0000020212-19-000057 | 10-Q | XBRL Viewer

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Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2019	Oct. 16, 2019
Cover page.
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2019
Document Transition Report	false
Entity File Number	001-33998
Entity Registrant Name	Churchill Downs Inc
Entity Incorporation, State or Country Code	KY
Entity Tax Identification Number	61-0156015
Entity Address, Address Line One	600 North Hurstbourne Parkway, Suite 400
Entity Address, City or Town	Louisville
Entity Address, State or Province	KY
Entity Address, Postal Zip Code	40222
City Area Code	502
Local Phone Number	636-4400
Title of 12(b) Security	Common Stock, No Par Value
Trading Symbol	CHDN
Security Exchange Name	NASDAQ
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		39,831,864
Amendment Flag	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Entity Central Index Key	0000020212
Current Fiscal Year End Date	--12-31

Condensed Consolidated Statements Of Comprehensive Income - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Net revenue:
Net revenue	$ 306.3	$ 221.3	$ 1,049.1	$ 790.0
Operating expense:
Selling, general and administrative expense	34.4	21.9	89.4	63.4
Transaction expense, net	0.9	5.4	5.0	8.9
Total operating expense	278.5	200.8	836.9	613.2
Operating income	27.8	20.5	212.2	176.8
Other income (expense):
Interest expense, net	(18.9)	(9.9)	(52.0)	(29.2)
Equity in income of unconsolidated affiliates	14.1	9.1	27.7	24.4
Gain on Ocean Downs/Saratoga transaction	0.0	54.9	0.0	54.9
Miscellaneous, net	0.2	0.1	0.6	0.5
Total other income (expense)	(4.6)	54.2	(23.7)	50.6
Income from continuing operations before provision for income taxes	23.2	74.7	188.5	227.4
Income tax provision	(8.0)	(16.7)	(53.1)	(52.1)
Income from continuing operations, net of tax	15.2	58.0	135.4	175.3
(Loss) income from discontinued operations, net of tax	(0.4)	(1.7)	(1.9)	166.1
Net income	$ 14.8	$ 56.3	$ 133.5	$ 341.4
Net income (loss) per common share data - basic:
Continuing operations (in dollars per share)	$ 0.38	$ 1.43	$ 3.37	$ 4.22
Discontinued operations (in dollars per share)	(0.01)	(0.04)	(0.05)	4.00
Net income per common share data - basic (in dollars per share)	0.37	1.39	3.32	8.22
Net income (loss) per common share data - diluted:
Continuing operations (in dollars per share)	0.37	1.42	3.33	4.19
Discontinued operations (in dollars per share)	(0.01)	(0.04)	(0.05)	3.97
Net income per common share data - diluted (in dollars per share)	$ 0.36	$ 1.38	$ 3.28	$ 8.16
Weighted average shares outstanding:
Basic (in shares)	40.0	40.7	40.2	41.6
Diluted (in shares)	40.7	41.0	40.7	41.8
Other comprehensive income:
Foreign currency translation, net of tax	$ 0.0	$ 0.0	$ 0.0	$ 0.6
Change in pension benefits, net of tax	0.0	0.2	0.0	(0.2)
Other comprehensive income	0.0	0.2	0.0	0.4
Comprehensive income	14.8	56.5	133.5	341.8
Churchill Downs
Net revenue:
Net revenue	31.4	10.8	234.6	167.7
Operating expense:
Operating expense	30.8	19.5	127.8	87.4
Online Wagering
Net revenue:
Net revenue	70.2	71.8	228.9	228.7
Operating expense:
Operating expense	52.2	49.1	159.3	152.6
Gaming
Net revenue:
Net revenue	178.3	110.4	524.7	330.0
Operating expense:
Operating expense	137.3	81.2	395.5	238.9
All Other
Net revenue:
Net revenue	26.4	28.3	60.9	63.6
Operating expense:
Operating expense	$ 22.9	$ 23.7	$ 59.9	$ 62.0

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
ASSETS
Cash and cash equivalents	$ 189.8	$ 133.3
Restricted cash	44.0	40.0
Accounts receivable, net	35.4	28.8
Income taxes receivable	1.4	17.0
Other current assets	31.3	22.4
Total current assets	301.9	241.5
Property and equipment, net	895.2	757.5
Investment in and advances to unconsolidated affiliates	625.0	108.1
Goodwill	363.8	338.0
Other intangible assets, net	355.8	264.0
Other assets	20.8	16.1
Total assets	2,562.5	1,725.2
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable	75.8	47.0
Purses payable	26.3	15.8
Account wagering deposit liabilities	31.1	29.6
Accrued expense	124.5	89.8
Current deferred revenue	14.1	47.9
Current maturities of long-term debt	4.0	4.0
Dividends payable	0.0	22.5
Total current liabilities	275.8	256.6
Long-term debt, net of current maturities and loan origination fees	384.8	387.3
Notes payable, net of debt issuance costs	1,085.4	493.0
Non-current deferred revenue	17.4	21.1
Deferred income taxes	209.8	78.2
Other liabilities	38.9	15.7
Total liabilities	2,012.1	1,251.9
Commitments and contingencies
Shareholders' equity:
Preferred stock, no par value; 0.3 shares authorized; no shares issued or outstanding	0.0	0.0
Common stock, no par value; 150.0 shares authorized; 39.9 shares issued and outstanding at September 30, 2019 and 40.4 shares at December 31, 2018	0.0	0.0
Retained earnings	551.3	474.2
Accumulated other comprehensive loss	(0.9)	(0.9)
Total shareholders' equity	550.4	473.3
Total liabilities and shareholders' equity	$ 2,562.5	$ 1,725.2

Condensed Consolidated Balance Sheets (Parenthetical) - shares shares in Millions	Sep. 30, 2019	Mar. 31, 2019
Statement of Financial Position [Abstract]
Preferred stock, shares authorized (in shares)	0.3	0.3
Preferred stock, shares issued (in shares)	0.0	0.0
Preferred stock, shares outstanding (in shares)	0.0	0.0
Common stock, shares authorized (in shares)	150.0	150.0
Common stock, shares issued (in shares)	39.9	40.4
Common stock, shares outstanding (in shares)	39.9	40.4

Condensed Consolidated Statements of Shareholders' Equity - USD ($) shares in Millions, $ in Millions	Total	Common Stock	Retained Earnings	Accumulated Other Comprehensive Loss
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares, Outstanding		46.2
Stockholders' Equity Attributable to Parent	$ 640.3	$ 7.3	$ 634.3	$ (1.3)
Shares outstanding, beginning (in shares) at Dec. 31, 2017		46.2
Shareholders' equity, beginning at Dec. 31, 2017	640.3	$ 7.3	634.3	(1.3)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	182.0		182.0
Issuance of common stock (in shares)		0.1
Issuance of common stock	0.0	$ 0.0
Repurchase of common stock (in shares)		(5.7)
Repurchase of common stock	(501.5)	$ (13.5)	(488.0)
Restricted Stock, Shares Issued Net of Shares for Tax Withholdings		(0.1)
Stock Issued During Period, Value, Restricted Stock Award, Forfeitures	(12.9)	$ 0.0	(12.9)
Issuance of restricted stock awards, net of forfeitures (in shares)		0.1
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures	0.0	$ 0.0
Stock-based compensation	6.2	$ 6.2
Other	0.4			0.4
Shares outstanding, ending (in shares) at Mar. 31, 2018		40.6
Shareholders' equity, ending at Mar. 31, 2018	344.2	$ 0.0	345.1	(0.9)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares, Outstanding		40.6
Stockholders' Equity Attributable to Parent	344.2	$ 0.0	345.1	(0.9)
Net income	182.0		182.0
Issuance of common stock (in shares)		0.1
Issuance of common stock	0.0	$ 0.0
Stock-based compensation	6.2	$ 6.2
Other	0.4			0.4
Repurchase of common stock (in shares)		5.7
Repurchase aggregate cost	501.5	$ 13.5	488.0
Restricted Stock, Shares Issued Net of Shares for Tax Withholdings		(0.1)
Stock Issued During Period, Value, Restricted Stock Award, Forfeitures	12.9	$ 0.0	12.9
Shares outstanding, beginning (in shares) at Dec. 31, 2017		46.2
Shareholders' equity, beginning at Dec. 31, 2017	640.3	$ 7.3	634.3	(1.3)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	341.4
Shares outstanding, ending (in shares) at Sep. 30, 2018		40.7
Shareholders' equity, ending at Sep. 30, 2018	514.7	$ 11.5	504.1	(0.9)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares, Outstanding		40.7
Stockholders' Equity Attributable to Parent	514.7	$ 11.5	504.1	(0.9)
Net income	341.4
Adoption of new ASC			29.7
Adoption of new ASC \| Accounting Standards Update 2014-09	29.7
Shares, Outstanding		40.6
Stockholders' Equity Attributable to Parent	344.2	$ 0.0	345.1	(0.9)
Shares outstanding, beginning (in shares) at Mar. 31, 2018		40.6
Shareholders' equity, beginning at Mar. 31, 2018	344.2	$ 0.0	345.1	(0.9)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	103.1		103.1
Issuance of common stock (in shares)		0.1
Issuance of common stock	0.0	$ 0.0
Repurchase of common stock (in shares)		0.0
Repurchase of common stock	(0.3)	$ (0.3)
Stock-based compensation	6.4	6.4
Other	(0.2)	$ (0.1)	(0.1)
Shares outstanding, ending (in shares) at Jun. 30, 2018		40.7
Shareholders' equity, ending at Jun. 30, 2018	453.2	$ 6.0	448.1	(0.9)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares, Outstanding		40.7
Stockholders' Equity Attributable to Parent	453.2	$ 6.0	448.1	(0.9)
Net income	103.1		103.1
Issuance of common stock (in shares)		0.1
Issuance of common stock	0.0	$ 0.0
Stock-based compensation	6.4	6.4
Other	(0.2)	$ (0.1)	(0.1)
Repurchase of common stock (in shares)		0.0
Repurchase aggregate cost	0.3	$ 0.3
Shares, Outstanding		40.7
Stockholders' Equity Attributable to Parent	453.2	$ 6.0	448.1	(0.9)
Net income	56.3		56.3
Issuance of common stock (in shares)		0.0
Issuance of common stock	1.5	$ 1.5
Stock-based compensation	3.9	3.9
Other	(0.2)	$ 0.1	(0.3)
Shares outstanding, ending (in shares) at Sep. 30, 2018		40.7
Shareholders' equity, ending at Sep. 30, 2018	514.7	$ 11.5	504.1	(0.9)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares, Outstanding		40.7
Stockholders' Equity Attributable to Parent	514.7	$ 11.5	504.1	(0.9)
Net income	56.3		56.3
Issuance of common stock (in shares)		0.0
Issuance of common stock	1.5	$ 1.5
Stock-based compensation	3.9	3.9
Other	(0.2)	$ 0.1	(0.3)
Shares, Outstanding		40.7
Stockholders' Equity Attributable to Parent	514.7	$ 11.5	504.1	(0.9)
Common stock, no par value; 150.0 shares authorized; 39.9 shares issued and outstanding at September 30, 2019 and 40.4 shares at December 31, 2018	0.0
Shares, Outstanding		40.4
Stockholders' Equity Attributable to Parent	473.3	$ 0.0	474.2	(0.9)
Shares outstanding, beginning (in shares) at Dec. 31, 2018		40.4
Shareholders' equity, beginning at Dec. 31, 2018	473.3	$ 0.0	474.2	(0.9)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	11.6		11.6
Issuance of common stock (in shares)		0.1
Issuance of common stock	0.0	$ 0.0
Repurchase of common stock (in shares)		(0.3)
Repurchase of common stock	(25.0)	$ (4.7)	(20.3)
Restricted Stock, Shares Issued Net of Shares for Tax Withholdings		(0.1)
Stock Issued During Period, Value, Restricted Stock Award, Forfeitures	(7.6)	$ 0.0	(7.6)
Issuance of restricted stock awards, net of forfeitures (in shares)		0.1
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures	0.0	$ 0.0
Stock-based compensation	4.7	$ 4.7
Other	0.2		0.2
Shares outstanding, ending (in shares) at Mar. 31, 2019		40.2
Shareholders' equity, ending at Mar. 31, 2019	456.9	$ 0.0	457.8	(0.9)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares, Outstanding		40.2
Stockholders' Equity Attributable to Parent	456.9	$ 0.0	457.8	(0.9)
Net income	11.6		11.6
Issuance of common stock (in shares)		0.1
Issuance of common stock	0.0	$ 0.0
Stock-based compensation	4.7	$ 4.7
Other	0.2		0.2
Repurchase of common stock (in shares)		0.3
Repurchase aggregate cost	25.0	$ 4.7	20.3
Restricted Stock, Shares Issued Net of Shares for Tax Withholdings		(0.1)
Stock Issued During Period, Value, Restricted Stock Award, Forfeitures	7.6	$ 0.0	7.6
Shares outstanding, beginning (in shares) at Dec. 31, 2018		40.4
Shareholders' equity, beginning at Dec. 31, 2018	473.3	$ 0.0	474.2	(0.9)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	133.5
Shares outstanding, ending (in shares) at Sep. 30, 2019		39.9
Shareholders' equity, ending at Sep. 30, 2019	550.4	$ 0.0	551.3	(0.9)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares, Outstanding		39.9
Stockholders' Equity Attributable to Parent	473.3	$ 0.0	551.3	(0.9)
Net income	133.5
Adoption of new ASC			(0.3)
Adoption of new ASC \| Accounting Standards Update 2016-02	(0.3)
Shares, Outstanding		40.2
Stockholders' Equity Attributable to Parent	456.9	$ 0.0	457.8	(0.9)
Shares outstanding, beginning (in shares) at Mar. 31, 2019		40.2
Shareholders' equity, beginning at Mar. 31, 2019	456.9	$ 0.0	457.8	(0.9)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	107.1		107.1
Repurchase of common stock (in shares)		(0.2)
Repurchase of common stock	(18.0)	$ (4.4)	(13.6)
Stock-based compensation	7.4	7.4
Other	(0.1)	$ (0.1)
Shares outstanding, ending (in shares) at Jun. 30, 2019		40.0
Shareholders' equity, ending at Jun. 30, 2019	553.3	$ 2.9	551.3	(0.9)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares, Outstanding		40.0
Stockholders' Equity Attributable to Parent	553.3	$ 2.9	551.3	(0.9)
Net income	107.1		107.1
Stock-based compensation	7.4	7.4
Other	(0.1)	$ (0.1)
Repurchase of common stock (in shares)		0.2
Repurchase aggregate cost	18.0	$ 4.4	13.6
Shares, Outstanding		40.0
Stockholders' Equity Attributable to Parent	553.3	$ 2.9	551.3	(0.9)
Net income	14.8		14.8
Issuance of common stock (in shares)		0.1
Issuance of common stock	1.9	$ 1.9
Repurchase of common stock (in shares)		(0.2)
Repurchase of common stock	(25.0)	$ (10.4)	(14.6)
Restricted Stock, Shares Issued Net of Shares for Tax Withholdings		0.0
Stock Issued During Period, Value, Restricted Stock Award, Forfeitures	(0.1)	$ 0.0	(0.1)
Stock-based compensation		5.5
Other	0.0	$ 0.1	(0.1)
Shares outstanding, ending (in shares) at Sep. 30, 2019		39.9
Shareholders' equity, ending at Sep. 30, 2019	550.4	$ 0.0	551.3	(0.9)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares, Outstanding		39.9
Stockholders' Equity Attributable to Parent	553.3	$ 0.0	551.3	(0.9)
Net income	14.8		14.8
Issuance of common stock (in shares)		0.1
Issuance of common stock	1.9	$ 1.9
Stock-based compensation		5.5
Other	0.0	$ 0.1	(0.1)
Repurchase of common stock (in shares)		0.2
Repurchase aggregate cost	25.0	$ 10.4	14.6
Restricted Stock, Shares Issued Net of Shares for Tax Withholdings		0.0
Stock Issued During Period, Value, Restricted Stock Award, Forfeitures	0.1	$ 0.0	0.1
Common stock, no par value; 150.0 shares authorized; 39.9 shares issued and outstanding at September 30, 2019 and 40.4 shares at December 31, 2018	0.0
Shares, Outstanding		39.9
Stockholders' Equity Attributable to Parent	$ 550.4	$ 0.0	$ 551.3	$ (0.9)

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Cash flows from operating activities:
Net income	$ 133.5	$ 341.4
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	64.3	45.8
Distributions from unconsolidated affiliates	24.7	14.4
Gain on sale of Big Fish Games	0.0	(219.5)
Gain (Loss) on Sale of Equity Investments	0.0	(54.9)
Equity in income of unconsolidated affiliates	(27.7)	(24.4)
Stock-based compensation	17.6	16.5
Deferred income taxes	22.0	24.7
Other	2.0	(1.8)
Changes in operating assets and liabilities, net of business acquisitions and dispositions:
Income taxes	15.5	31.2
Deferred revenue	(36.0)	(43.6)
Other assets and liabilities	44.3	5.6
Net cash provided by operating activities	260.2	135.4
Cash flows from investing activities:
Capital maintenance expenditures	(37.7)	(19.9)
Capital project expenditures	(53.3)	(105.6)
Acquisition of businesses, net of cash acquired	(172.1)	13.1
Investments in and advances to unconsolidated affiliates	(410.1)	0.0
Proceeds from Equity Method Investment, Distribution, Return of Capital	5.8	0.0
Distributions of capital from unconsolidated affiliates	0.0	970.7
Acquisition of gaming licenses	(22.1)	0.0
Other	(1.1)	(9.4)
Net cash (used in) provided by investing activities	(690.6)	848.9
Cash flows from financing activities:
Proceeds from borrowings under long-term debt obligations	1,236.0	129.7
Repayments of borrowings under long-term debt obligations	(639.0)	(374.7)
Repayments of Assumed Debt	0.0	(54.7)
Payment of dividends	(22.2)	(23.5)
Repurchase of common stock	(66.8)	(501.8)
Payments Related to Tax Withholding for Share-based Compensation	(7.7)	(12.9)
Debt issuance costs	(8.9)	0.0
Earnout Payment, Financing Activity	0.0	(31.8)
Big Fish Games deferred payment	0.0	(26.4)
Other	(0.5)	(3.0)
Net cash provided by (used in) financing activities	490.9	(899.1)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect, Total	60.5	85.2
Effect of exchange rate changes on cash flows	0.0	(0.6)
Cash, cash equivalents and restricted cash, beginning of period	173.3	85.5
Cash, cash equivalents and restricted cash, end of period	233.8	170.1
Supplemental disclosures of cash flow information:
Interest	40.3	26.1
Income taxes	16.1	48.0
Schedule of non-cash investing and financing activities:
Other Noncash Income Tax Expense	109.6	0.0
Property and equipment additions included in accounts payable and accrued expenses	10.2	11.4
Repurchase of common stock included in accrued expenses	3.7	0.0
Noncash or Part Noncash Acquisition, Net Nonmonetary Assets Acquired (Liabilities Assumed)	$ 0.0	$ 115.2

Description of Business	9 Months Ended
Description of Business	Sep. 30, 2019
Basis of Presentation [Abstract]
Description of Business	DESCRIPTION OF BUSINESS 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, 2018 condensed consolidated balance sheet data was derived from audited financial statements but does not include all disclosures required by GAAP. The following information is unaudited. 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, 2018. 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. Segments During the first quarter of 2019, we realigned our operating segments to reflect the internal management reporting used by our chief operating decision maker to evaluate results of operations and to assess performance and allocate resources. Our internal management reporting changed primarily due to the continued growth in our Churchill Downs Racetrack and Derby City Gaming business and our casino and associated racing businesses, which resulted in our chief operating decision maker's decision to realign our operating segments primarily based on the regulatory licenses governing each business. Since each of these individual businesses operates under single or interdependent licenses, each of these businesses represents an operating segment. As our TwinSpires business and online sports betting and iGaming businesses are managed together, these businesses represent an operating segment. For financial reporting purposes, we aggregate our operating segments that are similar into three reportable segments as follows: •Churchill Downs The Churchill Downs segment includes live and historical pari-mutuel racing related revenue and expenses at Churchill Downs Racetrack and Derby City Gaming. Churchill Downs Racetrack is the home of The Kentucky Derby and conducts live racing during the year. Derby City Gaming is a historical racing machine facility that operates under the Churchill Downs pari-mutuel racing license at its ancillary training facility in Louisville, Kentucky. Churchill Downs Racetrack and Derby City Gaming earn commissions primarily from pari-mutuel wagering on live races at Churchill Downs and on historical races at Derby City Gaming; simulcast fees earned from other wagering sites; admissions, personal seat licenses, sponsorships, television rights, and other miscellaneous services (collectively "racing event-related services"), as well as food and beverage services. •Online Wagering The Online Wagering segment includes the revenue and expenses for the TwinSpires business ("TwinSpires") and the online Sports Betting and iGaming business. TwinSpires operates our online horseracing wagering business on TwinSpires.com, BetAmerica.com and other Company platforms; facilitates high dollar wagering by international customers ("Velocity"); and provides the platform for horseracing statistical data generated by our information business that provides data and processing services to the equine industry ("Brisnet"). Our Sports Betting and iGaming business includes the online BetAmerica sports betting and casino gaming operations. •Gaming The Gaming segment includes revenue and expenses for the casino properties and associated racetrack or jai alai facilities which support the casino license as applicable. The Gaming segment has approximately 11,000 slot machines and video lottery terminals ("VLTs") and 200 table games located in eight states. The Gaming segment revenue and expenses includes the following properties: ◦Calder Casino and Racing ("Calder") ◦Fair Grounds Slots, Fair Grounds Race Course, and Video Services, LLC ("VSI") (collectively, "Fair Grounds and VSI") ◦Harlow’s Casino Resort and Spa ("Harlow's") ◦Lady Luck Casino Nemacolin ("Lady Luck Nemacolin") management agreement ◦Ocean Downs Casino and Racetrack ("Ocean Downs") ◦Oxford Casino and Hotel ("Oxford") ◦Presque Isle Downs and Casino ("Presque Isle") ◦Riverwalk Casino Hotel ("Riverwalk") The Gaming segment also includes net income for our ownership portion of the Company’s equity investments in the following: ◦61.3% equity investment in Midwest Gaming Holdings, LLC ("Midwest Gaming"), the parent company of Rivers Casino Des Plaines in Des Plaines, Illinois ("Rivers Des Plaines") ◦50% equity investment in Miami Valley Gaming and Racing ("MVG") The Gaming segment generates revenue and expenses from slot machines, table games, VLTs, video poker, retail sports betting, ancillary food and beverage services, hotel services, commission on pari-mutuel wagering, racing event-related services, and / or other miscellaneous operations. We have aggregated the following businesses as well as certain corporate operations, and other immaterial joint ventures in "All Other" to reconcile to consolidated results: •Arlington International Racecourse ("Arlington") •United Tote •Oak Grove Racing and Gaming We conduct our business through these reportable segments and report net revenue and operating expense associated with these reportable segments in the accompanying condensed consolidated statements of comprehensive income. The prior year results were reclassified to conform to this presentation. Effective January 1, 2019, the Company does not allocate corporate and other related expenses to the reportable segments in the accompanying condensed consolidated statements of comprehensive income. The prior year results in the accompanying consolidated statements of comprehensive income were reclassified to conform to this presentation. Acquisitions of Presque Isle and Lady Luck Nemacolin On January 11, 2019, we completed the acquisition of Presque Isle located in Erie, Pennsylvania from Eldorado Resorts, Inc. ("ERI") for cash consideration of $178.9 million (the "Presque Isle Transaction") and $1.6 million of working capital and other purchase price adjustments. On March 8, 2019, the Company assumed management and acquired certain assets related to the management of Lady Luck Nemacolin in Farmington, Pennsylvania, from ERI for cash consideration of $100,000 (the "Lady Luck Nemacolin Transaction"). Acquisition of Certain Ownership Interests of Midwest Gaming Holdings, LLC On October 31, 2018, the Company announced that it had entered into a definitive purchase agreement pursuant to which the Company acquired certain ownership interests of Midwest Gaming, the parent company of Rivers Des Plaines for cash (the "Sale Transaction"). The Sale Transaction was comprised of (i) the Company’s purchase of 100% of the ownership stake in Midwest Gaming held by affiliates and co-investors of Clairvest Group Inc. ("Clairvest") for approximately $291.0 million and (ii) the Company’s offer to purchase, on the same terms, additional units of Midwest Gaming held by High Plaines Gaming, LLC ("High Plaines"), an affiliate of Rush Street Gaming, LLC, and Casino Investors, LLC ("Casino Investors") (collectively, the "Sellers"). On March 5, 2019, the Company completed the Sale Transaction. Following the closing of the Sale Transaction, the parties entered into a recapitalization transaction pursuant to which Midwest Gaming used approximately $300.0 million in proceeds from new credit facilities to redeem, on a pro rata basis, additional Midwest Gaming units held by High Plaines and Casino Investors (the "Recapitalization" and together with the Sale Transaction, the "Transactions"). Based on the results of the purchase of the Clairvest ownership stake and the purchase, on the same terms, of additional units held by High Plaines and Casino Investors, the Company acquired, at the closing of the Sale Transaction, approximately 42% of Midwest Gaming for aggregate cash consideration of approximately $406.6 million. As a result of the Recapitalization on March 6, 2019, the Company's ownership of Midwest Gaming increased to 61.3%. The total aggregate cash consideration paid for the Sale Transaction was $410.1 million, which included $3.5 million of certain transaction costs and working capital adjustments. We recognized a $109.6 million deferred tax liability and a corresponding increase in our investment in unconsolidated affiliates related to an entity we acquired in conjunction with our acquisition of the Clairvest ownership. Refer to Note 12, Investments in and Advances to Unconsolidated Affiliates, for further information on the Transactions. Sale of Big Fish Games, Inc. 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. ("Big Fish Games"), a Washington corporation, to Aristocrat Technologies, Inc. (the "Purchaser"), a Nevada corporation, 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 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. Big Fish Games and the related Big Fish Transaction meet the criteria for discontinued operation presentation. Accordingly, the condensed consolidated statements of comprehensive income and the notes to financial statements reflect Big Fish Games 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. Stock Split On October 31, 2018, the Company announced a three-for-one split (the "Stock Split") of the Company's common stock for shareholders of record as of January 11, 2019. The additional shares resulting from the Stock Split were distributed on January 25, 2019. Our common stock began trading at the split-adjusted price on January 28, 2019. All share and per-share amounts in the Company’s condensed consolidated financial statements and related notes for periods prior to the Stock Split have been retroactively adjusted to reflect the effects of the Stock Split. Seasonality Churchill Downs Due to the seasonal nature of our live racing business at Churchill Downs Racetrack, 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, the majority of our live racing revenue occurs during the second quarter. Online Wagering 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. Gaming Revenue from the properties in our Gaming segment has a seasonal component and is typically higher during the first and second quarters.

Recent Accounting Pronouncements

9 Months Ended

Sep. 30, 2019

Accounting Changes and Error Corrections [Abstract]

New Accounting Pronouncements, Policy [Policy Text Block]

RECENT ACCOUNTING PRONOUNCEMENTS

Recent Accounting Pronouncement - Adopted on January 1, 2019

In February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-02, Leases, and subsequently issued additional guidance (collectively, "ASC 842"), which requires companies to generally recognize operating and financing lease liabilities and corresponding right-of-use assets ("ROUAs") on the balance

sheet. We adopted ASC 842 on January 1, 2019 using the modified transition method. As part of the transition to ASC 842, we elected the package of practical expedients that allowed us to not reassess: (1) whether any expired or existing contracts are or contain leases, (2) lease classification of any expired or existing leases and (3) initial direct costs of any expired or existing leases. We recognized the cumulative effect of applying ASC 842 as an opening balance sheet adjustment at January 1, 2019. The comparative information has not been retrospectively adjusted and continues to be reported under the accounting standards in effect for those periods.

The adoption of ASC 842 had no impact on our accompanying condensed consolidated statements of comprehensive income or statements of cash flows. Due to the adoption of ASC 842, we recognized operating lease ROUAs and lease liabilities for our operating leases with lease terms greater than one year. We do not have any material finance leases or any material operating leases where we are the lessor.

The cumulative effects of the changes made to our accompanying condensed consolidated balance sheets as of January 1, 2019 for the adoption of ASC 842 were as follows:


(in millions)	As Reported at December 31, 2018		Adoption of ASC 842		Balance at January 1, 2019
ASSETS
Other current assets	$	22.4	$	(0.3)	$	22.1
Property and equipment, net	757.5		25.3		782.8

LIABILITIES
Accrued expense	89.8		3.8		93.6
Other liabilities	15.7		21.5		37.2

SHAREHOLDERS' EQUITY
Retained earnings	474.2		(0.3)		473.9

Recent Accounting Pronouncements - effective in 2020 or thereafter

In August 2018, the FASB issued ASU No. 2018-15, Intangibles-Goodwill and Other: Internal-Use Software, which aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The new guidance also requires an entity to expense the capitalized implementation costs of a hosting arrangement over the term of the hosting arrangement. The guidance is effective in 2020 with early adoption permitted and may be applied prospectively or retrospectively. As this new guidance is consistent with our current accounting policies, we do not expect our future adoption of such guidance to have a material impact on our results of operations, financial condition, or cash flows.

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. The Company's implementation activities, which remain in progress, include identifying the financial assets in the scope of the new standard, developing methods to estimate current expected credit losses associated with these financial assets, and determining changes needed to control activities. We 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. The new guidance will not result in a cumulative adjustment upon adoption and will only be applicable in the event a reporting unit's carrying amount exceeds its fair value when testing goodwill for impairment. As a result, we do not expect our future adoption of such guidance to have a material impact on our results of operations, financial condition, or cash flows.

Significant Accounting Policies	9 Months Ended
Significant Accounting Policies	Sep. 30, 2019
Accounting Policies [Abstract]
Significant Accounting Policies	SIGNIFICANT ACCOUNTING POLICIES Except for the accounting policy for leases, which was updated as a result of our adoption of ASC 842 on January 1, 2019, as described in Note 2, Recent Accounting Pronouncements, 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, 2018, that have had a material impact on our condensed consolidated financial statements and related notes. Leases We determine if an arrangement is a lease at inception. Operating leases are included in property and equipment, net; accrued expense; and other liabilities on our condensed consolidated balance sheets. We generally do not separate lease and non-lease components for our lease contracts. We do not apply the ROUA and leases liability recognition requirements to short-term leases. Operating lease ROUAs and lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at the commencement date. As our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the commencement date in determining the present value of future lease payments. The operating lease ROUAs also include any lease payments made prior to commencement and exclude lease incentives and initial direct costs incurred. Our lease terms include all non-cancelable periods and may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term.

Acquisitions

9 Months Ended

Sep. 30, 2019

Business Combinations [Abstract]

Acquisitions

ACQUISITIONS

Presque Isle

On January 11, 2019, the Company completed the Presque Isle Transaction for a cash purchase price of $178.9 million and $1.6 million of working capital and other purchase price adjustments. The following table summarizes the fair values of the assets acquired and liabilities assumed, net of cash acquired of $8.4 million, at the date of the acquisition.


(in millions)	Total
Current assets	$	2.1
Property and equipment	78.5
Goodwill	25.8
Intangible assets	71.2
Current liabilities	(4.9)
Non-current liabilities	(0.6)
	$	172.1

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


(in millions)	Fair Value Recognized		Weighted-Average Useful Life
Gaming rights	$	56.0	N/A
Trademark	15.2		N/A
Total intangible assets	$	71.2

Current assets and current liabilities were valued at the existing carrying values as these items are short term in nature and represent management's estimated fair value of the respective items at January 11, 2019.

The property and equipment acquired primarily relates to land, buildings, equipment, and furniture and fixtures. The fair value of the land was determined using the market approach and the fair values of the remaining property and equipment were primarily determined using the cost replacement method which is based on replacement or reproduction costs of the assets.

The fair value of the Presque Isle gaming rights was determined using the Greenfield Method, which is an income approach methodology that calculates the present value of the overall business enterprise based on a projected cash flow stream. This method assumes that the gaming rights intangible asset provides the opportunity to develop a casino in a specified region, and that the present value of the projected cash flows are a result of the realization of advantages contained in these rights. Under this methodology, the acquirer is expected to absorb all start-up costs, as well as incur all expenses pertaining to the acquisition

and/or the creation of all tangible and intangible assets. The estimated future revenue, operating expenses, start-up costs, and discount rate were the primary inputs in the valuation. The gaming rights intangible asset was assigned an indefinite useful life based on the Company's expected use of the asset and determination that no legal, regulatory, contractual, competitive, economic, or other factors limit the useful life of the gaming rights. The renewal of the gaming rights in Pennsylvania is subject to various legal requirements. However, the Company's historical experience has not indicated, nor does the Company expect, any limitations regarding its ability to continue to renew its gaming rights in Pennsylvania.

The trademark intangible asset was valued using the relief-from-royalty method of the income approach, which estimates the fair value of the intangible asset by discounting the fair value of the hypothetical royalty payments a market participant would be willing to pay to enjoy the benefits of the asset. The estimated future revenue, royalty rate, and discount rate were the primary inputs in the valuation of the trademark. The trademark was assigned an indefinite useful life based on the Company’s intention to keep the Presque Isle name for an indefinite period of time.

Goodwill of $25.8 million was recognized due to the expected contribution of Presque Isle to the Company's overall business strategy. The goodwill was assigned to the Gaming segment and is deductible for tax purposes.

For the period from the Presque Isle Transaction on January 11, 2019 through September 30, 2019, net revenue was $105.3 million and net income was not material.

The following unaudited pro forma consolidated financial information for the Company has been prepared assuming the Company's acquisition of Presque Isle occurred as of January 1, 2018. The unaudited pro forma financial information is not necessarily indicative of either future results of operations or results of operations that might have been achieved had the acquisition been consummated as of January 1, 2018. The unaudited pro forma net income giving effect to the Presque Isle Transaction was not materially different than our historical net income.


	Three Months Ended September 30,		Nine Months Ended September 30,
(in millions)	2018		2019		2018
Net revenue	$	259.0	$	1,052.3	$	897.7

Lady Luck Nemacolin

On March 8, 2019, the Company completed the Lady Luck Nemacolin Transaction, by which the Company assumed management and acquired certain assets related to the management of Lady Luck Nemacolin from ERI for cash consideration of $100,000. The Lady Luck Nemacolin Transaction did not meet the definition of a business and therefore was accounted for as an asset acquisition. The net assets acquired in conjunction with the Lady Luck Nemacolin Transaction were not material.

Ocean Downs

On July 16, 2018, the Company announced its entry into a tax-efficient partial liquidation agreement (the "Liquidation Agreement") for the remaining 50% ownership of the Casino at Ocean Downs and Ocean Downs Racetrack located in Berlin, Maryland ("Ocean Downs") owned by Saratoga Casino Holdings LLC ("SCH") in exchange for the Company's 25% equity interest in SCH, which is the parent company of Saratoga Casino Hotel in Saratoga Springs, New York ("Saratoga New York") and Saratoga Casino Black Hawk in Black Hawk, Colorado ("Saratoga Colorado") (collectively, the "Ocean Downs/Saratoga Transaction"). As part of the Ocean Downs/Saratoga Transaction, Saratoga Harness Racing, Inc. ("SHRI") has agreed to grant the Company and its affiliates exclusive rights to operate online sports betting and iGaming on behalf of SHRI in New York and Colorado for a period of fifteen years from the date of the Liquidation Agreement, should such states permit SHRI to engage in sports betting and iGaming, subject to payment of commercially reasonable royalties to SHRI.

On August 31, 2018, the Company completed the Ocean Downs/Saratoga Transaction, which resulted in the Company owning 100% of the equity interests of Ocean Downs. We consolidated Ocean Downs as of the transaction date. Upon the closing of the Ocean Downs/Saratoga Transaction, the Company no longer has an equity interest or management involvement in Saratoga New York or Saratoga Colorado. Prior to the Ocean Downs/Saratoga Transaction, the Company held an effective 62.5% ownership interest in Ocean Downs, and a 25% ownership interest in Saratoga New York and Saratoga Colorado, all of which were accounted for under the equity method. The consideration transferred to SCH to acquire the remaining interest in Ocean Downs was the Company's equity investments in Saratoga New York and Saratoga Colorado, which had an aggregate fair value of $47.8 million at the acquisition date. Under the acquisition method, the fair values of the consideration transferred and the Company's equity method investment in Ocean Downs, which had a fair value of $80.5 million at the acquisition date, were allocated to the assets acquired and liabilities assumed in the Ocean Downs/Saratoga Transaction. The Company's carrying values in these equity method investments were significantly less than the fair values, resulting in a pre-tax gain of $54.9 million, which is included in the accompanying consolidated statements of comprehensive income. The fair value of the

Company's equity method investments in Ocean Downs, Saratoga New York, and Saratoga Colorado was determined under the market and income valuation approaches using inputs primarily related to discounted projected cash flows and price multiples of publicly traded comparable companies.

The following unaudited pro forma consolidated financial information for the Company has been prepared assuming the Company's acquisition of the remaining 50% interest in Ocean Downs occurred as of January 1, 2018. The unaudited pro forma financial information is not necessarily indicative of either future results of operations or results of operations that might have been achieved had the acquisition been consummated as of January 1, 2018. The unaudited pro forma net income giving effect to the Ocean Downs/Saratoga Transaction was not materially different than our historical net income.


	Three Months Ended September 30,		Nine Months Ended September 30,
(in millions)	2018		2018
Net revenue	$	239.9	$	845.7

Discontinued Operations

9 Months Ended

Sep. 30, 2019

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

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 Big Fish Games	$	751.2

The Company recognized a gain of $219.5 million upon the sale recorded in income from discontinued operations on the condensed consolidated statement 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 Big Fish Games 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 "(loss) income from discontinued operations, net of tax" in the accompanying condensed consolidated statements of comprehensive income:


	Three Months Ended September 30,						Nine Months Ended September 30,
(in millions)	2019		2018		2019		2018
Net revenue	$	—	$	—	$	—	$	13.2

Operating expenses	—		—		—		8.4
Selling, general and administrative expense	0.8		0.7		2.8		5.6
Research and development	—		—		—		0.9
Total operating expense	0.8		0.7		2.8		14.9
Operating loss	(0.8)		(0.7)		(2.8)		(1.7)
Other income (expense)
Gain on sale of Big Fish Games	—		—		—		219.5
Other expense	—		—		—		(0.1)
Total other income	—		—		—		219.4
(Loss) income from discontinued operations before provision for income taxes	(0.8)		(0.7)		(2.8)		217.7
Income tax benefit (provision)	0.4		(1.0)		0.9		(51.6)
(Loss) income from discontinued operations, net of tax	$	(0.4)	$	(1.7)	$	(1.9)	$	166.1

Stock-Based Compensation

For the nine months ended September 30, 2018, the Company recognized $3.4 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.

Goodwill and Other Intangible Assets

9 Months Ended

Sep. 30, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

GOODWILL AND OTHER INTANGIBLE ASSETS

In the first quarter of 2019, we realigned our segments as described in Note 1, Description of Business. This change resulted in the allocation of the previous Racing segment goodwill balance of $51.7 million as follows: $49.7 million to the Churchill Downs segment, $1.0 million to the Gaming segment, and $1.0 million to All Other, based on the relative fair value approach. The Company evaluated whether an interim goodwill impairment test should be performed as a result of our segment changes. Based on this evaluation, the Company determined this event did not indicate it was more likely than not that a goodwill impairment exists.

Goodwill, by segment, is comprised of the following:


	Churchill Downs		Online Wagering		Gaming		All Other		Total
Balances as of December 31, 2018	$	49.7	$	148.2	$	139.1	$	1.0	$	338.0
Additions	—		—		25.8		—		25.8
Balances as of September 30, 2019	$	49.7	$	148.2	$	164.9	$	1.0	$	363.8

During the first quarter of 2019, we established goodwill of $25.8 million related to the Presque Isle Transaction.

We performed our annual goodwill impairment analysis as of April 1, 2019 and no adjustment to the carrying value of goodwill was required. We assessed goodwill for impairment by performing step one fair value calculations on a quantitative basis for each reporting unit. We concluded that the fair values of our reporting units exceeded their carrying values and therefore no impairments were identified.

Other intangible assets are comprised of the following:


	September 30, 2019										December 31, 2018
(in millions)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Definite-lived intangible assets	$	31.3	$	(13.7)	$	17.6	$	32.1	$	(14.1)	$	18.0
Indefinite-lived intangible assets					338.2						246.0
Total					$	355.8					$	264.0

During 2019, we established indefinite-lived intangible assets of $56.0 million for gaming rights and $15.2 million for trademarks related to the Presque Isle Transaction. We also acquired indefinite-lived intangible assets of $8.0 million for online gaming rights in Pennsylvania related to our Online Wagering operations, $10.0 million for retail sports betting gaming rights at Presque Isle and online sports betting gaming rights in Pennsylvania, as well as $3.0 million for other gaming rights at Presque Isle.

We performed our annual indefinite-lived intangible assets impairment analysis as of April 1, 2019, which included an assessment of qualitative and quantitative factors to determine whether it is more likely than not that the fair values of the indefinite-lived intangible assets are less than the carrying amount. We concluded that the fair values of our indefinite-lived intangible assets exceeded carrying value and therefore no impairments were identified.

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2019
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES The Company’s effective income tax rate for the three and nine months ended September 30, 2019 was higher than the U.S. federal statutory rate of 21.0% primarily due to state income taxes, certain expenses that are not deductible for purposes of income taxes, and $2.7 million of future income tax expenses recognized from the re-measurement of our net deferred tax liabilities based on an increase in income attributable to states with higher tax rates compared to the prior period. This expense was partially offset by a decrease in our unrecognized tax positions due to the expiration of statutes of limitation and the reversal of tax benefits resulting from tax deductions from the vesting of restricted stock units in excess of book deductions. We also recognized during the first quarter of 2019, a $109.6 million deferred tax liability and a corresponding increase in our investment in unconsolidated affiliates related to an entity we acquired in conjunction with our acquisition of the Clairvest ownership interest in Midwest Gaming. Refer to Note 12, Investments in and Advances to Unconsolidated Affiliates, for further information. The Company's effective income tax rate for the three and nine months ended September 30, 2018 was higher than the U.S. federal statutory rate of 21.0%, primarily due to state income taxes and certain expenses that are not deductible for income tax purposes, partially offset by tax benefits resulting from tax deductions from the vesting of restricted stock units in excess of book deductions.

Shareholders' Equity	9 Months Ended
Shareholders' Equity	Sep. 30, 2019
Shareholders' Equity [Abstract]
Shareholders' Equity	SHAREHOLDERS’ EQUITY On October 30, 2018, the Board of Directors of the Company approved a new common stock repurchase program of up to $300.0 million. The new program replaced the prior $250.0 million program that was authorized in April 2017 and had unused authorization of $78.3 million. The new authorized amount includes and is not in addition to any unspent amount remaining under the prior authorization. Repurchases may be made at management’s discretion from time to time on the open market (either with or without a 10b5-1 plan) or through privately negotiated transactions. The repurchase program has no time limit and may be suspended or discontinued at any time. For the three and nine months ended September 30, 2019, we repurchased 202,449 and 672,473 shares, respectively, of our common stock under the October 2018 stock repurchase program at an aggregate purchase price of $25.0 million and $68.0 million, respectively, based on trade date. We had approximately $200.0 million of repurchase authority remaining under this program at September 30, 2019, based on trade date. As of September 30, 2019, we accrued $3.7 million for the future cash settlement of executed repurchases of our common stock compared to $2.5 million as of December 31, 2018. 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 (the "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 5,660,376 shares of the Company's common stock at a purchase price of $88.33 per share with an aggregate cost of $500.0 million, excluding fees and expenses related to the Tender Offer.

Stock-based Compensation Plans

9 Months Ended

Sep. 30, 2019

Stock-Based Compensation Plans [Abstract]

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

STOCK-BASED COMPENSATION PLANS

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 $5.5 million for the three months ended September 30, 2019 and $3.9 million for the three months ended September 30, 2018. Stock-based compensation expense was $17.6 million for the nine months ended September 30, 2019 and $13.1 million for the nine months ended September 30, 2018.

During the nine months ended September 30, 2019, the Company awarded RSAs to employees, RSUs and PSUs to certain named executive officers and RSUs to directors. The vesting criteria for the PSU awards granted in 2019 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 2019 is presented below (shares/units in thousands):


Grant Year	Award Type	Number of Shares/Units Awarded	Vesting Terms

2019	RSA	64	Vest equally over three service periods ending in 2020, 2021, and 2022
2019	RSU	55	Vest equally over three service periods ending in 2019, 2020, and 2021
2019	PSU	53	Three year performance and service period ending in 2021
2019	RSU	10	One year service period ending in 2020

Debt	9 Months Ended
Debt	Sep. 30, 2019
Debt Disclosure [Abstract]
Debt	DEBT 2027 Senior Notes On March 25, 2019, we completed an offering of $600.0 million in aggregate principal amount of 5.50% Senior Unsecured Notes that mature on April 1, 2027 (the "2027 Senior Notes") in a private offering to qualified institutional buyers pursuant to Rule 144A that is exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"), and to certain non-U.S. persons in accordance with Regulation S under the Securities Act. The 2027 Senior Notes were issued at par, with interest payable on April 1^st and October 1^st of each year, commencing on October 1, 2019. The Company used the net proceeds from the offering to repay our outstanding balance on our 2017 Senior Secured credit agreement (the "2017 Credit Agreement"). In connection with the offering, we capitalized $8.9 million of debt issuance costs which are being amortized as interest expense over the term of the 2027 Senior Notes. The 2027 Senior Notes were issued pursuant to an indenture, dated March 25, 2019 (the "2027 Indenture"), among the Company, certain subsidiaries of the Company as guarantors (the "Guarantors"), and U.S. Bank National Association, as trustee. The Company may redeem some or all of the 2027 Senior Notes at any time prior to April 1, 2022, at a price equal to 100% of the principal amount of the 2027 Senior Notes redeemed plus an applicable make-whole premium. On or after such date, the Company may redeem some or all of the 2027 Senior Notes at redemption prices set forth in the 2027 Indenture. In addition, at any time prior to April 1, 2022, the Company may redeem up to 40% of the aggregate principal amount of the 2027 Senior Notes at a redemption price equal to 105.5% of the principal amount thereof with the net cash proceeds of one or more equity offerings provided that certain conditions are met. The terms of the 2027 Indenture, among other things, limit the ability of the Company to: (i) incur additional debt and issue preferred stock; (ii) pay dividends or make other restricted payments; (iii) make certain investments; (iv) create liens; (v) allow restrictions on the ability of certain of our subsidiaries to pay dividends or make other payments; (vi) sell assets; (vii) merge or consolidate with other entities; and (viii) enter into transactions with affiliates. In connection with the issuance of the 2027 Senior Notes, the Company and the Guarantors entered into a Registration Rights Agreement to register any 2027 Senior Notes under the Securities Act for resale that are not freely tradable 366 days from March 25, 2019.

Revenue from Contracts with Customers	9 Months Ended
Revenue from Contracts with Customers	Sep. 30, 2019
Revenue from Contract with Customer [Abstract]
Revenue from Contracts with Customers	REVENUE FROM CONTRACTS WITH CUSTOMERS Performance Obligations As of September 30, 2019, the Churchill Downs segment had remaining performance obligations, on contracts with a duration greater than one year, with an aggregate transaction price of $156.2 million. The revenue we expect to recognize on these remaining performance obligations is $0.9 million for the remainder of 2019, $44.5 million in 2020, $34.3 million in 2021, and the remainder thereafter. As of September 30, 2019, our remaining performance obligations in segments other than Churchill Downs were not material. Contract Assets and Contract Liabilities As of September 30, 2019 and December 31, 2018, contract assets were not material. As of September 30, 2019 and December 31, 2018, contract liabilities were $35.1 million and $69.9 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 the Churchill Downs segment and the decrease was primarily due to revenue recognized for fulfilled performance obligations. We recognized $1.1 million of revenue during the three months ended September 30, 2019 and $49.6 million of revenue during the nine months ended September 30, 2019 that was included in the contract liabilities balance at December 31, 2018. We recognized $1.2 million of revenue during the three months ended September 30, 2018 and $51.3 million of revenue during the nine months ended September 30, 2018 that was included in the contract liabilities balance at January 1, 2018. Disaggregation of Revenue In Note 17, Segment Information, the Company has included its disaggregated revenue disclosures as follows: •For the Churchill Downs segment, revenue is disaggregated between Churchill Downs Racetrack and Derby City Gaming given that Churchill Downs Racetrack's revenues primarily revolve around live racing events while Derby City Gaming's revenues primarily revolve around historical racing events. Within the Churchill Downs segment, revenue is further disaggregated between live and simulcast racing, historical racing, racing event-related services, and other services. •For the Online Wagering segment, revenue is disaggregated between the TwinSpires business and online sports betting and iGaming business given that TwinSpires' revenue is primarily related to online pari-mutuel wagering on live race events while online sports betting and iGaming revenue relates to casino gaming service offerings. Online sports betting and iGaming service offerings are currently nominal. Within the Online Wagering segment, revenue is further disaggregated between live and simulcast racing, gaming, and other services. •For the Gaming segment, revenue is disaggregated by location given the geographic economic factors that affect the revenue of Gaming service offerings. Within the Gaming segment, revenue is further disaggregated between live and simulcast racing, racing event-related services, gaming, and other services. We believe that these disclosures depict how the amount, nature, timing, and uncertainty of cash flows are affected by economic factors.

Investment in and Advances to Unconsolidated Affiliates

9 Months Ended

Sep. 30, 2019

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

Investments in and Advances to Unconsolidated Affiliates

INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES

Midwest Gaming

On March 5, 2019, the Company completed the Sale Transaction to acquire approximately 42% of Midwest Gaming for cash consideration of approximately $406.6 million and $3.5 million of certain transaction costs and working capital adjustments. Following the closing of the Sale Transaction, the parties completed the Recapitalization pursuant to which Midwest Gaming used approximately $300.0 million in proceeds from amended and extended credit facilities to redeem, on a pro rata basis, additional Midwest Gaming units held by High Plaines and Casino Investors. As a result of the Recapitalization, the Company's ownership of Midwest Gaming increased to 61.3%. High Plaines retained ownership of 36% of Midwest Gaming and Casino Investors retained ownership of 2.7% of Midwest Gaming.

We also recognized a $109.6 million deferred tax liability and a corresponding increase in our investment in unconsolidated affiliates related to an entity we acquired in conjunction with our acquisition of the Clairvest ownership stake in Midwest Gaming.

A new LLC agreement was entered into by all members as a result of the change in ownership structure. Under the new LLC agreement, both the Company and High Plaines have participating rights over Midwest Gaming, and both must consent to Midwest Gaming's operating, investing and financing decisions. As a result, we account for Midwest Gaming using the equity method.

The Company’s investment in Midwest Gaming is presented at our initial cost of investment plus its accumulated proportional share of income or loss, including depreciation/accretion of the difference in the historical basis of the Company’s contribution, less any distributions it has received. Following the Sale Transaction and Recapitalization, the carrying value of the Company’s investment in Midwest Gaming was $841.4 million higher than the Company’s underlying equity in the net assets of Midwest Gaming. This equity method basis difference was comprised of $860.1 million related to goodwill and indefinite-lived intangible assets, $(13.7) million related to non-depreciable land, $(9.5) million related to buildings that will be accreted into income over a weighted average useful life of 35.3 years, and $4.5 million related to personal property that will be depreciated over a weighted average useful life of 3.7 years. As of September 30, 2019, the net aggregate basis difference between the Company’s investment in Midwest Gaming and the amounts of the underlying equity in net assets was $840.9 million.

Summarized Financial Results for our Unconsolidated Affiliates

Summarized below are the financial results for our unconsolidated affiliates. The summarized income statement information for the three and nine months ended September 30, 2019 and summarized balance sheet information as of September 30, 2019 includes the following equity investments: MVG, Midwest Gaming from the transaction date of March 5, 2019, and two other immaterial joint ventures. The summarized income statement information for the three and nine months ended September 30, 2018 includes the following equity investments: MVG, Saratoga New York, Saratoga Colorado, Ocean Downs, and two other immaterial joint ventures. As discussed in Note 4, Acquisitions, on August 31, 2018, the Company completed the Ocean Downs/Saratoga Transaction. As such, the 2018 summarized income statement information includes the results of Ocean Downs, Saratoga New York, and Saratoga Colorado through August 31, 2018. Summarized balance sheet information as of December 31, 2018 included MVG and two other immaterial joint ventures.


	Three Months Ended September 30,						Nine Months Ended September 30,
(in millions)	2019		2018		2019		2018
Net revenue	$	160.8	$	105.2	$	416.6	$	322.1

Operating and SG&A expense	113.7		76.4		293.8		240.5
Depreciation and amortization	3.6		5.9		9.1		19.0
Total operating expense	117.3		82.3		302.9		259.5
Operating income	43.5		22.9		113.7		62.6
Interest and other, net	(17.6)		(1.0)		(59.9)		(5.6)
Net income	$	25.9	$	21.9	$	53.8	$	57.0


(in millions)	September 30, 2019		December 31, 2018
Assets
Current assets	$	59.2	$	24.0
Property and equipment, net	244.0		95.7
Other assets, net	236.2		106.7
Total assets	$	539.4	$	226.4

Liabilities and Members' Equity
Current liabilities	$	75.1	$	21.2
Long-term debt	740.5		—
Other liabilities	25.5		—
Members' (deficit) equity	(301.7)		205.2
Total liabilities and members' (deficit) equity	$	539.4	$	226.4

Leases

9 Months Ended

Sep. 30, 2019

Leases [Abstract]

Leases

LEASES

Our operating leases with terms greater than one year are primarily related to buildings and land. Our operating leases with terms less than one year are primarily related to equipment. Most of our building and land leases have terms of 2 to 10 years and include one or more options to renew, with renewal terms that can extend the lease term from 1 to 5 years or more. Certain of our lease agreements include lease payments based on a percentage of net gaming revenue and others include rental payment adjustments periodically for inflation. As of September 30, 2019, operating lease ROUAs included in property and equipment, net were $25.7 million.

The components of total lease cost were as follows:


(in millions)	Three Months Ended September 30, 2019		Nine Months Ended September 30, 2019
Short-term lease cost (a) (b)	$	2.7	$	11.4
Operating lease cost (b)	1.8		4.9
Total lease cost	$	4.5	$	16.3

(a) Includes leases with terms of one month or less

(b) Includes variable lease costs, which were not material

Other information related to operating leases was as follows:


(in millions, except lease term and discount rate)	Three Months Ended September 30, 2019		Nine Months Ended September 30, 2019
Supplemental Cash Flow Information
Cash paid for amounts included in the measurement of lease liabilities	$	1.5	$	3.8
ROUAs obtained in exchange for lease obligations	1.5		3.0


Lease Term and Discount Rate	September 30, 2019
Weighted average remaining lease term	6.7 years
Weighted average discount rate	3.9	%

As of September 30, 2019, future minimum operating lease payments on non-cancelable leases were as follows:


(in millions)
Years Ended December 31,	Totals
2019 (excludes nine months ended September 30, 2019)	$	1.4
2020	5.5
2021	5.0
2022	4.0
2023	3.4
Thereafter	11.6
Total future minimum lease payments	30.9
Less: Imputed interest	3.7
Present value of lease liabilities	$	27.2

Reported lease liabilities as of September 30, 2019
Accrued expense (current maturities of leases)	$	4.7
Other liabilities (non-current maturities of leases)	22.5
Present value of lease liabilities	$	27.2

As required by ASC 842, the future minimum operating lease payments on non-cancelable leases as of December 31, 2018 under the accounting standards in effect as of that period were as follows:


(in millions)
Years Ended December 31,

2019	$	5.0
2020	4.5
2021	3.8
2022	3.1
2023	3.0
Thereafter	11.2
Total	$	30.6

Fair Value of Assets And Liabilities

9 Months Ended

Sep. 30, 2019

Fair Value Disclosures [Abstract]

Fair Value Of Assets And Liabilities

FAIR VALUE OF ASSETS AND LIABILITIES

We endeavor to utilize the best available information in measuring fair value. Financial assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurement. The following methods and assumptions are used to estimate the fair value of each class of financial instruments for which it is practicable to estimate.

Restricted Cash

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

Debt

The fair value of the Company’s 4.75% Senior Notes due 2028 (the "2028 Senior Notes") and 2027 Senior Notes are estimated based on unadjusted quoted prices for identical or similar liabilities in markets that are not active and as such are Level 2 measurements. The fair value of the Company's Senior Secured Term Loan B due 2024 (the "Term Loan B") approximates its gross carrying value as it is variable rate debt and as such is a Level 2 measurement.

The carrying amounts and estimated fair values by input level of the Company's financial instruments are as follows:


	September 30, 2019
(in millions)	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
Financial assets:
Restricted cash	$	44.0	$	44.0	$	44.0	$	—	$	—
Financial liabilities:
Term Loan B	388.8		393.0		—		393.0		—
2027 Senior Notes	591.8		635.2		—		635.2		—
2028 Senior Notes	493.6		511.3		—		511.3		—

	December 31, 2018
(in millions)	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
Financial assets:
Restricted cash	$	40.0	$	40.0	$	40.0	$	—	$	—
Financial liabilities:
Term Loan B	391.3		396.0		—		396.0		—
2028 Senior Notes	493.0		452.4		—		452.4		—

- Definition

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

+ References + Details

Contingencies	9 Months Ended
Contingencies	Sep. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
Contingencies	CONTINGENCIES We are involved in litigation arising in the ordinary course of conducting business. We carry insurance for workers' compensation claims from our employees and general liability for claims from independent contractors, customers and guests. We are self-insured up to an aggregate stop loss for our general liability and workers' compensation coverages. 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. Louisiana Environmental Protection Agency Non-Compliance Issue On December 6, 2013, we received a notice from the United States Environmental Protection Agency ("EPA") regarding alleged CAFO non-compliance at Fair Grounds Race Course. On October 21, 2019, we reached an agreement in principal, subject to final approval. If approved, the agreement will include a $2.8 million penalty, which is included as a selling, general and administrative expense in our accompanying condensed consolidated statements of comprehensive income for the three and nine months ended September 30, 2019, and included in accrued expense in our accompanying condensed consolidated balance sheet at September 30, 2019.

Net Income Per Common Share Computations

9 Months Ended

Sep. 30, 2019

Earnings Per Share [Abstract]

Net Income Per Common Share Computations

NET INCOME PER COMMON SHARE COMPUTATIONS

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


	Three Months Ended September 30,						Nine Months Ended September 30,
(in millions, except per share data)	2019		2018		2019		2018
Numerator for basic net income per common share:
Net income from continuing operations	$	15.2	$	58.0	$	135.4	$	175.3
Net (loss) income from discontinued operations	(0.4)		(1.7)		(1.9)		166.1
Numerator for basic net income per common share	$	14.8	$	56.3	$	133.5	$	341.4

Numerator for diluted net income from continuing operations per common share	$	15.2	$	58.0	$	135.4	$	175.3
Numerator for diluted net income per common share:	$	14.8	$	56.3	$	133.5	$	341.4

Denominator for net income per common share:
Basic	40.0		40.7		40.2		41.6
Plus dilutive effect of stock awards	0.7		0.3		0.5		0.2
Diluted	40.7		41.0		40.7		41.8

Net income (loss) per common share data:
Basic
Continuing operations	$	0.38	$	1.43	$	3.37	$	4.22
Discontinued operations	$	(0.01)	$	(0.04)	$	(0.05)	$	4.00
Net income per common share - basic	$	0.37	$	1.39	$	3.32	$	8.22

Diluted
Continuing operations	$	0.37	$	1.42	$	3.33	$	4.19
Discontinued operations	$	(0.01)	$	(0.04)	$	(0.05)	$	3.97
Net income per common share - diluted	$	0.36	$	1.38	$	3.28	$	8.16

Segment Information

9 Months Ended

Sep. 30, 2019

Segment Reporting [Abstract]

Segment Information

SEGMENT INFORMATION

We manage our operations through three reportable segments: Churchill Downs, Online Wagering and Gaming. Refer to Note 1, Description of Business, for further information regarding the changes we made to our segments during the first quarter of 2019. Accordingly, prior year amounts in this Form 10-Q have been 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 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;

◦Calder racing exit costs; and

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

•Stock-based compensation expense;

•Midwest Gaming's impact on our investments in unconsolidated affiliates from:

◦The impact of changes in fair value of interest rate swaps; and

◦Recapitalization and transaction costs;

•Asset impairments;

•Gain on Ocean Downs/Saratoga Transaction;

•Loss on extinguishment of debt;

•Legal reserves;

•Pre-opening expense; and

•Other charges, recoveries and expenses

We utilize the Adjusted EBITDA metric to provide a more accurate measure of our core operating results and enable 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.

Effective January 1, 2019, the Company does not allocate corporate and other related expenses to the operating segments in the accompanying condensed consolidated statements of comprehensive income. Accordingly, the prior year amounts in the accompanying consolidated statements of comprehensive income were reclassified to conform to this presentation.

The tables below present net revenue from external customers and intercompany revenue from each of our segments, net revenue from external customers for each group of similar services, Adjusted EBITDA by segment, and a reconciliation of comprehensive income to Adjusted EBITDA:


	Three Months Ended September 30,						Nine Months Ended September 30,
(in millions)	2019		2018		2019		2018
Net revenue from external customers:
Churchill Downs:
Churchill Downs Racetrack	$	8.9	$	8.5	$	172.2	$	165.4
Derby City Gaming	22.5		2.3		62.4		2.3
Total Churchill Downs	31.4		10.8		234.6		167.7
Online Wagering:
TwinSpires	70.3		71.8		228.8		228.7
Online Sports Betting and iGaming	(0.1)		—		0.1		—
Total Online Wagering	70.2		71.8		228.9		228.7
Gaming:
Presque Isle	38.1		—		104.9		—
Fair Grounds and VSI	25.0		24.5		93.4		88.4
Oxford	27.2		28.9		77.4		79.3
Calder	24.4		24.0		75.4		74.9
Ocean Downs	26.7		8.1		67.0		8.1
Riverwalk	13.6		12.8		44.1		40.8
Harlow’s	13.3		12.1		41.9		37.9
Lady Luck Nemacolin	10.0		—		20.6		—
Saratoga	—		—		—		0.6
Total Gaming	178.3		110.4		524.7		330.0
All Other	26.4		28.3		60.9		63.6
Net revenue from external customers	$	306.3	$	221.3	$	1,049.1	$	790.0


	Three Months Ended September 30,						Nine Months Ended September 30,
(in millions)	2019		2018		2019		2018
Intercompany net revenue:
Churchill Downs	$	1.3	$	1.0	$	12.6	$	10.7
Online Wagering	0.2		0.3		0.9		1.1
Gaming	0.3		0.1		1.8		1.2
All Other	3.4		3.2		9.0		9.2
Eliminations	(5.2)		(4.6)		(24.3)		(22.2)
Intercompany net revenue	$	—	$	—	$	—	$	—


	Three Months Ended September 30, 2019
(in millions)	Churchill Downs		Online Wagering		Gaming		Total Segments		All Other		Total
Net revenue from external customers
Pari-mutuel:
Live and simulcast racing	$	5.4	$	67.1	$	6.2	$	78.7	$	15.0	$	93.7
Historical racing	21.3		—		—		21.3		—		21.3
Racing event-related services	1.6		—		0.8		2.4		3.1		5.5
Gaming^(a)	—		—		153.2		153.2		—		153.2
Other^(a)	3.1		3.1		18.1		24.3		8.3		32.6
Total	$	31.4	$	70.2	$	178.3	$	279.9	$	26.4	$	306.3


	Three Months Ended September 30, 2018
(in millions)	Churchill Downs		Online Wagering		Gaming		Total Segments		All Other		Total
Net revenue from external customers
Pari-mutuel:
Live and simulcast racing	$	4.8	$	68.8	$	4.3	$	77.9	$	16.6	$	94.5
Historical racing	2.2		—		—		2.2		—		2.2
Racing event-related services	2.0		—		0.8		2.8		3.5		6.3
Gaming^(a)	—		—		92.8		92.8		—		92.8
Other^(a)	1.8		3.0		12.5		17.3		8.2		25.5
Total	$	10.8	$	71.8	$	110.4	$	193.0	$	28.3	$	221.3

(a) Food and beverage, hotel, and other services furnished to customers for free as an inducement to gamble or through the redemption of our customers' loyalty points are recorded at their estimated standalone selling prices in Other revenue with a corresponding offset recorded as a reduction in Gaming revenue. These amounts were $8.9 million for the three months ended September 30, 2019 and $6.6 million for the three months ended September 30, 2018.


	Nine Months Ended September 30, 2019
(in millions)	Churchill Downs		Online Wagering		Gaming		Total Segments		All Other		Total
Net revenue from external customers
Pari-mutuel:
Live and simulcast racing	$	48.1	$	218.7	$	23.9	$	290.7	$	34.7	$	325.4
Historical racing	58.7		—		—		58.7		—		58.7
Racing event-related services	115.0		—		3.1		118.1		5.3		123.4
Gaming^(b)	—		0.1		442.4		442.5		—		442.5
Other^(b)	12.8		10.1		55.3		78.2		20.9		99.1
Total	$	234.6	$	228.9	$	524.7	$	988.2	$	60.9	$	1,049.1


	Nine Months Ended September 30, 2018
(in millions)	Churchill Downs		Online Wagering		Gaming		Total Segments		All Other		Total
Net revenue from external customers
Pari-mutuel:
Live and simulcast racing	$	45.6	$	219.5	$	19.3	$	284.4	$	38.1	$	322.5
Historical racing	2.2		—		—		2.2		—		2.2
Racing event-related services	111.6		—		2.9		114.5		5.7		120.2
Gaming^(b)	—		—		267.8		267.8		—		267.8
Other^(b)	8.3		9.2		40.0		57.5		19.8		77.3
Total	$	167.7	$	228.7	$	330.0	$	726.4	$	63.6	$	790.0

(b) Food and beverage, hotel, and other services furnished to customers for free as an inducement to gamble or through the redemption of our customers' loyalty points are recorded at their estimated standalone selling prices in Other revenue with a corresponding offset recorded as a reduction in Gaming revenue. These amounts were $24.7 million for the nine months ended September 30, 2019 and $19.5 million for the nine months ended September 30, 2018.

Adjusted EBITDA by segment is comprised of the following:


	Three Months Ended September 30, 2019
(in millions)	Churchill Downs		Online Wagering		Gaming
Net revenue	$	32.7	$	70.4	$	178.6

Taxes & purses	(10.2)		(4.4)		(71.2)
Marketing & advertising	(1.1)		(3.6)		(5.5)
Salaries & benefits	(6.8)		(3.0)		(26.6)
Content expense	(0.5)		(36.5)		(1.6)
SG&A expense	(2.1)		(1.8)		(7.9)
Other operating expense	(6.9)		(6.1)		(21.2)
Other income	0.1		—		27.1
Adjusted EBITDA	$	5.2	$	15.0	$	71.7


	Three Months Ended September 30, 2018
(in millions)	Churchill Downs		Online Wagering		Gaming
Net revenue	$	11.8	$	72.1	$	110.5

Taxes & purses	(3.6)		(4.2)		(37.9)
Marketing & advertising	(0.6)		(0.6)		(3.6)
Salaries & benefits	(4.5)		(2.1)		(16.8)
Content expense	(0.5)		(37.3)		(0.9)
SG&A expense	(0.8)		(1.4)		(4.5)
Other operating expense	(4.6)		(5.7)		(14.8)
Other income	—		—		12.7
Adjusted EBITDA	$	(2.8)	$	20.8	$	44.7


	Nine Months Ended September 30, 2019
(in millions)	Churchill Downs		Online Wagering		Gaming
Net revenue	$	247.2	$	229.8	$	526.5

Taxes & purses	(52.1)		(12.0)		(204.7)
Marketing & advertising	(5.8)		(9.1)		(15.7)
Salaries & benefits	(24.5)		(8.2)		(76.5)
Content expense	(1.8)		(120.4)		(4.5)
SG&A expense	(5.8)		(5.5)		(21.2)
Other operating expense	(28.8)		(20.5)		(62.0)
Other income	0.1		—		70.7
Adjusted EBITDA	$	128.5	$	54.1	$	212.6


	Nine Months Ended September 30, 2018
(in millions)	Churchill Downs		Online Wagering		Gaming
Net revenue	$	178.4	$	229.8	$	331.2

Taxes & purses	(31.6)		(12.2)		(111.4)
Marketing & advertising	(4.1)		(4.5)		(10.7)
Salaries & benefits	(17.3)		(6.6)		(49.3)
Content expense	(1.8)		(119.3)		(2.9)
SG&A expense	(3.0)		(4.4)		(12.3)
Other operating expense	(21.6)		(19.7)		(44.2)
Other income	0.1		—		36.4
Adjusted EBITDA	$	99.1	$	63.1	$	136.8


	Three Months Ended September 30,						Nine Months Ended September 30,
(in millions)	2019		2018		2019		2018
Reconciliation of Comprehensive Income to Adjusted EBITDA:

Comprehensive income	$	14.8	$	56.5	$	133.5	$	341.8
Foreign currency translation, net of tax	—		—		—		(0.6)
Change in pension benefits, net of tax	—		(0.2)		—		0.2
Net income	14.8		56.3		133.5		341.4
Loss (income) from discontinued operations, net of tax	0.4		1.7		1.9		(166.1)
Income from continuing operations, net of tax	15.2		58.0		135.4		175.3

Additions:
Depreciation and amortization	22.0		16.7		64.3		45.8
Interest expense	18.9		9.9		52.0		29.2
Income tax provision	8.0		16.7		53.1		52.1
EBITDA	$	64.1	$	101.3	$	304.8	$	302.4

Adjustments to EBITDA:
Selling, general and administrative:
Stock-based compensation expense	$	5.5	$	3.9	$	17.6	$	13.1
Legal reserves	3.3		—		3.6		—

Pre-opening expense and other expense	1.2		2.8		3.6		4.1
Transaction expense, net	0.9		5.4		5.0		8.9
Gain on Ocean Downs/Saratoga transaction	—		(54.9)		—		(54.9)
Other income, expense:
Interest, depreciation and amortization expense related to equity investments	9.7		3.6		22.9		12.2
Changes in fair value of Midwest Gaming's interest rate swaps	3.2		—		15.4		—
Midwest Gaming's recapitalization and transactions costs	—		—		4.7		—
Other	0.1		—		—		—
Total adjustments to EBITDA	23.9		(39.2)		72.8		(16.6)
Adjusted EBITDA	$	88.0	$	62.1	$	377.6	$	285.8

Adjusted EBITDA by segment:
Churchill Downs	$	5.2	$	(2.8)	$	128.5	$	99.1
Online Wagering	15.0		20.8		54.1		63.1
Gaming	71.7		44.7		212.6		136.8
Total segment Adjusted EBITDA	91.9		62.7		395.2		299.0
All Other	(3.9)		(0.6)		(17.6)		(13.2)
Total Adjusted EBITDA	$	88.0	$	62.1	$	377.6	$	285.8

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


	Three Months Ended September 30,						Nine Months Ended September 30,
(in millions)	2019		2018		2019		2018
Gaming	$	14.1	$	9.1	$	27.7	$	24.4

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


(in millions)	September 30, 2019		December 31, 2018
Total assets:
Churchill Downs	$	364.5	$	359.6
Online Wagering	242.5		222.8
Gaming	1,606.8		877.1
Total segment assets	2,213.8		1,459.5
All Other	348.7		265.7
Total assets	$	2,562.5	$	1,725.2

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


	Nine Months Ended September 30,
(in millions)	2019		2018
Capital expenditures:
Churchill Downs	$	24.7	$	100.6
Online Wagering	7.3		7.1
Gaming	30.7		13.2
Total segment capital expenditures	62.7		120.9
All Other	28.3		4.6
Total capital expenditures	$	91.0	$	125.5

Subsequent Event	9 Months Ended
Subsequent Event	Sep. 30, 2019
Subsequent Events [Abstract]
Subsequent Event	SUBSEQUENT EVENT Turfway Park Acquisition On October 3, 2019, the Company announced that it signed a definitive agreement to acquire Turfway Park in Florence, Kentucky from Jack Ohio LLC, an affiliate of JACK Entertainment LLC ("JACK") and Hard Rock International ("Hard Rock") for total consideration of $46.0 million in cash ("Turfway Park Acquisition"), subject to certain working capital and other purchase price adjustments. On October 9, 2019, the Company completed the Turfway Park Acquisition upon receiving the necessary approval from the Kentucky Horse Racing Commission on October 8, 2019. The Turfway Park Acquisition was funded with the Company's cash on hand. Of the $46.0 million total consideration, $36.0 million (subject to working capital and other purchase price adjustments) was paid to JACK and accounted for as a business combination. The preliminary allocation of the $36.0 million purchase price to the underlying net assets has not yet been completed. The remaining $10.0 million was paid to Hard Rock for the assignment of the purchase and sale agreement rights and was accounted for separately from the business combination as an intangible asset and will be amortized through expense in the fourth quarter of 2019. Annual Cash Dividend At its regularly scheduled meeting held October 29, 2019, the Board of Directors of the Company declared an annual cash dividend of $0.581 per share, to be paid on January 3, 2020, to all shareholders of record on December 6, 2019.

Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2019

Accounting Policies [Abstract]

Recent Accounting Pronouncements

RECENT ACCOUNTING PRONOUNCEMENTS

Recent Accounting Pronouncement - Adopted on January 1, 2019

The cumulative effects of the changes made to our accompanying condensed consolidated balance sheets as of January 1, 2019 for the adoption of ASC 842 were as follows:


(in millions)	As Reported at December 31, 2018		Adoption of ASC 842		Balance at January 1, 2019
ASSETS
Other current assets	$	22.4	$	(0.3)	$	22.1
Property and equipment, net	757.5		25.3		782.8

LIABILITIES
Accrued expense	89.8		3.8		93.6
Other liabilities	15.7		21.5		37.2

SHAREHOLDERS' EQUITY
Retained earnings	474.2		(0.3)		473.9

Recent Accounting Pronouncements - effective in 2020 or thereafter

Leases

We determine if an arrangement is a lease at inception. Operating leases are included in property and equipment, net; accrued expense; and other liabilities on our condensed consolidated balance sheets. We generally do not separate lease and non-lease components for our lease contracts. We do not apply the ROUA and leases liability recognition requirements to short-term leases.

Operating lease ROUAs and lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at the commencement date. As our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the commencement date in determining the present value of future lease payments. The operating lease ROUAs also include any lease payments made prior to commencement and exclude lease incentives and initial direct costs incurred. Our lease terms include all non-cancelable periods and may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term.

Recent Accounting Pronouncements (Tables)

9 Months Ended

Sep. 30, 2019

Accounting Changes and Error Corrections [Abstract]

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

The cumulative effects of the changes made to our accompanying condensed consolidated balance sheets as of January 1, 2019 for the adoption of ASC 842 were as follows:


(in millions)	As Reported at December 31, 2018		Adoption of ASC 842		Balance at January 1, 2019
ASSETS
Other current assets	$	22.4	$	(0.3)	$	22.1
Property and equipment, net	757.5		25.3		782.8

LIABILITIES
Accrued expense	89.8		3.8		93.6
Other liabilities	15.7		21.5		37.2

SHAREHOLDERS' EQUITY
Retained earnings	474.2		(0.3)		473.9

Acquisitions (Tables)

9 Months Ended

Sep. 30, 2019

Business Combinations [Abstract]

Summary of Assets Acquired and Liabilities Assumed

The following table summarizes the fair values of the assets acquired and liabilities assumed, net of cash acquired of $8.4 million, at the date of the acquisition.


(in millions)	Total
Current assets	$	2.1
Property and equipment	78.5
Goodwill	25.8
Intangible assets	71.2
Current liabilities	(4.9)
Non-current liabilities	(0.6)
	$	172.1

Schedule of Indefinite-lived Intangible Assets Acquired as Part of Business Combination

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


(in millions)	Fair Value Recognized		Weighted-Average Useful Life
Gaming rights	$	56.0	N/A
Trademark	15.2		N/A
Total intangible assets	$	71.2

Presque Isle Downs & Casino [Member]

Business Acquisition [Line Items]

Business Acquisition, Pro Forma Information


	Three Months Ended September 30,		Nine Months Ended September 30,
(in millions)	2018		2019		2018
Net revenue	$	259.0	$	1,052.3	$	897.7

Ocean Downs LLC

Business Acquisition [Line Items]

Business Acquisition, Pro Forma Information


	Three Months Ended September 30,		Nine Months Ended September 30,
(in millions)	2018		2018
Net revenue	$	239.9	$	845.7

Discontinued Operations (Tables) - $ / shares

3 Months Ended

9 Months Ended

Sep. 30, 2019

Sep. 30, 2018

Sep. 30, 2019

Sep. 30, 2018

Discontinued Operations and Disposal Groups [Abstract]

Summary information of disposal classified as held for sale


	Three Months Ended September 30,						Nine Months Ended September 30,
(in millions)	2019		2018		2019		2018
Net revenue	$	—	$	—	$	—	$	13.2

Operating expenses	—		—		—		8.4
Selling, general and administrative expense	0.8		0.7		2.8		5.6
Research and development	—		—		—		0.9
Total operating expense	0.8		0.7		2.8		14.9
Operating loss	(0.8)		(0.7)		(2.8)		(1.7)
Other income (expense)
Gain on sale of Big Fish Games	—		—		—		219.5
Other expense	—		—		—		(0.1)
Total other income	—		—		—		219.4
(Loss) income from discontinued operations before provision for income taxes	(0.8)		(0.7)		(2.8)		217.7
Income tax benefit (provision)	0.4		(1.0)		0.9		(51.6)
(Loss) income from discontinued operations, net of tax	$	(0.4)	$	(1.7)	$	(1.9)	$	166.1

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 Big Fish Games	$	751.2

Continuing operations (in dollars per share)

$ 0.37

$ 1.42

$ 3.33

$ 4.19

- Definition

The amount of net income (loss) derived from continuing operations during the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

- 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.

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+ Details

Goodwill And Other Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

Goodwill, by segment, is comprised of the following:


	Churchill Downs		Online Wagering		Gaming		All Other		Total
Balances as of December 31, 2018	$	49.7	$	148.2	$	139.1	$	1.0	$	338.0
Additions	—		—		25.8		—		25.8
Balances as of September 30, 2019	$	49.7	$	148.2	$	164.9	$	1.0	$	363.8

Schedule of Indefinite and Finite Lived Assets

Other intangible assets are comprised of the following:


	September 30, 2019										December 31, 2018
(in millions)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Definite-lived intangible assets	$	31.3	$	(13.7)	$	17.6	$	32.1	$	(14.1)	$	18.0
Indefinite-lived intangible assets					338.2						246.0
Total					$	355.8					$	264.0

Stock-based Compensation Plans Grants (Tables)

9 Months Ended

Sep. 30, 2019

Share-based Compensation, Activity [Table Text Block]

A summary of the RSAs, RSUs, and PSUs granted during 2019 is presented below (shares/units in thousands):


Grant Year	Award Type	Number of Shares/Units Awarded	Vesting Terms

2019	RSA	64	Vest equally over three service periods ending in 2020, 2021, and 2022
2019	RSU	55	Vest equally over three service periods ending in 2019, 2020, and 2021
2019	PSU	53	Three year performance and service period ending in 2021
2019	RSU	10	One year service period ending in 2020

Investment in and Advances to Unconsolidated Affiliates (Tables)

9 Months Ended

Sep. 30, 2019

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

Affiliate Income Statement


	Three Months Ended September 30,						Nine Months Ended September 30,
(in millions)	2019		2018		2019		2018
Net revenue	$	160.8	$	105.2	$	416.6	$	322.1

Operating and SG&A expense	113.7		76.4		293.8		240.5
Depreciation and amortization	3.6		5.9		9.1		19.0
Total operating expense	117.3		82.3		302.9		259.5
Operating income	43.5		22.9		113.7		62.6
Interest and other, net	(17.6)		(1.0)		(59.9)		(5.6)
Net income	$	25.9	$	21.9	$	53.8	$	57.0

Affiliate Balance Sheet


(in millions)	September 30, 2019		December 31, 2018
Assets
Current assets	$	59.2	$	24.0
Property and equipment, net	244.0		95.7
Other assets, net	236.2		106.7
Total assets	$	539.4	$	226.4

Liabilities and Members' Equity
Current liabilities	$	75.1	$	21.2
Long-term debt	740.5		—
Other liabilities	25.5		—
Members' (deficit) equity	(301.7)		205.2
Total liabilities and members' (deficit) equity	$	539.4	$	226.4

Leases (Tables)

9 Months Ended

Sep. 30, 2019

Leases [Abstract]

Schedule of Lease Cost

The components of total lease cost were as follows:


(in millions)	Three Months Ended September 30, 2019		Nine Months Ended September 30, 2019
Short-term lease cost (a) (b)	$	2.7	$	11.4
Operating lease cost (b)	1.8		4.9
Total lease cost	$	4.5	$	16.3

(a) Includes leases with terms of one month or less

(b) Includes variable lease costs, which were not material

Other information related to operating leases was as follows:


(in millions, except lease term and discount rate)	Three Months Ended September 30, 2019		Nine Months Ended September 30, 2019
Supplemental Cash Flow Information
Cash paid for amounts included in the measurement of lease liabilities	$	1.5	$	3.8
ROUAs obtained in exchange for lease obligations	1.5		3.0


Lease Term and Discount Rate	September 30, 2019
Weighted average remaining lease term	6.7 years
Weighted average discount rate	3.9	%

Schedule of Future Minimum Operating Lease Payments

As of September 30, 2019, future minimum operating lease payments on non-cancelable leases were as follows:


(in millions)
Years Ended December 31,	Totals
2019 (excludes nine months ended September 30, 2019)	$	1.4
2020	5.5
2021	5.0
2022	4.0
2023	3.4
Thereafter	11.6
Total future minimum lease payments	30.9
Less: Imputed interest	3.7
Present value of lease liabilities	$	27.2

Reported lease liabilities as of September 30, 2019
Accrued expense (current maturities of leases)	$	4.7
Other liabilities (non-current maturities of leases)	22.5
Present value of lease liabilities	$	27.2

Schedule of Future Minimum Operating Lease Payments

As required by ASC 842, the future minimum operating lease payments on non-cancelable leases as of December 31, 2018 under the accounting standards in effect as of that period were as follows:


(in millions)
Years Ended December 31,

2019	$	5.0
2020	4.5
2021	3.8
2022	3.1
2023	3.0
Thereafter	11.2
Total	$	30.6

Fair Value Of Assets And Liabilities (Tables)

9 Months Ended

Sep. 30, 2019

Fair Value Disclosures [Abstract]

Fair Value Measurements, Recurring and Nonrecurring

The carrying amounts and estimated fair values by input level of the Company's financial instruments are as follows:


	September 30, 2019
(in millions)	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
Financial assets:
Restricted cash	$	44.0	$	44.0	$	44.0	$	—	$	—
Financial liabilities:
Term Loan B	388.8		393.0		—		393.0		—
2027 Senior Notes	591.8		635.2		—		635.2		—
2028 Senior Notes	493.6		511.3		—		511.3		—

	December 31, 2018
(in millions)	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
Financial assets:
Restricted cash	$	40.0	$	40.0	$	40.0	$	—	$	—
Financial liabilities:
Term Loan B	391.3		396.0		—		396.0		—
2028 Senior Notes	493.0		452.4		—		452.4		—

Net Income Per Common Share Computations (Tables)

9 Months Ended

Sep. 30, 2019

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

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


	Three Months Ended September 30,						Nine Months Ended September 30,
(in millions, except per share data)	2019		2018		2019		2018
Numerator for basic net income per common share:
Net income from continuing operations	$	15.2	$	58.0	$	135.4	$	175.3
Net (loss) income from discontinued operations	(0.4)		(1.7)		(1.9)		166.1
Numerator for basic net income per common share	$	14.8	$	56.3	$	133.5	$	341.4

Numerator for diluted net income from continuing operations per common share	$	15.2	$	58.0	$	135.4	$	175.3
Numerator for diluted net income per common share:	$	14.8	$	56.3	$	133.5	$	341.4

Denominator for net income per common share:
Basic	40.0		40.7		40.2		41.6
Plus dilutive effect of stock awards	0.7		0.3		0.5		0.2
Diluted	40.7		41.0		40.7		41.8

Net income (loss) per common share data:
Basic
Continuing operations	$	0.38	$	1.43	$	3.37	$	4.22
Discontinued operations	$	(0.01)	$	(0.04)	$	(0.05)	$	4.00
Net income per common share - basic	$	0.37	$	1.39	$	3.32	$	8.22

Diluted
Continuing operations	$	0.37	$	1.42	$	3.33	$	4.19
Discontinued operations	$	(0.01)	$	(0.04)	$	(0.05)	$	3.97
Net income per common share - diluted	$	0.36	$	1.38	$	3.28	$	8.16

Segment Information (Tables)

9 Months Ended

Sep. 30, 2019

Segment Reporting [Abstract]

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


	Three Months Ended September 30,						Nine Months Ended September 30,
(in millions)	2019		2018		2019		2018
Net revenue from external customers:
Churchill Downs:
Churchill Downs Racetrack	$	8.9	$	8.5	$	172.2	$	165.4
Derby City Gaming	22.5		2.3		62.4		2.3
Total Churchill Downs	31.4		10.8		234.6		167.7
Online Wagering:
TwinSpires	70.3		71.8		228.8		228.7
Online Sports Betting and iGaming	(0.1)		—		0.1		—
Total Online Wagering	70.2		71.8		228.9		228.7
Gaming:
Presque Isle	38.1		—		104.9		—
Fair Grounds and VSI	25.0		24.5		93.4		88.4
Oxford	27.2		28.9		77.4		79.3
Calder	24.4		24.0		75.4		74.9
Ocean Downs	26.7		8.1		67.0		8.1
Riverwalk	13.6		12.8		44.1		40.8
Harlow’s	13.3		12.1		41.9		37.9
Lady Luck Nemacolin	10.0		—		20.6		—
Saratoga	—		—		—		0.6
Total Gaming	178.3		110.4		524.7		330.0
All Other	26.4		28.3		60.9		63.6
Net revenue from external customers	$	306.3	$	221.3	$	1,049.1	$	790.0


	Three Months Ended September 30,						Nine Months Ended September 30,
(in millions)	2019		2018		2019		2018
Intercompany net revenue:
Churchill Downs	$	1.3	$	1.0	$	12.6	$	10.7
Online Wagering	0.2		0.3		0.9		1.1
Gaming	0.3		0.1		1.8		1.2
All Other	3.4		3.2		9.0		9.2
Eliminations	(5.2)		(4.6)		(24.3)		(22.2)
Intercompany net revenue	$	—	$	—	$	—	$	—


	Three Months Ended September 30, 2019
(in millions)	Churchill Downs		Online Wagering		Gaming		Total Segments		All Other		Total
Net revenue from external customers
Pari-mutuel:
Live and simulcast racing	$	5.4	$	67.1	$	6.2	$	78.7	$	15.0	$	93.7
Historical racing	21.3		—		—		21.3		—		21.3
Racing event-related services	1.6		—		0.8		2.4		3.1		5.5
Gaming^(a)	—		—		153.2		153.2		—		153.2
Other^(a)	3.1		3.1		18.1		24.3		8.3		32.6
Total	$	31.4	$	70.2	$	178.3	$	279.9	$	26.4	$	306.3


	Three Months Ended September 30, 2018
(in millions)	Churchill Downs		Online Wagering		Gaming		Total Segments		All Other		Total
Net revenue from external customers
Pari-mutuel:
Live and simulcast racing	$	4.8	$	68.8	$	4.3	$	77.9	$	16.6	$	94.5
Historical racing	2.2		—		—		2.2		—		2.2
Racing event-related services	2.0		—		0.8		2.8		3.5		6.3
Gaming^(a)	—		—		92.8		92.8		—		92.8
Other^(a)	1.8		3.0		12.5		17.3		8.2		25.5
Total	$	10.8	$	71.8	$	110.4	$	193.0	$	28.3	$	221.3


	Nine Months Ended September 30, 2019
(in millions)	Churchill Downs		Online Wagering		Gaming		Total Segments		All Other		Total
Net revenue from external customers
Pari-mutuel:
Live and simulcast racing	$	48.1	$	218.7	$	23.9	$	290.7	$	34.7	$	325.4
Historical racing	58.7		—		—		58.7		—		58.7
Racing event-related services	115.0		—		3.1		118.1		5.3		123.4
Gaming^(b)	—		0.1		442.4		442.5		—		442.5
Other^(b)	12.8		10.1		55.3		78.2		20.9		99.1
Total	$	234.6	$	228.9	$	524.7	$	988.2	$	60.9	$	1,049.1


	Nine Months Ended September 30, 2018
(in millions)	Churchill Downs		Online Wagering		Gaming		Total Segments		All Other		Total
Net revenue from external customers
Pari-mutuel:
Live and simulcast racing	$	45.6	$	219.5	$	19.3	$	284.4	$	38.1	$	322.5
Historical racing	2.2		—		—		2.2		—		2.2
Racing event-related services	111.6		—		2.9		114.5		5.7		120.2
Gaming^(b)	—		—		267.8		267.8		—		267.8
Other^(b)	8.3		9.2		40.0		57.5		19.8		77.3
Total	$	167.7	$	228.7	$	330.0	$	726.4	$	63.6	$	790.0

Schedule of Segment Reporting Information

Adjusted EBITDA by segment is comprised of the following:


	Three Months Ended September 30, 2019
(in millions)	Churchill Downs		Online Wagering		Gaming
Net revenue	$	32.7	$	70.4	$	178.6

Taxes & purses	(10.2)		(4.4)		(71.2)
Marketing & advertising	(1.1)		(3.6)		(5.5)
Salaries & benefits	(6.8)		(3.0)		(26.6)
Content expense	(0.5)		(36.5)		(1.6)
SG&A expense	(2.1)		(1.8)		(7.9)
Other operating expense	(6.9)		(6.1)		(21.2)
Other income	0.1		—		27.1
Adjusted EBITDA	$	5.2	$	15.0	$	71.7


	Three Months Ended September 30, 2018
(in millions)	Churchill Downs		Online Wagering		Gaming
Net revenue	$	11.8	$	72.1	$	110.5

Taxes & purses	(3.6)		(4.2)		(37.9)
Marketing & advertising	(0.6)		(0.6)		(3.6)
Salaries & benefits	(4.5)		(2.1)		(16.8)
Content expense	(0.5)		(37.3)		(0.9)
SG&A expense	(0.8)		(1.4)		(4.5)
Other operating expense	(4.6)		(5.7)		(14.8)
Other income	—		—		12.7
Adjusted EBITDA	$	(2.8)	$	20.8	$	44.7


	Nine Months Ended September 30, 2019
(in millions)	Churchill Downs		Online Wagering		Gaming
Net revenue	$	247.2	$	229.8	$	526.5

Taxes & purses	(52.1)		(12.0)		(204.7)
Marketing & advertising	(5.8)		(9.1)		(15.7)
Salaries & benefits	(24.5)		(8.2)		(76.5)
Content expense	(1.8)		(120.4)		(4.5)
SG&A expense	(5.8)		(5.5)		(21.2)
Other operating expense	(28.8)		(20.5)		(62.0)
Other income	0.1		—		70.7
Adjusted EBITDA	$	128.5	$	54.1	$	212.6


	Nine Months Ended September 30, 2018
(in millions)	Churchill Downs		Online Wagering		Gaming
Net revenue	$	178.4	$	229.8	$	331.2

Taxes & purses	(31.6)		(12.2)		(111.4)
Marketing & advertising	(4.1)		(4.5)		(10.7)
Salaries & benefits	(17.3)		(6.6)		(49.3)
Content expense	(1.8)		(119.3)		(2.9)
SG&A expense	(3.0)		(4.4)		(12.3)
Other operating expense	(21.6)		(19.7)		(44.2)
Other income	0.1		—		36.4
Adjusted EBITDA	$	99.1	$	63.1	$	136.8


	Three Months Ended September 30,						Nine Months Ended September 30,
(in millions)	2019		2018		2019		2018
Reconciliation of Comprehensive Income to Adjusted EBITDA:

Comprehensive income	$	14.8	$	56.5	$	133.5	$	341.8
Foreign currency translation, net of tax	—		—		—		(0.6)
Change in pension benefits, net of tax	—		(0.2)		—		0.2
Net income	14.8		56.3		133.5		341.4
Loss (income) from discontinued operations, net of tax	0.4		1.7		1.9		(166.1)
Income from continuing operations, net of tax	15.2		58.0		135.4		175.3

Additions:
Depreciation and amortization	22.0		16.7		64.3		45.8
Interest expense	18.9		9.9		52.0		29.2
Income tax provision	8.0		16.7		53.1		52.1
EBITDA	$	64.1	$	101.3	$	304.8	$	302.4

Adjustments to EBITDA:
Selling, general and administrative:
Stock-based compensation expense	$	5.5	$	3.9	$	17.6	$	13.1
Legal reserves	3.3		—		3.6		—

Pre-opening expense and other expense	1.2		2.8		3.6		4.1
Transaction expense, net	0.9		5.4		5.0		8.9
Gain on Ocean Downs/Saratoga transaction	—		(54.9)		—		(54.9)
Other income, expense:
Interest, depreciation and amortization expense related to equity investments	9.7		3.6		22.9		12.2
Changes in fair value of Midwest Gaming's interest rate swaps	3.2		—		15.4		—
Midwest Gaming's recapitalization and transactions costs	—		—		4.7		—
Other	0.1		—		—		—
Total adjustments to EBITDA	23.9		(39.2)		72.8		(16.6)
Adjusted EBITDA	$	88.0	$	62.1	$	377.6	$	285.8

Adjusted EBITDA by segment:
Churchill Downs	$	5.2	$	(2.8)	$	128.5	$	99.1
Online Wagering	15.0		20.8		54.1		63.1
Gaming	71.7		44.7		212.6		136.8
Total segment Adjusted EBITDA	91.9		62.7		395.2		299.0
All Other	(3.9)		(0.6)		(17.6)		(13.2)
Total Adjusted EBITDA	$	88.0	$	62.1	$	377.6	$	285.8

Schedule of Equity in Income of Unconsolidated Investments

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


	Three Months Ended September 30,						Nine Months Ended September 30,
(in millions)	2019		2018		2019		2018
Gaming	$	14.1	$	9.1	$	27.7	$	24.4

Schedule of Total Assets and Capital Expenditures by Operating Segment

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


(in millions)	September 30, 2019		December 31, 2018
Total assets:
Churchill Downs	$	364.5	$	359.6
Online Wagering	242.5		222.8
Gaming	1,606.8		877.1
Total segment assets	2,213.8		1,459.5
All Other	348.7		265.7
Total assets	$	2,562.5	$	1,725.2

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


	Nine Months Ended September 30,
(in millions)	2019		2018
Capital expenditures:
Churchill Downs	$	24.7	$	100.6
Online Wagering	7.3		7.1
Gaming	30.7		13.2
Total segment capital expenditures	62.7		120.9
All Other	28.3		4.6
Total capital expenditures	$	91.0	$	125.5

Description of Business (Details)						9 Months Ended
Description of Business (Details)	Mar. 08, 2019 USD ($)	Mar. 04, 2019 USD ($)	Jan. 11, 2019 USD ($)	Oct. 31, 2018 USD ($)	Jan. 09, 2018 USD ($)	Sep. 30, 2019 USD ($) slot_machine numberOfTableGames state	Sep. 30, 2018 USD ($)
Variable Interest Entity [Line Items]
Number of slot machines \| slot_machine						11,000
Number of states in which Gaming segment has slot machines and video lottery terminals \| state						8
Proceeds from new credit facilities						$ 1,236,000,000.0	$ 129,700,000
Proceeds from Divestiture of Businesses						$ 0	$ 970,700,000
Stock split, conversion ratio				3
Number of table games \| numberOfTableGames						200
Presque Isle Downs & Casino And Lady Luck Casino
Variable Interest Entity [Line Items]
Payments to acquire business			$ 178,900,000
Lady Luck Nemacolin
Variable Interest Entity [Line Items]
Payments to acquire business	$ 100,000
Miami Valley Gaming LLC
Variable Interest Entity [Line Items]
Equity method investment, ownership percentage						50.00%
Midwest Gaming Holdings, LLC
Variable Interest Entity [Line Items]
Ownership percentage						61.30%
Equity method investment, ownership percentage		42.00%		100.00%		61.30%
Aggregated cash consideration paid at closing of the Sale Transaction		$ 406,600,000
Deferred tax liability		109,600,000
Aggregated cash consideration paid at closing of the Sale Transaction		406,600,000
Midwest Gaming Holdings, LLC
Variable Interest Entity [Line Items]
Proceeds from new credit facilities		$ 300,000,000.0
Discontinued Operations, Disposed of by Sale \| Big Fish Games
Variable Interest Entity [Line Items]
Aggregate consideration					$ 990,000,000.0
Proceeds from Divestiture of Businesses					970,700,000
Other Adjustments to Income, Discontinued Operations					5,200,000
Disposal Group, Including Discontinued Operations, Transaction Expense					$ 14,100,000
Clairvest Group Inc.
Variable Interest Entity [Line Items]
Aggregated cash consideration paid at closing of the Sale Transaction				$ 291,000,000.0
Aggregated cash consideration paid at closing of the Sale Transaction				$ 291,000,000.0

Recent Accounting Pronouncements - Cumulative Effect of Changes Due to Adoption of ASU 2014-09 (Details) - USD ($) $ in Millions	Sep. 30, 2019	Jan. 01, 2019	Dec. 31, 2018
ASSETS
Other current assets	$ 31.3	$ 22.1	$ 22.4
Property and equipment, net	895.2	782.8	757.5
LIABILITIES
Accrued expense	124.5	93.6	89.8
Other liabilities	38.9	37.2	15.7
SHAREHOLDERS' EQUITY
Retained earnings	$ 551.3	473.9	$ 474.2
Accounting Standards Update 2016-02
ASSETS
Other current assets		(0.3)
Property and equipment, net		25.3
LIABILITIES
Accrued expense		3.8
Other liabilities		21.5
SHAREHOLDERS' EQUITY
Retained earnings		$ (0.3)

Acquisitions - Presque Isle (Details) - USD ($) $ in Millions		9 Months Ended
	Jan. 11, 2019	Sep. 30, 2019	Dec. 31, 2018
Business Acquisition [Line Items]
Goodwill		$ 363.8	$ 338.0
Presque Isle Downs & Casino [Member]
Business Acquisition [Line Items]
Payments to acquire business	$ 178.9
Working capital and other purchase price adjustments	1.6
Cash acquired in the acquisition	8.4
Goodwill	25.8
Revenue since date of acquisition		$ 105.3
Working capital and other purchase price adjustments	$ 1.6

Acquisitions - Summary of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions	Sep. 30, 2019	Jan. 11, 2019	Dec. 31, 2018
Business Acquisition [Line Items]
Goodwill	$ 363.8		$ 338.0
Presque Isle Downs & Casino [Member]
Business Acquisition [Line Items]
Current assets		$ 2.1
Property and equipment		78.5
Goodwill		25.8
Intangible assets		71.2
Current liabilities		(4.9)
Non-current liabilities		(0.6)
Assets acquired and liabilities assumed		$ 172.1

Acquisitions - Summary of Intangible Assets Acquired (Details) - Presque Isle Downs & Casino [Member] $ in Millions	Jan. 11, 2019 USD ($)
Business Acquisition [Line Items]
Total intangible assets	$ 71.2
Gaming rights
Business Acquisition [Line Items]
Total intangible assets	56.0
Trademark
Business Acquisition [Line Items]
Total intangible assets	$ 15.2

Acquisitions - Pro Forma Information (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Presque Isle Downs & Casino [Member]
Business Acquisition [Line Items]
Net revenue	$ 259.0	$ 1,052.3	$ 897.7
Ocean Downs LLC and Racing Services LLC [Member]
Business Acquisition [Line Items]
Net revenue	$ 239.9		$ 845.7

Acquisitions - Lady Luck Nemacolin (Details)	Mar. 08, 2019 USD ($)
Lady Luck Nemacolin
Business Acquisition [Line Items]
Payments to acquire business	$ 100,000

Acquisitions - Ocean Downs (Details) - USD ($) $ in Millions			3 Months Ended		9 Months Ended
	Aug. 31, 2018	Jul. 16, 2018	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Aug. 30, 2018	Jan. 01, 2018
Business Acquisition [Line Items]
Online real-money sports betting and iGaming agreement term		15 years
Gain on Ocean Downs/Saratoga transaction	$ 54.9		$ 0.0	$ 54.9	$ 0.0	$ 54.9
Ocean Downs LLC and Racing Services LLC [Member]
Business Acquisition [Line Items]
Equity method investment, ownership percentage	100.00%	50.00%						50.00%
Saratoga New York And Saratoga Colorado
Business Acquisition [Line Items]
Equity method investment, ownership percentage		25.00%					25.00%
Equity method investment, amount	$ 47.8
Ocean Downs LLC
Business Acquisition [Line Items]
Equity method investment, ownership percentage							62.50%
Equity method investment, amount	$ 80.5

Discontinued Operations - Additional Information (Details) - USD ($) $ in Millions		3 Months Ended			9 Months Ended
	Jan. 09, 2018	Sep. 30, 2019	Sep. 30, 2018	Mar. 31, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2017
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Distributions of capital from unconsolidated affiliates					$ 0.0	$ 970.7
Carrying value of Big Fish Games				$ 751.2
Income tax provision on gain from sale of business				51.2
After tax gain				168.3
Stock-based compensation		$ 5.5	$ 3.9		17.6	16.5
Gain (Loss) on Disposition of Business				219.5	0.0	219.5
Gain on sale of Big Fish Games				970.7
Income tax provision on gain from sale of business				51.2
After tax gain				168.3
Gain (Loss) on Disposition of Business				$ 219.5	0.0	219.5
Big Fish Games
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net revenue		0.0	0.0		0.0	13.2
Stock-based compensation						3.4
Operating expenses		0.0	0.0		0.0	8.4
Selling, general and administrative expense		0.8	0.7		2.8	5.6
Research and development		0.0	0.0		0.0	0.9
Total operating expense		0.8	0.7		2.8	14.9
Operating loss		(0.8)	(0.7)		(2.8)	(1.7)
Gain (Loss) on Disposition of Business		0.0	0.0		0.0	219.5
Disposal Group, Including Discontinued Operation, Other Expense		0.0	0.0		0.0	0.1
Total other income		0.0	0.0		0.0	219.4
(Loss) income from discontinued operations before provision for income taxes		(0.8)	(0.7)		(2.8)	217.7
Discontinued Operation, Tax Effect of Income (Loss) from Discontinued Operation During Phase-out Period		(0.4)	1.0		(0.9)	51.6
(Loss) income from discontinued operations, net of tax		(0.4)	(1.7)		(1.9)	166.1
Gain (Loss) on Disposition of Business		$ 0.0	$ 0.0		$ 0.0	$ 219.5
Big Fish Games \| Earnout Liability
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Earnout liability							$ 34.2
Big Fish Games \| Deferred Payments
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Earnout liability							$ 28.4
Discontinued Operations, Disposed of by Sale \| Big Fish Games
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Purchase price	$ 990.0
Distributions of capital from unconsolidated affiliates	970.7
Working capital adjustments	5.2
Transaction expense, net	14.1
Carrying value of Big Fish Games	$ 751.2

Discontinued Operations - Major Classes of Assets and Liabilities Derecognized (Details) - USD ($) $ in Millions	Mar. 31, 2018	Jan. 09, 2018
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Carrying value of Big Fish Games	$ 751.2
Discontinued Operations, Disposed of by Sale \| Big Fish Games
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
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 Big Fish Games		$ 751.2

Discontinued Operations - Income (Loss) From Discontinued Operations (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Mar. 31, 2018	Sep. 30, 2019	Sep. 30, 2018
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sale of Big Fish Games			$ 970.7
Big Fish Games
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net revenue	$ 0.0	$ 0.0		$ 0.0	$ 13.2
Operating expenses	0.0	0.0		0.0	8.4
Selling, general and administrative expense	0.8	0.7		2.8	5.6
Research and development	0.0	0.0		0.0	0.9
Total operating expense	0.8	0.7		2.8	14.9
Operating loss	(0.8)	(0.7)		(2.8)	(1.7)
Other expense	0.0	0.0		0.0	(0.1)
Total other income	0.0	0.0		0.0	219.4
(Loss) income from discontinued operations before provision for income taxes	(0.8)	(0.7)		(2.8)	217.7
Income tax benefit (provision)	0.4	(1.0)		0.9	(51.6)
(Loss) income from discontinued operations, net of tax	$ (0.4)	$ (1.7)		$ (1.9)	$ 166.1

Goodwill and Other Intangible Assets - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Mar. 31, 2019	Sep. 30, 2019	Jan. 11, 2019	Dec. 31, 2018
Indefinite-lived Intangible Assets [Line Items]
Goodwill		$ 363.8		$ 338.0
Goodwill additions		25.8
Indefinite-lived intangible assets		338.2		$ 246.0
Racing Segment
Indefinite-lived Intangible Assets [Line Items]
Goodwill	$ 51.7
Churchill Downs
Indefinite-lived Intangible Assets [Line Items]
Goodwill	49.7
Gaming
Indefinite-lived Intangible Assets [Line Items]
Goodwill	1.0
Arlington Reporting Unit
Indefinite-lived Intangible Assets [Line Items]
Goodwill	1.0
Presque Isle Downs & Casino [Member]
Indefinite-lived Intangible Assets [Line Items]
Goodwill			$ 25.8
Goodwill additions	$ 25.8
Contractual Rights [Member] \| Presque Isle Downs & Casino [Member]
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets		56.0
Trademarks \| Presque Isle Downs & Casino [Member]
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets		15.2
Gaming \| Contractual Rights [Member]
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets		3.0
Online Wagering \| Contractual Rights [Member]
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets		8.0
Online Wagering \| Contractual Rights [Member] \| Presque Isle Downs & Casino [Member]
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets		$ 10.0

Goodwill and Other Intangible Assets - Goodwill (Details) $ in Millions	9 Months Ended
	Sep. 30, 2019 USD ($)
Goodwill [Roll Forward]
Balances as of December 31, 2018	$ 338.0
Additions	25.8
Balances as of September 30, 2019	363.8
Churchill Downs
Goodwill [Roll Forward]
Balances as of December 31, 2018	49.7
Additions	0.0
Balances as of September 30, 2019	49.7
Online Wagering
Goodwill [Roll Forward]
Balances as of December 31, 2018	148.2
Additions	0.0
Balances as of September 30, 2019	148.2
Gaming
Goodwill [Roll Forward]
Balances as of December 31, 2018	139.1
Additions	25.8
Balances as of September 30, 2019	164.9
All Other
Goodwill [Roll Forward]
Balances as of December 31, 2018	1.0
Additions	0.0
Balances as of September 30, 2019	$ 1.0

Goodwill and Other Intangible Assets - Intangible Assets (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Finite-Lived Intangible Assets [Line Items]
Definite-Lived Intangible Assets, Gross Carrying Amount	$ 31.3	$ 32.1
Definite-Lived Intangible Assets, Accumulated Amortization	(13.7)	(14.1)
Definite-Lived Intangible Assets, Net Carrying Amount	17.6	18.0
Indefinite-lived Intangible Assets, Net Carrying Amount	338.2	246.0
Total intangible assets	355.8	$ 264.0
Contractual Rights [Member] \| Online Wagering
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived Intangible Assets, Net Carrying Amount	8.0
Contractual Rights [Member] \| Presque Isle Downs & Casino [Member]
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived Intangible Assets, Net Carrying Amount	56.0
Contractual Rights [Member] \| Presque Isle Downs & Casino [Member] \| Online Wagering
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived Intangible Assets, Net Carrying Amount	$ 10.0

Income Taxes (Details) - USD ($) $ in Millions	9 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Sep. 30, 2019	Mar. 04, 2019
Income Taxes [Line Items]
Non-cash tax impact from the re-measurement of net deferred tax liabilities	$ 2.7
Midwest Gaming Holdings, LLC
Income Taxes [Line Items]
Deferred tax liability		$ 109.6

Shareholders' Equity (Details) - USD ($)	3 Months Ended						9 Months Ended
Shareholders' Equity (Details) - USD ($)	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Mar. 31, 2018	Feb. 12, 2018	Sep. 30, 2019	Dec. 31, 2018	Oct. 30, 2018	Oct. 29, 2018	Sep. 30, 2018	Nov. 29, 2017	Apr. 25, 2017
Distribution Made to Limited Partner [Line Items]
Authorized stock repurchase amount													$ 250,000,000.0
Remaining unused authorization for stock repurchase program										$ 78,300,000
Repurchase aggregate cost	$ 25,000,000.0	$ 18,000,000.0	$ 25,000,000.0	$ 300,000	$ 501,500,000
Repurchase of common stock included in accrued expenses	3,700,000						$ 3,700,000				$ 0
Repurchase of common stock included in accrued expenses	3,700,000						3,700,000				$ 0
October 2018 Stock Repurchase Program
Distribution Made to Limited Partner [Line Items]
Authorized stock repurchase amount									$ 300,000,000.0
Remaining unused authorization for stock repurchase program	$ 200,000,000.0						$ 200,000,000.0
Repurchase of common stock (in shares)	202,449						672,473
Repurchase aggregate cost	$ 25,000,000.0						$ 68,000,000.0
Repurchase of common stock included in accrued expenses								$ 2,500,000
Repurchase of common stock included in accrued expenses								$ 2,500,000
Tender Offer
Distribution Made to Limited Partner [Line Items]
Authorized stock repurchase amount												$ 500,000,000.0
Repurchase of common stock (in shares)						5,660,376
Repurchase aggregate cost						$ 500,000,000.0
Repurchase price (in dollars per share)						$ 88.33

Stock-based Compensation Plans (Details) - USD ($) shares in Thousands, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	$ 5.5	$ 3.9	$ 17.6	$ 16.5
Restricted Stock
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			64
Performance Shares
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			53
Share-based Compensation Award, Tranche One [Member] \| Restricted Stock Units (RSUs) \| Executive Long-Term Incentive Compensation Plan (the “ELTI Plan”)
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			55
Share-based Compensation Award, Tranche Two [Member] \| Restricted Stock Units (RSUs) \| Executive Long-Term Incentive Compensation Plan (the “ELTI Plan”)
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			10
Continuing Operations [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation				$ 13.1

Debt (Details) - Senior Notes - 2027 Senior Notes	Mar. 25, 2019 USD ($)
Debt Instrument [Line Items]
Face amount of debt issuance	$ 600,000,000.0
Stated interest rate	5.50%
Redemption price, percentage of face amount	100.00%
Debt issuance costs	$ 8,900,000
Debt issuance costs	$ 8,900,000
Any time prior to April 1, 2022
Debt Instrument [Line Items]
Percentage of principal amount available for redemption	40.00%
Redemption price, percentage of face amount	105.50%

Revenue from Contracts with Customers - Performance Obiligations (Details) $ in Millions	Sep. 30, 2019 USD ($)
Revenue from Contract with Customer [Abstract]
Remaining performance obligation, amount	$ 156.2
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-04-01
Revenue from Contract with Customer [Abstract]
Remaining performance obligation, amount	$ 0.9
Disaggregation of Revenue [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	3 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01
Revenue from Contract with Customer [Abstract]
Remaining performance obligation, amount	$ 44.5
Disaggregation of Revenue [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01
Revenue from Contract with Customer [Abstract]
Remaining performance obligation, amount	$ 34.3
Disaggregation of Revenue [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year

Revenue from Contracts with Customers - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Revenue from Contract with Customer [Abstract]
Contract with customer, liability	$ 35.1		$ 35.1		$ 69.9
Contract with customer, revenue recognized	$ 1.1	$ 1.2	$ 49.6	$ 51.3

Investment in and Advances to Unconsolidated Affiliates - Additional Information (Details) - USD ($) $ in Millions		9 Months Ended
	Mar. 04, 2019	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018	Oct. 31, 2018
Investments in and Advances to Affiliates [Line Items]
Proceeds from borrowings under long-term debt obligations		$ 1,236.0	$ 129.7
Property and equipment, net		244.0		$ 95.7
Other assets, net		$ 236.2		$ 106.7
Midwest Gaming Holdings, LLC
Investments in and Advances to Affiliates [Line Items]
Equity method investment, ownership percentage	42.00%	61.30%			100.00%
Aggregated cash consideration paid at closing of the Sale Transaction	$ 406.6
Deferred tax liability	109.6
Equity Method Investment, Difference Between Carrying Amount and Underlying Equity	841.4	$ 840.9
Other assets, net	$ 860.1
Equity method investment, ownership percentage	42.00%	61.30%			100.00%
Midwest Gaming Holdings, LLC \| Land [Member]
Investments in and Advances to Affiliates [Line Items]
Property and equipment, net	$ (13.7)
Midwest Gaming Holdings, LLC \| Building [Member]
Investments in and Advances to Affiliates [Line Items]
Property, Plant and Equipment, Useful Life		35 years 3 months 18 days
Property and equipment, net	(9.5)
Property, Plant and Equipment, Useful Life		35 years 3 months 18 days
Midwest Gaming Holdings, LLC \| Other Capitalized Property Plant and Equipment [Member]
Investments in and Advances to Affiliates [Line Items]
Equity Method Investment, Difference Between Carrying Amount and Underlying Equity	4.5
Property, Plant and Equipment, Useful Life		3 years 8 months 12 days
Property, Plant and Equipment, Useful Life		3 years 8 months 12 days
Clairvest Group Inc.
Investments in and Advances to Affiliates [Line Items]
Aggregated cash consideration paid at closing of the Sale Transaction	410.1
Transaction costs	3.5
Deferred tax liability	109.6
Midwest Gaming Holdings, LLC
Investments in and Advances to Affiliates [Line Items]
Proceeds from borrowings under long-term debt obligations	$ 300.0
Casino Investors \| Midwest Gaming Holdings, LLC
Investments in and Advances to Affiliates [Line Items]
Equity method investment, ownership percentage		2.70%
Equity method investment, ownership percentage		2.70%
High Plaines \| Midwest Gaming Holdings, LLC
Investments in and Advances to Affiliates [Line Items]
Equity method investment, ownership percentage		36.00%
Equity method investment, ownership percentage		36.00%

Investment in and Advances to Unconsolidated Affiliates - Affiliate Income Statement (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Affiliate Income Statement [Abstract]
Net revenue	$ 160.8	$ 105.2	$ 416.6	$ 322.1
Operating and SG&A expense	113.7	76.4	293.8	240.5
Depreciation and amortization	3.6	5.9	9.1	19.0
Total operating expense	117.3	82.3	302.9	259.5
Operating income	43.5	22.9	113.7	62.6
Interest and other, net	(17.6)	(1.0)	(59.9)	(5.6)
Net income	$ 25.9	$ 21.9	$ 53.8	$ 57.0

Investment in and Advances to Unconsolidated Affiliates - Affiliate Balance Sheet (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Investments in and Advances to Affiliates, Affiliate Balance Sheet [Abstract]
Current assets	$ 59.2	$ 24.0
Property and equipment, net	244.0	95.7
Other assets, net	236.2	106.7
Total assets	539.4	226.4
Current liabilities	75.1	21.2
Long-term debt	740.5	0.0
Other liabilities	25.5	0.0
Members' (deficit) equity	(301.7)	205.2
Total liabilities and members' (deficit) equity	$ 539.4	$ 226.4

Leases - Additional Details (Details) $ in Millions	Sep. 30, 2019 USD ($)
Lessee, Lease, Description [Line Items]
Operating lease, right-of-use asset	$ 25.7
Minimum
Lessee, Lease, Description [Line Items]
Lease term	2 years
Lease renewal term	1 year
Lease term	2 years
Lease renewal term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Lease term	10 years
Lease renewal term	5 years
Lease term	10 years
Lease renewal term	5 years

Leases - Schedule of Lease Cost (Details)	3 Months Ended	9 Months Ended
Leases - Schedule of Lease Cost (Details)	Sep. 30, 2019 USD ($)	Sep. 30, 2019 USD ($)
Leases [Abstract]
Short-term lease cost	$ 2,700,000	$ 11,400,000
Operating lease cost	1,800,000	4,900,000
Total lease cost	4,500,000	16,300,000
Cash paid for amounts included in the measurement of lease liabilities	1,500,000	3,800,000
ROUAs obtained in exchange for lease obligations	$ 1.5	$ 3.0
Weighted average remaining lease term	6 years 8 months 12 days	6 years 8 months 12 days
Weighted average discount rate	3.90%	3.90%

Leases - Schedule of Future Minimum Operating Lease Payments (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Leases [Abstract]
2019	$ 1.4
2020	5.5
2021	5.0
2022	4.0
2023	3.4
Thereafter	11.6
Total future minimum lease payments	30.9
Less: Imputed interest	3.7
Present value of lease liabilities	27.2
Accrued expense (current maturities of leases)	4.7
Other liabilities (non-current maturities of leases)	$ 22.5
2019		$ 5.0
2020		4.5
2021		3.8
2022		3.1
2023		3.0
Thereafter		11.2
Total future minimum lease payments		$ 30.6

Fair Value Of Assets And Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2019	Mar. 25, 2019	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	$ 44.0		$ 40.0
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	44.0		40.0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	0.0		0.0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	0.0		0.0
2027 Senior Notes \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Stated interest rate		5.50%
2027 Senior Notes \| Senior Notes \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value disclosure of debt	0.0
2027 Senior Notes \| Senior Notes \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value disclosure of debt	635.2
2027 Senior Notes \| Senior Notes \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value disclosure of debt	$ 0.0
2028 Senior Notes \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Stated interest rate	4.75%
2028 Senior Notes \| Senior Notes \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value disclosure of debt	$ 0.0		0.0
2028 Senior Notes \| Senior Notes \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value disclosure of debt	511.3		452.4
2028 Senior Notes \| Senior Notes \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value disclosure of debt	0.0		0.0
Term Loan B \| 2017 Credit Agreement \| Line of Credit \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value disclosure of debt	0.0		0.0
Term Loan B \| 2017 Credit Agreement \| Line of Credit \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value disclosure of debt	393.0		396.0
Term Loan B \| 2017 Credit Agreement \| Line of Credit \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value disclosure of debt	0.0		0.0
Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash			40.0
Carrying Amount \| 2027 Senior Notes \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value disclosure of debt	591.8
Carrying Amount \| 2028 Senior Notes \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value disclosure of debt	493.6		493.0
Carrying Amount \| Term Loan B \| 2017 Credit Agreement \| Line of Credit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value disclosure of debt	388.8		391.3
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	44.0		40.0
Fair Value \| 2027 Senior Notes \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value disclosure of debt	635.2
Fair Value \| 2028 Senior Notes \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value disclosure of debt	511.3		452.4
Fair Value \| Term Loan B \| 2017 Credit Agreement \| Line of Credit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value disclosure of debt	$ 393.0		$ 396.0

Commitment and Contingencies (Details) $ in Millions	Sep. 30, 2019 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Loss Contingency Accrual	$ 2.8

Net Income Per Common Share Computations (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Earnings Per Share [Abstract]
Net income from continuing operations	$ 15.2	$ 58.0	$ 135.4	$ 175.3
Net (loss) income from discontinued operations	(0.4)	(1.7)	(1.9)	166.1
Numerator for basic net income per common share	14.8	56.3	133.5	341.4
Numerator for diluted net income from continuing operations per common share	15.2	58.0	135.4	175.3
Numerator for diluted net income per common share:	$ 14.8	$ 56.3	$ 133.5	$ 341.4
Earnings Per Share, Basic and Diluted [Abstract]
Basic (in shares)	40.0	40.7	40.2	41.6
Plus dilutive effect of stock awards (in shares)	0.7	0.3	0.5	0.2
Diluted (in shares)	40.7	41.0	40.7	41.8
Basic
Continuing operations (in dollars per share)	$ 0.38	$ 1.43	$ 3.37	$ 4.22
Discontinued operations (in dollars per share)	(0.01)	(0.04)	(0.05)	4.00
Net income per common share data - basic (in dollars per share)	0.37	1.39	3.32	8.22
Diluted
Continuing operations (in dollars per share)	0.37	1.42	3.33	4.19
Discontinued operations (in dollars per share)	(0.01)	(0.04)	(0.05)	3.97
Net income per common share data - diluted (in dollars per share)	$ 0.36	$ 1.38	$ 3.28	$ 8.16

Segment Information - Information About Reported Segments (Details)		3 Months Ended		9 Months Ended
	Aug. 31, 2018 USD ($)	Sep. 30, 2019 USD ($) Segments	Sep. 30, 2018 USD ($)	Sep. 30, 2019 USD ($)	Sep. 30, 2018 USD ($)
Segment Reporting Information [Line Items]
Number of operating segments \| Segments		3
Net revenue		$ 306,300,000	$ 221,300,000	$ 1,049,100,000	$ 790,000,000.0
Intercompany net revenues		0	0	0	0
Comprehensive income		14,800,000	56,500,000	133,500,000	341,800,000
Foreign currency translation, net of tax		0	0	0	(600,000)
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax and Reclassification Adjustment, Attributable to Noncontrolling Interest		0	(200,000)	0	200,000
Net income		14,800,000	56,300,000	133,500,000	341,400,000
Loss (income) from discontinued operations, net of tax		400,000	1,700,000	1,900,000	(166,100,000)
Income from continuing operations, net of tax		15,200,000	58,000,000.0	135,400,000	175,300,000
Depreciation and amortization		22,000,000.0	16,700,000	64,300,000	45,800,000
Interest expense		18,900,000	9,900,000	52,000,000.0	29,200,000
Income tax provision		8,000,000.0	16,700,000	53,100,000	52,100,000
EBITDA		64,100,000	101,300,000	304,800,000	302,400,000
Stock-based compensation expense		5,500,000	3,900,000	17,600,000	13,100,000
Legal reserves		3,300,000	0	3,600,000	0
Pre-opening expense and other expense		1,200,000	2,800,000	3,600,000	4,100,000
Gain on Ocean Downs/Saratoga transaction	$ 54,900,000	0	54,900,000	0	54,900,000
Interest, depreciation and amortization expense related to equity investments		9,700,000	3,600,000	22,900,000	12,200,000
Fair Value of Interest Rate Swaps		3,200,000	0	15,400,000	0
Midwest Gaming's recapitalization and transactions costs		0	0	4,700,000	0
Other charges & recoveries, net		100,000	0	0	0
Transaction expense, net		900,000	5,400,000	5,000,000.0	8,900,000
Total adjustments to EBITDA		23,900,000	(39,200,000)	72,800,000	(16,600,000)
Adjusted EBITDA		88,000,000.0	62,100,000	377,600,000	285,800,000
Disclosure of Complimentary Revenue		8,900,000	6,600,000	24,700,000	19,500,000
Churchill Downs
Segment Reporting Information [Line Items]
Net revenue		32,700,000	11,800,000	247,200,000	178,400,000
Adjusted Segment EBITDA		5,200,000	(2,800,000)	128,500,000	99,100,000
Online Wagering
Segment Reporting Information [Line Items]
Net revenue		70,400,000	72,100,000	229,800,000	229,800,000
Adjusted Segment EBITDA		15,000,000.0	20,800,000	54,100,000	63,100,000
Gaming
Segment Reporting Information [Line Items]
Net revenue		178,600,000	110,500,000	526,500,000	331,200,000
Adjusted Segment EBITDA		71,700,000	44,700,000	212,600,000	136,800,000
Operating Segments
Segment Reporting Information [Line Items]
Net revenue		306,300,000	221,300,000	1,049,100,000	790,000,000.0
Adjusted Segment EBITDA		91,900,000	62,700,000	395,200,000	299,000,000.0
Operating Segments \| Churchill Downs
Segment Reporting Information [Line Items]
Net revenue		31,400,000	10,800,000	234,600,000	167,700,000
Intercompany net revenues		1,300,000	1,000,000.0	12,600,000	10,700,000
Adjusted Segment EBITDA		5,200,000	(2,800,000)	128,500,000	99,100,000
Operating Segments \| Churchill Downs \| Churchill Downs Racetrack
Segment Reporting Information [Line Items]
Net revenue		8,900,000	8,500,000	172,200,000	165,400,000
Operating Segments \| Churchill Downs \| Derby City Gaming
Segment Reporting Information [Line Items]
Net revenue		22,500,000	2,300,000	62,400,000	2,300,000
Operating Segments \| Online Wagering
Segment Reporting Information [Line Items]
Net revenue		70,200,000	71,800,000	228,900,000	228,700,000
Intercompany net revenues		200,000	300,000	900,000	1,100,000
Adjusted Segment EBITDA		15,000,000.0	20,800,000	54,100,000	63,100,000
Operating Segments \| Online Wagering \| TwinSpires
Segment Reporting Information [Line Items]
Net revenue		70,300,000	71,800,000	228,800,000	228,700,000
Operating Segments \| Online Wagering \| Online Sports Betting and iGaming
Segment Reporting Information [Line Items]
Net revenue		(100,000)	0	100,000	0
Operating Segments \| Gaming
Segment Reporting Information [Line Items]
Net revenue		178,300,000	110,400,000	524,700,000	330,000,000.0
Intercompany net revenues		300,000	100,000	1,800,000	1,200,000
Adjusted Segment EBITDA		71,700,000	44,700,000	212,600,000	136,800,000
Operating Segments \| Gaming \| Oxford Acquisition [Member]
Segment Reporting Information [Line Items]
Net revenue		27,200,000	28,900,000	77,400,000	79,300,000
Operating Segments \| Gaming \| Calder Casinos [Member]
Segment Reporting Information [Line Items]
Net revenue		24,400,000	24,000,000.0	75,400,000	74,900,000
Operating Segments \| Gaming \| Riverwalk
Segment Reporting Information [Line Items]
Net revenue		13,600,000	12,800,000	44,100,000	40,800,000
Operating Segments \| Gaming \| Harlow’s
Segment Reporting Information [Line Items]
Net revenue		13,300,000	12,100,000	41,900,000	37,900,000
Operating Segments \| Gaming \| Fair Grounds Slots [Member]
Segment Reporting Information [Line Items]
Net revenue		25,000,000.0	24,500,000	93,400,000	88,400,000
Operating Segments \| Gaming \| Ocean Downs LLC and Racing Services LLC [Member]
Segment Reporting Information [Line Items]
Net revenue		26,700,000	8,100,000	67,000,000.0	8,100,000
Operating Segments \| Gaming \| Presque Isle Downs & Casino [Member]
Segment Reporting Information [Line Items]
Net revenue		38,100,000	0	104,900,000	0
Operating Segments \| Gaming \| Lady Luck Nemacolin
Segment Reporting Information [Line Items]
Net revenue		10,000,000.0	0	20,600,000	0
Operating Segments \| Gaming \| Saratoga
Segment Reporting Information [Line Items]
Net revenue		0	0	0	600,000
Segment Reconciling Items \| All Other
Segment Reporting Information [Line Items]
Net revenue		26,400,000	28,300,000	60,900,000	63,600,000
Intercompany net revenues		3,400,000	3,200,000	9,000,000.0	9,200,000
Adjusted Segment EBITDA		(3,900,000)	(600,000)	(17,600,000)	(13,200,000)
Eliminations
Segment Reporting Information [Line Items]
Intercompany net revenues		$ (5,200,000)	$ (4,600,000)	$ (24,300,000)	$ (22,200,000)

Segment Information - Adjusted EBITDA by Segment (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Segment Reporting Information [Line Items]
Other charges & recoveries, net	$ 0.1	$ 0.0	$ 0.0	$ 0.0
Net revenue	306.3	221.3	1,049.1	790.0
Churchill Downs
Segment Reporting Information [Line Items]
Net revenue	32.7	11.8	247.2	178.4
Taxes and purses	(10.2)	(3.6)	(52.1)	(31.6)
Marketing and advertising	(1.1)	(0.6)	(5.8)	(4.1)
Salaries and benefits	(6.8)	(4.5)	(24.5)	(17.3)
Content Expense	(0.5)	(0.5)	(1.8)	(1.8)
Adjusted EBITDA Selling, General & Administrative Expenses	(2.1)	(0.8)	(5.8)	(3.0)
Other Cost and Expense, Operating	(6.9)	(4.6)	(28.8)	(21.6)
Other income	0.1	0.0	0.1	0.1
Adjusted EBITDA	5.2	(2.8)	128.5	99.1
Online Wagering
Segment Reporting Information [Line Items]
Net revenue	70.4	72.1	229.8	229.8
Taxes and purses	(4.4)	(4.2)	(12.0)	(12.2)
Marketing and advertising	(3.6)	(0.6)	(9.1)	(4.5)
Salaries and benefits	(3.0)	(2.1)	(8.2)	(6.6)
Content Expense	(36.5)	(37.3)	(120.4)	(119.3)
Adjusted EBITDA Selling, General & Administrative Expenses	(1.8)	(1.4)	(5.5)	(4.4)
Other Cost and Expense, Operating	(6.1)	(5.7)	(20.5)	(19.7)
Other income	0.0	0.0	0.0
Adjusted EBITDA	15.0	20.8	54.1	63.1
Gaming
Segment Reporting Information [Line Items]
Net revenue	178.6	110.5	526.5	331.2
Taxes and purses	(71.2)	(37.9)	(204.7)	(111.4)
Marketing and advertising	(5.5)	(3.6)	(15.7)	(10.7)
Salaries and benefits	(26.6)	(16.8)	(76.5)	(49.3)
Content Expense	(1.6)	(0.9)	(4.5)	(2.9)
Adjusted EBITDA Selling, General & Administrative Expenses	(7.9)	(4.5)	(21.2)	(12.3)
Other Cost and Expense, Operating	(21.2)	(14.8)	(62.0)	(44.2)
Other income	27.1	12.7	70.7	36.4
Adjusted EBITDA	$ 71.7	$ 44.7	$ 212.6	$ 136.8

Segment Information - Equity in Earnings of Unconsolidated Investments (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Segment Reporting, Other Significant Reconciling Item [Line Items]
Equity in income of unconsolidated investments	$ 14.1	$ 9.1	$ 27.7	$ 24.4
Gaming
Segment Reporting, Other Significant Reconciling Item [Line Items]
Equity in income of unconsolidated investments	$ 14.1	$ 9.1	$ 27.7	$ 24.4

- Definition

This item represents the entity's proportionate share for the period of the net income (loss) of its investee (such as unconsolidated subsidiaries and joint ventures) to which the equity method of accounting is applied. This item includes income or expense related to stock-based compensation based on the investor's grant of stock to employees of an equity method investee.

+ References + Details

Segment Information - Total Asset Information For Segments (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 2,562.5		$ 1,725.2
Capital expenditures	91.0	$ 125.5
Gaming
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	1,606.8		877.1
Operating Segments \| Total Segments
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	2,213.8		1,459.5
Capital expenditures	62.7	120.9
Operating Segments \| Churchill Downs
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	364.5		359.6
Capital expenditures	24.7	100.6
Operating Segments \| Online Wagering
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	242.5		222.8
Capital expenditures	7.3	7.1
Operating Segments \| Gaming
Segment Reporting, Asset Reconciling Item [Line Items]
Capital expenditures	30.7	13.2
Segment Reconciling Items \| All Other
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	348.7		$ 265.7
Capital expenditures	$ 28.3	$ 4.6

Subsequent Event Subsequent Event(s) (Details) - Subsequent Event [Member] - USD ($) $ / shares in Units, $ in Millions	Oct. 29, 2019	Oct. 03, 2019
Subsequent Event [Line Items]
Dividends Payable, Amount Per Share	$ 0.581
Dividends Payable, Date to be Paid	Jan. 03, 2020
Dividends Payable, Date Declared	Dec. 06, 2019
Dividends Payable, Amount Per Share	$ 0.581
Turfway Park
Subsequent Event [Line Items]
Payments to acquire business		$ 36.0
Intangible Assets, Current		10.0
Business Combination, Consideration Transferred		$ 46.0