chdn-20200630
000002021212-312020Q2FALSEP3YP3YP3YP1YP6MP1Y100000202122020-01-012020-06-30xbrli:shares00000202122020-07-15iso4217:USD0000020212chdn:ChurchillDownsMember2020-04-012020-06-300000020212chdn:ChurchillDownsMember2019-04-012019-06-300000020212chdn:ChurchillDownsMember2020-01-012020-06-300000020212chdn:ChurchillDownsMember2019-01-012019-06-300000020212chdn:OnlineWageringMember2020-04-012020-06-300000020212chdn:OnlineWageringMember2019-04-012019-06-300000020212chdn:OnlineWageringMember2020-01-012020-06-300000020212chdn:OnlineWageringMember2019-01-012019-06-300000020212chdn:GamingMember2020-04-012020-06-300000020212chdn:GamingMember2019-04-012019-06-300000020212chdn:GamingMember2020-01-012020-06-300000020212chdn:GamingMember2019-01-012019-06-300000020212us-gaap:ProductAndServiceOtherMember2020-04-012020-06-300000020212us-gaap:ProductAndServiceOtherMember2019-04-012019-06-300000020212us-gaap:ProductAndServiceOtherMember2020-01-012020-06-300000020212us-gaap:ProductAndServiceOtherMember2019-01-012019-06-3000000202122020-04-012020-06-3000000202122019-04-012019-06-3000000202122019-01-012019-06-300000020212us-gaap:RetainedEarningsMember2020-04-012020-06-300000020212us-gaap:RetainedEarningsMember2019-04-012019-06-30iso4217:USDxbrli:shares00000202122020-06-3000000202122019-12-310000020212us-gaap:CommonStockMember2019-12-310000020212us-gaap:RetainedEarningsMember2019-12-310000020212us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-12-310000020212us-gaap:NoncontrollingInterestMember2019-12-310000020212us-gaap:RetainedEarningsMember2020-01-012020-03-310000020212us-gaap:NoncontrollingInterestMember2020-01-012020-03-3100000202122020-01-012020-03-310000020212us-gaap:CommonStockMember2020-01-012020-03-310000020212us-gaap:RetainedEarningsMemberchdn:CumulativeEffectPeriodOfAdoptionAdjustmentMember2019-12-310000020212chdn:CumulativeEffectPeriodOfAdoptionAdjustmentMember2019-12-310000020212us-gaap:CommonStockMember2020-03-310000020212us-gaap:RetainedEarningsMember2020-03-310000020212us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-03-310000020212us-gaap:NoncontrollingInterestMember2020-03-3100000202122020-03-310000020212us-gaap:CommonStockMember2020-04-012020-06-300000020212us-gaap:CommonStockMember2020-06-300000020212us-gaap:RetainedEarningsMember2020-06-300000020212us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-06-300000020212us-gaap:NoncontrollingInterestMember2020-06-300000020212us-gaap:CommonStockMember2018-12-310000020212us-gaap:RetainedEarningsMember2018-12-310000020212us-gaap:AccumulatedOtherComprehensiveIncomeMember2018-12-310000020212us-gaap:NoncontrollingInterestMember2018-12-3100000202122018-12-310000020212us-gaap:RetainedEarningsMember2019-01-012019-03-3100000202122019-01-012019-03-310000020212us-gaap:CommonStockMember2019-01-012019-03-310000020212us-gaap:RetainedEarningsMemberchdn:CumulativeEffectPeriodOfAdoptionAdjustmentMember2018-12-310000020212chdn:CumulativeEffectPeriodOfAdoptionAdjustmentMember2018-12-310000020212us-gaap:CommonStockMember2019-03-310000020212us-gaap:RetainedEarningsMember2019-03-310000020212us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-03-310000020212us-gaap:NoncontrollingInterestMember2019-03-3100000202122019-03-310000020212us-gaap:CommonStockMember2019-04-012019-06-300000020212us-gaap:CommonStockMember2019-06-300000020212us-gaap:RetainedEarningsMember2019-06-300000020212us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-06-300000020212us-gaap:NoncontrollingInterestMember2019-06-3000000202122019-06-3000000202122019-03-052019-03-05chdn:gamechdn:racingDay0000020212chdn:ChurchillDownsRacetrackMember2020-05-162020-06-28xbrli:pure0000020212chdn:DerbyCityGamingMember2020-01-012020-06-300000020212chdn:FairGroundsSlotsMember2020-01-012020-06-300000020212chdn:VideoServicesLLCMember2020-01-012020-06-300000020212chdn:HarlowsCasinoMember2020-01-012020-06-300000020212chdn:OceanDownsLLCandRacingServicesLLCMember2020-01-012020-06-300000020212chdn:OxfordAcquisitionMember2020-01-012020-06-300000020212chdn:PresqueIsleDownsCasinoMember2020-01-012020-06-300000020212chdn:RiverwalkCasinoMember2020-01-012020-06-300000020212chdn:LadyLuckNemacolinMember2020-01-012020-06-300000020212chdn:RiversCasinoDesPlainesMember2020-01-012020-06-300000020212chdn:MiamiValleyGamingLLCMember2020-01-012020-06-300000020212srt:ScenarioForecastMemberchdn:ArlingtonInternationalRacecourseMemberus-gaap:AllOtherSegmentsMember2020-07-232020-09-260000020212chdn:TurfwayParkMemberus-gaap:AllOtherSegmentsMember2020-03-122020-03-250000020212chdn:TurfwayParkMemberus-gaap:AllOtherSegmentsMember2020-03-012020-03-310000020212us-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMember2020-03-160000020212us-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMember2020-01-012020-06-300000020212us-gaap:SubsequentEventMemberus-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMember2020-04-282021-06-300000020212chdn:PresqueIsleDownsCasinoAndLadyLuckCasinoMember2019-01-112019-01-110000020212chdn:PresqueIsleDownsCasinoMember2019-01-112019-01-110000020212chdn:LadyLuckNemacolinTransactionMember2019-03-082019-03-080000020212chdn:MidwestGamingHoldingsLLCMember2019-03-050000020212chdn:MidwestGamingHoldingsLLCMember2019-03-052019-03-050000020212chdn:ClairvestGroupInc.Member2019-03-052019-03-050000020212chdn:MidwestGamingHoldingsLLCMember2019-03-062019-03-060000020212chdn:MidwestGamingHoldingsLLCMember2019-03-060000020212chdn:HighPlainesMemberchdn:MidwestGamingHoldingsLLCMember2019-03-060000020212chdn:CasinoInvestorsMemberchdn:MidwestGamingHoldingsLLCMember2019-03-060000020212chdn:TurfwayParkMember2019-10-092019-10-09utr:acre0000020212chdn:TurfwayParkMember2019-10-090000020212srt:ScenarioForecastMemberchdn:TurfwayParkMember2021-10-012021-12-31utr:sqft0000020212srt:ScenarioForecastMemberchdn:TurfwayParkMember2021-12-310000020212srt:ScenarioForecastMemberchdn:TurfwayParkMembersrt:MaximumMember2021-10-012021-12-310000020212chdn:TurfwayParkNewportKentuckyMembersrt:ScenarioForecastMembersrt:MaximumMember2020-10-012020-12-310000020212chdn:TurfwayParkNewportKentuckyMembersrt:ScenarioForecastMember2020-12-310000020212chdn:TurfwayParkNewportKentuckyMembersrt:ScenarioForecastMember2020-10-012020-12-310000020212chdn:TurfwayParkMemberchdn:GameRightsMember2019-10-090000020212chdn:TurfwayParkMemberus-gaap:TrademarksMember2019-10-090000020212us-gaap:DiscontinuedOperationsDisposedOfBySaleMemberchdn:BigFishGamesMember2018-01-090000020212chdn:BigFishGamesMemberus-gaap:PendingLitigationMembersrt:ProFormaMemberchdn:CherylKaterVChurchillDownsIncorporatedMember2020-05-222020-05-220000020212chdn:BigFishGamesMemberus-gaap:PendingLitigationMemberchdn:CherylKaterVChurchillDownsIncorporatedMemberchdn:ChurchillDownsIncorporatedMember2020-05-222020-05-220000020212chdn:BigFishGamesMemberus-gaap:PendingLitigationMemberchdn:AristocratMemberchdn:CherylKaterVChurchillDownsIncorporatedMember2020-05-222020-05-220000020212chdn:BigFishGamesMemberus-gaap:PendingLitigationMemberchdn:CherylKaterVChurchillDownsIncorporatedMemberchdn:ChurchillDownsIncorporatedMember2020-04-012020-06-300000020212chdn:BigFishGamesMemberus-gaap:PendingLitigationMemberchdn:CherylKaterVChurchillDownsIncorporatedMemberchdn:ChurchillDownsIncorporatedMember2020-01-012020-06-300000020212chdn:BigFishGamesMember2020-04-012020-06-300000020212chdn:BigFishGamesMember2019-04-012019-06-300000020212chdn:BigFishGamesMember2020-01-012020-06-300000020212chdn:BigFishGamesMember2019-01-012019-06-300000020212chdn:ChurchillDownsSegmentMember2019-12-310000020212chdn:OnlineWageringSegmentMember2019-12-310000020212chdn:GamingSegmentMember2019-12-310000020212us-gaap:AllOtherSegmentsMember2019-12-310000020212chdn:ChurchillDownsSegmentMember2020-01-012020-06-300000020212chdn:OnlineWageringSegmentMember2020-01-012020-06-300000020212chdn:GamingSegmentMember2020-01-012020-06-300000020212us-gaap:AllOtherSegmentsMember2020-01-012020-06-300000020212chdn:ChurchillDownsSegmentMember2020-06-300000020212chdn:OnlineWageringSegmentMember2020-06-300000020212chdn:GamingSegmentMember2020-06-300000020212us-gaap:AllOtherSegmentsMember2020-06-300000020212us-gaap:ContractualRightsMember2020-01-012020-06-300000020212chdn:GamingSegmentMemberchdn:PresqueIsleDownsCasinoMember2020-01-012020-06-300000020212chdn:OnlineWageringMember2020-01-012020-06-300000020212us-gaap:TrademarksMember2020-01-012020-06-300000020212chdn:October2018StockRepurchaseProgramMember2018-10-3000000202122017-04-2500000202122018-10-290000020212chdn:October2018StockRepurchaseProgramMember2020-01-012020-06-300000020212chdn:October2018StockRepurchaseProgramMember2020-06-300000020212chdn:October2018StockRepurchaseProgramMember2020-04-012020-06-300000020212us-gaap:ShareBasedCompensationAwardTrancheOneMemberus-gaap:RestrictedStockUnitsRSUMember2020-01-012020-06-300000020212us-gaap:ShareBasedCompensationAwardTrancheTwoMemberus-gaap:RestrictedStockUnitsRSUMember2020-01-012020-06-300000020212us-gaap:PerformanceSharesMember2020-01-012020-06-300000020212us-gaap:RestrictedStockUnitsRSUMemberus-gaap:ShareBasedCompensationAwardTrancheThreeMember2020-01-012020-06-300000020212srt:MinimumMemberus-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:LondonInterbankOfferedRateLIBORMember2020-03-162020-03-160000020212srt:MaximumMemberus-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:LondonInterbankOfferedRateLIBORMember2020-03-162020-03-160000020212srt:MinimumMemberus-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMember2020-03-162020-03-160000020212srt:MaximumMemberus-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMember2020-03-162020-03-160000020212us-gaap:RevolvingCreditFacilityMember2020-01-012020-06-3000000202122020-07-012020-06-3000000202122021-01-012020-06-3000000202122022-01-012020-06-300000020212chdn:MidwestGamingHoldingsLLCMember2019-03-052019-03-050000020212chdn:MidwestGamingHoldingsLLCMember2020-06-300000020212chdn:SeniorNotesDue2028Memberus-gaap:SeniorNotesMember2020-06-300000020212chdn:SeniorNotesDue2027Memberus-gaap:SeniorNotesMember2020-06-300000020212us-gaap:SecuredDebtMemberus-gaap:LineOfCreditMemberchdn:TermLoanBdue2024Member2017-12-270000020212us-gaap:CarryingReportedAmountFairValueDisclosureMember2020-06-300000020212us-gaap:EstimateOfFairValueFairValueDisclosureMember2020-06-300000020212us-gaap:FairValueInputsLevel1Member2020-06-300000020212us-gaap:FairValueInputsLevel2Member2020-06-300000020212us-gaap:FairValueInputsLevel3Member2020-06-300000020212us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:SecuredDebtMemberus-gaap:LineOfCreditMemberchdn:TermLoanBdue2024Member2020-06-300000020212us-gaap:SecuredDebtMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:LineOfCreditMemberchdn:TermLoanBdue2024Member2020-06-300000020212us-gaap:SecuredDebtMemberus-gaap:LineOfCreditMemberus-gaap:FairValueInputsLevel1Memberchdn:TermLoanBdue2024Member2020-06-300000020212us-gaap:FairValueInputsLevel2Memberus-gaap:SecuredDebtMemberus-gaap:LineOfCreditMemberchdn:TermLoanBdue2024Member2020-06-300000020212us-gaap:FairValueInputsLevel3Memberus-gaap:SecuredDebtMemberus-gaap:LineOfCreditMemberchdn:TermLoanBdue2024Member2020-06-300000020212us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:RevolvingCreditFacilityMember2020-06-300000020212us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:RevolvingCreditFacilityMember2020-06-300000020212us-gaap:FairValueInputsLevel1Memberus-gaap:RevolvingCreditFacilityMember2020-06-300000020212us-gaap:FairValueInputsLevel2Memberus-gaap:RevolvingCreditFacilityMember2020-06-300000020212us-gaap:FairValueInputsLevel3Memberus-gaap:RevolvingCreditFacilityMember2020-06-300000020212chdn:SeniorNotesDue2027Memberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:SeniorNotesMember2020-06-300000020212chdn:SeniorNotesDue2027Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:SeniorNotesMember2020-06-300000020212chdn:SeniorNotesDue2027Memberus-gaap:SeniorNotesMemberus-gaap:FairValueInputsLevel1Member2020-06-300000020212chdn:SeniorNotesDue2027Memberus-gaap:FairValueInputsLevel2Memberus-gaap:SeniorNotesMember2020-06-300000020212chdn:SeniorNotesDue2027Memberus-gaap:FairValueInputsLevel3Memberus-gaap:SeniorNotesMember2020-06-300000020212us-gaap:CarryingReportedAmountFairValueDisclosureMemberchdn:SeniorNotesDue2028Memberus-gaap:SeniorNotesMember2020-06-300000020212chdn:SeniorNotesDue2028Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:SeniorNotesMember2020-06-300000020212chdn:SeniorNotesDue2028Memberus-gaap:SeniorNotesMemberus-gaap:FairValueInputsLevel1Member2020-06-300000020212us-gaap:FairValueInputsLevel2Memberchdn:SeniorNotesDue2028Memberus-gaap:SeniorNotesMember2020-06-300000020212us-gaap:FairValueInputsLevel3Memberchdn:SeniorNotesDue2028Memberus-gaap:SeniorNotesMember2020-06-300000020212us-gaap:CarryingReportedAmountFairValueDisclosureMember2019-12-310000020212us-gaap:EstimateOfFairValueFairValueDisclosureMember2019-12-310000020212us-gaap:FairValueInputsLevel1Member2019-12-310000020212us-gaap:FairValueInputsLevel2Member2019-12-310000020212us-gaap:FairValueInputsLevel3Member2019-12-310000020212us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:SecuredDebtMemberus-gaap:LineOfCreditMemberchdn:TermLoanBdue2024Member2019-12-310000020212us-gaap:SecuredDebtMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:LineOfCreditMemberchdn:TermLoanBdue2024Member2019-12-310000020212us-gaap:SecuredDebtMemberus-gaap:LineOfCreditMemberus-gaap:FairValueInputsLevel1Memberchdn:TermLoanBdue2024Member2019-12-310000020212us-gaap:FairValueInputsLevel2Memberus-gaap:SecuredDebtMemberus-gaap:LineOfCreditMemberchdn:TermLoanBdue2024Member2019-12-310000020212us-gaap:FairValueInputsLevel3Memberus-gaap:SecuredDebtMemberus-gaap:LineOfCreditMemberchdn:TermLoanBdue2024Member2019-12-310000020212chdn:SeniorNotesDue2027Memberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:SeniorNotesMember2019-12-310000020212chdn:SeniorNotesDue2027Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:SeniorNotesMember2019-12-310000020212chdn:SeniorNotesDue2027Memberus-gaap:SeniorNotesMemberus-gaap:FairValueInputsLevel1Member2019-12-310000020212chdn:SeniorNotesDue2027Memberus-gaap:FairValueInputsLevel2Memberus-gaap:SeniorNotesMember2019-12-310000020212chdn:SeniorNotesDue2027Memberus-gaap:FairValueInputsLevel3Memberus-gaap:SeniorNotesMember2019-12-310000020212us-gaap:CarryingReportedAmountFairValueDisclosureMemberchdn:SeniorNotesDue2028Memberus-gaap:SeniorNotesMember2019-12-310000020212chdn:SeniorNotesDue2028Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:SeniorNotesMember2019-12-310000020212chdn:SeniorNotesDue2028Memberus-gaap:SeniorNotesMemberus-gaap:FairValueInputsLevel1Member2019-12-310000020212us-gaap:FairValueInputsLevel2Memberchdn:SeniorNotesDue2028Memberus-gaap:SeniorNotesMember2019-12-310000020212us-gaap:FairValueInputsLevel3Memberchdn:SeniorNotesDue2028Memberus-gaap:SeniorNotesMember2019-12-31chdn:Segmentschdn:slot_machinechdn:state0000020212chdn:MiamiValleyGamingLLCMember2020-06-300000020212us-gaap:OperatingSegmentsMemberchdn:ChurchillDownsMemberchdn:ChurchillDownsRacetrackMember2020-04-012020-06-300000020212us-gaap:OperatingSegmentsMemberchdn:ChurchillDownsMemberchdn:ChurchillDownsRacetrackMember2019-04-012019-06-300000020212us-gaap:OperatingSegmentsMemberchdn:ChurchillDownsMemberchdn:ChurchillDownsRacetrackMember2020-01-012020-06-300000020212us-gaap:OperatingSegmentsMemberchdn:ChurchillDownsMemberchdn:ChurchillDownsRacetrackMember2019-01-012019-06-300000020212us-gaap:OperatingSegmentsMemberchdn:ChurchillDownsMemberchdn:DerbyCityGamingMember2020-04-012020-06-300000020212us-gaap:OperatingSegmentsMemberchdn:ChurchillDownsMemberchdn:DerbyCityGamingMember2019-04-012019-06-300000020212us-gaap:OperatingSegmentsMemberchdn:ChurchillDownsMemberchdn:DerbyCityGamingMember2020-01-012020-06-300000020212us-gaap:OperatingSegmentsMemberchdn:ChurchillDownsMemberchdn:DerbyCityGamingMember2019-01-012019-06-300000020212us-gaap:OperatingSegmentsMemberchdn:ChurchillDownsMember2020-04-012020-06-300000020212us-gaap:OperatingSegmentsMemberchdn:ChurchillDownsMember2019-04-012019-06-300000020212us-gaap:OperatingSegmentsMemberchdn:ChurchillDownsMember2020-01-012020-06-300000020212us-gaap:OperatingSegmentsMemberchdn:ChurchillDownsMember2019-01-012019-06-300000020212chdn:TwinSpiresMemberus-gaap:OperatingSegmentsMemberchdn:OnlineWageringMember2020-04-012020-06-300000020212chdn:TwinSpiresMemberus-gaap:OperatingSegmentsMemberchdn:OnlineWageringMember2019-04-012019-06-300000020212chdn:TwinSpiresMemberus-gaap:OperatingSegmentsMemberchdn:OnlineWageringMember2020-01-012020-06-300000020212chdn:TwinSpiresMemberus-gaap:OperatingSegmentsMemberchdn:OnlineWageringMember2019-01-012019-06-300000020212us-gaap:OperatingSegmentsMemberchdn:OnlineWageringMemberchdn:OnlineSportsBettingAndIGamingMember2020-04-012020-06-300000020212us-gaap:OperatingSegmentsMemberchdn:OnlineWageringMemberchdn:OnlineSportsBettingAndIGamingMember2019-04-012019-06-300000020212us-gaap:OperatingSegmentsMemberchdn:OnlineWageringMemberchdn:OnlineSportsBettingAndIGamingMember2020-01-012020-06-300000020212us-gaap:OperatingSegmentsMemberchdn:OnlineWageringMemberchdn:OnlineSportsBettingAndIGamingMember2019-01-012019-06-300000020212us-gaap:OperatingSegmentsMemberchdn:OnlineWageringMember2020-04-012020-06-300000020212us-gaap:OperatingSegmentsMemberchdn:OnlineWageringMember2019-04-012019-06-300000020212us-gaap:OperatingSegmentsMemberchdn:OnlineWageringMember2020-01-012020-06-300000020212us-gaap:OperatingSegmentsMemberchdn:OnlineWageringMember2019-01-012019-06-300000020212chdn:GamingSegmentMemberchdn:FairGroundsSlotsFairGroundsRaceCourseAndVideoServicesLLCMemberus-gaap:OperatingSegmentsMember2020-04-012020-06-300000020212chdn:GamingSegmentMemberchdn:FairGroundsSlotsFairGroundsRaceCourseAndVideoServicesLLCMemberus-gaap:OperatingSegmentsMember2019-04-012019-06-300000020212chdn:GamingSegmentMemberchdn:FairGroundsSlotsFairGroundsRaceCourseAndVideoServicesLLCMemberus-gaap:OperatingSegmentsMember2020-01-012020-06-300000020212chdn:GamingSegmentMemberchdn:FairGroundsSlotsFairGroundsRaceCourseAndVideoServicesLLCMemberus-gaap:OperatingSegmentsMember2019-01-012019-06-300000020212chdn:GamingSegmentMemberchdn:PresqueIsleDownsCasinoMemberus-gaap:OperatingSegmentsMember2020-04-012020-06-300000020212chdn:GamingSegmentMemberchdn:PresqueIsleDownsCasinoMemberus-gaap:OperatingSegmentsMember2019-04-012019-06-300000020212chdn:GamingSegmentMemberchdn:PresqueIsleDownsCasinoMemberus-gaap:OperatingSegmentsMember2020-01-012020-06-300000020212chdn:GamingSegmentMemberchdn:PresqueIsleDownsCasinoMemberus-gaap:OperatingSegmentsMember2019-01-012019-06-300000020212chdn:GamingSegmentMemberus-gaap:OperatingSegmentsMemberchdn:CalderCasinosMember2020-04-012020-06-300000020212chdn:GamingSegmentMemberus-gaap:OperatingSegmentsMemberchdn:CalderCasinosMember2019-04-012019-06-300000020212chdn:GamingSegmentMemberus-gaap:OperatingSegmentsMemberchdn:CalderCasinosMember2020-01-012020-06-300000020212chdn:GamingSegmentMemberus-gaap:OperatingSegmentsMemberchdn:CalderCasinosMember2019-01-012019-06-300000020212chdn:GamingSegmentMemberus-gaap:OperatingSegmentsMemberchdn:OxfordAcquisitionMember2020-04-012020-06-300000020212chdn:GamingSegmentMemberus-gaap:OperatingSegmentsMemberchdn:OxfordAcquisitionMember2019-04-012019-06-300000020212chdn:GamingSegmentMemberus-gaap:OperatingSegmentsMemberchdn:OxfordAcquisitionMember2020-01-012020-06-300000020212chdn:GamingSegmentMemberus-gaap:OperatingSegmentsMemberchdn:OxfordAcquisitionMember2019-01-012019-06-300000020212chdn:GamingSegmentMemberus-gaap:OperatingSegmentsMemberchdn:OceanDownsLLCandRacingServicesLLCMember2020-04-012020-06-300000020212chdn:GamingSegmentMemberus-gaap:OperatingSegmentsMemberchdn:OceanDownsLLCandRacingServicesLLCMember2019-04-012019-06-300000020212chdn:GamingSegmentMemberus-gaap:OperatingSegmentsMemberchdn:OceanDownsLLCandRacingServicesLLCMember2020-01-012020-06-300000020212chdn:GamingSegmentMemberus-gaap:OperatingSegmentsMemberchdn:OceanDownsLLCandRacingServicesLLCMember2019-01-012019-06-300000020212chdn:GamingSegmentMemberchdn:RiverwalkCasinoMemberus-gaap:OperatingSegmentsMember2020-04-012020-06-300000020212chdn:GamingSegmentMemberchdn:RiverwalkCasinoMemberus-gaap:OperatingSegmentsMember2019-04-012019-06-300000020212chdn:GamingSegmentMemberchdn:RiverwalkCasinoMemberus-gaap:OperatingSegmentsMember2020-01-012020-06-300000020212chdn:GamingSegmentMemberchdn:RiverwalkCasinoMemberus-gaap:OperatingSegmentsMember2019-01-012019-06-300000020212chdn:HarlowsCasinoMemberchdn:GamingSegmentMemberus-gaap:OperatingSegmentsMember2020-04-012020-06-300000020212chdn:HarlowsCasinoMemberchdn:GamingSegmentMemberus-gaap:OperatingSegmentsMember2019-04-012019-06-300000020212chdn:HarlowsCasinoMemberchdn:GamingSegmentMemberus-gaap:OperatingSegmentsMember2020-01-012020-06-300000020212chdn:HarlowsCasinoMemberchdn:GamingSegmentMemberus-gaap:OperatingSegmentsMember2019-01-012019-06-300000020212chdn:GamingSegmentMemberus-gaap:OperatingSegmentsMemberchdn:LadyLuckNemacolinMember2020-04-012020-06-300000020212chdn:GamingSegmentMemberus-gaap:OperatingSegmentsMemberchdn:LadyLuckNemacolinMember2019-04-012019-06-300000020212chdn:GamingSegmentMemberus-gaap:OperatingSegmentsMemberchdn:LadyLuckNemacolinMember2020-01-012020-06-300000020212chdn:GamingSegmentMemberus-gaap:OperatingSegmentsMemberchdn:LadyLuckNemacolinMember2019-01-012019-06-300000020212chdn:GamingSegmentMemberus-gaap:OperatingSegmentsMember2020-04-012020-06-300000020212chdn:GamingSegmentMemberus-gaap:OperatingSegmentsMember2019-04-012019-06-300000020212chdn:GamingSegmentMemberus-gaap:OperatingSegmentsMember2020-01-012020-06-300000020212chdn:GamingSegmentMemberus-gaap:OperatingSegmentsMember2019-01-012019-06-300000020212us-gaap:MaterialReconcilingItemsMemberus-gaap:AllOtherSegmentsMember2020-04-012020-06-300000020212us-gaap:MaterialReconcilingItemsMemberus-gaap:AllOtherSegmentsMember2019-04-012019-06-300000020212us-gaap:MaterialReconcilingItemsMemberus-gaap:AllOtherSegmentsMember2020-01-012020-06-300000020212us-gaap:MaterialReconcilingItemsMemberus-gaap:AllOtherSegmentsMember2019-01-012019-06-300000020212us-gaap:OperatingSegmentsMember2020-04-012020-06-300000020212us-gaap:OperatingSegmentsMember2019-04-012019-06-300000020212us-gaap:OperatingSegmentsMember2020-01-012020-06-300000020212us-gaap:OperatingSegmentsMember2019-01-012019-06-300000020212us-gaap:IntersegmentEliminationMember2020-04-012020-06-300000020212us-gaap:IntersegmentEliminationMember2019-04-012019-06-300000020212us-gaap:IntersegmentEliminationMember2020-01-012020-06-300000020212us-gaap:IntersegmentEliminationMember2019-01-012019-06-300000020212chdn:PariMutuelLiveAndSimulcastRacingMemberus-gaap:OperatingSegmentsMemberchdn:ChurchillDownsMemberchdn:ExternalCustomerMember2020-04-012020-06-300000020212chdn:PariMutuelLiveAndSimulcastRacingMemberus-gaap:OperatingSegmentsMemberchdn:OnlineWageringMemberchdn:ExternalCustomerMember2020-04-012020-06-300000020212chdn:PariMutuelLiveAndSimulcastRacingMemberchdn:GamingSegmentMemberus-gaap:OperatingSegmentsMemberchdn:ExternalCustomerMember2020-04-012020-06-300000020212chdn:PariMutuelLiveAndSimulcastRacingMemberus-gaap:OperatingSegmentsMemberus-gaap:CorporateMemberchdn:ExternalCustomerMember2020-04-012020-06-300000020212us-gaap:MaterialReconcilingItemsMemberchdn:PariMutuelLiveAndSimulcastRacingMemberchdn:ExternalCustomerMemberus-gaap:AllOtherSegmentsMember2020-04-012020-06-300000020212chdn:PariMutuelLiveAndSimulcastRacingMemberchdn:ExternalCustomerMember2020-04-012020-06-300000020212chdn:PariMutuelHistoricalRacingMemberus-gaap:OperatingSegmentsMemberchdn:ChurchillDownsMemberchdn:ExternalCustomerMember2020-04-012020-06-300000020212chdn:PariMutuelHistoricalRacingMemberus-gaap:OperatingSegmentsMemberchdn:OnlineWageringMemberchdn:ExternalCustomerMember2020-04-012020-06-300000020212chdn:GamingSegmentMemberchdn:PariMutuelHistoricalRacingMemberus-gaap:OperatingSegmentsMemberchdn:ExternalCustomerMember2020-04-012020-06-300000020212chdn:PariMutuelHistoricalRacingMemberus-gaap:OperatingSegmentsMemberus-gaap:CorporateMemberchdn:ExternalCustomerMember2020-04-012020-06-300000020212us-gaap:MaterialReconcilingItemsMemberchdn:PariMutuelHistoricalRacingMemberchdn:ExternalCustomerMemberus-gaap:AllOtherSegmentsMember2020-04-012020-06-300000020212chdn:PariMutuelHistoricalRacingMemberchdn:ExternalCustomerMember2020-04-012020-06-300000020212us-gaap:OperatingSegmentsMemberchdn:ChurchillDownsMemberchdn:RacingEventRelatedServicesMemberchdn:ExternalCustomerMember2020-04-012020-06-300000020212us-gaap:OperatingSegmentsMemberchdn:OnlineWageringMemberchdn:RacingEventRelatedServicesMemberchdn:ExternalCustomerMember2020-04-012020-06-300000020212chdn:GamingSegmentMemberus-gaap:OperatingSegmentsMemberchdn:RacingEventRelatedServicesMemberchdn:ExternalCustomerMember2020-04-012020-06-300000020212us-gaap:OperatingSegmentsMemberus-gaap:CorporateMemberchdn:RacingEventRelatedServicesMemberchdn:ExternalCustomerMember2020-04-012020-06-300000020212us-gaap:MaterialReconcilingItemsMemberchdn:RacingEventRelatedServicesMemberchdn:ExternalCustomerMemberus-gaap:AllOtherSegmentsMember2020-04-012020-06-300000020212chdn:ExternalCustomerMemberchdn:RacingEventRelatedServicesMember2020-04-012020-06-300000020212us-gaap:OperatingSegmentsMemberchdn:GamingMemberchdn:ChurchillDownsMemberchdn:ExternalCustomerMember2020-04-012020-06-300000020212us-gaap:OperatingSegmentsMemberchdn:GamingMemberchdn:OnlineWageringMemberchdn:ExternalCustomerMember2020-04-012020-06-300000020212chdn:GamingSegmentMemberus-gaap:OperatingSegmentsMemberchdn:GamingMemberchdn:ExternalCustomerMember2020-04-012020-06-300000020212us-gaap:OperatingSegmentsMemberchdn:GamingMemberus-gaap:CorporateMemberchdn:ExternalCustomerMember2020-04-012020-06-300000020212us-gaap:MaterialReconcilingItemsMemberchdn:GamingMemberchdn:ExternalCustomerMemberus-gaap:AllOtherSegmentsMember2020-04-012020-06-300000020212chdn:GamingMemberchdn:ExternalCustomerMember2020-04-012020-06-300000020212us-gaap:ProductAndServiceOtherMemberus-gaap:OperatingSegmentsMemberchdn:ChurchillDownsMemberchdn:ExternalCustomerMember2020-04-012020-06-300000020212us-gaap:ProductAndServiceOtherMemberus-gaap:OperatingSegmentsMemberchdn:OnlineWageringMemberchdn:ExternalCustomerMember2020-04-012020-06-300000020212us-gaap:ProductAndServiceOtherMemberchdn:GamingSegmentMemberus-gaap:OperatingSegmentsMemberchdn:ExternalCustomerMember2020-04-012020-06-300000020212us-gaap:ProductAndServiceOtherMemberus-gaap:OperatingSegmentsMemberus-gaap:CorporateMemberchdn:ExternalCustomerMember2020-04-012020-06-300000020212us-gaap:ProductAndServiceOtherMemberus-gaap:MaterialReconcilingItemsMemberchdn:ExternalCustomerMemberus-gaap:AllOtherSegmentsMember2020-04-012020-06-300000020212us-gaap:ProductAndServiceOtherMemberchdn:ExternalCustomerMember2020-04-012020-06-300000020212us-gaap:OperatingSegmentsMemberchdn:ChurchillDownsMemberchdn:ExternalCustomerMember2020-04-012020-06-300000020212us-gaap:OperatingSegmentsMemberchdn:OnlineWageringMemberchdn:ExternalCustomerMember2020-04-012020-06-300000020212chdn:GamingSegmentMemberus-gaap:OperatingSegmentsMemberchdn:ExternalCustomerMember2020-04-012020-06-300000020212us-gaap:OperatingSegmentsMemberus-gaap:CorporateMemberchdn:ExternalCustomerMember2020-04-012020-06-300000020212us-gaap:MaterialReconcilingItemsMemberchdn:ExternalCustomerMemberus-gaap:AllOtherSegmentsMember2020-04-012020-06-300000020212chdn:ExternalCustomerMember2020-04-012020-06-300000020212chdn:PariMutuelLiveAndSimulcastRacingMemberus-gaap:OperatingSegmentsMemberchdn:ChurchillDownsMemberchdn:ExternalCustomerMember2019-04-012019-06-300000020212chdn:PariMutuelLiveAndSimulcastRacingMemberus-gaap:OperatingSegmentsMemberchdn:OnlineWageringMemberchdn:ExternalCustomerMember2019-04-012019-06-300000020212chdn:PariMutuelLiveAndSimulcastRacingMemberchdn:GamingSegmentMemberus-gaap:OperatingSegmentsMemberchdn:ExternalCustomerMember2019-04-012019-06-300000020212chdn:PariMutuelLiveAndSimulcastRacingMemberus-gaap:OperatingSegmentsMemberus-gaap:CorporateMemberchdn:ExternalCustomerMember2019-04-012019-06-300000020212us-gaap:MaterialReconcilingItemsMemberchdn:PariMutuelLiveAndSimulcastRacingMemberchdn:ExternalCustomerMemberus-gaap:AllOtherSegmentsMember2019-04-012019-06-300000020212chdn:PariMutuelLiveAndSimulcastRacingMemberchdn:ExternalCustomerMember2019-04-012019-06-300000020212chdn:PariMutuelHistoricalRacingMemberus-gaap:OperatingSegmentsMemberchdn:ChurchillDownsMemberchdn:ExternalCustomerMember2019-04-012019-06-300000020212chdn:PariMutuelHistoricalRacingMemberus-gaap:OperatingSegmentsMemberchdn:OnlineWageringMemberchdn:ExternalCustomerMember2019-04-012019-06-300000020212chdn:GamingSegmentMemberchdn:PariMutuelHistoricalRacingMemberus-gaap:OperatingSegmentsMemberchdn:ExternalCustomerMember2019-04-012019-06-300000020212chdn:PariMutuelHistoricalRacingMemberus-gaap:OperatingSegmentsMemberus-gaap:CorporateMemberchdn:ExternalCustomerMember2019-04-012019-06-300000020212us-gaap:MaterialReconcilingItemsMemberchdn:PariMutuelHistoricalRacingMemberchdn:ExternalCustomerMemberus-gaap:AllOtherSegmentsMember2019-04-012019-06-300000020212chdn:PariMutuelHistoricalRacingMemberchdn:ExternalCustomerMember2019-04-012019-06-300000020212us-gaap:OperatingSegmentsMemberchdn:ChurchillDownsMemberchdn:RacingEventRelatedServicesMemberchdn:ExternalCustomerMember2019-04-012019-06-300000020212us-gaap:OperatingSegmentsMemberchdn:OnlineWageringMemberchdn:RacingEventRelatedServicesMemberchdn:ExternalCustomerMember2019-04-012019-06-300000020212chdn:GamingSegmentMemberus-gaap:OperatingSegmentsMemberchdn:RacingEventRelatedServicesMemberchdn:ExternalCustomerMember2019-04-012019-06-300000020212us-gaap:OperatingSegmentsMemberus-gaap:CorporateMemberchdn:RacingEventRelatedServicesMemberchdn:ExternalCustomerMember2019-04-012019-06-300000020212us-gaap:MaterialReconcilingItemsMemberchdn:RacingEventRelatedServicesMemberchdn:ExternalCustomerMemberus-gaap:AllOtherSegmentsMember2019-04-012019-06-300000020212chdn:ExternalCustomerMemberchdn:RacingEventRelatedServicesMember2019-04-012019-06-300000020212us-gaap:OperatingSegmentsMemberchdn:GamingMemberchdn:ChurchillDownsMemberchdn:ExternalCustomerMember2019-04-012019-06-300000020212us-gaap:OperatingSegmentsMemberchdn:GamingMemberchdn:OnlineWageringMemberchdn:ExternalCustomerMember2019-04-012019-06-300000020212chdn:GamingSegmentMemberus-gaap:OperatingSegmentsMemberchdn:GamingMemberchdn:ExternalCustomerMember2019-04-012019-06-300000020212us-gaap:OperatingSegmentsMemberchdn:GamingMemberus-gaap:CorporateMemberchdn:ExternalCustomerMember2019-04-012019-06-300000020212us-gaap:MaterialReconcilingItemsMemberchdn:GamingMemberchdn:ExternalCustomerMemberus-gaap:AllOtherSegmentsMember2019-04-012019-06-300000020212chdn:GamingMemberchdn:ExternalCustomerMember2019-04-012019-06-300000020212us-gaap:ProductAndServiceOtherMemberus-gaap:OperatingSegmentsMemberchdn:ChurchillDownsMemberchdn:ExternalCustomerMember2019-04-012019-06-300000020212us-gaap:ProductAndServiceOtherMemberus-gaap:OperatingSegmentsMemberchdn:OnlineWageringMemberchdn:ExternalCustomerMember2019-04-012019-06-300000020212us-gaap:ProductAndServiceOtherMemberchdn:GamingSegmentMemberus-gaap:OperatingSegmentsMemberchdn:ExternalCustomerMember2019-04-012019-06-300000020212us-gaap:ProductAndServiceOtherMemberus-gaap:OperatingSegmentsMemberus-gaap:CorporateMemberchdn:ExternalCustomerMember2019-04-012019-06-300000020212us-gaap:ProductAndServiceOtherMemberus-gaap:MaterialReconcilingItemsMemberchdn:ExternalCustomerMemberus-gaap:AllOtherSegmentsMember2019-04-012019-06-300000020212us-gaap:ProductAndServiceOtherMemberchdn:ExternalCustomerMember2019-04-012019-06-300000020212us-gaap:OperatingSegmentsMemberchdn:ChurchillDownsMemberchdn:ExternalCustomerMember2019-04-012019-06-300000020212us-gaap:OperatingSegmentsMemberchdn:OnlineWageringMemberchdn:ExternalCustomerMember2019-04-012019-06-300000020212chdn:GamingSegmentMemberus-gaap:OperatingSegmentsMemberchdn:ExternalCustomerMember2019-04-012019-06-300000020212us-gaap:OperatingSegmentsMemberus-gaap:CorporateMemberchdn:ExternalCustomerMember2019-04-012019-06-300000020212us-gaap:MaterialReconcilingItemsMemberchdn:ExternalCustomerMemberus-gaap:AllOtherSegmentsMember2019-04-012019-06-300000020212chdn:ExternalCustomerMember2019-04-012019-06-300000020212chdn:PariMutuelLiveAndSimulcastRacingMemberus-gaap:OperatingSegmentsMemberchdn:ChurchillDownsMemberchdn:ExternalCustomerMember2020-01-012020-06-300000020212chdn:PariMutuelLiveAndSimulcastRacingMemberus-gaap:OperatingSegmentsMemberchdn:OnlineWageringMemberchdn:ExternalCustomerMember2020-01-012020-06-300000020212chdn:PariMutuelLiveAndSimulcastRacingMemberchdn:GamingSegmentMemberus-gaap:OperatingSegmentsMemberchdn:ExternalCustomerMember2020-01-012020-06-300000020212chdn:PariMutuelLiveAndSimulcastRacingMemberus-gaap:OperatingSegmentsMemberus-gaap:CorporateMemberchdn:ExternalCustomerMember2020-01-012020-06-300000020212us-gaap:MaterialReconcilingItemsMemberchdn:PariMutuelLiveAndSimulcastRacingMemberchdn:ExternalCustomerMemberus-gaap:AllOtherSegmentsMember2020-01-012020-06-300000020212chdn:PariMutuelLiveAndSimulcastRacingMemberchdn:ExternalCustomerMember2020-01-012020-06-300000020212chdn:PariMutuelHistoricalRacingMemberus-gaap:OperatingSegmentsMemberchdn:ChurchillDownsMemberchdn:ExternalCustomerMember2020-01-012020-06-300000020212chdn:PariMutuelHistoricalRacingMemberus-gaap:OperatingSegmentsMemberchdn:OnlineWageringMemberchdn:ExternalCustomerMember2020-01-012020-06-300000020212chdn:GamingSegmentMemberchdn:PariMutuelHistoricalRacingMemberus-gaap:OperatingSegmentsMemberchdn:ExternalCustomerMember2020-01-012020-06-300000020212chdn:PariMutuelHistoricalRacingMemberus-gaap:OperatingSegmentsMemberus-gaap:CorporateMemberchdn:ExternalCustomerMember2020-01-012020-06-300000020212us-gaap:MaterialReconcilingItemsMemberchdn:PariMutuelHistoricalRacingMemberchdn:ExternalCustomerMemberus-gaap:AllOtherSegmentsMember2020-01-012020-06-300000020212chdn:PariMutuelHistoricalRacingMemberchdn:ExternalCustomerMember2020-01-012020-06-300000020212us-gaap:OperatingSegmentsMemberchdn:ChurchillDownsMemberchdn:RacingEventRelatedServicesMemberchdn:ExternalCustomerMember2020-01-012020-06-300000020212us-gaap:OperatingSegmentsMemberchdn:OnlineWageringMemberchdn:RacingEventRelatedServicesMemberchdn:ExternalCustomerMember2020-01-012020-06-300000020212chdn:GamingSegmentMemberus-gaap:OperatingSegmentsMemberchdn:RacingEventRelatedServicesMemberchdn:ExternalCustomerMember2020-01-012020-06-300000020212us-gaap:OperatingSegmentsMemberus-gaap:CorporateMemberchdn:RacingEventRelatedServicesMemberchdn:ExternalCustomerMember2020-01-012020-06-300000020212us-gaap:MaterialReconcilingItemsMemberchdn:RacingEventRelatedServicesMemberchdn:ExternalCustomerMemberus-gaap:AllOtherSegmentsMember2020-01-012020-06-300000020212chdn:ExternalCustomerMemberchdn:RacingEventRelatedServicesMember2020-01-012020-06-300000020212us-gaap:OperatingSegmentsMemberchdn:GamingMemberchdn:ChurchillDownsMemberchdn:ExternalCustomerMember2020-01-012020-06-300000020212us-gaap:OperatingSegmentsMemberchdn:GamingMemberchdn:OnlineWageringMemberchdn:ExternalCustomerMember2020-01-012020-06-300000020212chdn:GamingSegmentMemberus-gaap:OperatingSegmentsMemberchdn:GamingMemberchdn:ExternalCustomerMember2020-01-012020-06-300000020212us-gaap:OperatingSegmentsMemberchdn:GamingMemberus-gaap:CorporateMemberchdn:ExternalCustomerMember2020-01-012020-06-300000020212us-gaap:MaterialReconcilingItemsMemberchdn:GamingMemberchdn:ExternalCustomerMemberus-gaap:AllOtherSegmentsMember2020-01-012020-06-300000020212chdn:GamingMemberchdn:ExternalCustomerMember2020-01-012020-06-300000020212us-gaap:ProductAndServiceOtherMemberus-gaap:OperatingSegmentsMemberchdn:ChurchillDownsMemberchdn:ExternalCustomerMember2020-01-012020-06-300000020212us-gaap:ProductAndServiceOtherMemberus-gaap:OperatingSegmentsMemberchdn:OnlineWageringMemberchdn:ExternalCustomerMember2020-01-012020-06-300000020212us-gaap:ProductAndServiceOtherMemberchdn:GamingSegmentMemberus-gaap:OperatingSegmentsMemberchdn:ExternalCustomerMember2020-01-012020-06-300000020212us-gaap:ProductAndServiceOtherMemberus-gaap:OperatingSegmentsMemberus-gaap:CorporateMemberchdn:ExternalCustomerMember2020-01-012020-06-300000020212us-gaap:ProductAndServiceOtherMemberus-gaap:MaterialReconcilingItemsMemberchdn:ExternalCustomerMemberus-gaap:AllOtherSegmentsMember2020-01-012020-06-300000020212us-gaap:ProductAndServiceOtherMemberchdn:ExternalCustomerMember2020-01-012020-06-300000020212us-gaap:OperatingSegmentsMemberchdn:ChurchillDownsMemberchdn:ExternalCustomerMember2020-01-012020-06-300000020212us-gaap:OperatingSegmentsMemberchdn:OnlineWageringMemberchdn:ExternalCustomerMember2020-01-012020-06-300000020212chdn:GamingSegmentMemberus-gaap:OperatingSegmentsMemberchdn:ExternalCustomerMember2020-01-012020-06-300000020212us-gaap:OperatingSegmentsMemberus-gaap:CorporateMemberchdn:ExternalCustomerMember2020-01-012020-06-300000020212us-gaap:MaterialReconcilingItemsMemberchdn:ExternalCustomerMemberus-gaap:AllOtherSegmentsMember2020-01-012020-06-300000020212chdn:ExternalCustomerMember2020-01-012020-06-300000020212chdn:PariMutuelLiveAndSimulcastRacingMemberus-gaap:OperatingSegmentsMemberchdn:ChurchillDownsMemberchdn:ExternalCustomerMember2019-01-012019-06-300000020212chdn:PariMutuelLiveAndSimulcastRacingMemberus-gaap:OperatingSegmentsMemberchdn:OnlineWageringMemberchdn:ExternalCustomerMember2019-01-012019-06-300000020212chdn:PariMutuelLiveAndSimulcastRacingMemberchdn:GamingSegmentMemberus-gaap:OperatingSegmentsMemberchdn:ExternalCustomerMember2019-01-012019-06-300000020212chdn:PariMutuelLiveAndSimulcastRacingMemberus-gaap:OperatingSegmentsMemberus-gaap:CorporateMemberchdn:ExternalCustomerMember2019-01-012019-06-300000020212us-gaap:MaterialReconcilingItemsMemberchdn:PariMutuelLiveAndSimulcastRacingMemberchdn:ExternalCustomerMemberus-gaap:AllOtherSegmentsMember2019-01-012019-06-300000020212chdn:PariMutuelLiveAndSimulcastRacingMemberchdn:ExternalCustomerMember2019-01-012019-06-300000020212chdn:PariMutuelHistoricalRacingMemberus-gaap:OperatingSegmentsMemberchdn:ChurchillDownsMemberchdn:ExternalCustomerMember2019-01-012019-06-300000020212chdn:PariMutuelHistoricalRacingMemberus-gaap:OperatingSegmentsMemberchdn:OnlineWageringMemberchdn:ExternalCustomerMember2019-01-012019-06-300000020212chdn:GamingSegmentMemberchdn:PariMutuelHistoricalRacingMemberus-gaap:OperatingSegmentsMemberchdn:ExternalCustomerMember2019-01-012019-06-300000020212chdn:PariMutuelHistoricalRacingMemberus-gaap:OperatingSegmentsMemberus-gaap:CorporateMemberchdn:ExternalCustomerMember2019-01-012019-06-300000020212us-gaap:MaterialReconcilingItemsMemberchdn:PariMutuelHistoricalRacingMemberchdn:ExternalCustomerMemberus-gaap:AllOtherSegmentsMember2019-01-012019-06-300000020212chdn:PariMutuelHistoricalRacingMemberchdn:ExternalCustomerMember2019-01-012019-06-300000020212us-gaap:OperatingSegmentsMemberchdn:ChurchillDownsMemberchdn:RacingEventRelatedServicesMemberchdn:ExternalCustomerMember2019-01-012019-06-300000020212us-gaap:OperatingSegmentsMemberchdn:OnlineWageringMemberchdn:RacingEventRelatedServicesMemberchdn:ExternalCustomerMember2019-01-012019-06-300000020212chdn:GamingSegmentMemberus-gaap:OperatingSegmentsMemberchdn:RacingEventRelatedServicesMemberchdn:ExternalCustomerMember2019-01-012019-06-300000020212us-gaap:OperatingSegmentsMemberus-gaap:CorporateMemberchdn:RacingEventRelatedServicesMemberchdn:ExternalCustomerMember2019-01-012019-06-300000020212us-gaap:MaterialReconcilingItemsMemberchdn:RacingEventRelatedServicesMemberchdn:ExternalCustomerMemberus-gaap:AllOtherSegmentsMember2019-01-012019-06-300000020212chdn:ExternalCustomerMemberchdn:RacingEventRelatedServicesMember2019-01-012019-06-300000020212us-gaap:OperatingSegmentsMemberchdn:GamingMemberchdn:ChurchillDownsMemberchdn:ExternalCustomerMember2019-01-012019-06-300000020212us-gaap:OperatingSegmentsMemberchdn:GamingMemberchdn:OnlineWageringMemberchdn:ExternalCustomerMember2019-01-012019-06-300000020212chdn:GamingSegmentMemberus-gaap:OperatingSegmentsMemberchdn:GamingMemberchdn:ExternalCustomerMember2019-01-012019-06-300000020212us-gaap:OperatingSegmentsMemberchdn:GamingMemberus-gaap:CorporateMemberchdn:ExternalCustomerMember2019-01-012019-06-300000020212us-gaap:MaterialReconcilingItemsMemberchdn:GamingMemberchdn:ExternalCustomerMemberus-gaap:AllOtherSegmentsMember2019-01-012019-06-300000020212chdn:GamingMemberchdn:ExternalCustomerMember2019-01-012019-06-300000020212us-gaap:ProductAndServiceOtherMemberus-gaap:OperatingSegmentsMemberchdn:ChurchillDownsMemberchdn:ExternalCustomerMember2019-01-012019-06-300000020212us-gaap:ProductAndServiceOtherMemberus-gaap:OperatingSegmentsMemberchdn:OnlineWageringMemberchdn:ExternalCustomerMember2019-01-012019-06-300000020212us-gaap:ProductAndServiceOtherMemberchdn:GamingSegmentMemberus-gaap:OperatingSegmentsMemberchdn:ExternalCustomerMember2019-01-012019-06-300000020212us-gaap:ProductAndServiceOtherMemberus-gaap:OperatingSegmentsMemberus-gaap:CorporateMemberchdn:ExternalCustomerMember2019-01-012019-06-300000020212us-gaap:ProductAndServiceOtherMemberus-gaap:MaterialReconcilingItemsMemberchdn:ExternalCustomerMemberus-gaap:AllOtherSegmentsMember2019-01-012019-06-300000020212us-gaap:ProductAndServiceOtherMemberchdn:ExternalCustomerMember2019-01-012019-06-300000020212us-gaap:OperatingSegmentsMemberchdn:ChurchillDownsMemberchdn:ExternalCustomerMember2019-01-012019-06-300000020212us-gaap:OperatingSegmentsMemberchdn:OnlineWageringMemberchdn:ExternalCustomerMember2019-01-012019-06-300000020212chdn:GamingSegmentMemberus-gaap:OperatingSegmentsMemberchdn:ExternalCustomerMember2019-01-012019-06-300000020212us-gaap:OperatingSegmentsMemberus-gaap:CorporateMemberchdn:ExternalCustomerMember2019-01-012019-06-300000020212us-gaap:MaterialReconcilingItemsMemberchdn:ExternalCustomerMemberus-gaap:AllOtherSegmentsMember2019-01-012019-06-300000020212chdn:ExternalCustomerMember2019-01-012019-06-300000020212chdn:ChurchillDownsMember2020-04-012020-06-300000020212chdn:OnlineWageringMember2020-04-012020-06-300000020212chdn:GamingSegmentMember2020-04-012020-06-300000020212chdn:ChurchillDownsMember2019-04-012019-06-300000020212chdn:OnlineWageringMember2019-04-012019-06-300000020212chdn:GamingSegmentMember2019-04-012019-06-300000020212chdn:ChurchillDownsMember2020-01-012020-06-300000020212chdn:ChurchillDownsMember2019-01-012019-06-300000020212chdn:OnlineWageringMember2019-01-012019-06-300000020212chdn:GamingSegmentMember2019-01-012019-06-300000020212us-gaap:OperatingSegmentsMemberchdn:ChurchillDownsMember2020-06-300000020212us-gaap:OperatingSegmentsMemberchdn:ChurchillDownsMember2019-12-310000020212us-gaap:OperatingSegmentsMemberchdn:OnlineWageringMember2020-06-300000020212us-gaap:OperatingSegmentsMemberchdn:OnlineWageringMember2019-12-310000020212chdn:GamingSegmentMemberus-gaap:OperatingSegmentsMember2020-06-300000020212chdn:GamingSegmentMemberus-gaap:OperatingSegmentsMember2019-12-310000020212us-gaap:OperatingSegmentsMemberus-gaap:CorporateMember2020-06-300000020212us-gaap:OperatingSegmentsMemberus-gaap:CorporateMember2019-12-310000020212us-gaap:MaterialReconcilingItemsMemberus-gaap:AllOtherSegmentsMember2020-06-300000020212us-gaap:MaterialReconcilingItemsMemberus-gaap:AllOtherSegmentsMember2019-12-310000020212us-gaap:OperatingSegmentsMemberus-gaap:CorporateMember2020-01-012020-06-300000020212us-gaap:OperatingSegmentsMemberus-gaap:CorporateMember2019-01-012019-06-30


 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to            
Commission file number 001-33998
Churchill Downs Incorporated
(Exact name of registrant as specified in its charter)
Kentucky
61-0156015
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
600 North Hurstbourne Parkway, Suite 400
Louisville,Kentucky
40222
(Address of Principal Executive Offices)
(Zip Code)
(502) 636-4400
Registrant's telephone number, including area code
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, No Par ValueCHDNThe Nasdaq Stock Market LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.  Yes     No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes No 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes   No  
The number of shares outstanding of registrant’s common stock at July 15, 2020 was 39,434,148 shares.




CHURCHILL DOWNS INCORPORATED
INDEX TO QUARTERLY REPORT ON FORM 10-Q
For the Quarter Ended June 30, 2020
 

FORM 10-Q FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2020
2


PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
CHURCHILL DOWNS INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
(Unaudited)
Three Months Ended June 30,Six Months Ended June 30,
(in millions, except per common share data)2020201920202019
Net revenue:
Churchill Downs$23.3  $182.2  $46.8  $203.2  
Online Wagering121.2  95.6  188.5  158.7  
Gaming37.3  177.6  184.9  346.4  
All Other3.3  22.0  17.8  34.5  
Total net revenue185.1  477.4  438.0  742.8  
Operating expense:
Churchill Downs31.1  73.6  57.7  97.0  
Online Wagering74.6  62.0  124.7  107.1  
Gaming45.6  133.2  170.4  258.2  
All Other11.6  21.5  32.7  37.0  
Selling, general and administrative expense22.4  30.1  46.5  55.0  
Impairment of intangible assets    17.5    
Transaction expense, net0.2  0.6  0.5  4.1  
Total operating expense185.5  321.0  450.0  558.4  
Operating (loss) income(0.4) 156.4  (12.0) 184.4  
Other income (expense):
Interest expense, net(20.3) (19.4) (39.6) (33.1) 
Equity in (loss) income of unconsolidated affiliates(11.1) 9.5  (14.4) 13.6  
Miscellaneous, net0.3  0.4  0.3  0.4  
Total other expense(31.1) (9.5) (53.7) (19.1) 
(Loss) income from continuing operations before provision for income taxes
(31.5) 146.9  (65.7) 165.3  
Income tax benefit (provision)7.9  (38.6) 19.5  (45.1) 
(Loss) income from continuing operations, net of tax(23.6) 108.3  (46.2) 120.2  
Loss from discontinued operations, net of tax(95.2) (1.2) (96.1) (1.5) 
Net (loss) income(118.8) 107.1  (142.3) 118.7  
Net loss attributable to noncontrolling interest    (0.1)   
Net (loss) income and comprehensive (loss) income attributable to CDI$(118.8) $107.1  $(142.2) $118.7  
Net (loss) income per common share data - basic:
Continuing operations$(0.59) $2.69  $(1.16) $2.99  
Discontinued operations$(2.41) $(0.03) $(2.43) $(0.04) 
Net (loss) income per common share data - basic$(3.00) $2.66  $(3.59) $2.95  
Net (loss) income per common share data - diluted:
Continuing operations$(0.59) $2.66  $(1.16) $2.96  
Discontinued operations$(2.41) $(0.03) $(2.43) $(0.04) 
Net (loss) income per common share data - diluted$(3.00) $2.63  $(3.59) $2.92  
Weighted average shares outstanding:
Basic39.5  40.1  39.6  40.3  
Diluted39.5  40.7  39.6  40.7  
The accompanying notes are an integral part of the condensed consolidated financial statements.
FORM 10-Q FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2020
3


CHURCHILL DOWNS INCORPORATED
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(in millions)June 30, 2020December 31, 2019
ASSETS
Current assets:
Cash and cash equivalents
$649.2  $96.2  
Restricted cash
49.8  46.3  
Accounts receivable, net
47.5  37.3  
Income taxes receivable
36.8  14.5  
Other current assets
34.4  26.9  
Total current assets817.7  221.2  
Property and equipment, net
1,043.2  937.3  
Investment in and advances to unconsolidated affiliates
615.4  634.5  
Goodwill
366.8  367.1  
Other intangible assets, net
350.8  369.8  
Other assets
22.1  21.1  
Total assets$3,216.0  $2,551.0  
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable
$105.8  $57.8  
Accrued expenses and other current liabilities164.6  173.4  
Current deferred revenue
89.8  42.5  
Current maturities of long-term debt
4.0  4.0  
Dividends payable
  23.5  
Current liabilities of discontinued operations124.0    
Total current liabilities488.2  301.2  
Long-term debt, net of current maturities and loan origination fees
1,077.1  384.0  
Notes payable, net of debt issuance costs
1,086.8  1,085.9  
Non-current deferred revenue15.1  16.7  
Deferred income taxes
188.0  212.8  
Other liabilities
38.1  39.4  
Total liabilities2,893.3  2,040.0  
Commitments and contingencies
Shareholders' equity:
Preferred stock    
Common stock6.1    
Retained earnings
314.9  509.2  
Accumulated other comprehensive loss
(0.9) (0.9) 
Total Churchill Downs Incorporated shareholders' equity320.1  508.3  
Noncontrolling interest2.6  2.7  
Total shareholders' equity322.7  511.0  
Total liabilities and shareholders' equity$3,216.0  $2,551.0  
The accompanying notes are an integral part of the condensed consolidated financial statements.
FORM 10-Q FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2020
4


CHURCHILL DOWNS INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
(Unaudited)
Common StockRetained
Earnings
Accumulated Other Comprehensive LossNoncontrolling InterestTotal Shareholders' Equity
(in millions, except per common share data)SharesAmount
Balance, December 31, 201939.7$  $509.2  $(0.9) $2.7  $511.0  
Net loss(23.4) (0.1) (23.5) 
Repurchase of common stock(0.3) (4.3) (23.6) (27.9) 
Cash settlement of stock awards(12.7) (12.7) 
Taxes paid related to net share settlement of stock awards(15.1) (15.1) 
Stock-based compensation4.34.3  
Adoption of ASC 326(0.5) (0.5) 
Balance, March 31, 202039.4    433.9  (0.9) 2.6  435.6  
Net loss(118.8) (118.8) 
Stock-based compensation6.16.1  
Other(0.2) (0.2) 
Balance, June 30, 202039.4  $6.1  $314.9  $(0.9) $2.6  $322.7  

Common StockRetained
Earnings
Accumulated Other Comprehensive LossNoncontrolling InterestTotal Shareholders' Equity
(in millions, except per common share data)SharesAmount
Balance, December 31, 201840.4  $  $474.2  $(0.9) $  $473.3  
Net income11.6  11.6  
Issuance of common stock0.1  —  —  
Repurchase of common stock(0.3) (4.7) (20.3) (25.0) 
Taxes paid related to net share settlement of stock awards(0.1) —  (7.6) (7.6) 
Issuance of restricted stock awards, net of forfeitures0.1  —  —  
Stock-based compensation4.7  4.7  
Adoption of ASC 842(0.3) (0.3) 
Other0.2  0.2  
Balance, March 31, 201940.2    457.8  (0.9)   456.9  
Net income107.1  107.1  
Repurchase of common stock(0.2) (4.4) (13.6) (18.0) 
Stock-based compensation7.4  7.4  
Other(0.1) (0.1) 
Balance, June 30, 201940.0  $2.9  $551.3  $(0.9) $  $553.3  
The accompanying notes are an integral part of the condensed consolidated financial statements.
FORM 10-Q FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2020
5


CHURCHILL DOWNS INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Six Months Ended June 30,
(in millions)20202019
Cash flows from operating activities:
Net (loss) income$(142.3) $118.7  
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization44.1  42.3  
Distributions from unconsolidated affiliates4.8  11.5  
Equity in loss (income) of unconsolidated affiliates14.4  (13.6) 
Stock-based compensation10.4  12.1  
Deferred income taxes(24.8) 12.1  
Impairment of intangible assets17.5    
Amortization of operating lease assets2.5  2.2  
Other1.8  1.1  
Changes in operating assets and liabilities, net of business acquisitions and dispositions:
Income taxes(22.4) 31.9  
Deferred revenue43.5  (36.9) 
Other assets and liabilities127.4  32.9  
Net cash provided by operating activities76.9  214.3  
Cash flows from investing activities:
Capital maintenance expenditures(13.2) (26.2) 
Capital project expenditures(118.1) (32.6) 
Acquisition of businesses, net of cash acquired  (172.1) 
Investments in and advances to unconsolidated affiliates  (410.1) 
Distributions of capital from unconsolidated affiliates  8.1  
Acquisition of gaming licenses  (22.1) 
Other(0.5) 1.1  
Net cash used in investing activities(131.8) (653.9) 
Cash flows from financing activities:
Proceeds from borrowings under long-term debt obligations726.1  1,235.3  
Repayments of borrowings under long-term debt obligations(33.4) (637.3) 
Payment of dividends(23.4) (22.2) 
Repurchase of common stock(28.4) (45.5) 
Cash settlement of stock awards(12.7)   
Taxes paid related to net share settlement of stock awards (15.1) (7.6) 
Debt issuance costs(1.7) (8.6) 
Other  (2.3) 
Net cash provided by financing activities611.4  511.8  
Net increase in cash, cash equivalents and restricted cash556.5  72.2  
Cash, cash equivalents and restricted cash, beginning of period142.5  173.3  
Cash, cash equivalents and restricted cash, end of period$699.0  $245.5  
The accompanying notes are an integral part of the condensed consolidated financial statements.
FORM 10-Q FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2020
6


CHURCHILL DOWNS INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
(Unaudited)

Six Months Ended June 30,
(in millions)20202019
Supplemental disclosures of cash flow information:
Cash paid during the period for:
Interest$39.7  $23.6  
Income taxes0.7  1.3  
Schedule of non-cash investing and financing activities:
Deferred tax liability assumed from equity investment$  $103.2  
Property and equipment additions included in accounts payable and accrued expenses
28.1  6.8  
The accompanying notes are an integral part of the condensed consolidated financial statements.
FORM 10-Q FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2020
7

Churchill Downs Incorporated
Notes to Condensed Consolidated Financial Statements
(Unaudited)


1. 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, 2019 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, 2019.
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.
We conduct our business through three reportable segments: Churchill Downs, Online Wagering, and Gaming. We aggregate our other businesses as well as certain corporate operations, and other immaterial joint ventures, in All Other. We report net revenue and operating expense associated with these reportable segments in the accompanying condensed consolidated statements of comprehensive income.
Impact of COVID-19 Pandemic
In March 2020, the World Health Organization declared the COVID-19 outbreak a global pandemic. Considerable uncertainty still surrounds the COVID-19 virus and its potential effects, and the extent of and effectiveness of responses taken on international, national and local levels. Measures taken to limit the impact of COVID-19, including shelter-in-place orders, social distancing measures, travel bans and restrictions, and business and government shutdowns, have resulted and continue to result in significant negative economic impacts in the United States and in relation to our business. The long-term impact of COVID-19 on the United States and world economies and continuing impact on our business remains uncertain, the duration and scope of which cannot currently be predicted.
In response to the measures taken to limit the impact of COVID-19 described above, and for the protection of our employees, customers, and communities, we temporarily suspended operations at our properties in March 2020. In May 2020, we began to reopen our properties with patron capacity limitations and gaming restrictions. We also implemented other initiatives to facilitate social distancing and enhanced cleaning, such as increased frequency of cleaning and sanitizing of all high-touch surfaces, mandatory temperature checks of all guests and team members upon entry and required training for all team members on safety protocols. Certain amenities at our properties have continued to be suspended, including all of our food buffets and valet services, and certain restaurants and food outlets. Below is a summary of the temporary closures or suspended operations and the current status of each property:
Churchill Downs
Churchill Downs Racetrack conducted 27 spectator-free live racing days from May 16, 2020 through June 28, 2020. Churchill Downs Racetrack suspended simulcast operations on March 15, 2020 and such operations currently remain closed.
Derby City Gaming temporarily suspended operations on March 15, 2020 and reopened on June 8, 2020. Derby City Gaming is currently restricted to 50% of patron capacity and has implemented social distancing measures, which has limited its gaming capacity to approximately 66%.
Gaming
Wholly-Owned Properties
Calder Casino and Racing ("Calder") temporarily suspended operations on March 16, 2020 and reopened on June 12, 2020. Operations were temporarily suspended again on July 2, 2020 following a Miami-Dade Emergency Order issued by the county's mayor to close all entertainment venues in Miami-Dade county.
Fair Grounds Slots, Fair Grounds Race Course and Video Services, LLC ("VSI") (collectively, "Fair Grounds and VSI"):
Fair Grounds Slots temporarily suspended operations on March 16, 2020 and reopened on June 13, 2020. Fair Grounds Slots is currently restricted to 25% patron capacity and has implemented social distancing measures, which has limited its gaming capacity to approximately 50%;
FORM 10-Q FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2020
8

Churchill Downs Incorporated
Notes to Condensed Consolidated Financial Statements
(Unaudited)

Fair Grounds Race Course conducted spectator-free live racing from March 13, 2020 through March 21, 2020 and did not have any live race days during the second quarter of 2020; and
VSI temporarily suspended operations on March 16, 2020 and reopened on May 18, 2020. VSI is currently restricted to 50% patron capacity and has implemented social distancing measures, which has limited its gaming capacity to approximately 70%.
Harlow's Casino Resort and Spa ("Harlow's") temporarily suspended operations on March 16, 2020 and reopened on May 21, 2020. Harlow’s is currently restricted to 50% of patron capacity and has implemented social distancing measures, which has limited its slot gaming capacity to approximately 66% and its table games capacity to approximately 60%.
Ocean Downs Casino and Racetrack ("Ocean Downs") temporarily suspended operations on March 15, 2020 and reopened on June 19, 2020. Ocean Downs is currently restricted to 50% of patron capacity and has implemented social distancing measures, which has limited its video lottery terminals ("VLTs") capacity to approximately 70% and its table game capacity to approximately 60%.
Oxford Casino and Hotel ("Oxford") temporarily suspended operations on March 16, 2020 and reopened on July 9, 2020. Oxford is currently restricted to 200 persons on the gaming floor and only allows slot gaming.
Presque Isle Downs and Casino ("Presque Isle") temporarily suspended operations on March 16, 2020 and reopened on June 26, 2020. Presque Isle is currently restricted to 50% of patron capacity and has implemented social distancing measures, which has limited its slot gaming capacity to approximately 60% and its table game capacity to approximately 60%.
Riverwalk Casino Hotel ("Riverwalk") temporarily suspended operations on March 16, 2020 and reopened on May 21, 2020. Riverwalk is currently restricted to 50% of patron capacity and has implemented social distancing measures, which has limited its slot gaming capacity to approximately 66% and its table games capacity to approximately 60%.
Managed Properties
Lady Luck Casino Nemacolin ("Lady Luck Nemacolin") temporarily suspended operations on March 16, 2020 and reopened on June 12, 2020. Lady Luck Nemacolin is currently restricted to 50% of patron capacity and has implemented social distancing measures, which has limited its slot gaming capacity to approximately 50% and its table game capacity to approximately 60%.
Equity Investments
Rivers Casino Des Plaines ("Rivers Des Plaines") temporarily suspended operations on March 15, 2020 and reopened on July 1, 2020. Rivers Des Plaines is currently restricted to 50% of patron capacity and has implemented social distancing measures, which has limited its slot gaming capacity to approximately 66% and its table games capacity to approximately 60%.
Miami Valley Gaming and Racing ("MVG") temporarily suspended operations on March 14, 2020 and reopened on June 19, 2020. MVG is currently restricted to 50% of patron capacity and has implemented social distancing measures, which has limited its VLT capacity to approximately 50%.
All Other
Arlington International Racecourse ("Arlington") temporarily suspended operations of its off-track betting facilities ("OTBs") and simulcast operations on March 16, 2020. Four OTBs reopened on June 5, 2020 and the remaining OTBs reopened on various dates in July 2020. Arlington is scheduled to conduct 30 spectator-free live racing days from July 23, 2020 through September 26, 2020.
Turfway Park conducted nine live racing days from March 12, 2020 through March 21, 2020 and five of these live racing days were run spectator-free. Live racing was canceled for the remaining three scheduled racing days in March 2020. Turfway Park did not have any race days scheduled in the second quarter of 2020.
On March 25, 2020, as a result of the temporary closures and suspended operations described above, the Company announced the temporary furlough of employees at its wholly-owned and managed gaming properties and certain racing operations. As the Company has reopened these properties, certain employees have returned to work while others remain on temporary furlough due to the capacity restrictions at these properties. The Company is providing health, dental, vision and life insurance benefits to furloughed employees through July 31, 2020.
The Company also implemented a temporary salary reduction for all remaining non-furloughed salaried employees based on a percentage that varies dependent upon the amount of each employee’s salary. The most senior level of executive management has received the largest salary decrease, based on both percentage and dollar amount. Salaries for non-furloughed employees
FORM 10-Q FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2020
9

Churchill Downs Incorporated
Notes to Condensed Consolidated Financial Statements
(Unaudited)

will resume at the annual base salary beginning with their start of the employee's first full pay period subsequent to July 31, 2020.
There have been a number of other aspects of our business that have been impacted by COVID-19 during the three and six months ended June 30, 2020, including the following:
The Company rescheduled the 146th Kentucky Oaks and Derby from May 1-2, 2020 to September 4-5, 2020. On June 24, 2020, the Company received approval from the Governor of Kentucky and state public health officials for its plan to allow limited spectators to attend the Kentucky Derby week events held September 1-5, 2020.
Horse racing content for wagering on our TwinSpires business ("TwinSpires") decreased, although handle increased as our customers wagered more on the content that was available.
Starting in mid-February 2020, U.S. and international sporting events were cancelled, which reduced sports betting content for our customers.
Financial Status and Outlook
The Company has temporarily reduced its planned maintenance and project capital expenditures for 2020 as a result of the temporary property and operations closures and has prioritized its capital investments based on the highest near-term return opportunities in order to maintain financial flexibility.
On March 16, 2020, we borrowed $675.4 million on our revolving credit facility (the "Revolver") pursuant to the Credit Agreement (defined below) to provide the Company with additional financial flexibility, which provided the Company with $649.2 million of cash and cash equivalents as of June 30, 2020.
On April 28, 2020, the Company entered into a Second Amendment to its Credit Agreement, which (i) provides for a financial covenant relief period through the date on which the Company delivers its quarterly financial statements and compliance certificate for the fiscal quarter ending June 30, 2021, subject to certain exceptions (the “Financial Covenant Relief Period”), (ii) amends the definition of “Consolidated EBITDA” in the Credit Agreement with respect to the calculation of Consolidated EBITDA for the first two fiscal quarters after the termination of the Financial Covenant Relief Period, (iii) extends certain deadlines and makes certain other amendments to the Company’s financial reporting obligations, (iv) places certain restrictions on restricted payments during the Financial Covenant Relief Period, and (v) amends the definitions of “Material Adverse Effect” and “License Revocation” in the Credit Agreement to take into consideration COVID-19.
During the Financial Covenant Relief Period, the Company will not be required to comply with the consolidated total secured net leverage ratio financial covenant and the interest coverage ratio financial covenant. The Company has agreed to a minimum liquidity financial covenant that requires the Company and its restricted subsidiaries to maintain liquidity of at least $150.0 million during the Financial Covenant Relief Period.
We continue to assess the situation at our properties and operations on a daily basis; however, we are unable to determine when we will be able to reopen any properties and / or operations that are closed or that may be closed in the future, the conditions upon which we will reopen, and when the current restrictions in place for our opened properties will be removed. Our third quarter of 2020 financial results will be materially impacted by the rescheduling of the Kentucky Oaks and Derby from the second quarter of 2020 to the third quarter of 2020, by the temporary suspended operations at certain properties, and continued restrictions at the properties that have reopened.
Based on our current projected operating cash flow needs, interest and debt repayments, and revised maintenance and project capital expenditures, we believe we have adequate cash to fund our business operations, meet all of our financial commitments, and invest in our prioritized key growth capital projects for well beyond the next twelve months.
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