0000020212-20-000099 | 10-Q | XBRL Viewer

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2020	Oct. 14, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2020
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	Yes
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		39,455,225
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Entity Central Index Key	0000020212
Current Fiscal Year End Date	--12-31

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Net revenue:
Net revenue	$ 337.8	$ 306.3	$ 775.8	$ 1,049.1
Operating expense:
Selling, general and administrative expense	38.8	34.4	85.3	89.4
Impairment of intangible assets	0.0	0.0	17.5	0.0
Transaction expense, net	0.5	0.9	1.0	5.0
Total operating expense	288.3	278.5	738.3	836.9
Operating income	49.5	27.8	37.5	212.2
Other income (expense):
Interest expense, net	(19.7)	(18.9)	(59.3)	(52.0)
Equity in income of unconsolidated affiliates	27.6	14.1	13.2	27.7
Miscellaneous, net	(0.4)		(0.1)
Miscellaneous, net		0.2		0.6
Total other income (expense)	7.5	(4.6)	(46.2)	(23.7)
Income (loss) from continuing operations before provision for income taxes	57.0	23.2	(8.7)	188.5
Income tax (provision) benefit	(13.9)	(8.0)	5.6	(53.1)
Income (loss) from continuing operations, net of tax	43.1	15.2	(3.1)	135.4
Loss from discontinued operations, net of tax	0.0	(0.4)	(96.1)	(1.9)
Net income (loss)	43.1	14.8	(99.2)	133.5
Net loss attributable to noncontrolling interest	(0.1)	0.0	(0.2)	0.0
Net income (loss) and comprehensive income (loss) attributable to CDI	$ 43.2	$ 14.8	$ (99.0)	$ 133.5
Net (loss) income per common share data, basic:
Continuing operations (in dollars per share)	$ 1.09	$ 0.38	$ (0.07)	$ 3.37
Discontinued operations (in dollars per share)	0	(0.01)	(2.43)	(0.05)
Net (loss) income per common share data - basic (in dollars per share)	1.09	0.37	(2.50)	3.32
Net (loss) income per common share data, diluted:
Continuing operations (in dollars per share)	1.08	0.37	(0.07)	3.33
Discontinued operations (in dollars per share)	0	(0.01)	(2.43)	(0.05)
Net (loss) income per common share data - diluted (in dollars per share)	$ 1.08	$ 0.36	$ (2.50)	$ 3.28
Weighted average shares outstanding:
Basic (in shares)	39.5	40.0	39.6	40.2
Diluted (in shares)	40.1	40.7	39.6	40.7
Churchill Downs
Net revenue:
Net revenue	$ 60.8	$ 31.4	$ 107.6	$ 234.6
Operating expense:
Operating expense	48.3	30.8	106.0	127.8
Online Wagering
Net revenue:
Net revenue	125.9	70.2	314.4	228.9
Operating expense:
Operating expense	83.5	52.2	208.2	159.3
Gaming
Net revenue:
Net revenue	134.8	178.3	319.7	524.7
Operating expense:
Operating expense	96.7	137.3	267.1	395.5
All Other
Net revenue:
Net revenue	16.3	26.4	34.1	60.9
Operating expense:
Operating expense	$ 20.5	$ 22.9	$ 53.2	$ 59.9

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 622.0	$ 96.2
Restricted cash	57.6	46.3
Accounts receivable, net	53.0	37.3
Income taxes receivable	40.7	14.5
Other current assets	33.3	26.9
Total current assets	806.6	221.2
Property and equipment, net	1,081.8	937.3
Investment in and advances to unconsolidated affiliates	634.0	634.5
Goodwill	366.8	367.1
Other intangible assets, net	351.8	369.8
Other assets	22.0	21.1
Total assets	3,263.0	2,551.0
Current liabilities:
Accounts payable	108.2	57.8
Accrued expenses and other current liabilities	192.4	173.4
Current deferred revenue	42.4	42.5
Current maturities of long-term debt	4.0	4.0
Dividends payable	0.0	23.5
Current liabilities of discontinued operations	124.0	0.0
Total current liabilities	471.0	301.2
Long-term debt, net of current maturities and loan origination fees	1,076.3	384.0
Notes payable, net of debt issuance costs	1,087.3	1,085.9
Non-current deferred revenue	14.2	16.7
Deferred income taxes	205.4	212.8
Other liabilities	36.6	39.4
Total liabilities	2,890.8	2,040.0
Commitments and contingencies
Shareholders' equity:
Preferred stock	0.0	0.0
Common stock	15.5	0.0
Retained earnings	357.6	509.2
Accumulated other comprehensive loss	(0.9)	(0.9)
Total Churchill Downs Incorporated shareholders' equity	372.2	508.3
Noncontrolling interest	0.0	2.7
Total shareholders' equity	372.2	511.0
Total liabilities and shareholders' equity	$ 3,263.0	$ 2,551.0

Condensed Consolidated Statements of Shareholders' Equity - USD ($) shares in Millions, $ in Millions	Total	Cumulative Effect, Period of Adoption, Adjustment	Common Stock	Retained Earnings	Retained Earnings Cumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive Loss	Noncontrolling Interest
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adoption of ASC 842	$ 473.3	$ (0.3)	$ 0.0	$ 474.2	$ (0.3)	$ (0.9)	$ 0.0
Shares outstanding, beginning (in shares) at Dec. 31, 2018			40.4
Shareholders' equity, beginning at Dec. 31, 2018	473.3	(0.3)	$ 0.0	474.2	(0.3)	(0.9)	0.0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	11.6			11.6
Repurchase of common stock (in shares)			(0.3)
Repurchase of common stock	(25.0)		$ (4.7)	(20.3)
Taxes paid related to net share settlement of stock awards	(7.6)			(7.6)
Adoption of ASC 842	456.9	(0.3)	$ 0.0	457.8	(0.3)	(0.9)	0.0
Taxes paid related to net share settlement of stock awards (in shares)			(0.1)
Issuance of restricted stock awards, net of forfeitures (in shares)			0.1
Issuance of common stock (in shares)			0.1
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)	0.0
Shares outstanding, beginning (in shares) at Dec. 31, 2018			40.4
Shareholders' equity, beginning at Dec. 31, 2018	473.3	(0.3)	$ 0.0	474.2	(0.3)	(0.9)	0.0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	133.5
Adoption of ASC 842	550.4	(0.3)	$ 0.0	551.3	(0.3)	(0.9)	0.0
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)	0.0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adoption of ASC 842	456.9		$ 0.0	457.8		(0.9)	0.0
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)	0.0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	107.1			107.1
Repurchase of common stock (in shares)			(0.2)
Repurchase of common stock	(18.0)		$ (4.4)	(13.6)
Adoption of ASC 842	553.3		2.9	551.3		(0.9)	0.0
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)	0.0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adoption of ASC 842	553.3		$ 2.9	551.3		(0.9)	0.0
Net (loss) income	14.8			14.8
Repurchase of common stock (in shares)			(0.2)
Repurchase of common stock	(25.0)		$ (10.4)	(14.6)
Taxes paid related to net share settlement of stock awards	(0.1)			(0.1)
Adoption of ASC 842	550.4		$ 0.0	551.3		(0.9)	0.0
Issuance of common stock (in shares)			0.1
Issuance of common stock	1.9		$ 1.9
Stock-based compensation	5.5
Other			$ 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)	0.0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adoption of ASC 842	550.4		0.0	551.3		(0.9)	0.0
Adoption of ASC 842	511.0	(0.5)	$ 0.0	509.2	(0.5)	(0.9)	2.7
Shares outstanding, beginning (in shares) at Dec. 31, 2019			39.7
Shareholders' equity, beginning at Dec. 31, 2019	511.0	(0.5)	$ 0.0	509.2	(0.5)	(0.9)	2.7
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(23.5)			(23.4)			(0.1)
Repurchase of common stock (in shares)			(0.3)
Repurchase of common stock	(27.9)		$ (4.3)	(23.6)
Cash settlement of stock awards	(12.7)			(12.7)
Taxes paid related to net share settlement of stock awards	(15.1)			(15.1)
Adoption of ASC 842	435.6	(0.5)	0.0	433.9	(0.5)	(0.9)	2.6
Stock-based compensation	4.3		$ 4.3
Shares outstanding, ending (in shares) at Mar. 31, 2020			39.4
Shareholders' equity, ending at Mar. 31, 2020	435.6		$ 0.0	433.9		(0.9)	2.6
Shares outstanding, beginning (in shares) at Dec. 31, 2019			39.7
Shareholders' equity, beginning at Dec. 31, 2019	511.0	(0.5)	$ 0.0	509.2	(0.5)	(0.9)	2.7
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(99.2)
Adoption of ASC 842	511.0	$ (0.5)	$ 15.5	357.6	$ (0.5)	(0.9)	0.0
Shares outstanding, ending (in shares) at Sep. 30, 2020			39.5
Shareholders' equity, ending at Sep. 30, 2020	372.2		$ 15.5	357.6		(0.9)	0.0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adoption of ASC 842	435.6		$ 0.0	433.9		(0.9)	2.6
Shares outstanding, beginning (in shares) at Mar. 31, 2020			39.4
Shareholders' equity, beginning at Mar. 31, 2020	435.6		$ 0.0	433.9		(0.9)	2.6
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(118.8)			(118.8)
Adoption of ASC 842	322.7		6.1	314.9		(0.9)	2.6
Stock-based compensation	6.1		$ 6.1
Other	(0.2)			(0.2)
Shares outstanding, ending (in shares) at Jun. 30, 2020			39.4
Shareholders' equity, ending at Jun. 30, 2020	322.7		$ 6.1	314.9		(0.9)	2.6
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adoption of ASC 842	322.7		6.1	314.9		(0.9)	2.6
Net (loss) income	43.1			43.2			(0.1)
Adoption of ASC 842	322.7		$ 15.5	357.6		(0.9)	0.0
Purchase of noncontrolling interest	(3.0)			(0.5)			(2.5)
Issuance of common stock (in shares)			0.1
Issuance of common stock	2.5		$ 2.5
Stock-based compensation	6.9
Shares outstanding, ending (in shares) at Sep. 30, 2020			39.5
Shareholders' equity, ending at Sep. 30, 2020	372.2		$ 15.5	357.6		(0.9)	0.0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adoption of ASC 842	$ 372.2		$ 15.5	$ 357.6		$ (0.9)	$ 0.0

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash flows from operating activities:
Net (loss) income	$ (99.2)	$ 133.5
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	66.5	64.3
Distributions from unconsolidated affiliates	12.8	24.7
Equity in income of unconsolidated affiliates	(13.2)	(27.7)
Stock-based compensation	17.3	17.6
Deferred income taxes	(7.4)	22.0
Impairment of intangible assets	17.5	0.0
Amortization of operating lease assets	3.7	3.3
Other	3.5	2.0
Changes in operating assets and liabilities, net of business acquisitions and dispositions:
Income taxes	(26.2)	15.5
Deferred revenue	(1.9)	(36.0)
Other assets and liabilities	163.9	41.0
Net cash provided by operating activities	137.3	260.2
Cash flows from investing activities:
Capital maintenance expenditures	(18.2)	(37.7)
Capital project expenditures	(191.9)	(53.3)
Acquisition of businesses, net of cash acquired	0.0	(172.1)
Investments in and advances to unconsolidated affiliates	0.0	(410.1)
Distributions of capital from unconsolidated affiliates	0.0	5.8
Acquisition of gaming licenses	0.0	(22.1)
Other	(2.7)	(1.1)
Net cash used in investing activities	(212.8)	(690.6)
Cash flows from financing activities:
Proceeds from borrowings under long-term debt obligations	726.0	1,236.0
Repayments of borrowings under long-term debt obligations	(34.4)	(639.0)
Payment of dividends	(23.4)	(22.2)
Repurchase of common stock	(28.4)	(66.8)
Cash settlement of stock awards	(12.7)	0.0
Taxes paid related to net share settlement of stock awards	(15.1)	(7.7)
Debt issuance costs	(1.7)	(8.9)
Other	2.3	(0.5)
Net cash provided by financing activities	612.6	490.9
Net increase in cash, cash equivalents and restricted cash	537.1	60.5
Cash, cash equivalents and restricted cash, beginning of period	142.5	173.3
Cash, cash equivalents and restricted cash, end of period	679.6	233.8
Supplemental disclosures of cash flow information:
Interest	57.3	40.3
Income taxes	1.4	16.1
Schedule of non-cash investing and financing activities:
Deferred tax liability assumed from equity investment	0.0	103.2
Property and equipment additions included in accounts payable and accrued expenses	10.5	10.2
Repurchase of common stock included in accrued expenses	$ 0.0	$ 3.7

Description of Business	9 Months Ended
Description of Business	Sep. 30, 2020
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, 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 restrictions and gaming limitations. As of September 30, 2020, all of our properties had reopened and remain open with applicable 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 and the current status of each property: Churchill Downs •Churchill Downs Racetrack conducted 27 spectator-free live racing days in the second quarter of 2020 and 14 spectator-free live racing days in the third quarter of 2020, including the 146th Kentucky Oaks and Derby on September 4-5, 2020. Churchill Downs Racetrack suspended simulcast operations on March 15, 2020, and these operations remained closed. •Derby City Gaming temporarily suspended operations on March 15, 2020 and reopened on June 8, 2020. Derby City Gaming is currently restricted to 75% of patron capacity, and is operating at 66% of gaming capacity. 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. Calder reopened on August 31, 2020 with restrictions on operating hours and is operating at 56% of gaming capacity. •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% of patron capacity and is operating at 75% of gaming capacity; ◦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 or third quarters of 2020; and ◦VSI temporarily suspended operations on March 16, 2020 and reopened on May 18, 2020. VSI is currently restricted to 50% of patron capacity and is operating at 75% of gaming capacity. •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 is operating at 66% of slot gaming capacity and 60% of table game capacity. •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 is operating at 70% of video lottery terminals ("VLTs") capacity and 60% of table game capacity. •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. •Presque Isle Downs and Casino ("Presque Isle") temporarily suspended operations on March 16, 2020 and reopened on June 26, 2020. Presque Isle has a temporary ban on alcohol and smoking on the gaming floor, is currently restricted to 50% of patron capacity and is operating at 60% of slot gaming capacity and 60% of table game capacity. •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 is operating at 66% of slot gaming capacity and 60% of table game capacity. 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 has a temporary ban on alcohol and smoking on the gaming floor, is currently restricted to 50% of patron capacity and is operating at 50% of slot gaming capacity and 60% of table game capacity. 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 has certain operating hour restrictions and temporary bans on food and beverage within the facility, is currently restricted to 25% of patron capacity and is operating at 75% of slot gaming capacity and 45% of table game capacity. •Miami Valley Gaming and Racing ("MVG") temporarily suspended operations on March 14, 2020 and reopened on June 19, 2020. MVG has certain hourly restrictions on serving alcohol, is currently restricted to 63% of patron capacity and is operating at 67% of VLT capacity. 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 conducted 18 spectator-free live racing days and 12 live racing days with patron restrictions of 300 persons during the third quarter of 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 or third quarters 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 provided 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 received the largest salary decrease, based on both percentage and dollar amount. Salaries for non-furloughed employees resumed at the annual base salary beginning with the start of the employee's first full pay period subsequent to July 31, 2020. Financial Status and Outlook The Company 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. The Company had $622.0 million of cash and cash equivalents as of September 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 the current restrictions in place for our opened properties will be removed. Our third quarter of 2020 financial results were materially impacted by the rescheduling of the 146th Kentucky Oaks and Derby from the second quarter of 2020 to the third quarter of 2020 without spectators, by the temporary suspension of operations at certain properties, and continued property restrictions. 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. Oak Grove Racing, Gaming & Hotel On September 18, 2020, the Company opened its simulcast and historical racing machine ("HRM") operations at Oak Grove Racing, Gaming & Hotel ("Oak Grove"), located in Oak Grove, Kentucky. Oak Grove is currently restricted to 75% of patron capacity and is operating at 63% of gaming capacity. The Oak Grove Hotel opened on October 15, 2020. Effective September 11, 2020, the Company purchased the remaining equity interests of WKY Development, LLC, a joint venture that owns Oak Grove, from Keeneland Association, Inc. for $3.0 million. As of September 30, 2020, the Company no longer reports a noncontrolling interest associated with Oak Grove in the accompanying consolidated financial statements. Newport Racing and Gaming The Company invested $38.4 million to build out Newport Racing & Gaming ("Newport"), located in Newport, Kentucky, to create a premier entertainment experience as an extension of Turfway Park. Newport opened on October 2, 2020 and has a pari-mutuel simulcast area, a 17,000 square foot gaming floor with 500 HRMs, and a feature bar. Newport is currently restricted to 75% of patron capacity. Online Wagering On September 24, 2020, the Company opened a retail BetAmerica sportsbook at Bronco Billy's Casino in Cripple Creek, Colorado, and on September 25, 2020, the Company opened a retail BetAmerica sportsbook at Island Resort & Casino in Harris, Michigan. BetAmerica plans to launch its mobile sportsbook and iGaming application in each of Pennsylvania, Colorado and Michigan, and its mobile sportsbook application in Indiana, subject to regulatory approvals. In August 2020, the Company announced the entry into multi-year agreements with GAN Limited and Kambi Group PLC to provide player account management, casino platform, sports trading and risk management services to BetAmerica. 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 March 5, 2019, the Company completed the acquisition of certain ownership interests of Midwest Gaming Holdings, LLC ("Midwest Gaming"), the parent company of Rivers Des Plaines in Des Plaines, Illinois to acquire approximately 42% of Midwest Gaming from affiliates and co-investors of Clairvest Group Inc. ("Clairvest") and members of High Plaines Gaming, LLC ("High Plaines"), an affiliate of Rush Street Gaming, LLC and Casino Investors, LLC ("Casino Investors") for cash consideration of approximately $406.6 million and $3.5 million of certain transaction costs and working capital adjustments (the "Sale Transaction"). Following the closing of the Sale Transaction, the parties completed a recapitalization transaction on March 6, 2019 (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 36.0% of Midwest Gaming and Casino Investors retained ownership of 2.7% of Midwest Gaming. We also recognized a $103.2 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. Refer to Note 14, Investments in and Advances to Unconsolidated Affiliates, for further information on the Midwest Gaming transactions. Turfway Park Acquisition The Company completed the acquisition of Turfway Park from Jack Entertainment LLC ("JACK") and Hard Rock International (“Hard Rock”) on October 9, 2019 for total consideration of $46.0 million in cash ("Turfway Park Acquisition"). Turfway Park is located on 197 acres in Florence, Kentucky. On July 28, 2020, the Company's Board of Directors approved the final design plans for the HRM and grandstand facility at Turfway Park. The final plans reflect $200.0 million of project capital, which includes the Turfway Park Acquisition costs and other previously approved capital. The 155,000 square foot facility will include a grandstand, sports bar, food offerings, and up to 1,200 historical racing machines. Refer to Note 4, Acquisitions, for further information on the Turfway Park Acquisition. Seasonality Due to the seasonal nature of live racing, revenue and operating results for any interim quarter for the Churchill Downs segment and the TwinSpires business within the Online Wagering segment 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 with the running of the Kentucky Derby and Kentucky Oaks. Due to the COVID-19 pandemic, the Company rescheduled the 146th Kentucky Oaks and Kentucky Derby from May 1, 2020 and May 2, 2020 to September 4, 2020 and September 5, 2020, respectively.

Recent Accounting Pronouncements	9 Months Ended
Recent Accounting Pronouncements	Sep. 30, 2020
Accounting Changes and Error Corrections [Abstract]
Recent Accounting Pronouncements	RECENT ACCOUNTING PRONOUNCEMENTS Recent Accounting Pronouncement - Adopted on January 1, 2020 In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-13, Financial Instruments - Credit Losses, ("ASC 326") 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. We adopted ASC 326 on January 1, 2020 using the modified retrospective approach. We recognized the cumulative effect of applying ASC 326 as an opening balance sheet adjustment at January 1, 2020. 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 326 did not have a material impact on our business. 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. We adopted this guidance on January 1, 2020. The new guidance did not result in a cumulative adjustment upon adoption and there was no impairment recognized under the new guidance for the three or nine months ended September 30, 2020. 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. We adopted this guidance on January 1, 2020. This guidance is consistent with our current accounting policies, and therefore our adoption of this guidance did not have a material impact on our business.

Significant Accounting Policies	9 Months Ended
Significant Accounting Policies	Sep. 30, 2020
Accounting Policies [Abstract]
Significant Accounting Policies	SIGNIFICANT ACCOUNTING POLICIES Except for the accounting policy for the allowance for doubtful accounts receivable described below, which was updated as a result of our adoption of ASC 326 on January 1, 2020, 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, 2019. Allowance for Doubtful Accounts Receivable Upon our adoption of ASC 326 on January 1, 2020, we maintained an allowance for doubtful accounts for current expected credit losses on our financial assets measured at amortized cost which are primarily included in accounts receivable, net in the accompanying condensed consolidated balance sheets. The Company evaluates current expected credit losses on a collective (pool) basis when similar risk characteristics exist. Write-offs are recognized when the Company concludes that all or a portion of a financial asset is no longer collectible. Any subsequent recovery is recognized when it occurs.

Acquisitions	9 Months Ended
Acquisitions	Sep. 30, 2020
Business Combinations [Abstract]
Acquisitions	ACQUISITIONS Turfway Park On October 9, 2019, the Company completed the Turfway Park Acquisition for total consideration of $46.0 million. Of the total consideration paid, $36.0 million was allocated to JACK and accounted for as a business combination. 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 amortized through expense in the fourth quarter of 2019. The cash purchase price paid to JACK was $36.0 million, less $0.9 million of working capital and purchase price adjustments. The preliminary fair values of the assets acquired and liabilities assumed, net of cash acquired of $0.9 million, at the date of acquisition were as follows: property and equipment (primarily land) of $18.8 million, indefinite-lived gaming rights of $9.8 million, indefinite-lived trademark of $5.5 million, goodwill of $2.7 million, and current liabilities of $2.6 million.

Discontinued Operations

9 Months Ended

Sep. 30, 2020

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

DISCONTINUED OPERATIONS

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. ("Aristocrat"), 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. Aristocrat paid aggregate consideration of $990.0 million in cash in connection with the Big Fish Transaction, subject to customary adjustments for working capital and indebtedness and certain other adjustments as set forth in the Stock Purchase Agreement.

The Big Fish Games segment and the related Big Fish Transaction meet the criteria for discontinued operation presentation. 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.

Kater and Thimmegowda Settlement

On May 22, 2020, we entered into an agreement in principle to settle Cheryl Kater v. Churchill Downs Incorporated ("Kater litigation") and Manasa Thimmegowda v. Big Fish Games, Inc. (the “Thimmegowda litigation”). The agreement in principle remains contingent on final court approval by the U.S. District Court for the Western District of Washington (the “District Court”). Under the terms of the settlement, which will take effect only after final court approval of the proposed class settlement: (i) a total of $155.0 million will be paid into a settlement fund. CDI will pay $124.0 million pre-tax of the settlement from its available cash; Aristocrat will pay $31.0 million pre-tax of the settlement; (ii) all members of the nationwide settlement class who do not exclude themselves will release all claims relating to the subject matter of the lawsuits; and (iii) Aristocrat has agreed to specifically release CDI of any and all indemnification obligations under the Stock Purchase Agreement arising from or related to the Kater and Thimmegowda litigations, including any claims of diminution of value of Big Fish Games and any claims by any person who opts out of the proposed class settlement. The $124.0 million pre-tax settlement related to the Company is included in loss from discontinued operations, net of tax in the accompanying condensed consolidated statements of comprehensive (loss) income for the nine months ended September 30, 2020, and on a pre-tax basis in current liabilities of discontinued operations in the accompanying condensed consolidated balance sheets at September 30, 2020.

The following table presents the financial results of Big Fish Games included in "loss from discontinued operations, net of tax" in the accompanying condensed consolidated statements of comprehensive (loss) income:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2020		2019		2020		2019
Net revenue	$	—	$	—	$	—	$	—

Selling, general and administrative expense	—		0.8		1.5		2.8
Legal settlement	—		—		124.0		—








Loss from discontinued operations before provision for income taxes	—		(0.8)		(125.5)		(2.8)
Income tax benefit	—		0.4		29.4		0.9
Loss from discontinued operations, net of tax	$	—	$	(0.4)	$	(96.1)	$	(1.9)

Goodwill and Other Intangible Assets

9 Months Ended

Sep. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

GOODWILL AND OTHER INTANGIBLE ASSETS

Goodwill, by segment, is comprised of the following:


(in millions)	Churchill Downs		Online Wagering		Gaming		All Other		Total
Balances as of December 31, 2019	$	49.7	$	148.2	$	165.2	$	4.0	$	367.1
Adjustments	—		—		—		(0.3)		(0.3)
Balances as of September 30, 2020	$	49.7	$	148.2	$	165.2	$	3.7	$	366.8

We performed our annual goodwill impairment analysis as of April 1, 2020. We assessed goodwill for impairment by performing qualitative or quantitative analyses for each reporting unit. Based on the results of these analyses, no goodwill impairments were identified in connection with our annual impairment testing. During the second quarter we recorded an immaterial measurement period adjustment for the Turfway Park acquisition that impacted the All Other goodwill balance.

Other intangible assets are comprised of the following:


	September 30, 2020						December 31, 2019
(in millions)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Definite-lived intangible assets	$	31.2	$	(15.4)	$	15.8	$	31.3	$	(15.0)	$	16.3
Indefinite-lived intangible assets					336.0						353.5
Total					$	351.8					$	369.8

Refer to Note 7, Asset Impairment, for information regarding intangible asset impairments recognized during the first quarter of 2020.

We performed our annual indefinite-lived intangible assets impairment analysis as of April 1, 2020. We assessed our indefinite-lived intangible assets for impairment by performing qualitative or quantitative analyses for each asset. Based on the results of these analyses, no indefinite-lived intangible asset impairments were identified in connection with our annual impairment testing.

Asset Impairment	9 Months Ended
Asset Impairment	Sep. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Asset Impairment	ASSET IMPAIRMENT During the quarter ended March 31, 2020, the Company evaluated whether events or circumstances changed that would indicate it is more likely than not that any of its intangible assets, goodwill, or property and equipment, were impaired ("Trigger Event"), or if there were any other than temporary impairments of our equity investments. Factors considered in this evaluation included, among other things, the amount of the fair value over carrying value from the annual impairment testing performed as of April 1, 2019, changes in carrying values, changes in discount rates, and the impact of temporary property closures due to the COVID-19 pandemic on cash flows. Based on the Company's evaluation, the Company concluded that a Trigger Event occurred related to the Presque Isle gaming rights, trademark, and the reporting unit's goodwill due to the impact and uncertainty of the COVID-19 pandemic and the recent closing of the Presque Isle Transaction in 2019. The initial fair value of Presque Isle gaming rights in the first quarter of 2019 was determined using the Greenfield Method, which is an income approach methodology that calculates the present value based on a projected cash flow stream. This method assumes that the Presque Isle gaming rights provide the opportunity to develop a casino and online wagering platform 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. Based on the Trigger Event, the Company updated the discount rate to reflect the increased uncertainty of the cash flows and updated the projected cash flow stream. As a result, the Company recognized an impairment of $15.0 million in first quarter of 2020 for its Presque Isle gaming rights ($12.5 million related to the Gaming segment and $2.5 million related to the Online Wagering segment). The Presque Isle trademark was initially valued in first quarter of 2019 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. Based on the Trigger Event, the Company updated the discount rate to reflect the increased uncertainty of the cash flows and updated projected cash flow stream. As a result, the Company recognized an impairment of $2.5 million in first quarter of 2020 for its Presque Isle trademark. The fair value of the Presque Isle reporting unit's goodwill 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. In accordance with Accounting Standards Codification 350, Intangibles - Goodwill and Other, the Company performed its impairment testing of the Presque Isle gaming rights and trademark prior to testing Presque Isle goodwill. Based on the Trigger Event, the Company updated the discount rate to reflect the increased uncertainty of the cash flows and updated project cash flow stream. As a result, the Company did not recognize an impairment for Presque Isle goodwill in the first quarter of 2020 because the fair value exceeded the carrying value.

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES The Company’s effective income tax rate for the three months ended September 30, 2020 was higher than the U.S. federal statutory rate of 21.0% primarily resulting from tax expense during a period of pre-tax income from nondeductible officer’s compensation and state income taxes, partially offset by tax benefits during a period of pre-tax income from a current year estimated federal taxable loss which will be carried back to a pre-2018 tax year, and a decrease in our unrecognized tax benefits due to the expiration of the federal income tax statute of limitations. The Company’s effective income tax rate for the nine months ended September 30, 2020 was higher than the U.S. federal statutory rate of 21.0% primarily resulting from tax benefits during a period of pre-tax loss from a current year estimated federal taxable loss which will be carried back to a pre-2018 tax year, year-to-date tax deductions from vesting of stock awards in excess of book deductions, state income taxes, and a decrease in our unrecognized tax benefits due to the expiration of the federal income tax statute of limitations, partially offset by tax expense during a period of pre-tax loss from nondeductible officer’s compensation. 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 the 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 year quarter. This expense was partially offset by a decrease in our unrecognized tax benefits due to the expiration of the federal income tax statute of limitations and year-to-date tax deductions from vesting of stock awards in excess of book deductions.

Shareholders' Equity	9 Months Ended
Shareholders' Equity	Sep. 30, 2020
Shareholders' Equity [Abstract]
Shareholders' Equity	SHAREHOLDERS’ EQUITYOn 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 included and was 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 nine months ended September 30, 2020, we repurchased 235,590 shares of our common stock under the October 2018 stock repurchase program at an aggregate purchase price of $27.9 million, based on trade date. We had approximately $147.1 million of repurchase authority remaining under this program at September 30, 2020, based on trade date. There were no repurchases of common stock under our repurchase program for the three months ended September 30, 2020.

Stock-based Compensation Plans

9 Months Ended

Sep. 30, 2020

Stock-Based Compensation Plans [Abstract]

Stock-based Compensation Plans

STOCK-BASED COMPENSATION PLANS

We have stock-based employee compensation plans with awards outstanding under 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 $6.9 million for the three months ended September 30, 2020 and $5.5 million for the three months ended September 30, 2019. Stock-based compensation expense was $17.3 million for the nine months ended September 30, 2020 and $17.6 million for the nine months ended September 30, 2019.

During the nine months ended September 30, 2020, the Company awarded RSUs to employees, RSUs and PSUs to certain named executive officers ("NEOs"), and RSUs to directors. The vesting criteria for the PSU awards granted in 2020 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.

On February 12, 2020, the Compensation Committee of the Board of Directors offered, and the NEOs accepted, to settle the 2017 PSU Awards in cash.

A summary of the RSUs and PSUs granted during 2020 is presented below (units in thousands):


Grant Year	Award Type	Number of Units Awarded	Vesting Terms

2020	RSU	44	Vest equally over three service periods ending in 2021, 2022, and 2023
2020	RSU	37	Vest equally over three service periods ending in 2020, 2021, and 2022
2020	PSU	37	Three year performance and service period ending in 2022
2020	RSU	12	One year service period ending in 2021

Debt	9 Months Ended
Debt	Sep. 30, 2020
Debt Disclosure [Abstract]
Debt	DEBT Credit Agreement On March 16, 2020, the Company entered into the First Amendment (the “First Amendment”) to its Credit Agreement (as amended, the “Credit Agreement”), dated December 27, 2017, among the Company, the subsidiary guarantors party thereto, JPMorgan Chase Bank, N.A., as Administrative Agent, and the lenders and other financial institutions party thereto. The First Amendment extends the maturity for the Company’s Revolver to at least September 27, 2024, which is 91 days prior to the latest maturity date of the Company’s term loan facility on December 27, 2024. Previously, the maturity date of the revolving credit facility was December 27, 2022. The interest rates applicable to the Company’s borrowings under the Credit Agreement are LIBOR-based plus a spread, determined by the Company’s consolidated total net leverage ratio. The First Amendment, among other things, lowers the upper limit of the applied spreads with respect to revolving loans from 2.25% to 1.75% and for commitment fees with respect thereto from 0.35% to 0.30%, and generally offers a reduced pricing schedule for outstanding borrowings and commitment fees with respect to the Revolver across all other leverage pricing levels. The interest rates applicable to borrowings under the facilities are LIBOR-based plus a spread, determined by the Company’s consolidated total net leverage ratio. The First Amendment does not alter the Company’s borrowing capacity. The Company capitalized $2.0 million of debt issuance costs associated with the First Amendment which are amortized as interest expense over the remaining duration of the Revolver. On March 16, 2020, we borrowed $675.4 million on our Revolver to provide the Company with additional financial flexibility. The Company had $622.0 million of cash and cash equivalents as of September 30, 2020. On April 28, 2020, the Company entered into the 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.

Revenue from Contracts with Customers	9 Months Ended
Revenue from Contracts with Customers	Sep. 30, 2020
Revenue from Contract with Customer [Abstract]
Revenue from Contracts with Customers	REVENUE FROM CONTRACTS WITH CUSTOMERS Performance Obligations As of September 30, 2020, the Churchill Downs segment had remaining performance obligations, on contracts with a duration greater than one year, with an aggregate transaction price of $133.2 million. The revenue we expect to recognize on these remaining performance obligations is $0.4 million for the remainder of 2020, $41.2 million in 2021, $34.2 million in 2022, and the remainder thereafter. As of September 30, 2020, our remaining performance obligations in segments other than Churchill Downs were not material. Contract Assets and Contract Liabilities As of September 30, 2020 and December 31, 2019, contract assets were not material. As of September 30, 2020 and December 31, 2019, contract liabilities were $60.0 million and $63.1 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 increase was primarily due to cash payments received for unfulfilled performance obligations. We recognized $1.7 million of revenue during the three months ended September 30, 2020 and $5.8 million of revenue during the nine months ended September 30, 2020 that was included in the contract liabilities balance at December 31, 2019. 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. Disaggregation of Revenue In Note 18, 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 TwinSpires 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.

Accrued Expenses and Other Current Liabilities

9 Months Ended

Sep. 30, 2020

Payables and Accruals [Abstract]

Accrued Expenses and Other Current Liabilities

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

Accrued expenses and other current liabilities consisted of the following:


(in millions)	September 30, 2020		December 31, 2019
Account wagering deposits liability	$	41.3	$	28.9
Accrued interest	21.7		19.7
Purses payable	20.2		19.9
Accrued salaries and related benefits	21.4		29.2
Other	87.8		75.7
Total	$	192.4	$	173.4

Investment in and Advances to Unconsolidated Affiliates

9 Months Ended

Sep. 30, 2020

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, the parent company of Rivers Des Plaines, 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 36.0% of Midwest Gaming and Casino Investors retained ownership of 2.7% of Midwest Gaming.

We also recognized a $103.2 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 limited liability company agreement was entered into by the members of Midwest Gaming as a result of the change in ownership structure. Under the new limited liability company 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. As of September 30, 2020, the net aggregate basis difference between the Company’s investment in Midwest Gaming and the amounts of the underlying equity in net assets was $833.6 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, 2020 and 2019, respectively, and summarized balance sheet information as of September 30, 2020 and December 31, 2019 includes the following equity investments: MVG, Rivers Des Plaines from the transaction date of March 5, 2019, and two other immaterial joint ventures.


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2020		2019		2020		2019
Net revenue	$	148.2	$	160.8	$	292.8	$	416.6

Operating and SG&A expense	86.1		113.7		194.1		293.8
Depreciation and amortization	4.3		3.6		12.6		9.1
Total operating expense	90.4		117.3		206.7		302.9
Operating income	57.8		43.5		86.1		113.7
Interest and other, net	(9.4)		(17.6)		(58.6)		(59.9)
Net income	$	48.4	$	25.9	$	27.5	$	53.8


(in millions)	September 30, 2020		December 31, 2019
Assets
Current assets	$	151.3	$	64.0
Property and equipment, net	270.4		256.1
Other assets, net	246.3		240.1
Total assets	$	668.0	$	560.2
Liabilities and Members' Deficit
Current liabilities	$	119.6	$	73.3
Long-term debt	783.0		745.0
Other liabilities	42.9		20.6
Members' deficit	(277.5)		(278.7)
Total liabilities and members' deficit	$	668.0	$	560.2

Fair Value of Assets And Liabilities

9 Months Ended

Sep. 30, 2020

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 5.500% Senior Notes due 2027 (the "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 values of the Company's $400.0 million Senior Secured Term Loan B (the "Term Loan B") and Revolver under the Credit Agreement approximate the gross carrying value of the variable rate debt and as such are Level 2 measurements.

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


	September 30, 2020
(in millions)	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
Financial assets:
Restricted cash	$	57.6	$	57.6	$	57.6	$	—	$	—
Financial liabilities:
Term Loan B	385.6		389.0		—		389.0		—
Revolver	694.6		694.6		—		694.6		—
2027 Senior Notes	592.9		624.0		—		624.0		—
2028 Senior Notes	494.4		501.3		—		501.3		—

	December 31, 2019
(in millions)	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
Financial assets:
Restricted cash	$	46.3	$	46.3	$	46.3	$	—	$	—
Financial liabilities:
Term Loan B	388.0		392.0		—		392.0		—
2027 Senior Notes	592.0		636.0		—		636.0		—
2028 Senior Notes	493.9		515.2		—		515.2		—

- 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, 2020
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.

Net Income Per Common Share Computations

9 Months Ended

Sep. 30, 2020

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)	2020		2019		2020		2019
Numerator for basic net income (loss) per common share:
Net income (loss) from continuing operations	$	43.1	$	15.2	$	(3.1)	$	135.4
Net loss attributable to noncontrolling interest	(0.1)		—		(0.2)		—
Net income (loss) from continuing operations, net of loss attributable to noncontrolling interests	43.2		15.2		(2.9)		135.4
Net loss from discontinued operations	—		(0.4)		(96.1)		(1.9)
Numerator for basic net income (loss) per common share	$	43.2	$	14.8	$	(99.0)	$	133.5
Numerator for diluted net income (loss) from continuing operations per common share	$	43.2	$	15.2	$	(2.9)	$	135.4
Numerator for diluted net income (loss) per common share	$	43.2	$	14.8	$	(99.0)	$	133.5

Denominator for net income (loss) per common share:
Basic	39.5		40.0		39.6		40.2
Plus dilutive effect of stock awards	0.6		0.7		—		0.5
Diluted	40.1		40.7		39.6		40.7

Net income (loss) per common share data:
Basic
Continuing operations	$	1.09	$	0.38	$	(0.07)	$	3.37
Discontinued operations	$	—	$	(0.01)	$	(2.43)	$	(0.05)
Net income (loss) per common share - basic	$	1.09	$	0.37	$	(2.50)	$	3.32

Diluted
Continuing operations	$	1.08	$	0.37	$	(0.07)	$	3.33
Discontinued operations	$	—	$	(0.01)	$	(2.43)	$	(0.05)
Net income (loss) per common share - diluted	$	1.08	$	0.36	$	(2.50)	$	3.28

Anti-dilutive stock awards excluded from the calculation of diluted shares	—		—		0.6		—

Segment Information

9 Months Ended

Sep. 30, 2020

Segment Reporting [Abstract]

Segment Information

SEGMENT INFORMATION

We manage our operations through three reportable segments:

•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 TwinSpires and the online sports betting and iGaming business.

TwinSpires operates our online horse racing wagering business on TwinSpires.com, BetAmerica.com and other Company platforms; facilitates high dollar wagering by international customers (Velocity); and provides the platform for horse racing 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. On September 24, 2020, the Company opened a retail BetAmerica sportsbook at Bronco Billy's Casino in Cripple Creek, Colorado, and on September 25, 2020, the Company opened a retail BetAmerica sportsbook at Island Resort & Casino in Harris, Michigan. BetAmerica plans to launch its mobile sportsbook and iGaming application in each of Pennsylvania, Colorado and Michigan, and its mobile sportsbook application in Indiana, subject to regulatory approvals.

•Gaming

The Gaming segment includes revenue and expenses for the casino properties and associated racetrack or jai alai facilities which support the casino license. The Gaming segment has approximately 11,000 slot machines and VLTs and 200 table games located in eight states.

The Gaming segment revenue and Adjusted EBITDA includes the following properties:

◦Calder

◦Fair Grounds and VSI

◦Harlow’s

◦Lady Luck Nemacolin management agreement

◦Ocean Downs

◦Oxford

◦Presque Isle

◦Riverwalk

The Gaming segment Adjusted EBITDA also includes the Adjusted EBITDA related to the Company’s equity investments in the following:

◦61.3% equity investment in Midwest Gaming, the parent company of Rivers Des Plaines

◦50% equity investment in 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:

•Oak Grove

•Newport

•Turfway Park

•Arlington

•United Tote

•Corporate

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. 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;

◦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;

•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.

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 (loss) income to Adjusted EBITDA:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2020		2019		2020		2019
Net revenue from external customers:
Churchill Downs:
Churchill Downs Racetrack	$	34.9	$	8.9	$	52.4	$	172.2
Derby City Gaming	25.9		22.5		55.2		62.4
Total Churchill Downs	60.8		31.4		107.6		234.6
Online Wagering:
TwinSpires	124.1		70.2		310.6		228.8
Online Sports Betting and iGaming	1.8		—		3.8		0.1
Total Online Wagering	125.9		70.2		314.4		228.9
Gaming:
Fair Grounds and VSI	27.9		25.0		70.6		93.4
Presque Isle	27.7		38.1		57.3		104.9
Calder	6.5		24.4		34.0		75.4
Oxford	12.2		27.2		32.4		77.4
Ocean Downs	24.3		26.7		42.2		67.0
Riverwalk	16.0		13.6		36.1		44.1
Harlow’s	13.0		13.3		30.3		41.9
Lady Luck Nemacolin	7.2		10.0		16.8		20.6
Total Gaming	134.8		178.3		319.7		524.7
All Other	16.3		26.4		34.1		60.9
Net revenue from external customers	$	337.8	$	306.3	$	775.8	$	1,049.1


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2020		2019		2020		2019
Intercompany net revenue:
Churchill Downs	$	7.2	$	1.3	$	14.4	$	12.6
Online Wagering	0.5		0.2		1.3		0.9
Gaming	0.1		0.3		1.6		1.8
All Other	4.0		3.4		9.9		9.0
Eliminations	(11.8)		(5.2)		(27.2)		(24.3)
Intercompany net revenue	$	—	$	—	$	—	$	—


	Three Months Ended September 30, 2020
(in millions)	Churchill Downs		Online Wagering		Gaming		Total Segments		All Other		Total
Net revenue from external customers
Pari-mutuel:
Live and simulcast racing	$	14.3	$	119.0	$	4.6	$	137.9	$	9.0	$	146.9
Historical racing(a)	24.9		—		—		24.9		2.2		27.1
Racing event-related services	19.1		—		0.7		19.8		0.2		20.0
Gaming(a)	—		1.6		123.6		125.2		—		125.2
Other(a)	2.5		5.3		5.9		13.7		4.9		18.6
Total	$	60.8	$	125.9	$	134.8	$	321.5	$	16.3	$	337.8


	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(a)	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

(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 historical pari-mutuel revenue for HRMs or gaming revenue for our casino properties. These amounts were $2.1 million for the three months ended September 30, 2020 and $8.9 million for the three months ended September 30, 2019.


	Nine Months Ended September 30, 2020
(in millions)	Churchill Downs		Online Wagering		Gaming		Total Segments		All Other		Total
Net revenue from external customers
Pari-mutuel:
Live and simulcast racing	$	30.2	$	298.5	$	16.2	$	344.9	$	19.7	$	364.6
Historical racing(b)	52.6		—		—		52.6		2.2		54.8
Racing event-related services	19.6		—		2.7		22.3		0.3		22.6
Gaming(b)	—		3.8		278.5		282.3		—		282.3
Other(b)	5.2		12.1		22.3		39.6		11.9		51.5
Total	$	107.6	$	314.4	$	319.7	$	741.7	$	34.1	$	775.8


	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(b)	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

(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 historical pari-mutuel revenue for HRMs or gaming revenue for our casino properties. These amounts were $10.5 million for the nine months ended September 30, 2020 and $24.7 million for the nine months ended September 30, 2019.

Adjusted EBITDA by segment is comprised of the following:


	Three Months Ended September 30, 2020
(in millions)	Churchill Downs		Online Wagering		Gaming
Net revenue	$	68.0	$	126.4	$	134.9

Taxes and purses	(19.3)		(8.0)		(51.7)
Marketing and advertising	(2.3)		(6.9)		(0.6)
Salaries and benefits	(8.4)		(3.1)		(19.1)
Content expense	(0.2)		(63.5)		(1.3)
Selling, general and administrative expense	(2.6)		(3.6)		(8.3)
Other operating expense	(11.3)		(9.4)		(14.4)
Other income	—		—		35.9
Adjusted EBITDA	$	23.9	$	31.9	$	75.4


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

Taxes and purses	(10.2)		(4.4)		(71.2)
Marketing and advertising	(1.1)		(3.6)		(5.5)
Salaries and benefits	(6.8)		(3.0)		(26.6)
Content expense	(0.5)		(36.5)		(1.6)
Selling, general and administrative 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


	Nine Months Ended September 30, 2020
(in millions)	Churchill Downs		Online Wagering		Gaming
Net revenue	$	122.0	$	315.7	$	321.3

Taxes and purses	(40.3)		(18.5)		(125.2)
Marketing and advertising	(3.7)		(13.3)		(6.3)
Salaries and benefits	(19.5)		(9.6)		(57.6)
Content expense	(0.7)		(156.4)		(2.9)
Selling, general and administrative expense	(5.3)		(6.7)		(18.9)
Other operating expense	(22.2)		(25.6)		(45.0)
Other income	—		0.1		57.0
Adjusted EBITDA	$	30.3	$	85.7	$	122.4


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

Taxes and purses	(52.1)		(12.0)		(204.7)
Marketing and advertising	(5.8)		(9.1)		(15.7)
Salaries and benefits	(24.5)		(8.2)		(76.5)
Content expense	(1.8)		(120.4)		(4.5)
Selling, general and administrative 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


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2020		2019		2020		2019
Reconciliation of Comprehensive Income (Loss) to Adjusted EBITDA:

Net income (loss) and comprehensive income (loss) attributable to CDI	$	43.2	$	14.8	$	(99.0)	$	133.5
Net loss attributable to noncontrolling interest	0.1		—		0.2		—
Net income (loss) before noncontrolling interest	43.1		14.8		(99.2)		133.5
Loss from discontinued operations, net of tax	—		0.4		96.1		1.9
Income (loss) from continuing operations, net of tax	43.1		15.2		(3.1)		135.4

Additions:
Depreciation and amortization	22.4		22.0		66.5		64.3
Interest expense	19.7		18.9		59.3		52.0
Income tax provision (benefit)	13.9		8.0		(5.6)		53.1
EBITDA	$	99.1	$	64.1	$	117.1	$	304.8

Adjustments to EBITDA:
Selling, general and administrative:
Stock-based compensation expense	$	6.9	$	5.5	$	17.3	$	17.6
Legal reserves	—		3.3		—		3.6
Other charges	0.8		—		0.7		—
Pre-opening expense and other expense	6.2		1.2		9.8		3.6
Impairment of intangible assets	—		—		17.5		—
Transaction expense, net	0.5		0.9		1.0		5.0
Other income, expense:
Interest, depreciation and amortization expense related to equity investments	9.9		9.7		29.2		22.9
Changes in fair value of Midwest Gaming's interest rate swaps	(1.5)		3.2		14.7		15.4
Midwest Gaming's recapitalization and transactions costs	—		—		—		4.7
Other	—		0.1		—		—
Total adjustments to EBITDA	22.8		23.9		90.2		72.8
Adjusted EBITDA	$	121.9	$	88.0	$	207.3	$	377.6

Adjusted EBITDA by segment:
Churchill Downs	$	23.9	$	5.2	$	30.3	$	128.5
Online Wagering	31.9		15.0		85.7		54.1
Gaming	75.4		71.7		122.4		212.6
Total segment Adjusted EBITDA	131.2		91.9		238.4		395.2
All Other	(9.3)		(3.9)		(31.1)		(17.6)
Total Adjusted EBITDA	$	121.9	$	88.0	$	207.3	$	377.6

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)	2020		2019		2020		2019
Gaming	$	27.6	$	14.1	$	13.2	$	27.7

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


(in millions)	September 30, 2020		December 31, 2019
Total assets:
Churchill Downs	$	394.2	$	370.3
Online Wagering	253.5		241.5
Gaming	968.9		1,030.1
Total segment assets	1,616.6		1,641.9
All Other	1,646.4		909.1
Total assets	$	3,263.0	$	2,551.0

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


	Nine Months Ended September 30,
(in millions)	2020		2019
Capital expenditures:
Churchill Downs	$	37.3	$	24.7
Online Wagering	9.6		7.3
Gaming	5.1		30.7
Total segment capital expenditures	52.0		62.7
All Other	158.1		28.3
Total capital expenditures	$	210.1	$	91.0

Subsequent Event	9 Months Ended
Subsequent Event	Sep. 30, 2020
Subsequent Events [Abstract]
Subsequent Event	SUBSEQUENT EVENTAt its regularly scheduled meeting held on October 27, 2020, the Board of Directors of the Company declared an annual cash dividend of $0.622 per share, to be paid on January 6, 2021, to all shareholders of record on December 4, 2020.

Significant Accounting Policies (Policies)	9 Months Ended
Significant Accounting Policies (Policies)	Sep. 30, 2020
Accounting Policies [Abstract]
Allowance for Doubtful Accounts Receivable	Allowance for Doubtful Accounts ReceivableUpon our adoption of ASC 326 on January 1, 2020, we maintained an allowance for doubtful accounts for current expected credit losses on our financial assets measured at amortized cost which are primarily included in accounts receivable, net in the accompanying condensed consolidated balance sheets. The Company evaluates current expected credit losses on a collective (pool) basis when similar risk characteristics exist. Write-offs are recognized when the Company concludes that all or a portion of a financial asset is no longer collectible. Any subsequent recovery is recognized when it occurs.

Discontinued Operations (Tables)

9 Months Ended

Sep. 30, 2020

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)	2020		2019		2020		2019
Net revenue	$	—	$	—	$	—	$	—

Selling, general and administrative expense	—		0.8		1.5		2.8
Legal settlement	—		—		124.0		—








Loss from discontinued operations before provision for income taxes	—		(0.8)		(125.5)		(2.8)
Income tax benefit	—		0.4		29.4		0.9
Loss from discontinued operations, net of tax	$	—	$	(0.4)	$	(96.1)	$	(1.9)

- Definition

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

+ References

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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 205
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-Section 45
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-Topic 205
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
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-Topic 205
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Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Goodwill And Other Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

Goodwill, by segment, is comprised of the following:


(in millions)	Churchill Downs		Online Wagering		Gaming		All Other		Total
Balances as of December 31, 2019	$	49.7	$	148.2	$	165.2	$	4.0	$	367.1
Adjustments	—		—		—		(0.3)		(0.3)
Balances as of September 30, 2020	$	49.7	$	148.2	$	165.2	$	3.7	$	366.8

Schedule of Indefinite and Finite Lived Assets

Other intangible assets are comprised of the following:


	September 30, 2020						December 31, 2019
(in millions)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Definite-lived intangible assets	$	31.2	$	(15.4)	$	15.8	$	31.3	$	(15.0)	$	16.3
Indefinite-lived intangible assets					336.0						353.5
Total					$	351.8					$	369.8

Stock-based Compensation Plans Grants (Tables)

9 Months Ended

Sep. 30, 2020

Summary of RSUs and PSUs Granted

A summary of the RSUs and PSUs granted during 2020 is presented below (units in thousands):


Grant Year	Award Type	Number of Units Awarded	Vesting Terms

2020	RSU	44	Vest equally over three service periods ending in 2021, 2022, and 2023
2020	RSU	37	Vest equally over three service periods ending in 2020, 2021, and 2022
2020	PSU	37	Three year performance and service period ending in 2022
2020	RSU	12	One year service period ending in 2021

Accrued Expenses and Other Current Liabilities (Tables)

9 Months Ended

Sep. 30, 2020

Payables and Accruals [Abstract]

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following:


(in millions)	September 30, 2020		December 31, 2019
Account wagering deposits liability	$	41.3	$	28.9
Accrued interest	21.7		19.7
Purses payable	20.2		19.9
Accrued salaries and related benefits	21.4		29.2
Other	87.8		75.7
Total	$	192.4	$	173.4

Investment in and Advances to Unconsolidated Affiliates (Tables)

9 Months Ended

Sep. 30, 2020

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)	2020		2019		2020		2019
Net revenue	$	148.2	$	160.8	$	292.8	$	416.6

Operating and SG&A expense	86.1		113.7		194.1		293.8
Depreciation and amortization	4.3		3.6		12.6		9.1
Total operating expense	90.4		117.3		206.7		302.9
Operating income	57.8		43.5		86.1		113.7
Interest and other, net	(9.4)		(17.6)		(58.6)		(59.9)
Net income	$	48.4	$	25.9	$	27.5	$	53.8

Affiliate Balance Sheet


(in millions)	September 30, 2020		December 31, 2019
Assets
Current assets	$	151.3	$	64.0
Property and equipment, net	270.4		256.1
Other assets, net	246.3		240.1
Total assets	$	668.0	$	560.2
Liabilities and Members' Deficit
Current liabilities	$	119.6	$	73.3
Long-term debt	783.0		745.0
Other liabilities	42.9		20.6
Members' deficit	(277.5)		(278.7)
Total liabilities and members' deficit	$	668.0	$	560.2

Fair Value Of Assets And Liabilities (Tables)

9 Months Ended

Sep. 30, 2020

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, 2020
(in millions)	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
Financial assets:
Restricted cash	$	57.6	$	57.6	$	57.6	$	—	$	—
Financial liabilities:
Term Loan B	385.6		389.0		—		389.0		—
Revolver	694.6		694.6		—		694.6		—
2027 Senior Notes	592.9		624.0		—		624.0		—
2028 Senior Notes	494.4		501.3		—		501.3		—

	December 31, 2019
(in millions)	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
Financial assets:
Restricted cash	$	46.3	$	46.3	$	46.3	$	—	$	—
Financial liabilities:
Term Loan B	388.0		392.0		—		392.0		—
2027 Senior Notes	592.0		636.0		—		636.0		—
2028 Senior Notes	493.9		515.2		—		515.2		—

Net Income Per Common Share Computations (Tables)

9 Months Ended

Sep. 30, 2020

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)	2020		2019		2020		2019
Numerator for basic net income (loss) per common share:
Net income (loss) from continuing operations	$	43.1	$	15.2	$	(3.1)	$	135.4
Net loss attributable to noncontrolling interest	(0.1)		—		(0.2)		—
Net income (loss) from continuing operations, net of loss attributable to noncontrolling interests	43.2		15.2		(2.9)		135.4
Net loss from discontinued operations	—		(0.4)		(96.1)		(1.9)
Numerator for basic net income (loss) per common share	$	43.2	$	14.8	$	(99.0)	$	133.5
Numerator for diluted net income (loss) from continuing operations per common share	$	43.2	$	15.2	$	(2.9)	$	135.4
Numerator for diluted net income (loss) per common share	$	43.2	$	14.8	$	(99.0)	$	133.5

Denominator for net income (loss) per common share:
Basic	39.5		40.0		39.6		40.2
Plus dilutive effect of stock awards	0.6		0.7		—		0.5
Diluted	40.1		40.7		39.6		40.7

Net income (loss) per common share data:
Basic
Continuing operations	$	1.09	$	0.38	$	(0.07)	$	3.37
Discontinued operations	$	—	$	(0.01)	$	(2.43)	$	(0.05)
Net income (loss) per common share - basic	$	1.09	$	0.37	$	(2.50)	$	3.32

Diluted
Continuing operations	$	1.08	$	0.37	$	(0.07)	$	3.33
Discontinued operations	$	—	$	(0.01)	$	(2.43)	$	(0.05)
Net income (loss) per common share - diluted	$	1.08	$	0.36	$	(2.50)	$	3.28

Anti-dilutive stock awards excluded from the calculation of diluted shares	—		—		0.6		—

Segment Information (Tables)

9 Months Ended

Sep. 30, 2020

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)	2020		2019		2020		2019
Net revenue from external customers:
Churchill Downs:
Churchill Downs Racetrack	$	34.9	$	8.9	$	52.4	$	172.2
Derby City Gaming	25.9		22.5		55.2		62.4
Total Churchill Downs	60.8		31.4		107.6		234.6
Online Wagering:
TwinSpires	124.1		70.2		310.6		228.8
Online Sports Betting and iGaming	1.8		—		3.8		0.1
Total Online Wagering	125.9		70.2		314.4		228.9
Gaming:
Fair Grounds and VSI	27.9		25.0		70.6		93.4
Presque Isle	27.7		38.1		57.3		104.9
Calder	6.5		24.4		34.0		75.4
Oxford	12.2		27.2		32.4		77.4
Ocean Downs	24.3		26.7		42.2		67.0
Riverwalk	16.0		13.6		36.1		44.1
Harlow’s	13.0		13.3		30.3		41.9
Lady Luck Nemacolin	7.2		10.0		16.8		20.6
Total Gaming	134.8		178.3		319.7		524.7
All Other	16.3		26.4		34.1		60.9
Net revenue from external customers	$	337.8	$	306.3	$	775.8	$	1,049.1


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2020		2019		2020		2019
Intercompany net revenue:
Churchill Downs	$	7.2	$	1.3	$	14.4	$	12.6
Online Wagering	0.5		0.2		1.3		0.9
Gaming	0.1		0.3		1.6		1.8
All Other	4.0		3.4		9.9		9.0
Eliminations	(11.8)		(5.2)		(27.2)		(24.3)
Intercompany net revenue	$	—	$	—	$	—	$	—


	Three Months Ended September 30, 2020
(in millions)	Churchill Downs		Online Wagering		Gaming		Total Segments		All Other		Total
Net revenue from external customers
Pari-mutuel:
Live and simulcast racing	$	14.3	$	119.0	$	4.6	$	137.9	$	9.0	$	146.9
Historical racing(a)	24.9		—		—		24.9		2.2		27.1
Racing event-related services	19.1		—		0.7		19.8		0.2		20.0
Gaming(a)	—		1.6		123.6		125.2		—		125.2
Other(a)	2.5		5.3		5.9		13.7		4.9		18.6
Total	$	60.8	$	125.9	$	134.8	$	321.5	$	16.3	$	337.8


	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(a)	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


	Nine Months Ended September 30, 2020
(in millions)	Churchill Downs		Online Wagering		Gaming		Total Segments		All Other		Total
Net revenue from external customers
Pari-mutuel:
Live and simulcast racing	$	30.2	$	298.5	$	16.2	$	344.9	$	19.7	$	364.6
Historical racing(b)	52.6		—		—		52.6		2.2		54.8
Racing event-related services	19.6		—		2.7		22.3		0.3		22.6
Gaming(b)	—		3.8		278.5		282.3		—		282.3
Other(b)	5.2		12.1		22.3		39.6		11.9		51.5
Total	$	107.6	$	314.4	$	319.7	$	741.7	$	34.1	$	775.8


	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(b)	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

Schedule of Segment Reporting Information

Adjusted EBITDA by segment is comprised of the following:


	Three Months Ended September 30, 2020
(in millions)	Churchill Downs		Online Wagering		Gaming
Net revenue	$	68.0	$	126.4	$	134.9

Taxes and purses	(19.3)		(8.0)		(51.7)
Marketing and advertising	(2.3)		(6.9)		(0.6)
Salaries and benefits	(8.4)		(3.1)		(19.1)
Content expense	(0.2)		(63.5)		(1.3)
Selling, general and administrative expense	(2.6)		(3.6)		(8.3)
Other operating expense	(11.3)		(9.4)		(14.4)
Other income	—		—		35.9
Adjusted EBITDA	$	23.9	$	31.9	$	75.4


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

Taxes and purses	(10.2)		(4.4)		(71.2)
Marketing and advertising	(1.1)		(3.6)		(5.5)
Salaries and benefits	(6.8)		(3.0)		(26.6)
Content expense	(0.5)		(36.5)		(1.6)
Selling, general and administrative 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


	Nine Months Ended September 30, 2020
(in millions)	Churchill Downs		Online Wagering		Gaming
Net revenue	$	122.0	$	315.7	$	321.3

Taxes and purses	(40.3)		(18.5)		(125.2)
Marketing and advertising	(3.7)		(13.3)		(6.3)
Salaries and benefits	(19.5)		(9.6)		(57.6)
Content expense	(0.7)		(156.4)		(2.9)
Selling, general and administrative expense	(5.3)		(6.7)		(18.9)
Other operating expense	(22.2)		(25.6)		(45.0)
Other income	—		0.1		57.0
Adjusted EBITDA	$	30.3	$	85.7	$	122.4


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

Taxes and purses	(52.1)		(12.0)		(204.7)
Marketing and advertising	(5.8)		(9.1)		(15.7)
Salaries and benefits	(24.5)		(8.2)		(76.5)
Content expense	(1.8)		(120.4)		(4.5)
Selling, general and administrative 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


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2020		2019		2020		2019
Reconciliation of Comprehensive Income (Loss) to Adjusted EBITDA:

Net income (loss) and comprehensive income (loss) attributable to CDI	$	43.2	$	14.8	$	(99.0)	$	133.5
Net loss attributable to noncontrolling interest	0.1		—		0.2		—
Net income (loss) before noncontrolling interest	43.1		14.8		(99.2)		133.5
Loss from discontinued operations, net of tax	—		0.4		96.1		1.9
Income (loss) from continuing operations, net of tax	43.1		15.2		(3.1)		135.4

Additions:
Depreciation and amortization	22.4		22.0		66.5		64.3
Interest expense	19.7		18.9		59.3		52.0
Income tax provision (benefit)	13.9		8.0		(5.6)		53.1
EBITDA	$	99.1	$	64.1	$	117.1	$	304.8

Adjustments to EBITDA:
Selling, general and administrative:
Stock-based compensation expense	$	6.9	$	5.5	$	17.3	$	17.6
Legal reserves	—		3.3		—		3.6
Other charges	0.8		—		0.7		—
Pre-opening expense and other expense	6.2		1.2		9.8		3.6
Impairment of intangible assets	—		—		17.5		—
Transaction expense, net	0.5		0.9		1.0		5.0
Other income, expense:
Interest, depreciation and amortization expense related to equity investments	9.9		9.7		29.2		22.9
Changes in fair value of Midwest Gaming's interest rate swaps	(1.5)		3.2		14.7		15.4
Midwest Gaming's recapitalization and transactions costs	—		—		—		4.7
Other	—		0.1		—		—
Total adjustments to EBITDA	22.8		23.9		90.2		72.8
Adjusted EBITDA	$	121.9	$	88.0	$	207.3	$	377.6

Adjusted EBITDA by segment:
Churchill Downs	$	23.9	$	5.2	$	30.3	$	128.5
Online Wagering	31.9		15.0		85.7		54.1
Gaming	75.4		71.7		122.4		212.6
Total segment Adjusted EBITDA	131.2		91.9		238.4		395.2
All Other	(9.3)		(3.9)		(31.1)		(17.6)
Total Adjusted EBITDA	$	121.9	$	88.0	$	207.3	$	377.6

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)	2020		2019		2020		2019
Gaming	$	27.6	$	14.1	$	13.2	$	27.7

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, 2020		December 31, 2019
Total assets:
Churchill Downs	$	394.2	$	370.3
Online Wagering	253.5		241.5
Gaming	968.9		1,030.1
Total segment assets	1,616.6		1,641.9
All Other	1,646.4		909.1
Total assets	$	3,263.0	$	2,551.0

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


	Nine Months Ended September 30,
(in millions)	2020		2019
Capital expenditures:
Churchill Downs	$	37.3	$	24.7
Online Wagering	9.6		7.3
Gaming	5.1		30.7
Total segment capital expenditures	52.0		62.7
All Other	158.1		28.3
Total capital expenditures	$	210.1	$	91.0

Description of Business (Details) ft² in Thousands										3 Months Ended				9 Months Ended		14 Months Ended
Description of Business (Details) ft² in Thousands	Oct. 02, 2020 USD ($) ft² game	Sep. 18, 2020	Sep. 11, 2020 USD ($)	Jun. 05, 2020 number_of_betting_facilities	Oct. 09, 2019 USD ($) a	Mar. 08, 2019 USD ($)	Mar. 06, 2019 USD ($)	Mar. 05, 2019 USD ($)	Jan. 11, 2019 USD ($)	Dec. 31, 2021 ft² game	Dec. 31, 2020 USD ($)	Sep. 30, 2020 game	Jun. 30, 2020 game	Sep. 30, 2020 USD ($) game racingDay	Sep. 30, 2019 USD ($)	Jun. 30, 2021 USD ($)	Mar. 16, 2020 USD ($)
Variable Interest Entity [Line Items]
Number of reportable segments \| game														3
Proceeds from new credit facilities														$ 726,000,000.0	$ 1,236,000,000.0
All Other \| Arlington International Racecourse
Variable Interest Entity [Line Items]
Number of spectator-free live racing days \| racingDay														18
Number of off-track facilities \| number_of_betting_facilities				4
Number of live racing days held \| game												12
Maximum patron capacity \| game														300
All Other \| Turfway Park
Variable Interest Entity [Line Items]
Number of spectator-free live racing days \| game														5
Number of live racing days held \| game														9
Number live racing days canceled \| racingDay														3
Churchill Downs Racetrack
Variable Interest Entity [Line Items]
Number of spectator-free live racing days \| game												14	27
Derby City Gaming
Variable Interest Entity [Line Items]
Patron capacity, percentage														0.75
Gaming capacity, percentage														0.66
Calder Casino and Racing
Variable Interest Entity [Line Items]
Gaming capacity, percentage														0.56
Fair Grounds and VSI
Variable Interest Entity [Line Items]
Patron capacity, percentage														0.25
Gaming capacity, percentage														0.75
Video Services, LLC
Variable Interest Entity [Line Items]
Patron capacity, percentage														0.50
Gaming capacity, percentage														0.75
Harlow’s
Variable Interest Entity [Line Items]
Patron capacity, percentage														0.50
Maximum gaming capacity, slots, percentage														0.66
Maximum gaming capacity, table games, percentage														0.60
Ocean Downs
Variable Interest Entity [Line Items]
Patron capacity, percentage														0.50
Maximum gaming capacity, table games, percentage														0.60
Maximum gaming capacity, video lottery terminals, percentage														0.70
Oxford
Variable Interest Entity [Line Items]
Maximum number of persons allowed on the gaming floor \| game														200
Presque Isle
Variable Interest Entity [Line Items]
Patron capacity, percentage														0.50
Maximum gaming capacity, slots, percentage														0.60
Maximum gaming capacity, table games, percentage														0.60
Riverwalk
Variable Interest Entity [Line Items]
Patron capacity, percentage														0.50
Maximum gaming capacity, slots, percentage														0.66
Maximum gaming capacity, table games, percentage														0.60
Lady Luck Nemacolin
Variable Interest Entity [Line Items]
Patron capacity, percentage														0.50
Maximum gaming capacity, slots, percentage														0.50
Maximum gaming capacity, table games, percentage														0.60
Oak Grove
Variable Interest Entity [Line Items]
Patron capacity, percentage		0.75
Gaming capacity, percentage		0.63
Revolving Credit Facility \| Line of Credit
Variable Interest Entity [Line Items]
Borrowings																	$ 675,400,000
Proceeds from new credit facilities														$ 622,000,000.0
Presque Isle Downs & Casino And Lady Luck Casino
Variable Interest Entity [Line Items]
Payments to acquire business									$ 178,900,000
Presque Isle
Variable Interest Entity [Line Items]
Working capital and other purchase price adjustments									$ 1,600,000
Lady Luck Nemacolin
Variable Interest Entity [Line Items]
Payments to acquire business						$ 100,000
Turfway Park
Variable Interest Entity [Line Items]
Payments to acquire business					$ 36,000,000.0
Working capital and other purchase price adjustments					900,000
Total consideration					$ 46,000,000.0
Area of land \| a					197
Rivers Casino Des Plaines
Variable Interest Entity [Line Items]
Patron capacity, percentage														0.25
Maximum gaming capacity, slots, percentage														0.75
Maximum gaming capacity, table games, percentage														0.45
Miami Valley Gaming LLC
Variable Interest Entity [Line Items]
Patron capacity, percentage														0.63
Maximum gaming capacity, video lottery terminals, percentage														0.67
Equity method investment, ownership percentage												50.00%		50.00%
WKY Development, LLC
Variable Interest Entity [Line Items]
Payments to acquire business			$ 3,000,000.0
Midwest Gaming Holdings, LLC
Variable Interest Entity [Line Items]
Equity method investment, ownership percentage							61.30%	42.00%				61.30%		61.30%
Aggregated cash consideration paid at closing of the Sale Transaction								$ 406,600,000
Transaction costs								3,500,000
Deferred tax liability								103,200,000
Clairvest Group Inc.
Variable Interest Entity [Line Items]
Transaction costs								3,500,000
Subsequent Event \| Newport Racing and Gaming
Variable Interest Entity [Line Items]
Patron capacity, percentage	0.75
Payments to acquire business	$ 38,400,000
Business combination, future investment in acquisition extension, square foot of gaming floor \| ft²	17
Number of historical racing machines \| game	500
Subsequent Event \| Revolving Credit Facility \| Line of Credit
Variable Interest Entity [Line Items]
Minimum liquidity financial covenant																$ 150,000,000.0
Subsequent Event \| Turfway Park \| Forecast
Variable Interest Entity [Line Items]
Total consideration											$ 200,000,000.0
Business combination, future investment in acquisition extension, square foot of gaming floor \| ft²										155
Subsequent Event \| Turfway Park \| Maximum \| Forecast
Variable Interest Entity [Line Items]
Number of historical racing machines \| game										1,200
Midwest Gaming Holdings, LLC
Variable Interest Entity [Line Items]
Proceeds from new credit facilities							$ 300,000,000.0	$ 300,000,000.0
High Plaines \| Midwest Gaming Holdings, LLC
Variable Interest Entity [Line Items]
Equity method investment, ownership percentage							36.00%
Casino Investors \| Midwest Gaming Holdings, LLC
Variable Interest Entity [Line Items]
Equity method investment, ownership percentage							2.70%

Acquisitions - Turfway Park (Details) - USD ($) $ in Millions	Oct. 09, 2019	Sep. 30, 2020	Dec. 31, 2019
Business Acquisition [Line Items]
Goodwill		$ 366.8	$ 367.1
Turfway Park
Business Acquisition [Line Items]
Total consideration	$ 46.0
Payments to acquire business	36.0
Intangible asset acquired	10.0
Working capital and other purchase price adjustments	0.9
Cash acquired in the acquisition	0.9
Land acquired	18.8
Goodwill	2.7
Current liabilities acquired	2.6
Turfway Park \| Game Rights
Business Acquisition [Line Items]
Indefinite-lived assets acquired	9.8
Turfway Park \| Trademarks
Business Acquisition [Line Items]
Indefinite-lived assets acquired	$ 5.5

Discontinued Operations - Additional Information (Details) - Big Fish Games - USD ($) $ in Millions		9 Months Ended
	May 22, 2020	Sep. 30, 2020	Jan. 09, 2018
Pro Forma \| Cheryl Kater v. Churchill Downs Incorporated \| Pending Litigation
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Amount to be paid into a settlement fund	$ 155.0
CDI \| Cheryl Kater v. Churchill Downs Incorporated \| Pending Litigation
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Pre-tax settlement paid in cash	124.0	$ 124.0
Aristocrat \| Cheryl Kater v. Churchill Downs Incorporated \| Pending Litigation
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Pre-tax settlement paid in cash	$ 31.0
Discontinued Operations, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Purchase price			$ 990.0

Discontinued Operations - Income (Loss) From Discontinued Operations (Details) - Big Fish Games - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net revenue	$ 0.0	$ 0.0	$ 0.0	$ 0.0
Selling, general and administrative expense	0.0	0.8	1.5	2.8
Legal settlement	0.0	0.0	124.0	0.0
Loss from discontinued operations before provision for income taxes	0.0	(0.8)	(125.5)	(2.8)
Income tax benefit	0.0	0.4	29.4	0.9
Loss from discontinued operations, net of tax	$ 0.0	$ (0.4)	$ (96.1)	$ (1.9)

Goodwill and Other Intangible Assets - Goodwill (Details) $ in Millions	9 Months Ended
	Sep. 30, 2020 USD ($)
Goodwill [Roll Forward]
Balances as of December 31, 2019	$ 367.1
Adjustments	(0.3)
Balances as of September 30, 2020	366.8
Churchill Downs
Goodwill [Roll Forward]
Balances as of December 31, 2019	49.7
Adjustments	0.0
Balances as of September 30, 2020	49.7
Online Wagering
Goodwill [Roll Forward]
Balances as of December 31, 2019	148.2
Adjustments	0.0
Balances as of September 30, 2020	148.2
Gaming
Goodwill [Roll Forward]
Balances as of December 31, 2019	165.2
Adjustments	0.0
Balances as of September 30, 2020	165.2
All Other
Goodwill [Roll Forward]
Balances as of December 31, 2019	4.0
Adjustments	(0.3)
Balances as of September 30, 2020	$ 3.7

Goodwill and Other Intangible Assets - Intangible Assets (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Gross Carrying Amount	$ 31.2	$ 31.3
Accumulated Amortization	(15.4)	(15.0)
Definite-Lived Intangible Assets, Net Carrying Amount	15.8	16.3
Indefinite-lived Intangible Assets, Net Carrying Amount	336.0	353.5
Total intangible assets	$ 351.8	$ 369.8

Asset Impairment (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
Asset Impairment (Details) - USD ($) $ in Millions	Sep. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Indefinite-lived Intangible Assets [Line Items]
Impairment of intangible assets	$ 0.0		$ 0.0	$ 17.5	$ 0.0
Online Wagering
Indefinite-lived Intangible Assets [Line Items]
Impairment of intangible assets		$ 2.5
Presque Isle \| Gaming
Indefinite-lived Intangible Assets [Line Items]
Impairment of intangible assets		12.5
Gaming Rights
Indefinite-lived Intangible Assets [Line Items]
Impairment of intangible assets		15.0
Trademarks
Indefinite-lived Intangible Assets [Line Items]
Impairment of intangible assets		$ 2.5

Income Taxes (Details) $ in Millions	9 Months Ended
Income Taxes (Details) $ in Millions	Sep. 30, 2020 USD ($)
Income Tax Disclosure [Abstract]
Future income tax expenses recognized from the re-measurement of net deferred tax liabilities	$ 2.7

Shareholders' Equity (Details) - USD ($)	3 Months Ended					9 Months Ended
Shareholders' Equity (Details) - USD ($)	Sep. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Oct. 30, 2018	Oct. 29, 2018	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		$ 27,900,000	$ 25,000,000.0	$ 18,000,000.0	$ 25,000,000.0
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	$ 147,100,000					$ 147,100,000
Repurchase of common stock (in shares)	0					235,590
Repurchase aggregate cost						$ 27,900,000

Stock-based Compensation Plans (Details) shares in Thousands, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020 USD ($)	Sep. 30, 2019 USD ($)	Sep. 30, 2020 USD ($) performance_condition shares	Sep. 30, 2019 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation \| $	$ 6.9	$ 5.5	$ 17.3	$ 17.6
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Service period vested			3 years
Number of performance conditions \| performance_condition			2
Number of Units Awarded (in shares)			37
Share-based Compensation Award, Tranche One \| Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Units Awarded (in shares)			44
Award vesting period			3 years
Share-based Compensation Award, Tranche Two \| Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Units Awarded (in shares)			37
Award vesting period			3 years
Share-based Payment Arrangement, Tranche Three \| Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Units Awarded (in shares)			12
Award vesting period			1 year

Debt (Details) - USD ($)		9 Months Ended		14 Months Ended
Debt (Details) - USD ($)	Mar. 16, 2020	Sep. 30, 2020	Sep. 30, 2019	Jun. 30, 2021
Debt Instrument [Line Items]
Proceeds from borrowings under long-term debt obligations		$ 726,000,000.0	$ 1,236,000,000.0
Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Debt issuance costs	$ 2,000,000.0
Borrowings	$ 675,400,000
Proceeds from borrowings under long-term debt obligations		$ 622,000,000.0
Line of Credit \| Revolving Credit Facility \| Subsequent Event
Debt Instrument [Line Items]
Minimum liquidity financial covenant				$ 150,000,000.0
Line of Credit \| Revolving Credit Facility \| Minimum
Debt Instrument [Line Items]
Commitment fee percentage	0.35%
Line of Credit \| Revolving Credit Facility \| Minimum \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread	2.25%
Line of Credit \| Revolving Credit Facility \| Maximum
Debt Instrument [Line Items]
Commitment fee percentage	0.30%
Line of Credit \| Revolving Credit Facility \| Maximum \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread	1.75%

Revenue from Contracts with Customers - Performance Obiligations (Details) $ in Millions	Sep. 30, 2020 USD ($)
Revenue from Contract with Customer [Abstract]
Remaining performance obligation, amount	$ 133.2
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-10-01
Revenue from Contract with Customer [Abstract]
Remaining performance obligation, amount	$ 0.4
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	3 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01
Revenue from Contract with Customer [Abstract]
Remaining performance obligation, amount	$ 41.2
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01
Revenue from Contract with Customer [Abstract]
Remaining performance obligation, amount	$ 34.2
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [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, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Revenue from Contract with Customer [Abstract]
Contract with customer, liability	$ 60.0		$ 60.0		$ 63.1
Contract with customer, revenue recognized	$ 1.7	$ 1.1	$ 5.8	$ 49.6

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Payables and Accruals [Abstract]
Account wagering deposits liability	$ 41.3	$ 28.9
Accrued interest	21.7	19.7
Purses payable	20.2	19.9
Accrued salaries and related benefits	21.4	29.2
Other	87.8	75.7
Total	$ 192.4	$ 173.4

Investment in and Advances to Unconsolidated Affiliates - Additional Information (Details) - USD ($) $ in Millions			9 Months Ended
	Mar. 06, 2019	Mar. 05, 2019	Sep. 30, 2020	Sep. 30, 2019
Investments in and Advances to Affiliates [Line Items]
Proceeds from borrowings under long-term debt obligations			$ 726.0	$ 1,236.0
Midwest Gaming Holdings, LLC
Investments in and Advances to Affiliates [Line Items]
Equity method investment, ownership percentage	61.30%	42.00%	61.30%
Aggregated cash consideration paid at closing of the Sale Transaction		$ 406.6
Transaction costs		3.5
Deferred tax liability		103.2
Equity method investment, difference between carrying amount and underlying equity			$ 833.6
Midwest Gaming Holdings, LLC
Investments in and Advances to Affiliates [Line Items]
Proceeds from borrowings under long-term debt obligations	$ 300.0	$ 300.0
High Plaines \| Midwest Gaming Holdings, LLC
Investments in and Advances to Affiliates [Line Items]
Equity method investment, ownership percentage	36.00%
Casino Investors \| Midwest Gaming Holdings, LLC
Investments in and Advances to Affiliates [Line Items]
Equity method investment, ownership percentage	2.70%

Investment in and Advances to Unconsolidated Affiliates - Affiliate Income Statement (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Affiliate Income Statement [Abstract]
Net revenue	$ 148.2	$ 160.8	$ 292.8	$ 416.6
Operating and SG&A expense	86.1	113.7	194.1	293.8
Depreciation and amortization	4.3	3.6	12.6	9.1
Total operating expense	90.4	117.3	206.7	302.9
Operating income	57.8	43.5	86.1	113.7
Interest and other, net	(9.4)	(17.6)	(58.6)	(59.9)
Net income	$ 48.4	$ 25.9	$ 27.5	$ 53.8

Investment in and Advances to Unconsolidated Affiliates - Affiliate Balance Sheet (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Investments in and Advances to Affiliates, Affiliate Balance Sheet [Abstract]
Current assets	$ 151.3	$ 64.0
Property and equipment, net	270.4	256.1
Other assets, net	246.3	240.1
Total assets	668.0	560.2
Current liabilities	119.6	73.3
Long-term debt	783.0	745.0
Other liabilities	42.9	20.6
Members' deficit	(277.5)	(278.7)
Total liabilities and members' deficit	$ 668.0	$ 560.2

Fair Value Of Assets And Liabilities (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019	Dec. 27, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	$ 57,600,000	$ 46,300,000
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	57,600,000	46,300,000
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	0	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	$ 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	624,000,000.0	636,000,000.0
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
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	501,300,000	515,200,000
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
Term Loan B \| Term Loan B due 2024 \| Line of Credit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Face amount of debt issuance			$ 400,000,000.0
Term Loan B \| Term Loan B due 2024 \| 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
Term Loan B \| Term Loan B due 2024 \| Line of Credit \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value disclosure of debt	389,000,000.0	392,000,000.0
Term Loan B \| Term Loan B due 2024 \| 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
Revolving Credit Facility \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value disclosure of debt	0
Revolving Credit Facility \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value disclosure of debt	694,600,000
Revolving Credit Facility \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value disclosure of debt	0
Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	57,600,000	46,300,000
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	592,900,000	592,000,000.0
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	494,400,000	493,900,000
Carrying Amount \| Term Loan B \| Term Loan B due 2024 \| Line of Credit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value disclosure of debt	385,600,000	388,000,000.0
Carrying Amount \| Revolving Credit Facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value disclosure of debt	694,600,000
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	57,600,000	46,300,000
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	624,000,000.0	636,000,000.0
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	501,300,000	515,200,000
Fair Value \| Term Loan B \| Term Loan B due 2024 \| Line of Credit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value disclosure of debt	389,000,000.0	$ 392,000,000.0
Fair Value \| Revolving Credit Facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value disclosure of debt	$ 694,600,000

Net Income Per Common Share Computations (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Earnings Per Share [Abstract]
Income (loss) from continuing operations, net of tax	$ 43.1	$ 15.2	$ (3.1)	$ 135.4
Net loss attributable to noncontrolling interest	(0.1)	0.0	(0.2)	0.0
Net income (loss) from continuing operations, net of loss attributable to noncontrolling interests	43.2	15.2	(2.9)	135.4
Loss from discontinued operations, net of tax	0.0	(0.4)	(96.1)	(1.9)
Numerator for basic net income (loss) per common share	43.2	14.8	(99.0)	133.5
Numerator for diluted net income (loss) from continuing operations per common share	43.2	15.2	(2.9)	135.4
Numerator for diluted net income (loss) per common share	$ 43.2	$ 14.8	$ (99.0)	$ 133.5
Denominator for net income (loss) per common share:
Basic (in shares)	39.5	40.0	39.6	40.2
Plus dilutive effect of stock awards (in shares)	0.6	0.7	0.0	0.5
Diluted (in shares)	40.1	40.7	39.6	40.7
Net (loss) income per common share data, basic:
Continuing operations (in dollars per share)	$ 1.09	$ 0.38	$ (0.07)	$ 3.37
Discontinued operations (in dollars per share)	0	(0.01)	(2.43)	(0.05)
Net (loss) income per common share data - basic (in dollars per share)	1.09	0.37	(2.50)	3.32
Net (loss) income per common share data, diluted:
Continuing operations (in dollars per share)	1.08	0.37	(0.07)	3.33
Discontinued operations (in dollars per share)	0	(0.01)	(2.43)	(0.05)
Net (loss) income per common share data - diluted (in dollars per share)	$ 1.08	$ 0.36	$ (2.50)	$ 3.28
Anti-dilutive stock awards excluded from the calculation of diluted shares (in shares)	0.0	0.0	0.6	0.0

Segment Information - Narrative (Details) slot_machine in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2020 game Segments state	Sep. 30, 2020 game slot_machine state	Mar. 06, 2019	Mar. 05, 2019
Schedule of Equity Method Investments [Line Items]
Number of operating segments \| Segments	3
Number of slot machines \| slot_machine		11
Number of table games \| game	200	200
Number of states in which Gaming segment has slot machines and video lottery terminals \| state	8	8
Midwest Gaming Holdings, LLC
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	61.30%	61.30%	61.30%	42.00%
Miami Valley Gaming LLC
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	50.00%	50.00%

Segment Information - Information About Reported Segments (Details) - USD ($) $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019
Segment Reporting Information [Line Items]
Net revenue	$ 337.8			$ 306.3			$ 775.8	$ 1,049.1
Intercompany net revenues	0.0			0.0			0.0	0.0
Net income (loss) and comprehensive income (loss) attributable to CDI	43.2			14.8			(99.0)	133.5
Net loss attributable to noncontrolling interest	0.1			0.0			0.2	0.0
Net income (loss)	43.1	$ (118.8)	$ (23.5)	14.8	$ 107.1	$ 11.6	(99.2)	133.5
Loss from discontinued operations, net of tax	0.0			0.4			96.1	1.9
Income (loss) from continuing operations, net of tax	43.1			15.2			(3.1)	135.4
Depreciation and amortization	22.4			22.0			66.5	64.3
Interest expense	19.7			18.9			59.3	52.0
Income tax provision (benefit)	13.9			8.0			(5.6)	53.1
EBITDA	99.1			64.1			117.1	304.8
Stock-based compensation expense	6.9			5.5			17.3	17.6
Legal reserves	0.0			3.3			0.0	3.6
Other charges	0.8			0.0			0.7	0.0
Pre-opening expense and other expense	6.2			1.2			9.8	3.6
Impairment of intangible assets	0.0			0.0			17.5	0.0
Transaction expense, net	0.5			0.9			1.0	5.0
Interest, depreciation and amortization expense related to equity investments	9.9			9.7			29.2	22.9
Changes in fair value of Midwest Gaming's interest rate swaps	(1.5)			3.2			14.7	15.4
Midwest Gaming's recapitalization and transactions costs	0.0			0.0			0.0	4.7
Other charges & recoveries, net	0.0			0.1			0.0	0.0
Total adjustments to EBITDA	22.8			23.9			90.2	72.8
Adjusted EBITDA	121.9			88.0			207.3	377.6
Churchill Downs
Segment Reporting Information [Line Items]
Net revenue	68.0			32.7			122.0	247.2
Adjusted Segment EBITDA	23.9			5.2			30.3	128.5
Online Wagering
Segment Reporting Information [Line Items]
Net revenue	126.4			70.4			315.7	229.8
Impairment of intangible assets			2.5
Adjusted Segment EBITDA	31.9			15.0			85.7	54.1
Gaming
Segment Reporting Information [Line Items]
Net revenue	134.9			178.6			321.3	526.5
Adjusted Segment EBITDA	75.4			71.7			122.4	212.6
Gaming \| Presque Isle
Segment Reporting Information [Line Items]
Impairment of intangible assets			$ 12.5
Operating Segments
Segment Reporting Information [Line Items]
Net revenue	337.8			306.3			775.8	1,049.1
Adjusted Segment EBITDA	131.2			91.9			238.4	395.2
Operating Segments \| Churchill Downs
Segment Reporting Information [Line Items]
Net revenue	60.8			31.4			107.6	234.6
Intercompany net revenues	7.2			1.3			14.4	12.6
Adjusted Segment EBITDA	23.9			5.2			30.3	128.5
Operating Segments \| Churchill Downs \| Churchill Downs Racetrack
Segment Reporting Information [Line Items]
Net revenue	34.9			8.9			52.4	172.2
Operating Segments \| Churchill Downs \| Derby City Gaming
Segment Reporting Information [Line Items]
Net revenue	25.9			22.5			55.2	62.4
Operating Segments \| Online Wagering
Segment Reporting Information [Line Items]
Net revenue	125.9			70.2			314.4	228.9
Intercompany net revenues	0.5			0.2			1.3	0.9
Adjusted Segment EBITDA	31.9			15.0			85.7	54.1
Operating Segments \| Online Wagering \| TwinSpires
Segment Reporting Information [Line Items]
Net revenue	124.1			70.2			310.6	228.8
Operating Segments \| Online Wagering \| Online Sports Betting and iGaming
Segment Reporting Information [Line Items]
Net revenue	1.8			0.0			3.8	0.1
Operating Segments \| Gaming
Segment Reporting Information [Line Items]
Net revenue	134.8			178.3			319.7	524.7
Intercompany net revenues	0.1			0.3			1.6	1.8
Adjusted Segment EBITDA	75.4			71.7			122.4	212.6
Operating Segments \| Gaming \| Fair Grounds and VSI
Segment Reporting Information [Line Items]
Net revenue	27.9			25.0			70.6	93.4
Operating Segments \| Gaming \| Presque Isle
Segment Reporting Information [Line Items]
Net revenue	27.7			38.1			57.3	104.9
Operating Segments \| Gaming \| Calder
Segment Reporting Information [Line Items]
Net revenue	6.5			24.4			34.0	75.4
Operating Segments \| Gaming \| Oxford
Segment Reporting Information [Line Items]
Net revenue	12.2			27.2			32.4	77.4
Operating Segments \| Gaming \| Ocean Downs
Segment Reporting Information [Line Items]
Net revenue	24.3			26.7			42.2	67.0
Operating Segments \| Gaming \| Riverwalk
Segment Reporting Information [Line Items]
Net revenue	16.0			13.6			36.1	44.1
Operating Segments \| Gaming \| Harlow’s
Segment Reporting Information [Line Items]
Net revenue	13.0			13.3			30.3	41.9
Operating Segments \| Gaming \| Lady Luck Nemacolin
Segment Reporting Information [Line Items]
Net revenue	7.2			10.0			16.8	20.6
Segment Reconciling Items \| All Other
Segment Reporting Information [Line Items]
Net revenue	16.3			26.4			34.1	60.9
Intercompany net revenues	4.0			3.4			9.9	9.0
Adjusted Segment EBITDA	(9.3)			(3.9)			(31.1)	(17.6)
Eliminations
Segment Reporting Information [Line Items]
Intercompany net revenues	$ (11.8)			$ (5.2)			$ (27.2)	$ (24.3)

Segment Information - Schedule of Net Revenue from External Customers (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Segment Reporting Information [Line Items]
Net revenue from external customers	$ 337.8	$ 306.3	$ 775.8	$ 1,049.1
Disclosure of complimentary revenue	2.1	8.9	10.5	24.7
Churchill Downs
Segment Reporting Information [Line Items]
Net revenue from external customers	68.0	32.7	122.0	247.2
Online Wagering
Segment Reporting Information [Line Items]
Net revenue from external customers	126.4	70.4	315.7	229.8
Gaming
Segment Reporting Information [Line Items]
Net revenue from external customers	134.9	178.6	321.3	526.5
Operating Segments
Segment Reporting Information [Line Items]
Net revenue from external customers	337.8	306.3	775.8	1,049.1
Operating Segments \| Churchill Downs
Segment Reporting Information [Line Items]
Net revenue from external customers	60.8	31.4	107.6	234.6
Operating Segments \| Online Wagering
Segment Reporting Information [Line Items]
Net revenue from external customers	125.9	70.2	314.4	228.9
Operating Segments \| Gaming
Segment Reporting Information [Line Items]
Net revenue from external customers	134.8	178.3	319.7	524.7
Segment Reconciling Items \| All Other
Segment Reporting Information [Line Items]
Net revenue from external customers	16.3	26.4	34.1	60.9
Gaming
Segment Reporting Information [Line Items]
Net revenue from external customers	134.8	178.3	319.7	524.7
Other
Segment Reporting Information [Line Items]
Net revenue from external customers	16.3	26.4	34.1	60.9
External Customer
Segment Reporting Information [Line Items]
Net revenue from external customers	337.8	306.3	775.8	1,049.1
External Customer \| Operating Segments \| Churchill Downs
Segment Reporting Information [Line Items]
Net revenue from external customers	60.8	31.4	107.6	234.6
External Customer \| Operating Segments \| Online Wagering
Segment Reporting Information [Line Items]
Net revenue from external customers	125.9	70.2	314.4	228.9
External Customer \| Operating Segments \| Gaming
Segment Reporting Information [Line Items]
Net revenue from external customers	134.8	178.3	319.7	524.7
External Customer \| Operating Segments \| Total Segments
Segment Reporting Information [Line Items]
Net revenue from external customers	321.5	279.9	741.7	988.2
External Customer \| Segment Reconciling Items \| All Other
Segment Reporting Information [Line Items]
Net revenue from external customers	16.3	26.4	34.1	60.9
External Customer \| Pari-mutuel, live and simulcast racing
Segment Reporting Information [Line Items]
Net revenue from external customers	146.9	93.7	364.6	325.4
External Customer \| Pari-mutuel, live and simulcast racing \| Operating Segments \| Churchill Downs
Segment Reporting Information [Line Items]
Net revenue from external customers	14.3	5.4	30.2	48.1
External Customer \| Pari-mutuel, live and simulcast racing \| Operating Segments \| Online Wagering
Segment Reporting Information [Line Items]
Net revenue from external customers	119.0	67.1	298.5	218.7
External Customer \| Pari-mutuel, live and simulcast racing \| Operating Segments \| Gaming
Segment Reporting Information [Line Items]
Net revenue from external customers	4.6	6.2	16.2	23.9
External Customer \| Pari-mutuel, live and simulcast racing \| Operating Segments \| Total Segments
Segment Reporting Information [Line Items]
Net revenue from external customers	137.9	78.7	344.9	290.7
External Customer \| Pari-mutuel, live and simulcast racing \| Segment Reconciling Items \| All Other
Segment Reporting Information [Line Items]
Net revenue from external customers	9.0	15.0	19.7	34.7
External Customer \| Pari-mutuel, historical racing
Segment Reporting Information [Line Items]
Net revenue from external customers	27.1	21.3	54.8	58.7
External Customer \| Pari-mutuel, historical racing \| Operating Segments \| Churchill Downs
Segment Reporting Information [Line Items]
Net revenue from external customers	24.9	21.3	52.6	58.7
External Customer \| Pari-mutuel, historical racing \| Operating Segments \| Online Wagering
Segment Reporting Information [Line Items]
Net revenue from external customers	0.0	0.0	0.0	0.0
External Customer \| Pari-mutuel, historical racing \| Operating Segments \| Gaming
Segment Reporting Information [Line Items]
Net revenue from external customers	0.0	0.0	0.0	0.0
External Customer \| Pari-mutuel, historical racing \| Operating Segments \| Total Segments
Segment Reporting Information [Line Items]
Net revenue from external customers	24.9	21.3	52.6	58.7
External Customer \| Pari-mutuel, historical racing \| Segment Reconciling Items \| All Other
Segment Reporting Information [Line Items]
Net revenue from external customers	2.2	0.0	2.2	0.0
External Customer \| Racing event-related services
Segment Reporting Information [Line Items]
Net revenue from external customers	20.0	5.5	22.6	123.4
External Customer \| Racing event-related services \| Operating Segments \| Churchill Downs
Segment Reporting Information [Line Items]
Net revenue from external customers	19.1	1.6	19.6	115.0
External Customer \| Racing event-related services \| Operating Segments \| Online Wagering
Segment Reporting Information [Line Items]
Net revenue from external customers	0.0	0.0	0.0	0.0
External Customer \| Racing event-related services \| Operating Segments \| Gaming
Segment Reporting Information [Line Items]
Net revenue from external customers	0.7	0.8	2.7	3.1
External Customer \| Racing event-related services \| Operating Segments \| Total Segments
Segment Reporting Information [Line Items]
Net revenue from external customers	19.8	2.4	22.3	118.1
External Customer \| Racing event-related services \| Segment Reconciling Items \| All Other
Segment Reporting Information [Line Items]
Net revenue from external customers	0.2	3.1	0.3	5.3
External Customer \| Gaming
Segment Reporting Information [Line Items]
Net revenue from external customers	125.2	153.2	282.3	442.5
External Customer \| Gaming \| Operating Segments \| Churchill Downs
Segment Reporting Information [Line Items]
Net revenue from external customers	0.0	0.0	0.0	0.0
External Customer \| Gaming \| Operating Segments \| Online Wagering
Segment Reporting Information [Line Items]
Net revenue from external customers	1.6	0.0	3.8	0.1
External Customer \| Gaming \| Operating Segments \| Gaming
Segment Reporting Information [Line Items]
Net revenue from external customers	123.6	153.2	278.5	442.4
External Customer \| Gaming \| Operating Segments \| Total Segments
Segment Reporting Information [Line Items]
Net revenue from external customers	125.2	153.2	282.3	442.5
External Customer \| Gaming \| Segment Reconciling Items \| All Other
Segment Reporting Information [Line Items]
Net revenue from external customers	0.0	0.0	0.0	0.0
External Customer \| Other
Segment Reporting Information [Line Items]
Net revenue from external customers	18.6	32.6	51.5	99.1
External Customer \| Other \| Operating Segments \| Churchill Downs
Segment Reporting Information [Line Items]
Net revenue from external customers	2.5	3.1	5.2	12.8
External Customer \| Other \| Operating Segments \| Online Wagering
Segment Reporting Information [Line Items]
Net revenue from external customers	5.3	3.1	12.1	10.1
External Customer \| Other \| Operating Segments \| Gaming
Segment Reporting Information [Line Items]
Net revenue from external customers	5.9	18.1	22.3	55.3
External Customer \| Other \| Operating Segments \| Total Segments
Segment Reporting Information [Line Items]
Net revenue from external customers	13.7	24.3	39.6	78.2
External Customer \| Other \| Segment Reconciling Items \| All Other
Segment Reporting Information [Line Items]
Net revenue from external customers	$ 4.9	$ 8.3	$ 11.9	$ 20.9

Segment Information - Adjusted EBITDA by Segment (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Segment Reporting Information [Line Items]
Net revenue	$ 337.8	$ 306.3	$ 775.8	$ 1,049.1
Churchill Downs
Segment Reporting Information [Line Items]
Net revenue	68.0	32.7	122.0	247.2
Taxes and purses	(19.3)	(10.2)	(40.3)	(52.1)
Marketing and advertising	(2.3)	(1.1)	(3.7)	(5.8)
Salaries and benefits	(8.4)	(6.8)	(19.5)	(24.5)
Content expense	(0.2)	(0.5)	(0.7)	(1.8)
Selling, general and administrative expense	(2.6)	(2.1)	(5.3)	(5.8)
Other operating expense	(11.3)	(6.9)	(22.2)	(28.8)
Other income	0.0	0.1	0.0	0.1
Adjusted EBITDA	23.9	5.2	30.3	128.5
Online Wagering
Segment Reporting Information [Line Items]
Net revenue	126.4	70.4	315.7	229.8
Taxes and purses	(8.0)	(4.4)	(18.5)	(12.0)
Marketing and advertising	(6.9)	(3.6)	(13.3)	(9.1)
Salaries and benefits	(3.1)	(3.0)	(9.6)	(8.2)
Content expense	(63.5)	(36.5)	(156.4)	(120.4)
Selling, general and administrative expense	(3.6)	(1.8)	(6.7)	(5.5)
Other operating expense	(9.4)	(6.1)	(25.6)	(20.5)
Other income	0.0	0.0	0.1	0.0
Adjusted EBITDA	31.9	15.0	85.7	54.1
Gaming
Segment Reporting Information [Line Items]
Net revenue	134.9	178.6	321.3	526.5
Taxes and purses	(51.7)	(71.2)	(125.2)	(204.7)
Marketing and advertising	(0.6)	(5.5)	(6.3)	(15.7)
Salaries and benefits	(19.1)	(26.6)	(57.6)	(76.5)
Content expense	(1.3)	(1.6)	(2.9)	(4.5)
Selling, general and administrative expense	(8.3)	(7.9)	(18.9)	(21.2)
Other operating expense	(14.4)	(21.2)	(45.0)	(62.0)
Other income	35.9	27.1	57.0	70.7
Adjusted EBITDA	$ 75.4	$ 71.7	$ 122.4	$ 212.6

Segment Information - Equity in Earnings of Unconsolidated Investments (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Segment Reporting, Other Significant Reconciling Item [Line Items]
Equity in income of unconsolidated investments	$ 27.6	$ 14.1	$ 13.2	$ 27.7
Gaming
Segment Reporting, Other Significant Reconciling Item [Line Items]
Equity in income of unconsolidated investments	$ 27.6	$ 14.1	$ 13.2	$ 27.7

Segment Information - Total Asset Information For Segments (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 3,263.0		$ 2,551.0
Capital expenditures	210.1	$ 91.0
Operating Segments \| Total Segments
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	1,616.6		1,641.9
Capital expenditures	52.0	62.7
Operating Segments \| Churchill Downs
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	394.2		370.3
Capital expenditures	37.3	24.7
Operating Segments \| Online Wagering
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	253.5		241.5
Capital expenditures	9.6	7.3
Operating Segments \| Gaming
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	968.9		1,030.1
Capital expenditures	5.1	30.7
Segment Reconciling Items \| All Other
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	1,646.4		$ 909.1
Capital expenditures	$ 158.1	$ 28.3

Subsequent Event (Details)	Oct. 27, 2020 $ / shares
Subsequent Event
Subsequent Event [Line Items]
Dividends Payable, Amount Per Share	$ 0.622