(9.3		)	(3.1		)
Cash, cash equivalents and restricted cash, end of period	$	54.9	$	25.0		$	79.9

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 reduces diversity in practice in how certain transactions are classified in the statement of cash flows. We adopted the new guidance on January 1, 2018 and it did not have a material impact on our consolidated results of operations, financial condition, or cash flows. We will utilize the cumulative earnings approach under the ASU to present distributions received from equity method investees which is consistent with our previous existing policy.

In February 2018, the FASB issued ASU No. 2018-02, Income Statement - Reporting Comprehensive Income: Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income ("ASU 2018-02"), which allows an entity to make an election to reclassify amounts from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act (the "Tax Act"). We early adopted ASU 2018-02 on January 1, 2018 at the beginning of the period of adoption and elected to reclassify the income tax effects of the Tax Act from accumulated other comprehensive income to retained earnings. The adoption of ASU 2018-02 did not have a material impact on our consolidated results of operations, financial condition, or cash flows.

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 became effective in 2018 and is to be applied prospectively. We adopted the new guidance on January 1, 2018 and it did not have a material impact on our consolidated results of operations, financial condition, or cash flows.

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 became effective in 2018 and is to be applied prospectively. We adopted the new guidance on January 1, 2018 and it did not have a material impact on our consolidated results of operations, financial condition, or cash flows.

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.

Significant Accounting Policies (Notes)	3 Months Ended
Significant Accounting Policies (Notes)	Mar. 31, 2018
Accounting Policies [Abstract]
Significant Accounting Policies [Text Block]	3. SIGNIFICANT ACCOUNTING POLICIES Except for the accounting policies for revenue recognition, casino and pari-mutuel taxes, and restricted cash, all of which were updated as a result of our recently adopted accounting pronouncements on January 1, 2018, as described in Note 2, there have been no changes to our significant accounting policies described in the Annual Report on Form 10-K for the year ended December 31, 2017, that have had a material impact on our condensed consolidated financial statements and related notes. Revenue Recognition Racing Racing revenue is generated by pari-mutuel wagering transactions with customers on live and simulcast racing content as well as simulcast host fees earned from other wagering sites. Additionally, we generate revenue through sponsorships, admissions (including luxury suites), personal seat licenses (“PSLs”), television rights, concessions, programs and parking. Our Racing 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. For live races we present at our racetracks, we recognize revenue on wagers we accept from customers at our racetrack (“on-track revenue”) and revenue we earn from exporting our live racing signals to other race tracks, off-track betting facilities ("OTBs"), and advance deposit wagering providers (“export revenue”). For simulcast races we display at our racetracks, OTBs, and TwinSpires, we recognize revenue we earn from providing a wagering service to our customers on these imported live races (“import revenue”). Each wagering contract for on-track revenue and import revenue contains a single performance obligation and our export revenue contracts contain a series of distinct services that form a single performance obligation. The transaction price for on-track revenue and import revenue is fixed based on the established commission rate we are entitled to retain. The transaction price for export revenue is variable based on the simulcast host fee we charge our customers for exporting our signal. Our export revenue contracts generally have a duration of one year or less. These arrangements are licenses of intellectual property containing a usage based royalty. As a result, we have elected to use the practical expedient to omit disclosure related to remaining performance obligations for our export revenue contracts. We recognize on-track revenue, export revenue, and import revenue once the live race event is made official by the relevant racing regulatory body. We evaluate our on-track revenue, export revenue, and import revenue contracts in order to determine whether we are acting as the principal or as the agent when providing services, which we consider in determining if revenue should be reported gross or net. An entity is a principal if it controls the specified service before that service is transferred to a customer. The revenue we recognize for on-track revenue and import revenue is the commission we are entitled to retain for providing a wagering service to our customers. For these arrangements, we are the principal as we control the wagering service; therefore, any charges, including simulcast fees, we incur for delivering the wagering service are presented as operating expenses. For export revenue, our customer is the third party wagering site such as a race track, OTB, or advance deposit wagering provider. Therefore, the revenue we recognize for export revenue is the simulcast host fee we earn for exporting our racing signal to the third party wagering site. Our admission contracts are either for a single live racing event day or multiple days. Our PSLs, sponsorships, and television rights contracts generally relate to multiple live racing event days. Multiple day admission, PSLs, sponsorships, and television rights contracts contain a distinct series of services that form single performance obligations. Sponsorships contracts generally include performance obligations related to admissions and advertising rights at our racetracks. Television rights contracts contain a performance obligation related to the rights to distribute certain live racing events on media platforms. The transaction prices for our admissions, PSLs, sponsorships, and television rights contracts are fixed. We allocate the transaction price to our sponsorship contract performance obligations based on the estimated relative standalone selling price of each distinct service. The revenue we recognize for admissions to a live racing event day is recognized once the related event is complete. For admissions, PSLs, sponsorships, and television rights contracts that relate to multiple live racing event days, we recognize revenue over time using an output method of each completed live racing event day as our measure of progress. Each completed live racing event day corresponds with the transfer of the relevant service to a customer and therefore is considered a faithful depiction of our efforts to satisfy the promises in these contracts. This output method results in measuring the value transferred to date to the customer relative to the remaining services promised under the contracts. Certain premium live racing event days such as the Kentucky Derby and Oaks result in a higher value of revenue allocated relative to other live racing event days due to, among other things, the quality of thoroughbreds racing, higher levels of on-track attendance, national broadcast audience, local and national media coverage, and overall entertainment value of the event. Timing of revenue recognition may differ from the timing of invoicing to customers for our long-term contracts in our Racing segment. We generally invoice customers prior to delivery of services for our admissions, PSLs, sponsorships, and television rights contracts. Accordingly, we recognize a receivable and a contract liability at the time we have an unconditional right to receive payment. When cash is received in advance of delivering services under our contracts, we defer revenue and recognize it in accordance with our policies for that type of contract. In situations where the timing of revenue recognition differs from the timing of invoicing, we have determined our contracts do not include a significant financing component. The primary purpose of our invoicing terms is to allow our customers to secure the right to the specific services provided under our contracts, not to receive financing from our customers. Concessions, programs, and parking revenue is recognized once the good or service is delivered. TwinSpires TwinSpires revenue is generated through pari-mutuel wagering transactions with customers on simulcast racing content through advance deposit wagering. Advance deposit wagering consists of patrons wagering through an advance deposit account. Our TwinSpires revenue and income are influenced by racing calendars similar to our Racing segment. 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 recognize import revenue in our TwinSpires segment consistent with our policy described in Racing. We may provide cash incentives in conjunction with wagering transactions we accept from customers. These cash incentives represent consideration payable to a customer and therefore are treated as a reduction of the transaction price for the wagering transaction. Casino Casino revenue primarily consists of gaming wager transactions. Other operating revenue, such as food and beverage or hotel revenue, is recognized once delivery of the product or service has occurred. The transaction price for gaming wager transactions is the difference between gaming wins and losses. The majority of our casinos offer loyalty programs that enable customers to earn loyalty points based on their gaming play. Gaming wager transactions involve two performance obligations for those customers earning loyalty points under the Company’s loyalty programs and a single performance obligation for customers who do not participate in the program. Loyalty points are primarily redeemable for free gaming activities and food and beverage. For purposes of allocating the transaction price in a wagering transaction between the wagering performance obligation and the obligation associated with the loyalty points earned, the Company allocates an amount to the loyalty point contract liability based on the stand-alone selling price of the points earned, which is determined by the value of a loyalty point that can be redeemed for gaming activities or food and beverage. An amount is allocated to the gaming wager performance obligation using the residual approach as the stand-alone price for wagers is highly variable and no set established price exists for such wagers. The allocated revenue for gaming wagers is recognized when the wagers occur as all such wagers settle immediately. The loyalty point contract liability amount is deferred and recognized as revenue when the customer redeems the points for a gaming wagering transaction or food and beverage and such goods or services are delivered to the customer. 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. All of our casino taxes and the majority of our pari-mutuel taxes are gross receipts taxes levied on the gaming entity. We recognize these taxes as Racing, TwinSpires and Casino operating expenses in our consolidated statements of comprehensive income. In certain jurisdictions governing our Racing and TwinSpires pari-mutuel contracts with customers, there are specific pari-mutuel taxes that are assessed on winning wagers from our customers, which we collect and remit to the government. These taxes are presented on a net basis. Restricted Cash and Account Wagering Deposit Liabilities Amounts included in restricted cash represent amounts due to horsemen for purses, stakes and awards that are paid in accordance with the terms of our contractual agreements or statutory requirements. Restricted cash also includes deposits collected from our TwinSpires segment customers for account wagering that are paid when customers withdraw cash from their account.

Revenue from Contracts with Customers (Notes)	3 Months Ended
Revenue from Contracts with Customers (Notes)	Mar. 31, 2018
Revenue from Contract with Customer [Abstract]
Revenue from Contract with Customer [Text Block]	4. REVENUE FROM CONTRACTS WITH CUSTOMERS Performance Obligations As of March 31, 2018, our Racing segment had remaining performance obligations with an aggregate transaction price of $218.4 million. The revenue we expect to recognize on these remaining performance obligations is $52.4 million in 2018, $37.7 million in 2019, $31.5 million in 2020, and the remainder thereafter. As of March 31, 2018, our remaining performance obligations in segments other than Racing were not material. Contract Assets and Contract Liabilities As of January 1, 2018 and March 31, 2018, contract assets were not material. As of January 1, 2018 and March 31, 2018, contract liabilities were $78.7 million and $118.6 million, respectively, which are included in current deferred revenue, non-current deferred revenue, and accrued expense in the accompanying condensed consolidated balance sheets. Contract liabilities primarily relate to our Racing segment and the increase was primarily due to advance cash payments received for unfulfilled performance obligations. We recognized $2.2 million of revenue during the three months ended March 31, 2018, which was included in the contract liabilities balances at the beginning of the reporting period. Disaggregation of Revenue To determine how we disaggregate our revenue from contracts with customers, we consider the information regularly reviewed by our chief operating decision maker for evaluating the financial performance of operating segments, disclosures presented in our earnings releases, and other similar information that is used by the Company and users of our financial statements to evaluate our financial performance. We believe that the disaggregation of our revenue included in Note 15, Segment Information, coupled with the disclosures included in Note 3, Significant Accounting Policies, reflects these considerations and depicts how the nature, timing, and uncertainty of revenue and cash flows are affected by economic factors.

Discontinued Operations (Notes)

3 Months Ended

Mar. 31, 2018

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations, Policy [Policy Text Block]

5. DISCONTINUED OPERATIONS

On January 9, 2018, the Company completed the Big Fish Transaction which had a purchase price of $990.0 million. The Company received cash proceeds of $970.7 million which was net of $5.2 million of working capital adjustments and $14.1 million of transaction costs. The Company derecognized the following upon the Big Fish Transaction:



(in millions)
Cash and cash equivalents	$	0.3
Accounts receivable	34.7
Game software development, net	6.7
Other current assets	17.0
Property and equipment, net	17.8
Game software development, net	13.8
Goodwill	530.7
Other intangible assets, net	238.4
Other assets	24.0
Accounts payable	(8.5		)
Accrued expense	(22.6		)
Deferred revenue	(44.2		)
Deferred income taxes	(52.0		)
Other liabilities	(4.9		)
Carrying value of disposal group	$	751.2

The Company recognized a gain of $219.5 million upon the sale recorded in income from discontinued operations on the condensed consolidated statements of comprehensive income for the three months ended March 31, 2018. The gain consisted of cash proceeds of $970.7 million offset by the carrying value of the disposal group of $751.2 million. The income tax provision on the gain was $51.2 million, resulting in an after tax gain of $168.3 million.

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



	Three Months Ended March 31,
(in millions)	2018			2017
Net revenue	$	13.2		$	112.0

Operating expenses	8.4			87.0
Selling, general and administrative expense	4.3			5.5
Research and development	0.9			10.3
Transaction expense, net	—			0.2
Total operating expense	13.6			103.0
Operating (loss) income	(0.4		)	9.0
Other income (expense)
Gain on sale of Big Fish Games	219.5			—
Other expense	(0.1		)	—
Total other income	219.4			—
Income from discontinued operations before provision for income taxes	219.0			9.0
Income tax provision	(51.1		)	(3.9		)
Income from discontinued operations, net of tax	$	167.9		$	5.1

Stock-Based Compensation

For the three months ended March 31, 2018, the Company recognized $3.3 million of stock-based compensation expense related to Big Fish Games, which included the impact of the accelerated vesting dates of restricted stock awards held by Big Fish Games' employees in conjunction with the Big Fish Transaction.

Earnout Liabilities

As of December 31, 2017, we had $34.2 million of deferred earnout consideration and $28.4 million of deferred payments due to the founder of Big Fish Games, both of which were paid on January 3, 2018.

Acquisition (Notes)	3 Months Ended
Acquisition (Notes)	Mar. 31, 2018
Business Combinations [Abstract]
Business Combination Disclosure [Text Block]	6. ACQUISITIONS On February 28, 2018, the Company entered into two separate definitive asset purchase agreements with Eldorado Resorts, Inc. 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. 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.

Investment in and Advances to Unconsolidated Affiliates (Notes)

3 Months Ended

Mar. 31, 2018

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

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

The Company's equity investments include the following:


•	50% joint venture ownership in Miami Valley Gaming ("MVG") in Lebanon, Ohio;


•	25% equity investment in Saratoga Casino Holdings LLC ("SCH"), which owns Saratoga Casino and Raceway in Saratoga Springs, New York and Saratoga Casino Black Hawk in Black Hawk, Colorado; and


•	50% equity investment in Ocean Downs LLC and Services Racing LLC ("Ocean Downs") located near Ocean City, Maryland. SCH owns the remaining 50% of Ocean Downs, providing the Company an effective 62.5% interest.

Summarized below are the financial results for our unconsolidated affiliates:



	Three Months Ended March 31,
(in millions)	2018			2017
Net revenue	$	77.0		$	72.2

Operating and SG&A expense	53.6			49.8
Depreciation and amortization	6.6			5.7
Total operating expense	60.2			55.5
Operating income	16.8			16.7
Interest and other expense, net	(2.9		)	(3.5		)
Net income	$	13.9		$	13.2



(in millions)	March 31, 2018		December 31, 2017
Assets
Current assets	$	74.5	$	64.5
Property and equipment, net	233.9		234.6
Other assets, net	237.1		236.5
Total assets	$	545.5	$	535.6

Liabilities and Members' Equity
Current liabilities	$	101.2	$	100.3
Long-term debt	114.7		110.1
Other liabilities	—		0.1
Members' equity	329.6		325.1
Total liabilities and members' equity	$	545.5	$	535.6

Goodwill And Indefinite-Lived Intangible Assets Impairment Test

3 Months Ended

Mar. 31, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Indefinte-Lived Intangible Assets Impairment Test

Goodwill is comprised of the following:



(in millions)	Racing		TwinSpires		Casino		Total
Balances as of December 31, 2017	$	51.7	$	148.2	$	117.7	$	317.6
Additions	—		—		—		—
Balances as of March 31, 2018	$	51.7	$	148.2	$	117.7	$	317.6

Other intangible assets are comprised of the following:



	March 31, 2018							December 31, 2017
(in millions)	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Definite-lived intangible assets	$	39.8	$	(22.2	)	$	17.6	$	39.8	$	(20.6	)	$	19.2
Indefinite-lived intangible assets						150.2							150.2
Total						$	167.8						$	169.4

- Definition

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

+ References + Details

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2018
Income Tax Disclosure [Abstract]
Income Taxes	The Company’s income tax rate for the three months ended March 31, 2018 was lower than the U. S federal statutory rate of 21.0% primarily due to a $1.2 million tax benefit resulting from tax deductions from vesting restricted stock units in excess of the book deductions that were recognized. This benefit was partially offset by state income taxes and certain expenses that are not deductible for the purposes of income taxes. The Company’s income tax rate for the three months ended March 31, 2017 was lower than the U. S federal statutory rate of 35.0% primarily due to state income tax benefits associated with a revaluation of deferred tax assets due to changes in apportionment and state tax rates.

Fair Value Of Assets And Liabilities

3 Months Ended

Mar. 31, 2018

Fair Value Disclosures [Abstract]

Fair Value Of Assets And Liabilities

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



	Level 1
(in millions)	March 31, 2018		December 31, 2017
Cash equivalents and restricted cash	$	31.5	$	31.2

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

We currently have no other assets or liabilities subject to fair value measurement on a recurring basis. Our 4.75% Senior Notes due 2028 (the "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 Senior Notes was $470.6 million at March 31, 2018 and $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: the carrying amounts of the borrowings under the $700.0 million revolving credit facility and $400.0 million Senior Secured Term Loan B due 2024 (the "2017 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 2018 or 2017.

- Definition

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

+ References + Details

Shareholders' Equity (Notes)	3 Months Ended
Shareholders' Equity (Notes)	Mar. 31, 2018
Shareholders' Equity [Abstract]
Stockholders' Equity Note Disclosure [Text Block]	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 per share with an aggregate cost of $500.0 million, excluding fees and expenses related to the tender offer.

Stock-based Compensation Plans (Notes)

3 Months Ended

Mar. 31, 2018

Share-based Compensation [Abstract]

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

We have stock-based employee compensation plans with awards outstanding under the Churchill Downs Incorporated 2007 Omnibus Stock Incentive Plan, the Churchill Downs Incorporated 2016 Omnibus Stock Incentive Plan ("the 2016 Plan"), and the Executive Long-Term Incentive Compensation Plan, which was adopted pursuant to the 2016 Plan. Our total stock-based compensation expense, which includes expenses related to restricted stock awards ("RSAs"), restricted stock unit awards ("RSUs"), performance share unit awards ("PSUs"), and stock options associated with our employee stock purchase plan was $2.8 million for the three months ended March 31, 2018 and $3.4 million for the three months ended March 31, 2017.

During the three months ended March 31, 2018, the Company awarded RSAs to employees and RSUs and PSUs to certain named executive officers. The vesting criteria for the PSU awards granted in 2018 were based on a three year service period with two performance conditions and a market condition related to relative total shareholder return ("TSR") consistent with prior year grants. 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 RSAs, RSUs, and PSUs granted during 2018 is presented below:



Grant Year	Award Type	Number of Shares/Units Awarded (in thousands)	Vesting Terms
2018	RSA	18	Vest equally over three service periods ending in February of 2019, 2020, and 2021
2018	RSU	16	Vest equally over three service periods ending December 31 of 2018, 2019, and 2020
2018	PSU	16	Three year performance and service period ending December 31, 2020

Commitments And Contingencies	3 Months Ended
Commitments And Contingencies	Mar. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments And Contingencies	We are involved in litigation arising in the ordinary course of conducting business. We carry insurance for workers' compensation claims from our employees and general liability for claims from independent contractors, customers and guests. We are self-insured up to an aggregate stop loss for our general liability and workers' compensation coverages. 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. 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. If the loss contingency in question is not both probable and reasonably estimable, we do not establish an accrual and the matter will continue to be monitored for any developments that would make the loss contingency both probable and reasonably estimable. In the event that a legal proceeding results in a substantial judgment against, or settlement by us, there can be no assurance that any resulting liability or financial commitment would not have a material adverse impact on our business.

Income Per Common Share Computations

3 Months Ended

Mar. 31, 2018

Earnings Per Share [Abstract]

Earnings Per Common Share Computations

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



	Three Months Ended March, 31
(in millions, except per share data)	2018		2017
Numerator for basic net income per common share:
Net income from continuing operations	$	14.1	$	2.2
Net income from continuing operations allocated to participating securities	—		(0.1		)
Net income from discontinued operations	167.9		5.1
Numerator for basic net income per common share	$	182.0	$	7.2

Numerator for diluted net income from continuing operations per common share	$	14.1	$	2.2
Numerator for diluted net income per common share:	$	182.0	$	7.3

Denominator for net income per common share:
Basic	14.4		16.3
Plus dilutive effect of stock awards	0.1		0.2
Plus dilutive effect of participating securities	—		0.3
Diluted	14.5		16.8

Net income per common share data:
Basic
Continuing operations	$	0.98	$	0.13
Discontinued operations	$	11.63	$	0.31
Net income per common share - basic	$	12.61	$	0.44

Diluted
Continuing operations	$	0.97	$	0.13
Discontinued operations	$	11.58	$	0.31
Net income per common share - diluted	$	12.55	$	0.44

Segment Information

3 Months Ended

Mar. 31, 2018

Segment Reporting [Abstract]

Segment Information

We manage our operations through five operating segments:


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


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


•	Casino, which includes Oxford Casino ("Oxford"), Riverwalk Casino ("Riverwalk"), Harlow's Casino ("Harlow’s"), Calder Casino, Fair Grounds Slots, Video Services, LLC ("VSI"), 50% equity investment in MVG, 50% equity investment in Ocean Downs and 25% equity investment in SCH, which includes investments in Saratoga Casino Hotel, Saratoga Casino Black Hawk and Ocean Downs;


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


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

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. On January 9, 2018, we closed the Big Fish Transaction, at which time Big Fish Games ceased to be an operating segment. Due to the Big Fish Transaction, the Company has presented Big Fish Games as held for sale and discontinued operations in the accompanying condensed 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 condensed consolidated statements of comprehensive income. Accordingly, the prior year amounts were reclassified to conform to this presentation.

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 includes the following adjustments:

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

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 condensed consolidated statements of comprehensive income.

The tables below present net revenue from external customers and intercompany revenue from each of our operating segments, adjusted EBITDA by segment and reconciles comprehensive income to adjusted EBITDA:



	Three Months Ended March, 31
(in millions)	2018		2017
Net revenue from external customers:
Racing:
Churchill Downs	$	2.0	$	2.3
Arlington	8.3		8.5
Fair Grounds	12.8		12.5
Calder	0.6		0.6
Total Racing	23.7		23.9
TwinSpires	63.2		52.0
Casino:
Oxford Casino	24.2		20.9
Riverwalk Casino	14.4		11.5
Harlow’s Casino	13.3		13.5
Calder Casino	24.3		21.4
Fair Grounds Slots	10.6		10.2
VSI	11.0		9.7
Saratoga	0.3		0.3
Total Casino	98.1		87.5
Other Investments	4.3		4.1
Net revenue from external customers	$	189.3	$	167.5



	Three Months Ended March, 31
(in millions)	2018			2017
Intercompany net revenue:
Racing:
Churchill Downs	$	0.3		$	0.3
Arlington	1.2			1.0
Fair Grounds	1.0			0.9
Total Racing	2.5			2.2
TwinSpires	0.4			0.3
Other Investments	1.2			1.4
Eliminations	(4.1		)	(3.9		)
Intercompany net revenue	$	—		$	—

Adjusted EBITDA by segment is comprised of the following:



	Three Months Ended March 31, 2018
(in millions)	Racing			TwinSpires			Casino			Other Investments			Corporate
Net revenue	$	26.2		$	63.6		$	98.1		$	5.5		$	—

Taxes & purses	(10.3		)	(3.4		)	(32.4		)	—			—
Marketing & advertising	(0.8		)	(0.8		)	(3.2		)	—			—
Salaries & benefits	(8.6		)	(2.1		)	(13.5		)	(3.2		)	—
Content expense	(3.1		)	(32.2		)	—			—			—
SG&A expense	(4.0		)	(2.8		)	(5.4		)	(0.7		)	(2.4		)
Other operating expense	(8.8		)	(5.8		)	(10.1		)	(1.3		)	(0.2		)
Other income	—			—			10.8			—			0.1
Adjusted EBITDA	$	(9.4	)	$	16.5		$	44.3		$	0.3		$	(2.5	)



	Three Months Ended March 31, 2017
(in millions)	Racing			TwinSpires			Casino			Other Investments			Corporate ^(a)
Net revenue	$	26.1		$	52.3		$	87.5		$	5.5		$	—

Taxes & purses	(10.2		)	(3.0		)	(29.1		)	—			—
Marketing & advertising	(0.7		)	(1.0		)	(3.0		)	—			—
Salaries & benefits	(8.6		)	(2.2		)	(13.1		)	(2.9		)	—
Content expense	(3.2		)	(25.4		)	—			—			—
SG&A expense	(3.8		)	(2.7		)	(5.2		)	(0.8		)	(2.9		)
Other operating expense	(9.3		)	(4.8		)	(11.4		)	(1.3		)	(0.2		)
Other income	—			—			9.6			0.1			—
Adjusted EBITDA	$	(9.7	)	$	13.2		$	35.3		$	0.6		$	(3.1	)

(a) The Corporate segment includes corporate and other certain expenses of $0.7 million for the three months ended March 31, 2017 that have not been allocated to Big Fish Games as a result of the Big Fish Transaction. The Big Fish Games segment is reported as held for sale and discontinued operations in the accompanying condensed consolidated financial statements and these notes.



	Three Months Ended March, 31
(in millions)	2018			2017
Reconciliation of Comprehensive Income to Adjusted EBITDA:

Comprehensive income	$	182.0		$	7.2
Foreign currency translation, net of tax	—			0.1
Net income	182.0			7.3
Income from discontinued operations, net of tax	(167.9		)	(5.1		)
Income from continuing operations, net of tax	14.1			2.2

Additions:
Depreciation and amortization	13.8			14.2
Interest expense	9.6			11.8
Income tax provision	2.6			0.6
EBITDA	40.1			28.8

Adjustments to EBITDA:
Selling, general and administrative:
Stock-based compensation expense	2.8			3.4
Other charges	—			0.2
Pre-opening expense	0.6			—
Other income, expense:
Interest, depreciation and amortization expense related to equity investments	4.3			3.5
Transaction expense, net	1.4			—
Calder exit costs	—			0.4
Total adjustments to EBITDA	9.1			7.5
Adjusted EBITDA	$	49.2		$	36.3

Adjusted EBITDA by segment:
Racing	$	(9.4	)	$	(9.7	)
TwinSpires	16.5			13.2
Casino	44.3			35.3
Other Investments	0.3			0.6
Corporate(a)	(2.5		)	(3.1		)
Adjusted EBITDA	$	49.2		$	36.3

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



	Three Months Ended March, 31
(in millions)	2018		2017
Casino	$	6.5	$	6.1

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



(in millions)	March 31, 2018		December 31, 2017
Total assets:
Racing	$	484.8	$	483.0
TwinSpires	215.2		215.9
Casino	678.6		679.6
Other Investments	23.0		15.2
Corporate	199.4		73.2
Big Fish Games	—		892.5
	$	1,601.0	$	2,359.4

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



	Three Months Ended March, 31
(in millions)	2018		2017
Capital expenditures:
Racing	$	23.0	$	23.6
TwinSpires	2.3		3.2
Casino	3.4		8.1
Other Investments	4.6		0.4
Corporate	0.7		0.2
Big Fish Games	—		2.0
	$	34.0	$	37.5

Subsequent Event (Notes)	3 Months Ended
Subsequent Event (Notes)	Mar. 31, 2018
Subsequent Events [Abstract]
Subsequent Events [Text Block]	As of the date of this filing, there were no subsequent events.

Significant Accounting Policies Signifcant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Revenue Recognition, Policy [Policy Text Block]	Revenue Recognition Racing Racing revenue is generated by pari-mutuel wagering transactions with customers on live and simulcast racing content as well as simulcast host fees earned from other wagering sites. Additionally, we generate revenue through sponsorships, admissions (including luxury suites), personal seat licenses (“PSLs”), television rights, concessions, programs and parking. Our Racing 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. For live races we present at our racetracks, we recognize revenue on wagers we accept from customers at our racetrack (“on-track revenue”) and revenue we earn from exporting our live racing signals to other race tracks, off-track betting facilities ("OTBs"), and advance deposit wagering providers (“export revenue”). For simulcast races we display at our racetracks, OTBs, and TwinSpires, we recognize revenue we earn from providing a wagering service to our customers on these imported live races (“import revenue”). Each wagering contract for on-track revenue and import revenue contains a single performance obligation and our export revenue contracts contain a series of distinct services that form a single performance obligation. The transaction price for on-track revenue and import revenue is fixed based on the established commission rate we are entitled to retain. The transaction price for export revenue is variable based on the simulcast host fee we charge our customers for exporting our signal. Our export revenue contracts generally have a duration of one year or less. These arrangements are licenses of intellectual property containing a usage based royalty. As a result, we have elected to use the practical expedient to omit disclosure related to remaining performance obligations for our export revenue contracts. We recognize on-track revenue, export revenue, and import revenue once the live race event is made official by the relevant racing regulatory body. We evaluate our on-track revenue, export revenue, and import revenue contracts in order to determine whether we are acting as the principal or as the agent when providing services, which we consider in determining if revenue should be reported gross or net. An entity is a principal if it controls the specified service before that service is transferred to a customer. The revenue we recognize for on-track revenue and import revenue is the commission we are entitled to retain for providing a wagering service to our customers. For these arrangements, we are the principal as we control the wagering service; therefore, any charges, including simulcast fees, we incur for delivering the wagering service are presented as operating expenses. For export revenue, our customer is the third party wagering site such as a race track, OTB, or advance deposit wagering provider. Therefore, the revenue we recognize for export revenue is the simulcast host fee we earn for exporting our racing signal to the third party wagering site. Our admission contracts are either for a single live racing event day or multiple days. Our PSLs, sponsorships, and television rights contracts generally relate to multiple live racing event days. Multiple day admission, PSLs, sponsorships, and television rights contracts contain a distinct series of services that form single performance obligations. Sponsorships contracts generally include performance obligations related to admissions and advertising rights at our racetracks. Television rights contracts contain a performance obligation related to the rights to distribute certain live racing events on media platforms. The transaction prices for our admissions, PSLs, sponsorships, and television rights contracts are fixed. We allocate the transaction price to our sponsorship contract performance obligations based on the estimated relative standalone selling price of each distinct service. The revenue we recognize for admissions to a live racing event day is recognized once the related event is complete. For admissions, PSLs, sponsorships, and television rights contracts that relate to multiple live racing event days, we recognize revenue over time using an output method of each completed live racing event day as our measure of progress. Each completed live racing event day corresponds with the transfer of the relevant service to a customer and therefore is considered a faithful depiction of our efforts to satisfy the promises in these contracts. This output method results in measuring the value transferred to date to the customer relative to the remaining services promised under the contracts. Certain premium live racing event days such as the Kentucky Derby and Oaks result in a higher value of revenue allocated relative to other live racing event days due to, among other things, the quality of thoroughbreds racing, higher levels of on-track attendance, national broadcast audience, local and national media coverage, and overall entertainment value of the event. Timing of revenue recognition may differ from the timing of invoicing to customers for our long-term contracts in our Racing segment. We generally invoice customers prior to delivery of services for our admissions, PSLs, sponsorships, and television rights contracts. Accordingly, we recognize a receivable and a contract liability at the time we have an unconditional right to receive payment. When cash is received in advance of delivering services under our contracts, we defer revenue and recognize it in accordance with our policies for that type of contract. In situations where the timing of revenue recognition differs from the timing of invoicing, we have determined our contracts do not include a significant financing component. The primary purpose of our invoicing terms is to allow our customers to secure the right to the specific services provided under our contracts, not to receive financing from our customers. Concessions, programs, and parking revenue is recognized once the good or service is delivered. TwinSpires TwinSpires revenue is generated through pari-mutuel wagering transactions with customers on simulcast racing content through advance deposit wagering. Advance deposit wagering consists of patrons wagering through an advance deposit account. Our TwinSpires revenue and income are influenced by racing calendars similar to our Racing segment. 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 recognize import revenue in our TwinSpires segment consistent with our policy described in Racing. We may provide cash incentives in conjunction with wagering transactions we accept from customers. These cash incentives represent consideration payable to a customer and therefore are treated as a reduction of the transaction price for the wagering transaction. Casino Casino revenue primarily consists of gaming wager transactions. Other operating revenue, such as food and beverage or hotel revenue, is recognized once delivery of the product or service has occurred. The transaction price for gaming wager transactions is the difference between gaming wins and losses. The majority of our casinos offer loyalty programs that enable customers to earn loyalty points based on their gaming play. Gaming wager transactions involve two performance obligations for those customers earning loyalty points under the Company’s loyalty programs and a single performance obligation for customers who do not participate in the program. Loyalty points are primarily redeemable for free gaming activities and food and beverage. For purposes of allocating the transaction price in a wagering transaction between the wagering performance obligation and the obligation associated with the loyalty points earned, the Company allocates an amount to the loyalty point contract liability based on the stand-alone selling price of the points earned, which is determined by the value of a loyalty point that can be redeemed for gaming activities or food and beverage. An amount is allocated to the gaming wager performance obligation using the residual approach as the stand-alone price for wagers is highly variable and no set established price exists for such wagers. The allocated revenue for gaming wagers is recognized when the wagers occur as all such wagers settle immediately. The loyalty point contract liability amount is deferred and recognized as revenue when the customer redeems the points for a gaming wagering transaction or food and beverage and such goods or services are delivered to the customer.
Casino and Pari-mutuel Taxes [Policy Text Block]	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. All of our casino taxes and the majority of our pari-mutuel taxes are gross receipts taxes levied on the gaming entity. We recognize these taxes as Racing, TwinSpires and Casino operating expenses in our consolidated statements of comprehensive income. In certain jurisdictions governing our Racing and TwinSpires pari-mutuel contracts with customers, there are specific pari-mutuel taxes that are assessed on winning wagers from our customers, which we collect and remit to the government. These taxes are presented on a net basis.
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block]	Restricted Cash and Account Wagering Deposit Liabilities Amounts included in restricted cash represent amounts due to horsemen for purses, stakes and awards that are paid in accordance with the terms of our contractual agreements or statutory requirements. Restricted cash also includes deposits collected from our TwinSpires segment customers for account wagering that are paid when customers withdraw cash from their account.

Recent Accounting Pronouncements (Tables)

3 Months Ended

Mar. 31, 2018

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block]



	Three Months Ended March 31, 2017
(in millions)	As Reported		Adoption of ASU 2016-18			As Adjusted

Net cash provided by operating activities	$	74.6	$	(9.3	)	$	65.3

Cash, cash equivalents and restricted cash, beginning of period	$	48.7	$	34.3		$	83.0
Net increase (decrease) in cash, cash equivalents and restricted cash	6.2		(9.3		)	(3.1		)
Cash, cash equivalents and restricted cash, end of period	$	54.9	$	25.0		$	79.9



	At March 31, 2018
(in millions)	As Reported		Balances without Adoption of ASC 606		Effect of Change Increase/(Decrease)
ASSETS
Accounts receivable, net of allowance for doubtful accounts	$	34.6	$	37.7	$	(3.1	)
Other assets	12.5		14.5		(2.0		)

LIABILITIES
Accrued expense	75.6		74.8		0.8
Current deferred revenue	91.5		91.7		(0.2		)
Non-current deferred revenue	25.0		29.3		(4.3		)
Deferred income taxes	43.8		43.7		0.1

SHAREHOLDERS' EQUITY
Retained earnings	344.5		346.0		(1.5		)



(in millions)	As Reported at December 31, 2017		Adoption of ASC 606			Balance at January 1, 2018
ASSETS
Accounts receivable, net of allowance for doubtful accounts	$	49.6	$	(21.8	)	$	27.8
Income taxes receivable	35.6		(4.1		)	31.5
Current assets of discontinued operations held for sale	69.1		0.7			69.8
Other assets	13.6		(1.1		)	12.5

LIABILITIES
Accrued expense	75.8		0.8			76.6
Current deferred revenue	70.9		(18.9		)	52.0
Current liabilities of discontinued operations held for sale	188.2		(38.8		)	149.4
Non-current deferred revenue	29.3		(4.5		)	24.8
Deferred income taxes	40.6		0.1			40.7
Non-current liabilities of discontinued operations held for sale	54.8		5.9			60.7

SHAREHOLDERS' EQUITY
Retained earnings	634.3		29.1			663.4

Discontinued Operations (Tables)

3 Months Ended

Mar. 31, 2018

Disposal Group-Carrying value [Abstract]

Disposal Groups, Including Discontinued Operations [Table Text Block]



(in millions)
Cash and cash equivalents	$	0.3
Accounts receivable	34.7
Game software development, net	6.7
Other current assets	17.0
Property and equipment, net	17.8
Game software development, net	13.8
Goodwill	530.7
Other intangible assets, net	238.4
Other assets	24.0
Accounts payable	(8.5		)
Accrued expense	(22.6		)
Deferred revenue	(44.2		)
Deferred income taxes	(52.0		)
Other liabilities	(4.9		)
Carrying value of disposal group	$	751.2



	Three Months Ended March 31,
(in millions)	2018			2017
Net revenue	$	13.2		$	112.0

Operating expenses	8.4			87.0
Selling, general and administrative expense	4.3			5.5
Research and development	0.9			10.3
Transaction expense, net	—			0.2
Total operating expense	13.6			103.0
Operating (loss) income	(0.4		)	9.0
Other income (expense)
Gain on sale of Big Fish Games	219.5			—
Other expense	(0.1		)	—
Total other income	219.4			—
Income from discontinued operations before provision for income taxes	219.0			9.0
Income tax provision	(51.1		)	(3.9		)
Income from discontinued operations, net of tax	$	167.9		$	5.1

- 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

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=65878427&loc=SL51721533-107759

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721665-107760

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=64827811&loc=d3e1474-107760

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=64827811&loc=d3e1361-107760

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721683-107760

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 3A
-URI http://asc.fasb.org/extlink&oid=84176398&loc=SL51724579-110230

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5C
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721675-107760

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 4A
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721663-107760

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=84176398&loc=d3e2941-110230

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5B
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721673-107760

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3A
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721659-107760

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5A
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721671-107760

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5D
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721677-107760

+ Details

Investment in and Advances to Unconsolidated Affiliates (Tables)

3 Months Ended

Mar. 31, 2018

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

Affiliate Balance Sheet [Table Text Block]



(in millions)	March 31, 2018		December 31, 2017
Assets
Current assets	$	74.5	$	64.5
Property and equipment, net	233.9		234.6
Other assets, net	237.1		236.5
Total assets	$	545.5	$	535.6

Liabilities and Members' Equity
Current liabilities	$	101.2	$	100.3
Long-term debt	114.7		110.1
Other liabilities	—		0.1
Members' equity	329.6		325.1
Total liabilities and members' equity	$	545.5	$	535.6

Affiliate Income Statement [Table Text Block]



	Three Months Ended March 31,
(in millions)	2018			2017
Net revenue	$	77.0		$	72.2

Operating and SG&A expense	53.6			49.8
Depreciation and amortization	6.6			5.7
Total operating expense	60.2			55.5
Operating income	16.8			16.7
Interest and other expense, net	(2.9		)	(3.5		)
Net income	$	13.9		$	13.2

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

3 Months Ended

Mar. 31, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill [Table Text Block]



(in millions)	Racing		TwinSpires		Casino		Total
Balances as of December 31, 2017	$	51.7	$	148.2	$	117.7	$	317.6
Additions	—		—		—		—
Balances as of March 31, 2018	$	51.7	$	148.2	$	117.7	$	317.6

Schedule of Indefinite and Finite Lived Assets



	March 31, 2018							December 31, 2017
(in millions)	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Definite-lived intangible assets	$	39.8	$	(22.2	)	$	17.6	$	39.8	$	(20.6	)	$	19.2
Indefinite-lived intangible assets						150.2							150.2
Total						$	167.8						$	169.4

Fair Value Of Assets And Liabilities (Tables)

3 Months Ended

Mar. 31, 2018

Fair Value Disclosures [Abstract]

Fair Value Measurements, Recurring and Nonrecurring



	Level 1
(in millions)	March 31, 2018		December 31, 2017
Cash equivalents and restricted cash	$	31.5	$	31.2

Stock-based Compensation Plans Stock-based Compensation Plans (Tables)

3 Months Ended

Mar. 31, 2018

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

Share-based Compensation, Activity [Table Text Block]

A summary of the RSAs, RSUs, and PSUs granted during 2018 is presented below:



Grant Year	Award Type	Number of Shares/Units Awarded (in thousands)	Vesting Terms
2018	RSA	18	Vest equally over three service periods ending in February of 2019, 2020, and 2021
2018	RSU	16	Vest equally over three service periods ending December 31 of 2018, 2019, and 2020
2018	PSU	16	Three year performance and service period ending December 31, 2020

Income Per Common Share Computations (Tables)

3 Months Ended

Mar. 31, 2018

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted



	Three Months Ended March, 31
(in millions, except per share data)	2018		2017
Numerator for basic net income per common share:
Net income from continuing operations	$	14.1	$	2.2
Net income from continuing operations allocated to participating securities	—		(0.1		)
Net income from discontinued operations	167.9		5.1
Numerator for basic net income per common share	$	182.0	$	7.2

Numerator for diluted net income from continuing operations per common share	$	14.1	$	2.2
Numerator for diluted net income per common share:	$	182.0	$	7.3

Denominator for net income per common share:
Basic	14.4		16.3
Plus dilutive effect of stock awards	0.1		0.2
Plus dilutive effect of participating securities	—		0.3
Diluted	14.5		16.8

Net income per common share data:
Basic
Continuing operations	$	0.98	$	0.13
Discontinued operations	$	11.63	$	0.31
Net income per common share - basic	$	12.61	$	0.44

Diluted
Continuing operations	$	0.97	$	0.13
Discontinued operations	$	11.58	$	0.31
Net income per common share - diluted	$	12.55	$	0.44

Segment Information (Tables)

3 Months Ended

Mar. 31, 2018

Segment Reporting [Abstract]

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



	Three Months Ended March, 31
(in millions)	2018		2017
Net revenue from external customers:
Racing:
Churchill Downs	$	2.0	$	2.3
Arlington	8.3		8.5
Fair Grounds	12.8		12.5
Calder	0.6		0.6
Total Racing	23.7		23.9
TwinSpires	63.2		52.0
Casino:
Oxford Casino	24.2		20.9
Riverwalk Casino	14.4		11.5
Harlow’s Casino	13.3		13.5
Calder Casino	24.3		21.4
Fair Grounds Slots	10.6		10.2
VSI	11.0		9.7
Saratoga	0.3		0.3
Total Casino	98.1		87.5
Other Investments	4.3		4.1
Net revenue from external customers	$	189.3	$	167.5



	Three Months Ended March, 31
(in millions)	2018			2017
Intercompany net revenue:
Racing:
Churchill Downs	$	0.3		$	0.3
Arlington	1.2			1.0
Fair Grounds	1.0			0.9
Total Racing	2.5			2.2
TwinSpires	0.4			0.3
Other Investments	1.2			1.4
Eliminations	(4.1		)	(3.9		)
Intercompany net revenue	$	—		$	—

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

Adjusted EBITDA by segment is comprised of the following:



	Three Months Ended March 31, 2018
(in millions)	Racing			TwinSpires			Casino			Other Investments			Corporate
Net revenue	$	26.2		$	63.6		$	98.1		$	5.5		$	—

Taxes & purses	(10.3		)	(3.4		)	(32.4		)	—			—
Marketing & advertising	(0.8		)	(0.8		)	(3.2		)	—			—
Salaries & benefits	(8.6		)	(2.1		)	(13.5		)	(3.2		)	—
Content expense	(3.1		)	(32.2		)	—			—			—
SG&A expense	(4.0		)	(2.8		)	(5.4		)	(0.7		)	(2.4		)
Other operating expense	(8.8		)	(5.8		)	(10.1		)	(1.3		)	(0.2		)
Other income	—			—			10.8			—			0.1
Adjusted EBITDA	$	(9.4	)	$	16.5		$	44.3		$	0.3		$	(2.5	)



	Three Months Ended March 31, 2017
(in millions)	Racing			TwinSpires			Casino			Other Investments			Corporate ^(a)
Net revenue	$	26.1		$	52.3		$	87.5		$	5.5		$	—

Taxes & purses	(10.2		)	(3.0		)	(29.1		)	—			—
Marketing & advertising	(0.7		)	(1.0		)	(3.0		)	—			—
Salaries & benefits	(8.6		)	(2.2		)	(13.1		)	(2.9		)	—
Content expense	(3.2		)	(25.4		)	—			—			—
SG&A expense	(3.8		)	(2.7		)	(5.2		)	(0.8		)	(2.9		)
Other operating expense	(9.3		)	(4.8		)	(11.4		)	(1.3		)	(0.2		)
Other income	—			—			9.6			0.1			—
Adjusted EBITDA	$	(9.7	)	$	13.2		$	35.3		$	0.6		$	(3.1	)



	Three Months Ended March, 31
(in millions)	2018			2017
Reconciliation of Comprehensive Income to Adjusted EBITDA:

Comprehensive income	$	182.0		$	7.2
Foreign currency translation, net of tax	—			0.1
Net income	182.0			7.3
Income from discontinued operations, net of tax	(167.9		)	(5.1		)
Income from continuing operations, net of tax	14.1			2.2

Additions:
Depreciation and amortization	13.8			14.2
Interest expense	9.6			11.8
Income tax provision	2.6			0.6
EBITDA	40.1			28.8

Adjustments to EBITDA:
Selling, general and administrative:
Stock-based compensation expense	2.8			3.4
Other charges	—			0.2
Pre-opening expense	0.6			—
Other income, expense:
Interest, depreciation and amortization expense related to equity investments	4.3			3.5
Transaction expense, net	1.4			—
Calder exit costs	—			0.4
Total adjustments to EBITDA	9.1			7.5
Adjusted EBITDA	$	49.2		$	36.3

Adjusted EBITDA by segment:
Racing	$	(9.4	)	$	(9.7	)
TwinSpires	16.5			13.2
Casino	44.3			35.3
Other Investments	0.3			0.6
Corporate(a)	(2.5		)	(3.1		)
Adjusted EBITDA	$	49.2		$	36.3

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



	Three Months Ended March, 31
(in millions)	2018		2017
Casino	$	6.5	$	6.1

Reconciliation of Assets from Segment to Consolidated

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



(in millions)	March 31, 2018		December 31, 2017
Total assets:
Racing	$	484.8	$	483.0
TwinSpires	215.2		215.9
Casino	678.6		679.6
Other Investments	23.0		15.2
Corporate	199.4		73.2
Big Fish Games	—		892.5
	$	1,601.0	$	2,359.4

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



	Three Months Ended March, 31
(in millions)	2018		2017
Capital expenditures:
Racing	$	23.0	$	23.6
TwinSpires	2.3		3.2
Casino	3.4		8.1
Other Investments	4.6		0.4
Corporate	0.7		0.2
Big Fish Games	—		2.0
	$	34.0	$	37.5

Basis Of Presentation (Details) $ in Millions		3 Months Ended
Basis Of Presentation (Details) $ in Millions	Jan. 09, 2018 USD ($)	Mar. 31, 2018 USD ($) d	Mar. 31, 2017 USD ($) d
Variable Interest Entity [Line Items]
Proceeds from Divestiture of Businesses		$ 970.7	$ 0.0
Live Racing Days \| d		54	55
Big Fish Games [Member]
Variable Interest Entity [Line Items]
Proceeds from Divestiture of Businesses	$ 990.0

Recent Accounting Pronouncements New Accounting Standards - Cumulative Effect of changes due to Adoption of ASU 2014-09 (Details) - USD ($) $ in Millions	Mar. 31, 2018	Jan. 01, 2018	Dec. 31, 2017
Assets [Abstract]
Accounts receivable, net of allowance for doubtful accounts of $3.9 at March 31, 2018 and $3.6 at December 31, 2017	$ (34.6)	$ (27.8)	$ (49.6)
Income taxes receivable	0.0	(31.5)	(35.6)
Current assets of discontinued operations held for sale	0.0	69.8	69.1
Other current assets	26.0		18.9
Liabilities [Abstract]
Other assets	(12.5)	(12.5)	(13.6)
Accrued expense	75.6	76.6	75.8
Deferred revenue	(91.5)	(52.0)	(70.9)
Current liabilities of discontinued operations held for sale	0.0	(149.4)	(188.2)
Deferred revenue	(25.0)	(24.8)	(29.3)
Deferred income taxes	43.8	40.7	40.6
Non-current liabilities of discontinued operations held for sale	0.0	60.7	54.8
Equity [Abstract]
Retained earnings	344.5	663.4	$ 634.3
Difference between Revenue Guidance in Effect before and after Topic 606 [Member]
Assets [Abstract]
Accounts receivable, net of allowance for doubtful accounts of $3.9 at March 31, 2018 and $3.6 at December 31, 2017	(3.1)	(21.8)
Income taxes receivable		(4.1)
Current assets of discontinued operations held for sale		0.7
Liabilities [Abstract]
Other assets	(2.0)	(1.1)
Accrued expense	0.8	0.8
Deferred revenue	(0.2)	(18.9)
Current liabilities of discontinued operations held for sale		(38.8)
Deferred revenue	(4.3)	(4.5)
Deferred income taxes	0.1	0.1
Non-current liabilities of discontinued operations held for sale		5.9
Equity [Abstract]
Retained earnings	(1.5)	$ 29.1
Calculated under Revenue Guidance in Effect before Topic 606 [Member]
Assets [Abstract]
Accounts receivable, net of allowance for doubtful accounts of $3.9 at March 31, 2018 and $3.6 at December 31, 2017	(37.7)
Liabilities [Abstract]
Other assets	(14.5)
Accrued expense	74.8
Deferred revenue	(91.7)
Deferred revenue	(29.3)
Deferred income taxes	43.7
Equity [Abstract]
Retained earnings	$ 346.0

Recent Accounting Pronouncements New Accounting Standards - Effect of change related to ASU 2014-09 (Details) - USD ($) $ in Millions	Mar. 31, 2018	Jan. 01, 2018	Dec. 31, 2017
Assets [Abstract]
Accounts receivable, net of allowance for doubtful accounts of $3.9 at March 31, 2018 and $3.6 at December 31, 2017	$ (34.6)	$ (27.8)	$ (49.6)
Other assets	(12.5)	(12.5)	(13.6)
Liabilities [Abstract]
Accrued expense	75.6	76.6	75.8
Deferred revenue	(91.5)	(52.0)	(70.9)
Deferred revenue	(25.0)	(24.8)	(29.3)
Deferred income taxes	43.8	40.7	40.6
Equity [Abstract]
Retained earnings	344.5	663.4	$ 634.3
Difference between Revenue Guidance in Effect before and after Topic 606 [Member]
Assets [Abstract]
Accounts receivable, net of allowance for doubtful accounts of $3.9 at March 31, 2018 and $3.6 at December 31, 2017	(3.1)	(21.8)
Other assets	(2.0)	(1.1)
Liabilities [Abstract]
Accrued expense	0.8	0.8
Deferred revenue	(0.2)	(18.9)
Deferred revenue	(4.3)	(4.5)
Deferred income taxes	0.1	0.1
Equity [Abstract]
Retained earnings	(1.5)	$ 29.1
Calculated under Revenue Guidance in Effect before Topic 606 [Member]
Assets [Abstract]
Accounts receivable, net of allowance for doubtful accounts of $3.9 at March 31, 2018 and $3.6 at December 31, 2017	(37.7)
Other assets	(14.5)
Liabilities [Abstract]
Accrued expense	74.8
Deferred revenue	(91.7)
Deferred revenue	(29.3)
Deferred income taxes	43.7
Equity [Abstract]
Retained earnings	$ 346.0

Recent Accounting Pronouncements New Accounting Standards - Effect fo changes due to Adoption of ASU 2016-18 (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017	Dec. 31, 2016
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net Cash Provided by (Used in) Operating Activities	$ 55.9	$ 65.3
Cash and cash equivalents	202.7	79.9	$ 51.7	$ 83.0
Cash and Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect	$ 148.8	(3.1)
Scenario, Previously Reported [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net Cash Provided by (Used in) Operating Activities		74.6
Cash and cash equivalents		54.9		48.7
Cash and Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect		6.2
Accounting Standards Update 2016-18 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net Cash Provided by (Used in) Operating Activities		(9.3)
Cash and cash equivalents		25.0		$ 34.3
Cash and Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect		$ (9.3)

Discontinued Operations (Details) - USD ($) $ in Millions	3 Months Ended
Discontinued Operations (Details) - USD ($) $ in Millions	Mar. 31, 2018	Mar. 31, 2017	Jan. 09, 2018
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Group, Including Discontinued Operation, Cash and Cash Equivalents			$ 0.3
Stock-based compensation	$ 6.1	$ 4.9
Gain (Loss) on Disposition of Business	219.5	0.0
Disposal Group, Including Discontinued Operation, Accounts, Notes and Loans Receivable, Net			34.7
Disposal Group, Including Discontinued Operation, Game Software Development, Net, Current			6.7
Disposal Group, Including Discontinued Operation, Other Assets, Current			17.0
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment, Noncurrent			17.8
Disposal Group, Including Discontinued Operation, Game Software Development, Net, Noncurrent			13.8
Disposal Group, Including Discontinued Operation, Goodwill, Noncurrent			530.7
Disposal Group, Including Discontinued Operation, Intangible Assets, Noncurrent			238.4
Disposal Group, Including Discontinued Operation, Other Assets, Noncurrent			24.0
Disposal Group, Including Discontinued Operation, Accounts Payable, Current			(8.5)
Disposal Group, Including Discontinued Operation, Accrued Liabilities, Current			(22.6)
Disposal Group, Including Discontinued Operation, Deferred Revenue, Current			(44.2)
Disposal Group, Including Discontinued Operation, Deferred Tax Liabilities			(52.0)
Disposal Group, Including Discontinued Operation, Other Liabilities, Noncurrent			(4.9)
Carrying Value of Disposal Group			$ 751.2
Big Fish Games [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Stock-based compensation	3.3
Disposal Group, Including Discontinued Operation, Revenue	13.2	112.0
Disposal Group, Including Discontinued Operation, Operating Expense	8.4	87.0
Disposal Group, Including Discontinued Operation, General and Administrative Expense	4.3	5.5
Disposal Group, Including Discontinued Operations, Research And Development Expense	0.9	10.3
Disposal Group, Including Discontinued Operations, Transaction Expense	0.0	0.2
Disposal Group, Including Discontinued Operations, Total Operating Expense	13.6	103.0
Disposal Group, Including Discontinued Operation, Operating Income (Loss)	(0.4)	9.0
Disposal Group, Including Discontinued Operation, Other Expense	(0.1)	0.0
Gain (Loss) on Disposition of Business	219.5	0.0
Discontinued Operation, Income (Loss) from Discontinued Operation During Phase-out Period, before Income Tax	219.0	9.0
Discontinued Operation, Tax Effect of Income (Loss) from Discontinued Operation During Phase-out Period	(51.1)	(3.9)
Discontinued Operation, Income (Loss) from Discontinued Operation During Phase-out Period, Net of Tax	$ 167.9	$ 5.1

Acquisition (Details) $ in Millions	10 Months Ended
Acquisition (Details) $ in Millions	Dec. 31, 2018 USD ($)
Scenario, Forecast [Member] \| Presque Isle Downs & Casino And Lady Luck Casino [Member]
Business Acquisition [Line Items]
Payments to Acquire Businesses, Gross	$ 229.5

Investment in and Advances to Unconsolidated Affiliates (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017	Jan. 03, 2017	Dec. 31, 2016	Nov. 21, 2016	Aug. 31, 2016
Investments in and Advances to Affiliates [Line Items]
Other liabilities	$ 0.0		$ 0.1
Distributed earnings from equity investments	4.5	$ 4.3
Old Bay Gaming and Racing LLC [Member]
Investments in and Advances to Affiliates [Line Items]
Equity Method Investment, Ownership Percentage							50.00%
Miami Valley Gaming LLC [Member]
Investments in and Advances to Affiliates [Line Items]
Equity Method Investment, Ownership Percentage					50.00%
Distributed earnings from equity investments	$ 4.0	$ 4.0
Saratoga Casino Black Hawk [Member]
Investments in and Advances to Affiliates [Line Items]
Equity Method Investment, Ownership Percentage						25.00%
Ocean Downs LLC and Racing Services LLC [Member]
Investments in and Advances to Affiliates [Line Items]
Equity Method Investment, Effective Ownership Percentage				62.50%

Investment in and Advances to Unconsolidated Affiliates Affiliate Income Statement (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Affiliate Income Statement [Abstract]
Net revenue	$ 77.0	$ 72.2
Operating and SG&A expense	53.6	49.8
Depreciation and amortization	6.6	5.7
Total operating expense	60.2	55.5
Operating income	16.8	16.7
Interest and other expense, net	2.9	3.5
Net income	$ 13.9	$ 13.2

Investment in and Advances to Unconsolidated Affiliates Affiliate Balance Sheet (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Investments in and Advances to Affiliates, Affiliate Balance Sheet [Abstract]
Current assets	$ 74.5	$ 64.5
Property and equipment, net	233.9	234.6
Other assets, net	237.1	236.5
Total assets	545.5	535.6
Current liabilities	101.2	100.3
Long-term debt	114.7	110.1
Other liabilities	0.0	0.1
Members' equity	329.6	325.1
Total liabilities and members' equity	$ 545.5	$ 535.6

Goodwill And Indefinite-Lived Intangible Assets Impairment Test Goodwill (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Goodwill [Line Items]
Goodwill	$ 317.6	$ 317.6
Goodwill, Acquired During Period	0.0
Racing Segment [Member]
Goodwill [Line Items]
Goodwill	51.7	51.7
Goodwill, Acquired During Period	0.0
Casino Segment [Member]
Goodwill [Line Items]
Goodwill	117.7	117.7
Goodwill, Acquired During Period	0.0
TwinSpires [Member]
Goodwill [Line Items]
Goodwill	148.2	$ 148.2
Goodwill, Acquired During Period	$ 0.0

Goodwill And Indefinite-Lived Intangible Assets Impairment Test Intangible Table (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	$ 39.8	$ 39.8
Finite-Lived Intangible Assets, Accumulated Amortization	22.2	20.6
Finite-Lived Intangible Assets, Net	17.6	19.2
Indefinite-Lived Intangible Assets (Excluding Goodwill)	150.2	150.2
Other intangible assets, net	$ 167.8	$ 169.4

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Mar. 31, 2018	Mar. 31, 2017
Income Tax Contingency [Line Items]
Effective Income Tax Rate Reconciliation, Share-based Compensation, Excess Tax Benefit, Amount	$ 1.2
Income tax provision	$ (2.6)	$ (0.6)

Fair Value Of Assets And Liabilities (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017	Dec. 27, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	$ 31.5		$ 31.2
Big Fish Games deferred payment	(26.4)	$ 0.0
Long-term debt, net of current maturities and loan origination fees	390.1		632.9
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
Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term Debt, Fair Value	0.0		622.5
Unsecured Debt [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term Debt, Fair Value	$ 470.6		$ 496.8
Senior Notes Due 2028 [Member] \| Senior Notes [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Instrument, Interest Rate, Stated Percentage				4.75%
Revolving Credit Facility [Member] \| Line of Credit [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity				$ 700.0
Secured Debt [Member] \| Term Loan B due 2024 [Member] \| Line of Credit [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Instrument, Face Amount				$ 400.0

Shareholders' Equity (Details) - USD ($) $ / shares in Units, $ in Millions	Feb. 12, 2018	Nov. 29, 2017
Distribution Made to Limited Partner [Line Items]
Stock Repurchase Program, Authorized Amount		$ 500.0
Stock Repurchased During Period, Shares	1,886,792
Stock Repurchased During Period, Average Cost Per Share	$ 265
Stock Repurchased During Period, Value	$ 500.0

Stock-based Compensation Plans (Details) shares in Thousands	3 Months Ended
	Mar. 31, 2018 shares
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	18
Performance Shares [Member] \| Executive Long-Term Incentive Compensation Plan (the “ELTI Plan”) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	16
Restricted Stock Units (RSUs) [Member] \| Executive Long-Term Incentive Compensation Plan (the “ELTI Plan”) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	16

Income Per Common Share Computations (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Earnings Per Share [Abstract]
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest	$ 14.1	$ 2.2
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent	14.1	2.2
Distributed Earnings	0.0	0.1
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent	167.9	5.1
Net Income (Loss) Available to Common Stockholders, Basic	182.0	7.2
Net Income (Loss) from Continuing Operations Available to Common Shareholders, Diluted	14.1	2.2
Net Income (Loss) Available to Common Stockholders, Diluted	$ 182.0	$ 7.3
Earnings Per Share, Basic and Diluted [Abstract]
Numerator for diluted net income per common share:	14.4	16.3
Plus dilutive effect of stock awards	0.1	0.2
Denominator for net income per common share:	0.0	0.3
Basic	14.5	16.8
Earnings Per Share, Diluted [Abstract]
Diluted	$ 12.61	$ 0.44
Diluted	12.55	0.44
Income (Loss) from Continuing Operations, Per Basic Share	0.98	0.13
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share	11.63	0.31
Income (Loss) from Continuing Operations, Per Diluted Share	0.97	0.13
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Diluted Share	$ 11.58	$ 0.31

Segment Information - Information About Reported Segments (Details)	3 Months Ended
	Mar. 31, 2018 USD ($) Segments	Mar. 31, 2017 USD ($)
Segment Reporting Information [Line Items]
Racing	$ 23,700,000	$ 23,900,000
TwinSpires	63,200,000	52,000,000
Casino	98,100,000	87,500,000
Other Investments	4,300,000	4,100,000
Adjusted EBITDA	$ 49,200,000	36,300,000
Number of Operating Segments \| Segments	5
Property, Plant and Equipment, Additions	$ 34,000,000	37,500,000
Intercompany net revenues	0	0
Comprehensive income	182,000,000	7,200,000
Foreign currency translation, net of tax	0	100,000
Net income	182,000,000	7,300,000
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent	(167,900,000)	(5,100,000)
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent	14,100,000	2,200,000
Depreciation and amortization	13,800,000	24,500,000
Income tax (provision) benefit	2,600,000	600,000
Stock-based compensation	6,100,000	4,900,000
Transaction expense, net	1,400,000	0
Calder exit costs	0	400,000
Total adjustments to EBITDA	9,100,000	7,500,000
Adjusted EBITDA	49,200,000	36,300,000
Racing Segment [Member]
Segment Reporting Information [Line Items]
Racing	23,700,000	23,900,000
Adjusted EBITDA	(9,400,000)	(9,700,000)
Property, Plant and Equipment, Additions	23,000,000	23,600,000
Intercompany net revenues	2,500,000	2,200,000
Racing Segment [Member] \| Churchill Downs
Segment Reporting Information [Line Items]
Racing	2,000,000	2,300,000
Intercompany net revenues	300,000	300,000
Racing Segment [Member] \| Arlington Park
Segment Reporting Information [Line Items]
Racing	8,300,000	8,500,000
Intercompany net revenues	1,200,000	1,000,000
Racing Segment [Member] \| Fair Grounds
Segment Reporting Information [Line Items]
Racing	12,800,000	12,500,000
Intercompany net revenues	1,000,000	900,000
Racing Segment [Member] \| Calder
Segment Reporting Information [Line Items]
Racing	600,000	600,000
Casino Segment [Member]
Segment Reporting Information [Line Items]
Casino	98,100,000	87,500,000
Adjusted EBITDA	44,300,000	35,300,000
Property, Plant and Equipment, Additions	3,400,000	8,100,000
Casino Segment [Member] \| Oxford Casino
Segment Reporting Information [Line Items]
Casino	24,200,000	20,900,000
Casino Segment [Member] \| Riverwalk Casino
Segment Reporting Information [Line Items]
Casino	14,400,000	11,500,000
Casino Segment [Member] \| Harlows Casino
Segment Reporting Information [Line Items]
Casino	13,300,000	13,500,000
Casino Segment [Member] \| Calder Casinos
Segment Reporting Information [Line Items]
Casino	24,300,000	21,400,000
Casino Segment [Member] \| Fair Grounds Slots
Segment Reporting Information [Line Items]
Casino	10,600,000	10,200,000
Casino Segment [Member] \| VSI
Segment Reporting Information [Line Items]
Casino	11,000,000	9,700,000
Casino Segment [Member] \| Saratoga Casino Holdings, LLC [Member]
Segment Reporting Information [Line Items]
Casino	300,000	300,000
TwinSpires [Member]
Segment Reporting Information [Line Items]
TwinSpires	63,200,000	52,000,000
Adjusted EBITDA	16,500,000	13,200,000
Property, Plant and Equipment, Additions	2,300,000	3,200,000
Intercompany net revenues	400,000	300,000
Other Investments Segment [Member]
Segment Reporting Information [Line Items]
Other Investments	4,300,000	4,100,000
Property, Plant and Equipment, Additions	4,600,000	400,000
Intercompany net revenues	1,200,000	1,400,000
Corporate
Segment Reporting Information [Line Items]
Adjusted EBITDA	(2,500,000)	(3,100,000)
Property, Plant and Equipment, Additions	700,000	200,000
Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
Intercompany net revenues	(4,100,000)	(3,900,000)
Saratoga Harness Racing Inc Joint Venture [Member]
Segment Reporting Information [Line Items]
Adjusted Corporate EBITDA	(2,500,000.0)	(3,100,000.0)
Saratoga Harness Racing Inc Joint Venture [Member] \| Racing Segment [Member]
Segment Reporting Information [Line Items]
Adjusted EBITDA	(9,400,000.0)	(9,700,000.0)
Saratoga Harness Racing Inc Joint Venture [Member] \| Casino Segment [Member]
Segment Reporting Information [Line Items]
Adjusted EBITDA	44,300,000.0	35,300,000.0
Saratoga Harness Racing Inc Joint Venture [Member] \| TwinSpires [Member]
Segment Reporting Information [Line Items]
Adjusted EBITDA	16,500,000.0	13,200,000.0
Saratoga Harness Racing Inc Joint Venture [Member] \| Other Investments Segment [Member]
Segment Reporting Information [Line Items]
Adjusted EBITDA	300,000.0	600,000.0
Continuing Operations [Member]
Segment Reporting Information [Line Items]
Depreciation and amortization	13,800,000	14,200,000
Interest expense	9,600,000	11,800,000
Income tax (provision) benefit	2,600,000	600,000
Earnings Before Interest Taxes Depreciation and Amortization	40,100,000	28,800,000
Stock-based compensation	2,800,000	3,400,000
Pre-Opening Costs	600,000	0
Other income, expense:	0	(200,000)
Interest, depreciation and amortization expense related to equity investments	4,300,000	3,500,000
Transaction expense, net	1,400,000	0
Calder exit costs	$ 0	$ 400,000

Segment Information Adjusted EBITDA by Segment (Details) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Segment Reporting Information [Line Items]
Net revenue	$ 189,300,000	$ 167,500,000
Adjusted EBITDA	49,200,000	36,300,000
Racing Segment [Member]
Segment Reporting Information [Line Items]
Net revenue	26,200,000	26,100,000
Taxes & purses	10,300,000	10,200,000
Marketing & advertising	800,000	700,000
Salaries & benefits	8,600,000	8,600,000
Content expense	3,100,000	3,200,000
SG&A expense	4,000,000	3,800,000
Other operating expense	8,800,000	9,300,000
Other income	0	0
Adjusted EBITDA	(9,400,000)	(9,700,000)
Casino Segment [Member]
Segment Reporting Information [Line Items]
Net revenue	98,100,000	87,500,000
Taxes & purses	32,400,000	29,100,000
Marketing & advertising	3,200,000	3,000,000
Salaries & benefits	13,500,000	13,100,000
Content expense	0	0
SG&A expense	5,400,000	5,200,000
Other operating expense	10,100,000	11,400,000
Other income	10,800,000	9,600,000
Adjusted EBITDA	44,300,000	35,300,000
TwinSpires [Member]
Segment Reporting Information [Line Items]
Net revenue	63,600,000	52,300,000
Taxes & purses	3,400,000	3,000,000
Marketing & advertising	800,000	1,000,000
Salaries & benefits	2,100,000	2,200,000
Content expense	32,200,000	25,400,000
SG&A expense	2,800,000	2,700,000
Other operating expense	5,800,000	4,800,000
Other income	0	0
Adjusted EBITDA	16,500,000	13,200,000
Other Segments [Member]
Segment Reporting Information [Line Items]
Net revenue	5,500,000	5,500,000
Taxes & purses	0	0
Marketing & advertising	0	0
Salaries & benefits	3,200,000	2,900,000
Content expense	0	0
SG&A expense	700,000	800,000
Other operating expense	1,300,000	1,300,000
Other income	0	100,000
Adjusted EBITDA	300,000	600,000
Corporate
Segment Reporting Information [Line Items]
Net revenue	0	0
Taxes & purses	0	0
Marketing & advertising	0	0
Salaries & benefits	0	0
Content expense	0	0
SG&A expense	2,400,000	2,900,000
Other operating expense	200,000	200,000
Other income	100,000	0
Adjusted EBITDA	(2,500,000)	(3,100,000)
Saratoga Harness Racing Inc Joint Venture [Member] \| Racing Segment [Member]
Segment Reporting Information [Line Items]
Adjusted EBITDA	(9,400,000.0)	(9,700,000.0)
Saratoga Harness Racing Inc Joint Venture [Member] \| Casino Segment [Member]
Segment Reporting Information [Line Items]
Adjusted EBITDA	44,300,000.0	35,300,000.0
Saratoga Harness Racing Inc Joint Venture [Member] \| TwinSpires [Member]
Segment Reporting Information [Line Items]
Adjusted EBITDA	16,500,000.0	13,200,000.0
Saratoga Harness Racing Inc Joint Venture [Member] \| Other Investments Segment [Member]
Segment Reporting Information [Line Items]
Adjusted EBITDA	$ 300,000.0	$ 600,000.0

Segment Information - Equity in Earnings of Unconsolidated Investments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Segment Reporting, Other Significant Reconciling Item [Line Items]
Equity in income of unconsolidated investments	$ 6.5	$ 6.1
Casino Segment [Member]
Segment Reporting, Other Significant Reconciling Item [Line Items]
Equity in income of unconsolidated investments	$ 6.5	$ 6.1

Segment Information - Total Asset Information For Segments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 1,601.0		$ 2,359.4
Capital expenditures	34.0	$ 37.5
Racing Segment [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	484.8		483.0
Capital expenditures	23.0	23.6
Casino Segment [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	678.6		679.6
Capital expenditures	3.4	8.1
TwinSpires [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	215.2		215.9
Capital expenditures	2.3	3.2
Big Fish Games [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	0.0		892.5
Capital expenditures	0.0	2.0
Other Investments Segment [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	23.0		15.2
Capital expenditures	4.6	0.4
Corporate
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	199.4		$ 73.2
Capital expenditures	$ 0.7	$ 0.2