0000020212-22-000083 | 8-K | XBRL Viewer

Cover	Apr. 26, 2022
Cover [Abstract]
Document Type	8-K
Document Period End Date	Apr. 26, 2022
Entity Registrant Name	Churchill Downs Incorporated
Entity Incorporation, State or Country Code	KY
Entity File Number	001-33998
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
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, No Par Value
Trading Symbol	CHDN
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false
Amendment Flag	false
Entity Central Index Key	0000020212

Recast Segment Information - Recast Segment Operating Results (Tables)

Apr. 20, 2021

Accounting Changes and Error Corrections [Abstract]

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


	Three Months Ended								Year Ended December 31,
(in millions)	March 31, 2021		June 30, 2021		September 30, 2021		December 31, 2021		2021		2020
Net revenue:
Live and Historical Racing	$	63.2	$	175.9	$	79.7	$	90.3	$	409.1	$	169.6
TwinSpires	103.5		140.8		107.5		99.6		451.4		430.1
Gaming	152.0		186.0		185.3		172.1		695.4		435.3
All Other	5.6		12.4		20.5		2.8		41.3		19.0
Total net revenue	324.3		515.1		393.0		364.8		1,597.2		1,054.0
Operating expense:
Live and Historical Racing	54.7		100.3		62.3		71.6		288.9		179.0
TwinSpires	77.5		102.1		83.0		83.2		345.8		293.1
Gaming	106.3		121.0		127.7		121.3		476.3		357.9
All Other	8.8		11.7		14.3		5.3		40.1		30.5
Selling, general and administrative expense	30.2		33.4		36.1		38.8		138.5		114.8
Asset impairments	—		11.2		—		4.1		15.3		17.5
Transaction expense, net	0.1		—		2.0		5.8		7.9		1.0
Total operating expense	277.6		379.7		325.4		330.1		1,312.8		993.8
Operating income	$	46.7	$	135.4	$	67.6	$	34.7	$	284.4	$	60.2


	Three Months Ended								Year Ended December 31,
(in millions)	March 31, 2021		June 30, 2021		September 30, 2021		December 31, 2021		2021		2020
Net revenue from external customers:
Live and Historical Racing:
Churchill Downs Racetrack	$	2.0	$	105.2	$	7.4	$	13.5	$	128.1	$	63.3
Derby City Gaming	32.9		39.9		40.2		41.3		154.3		79.5
Oak Grove	19.4		25.6		27.1		28.6		100.7		16.6
Turfway Park	4.5		0.7		0.7		2.3		8.1		7.1
Newport	4.4		4.5		4.3		4.6		17.9		3.1
Total Live and Historical Racing	63.2		175.9		79.7		90.3		409.1		169.6
TwinSpires:
Horse Racing	96.5		132.4		98.8		88.9		416.6		418.8
Sports and Casino	7.0		8.4		8.7		10.7		34.8		11.3
Total TwinSpires	103.5		140.8		107.5		99.6		451.4		430.1
Gaming:
Fair Grounds and VSI	38.3		35.1		24.8		35.4		133.6		97.6
Presque Isle	23.8		30.5		35.9		29.4		119.6		73.1
Calder	20.9		27.4		25.9		25.8		100.0		51.8
Oxford	15.7		24.6		31.8		27.7		99.8		44.9
Ocean Downs	20.0		27.0		31.7		21.9		100.6		60.2
Riverwalk	14.4		18.4		14.5		13.9		61.2		46.3
Harlow’s	14.0		16.6		13.3		12.2		56.1		40.7
Lady Luck Nemacolin	4.9		6.4		7.4		5.8		24.5		20.7
Total Gaming	152.0		186.0		185.3		172.1		695.4		435.3
All Other	5.6		12.4		20.5		2.8		41.3		19.0
Net revenue from external customers	$	324.3	$	515.1	$	393.0	$	364.8	$	1,597.2	$	1,054.0


(in millions)	Three Months Ended								Year Ended December 31,
Intercompany net revenue:	March 31, 2021		June 30, 2021		September 30, 2021		December 31, 2021		2021		2020
Live and Historical Racing	$	1.5	$	14.6	$	1.8	$	3.6	$	21.5	$	19.2
TwinSpires	1.5		1.8		1.5		1.6		6.4		5.5
Gaming	2.0		—		0.3		0.7		3.0		2.5
All Other	1.6		2.4		2.5		1.4		7.9		7.8
Eliminations	(6.6)		(18.8)		(6.1)		(7.3)		(38.8)		(35.0)
Intercompany net revenue	$	—	$	—	$	—	$	—	$	—	$	—


	Year Ended December 31, 2021
(in millions)	Live and Historical Racing		TwinSpires		Gaming		All Other		Eliminations		Total
Net revenue	$	430.6	$	457.8	$	698.4	$	49.2	$	(38.8)	$	1,597.2

Taxes and purses	(126.3)		(30.7)		(264.4)		(13.1)		—		(434.5)
Marketing and advertising	(12.9)		(49.4)		(11.8)		(0.5)		0.1		(74.5)
Salaries and benefits	(48.4)		(27.0)		(87.1)		(7.8)		—		(170.3)
Content expense	(2.5)		(206.6)		(4.7)		(5.7)		36.9		(182.6)
Selling, general and administrative expense	(12.8)		(11.0)		(27.9)		(55.2)		1.5		(105.4)
Other operating expense	(53.0)		(50.4)		(72.3)		(10.0)		0.4		(185.3)
Other income	0.3		—		181.7		0.5		(0.1)		182.4
Adjusted EBITDA	$	175.0	$	82.7	$	411.9	$	(42.6)	$	—	$	627.0


	Year Ended December 31, 2020
(in millions)	Live and Historical Racing		TwinSpires		Gaming		All Other		Eliminations		Total
Net revenue	$	188.8	$	435.6	$	437.8	$	26.8	$	(35.0)	$	1,054.0

Taxes and purses	(64.1)		(25.1)		(171.6)		(7.5)		—		(268.3)
Marketing and advertising	(6.2)		(16.5)		(7.5)		(0.2)		0.2		(30.2)
Salaries and benefits	(32.5)		(24.6)		(75.9)		(5.8)		—		(138.8)
Content expense	(1.5)		(202.7)		(3.5)		(3.7)		33.0		(178.4)
Selling, general and administrative expense	(8.7)		(10.4)		(25.4)		(42.3)		1.5		(85.3)
Other operating expense	(36.8)		(40.5)		(59.7)		(8.9)		0.3		(145.6)
Other income	0.1		0.1		78.9		—		—		79.1
Adjusted EBITDA	$	39.1	$	115.9	$	173.1	$	(41.6)	$	—	$	286.5


	Three Months Ended March 31, 2021
(in millions)	Live and Historical Racing		TwinSpires		Gaming		All Other		Eliminations		Total
Net revenue	$	64.7	$	105.0	$	154.0	$	7.2	$	(6.6)	$	324.3

Taxes and purses	(20.0)		(6.4)		(59.3)		(3.1)		—		(88.8)
Marketing and advertising	(2.1)		(8.5)		(1.4)		(0.1)		—		(12.1)
Salaries and benefits	(10.0)		(6.2)		(19.9)		(1.2)		—		(37.3)
Content expense	(0.6)		(46.5)		(1.0)		(1.3)		6.2		(43.2)
Selling, general and administrative expense	(3.0)		(2.6)		(6.0)		(12.6)		0.3		(23.9)
Other operating expense	(10.7)		(11.7)		(15.5)		(2.2)		0.1		(40.0)
Other income	—		—		31.5		0.1		—		31.6
Adjusted EBITDA	$	18.3	$	23.1	$	82.4	$	(13.2)	$	—	$	110.6


	Three Months Ended June 30, 2021
(in millions)	Live and Historical Racing		TwinSpires		Gaming		All Other		Eliminations		Total
Net revenue	$	190.5	$	142.6	$	186.0	$	14.8	$	(18.8)	$	515.1

Taxes and purses	(50.8)		(8.3)		(70.0)		(3.9)		—		(133.0)
Marketing and advertising	(4.9)		(16.7)		(2.5)		—		—		(24.1)
Salaries and benefits	(15.3)		(6.8)		(20.6)		(2.3)		—		(45.0)
Content expense	(0.8)		(68.5)		(1.3)		(1.8)		18.4		(54.0)
Selling, general and administrative expense	(3.1)		(2.9)		(5.9)		(13.4)		0.4		(24.9)
Other operating expense	(17.3)		(14.8)		(17.7)		(2.9)		—		(52.7)
Other income	0.1		—		51.8		—		—		51.9
Adjusted EBITDA	$	98.4	$	24.6	$	119.8	$	(9.5)	$	—	$	233.3

Schedule of Segment Reporting Information


	Three Months Ended September 30, 2021
(in millions)	Live and Historical Racing		TwinSpires		Gaming		All Other		Eliminations		Total
Net revenue	$	81.5	$	109.0	$	185.6	$	23.0	$	(6.1)	$	393.0

Taxes and purses	(24.6)		(8.0)		(71.8)		(4.9)		—		(109.3)
Marketing and advertising	(2.9)		(10.6)		(3.6)		(0.3)		—		(17.4)
Salaries and benefits	(10.9)		(7.0)		(22.5)		(3.1)		—		(43.5)
Content expense	(0.5)		(47.1)		(1.2)		(1.4)		5.6		(44.6)
Selling, general and administrative expense	(3.1)		(2.6)		(7.1)		(14.3)		0.4		(26.7)
Other operating expense	(11.8)		(11.6)		(19.7)		(3.5)		0.1		(46.5)
Other income	—		—		51.0		0.1		—		51.1
Adjusted EBITDA	$	27.7	$	22.1	$	110.7	$	(4.4)	$	—	$	156.1


	Three Months Ended December 31, 2021
(in millions)	Live and Historical Racing		TwinSpires		Gaming		All Other		Eliminations		Total
Net revenue	$	93.9	$	101.2	$	172.8	$	4.2	$	(7.3)	$	364.8

Taxes and purses	(30.9)		(8.0)		(63.3)		(1.2)		—		(103.4)
Marketing and advertising	(3.0)		(13.6)		(4.3)		(0.1)		0.1		(20.9)
Salaries and benefits	(12.2)		(7.0)		(24.1)		(1.2)		—		(44.5)
Content expense	(0.6)		(44.5)		(1.2)		(1.2)		6.7		(40.8)
Selling, general and administrative expense	(3.6)		(2.9)		(8.9)		(14.9)		0.4		(29.9)
Other operating expense	(13.2)		(12.3)		(19.4)		(1.4)		0.2		(46.1)
Other income	0.2		—		47.4		0.3		(0.1)		47.8
Adjusted EBITDA	$	30.6	$	12.9	$	99.0	$	(15.5)	$	—	$	127.0


	Three Months Ended								Year Ended December 31,
	March 31, 2021		June 30, 2021		September 30, 2021		December 31, 2021		2021		2020
(in millions)
Comprehensive income (loss)	$	36.1	$	108.3	$	61.4	$	43.3	$	249.1	$	(81.9)

Net income (loss) and comprehensive income (loss) attributable to CDI
Net loss attributable to noncontrolling interest	—		—		—		—		—		0.2
Net income (loss) before noncontrolling interest	36.1		108.3		61.4		43.3		249.1		(82.1)
Income (loss) from discontinued operations, net of tax	—		—		—		—		—		95.4
Income (loss) from continuing operations, net of tax	36.1		108.3		61.4		43.3		249.1		13.3

Additions:
Depreciation and amortization	26.0		26.0		25.9		25.3		103.2		92.9
Interest expense	19.4		22.0		21.7		21.6		84.7		80.0
Income tax provision (benefit)	16.2		41.6		26.3		10.4		94.5		(5.3)
EBITDA	$	97.7	$	197.9	$	135.3	$	100.6	$	531.5	$	180.9

Adjustments to EBITDA:
Selling, general and administrative:
Stock-based compensation expense	$	5.5	$	7.1	$	7.8	$	7.4	$	27.8	23.7

Other charges	—		0.2		—		—		0.2		0.8
Pre-opening expense and other expense	0.6		1.5		1.7		2.0		5.8		11.2
Other income, expense:
Interest, depreciation and amortization expense related to equity investments	9.6		10.5		10.7		10.7		41.5		38.5
Changes in fair value of Rivers Des Plaines' interest rate swaps	(4.2)		(1.8)		(2.0)		(4.9)		(12.9)		12.9
Rivers Des Plaines' legal reserves and transaction costs	1.3		6.7		0.6		1.3		9.9		—

Transaction expense, net	0.1		—		2.0		5.8		7.9		1.0
Impairment of tangible and other intangible assets	—		11.2		—		4.1		15.3		17.5
Total adjustments to EBITDA	12.9		35.4		20.8		26.4		95.5		105.6
Adjusted EBITDA	$	110.6	$	233.3	$	156.1	$	127.0	$	627.0	$	286.5

Adjusted EBITDA by segment:
Live and Historical Racing	$	18.3	$	98.4	$	27.7	$	30.6	$	175.0	$	39.1
TwinSpires	23.1		24.6		22.1		12.9		82.7		115.9
Gaming	82.4		119.8		110.7		99.0		411.9		173.1
Total segment Adjusted EBITDA	123.8		242.8		160.5		142.5		669.6		328.1
All Other	(13.2)		(9.5)		(4.4)		(15.5)		(42.6)		(41.6)
Total Adjusted EBITDA	$	110.6	$	233.3	$	156.1	$	127.0	$	627.0	$	286.5

Recast Segment Information - Recast Segment Operating Results (Details) - USD ($) $ in Millions	3 Months Ended				12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Net revenue	$ 364.8	$ 393.0	$ 515.1	$ 324.3	$ 1,597.2	$ 1,054.0
Selling, general and administrative expense	38.8	36.1	33.4	30.2	138.5	114.8
Asset impairments	4.1	0.0	11.2	0.0	15.3	17.5
Transaction expense, net	5.8	2.0	0.0	0.1	7.9	1.0
Total operating expense	330.1	325.4	379.7	277.6	1,312.8	993.8
Operating income	34.7	67.6	135.4	46.7	284.4	60.2
Live and Historical Racing
Segment Reporting Information [Line Items]
Net revenue	90.3	79.7	175.9	63.2	409.1	169.6
Operating expenses	71.6	62.3	100.3	54.7	288.9	179.0
TwinSpires
Segment Reporting Information [Line Items]
Net revenue	99.6	107.5	140.8	103.5	451.4	430.1
Operating expenses	83.2	83.0	102.1	77.5	345.8	293.1
Gaming
Segment Reporting Information [Line Items]
Net revenue	172.1	185.3	186.0	152.0	695.4	435.3
Operating expenses	121.3	127.7	121.0	106.3	476.3	357.9
All Other
Segment Reporting Information [Line Items]
Net revenue	2.8	20.5	12.4	5.6	41.3	19.0
Operating expenses	$ 5.3	$ 14.3	$ 11.7	$ 8.8	$ 40.1	$ 30.5

Recast Segment Information - Recast Segment Revenue (Details) - USD ($) $ in Millions	3 Months Ended				12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Net revenue from external customers	$ 364.8	$ 393.0	$ 515.1	$ 324.3	$ 1,597.2	$ 1,054.0
Intercompany net revenue	0.0	0.0	0.0	0.0	0.0	0.0
Operating Segments \| External Customer
Segment Reporting Information [Line Items]
Net revenue from external customers	364.8	393.0	515.1	324.3	1,597.2	1,054.0
Operating Segments \| Live and Historical Racing
Segment Reporting Information [Line Items]
Net revenue from external customers	93.9	81.5	190.5	64.7	430.6	188.8
Intercompany net revenue	3.6	1.8	14.6	1.5	21.5	19.2
Operating Segments \| Live and Historical Racing \| External Customer
Segment Reporting Information [Line Items]
Net revenue from external customers	90.3	79.7	175.9	63.2	409.1	169.6
Operating Segments \| TwinSpires
Segment Reporting Information [Line Items]
Net revenue from external customers	101.2	109.0	142.6	105.0	457.8	435.6
Intercompany net revenue	1.6	1.5	1.8	1.5	6.4	5.5
Operating Segments \| TwinSpires \| External Customer
Segment Reporting Information [Line Items]
Net revenue from external customers	99.6	107.5	140.8	103.5	451.4	430.1
Operating Segments \| Gaming
Segment Reporting Information [Line Items]
Net revenue from external customers	172.8	185.6	186.0	154.0	698.4	437.8
Intercompany net revenue	0.7	0.3	0.0	2.0	3.0	2.5
Operating Segments \| Gaming \| External Customer
Segment Reporting Information [Line Items]
Net revenue from external customers	172.1	185.3	186.0	152.0	695.4	435.3
All Other
Segment Reporting Information [Line Items]
Net revenue from external customers	4.2	23.0	14.8	7.2	49.2	26.8
Intercompany net revenue	1.4	2.5	2.4	1.6	7.9	7.8
All Other \| External Customer
Segment Reporting Information [Line Items]
Net revenue from external customers	2.8	20.5	12.4	5.6	41.3	19.0
Eliminations
Segment Reporting Information [Line Items]
Net revenue from external customers	(7.3)	(6.1)	(18.8)	(6.6)	(38.8)	(35.0)
Intercompany net revenue	(7.3)	(6.1)	(18.8)	(6.6)	(38.8)	(35.0)
Churchill Downs Racetrack \| Operating Segments \| Live and Historical Racing \| External Customer
Segment Reporting Information [Line Items]
Net revenue from external customers	13.5	7.4	105.2	2.0	128.1	63.3
Derby City Gaming \| Operating Segments \| Live and Historical Racing \| External Customer
Segment Reporting Information [Line Items]
Net revenue from external customers	41.3	40.2	39.9	32.9	154.3	79.5
Oak Grove \| Operating Segments \| Live and Historical Racing \| External Customer
Segment Reporting Information [Line Items]
Net revenue from external customers	28.6	27.1	25.6	19.4	100.7	16.6
Turfway Park \| Operating Segments \| Live and Historical Racing \| External Customer
Segment Reporting Information [Line Items]
Net revenue from external customers	4.6	4.3	4.5	4.5	17.9	3.1
Newport \| Operating Segments \| Live and Historical Racing \| External Customer
Segment Reporting Information [Line Items]
Net revenue from external customers	2.3	0.7	0.7	4.4	8.1	7.1
Horse Racing \| Operating Segments \| TwinSpires \| External Customer
Segment Reporting Information [Line Items]
Net revenue from external customers	88.9	98.8	132.4	96.5	416.6	418.8
Sports and Casino \| Operating Segments \| TwinSpires \| External Customer
Segment Reporting Information [Line Items]
Net revenue from external customers	10.7	8.7	8.4	7.0	34.8	11.3
Fair Grounds and VSI \| Operating Segments \| Gaming \| External Customer
Segment Reporting Information [Line Items]
Net revenue from external customers	35.4	24.8	35.1	38.3	133.6	97.6
Presque Isle \| Operating Segments \| Gaming \| External Customer
Segment Reporting Information [Line Items]
Net revenue from external customers	29.4	35.9	30.5	23.8	119.6	73.1
Calder \| Operating Segments \| Gaming \| External Customer
Segment Reporting Information [Line Items]
Net revenue from external customers	25.8	25.9	27.4	20.9	100.0	51.8
Oxford \| Operating Segments \| Gaming \| External Customer
Segment Reporting Information [Line Items]
Net revenue from external customers	27.7	31.8	24.6	15.7	99.8	44.9
Ocean Downs \| Operating Segments \| Gaming \| External Customer
Segment Reporting Information [Line Items]
Net revenue from external customers	21.9	31.7	27.0	20.0	100.6	60.2
Riverwalk \| Operating Segments \| Gaming \| External Customer
Segment Reporting Information [Line Items]
Net revenue from external customers	13.9	14.5	18.4	14.4	61.2	46.3
Harlow’s \| Operating Segments \| Gaming \| External Customer
Segment Reporting Information [Line Items]
Net revenue from external customers	12.2	13.3	16.6	14.0	56.1	40.7
Lady Luck Nemacolin \| Operating Segments \| Gaming \| External Customer
Segment Reporting Information [Line Items]
Net revenue from external customers	$ 5.8	$ 7.4	$ 6.4	$ 4.9	$ 24.5	$ 20.7

Recast Segment Information - Schedule of Recast Adjusted EBITDA by Segment (Details) - USD ($) $ in Millions	3 Months Ended				12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Net revenue	$ 364.8	$ 393.0	$ 515.1	$ 324.3	$ 1,597.2	$ 1,054.0
Taxes and purses	(103.4)	(109.3)	(133.0)	(88.8)	(434.5)	(268.3)
Marketing and advertising	(20.9)	(17.4)	(24.1)	(12.1)	(74.5)	(30.2)
Salaries and benefits	(44.5)	(43.5)	(45.0)	(37.3)	(170.3)	(138.8)
Content expense	(40.8)	(44.6)	(54.0)	(43.2)	(182.6)	(178.4)
Selling, general and administrative expense	(29.9)	(26.7)	(24.9)	(23.9)	(105.4)	(85.3)
Other operating expense	(46.1)	(46.5)	(52.7)	(40.0)	(185.3)	(145.6)
Other income	47.8	51.1	51.9	31.6	182.4	79.1
Adjusted EBITDA	127.0	156.1	233.3	110.6	627.0	286.5
Operating Segments
Segment Reporting Information [Line Items]
Adjusted EBITDA	142.5	160.5	242.8	123.8	669.6	328.1
All Other
Segment Reporting Information [Line Items]
Net revenue	4.2	23.0	14.8	7.2	49.2	26.8
Taxes and purses	(1.2)	(4.9)	(3.9)	(3.1)	(13.1)	(7.5)
Marketing and advertising	(0.1)	(0.3)	0.0	(0.1)	(0.5)	(0.2)
Salaries and benefits	(1.2)	(3.1)	(2.3)	(1.2)	(7.8)	(5.8)
Content expense	(1.2)	(1.4)	(1.8)	(1.3)	(5.7)	(3.7)
Selling, general and administrative expense	(14.9)	(14.3)	(13.4)	(12.6)	(55.2)	(42.3)
Other operating expense	(1.4)	(3.5)	(2.9)	(2.2)	(10.0)	(8.9)
Other income	0.3	0.1	0.0	0.1	0.5	0.0
Adjusted EBITDA	(15.5)	(4.4)	(9.5)	(13.2)	(42.6)	(41.6)
Eliminations
Segment Reporting Information [Line Items]
Net revenue	(7.3)	(6.1)	(18.8)	(6.6)	(38.8)	(35.0)
Taxes and purses	0.0	0.0	0.0	0.0	0.0	0.0
Marketing and advertising	0.1	0.0	0.0	0.0	0.1	0.2
Salaries and benefits	0.0	0.0	0.0	0.0	0.0	0.0
Content expense	6.7	5.6	18.4	6.2	36.9	33.0
Selling, general and administrative expense	0.4	0.4	0.4	0.3	1.5	1.5
Other operating expense	0.2	0.1	0.0	0.1	0.4	0.3
Other income	(0.1)	0.0	0.0	0.0	(0.1)	0.0
Adjusted EBITDA	0.0	0.0	0.0	0.0	0.0	0.0
Live and Historical Racing \| Operating Segments
Segment Reporting Information [Line Items]
Net revenue	93.9	81.5	190.5	64.7	430.6	188.8
Taxes and purses	(30.9)	(24.6)	(50.8)	(20.0)	(126.3)	(64.1)
Marketing and advertising	(3.0)	(2.9)	(4.9)	(2.1)	(12.9)	(6.2)
Salaries and benefits	(12.2)	(10.9)	(15.3)	(10.0)	(48.4)	(32.5)
Content expense	(0.6)	(0.5)	(0.8)	(0.6)	(2.5)	(1.5)
Selling, general and administrative expense	(3.6)	(3.1)	(3.1)	(3.0)	(12.8)	(8.7)
Other operating expense	(13.2)	(11.8)	(17.3)	(10.7)	(53.0)	(36.8)
Other income	0.2	0.0	0.1	0.0	0.3	0.1
Adjusted EBITDA	30.6	27.7	98.4	18.3	175.0	39.1
TwinSpires \| Operating Segments
Segment Reporting Information [Line Items]
Net revenue	101.2	109.0	142.6	105.0	457.8	435.6
Taxes and purses	(8.0)	(8.0)	(8.3)	(6.4)	(30.7)	(25.1)
Marketing and advertising	(13.6)	(10.6)	(16.7)	(8.5)	(49.4)	(16.5)
Salaries and benefits	(7.0)	(7.0)	(6.8)	(6.2)	(27.0)	(24.6)
Content expense	(44.5)	(47.1)	(68.5)	(46.5)	(206.6)	(202.7)
Selling, general and administrative expense	(2.9)	(2.6)	(2.9)	(2.6)	(11.0)	(10.4)
Other operating expense	(12.3)	(11.6)	(14.8)	(11.7)	(50.4)	(40.5)
Other income	0.0	0.0	0.0	0.0	0.0	0.1
Adjusted EBITDA	12.9	22.1	24.6	23.1	82.7	115.9
Gaming \| Operating Segments
Segment Reporting Information [Line Items]
Net revenue	172.8	185.6	186.0	154.0	698.4	437.8
Taxes and purses	(63.3)	(71.8)	(70.0)	(59.3)	(264.4)	(171.6)
Marketing and advertising	(4.3)	(3.6)	(2.5)	(1.4)	(11.8)	(7.5)
Salaries and benefits	(24.1)	(22.5)	(20.6)	(19.9)	(87.1)	(75.9)
Content expense	(1.2)	(1.2)	(1.3)	(1.0)	(4.7)	(3.5)
Selling, general and administrative expense	(8.9)	(7.1)	(5.9)	(6.0)	(27.9)	(25.4)
Other operating expense	(19.4)	(19.7)	(17.7)	(15.5)	(72.3)	(59.7)
Other income	47.4	51.0	51.8	31.5	181.7	78.9
Adjusted EBITDA	$ 99.0	$ 110.7	$ 119.8	$ 82.4	$ 411.9	$ 173.1

Recast Segment Information - Reconciliation of Comprehensive Income to Adjusted EBITDA (Details) - USD ($) $ in Millions	3 Months Ended				12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Comprehensive income (loss)	$ 43.3	$ 61.4	$ 108.3	$ 36.1	$ 249.1	$ (81.9)
Net loss attributable to noncontrolling interest	0.0	0.0	0.0	0.0	0.0	0.2
Net income (loss) before noncontrolling interest	43.3	61.4	108.3	36.1	249.1	(82.1)
Income (loss) from discontinued operations, net of tax	0.0	0.0	0.0	0.0	0.0	95.4
Income (loss) from continuing operations, net of tax	43.3	61.4	108.3	36.1	249.1	13.3
Depreciation and amortization	25.3	25.9	26.0	26.0	103.2	92.9
Interest expense	21.6	21.7	22.0	19.4	84.7	80.0
Income tax provision (benefit)	10.4	26.3	41.6	16.2	94.5	(5.3)
EBITDA	100.6	135.3	197.9	97.7	531.5	180.9
Stock-based compensation expense	7.4	7.8	7.1	5.5	27.8	23.7
Other charges	0.0	0.0	0.2	0.0	0.2	0.8
Pre-opening expense and other expense	2.0	1.7	1.5	0.6	5.8	11.2
Interest, depreciation and amortization expense related to equity investments	10.7	10.7	10.5	9.6	41.5	38.5
Changes in fair value of Rivers Des Plaines' interest rate swaps	(4.9)	(2.0)	(1.8)	(4.2)	(12.9)	12.9
Rivers Des Plaines' legal reserves and transaction costs	1.3	0.6	6.7	1.3	9.9	0.0
Transaction expense, net	5.8	2.0	0.0	0.1	7.9	1.0
Impairment of tangible and other intangible assets	4.1	0.0	11.2	0.0	15.3	17.5
Total adjustments to EBITDA	26.4	20.8	35.4	12.9	95.5	105.6
Adjusted EBITDA	127.0	156.1	233.3	110.6	627.0	286.5
Operating Segments
Segment Reporting Information [Line Items]
Adjusted EBITDA	142.5	160.5	242.8	123.8	669.6	328.1
Operating Segments \| Live and Historical Racing
Segment Reporting Information [Line Items]
Adjusted EBITDA	30.6	27.7	98.4	18.3	175.0	39.1
Operating Segments \| TwinSpires
Segment Reporting Information [Line Items]
Adjusted EBITDA	12.9	22.1	24.6	23.1	82.7	115.9
Operating Segments \| Gaming
Segment Reporting Information [Line Items]
Adjusted EBITDA	99.0	110.7	119.8	82.4	411.9	173.1
All Other
Segment Reporting Information [Line Items]
Adjusted EBITDA	$ (15.5)	$ (4.4)	$ (9.5)	$ (13.2)	$ (42.6)	$ (41.6)