0000020212-22-000094 | 10-Q | XBRL Viewer

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Description of Business (Details)	3 Months Ended
Description of Business (Details)	Mar. 31, 2022 segment
Basis of Presentation [Abstract]
Number of reportable segments	3

Goodwill and Other Intangible Assets

3 Months Ended

Mar. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

GOODWILL AND OTHER INTANGIBLE ASSETS

Goodwill was $366.8 million as of March 31, 2022 and December 31, 2021.

Other intangible assets are comprised of the following:


	March 31, 2022						December 31, 2021
(in millions)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Definite-lived intangible assets	$	31.2	$	(20.3)	$	10.9	$	31.2	$	(19.1)	$	12.1
Indefinite-lived intangible assets					341.0						336.0
Total					$	351.9					$	348.1

During the first quarter of 2022 we established an indefinite-lived intangible asset of $5.0 million for gaming rights in Indiana associated with the planned development of the Queen of Terre Haute Casino Resort.

Description of Business	3 Months Ended
Description of Business	Mar. 31, 2022
Basis of Presentation [Abstract]
Description of Business	DESCRIPTION OF BUSINESS Basis of Presentation 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, 2021 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, 2021. 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: Live and Historical Racing, TwinSpires, 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. Segments During the first quarter of 2022, we updated our operating segments to reflect the internal management reporting used by our chief operating decision maker to evaluate results of operations and to assess performance and allocate resources. Our chief operating decision maker decided to include the results of our United Tote business in the TwinSpires segment as we evolve our strategy to integrate the United Tote offering with TwinSpires Horse Racing, which we believe will create additional business to business revenue opportunities. Results of our United Tote business were previously included in our All Other segment. The prior year results were reclassified to conform to this presentation. Impact of COVID-19 Pandemic In March 2020, the World Health Organization declared the COVID-19 outbreak a global pandemic. The COVID-19 global pandemic has resulted in travel limitations and business and government shutdowns which have had significant negative economic impacts in the United States and in relation to our business. Although vaccines are now available, we cannot predict the duration of the COVID-19 global pandemic. The extent to which the COVID-19 pandemic, including the emergence of variant strains, will continue to impact the Company remains uncertain and will depend on many factors that are not within our control. We will continue to monitor for new developments related to the pandemic and assess these developments to maintain continuity in our operations. Exit of the Direct Online Sports and Casino Business On February 24, 2022 the Company announced plans to exit the direct online Sports and Casino business. The Company will maintain its retail Sports operations and pursue monetization of its online market access licenses.

Equity (Tables)

3 Months Ended

Mar. 31, 2022

Equity [Abstract]

Schedule of Repurchase Agreements


	Three Months Ended March 31,
(in millions, except share data)	2022			2021
Repurchase Program	Shares	Aggregate Purchase Price		Shares	Aggregate Purchase Price
2021 Stock Repurchase Program	116,863	$	25.0	—	$	—

Goodwill and Other Intangible Assets - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Indefinite-lived Intangible Assets [Line Items]
Goodwill	$ 366.8	$ 366.8
Gaming
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets acquired	$ 5.0

Natural Disaster	3 Months Ended
Natural Disaster	Mar. 31, 2022
Risks and Uncertainties [Abstract]
Natural Disaster	NATURAL DISASTER In August 2021, Hurricane Ida caused damage to portions of Louisiana, including Fair Grounds Race Course & Slots, and 15 off-track betting facilities ("OTBs") owned by Video Services, LLC ("VSI") (collectively, "Fair Grounds and VSI"). Two OTBs remain closed. The Company carries property and casualty insurance, as well as business interruption insurance subject to certain deductibles. During the first quarter of 2022, the Company incurred $2.3 million of operating expenses related to ongoing recovery and maintenance efforts and received $0.3 million from our insurance carriers. Through March 31, 2022, the Company has received $3.0 million in insurance recoveries from our insurance carriers and has an insurance recovery receivable of $4.6 million as of March 31, 2022. The Company is currently working with its insurance carriers to finalize its claim. We continue to assess damages and insurance coverage, and we currently do not expect our losses to exceed the applicable insurance recoveries.

Net Income Per Common Share Computations (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Numerator for basic and diluted net income per common share:
Net income	$ 42.1	$ 36.1
Denominator for net income per common share:
Basic (in shares)	38.3	39.0
Plus dilutive effect of stock awards (in shares)	0.5	0.6
Diluted (in shares)	38.8	39.6
Net income (loss) per common share data: Basic
Net income (loss) per common share - basic (in dollars per share)	$ 1.10	$ 0.93
Net income (loss) per common share data: Diluted
Net income (loss) per common share - diluted (in dollars per share)	$ 1.08	$ 0.91

Discontinued Operations - Additional Information (Details) $ / a in Millions, $ in Millions	Mar. 25, 2021 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Nov. 22, 2021 USD ($) a $ / a	Sep. 29, 2021 USD ($) a
Kater And Thimmegowda Litigation
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Litigation settlement	$ 124.0
Arlington Property \| Disposal Group, Held-for-sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Area of land \| a					326
Purchase price					$ 197.2
Arlington International Racecourse \| Disposal Group, Held-for-sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Asset held for sale		$ 81.5	$ 81.5
Calder Property \| Disposal Group, Held-for-sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Area of land \| a				115.7
Purchase price				$ 291.0
Asset held for sale		$ 6.3	$ 6.3
Sale agreement, per acre \| $ / a				2.5

Investment in and Advances to Unconsolidated Affiliates - Affiliate Income Statement (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Investments in and Advances to Affiliates [Line Items]
Net revenue	$ 364.1	$ 324.3
Net income	42.1	36.1
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Investments in and Advances to Affiliates [Line Items]
Net revenue	177.2	138.7
Operating and SG&A expense	118.2	85.6
Depreciation and amortization	5.3	4.3
Total operating expense	123.5	89.9
Operating income	53.7	48.8
Interest and other, net	4.1	(4.6)
Net income	$ 57.8	$ 44.2

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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Reference 22: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(1))
-URI http://asc.fasb.org/extlink&oid=123367319&loc=SL114868664-224227

+ Details

Segment Information - Equity in Earnings of Unconsolidated Investments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Segment Reporting, Other Significant Reconciling Item [Line Items]
Equity in income (loss) of unconsolidated investments	$ 32.5	$ 24.9
Gaming
Segment Reporting, Other Significant Reconciling Item [Line Items]
Equity in income (loss) of unconsolidated investments	$ 32.5	$ 24.9

Debt	3 Months Ended
Debt	Mar. 31, 2022
Debt Disclosure [Abstract]
Debt	DEBT Credit Agreement On December 27, 2017, we entered into a senior secured credit agreement (as amended, the "Credit Agreement") with a syndicate of lenders. The Credit Agreement provides for a $700.0 million senior secured revolving credit facility due 2024 (the "Revolver") and a $400.0 million senior secured term loan B due 2024 (the "Term Loan B"). Included in the maximum borrowing of $700.0 million under the Revolver is a letter of credit sub facility not to exceed $50.0 million and a swing line commitment up to a maximum principal amount of $50.0 million. The Credit Agreement is collateralized by substantially all of the wholly-owned assets of the Company. On April 28, 2020, the Company entered into a Second Amendment to the Credit Agreement (the "Second Amendment"), which (i) provided for a financial covenant relief period through the date on which the Company delivered the Company's quarterly financial statements and compliance certificate for the fiscal quarter ended June 30, 2021, subject to certain exceptions (the "Financial Covenant Relief Period"), (ii) amended 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) extended certain deadlines and made certain other amendments to the Company’s financial reporting obligations, (iv) placed certain restrictions on restricted payments during the Financial Covenant Relief Period, and (v) amended the definitions of "Material Adverse Effect" and "License Revocation" in the Credit Agreement to take into consideration COVID-19. On February 1, 2021, the Company entered into the Third Amendment to the Credit Agreement to increase the restricted payments capacity during the Financial Covenant Relief Period from $26.0 million to $226.0 million to accommodate a share repurchase from an affiliate of TDG. Refer to Note 8, Shareholders' Equity, for information regarding this transaction. On March 17, 2021, the Company entered into the Incremental Joinder Agreement No. 1 (the "Joinder") to its Credit Agreement which provided $300.0 million in New Term Loan Commitments ("Term Loan B-1") as a new tranche of term loans under the existing Credit Agreement (as conformed to recognize the new loan), and carries a maturity date of March 17, 2028. The Term Loan B-1 bears interest at LIBOR plus 200 basis points and requires quarterly payments of 0.25% of the original $300.0 million balance. The Term Loan B-1 may be subject to additional mandatory prepayment from excess cash flow on an annual basis per the provisions of the Credit Agreement. The Company capitalized $3.5 million of debt issuance costs associated with the Joinder which are being amortized as interest expense over the 7-year term of the Term Loan B-1. The interest rate on the Revolver on March 31, 2022 was LIBOR plus 137.5 basis points based on the Revolver pricing grid in the Second Amendment and the Company's net leverage ratio as of March 31, 2022. The Term Loan B and Term Loan B-1 bear interest at LIBOR plus 200 basis points. The Company was compliant with all applicable covenants on March 31, 2022. 2028 Senior Notes Second Supplemental Indenture On March 17, 2021, the Company completed an offering of $200.0 million in aggregate principal amount of 4.75% Senior Unsecured Notes that mature on January 15, 2028 (the "Additional 2028 Notes") in a private offering to qualified institutional buyers pursuant to Rule 144A that is exempt from registration under the Securities Act, and to certain non-U.S. persons in accordance with Regulation S under the Securities Act. The Additional 2028 Notes were offered under the indenture dated as of December 27, 2017, governing the $500.0 million aggregate principal amount of 4.75% Senior Unsecured Notes due 2028 ("Existing 2028 Notes") and form a part of the same series for purposes of the indenture. In connection with the offering, we capitalized $3.4 million of debt issuance costs which are being amortized as interest expense over the term of the Additional 2028 Notes. Upon completion of this offering, the aggregate principal amount outstanding of the Existing 2028 Notes, together with the Additional 2028 Notes (collectively the "2028 Senior Notes"), is $700.0 million. The Additional 2028 Notes were issued at 103.25% of the principal amount, plus interest deemed to have accrued from January 15, 2021, with interest payable on January 15th and July 15th of each year, commencing on July 15, 2021. The 2028 Senior Notes will vote as one class under the indenture governing the 2028 Senior Notes. The 3.25% premium will be amortized through interest expense, net over the term of the Additional 2028 Notes. The Company used the net proceeds from the Additional 2028 Notes and the Term Loan B-1 (i) to repay indebtedness outstanding under our Revolving Credit Facility, (ii) to fund related transaction fees and expenses and (iii) for working capital and other general corporate purposes. The Company may redeem some or all of the Additional 2028 Notes at any time at redemption prices set forth in the 2028 Offering Memorandum. In connection with the issuance of the Additional 2028 Notes, the Company and the 2028 Guarantors entered into a Registration Rights Agreement to register any 2028 Senior Notes under the Securities Act for resale that are not freely tradable 366 days from March 17, 2021. Refer to Note 18, Subsequent Event, for information regarding the Company's April 2022 financing transactions.

Condensed Consolidated Statements of Comprehensive Income - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Net revenue:
Net revenue	$ 364.1	$ 324.3
Operating expense:
Selling, general and administrative expense	35.9	30.2
Asset impairments	4.9	0.0
Transaction expense, net	5.0	0.1
Total operating expense	316.7	277.6
Operating income	47.4	46.7
Other income (expense):
Interest expense, net	(21.3)	(19.4)
Equity in income of unconsolidated affiliates	32.5	24.9
Miscellaneous, net	0.0	0.1
Total other income (expense)	11.2	5.6
Income from operations before provision for income taxes	58.6	52.3
Income tax provision	(16.5)	(16.2)
Net income	$ 42.1	$ 36.1
Net income per common share data:
Basic net income (in dollars per share)	$ 1.10	$ 0.93
Diluted net income (in dollars per share)	$ 1.08	$ 0.91
Weighted average shares outstanding:
Basic (in shares)	38.3	39.0
Diluted (in shares)	38.8	39.6
Live and Historical Racing
Net revenue:
Net revenue	$ 86.0	$ 63.2
Operating expense:
Operating expense	67.7	54.7
TwinSpires
Net revenue:
Net revenue	100.3	103.5
Operating expense:
Operating expense	74.9	77.5
Gaming
Net revenue:
Net revenue	177.3	152.0
Operating expense:
Operating expense	125.2	106.3
All Other
Net revenue:
Net revenue	0.5	5.6
Operating expense:
Operating expense	$ 3.1	$ 8.8

Recent Accounting Pronouncements (Policies)	3 Months Ended
Recent Accounting Pronouncements (Policies)	Mar. 31, 2022
Accounting Policies [Abstract]
Recent Accounting Pronouncements - Effective in 2022 or Thereafter	Recent Accounting Pronouncements - Effective in 2022 or Thereafter In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional expedients and exceptions to applying the guidance on contract modifications, hedge accounting, and other transactions, and simplifies the accounting for transitioning from the London Interbank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates. The guidance was effective upon issuance and if elected, will be applied prospectively through December 31, 2022. We are currently evaluating the effect the adoption of this new accounting standard will have on our results of operations, financial condition, and cash flows.

Investment in and Advances to Unconsolidated Affiliates (Tables)

3 Months Ended

Mar. 31, 2022

Investments in and Advances to Affiliates [Abstract]

Affiliate Income Statement

Summarized below are the financial results for our unconsolidated affiliates.


	Three Months Ended March 31,
(in millions)		2022		2021
Net revenue		$	177.2	$	138.7

Operating and SG&A expense		118.2		85.6
Depreciation and amortization		5.3		4.3
Total operating expense		123.5		89.9
Operating income		53.7		48.8
Interest and other, net		4.1		(4.6)
Net income		$	57.8	$	44.2

Affiliate Balance Sheet


(in millions)	March 31, 2022		December 31, 2021
Assets
Current assets	$	96.8	$	96.0
Property and equipment, net	336.4		312.3
Other assets, net	263.5		264.1
Total assets	$	696.7	$	672.4
Liabilities and Members' Deficit
Current liabilities	$	128.6	$	95.3
Long-term debt	807.4		786.9
Other liabilities	3.6		20.6
Members' deficit	(242.9)		(230.4)
Total liabilities and members' deficit	$	696.7	$	672.4

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 294.5	$ 291.3
Restricted cash	65.5	64.3
Accounts receivable, net	46.0	42.3
Income taxes receivable	59.8	66.0
Other current assets	54.5	37.6
Total current assets	520.3	501.5
Property and equipment, net	1,035.8	994.9
Investment in and advances to unconsolidated affiliates	655.5	663.6
Goodwill	366.8	366.8
Other intangible assets, net	351.9	348.1
Other assets	18.8	18.9
Long-term assets held for sale	87.8	87.8
Total assets	3,036.9	2,981.6
Current liabilities:
Accounts payable	96.9	81.6
Accrued expenses and other current liabilities	224.3	232.6
Current deferred revenue	104.0	47.7
Current maturities of long-term debt	7.0	7.0
Dividends payable	0.0	26.1
Total current liabilities	432.2	395.0
Long-term debt, net of current maturities and loan origination fees	667.2	668.6
Notes payable, net of debt issuance costs	1,292.7	1,292.4
Non-current deferred revenue	13.3	13.3
Deferred income taxes	263.1	252.9
Other liabilities	50.6	52.6
Total liabilities	2,719.1	2,674.8
Commitments and contingencies
Shareholders' equity:
Preferred stock	0.0	0.0
Common stock	0.0	0.0
Retained earnings	318.7	307.7
Accumulated other comprehensive loss	(0.9)	(0.9)
Total shareholders' equity	317.8	306.8
Total liabilities and shareholders' equity	$ 3,036.9	$ 2,981.6

Segment Information - Additional Information (Details) slot_machine in Thousands	3 Months Ended
	Mar. 31, 2022 segment sportsbook slot_machine game state	Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]
Number of operating segments \| segment	3
Number of slot machines \| slot_machine	11
Number of table games \| game	200
Number of states in which Gaming segment has slot machines and video lottery terminals \| state	8
TwinSpires
Schedule of Equity Method Investments [Line Items]
Number of sportsbooks \| sportsbook	8
Rivers Des Plaines
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	2.70%	61.30%
Miami Valley Gaming LLC
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	50.00%	50.00%

Condensed Consolidated Statements of Shareholders' Equity - USD ($) shares in Millions, $ in Millions	Total	Common Stock	Retained Earnings	Accumulated Other Comprehensive Loss
Shares outstanding, beginning (in shares) at Dec. 31, 2020		39.5
Shareholders' equity, beginning at Dec. 31, 2020	$ 367.1	$ 18.2	$ 349.8	$ (0.9)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	36.1		36.1
Issuance of common stock (in shares)		0.1
Issuance of common stock	0.0
Repurchase of common stock (in shares)		(1.0)
Repurchase of common stock	(193.9)	$ (22.0)	(171.9)
Taxes paid related to net share settlement of stock awards (in shares)		(0.1)
Taxes paid related to net share settlement of stock awards	(12.6)		(12.6)
Stock-based compensation	5.5	$ 5.5
Shares outstanding, ending (in shares) at Mar. 31, 2021		38.5
Shareholders' equity, ending at Mar. 31, 2021	202.2	$ 1.7	201.4	(0.9)
Shares outstanding, beginning (in shares) at Dec. 31, 2021		38.1
Shareholders' equity, beginning at Dec. 31, 2021	306.8	$ 0.0	307.7	(0.9)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	42.1		42.1
Issuance of common stock (in shares)		0.1
Repurchase of common stock (in shares)		(0.1)
Repurchase of common stock	(25.0)	$ (7.0)	(18.0)
Taxes paid related to net share settlement of stock awards (in shares)		(0.1)
Taxes paid related to net share settlement of stock awards	(13.1)		(13.1)
Stock-based compensation	7.0	$ 7.0
Shares outstanding, ending (in shares) at Mar. 31, 2022		38.0
Shareholders' equity, ending at Mar. 31, 2022	$ 317.8	$ 0.0	$ 318.7	$ (0.9)

Net Income Per Common Share Computations

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Net Income Per Common Share Computations

NET INCOME PER COMMON SHARE COMPUTATIONSThe following is a reconciliation of the numerator and denominator of the net income per common share computations:


	Three Months Ended March 31,
(in millions, except per share data)		2022		2021
Numerator for basic and diluted net income per common share:
Net income		$	42.1	$	36.1

Denominator for net income per common share:
Basic		38.3		39.0
Plus dilutive effect of stock awards		0.5		0.6
Diluted		38.8		39.6

Net income per common share data:



Basic net income		$	1.10	$	0.93




Diluted net income		$	1.08	$	0.91

Fair Value Of Assets And Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	$ 65.5	$ 64.3
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	65.5	64.3
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	0.0	0.0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	$ 0.0	0.0
2027 Senior Notes \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Stated interest rate	5.50%
2027 Senior Notes \| Senior Notes \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	$ 0.0	0.0
2027 Senior Notes \| Senior Notes \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	605.3	619.5
2027 Senior Notes \| Senior Notes \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	0.0	0.0
2028 Senior Notes \| Senior Notes \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	0.0	0.0
2028 Senior Notes \| Senior Notes \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	679.0	724.5
2028 Senior Notes \| Senior Notes \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	0.0	0.0
Term Loan B \| Term Loan B \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	0.0	0.0
Term Loan B \| Term Loan B \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	383.0	384.0
Term Loan B \| Term Loan B \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	0.0	0.0
Term Loan B \| Term Loan B-1 \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	0.0	0.0
Term Loan B \| Term Loan B-1 \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	297.0	297.8
Term Loan B \| Term Loan B-1 \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	0.0	0.0
Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	65.5	64.3
Carrying Amount \| 2027 Senior Notes \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	594.5	594.3
Carrying Amount \| 2028 Senior Notes \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	698.2	698.1
Carrying Amount \| Term Loan B \| Term Loan B
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	380.8	381.6
Carrying Amount \| Term Loan B \| Term Loan B-1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	293.4	294.0
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	65.5	64.3
Fair Value \| 2027 Senior Notes \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	605.3	619.5
Fair Value \| 2028 Senior Notes \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	679.0	724.5
Fair Value \| Term Loan B \| Term Loan B
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	383.0	384.0
Fair Value \| Term Loan B \| Term Loan B-1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	$ 297.0	$ 297.8

Revenue from Contracts with Customers - Performance Obligations (Details) $ in Millions	Mar. 31, 2022 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, amount	$ 114.3
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	9 months
Remaining performance obligation, amount	$ 41.6
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Remaining performance obligation, amount	$ 30.1
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period
Remaining performance obligation, amount	$ 22.0

Asset Impairments	3 Months Ended
Asset Impairments	Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Asset Impairments	ASSET IMPAIRMENTSOn February 24, 2022, the Company announced plans to exit the direct online Sports and Casino business. The Company will maintain its retail Sports operations and pursue monetization of its online market access licenses. During the quarter ended March 31, 2022, the Company evaluated whether this planned exit would indicate it is more likely than not that any of the Company’s intangible assets, long-lived assets, current assets or property and equipment, were impaired (“Trigger Event”). Based on the Company’s evaluation, the Company concluded that a Trigger Event occurred related to certain TwinSpires assets. As a result, the Company recorded a $4.9 million non-cash impairment charge related to certain assets in the TwinSpires segment.

Segment Information - Summary of Assets (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 3,036.9	$ 2,981.6	$ 2,981.6
Operating Segments
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	2,008.3		1,975.6
Operating Segments \| Live and Historical Racing
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	719.0		682.7
Operating Segments \| TwinSpires
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	286.0		289.6
Operating Segments \| Gaming
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	1,003.3		1,003.3
All Other
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 1,028.6		$ 1,006.0

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(11))
-URI http://asc.fasb.org/extlink&oid=120398452&loc=d3e534808-122878

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 852
-SubTopic 10
-Section 55
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=84165509&loc=d3e56426-112766

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(12))
-URI http://asc.fasb.org/extlink&oid=120400017&loc=d3e572229-122910

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 852
-SubTopic 10
-Section 50
-Paragraph 7
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=124433192&loc=SL2890621-112765

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Accrued Expenses and Other Current Liabilities

3 Months Ended

Mar. 31, 2022

Payables and Accruals [Abstract]

Accrued Expenses and Other Current Liabilities

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIESAccrued expenses and other current liabilities consisted of the following:


(in millions)	March 31, 2022		December 31, 2021
Account wagering deposits liability	$	55.0	$	47.5
Purses payable	26.1		28.6
Accrued salaries and related benefits	19.4		39.9
Accrued interest	23.8		23.9
Other	100.0		92.7
Total	$	224.3	$	232.6

Investment in and Advances to Unconsolidated Affiliates - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Investments in and Advances to Affiliates [Line Items]
Distributions from unconsolidated affiliates	$ 40.6	$ 22.0
Rivers Des Plaines
Investments in and Advances to Affiliates [Line Items]
Equity method investment, ownership percentage	2.70%		61.30%
Equity method investment, difference between carrying amount and underlying equity	$ 832.0
Equity method investment, amount	547.8		$ 554.8
Distributions from unconsolidated affiliates	$ 30.5	12.0
Miami Valley Gaming LLC
Investments in and Advances to Affiliates [Line Items]
Equity method investment, ownership percentage	50.00%		50.00%
Equity method investment, amount	$ 107.7		$ 108.7
Distributions from unconsolidated affiliates	$ 10.0	$ 10.0

Segment Information (Tables)

3 Months Ended

Mar. 31, 2022

Segment Reporting [Abstract]

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

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


	Three Months Ended March 31,
(in millions)		2022		2021
Net revenue from external customers:
Live and Historical Racing:
Churchill Downs Racetrack		$	2.0	$	2.0
Derby City Gaming		42.8		32.9
Oak Grove		30.4		19.4
Turfway Park		4.5		4.5
Newport		6.3		4.4
Total Live and Historical Racing		86.0		63.2
TwinSpires:
Horse Racing		90.0		96.5
Sports and Casino		10.3		7.0
Total TwinSpires		100.3		103.5
Gaming:
Fair Grounds and VSI		41.5		38.3
Presque Isle		27.2		23.8
Ocean Downs		21.3		20.0
Calder		27.0		20.9
Oxford		26.8		15.7
Riverwalk		14.4		14.4
Harlow’s		13.1		14.0
Lady Luck Nemacolin		6.0		4.9
Total Gaming		177.3		152.0
All Other		0.5		5.6
Net revenue from external customers		$	364.1	$	324.3


	Three Months Ended March 31,
(in millions)		2022		2021
Intercompany net revenue:
Live and Historical Racing		$	1.2	$	1.5
TwinSpires		1.1		1.5
Gaming		1.9		2.0
All Other		—		1.6
Eliminations		(4.2)		(6.6)
Intercompany net revenue		$	—	$	—


	Three Months Ended March 31, 2022
(in millions)	Live and Historical Racing		TwinSpires		Gaming		Total Segments		All Other		Total
Net revenue from external customers
Pari-mutuel:
Live and simulcast racing	$	5.6	$	81.5	$	12.9	$	100.0	$	—	$	100.0
Historical racing(a)	73.6		—		—		73.6		—		73.6
Racing event-related services	0.5		—		0.4		0.9		—		0.9
Gaming(a)	—		10.3		150.9		161.2		—		161.2
Other(a)	6.3		8.5		13.1		27.9		0.5		28.4
Total	$	86.0	$	100.3	$	177.3	$	363.6	$	0.5	$	364.1


	Three Months Ended March 31, 2021
(in millions)	Live and Historical Racing		TwinSpires		Gaming		Total Segments		All Other		Total
Net revenue from external customers
Pari-mutuel:
Live and simulcast racing	$	5.9	$	89.2	$	11.7	$	106.8	$	5.1	$	111.9
Historical racing(a)	52.9		—		—		52.9		—		52.9
Racing event-related services	—		—		0.7		0.7		—		0.7
Gaming(a)	—		7.0		132.5		139.5		—		139.5
Other(a)	4.4		7.3		7.1		18.8		0.5		19.3
Total	$	63.2	$	103.5	$	152.0	$	318.7	$	5.6	$	324.3

(a) Food and beverage, hotel, and other services furnished to customers for free as an inducement to wager or through the redemption of our customers' loyalty points are recorded at the 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 $7.0 million for the three months ended March 31, 2022 and $3.7 million for the three months ended March 31, 2021.

Schedule of Segment Reporting Information

Adjusted EBITDA by segment is comprised of the following:


	Three Months Ended March 31, 2022
(in millions)	Live and Historical Racing		TwinSpires		Gaming
Net revenue	$	87.2	$	101.4	$	179.2

Taxes and purses	(26.8)		(7.5)		(67.3)
Marketing and advertising	(2.9)		(5.1)		(3.5)
Salaries and benefits	(10.9)		(6.7)		(23.9)
Content expense	(0.6)		(43.1)		(1.5)
Selling, general and administrative expense	(3.3)		(2.6)		(6.6)
Other operating expense	(14.8)		(12.3)		(20.0)
Other income	—		—		34.7
Adjusted EBITDA	$	27.9	$	24.1	$	91.1


	Three Months Ended March 31, 2021
(in millions)	Live and Historical Racing		TwinSpires		Gaming
Net revenue	$	64.7	$	105.0	$	154.0

Taxes and purses	(20.0)		(6.4)		(59.3)
Marketing and advertising	(2.1)		(8.5)		(1.4)
Salaries and benefits	(10.0)		(6.2)		(19.9)
Content expense	(0.6)		(46.5)		(1.0)
Selling, general and administrative expense	(3.0)		(2.6)		(6.0)
Other operating expense	(10.7)		(11.7)		(15.5)
Other income	—		—		31.5
Adjusted EBITDA	$	18.3	$	23.1	$	82.4


	Three Months Ended March 31,
(in millions)		2022		2021
Reconciliation of Comprehensive Income to Adjusted EBITDA:

Net income and comprehensive income		$	42.1	$	36.1

Additions:
Depreciation and amortization		25.1		26.0
Interest expense		21.3		19.4
Income tax provision		16.5		16.2
EBITDA		$	105.0	$	97.7

Adjustments to EBITDA:
Stock-based compensation expense		$	7.0	$	5.5

Pre-opening expense		2.1		0.6
Other expenses, net		2.5		—
Asset impairments		4.9		—
Transaction expense, net		5.0		0.1
Other income, expense:
Interest, depreciation and amortization expense related to equity investments		11.1		9.6
Changes in fair value of Rivers Des Plaines' interest rate swaps		(10.4)		(4.2)
Rivers Des Plaines' legal reserves and transaction costs		0.3		1.3
Other charges		1.0		—
Total adjustments to EBITDA		23.5		12.9
Adjusted EBITDA		$	128.5	$	110.6

Adjusted EBITDA by segment:
Live and Historical Racing		$	27.9	$	18.3
TwinSpires		24.1		23.1
Gaming		91.1		82.4
Total segment Adjusted EBITDA		143.1		123.8
All Other		(14.6)		(13.2)
Total Adjusted EBITDA		$	128.5	$	110.6

Schedule of Equity in Income of Unconsolidated Investments

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


	Three Months Ended March 31,
(in millions)		2022		2021
Gaming		$	32.5	$	24.9

Schedule of Total Assets and Capital Expenditures by Operating Segment

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


(in millions)	March 31, 2022		December 31, 2021
Total assets:
Live and Historical Racing	$	719.0	$	682.7
TwinSpires	286.0		289.6
Gaming	1,003.3		1,003.3
Total segment assets	2,008.3		1,975.6
All Other	1,028.6		1,006.0
Total assets	$	3,036.9	$	2,981.6

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


	Three Months Ended March 31,
(in millions)	2022		2021
Capital expenditures, net:
Live and Historical Racing	$	44.5	$	7.8
TwinSpires	3.1		2.4
Gaming	7.5		1.6
Total segment capital expenditures	55.1		11.8
All Other	0.4		0.5
Total capital expenditures	$	55.5	$	12.3

Goodwill And Other Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Indefinite and Finite Lived Assets

Other intangible assets are comprised of the following:


	March 31, 2022						December 31, 2021
(in millions)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Definite-lived intangible assets	$	31.2	$	(20.3)	$	10.9	$	31.2	$	(19.1)	$	12.1
Indefinite-lived intangible assets					341.0						336.0
Total					$	351.9					$	348.1

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Account wagering deposits liability	$ 55.0	$ 47.5
Purses payable	26.1	28.6
Accrued salaries and related benefits	19.4	39.9
Accrued interest	23.8	23.9
Other	100.0	92.7
Total	$ 224.3	$ 232.6

Investment in and Advances to Unconsolidated Affiliates - Affiliate Balance Sheet (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Investments in and Advances to Affiliates [Line Items]
Current assets	$ 520.3	$ 501.5
Property and equipment, net	1,035.8	994.9
Other assets, net	18.8	18.9
Total assets	3,036.9	2,981.6	$ 2,981.6
Current liabilities	432.2	395.0
Other liabilities	50.6	52.6
Members' deficit	318.7	307.7
Total liabilities and shareholders' equity	3,036.9	2,981.6
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Investments in and Advances to Affiliates [Line Items]
Current assets	96.8	96.0
Property and equipment, net	336.4	312.3
Other assets, net	263.5	264.1
Total assets	696.7	672.4
Current liabilities	128.6	95.3
Long-term debt	807.4	786.9
Other liabilities	3.6	20.6
Members' deficit	(242.9)	(230.4)
Total liabilities and shareholders' equity	$ 696.7	$ 672.4

Segment Information - Schedule of Net Revenue from External Customers (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Segment Reporting Information [Line Items]
Net revenue from external customers	$ 364.1	$ 324.3
Intercompany net revenue	0.0	0.0
Disclosure of complimentary revenue	7.0	3.7
Live and Historical Racing
Segment Reporting Information [Line Items]
Net revenue from external customers	87.2	64.7
TwinSpires
Segment Reporting Information [Line Items]
Net revenue from external customers	101.4	105.0
Gaming
Segment Reporting Information [Line Items]
Net revenue from external customers	179.2	154.0
Operating Segments
Segment Reporting Information [Line Items]
Net revenue from external customers	364.1	324.3
Operating Segments \| Live and Historical Racing
Segment Reporting Information [Line Items]
Net revenue from external customers	86.0	63.2
Intercompany net revenue	1.2	1.5
Operating Segments \| Live and Historical Racing \| Churchill Downs Racetrack
Segment Reporting Information [Line Items]
Net revenue from external customers	2.0	2.0
Operating Segments \| Live and Historical Racing \| Derby City Gaming
Segment Reporting Information [Line Items]
Net revenue from external customers	42.8	32.9
Operating Segments \| Live and Historical Racing \| Oak Grove
Segment Reporting Information [Line Items]
Net revenue from external customers	30.4	19.4
Operating Segments \| Live and Historical Racing \| Turfway Park
Segment Reporting Information [Line Items]
Net revenue from external customers	4.5	4.5
Operating Segments \| Live and Historical Racing \| Newport
Segment Reporting Information [Line Items]
Net revenue from external customers	6.3	4.4
Operating Segments \| TwinSpires
Segment Reporting Information [Line Items]
Net revenue from external customers	100.3	103.5
Intercompany net revenue	1.1	1.5
Operating Segments \| TwinSpires \| Horse Racing
Segment Reporting Information [Line Items]
Net revenue from external customers	90.0	96.5
Operating Segments \| TwinSpires \| Sports and Casino
Segment Reporting Information [Line Items]
Net revenue from external customers	10.3	7.0
Operating Segments \| Gaming
Segment Reporting Information [Line Items]
Net revenue from external customers	177.3	152.0
Intercompany net revenue	1.9	2.0
Operating Segments \| Gaming \| Fair Grounds and VSI
Segment Reporting Information [Line Items]
Net revenue from external customers	41.5	38.3
Operating Segments \| Gaming \| Presque Isle
Segment Reporting Information [Line Items]
Net revenue from external customers	27.2	23.8
Operating Segments \| Gaming \| Ocean Downs
Segment Reporting Information [Line Items]
Net revenue from external customers	21.3	20.0
Operating Segments \| Gaming \| Calder
Segment Reporting Information [Line Items]
Net revenue from external customers	27.0	20.9
Operating Segments \| Gaming \| Oxford
Segment Reporting Information [Line Items]
Net revenue from external customers	26.8	15.7
Operating Segments \| Gaming \| Riverwalk
Segment Reporting Information [Line Items]
Net revenue from external customers	14.4	14.4
Operating Segments \| Gaming \| Harlow’s
Segment Reporting Information [Line Items]
Net revenue from external customers	13.1	14.0
Operating Segments \| Gaming \| Lady Luck Nemacolin
Segment Reporting Information [Line Items]
Net revenue from external customers	6.0	4.9
All Other
Segment Reporting Information [Line Items]
Net revenue from external customers	0.5	5.6
Intercompany net revenue	0.0	1.6
Eliminations
Segment Reporting Information [Line Items]
Intercompany net revenue	(4.2)	(6.6)
Gaming
Segment Reporting Information [Line Items]
Net revenue from external customers	177.3	152.0
Other
Segment Reporting Information [Line Items]
Net revenue from external customers	0.5	5.6
External Customer
Segment Reporting Information [Line Items]
Net revenue from external customers	364.1	324.3
External Customer \| Operating Segments
Segment Reporting Information [Line Items]
Net revenue from external customers	363.6	318.7
External Customer \| Operating Segments \| Live and Historical Racing
Segment Reporting Information [Line Items]
Net revenue from external customers	86.0	63.2
External Customer \| Operating Segments \| TwinSpires
Segment Reporting Information [Line Items]
Net revenue from external customers	100.3	103.5
External Customer \| Operating Segments \| Gaming
Segment Reporting Information [Line Items]
Net revenue from external customers	177.3	152.0
External Customer \| All Other
Segment Reporting Information [Line Items]
Net revenue from external customers	0.5	5.6
External Customer \| Pari-mutuel, live and simulcast racing
Segment Reporting Information [Line Items]
Net revenue from external customers	100.0	111.9
External Customer \| Pari-mutuel, live and simulcast racing \| Operating Segments
Segment Reporting Information [Line Items]
Net revenue from external customers	100.0	106.8
External Customer \| Pari-mutuel, live and simulcast racing \| Operating Segments \| Live and Historical Racing
Segment Reporting Information [Line Items]
Net revenue from external customers	5.6	5.9
External Customer \| Pari-mutuel, live and simulcast racing \| Operating Segments \| TwinSpires
Segment Reporting Information [Line Items]
Net revenue from external customers	81.5	89.2
External Customer \| Pari-mutuel, live and simulcast racing \| Operating Segments \| Gaming
Segment Reporting Information [Line Items]
Net revenue from external customers	12.9	11.7
External Customer \| Pari-mutuel, live and simulcast racing \| All Other
Segment Reporting Information [Line Items]
Net revenue from external customers	0.0	5.1
External Customer \| Pari-mutuel, historical racing
Segment Reporting Information [Line Items]
Net revenue from external customers	73.6	52.9
External Customer \| Pari-mutuel, historical racing \| Operating Segments
Segment Reporting Information [Line Items]
Net revenue from external customers	73.6	52.9
External Customer \| Pari-mutuel, historical racing \| Operating Segments \| Live and Historical Racing
Segment Reporting Information [Line Items]
Net revenue from external customers	73.6	52.9
External Customer \| Pari-mutuel, historical racing \| Operating Segments \| TwinSpires
Segment Reporting Information [Line Items]
Net revenue from external customers	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
External Customer \| Pari-mutuel, historical racing \| All Other
Segment Reporting Information [Line Items]
Net revenue from external customers	0.0	0.0
External Customer \| Racing event-related services
Segment Reporting Information [Line Items]
Net revenue from external customers	0.9	0.7
External Customer \| Racing event-related services \| Operating Segments
Segment Reporting Information [Line Items]
Net revenue from external customers	0.9	0.7
External Customer \| Racing event-related services \| Operating Segments \| Live and Historical Racing
Segment Reporting Information [Line Items]
Net revenue from external customers	0.5	0.0
External Customer \| Racing event-related services \| Operating Segments \| TwinSpires
Segment Reporting Information [Line Items]
Net revenue from external customers	0.0	0.0
External Customer \| Racing event-related services \| Operating Segments \| Gaming
Segment Reporting Information [Line Items]
Net revenue from external customers	0.4	0.7
External Customer \| Racing event-related services \| All Other
Segment Reporting Information [Line Items]
Net revenue from external customers	0.0	0.0
External Customer \| Gaming
Segment Reporting Information [Line Items]
Net revenue from external customers	161.2	139.5
External Customer \| Gaming \| Operating Segments
Segment Reporting Information [Line Items]
Net revenue from external customers	161.2	139.5
External Customer \| Gaming \| Operating Segments \| Live and Historical Racing
Segment Reporting Information [Line Items]
Net revenue from external customers	0.0	0.0
External Customer \| Gaming \| Operating Segments \| TwinSpires
Segment Reporting Information [Line Items]
Net revenue from external customers	10.3	7.0
External Customer \| Gaming \| Operating Segments \| Gaming
Segment Reporting Information [Line Items]
Net revenue from external customers	150.9	132.5
External Customer \| Gaming \| All Other
Segment Reporting Information [Line Items]
Net revenue from external customers	0.0	0.0
External Customer \| Other
Segment Reporting Information [Line Items]
Net revenue from external customers	28.4	19.3
External Customer \| Other \| Operating Segments
Segment Reporting Information [Line Items]
Net revenue from external customers	27.9	18.8
External Customer \| Other \| Operating Segments \| Live and Historical Racing
Segment Reporting Information [Line Items]
Net revenue from external customers	6.3	4.4
External Customer \| Other \| Operating Segments \| TwinSpires
Segment Reporting Information [Line Items]
Net revenue from external customers	8.5	7.3
External Customer \| Other \| Operating Segments \| Gaming
Segment Reporting Information [Line Items]
Net revenue from external customers	13.1	7.1
External Customer \| Other \| All Other
Segment Reporting Information [Line Items]
Net revenue from external customers	$ 0.5	$ 0.5

Fair Value Of Assets And Liabilities (Tables)

3 Months Ended

Mar. 31, 2022

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:


	March 31, 2022
(in millions)	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
Financial assets:
Restricted cash	$	65.5	$	65.5	$	65.5	$	—	$	—
Financial liabilities:
Term Loan B	$	380.8	$	383.0	$	—	$	383.0	$	—
Term Loan B-1	293.4		297.0		—		297.0		—
2027 Senior Notes	594.5		605.3		—		605.3		—
2028 Senior Notes	698.2		679.0		—		679.0		—


	December 31, 2021
(in millions)	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
Financial assets:
Restricted cash	$	64.3	$	64.3	$	64.3	$	—	$	—
Financial liabilities:
Term Loan B	$	381.6	$	384.0	$	—	$	384.0	$	—
Term Loan B-1	294.0		297.8		—		297.8		—
2027 Senior Notes	594.3		619.5		—		619.5		—
2028 Senior Notes	698.1		724.5		—		724.5		—

Stock-based Compensation Plans (Details) - USD ($) shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	$ 7.0	$ 5.5
Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	$ 7.0	$ 5.5
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)	59
Award vesting period	3 years

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net income	$ 42.1	$ 36.1
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	25.1	26.0
Distributions from unconsolidated affiliates	40.6	22.0
Equity in income of unconsolidated affiliates	(32.5)	(24.9)
Stock-based compensation	7.0	5.5
Deferred income taxes	10.2	5.7
Asset impairments	4.9	0.0
Amortization of operating lease assets	1.3	0.2
Other	1.2	1.2
Changes in operating assets and liabilities:
Income taxes	6.4	9.2
Deferred revenue	56.3	21.0
Other assets and liabilities	(27.4)	2.2
Net cash provided by operating activities	135.2	104.2
Cash flows from investing activities:
Capital maintenance expenditures	(10.0)	(4.7)
Capital project expenditures	(45.5)	(7.6)
Other	(7.3)	0.0
Net cash used in investing activities	(62.8)	(12.3)
Cash flows from financing activities:
Proceeds from borrowings under long-term debt obligations	0.0	780.8
Repayments of borrowings under long-term debt obligations	(1.8)	(425.7)
Payment of dividends	(25.7)	(24.8)
Repurchase of common stock	(24.3)	(193.9)
Taxes paid related to net share settlement of stock awards	(13.1)	(12.6)
Debt issuance costs	0.0	(5.8)
Change in bank overdraft	(3.0)	(12.8)
Other	(0.1)	1.6
Net cash (used in) provided by financing activities	(68.0)	106.8
Cash flows from discontinued operations:
Operating activities of discontinued operations	0.0	(124.0)
Net increase in cash, cash equivalents and restricted cash	4.4	74.7
Cash, cash equivalents and restricted cash, beginning of period	355.6	121.0
Cash, cash equivalents and restricted cash, end of period	360.0	195.7
Supplemental disclosures of cash flow information:
Interest	20.7	15.4
Income taxes	0.1	0.1
Schedule of non-cash operating, investing and financing activities:
Property and equipment additions included in accounts payable and accrued expenses	29.9	4.2
Debt issuance costs included in accrued expense and other current liabilities	3.2	0.0
Right-of-use assets obtained in exchange for lease obligations in operating leases	0.9	0.0
Repurchase of common stock included in accrued expense and other current liabilities	$ 0.7	$ 0.0

Revenue from Contracts with Customers	3 Months Ended
Revenue from Contracts with Customers	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Revenue from Contracts with Customers	REVENUE FROM CONTRACTS WITH CUSTOMERS Performance Obligations As of March 31, 2022, our Live and Historical Racing segment had remaining performance obligations on contracts with a duration greater than one year relating to television rights, sponsorships, personal seat licenses, and admissions, with an aggregate transaction price of $114.3 million. The revenue we expect to recognize on these remaining performance obligations is $41.6 million for the remainder of 2022, $30.1 million in 2023, $22.0 million in 2024, and the remainder thereafter. As of March 31, 2022, our remaining performance obligations on contracts with a duration greater than one year in segments other than Live and Historical Racing were not material. Contract Assets and Contract Liabilities As of March 31, 2022 and December 31, 2021, contract assets were not material. As of March 31, 2022 and December 31, 2021, contract liabilities were $121.3 million and $64.9 million, respectively, which are included in current deferred revenue, non-current deferred revenue, and accrued expense in the accompanying condensed consolidated balance sheets. Contract liabilities primarily relate to the Live and Historical Racing segment and the increase was primarily due to cash payments received for unfulfilled performance obligations. We recognized $3.2 million of revenue during the three months ended March 31, 2022, which was included in the contract liabilities balance at December 31, 2021. We recognized $2.6 million of revenue during the three months ended March 31, 2021, which was included in the contract liabilities balance at December 31, 2020. Disaggregation of Revenue In Note 17, Segment Information, the Company has included its disaggregated revenue disclosures as follows: •For the Live and Historical Racing segment, revenue is disaggregated between racing facilities and HRM facilities given that our racing facilities revenues primarily revolve around live racing events while our HRM facilities revenues primarily revolve around historical racing events. This segment is also disaggregated by location given the geographic economic factors that affect the revenue of service offerings. Within the Live and Historical racing segment, revenue is further disaggregated between live and simulcast racing, historical racing, racing event-related services, and other services. •For the TwinSpires segment, revenue is disaggregated between Horse Racing and Sports and Casino given that Horse Racing revenue is primarily related to online pari-mutuel wagering on live race events while Sports and Casino revenue relates to casino gaming service offerings. Within the TwinSpires 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.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 606
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-Paragraph 13
-Subparagraph (b)(2)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 606
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-Subparagraph (a)
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

+ Details

Stock-based Compensation Plans (Tables)

3 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement [Abstract]

Summary of RSUs and PSUs Granted

A summary of the RSUs granted during 2022 is presented below (units in thousands):

Grant Year

Award Type

Number of Units Awarded

Vesting Terms

2022

RSU

Vest equally over three service periods ending in 2025

Revenue from Contracts with Customers - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Contract with customer, liability	$ 121.3		$ 64.9
Contract with customer, revenue recognized	$ 3.2	$ 2.6

Contingencies	3 Months Ended
Contingencies	Mar. 31, 2022
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. 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. 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. 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 us, 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.

Goodwill and Other Intangible Assets - Intangible Assets (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Gross Carrying Amount	$ 31.2	$ 31.2
Accumulated Amortization	(20.3)	(19.1)
Definite-lived intangible assets, Net Carrying Amount	10.9	12.1
Indefinite-lived intangible assets, Net Carrying Amount	341.0	336.0
Total intangible assets	$ 351.9	$ 348.1

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES The Company’s effective income tax rate for the three months ended March 31, 2022 was higher than the U.S. federal statutory rate of 21.0% primarily resulting from state income taxes and non-deductible officer’s compensation. This expense was partially offset by tax benefits resulting from year-to-date tax deductions from vesting of restricted stock compensation in excess of book deductions. The Company’s effective income tax rate for the three months ended March 31, 2021 was higher than the U.S. federal statutory rate of 21.0% primarily resulting from state income taxes, non-deductible officer’s compensation, and an increase to our unrecognized tax benefits due to an extension of the statute of limitations for certain tax positions. This expense was partially offset by tax benefits resulting from year-to-date tax deductions from vesting of restricted stock compensation in excess of book deductions.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 1
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-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Segment Information - Summary of Capital Expenditures (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Segment Reporting, Asset Reconciling Item [Line Items]
Capital expenditures	$ 55.5	$ 12.3
Operating Segments
Segment Reporting, Asset Reconciling Item [Line Items]
Capital expenditures	55.1	11.8
Operating Segments \| Live and Historical Racing
Segment Reporting, Asset Reconciling Item [Line Items]
Capital expenditures	44.5	7.8
Operating Segments \| TwinSpires
Segment Reporting, Asset Reconciling Item [Line Items]
Capital expenditures	3.1	2.4
Operating Segments \| Gaming
Segment Reporting, Asset Reconciling Item [Line Items]
Capital expenditures	7.5	1.6
All Other
Segment Reporting, Asset Reconciling Item [Line Items]
Capital expenditures	$ 0.4	$ 0.5

Shareholders' Equity (Details) - USD ($)		3 Months Ended
Shareholders' Equity (Details) - USD ($)	Feb. 01, 2021	Mar. 31, 2022	Mar. 31, 2021	Sep. 29, 2021	Oct. 30, 2018
Distribution Made to Limited Partner [Line Items]
Future cash settlement accrual for executed repurchases of common stock		$ 700,000	$ 0
Repurchase aggregate cost		25,000,000.0	$ 193,900,000
October 2018 Stock Repurchase Program
Distribution Made to Limited Partner [Line Items]
Authorized stock repurchase amount					$ 300,000,000
Remaining unused authorization for stock repurchase program				$ 97,900,000
Stock Repurchase Agreement with The Duchossois Group, Inc Affiliate
Distribution Made to Limited Partner [Line Items]
Repurchase of common stock (in shares)	1,000,000
Price per common stock (in dollars per share)	$ 193.94
Repurchase aggregate cost	$ 193,900,000
2021 Stock Repurchase Program
Distribution Made to Limited Partner [Line Items]
Authorized stock repurchase amount				$ 500,000,000
Remaining unused authorization for stock repurchase program		$ 420,600,000
Repurchase of common stock (in shares)		116,863	0
Repurchase aggregate cost		$ 25,000,000.0	$ 0

Subsequent Event	3 Months Ended
Subsequent Event	Mar. 31, 2022
Subsequent Events [Abstract]
Subsequent Event	SUBSEQUENT EVENT April 2022 Financing Transactions On April 13, 2022, the Company announced an amendment of its senior secured credit agreement (the “Credit Agreement Amendment”) to extend the maturity date of its existing revolving credit facility to 2027 and to increase the commitments under the existing revolving credit facility from $700 million to $1,200 million. The Credit Agreement Amendment also provides for a senior secured delayed draw term loan A credit facility due 2027 in the amount of $800 million (the “Delayed Draw Term Loan A”) and makes certain other changes to its existing credit agreement. The interest rate applicable to borrowings on the Revolver and Delayed Draw Term Loan A will be secured financing overnight rate ("SFOR")-based plus a spread, determined by the Company’s and guarantors' leverage ratio. The Company also successfully closed into escrow the previously announced offering of $1,200 million in aggregate principal amount of 5.750% senior notes due 2030.

Fair Value of Assets And Liabilities

3 Months Ended

Mar. 31, 2022

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 2028 Senior Notes and 5.50% 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 Term Loan B, Term Loan B-1, 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:


	March 31, 2022
(in millions)	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
Financial assets:
Restricted cash	$	65.5	$	65.5	$	65.5	$	—	$	—
Financial liabilities:
Term Loan B	$	380.8	$	383.0	$	—	$	383.0	$	—
Term Loan B-1	293.4		297.0		—		297.0		—
2027 Senior Notes	594.5		605.3		—		605.3		—
2028 Senior Notes	698.2		679.0		—		679.0		—


	December 31, 2021
(in millions)	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
Financial assets:
Restricted cash	$	64.3	$	64.3	$	64.3	$	—	$	—
Financial liabilities:
Term Loan B	$	381.6	$	384.0	$	—	$	384.0	$	—
Term Loan B-1	294.0		297.8		—		297.8		—
2027 Senior Notes	594.3		619.5		—		619.5		—
2028 Senior Notes	698.1		724.5		—		724.5		—

- 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

Stock-based Compensation Plans

3 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement [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, restricted stock unit awards ("RSUs"), performance share unit awards, and stock options associated with our employee stock purchase plan was $7.0 million for the three months ended March 31, 2022 and $5.5 million for the three months ended March 31, 2021.

During the three months ended March 31, 2022, the Company awarded RSUs to employees and certain named executive officers ("NEOs").

A summary of the RSUs granted during 2022 is presented below (units in thousands):

Grant Year

Award Type

Number of Units Awarded

Vesting Terms

2022

RSU

Vest equally over three service periods ending in 2025

Shareholders' Equity

3 Months Ended

Mar. 31, 2022

Equity [Abstract]

Shareholders' Equity

SHAREHOLDERS’ EQUITY

Stock Repurchase Programs

On October 30, 2018, the Board of Directors of the Company approved a common stock repurchase program of up to $300.0 million ("2018 Stock Repurchase Program"). The 2018 Stock Repurchase Program was in effect until September 29, 2021 and had unused authorization of $97.9 million.

On September 29, 2021, the Board of Directors of the Company approved a common stock repurchase program of up to $500.0 million ("2021 Stock Repurchase Program"). The 2021 Stock Repurchase Program includes and is not in addition to any unspent amount remaining under the prior 2018 Stock Purchase Program 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. We had approximately $420.6 million of repurchase authority remaining under the 2021 Stock Repurchase Program at March 31, 2022, based on trade date.


	Three Months Ended March 31,
(in millions, except share data)	2022			2021
Repurchase Program	Shares	Aggregate Purchase Price		Shares	Aggregate Purchase Price
2021 Stock Repurchase Program	116,863	$	25.0	—	$	—

As of March 31, 2022, we had $0.7 million accrued for the future cash settlement of executed repurchases of our common stock and no accrual as of March 31, 2021.

The Duchossois Group Share Repurchase

On February 1, 2021, the Company entered into an agreement (the "Stock Repurchase Agreement") with an affiliate of The Duchossois Group, Inc. ("TDG") to repurchase 1,000,000 shares of the Company’s common stock for $193.94 per share in a privately negotiated transaction for an aggregate purchase price of $193.9 million. The repurchase of shares of common stock from TDG pursuant to the Stock Repurchase Agreement was approved by the Company's Board of Directors separately from, and did not reduce the authorized amount remaining under, the existing common stock repurchase program.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 16
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496180-112644

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (i)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Recent Accounting Pronouncements	3 Months Ended
Recent Accounting Pronouncements	Mar. 31, 2022
Accounting Policies [Abstract]
Recent Accounting Pronouncements	RECENT ACCOUNTING PRONOUNCEMENTS Recent Accounting Pronouncements - Effective in 2022 or Thereafter In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional expedients and exceptions to applying the guidance on contract modifications, hedge accounting, and other transactions, and simplifies the accounting for transitioning from the London Interbank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates. The guidance was effective upon issuance and if elected, will be applied prospectively through December 31, 2022. We are currently evaluating the effect the adoption of this new accounting standard will have on our results of operations, financial condition, and cash flows.

Segment Information

3 Months Ended

Mar. 31, 2022

Segment Reporting [Abstract]

Segment Information

SEGMENT INFORMATION

We manage our operations through three reportable segments:

•Live and Historical Racing

The Live and Historical Racing segment includes live and historical pari-mutuel racing related revenue and expenses at Churchill Downs Racetrack, Derby City Gaming, Oak Grove, Turfway Park, and Newport.

Churchill Downs Racetrack is the home of the Kentucky Derby and conducts live racing during the year. Derby City Gaming is an historical racing machine ("HRM") facility that operates under the Churchill Downs pari-mutuel racing license at its ancillary training facility in Louisville, Kentucky. Oak Grove conducts live harness racing during the year and operates a HRM facility under its pari-mutuel racing license. Turfway Park conducts live racing during the year, and Newport is an ancillary HRM facility that operates under the Turfway Park pari-mutuel racing license.

Our Live and Historical Racing properties earn commissions primarily from pari-mutuel wagering on live and historical races; 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.

•TwinSpires

The TwinSpires segment includes the revenue and expenses for the online horse racing and the retail and online Sports and Casino business.

TwinSpires Horse Racing operates online horse racing wagering for TwinSpires.com, BetAmerica.com, and other white-label platforms; facilitates high dollar wagering by international customers (through Velocity); and provides the Bloodstock Research Information Services platform for horse racing statistical data. Also included in TwinSpires Horse Racing is our United Tote business which provides totalisator services to patrons who wager on horse races.

Our TwinSpires Sports and Casino business includes the retail and online sports and casino gaming operations.

Our TwinSpires Sports and Casino business operates our sports betting and casino iGaming platform in multiple states. The TwinSpires Sports and Casino business includes the mobile and online sports betting and casino results and the results of eight of our retail sportsbooks, which include our wholly-owned properties at Harlow’s Casino Resort and Spa ("Harlow’s"), Presque Isle, Riverwalk Casino Hotel (“Riverwalk”), and Ocean Downs Casino and Racetrack ("Ocean Downs"), as well as in Arizona, Colorado, Indiana and Michigan which utilize a third party's casino license. On February 24, 2022 the Company announced its plans to exit the direct online Sports and Casino business and pursue monetization of its online market access licenses.

•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 video lottery terminals ("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 Casino Nemacolin ("Lady Luck Nemacolin") management agreement

◦Ocean Downs

◦Oxford Casino and Hotel ("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 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:

•Arlington

•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, disposition, and land sale related charges;

–Direct online Sports and Casino business costs; and

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

•Stock-based compensation expense;

•Rivers Des Plaines' impact on our investments in unconsolidated affiliates from:

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

–Legal reserves and transaction costs;

•Asset impairments;

•Legal reserves;

•Pre-opening expense; and

•Other charges, recoveries and expenses

As of December 31, 2021, Arlington ceased racing and simulcast operations given the pending sale of the property to the Chicago Bears. Arlington's operating loss in the current year quarter was treated as an adjustment to EBITDA and is included in Other expenses, net in the Reconciliation of Comprehensive Income to Adjusted EBITDA.

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.


	Three Months Ended March 31,
(in millions)		2022		2021
Net revenue from external customers:
Live and Historical Racing:
Churchill Downs Racetrack		$	2.0	$	2.0
Derby City Gaming		42.8		32.9
Oak Grove		30.4		19.4
Turfway Park		4.5		4.5
Newport		6.3		4.4
Total Live and Historical Racing		86.0		63.2
TwinSpires:
Horse Racing		90.0		96.5
Sports and Casino		10.3		7.0
Total TwinSpires		100.3		103.5
Gaming:
Fair Grounds and VSI		41.5		38.3
Presque Isle		27.2		23.8
Ocean Downs		21.3		20.0
Calder		27.0		20.9
Oxford		26.8		15.7
Riverwalk		14.4		14.4
Harlow’s		13.1		14.0
Lady Luck Nemacolin		6.0		4.9
Total Gaming		177.3		152.0
All Other		0.5		5.6
Net revenue from external customers		$	364.1	$	324.3


	Three Months Ended March 31,
(in millions)		2022		2021
Intercompany net revenue:
Live and Historical Racing		$	1.2	$	1.5
TwinSpires		1.1		1.5
Gaming		1.9		2.0
All Other		—		1.6
Eliminations		(4.2)		(6.6)
Intercompany net revenue		$	—	$	—


	Three Months Ended March 31, 2022
(in millions)	Live and Historical Racing		TwinSpires		Gaming		Total Segments		All Other		Total
Net revenue from external customers
Pari-mutuel:
Live and simulcast racing	$	5.6	$	81.5	$	12.9	$	100.0	$	—	$	100.0
Historical racing(a)	73.6		—		—		73.6		—		73.6
Racing event-related services	0.5		—		0.4		0.9		—		0.9
Gaming(a)	—		10.3		150.9		161.2		—		161.2
Other(a)	6.3		8.5		13.1		27.9		0.5		28.4
Total	$	86.0	$	100.3	$	177.3	$	363.6	$	0.5	$	364.1


	Three Months Ended March 31, 2021
(in millions)	Live and Historical Racing		TwinSpires		Gaming		Total Segments		All Other		Total
Net revenue from external customers
Pari-mutuel:
Live and simulcast racing	$	5.9	$	89.2	$	11.7	$	106.8	$	5.1	$	111.9
Historical racing(a)	52.9		—		—		52.9		—		52.9
Racing event-related services	—		—		0.7		0.7		—		0.7
Gaming(a)	—		7.0		132.5		139.5		—		139.5
Other(a)	4.4		7.3		7.1		18.8		0.5		19.3
Total	$	63.2	$	103.5	$	152.0	$	318.7	$	5.6	$	324.3

Adjusted EBITDA by segment is comprised of the following:


	Three Months Ended March 31, 2022
(in millions)	Live and Historical Racing		TwinSpires		Gaming
Net revenue	$	87.2	$	101.4	$	179.2

Taxes and purses	(26.8)		(7.5)		(67.3)
Marketing and advertising	(2.9)		(5.1)		(3.5)
Salaries and benefits	(10.9)		(6.7)		(23.9)
Content expense	(0.6)		(43.1)		(1.5)
Selling, general and administrative expense	(3.3)		(2.6)		(6.6)
Other operating expense	(14.8)		(12.3)		(20.0)
Other income	—		—		34.7
Adjusted EBITDA	$	27.9	$	24.1	$	91.1


	Three Months Ended March 31, 2021
(in millions)	Live and Historical Racing		TwinSpires		Gaming
Net revenue	$	64.7	$	105.0	$	154.0

Taxes and purses	(20.0)		(6.4)		(59.3)
Marketing and advertising	(2.1)		(8.5)		(1.4)
Salaries and benefits	(10.0)		(6.2)		(19.9)
Content expense	(0.6)		(46.5)		(1.0)
Selling, general and administrative expense	(3.0)		(2.6)		(6.0)
Other operating expense	(10.7)		(11.7)		(15.5)
Other income	—		—		31.5
Adjusted EBITDA	$	18.3	$	23.1	$	82.4


	Three Months Ended March 31,
(in millions)		2022		2021
Reconciliation of Comprehensive Income to Adjusted EBITDA:

Net income and comprehensive income		$	42.1	$	36.1

Additions:
Depreciation and amortization		25.1		26.0
Interest expense		21.3		19.4
Income tax provision		16.5		16.2
EBITDA		$	105.0	$	97.7

Adjustments to EBITDA:
Stock-based compensation expense		$	7.0	$	5.5

Pre-opening expense		2.1		0.6
Other expenses, net		2.5		—
Asset impairments		4.9		—
Transaction expense, net		5.0		0.1
Other income, expense:
Interest, depreciation and amortization expense related to equity investments		11.1		9.6
Changes in fair value of Rivers Des Plaines' interest rate swaps		(10.4)		(4.2)
Rivers Des Plaines' legal reserves and transaction costs		0.3		1.3
Other charges		1.0		—
Total adjustments to EBITDA		23.5		12.9
Adjusted EBITDA		$	128.5	$	110.6

Adjusted EBITDA by segment:
Live and Historical Racing		$	27.9	$	18.3
TwinSpires		24.1		23.1
Gaming		91.1		82.4
Total segment Adjusted EBITDA		143.1		123.8
All Other		(14.6)		(13.2)
Total Adjusted EBITDA		$	128.5	$	110.6

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


	Three Months Ended March 31,
(in millions)		2022		2021
Gaming		$	32.5	$	24.9

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


(in millions)	March 31, 2022		December 31, 2021
Total assets:
Live and Historical Racing	$	719.0	$	682.7
TwinSpires	286.0		289.6
Gaming	1,003.3		1,003.3
Total segment assets	2,008.3		1,975.6
All Other	1,028.6		1,006.0
Total assets	$	3,036.9	$	2,981.6

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


	Three Months Ended March 31,
(in millions)	2022		2021
Capital expenditures, net:
Live and Historical Racing	$	44.5	$	7.8
TwinSpires	3.1		2.4
Gaming	7.5		1.6
Total segment capital expenditures	55.1		11.8
All Other	0.4		0.5
Total capital expenditures	$	55.5	$	12.3

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
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-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/topic&trid=2134510

+ Details

Segment Information - Reconciliation of Comprehensive Income to Adjusted EBITDA by Segment (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Segment Reporting Information [Line Items]
Net revenue	$ 364.1	$ 324.3
Adjusted EBITDA	128.5	110.6
Net income and comprehensive income	42.1	36.1
Depreciation and amortization	25.1	26.0
Interest expense	21.3	19.4
Income tax provision	16.5	16.2
EBITDA	105.0	97.7
Stock-based compensation expense	7.0	5.5
Pre-opening expense	2.1	0.6
Other expenses, net	2.5	0.0
Asset impairments	4.9	0.0
Transaction expense, net	5.0	0.1
Interest, depreciation and amortization expense related to equity investments	11.1	9.6
Changes in fair value of Rivers Des Plaines' interest rate swaps	(10.4)	(4.2)
Rivers Des Plaines' legal reserves and transaction costs	0.3	1.3
Other charges	1.0	0.0
Total adjustments to EBITDA	23.5	12.9
Adjusted EBITDA	128.5	110.6
Operating Segments
Segment Reporting Information [Line Items]
Net revenue	364.1	324.3
Adjusted EBITDA	143.1	123.8
Adjusted EBITDA	143.1	123.8
All Other
Segment Reporting Information [Line Items]
Net revenue	0.5	5.6
Adjusted EBITDA	(14.6)	(13.2)
Adjusted EBITDA	(14.6)	(13.2)
Live and Historical Racing
Segment Reporting Information [Line Items]
Net revenue	87.2	64.7
Taxes and purses	(26.8)	(20.0)
Marketing and advertising	(2.9)	(2.1)
Salaries and benefits	(10.9)	(10.0)
Content expense	(0.6)	(0.6)
Selling, general and administrative expense	(3.3)	(3.0)
Other operating expense	(14.8)	(10.7)
Other income	0.0	0.0
Adjusted EBITDA	27.9	18.3
Adjusted EBITDA	27.9	18.3
Live and Historical Racing \| Operating Segments
Segment Reporting Information [Line Items]
Net revenue	86.0	63.2
Adjusted EBITDA	27.9	18.3
Adjusted EBITDA	27.9	18.3
TwinSpires
Segment Reporting Information [Line Items]
Net revenue	101.4	105.0
Taxes and purses	(7.5)	(6.4)
Marketing and advertising	(5.1)	(8.5)
Salaries and benefits	(6.7)	(6.2)
Content expense	(43.1)	(46.5)
Selling, general and administrative expense	(2.6)	(2.6)
Other operating expense	(12.3)	(11.7)
Other income	0.0	0.0
Adjusted EBITDA	24.1	23.1
Asset impairments	4.9
Adjusted EBITDA	24.1	23.1
TwinSpires \| Operating Segments
Segment Reporting Information [Line Items]
Net revenue	100.3	103.5
Adjusted EBITDA	24.1	23.1
Adjusted EBITDA	24.1	23.1
Gaming
Segment Reporting Information [Line Items]
Net revenue	179.2	154.0
Taxes and purses	(67.3)	(59.3)
Marketing and advertising	(3.5)	(1.4)
Salaries and benefits	(23.9)	(19.9)
Content expense	(1.5)	(1.0)
Selling, general and administrative expense	(6.6)	(6.0)
Other operating expense	(20.0)	(15.5)
Other income	34.7	31.5
Adjusted EBITDA	91.1	82.4
Adjusted EBITDA	91.1	82.4
Gaming \| Operating Segments
Segment Reporting Information [Line Items]
Net revenue	177.3	152.0
Adjusted EBITDA	91.1	82.4
Adjusted EBITDA	$ 91.1	$ 82.4

Investment in and Advances to Unconsolidated Affiliates

3 Months Ended

Mar. 31, 2022

Investments in and Advances to Affiliates [Abstract]

Investments in and Advances to Unconsolidated Affiliates

INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES

Investments in and advances to unconsolidated affiliates as of March 31, 2022 and December 31, 2021 primarily consisted of a 61.3% interest in Rivers Casino Des Plaines ("Rivers Des Plaines"), a 50% interest in Miami Valley Gaming and Racing ("MVG"), and other immaterial joint ventures.

Rivers Des Plaines

The ownership of Rivers Des Plaines is comprised of the following: (1) the Company owns 61.3%, (2) High Plaines Gaming, LLC ("High Plaines"), an affiliate of Rush Street Gaming, LLC, owns 36.0%, and (3) Casino Investors, LLC owns 2.7%. Both the Company and High Plaines have participating rights over Rivers Des Plaines, and both must consent to operating, investing and financing decisions. As a result, we account for Rivers Des Plaines using the equity method. As of March 31, 2022, the net aggregate basis difference between the Company’s investment in Rivers Des Plaines and the amounts of the underlying equity in net assets was $832.0 million.

Our investment in Rivers Des Plaines was $547.8 million and $554.8 million as of March 31, 2022 and December 31, 2021, respectively. The Company received distributions from Rivers Des Plaines of $30.5 million and $12.0 million for the three months ended March 31, 2022 and 2021, respectively.

Miami Valley Gaming

Delaware North Companies Gaming & Entertainment Inc. ("DNC") owns the remaining 50% interest in MVG. Since both we and DNC have participating rights over MVG, and both must consent to MVG's operating, investing and financing decisions, we account for MVG using the equity method.

Our investment in MVG was $107.7 million and $108.7 million as of March 31, 2022 and December 31, 2021, respectively. The Company received distributions from MVG of $10.0 million for the three months ended March 31, 2022 and 2021.

Summarized Financial Results for our Unconsolidated Affiliates

Summarized below are the financial results for our unconsolidated affiliates.


	Three Months Ended March 31,
(in millions)		2022		2021
Net revenue		$	177.2	$	138.7

Operating and SG&A expense		118.2		85.6
Depreciation and amortization		5.3		4.3
Total operating expense		123.5		89.9
Operating income		53.7		48.8
Interest and other, net		4.1		(4.6)
Net income		$	57.8	$	44.2


(in millions)	March 31, 2022		December 31, 2021
Assets
Current assets	$	96.8	$	96.0
Property and equipment, net	336.4		312.3
Other assets, net	263.5		264.1
Total assets	$	696.7	$	672.4
Liabilities and Members' Deficit
Current liabilities	$	128.6	$	95.3
Long-term debt	807.4		786.9
Other liabilities	3.6		20.6
Members' deficit	(242.9)		(230.4)
Total liabilities and members' deficit	$	696.7	$	672.4

Subsequent Event (Details) - USD ($) $ in Millions	Apr. 13, 2022	Mar. 17, 2021
2028 Senior Notes \| Senior Notes
Subsequent Event [Line Items]
Face amount of debt issuance		$ 700.0
Subsequent Event \| Credit Agreement Amendment \| Senior Notes
Subsequent Event [Line Items]
Face amount of debt issuance	$ 1,200.0
Subsequent Event \| Senior Notes Due 2030
Subsequent Event [Line Items]
Stated interest rate	5.75%
Subsequent Event \| Senior Notes Due 2030 \| Senior Notes
Subsequent Event [Line Items]
Face amount of debt issuance	$ 1,200.0
Subsequent Event \| Delayed Draw Term Loan A \| Senior Notes
Subsequent Event [Line Items]
Face amount of debt issuance	$ 800.0

Natural Disaster (Details) $ in Millions	1 Months Ended	3 Months Ended
Natural Disaster (Details) $ in Millions	Aug. 31, 2021 facility	Mar. 31, 2022 USD ($) facility	Mar. 31, 2021 USD ($)
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Operating expenses		$ 316.7	$ 277.6
Insurance recoveries		$ 0.3
Hurricane
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Number of off-track betting facilities damaged \| facility	15
Number of off-track betting facilities closed \| facility		2
Operating expenses		$ 2.3
Insurance recoveries		3.0
Insurance recovery receivable		$ 4.6

Accrued Expenses and Other Current Liabilities (Tables)

3 Months Ended

Mar. 31, 2022

Payables and Accruals [Abstract]

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following:


(in millions)	March 31, 2022		December 31, 2021
Account wagering deposits liability	$	55.0	$	47.5
Purses payable	26.1		28.6
Accrued salaries and related benefits	19.4		39.9
Accrued interest	23.8		23.9
Other	100.0		92.7
Total	$	224.3	$	232.6

Debt (Details) - USD ($) $ in Millions	Mar. 31, 2022	Mar. 17, 2021	Feb. 01, 2021	Apr. 28, 2020	Dec. 27, 2017
Debt Instrument [Line Items]
Basis spread	2.00%
Amortization period of debt issuance costs		7 years
Premium (percent)		0.0325
Term Loan B due 2028
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 300.0
Basis spread		2.00%
Required payment as a percentage of original balance		0.25%
Line of Credit \| Term Loan B due 2024
Debt Instrument [Line Items]
Face amount of debt issuance		$ 300.0
Senior Notes \| 2028 Senior Notes
Debt Instrument [Line Items]
Face amount of debt issuance		700.0
Senior Notes \| Senior Notes Due 2028, Additional
Debt Instrument [Line Items]
Face amount of debt issuance		200.0
Debt issuance costs		$ 3.4
Stated interest rate		4.75%
Redemption price, percentage of face amount		103.25%
Senior Notes \| Senior Notes Due 2028, Existing
Debt Instrument [Line Items]
Face amount of debt issuance					$ 500.0
Stated interest rate					4.75%
Revolving Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity					$ 700.0
Debt covenant, restricted payments			$ 226.0	$ 26.0
Revolving Credit Facility \| Line of Credit \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread	1.375%
Term Loan B
Debt Instrument [Line Items]
Debt issuance costs		$ 3.5
Term Loan B \| Line of Credit \| Term Loan B due 2024
Debt Instrument [Line Items]
Face amount of debt issuance					400.0
Letter of Credit \| Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity					50.0
Bridge Loan \| Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity					$ 50.0

Net Income Per Common Share Computations (Tables)

3 Months Ended

Mar. 31, 2022

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 March 31,
(in millions, except per share data)		2022		2021
Numerator for basic and diluted net income per common share:
Net income		$	42.1	$	36.1

Denominator for net income per common share:
Basic		38.3		39.0
Plus dilutive effect of stock awards		0.5		0.6
Diluted		38.8		39.6

Net income per common share data:



Basic net income		$	1.10	$	0.93




Diluted net income		$	1.08	$	0.91

Asset Impairments (Details) - USD ($) $ in Millions	3 Months Ended
Asset Impairments (Details) - USD ($) $ in Millions	Mar. 31, 2022	Mar. 31, 2021
Indefinite-lived Intangible Assets [Line Items]
Asset impairments	$ 4.9	$ 0.0
TwinSpires
Indefinite-lived Intangible Assets [Line Items]
Asset impairments	$ 4.9

Discontinued Operations and Assets Held for Sale	3 Months Ended
Discontinued Operations and Assets Held for Sale	Mar. 31, 2022
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations and Assets Held for Sale	DISCONTINUED OPERATIONS AND ASSETS HELD FOR SALE Discontinued Operations On January 9, 2018, the Company completed the sale of its mobile gaming subsidiary, Big Fish Games, Inc. ("Big Fish Games"). The Big Fish Games business met the criteria for discontinued operation presentation. The condensed consolidated statements of cash flows reflect Big Fish Games as discontinued operations for all periods presented. The Company previously reported combined continuing and discontinued operations in our condensed consolidated statement of cash flows. The Company now separates continuing from discontinued operations in our condensed consolidated statement of cash flows. The prior year results were reclassified to conform to the current period presentation. On May 22, 2020, we entered into an agreement in principle to settle Cheryl Kater v. Churchill Downs Incorporated and Manasa Thimmegowda v. Big Fish Games, Inc. The $124.0 million settlement was paid on March 25, 2021. Assets Held for Sale On September 29, 2021, the Company announced an agreement to sell the 326-acre property in Arlington Heights, Illinois (the "Arlington Property"), to the Chicago Bears for $197.2 million. The closing of the sale of the Arlington Property is subject to the satisfaction of various closing conditions and the Company anticipates closing the sale of the Arlington Property in early 2023. The Company has classified certain assets of Arlington International Racecourse ("Arlington") totaling $81.5 million as held for sale as of March 31, 2022 and December 31, 2021, on the accompanying condensed consolidated balance sheets. Arlington’s operations and assets are included in All Other in our consolidated results. On November 22, 2021, the Company announced an agreement to sell 115.7 acres of land near Calder Casino and Racing ("Calder") for $291.0 million or approximately $2.5 million per acre to Link Logistics Real Estate, a Blackstone portfolio company. The closing of the sale of the land is subject to the satisfaction of various closing conditions. The Company anticipates closing the sale of the land in the second quarter of 2022. As of March 31, 2022 and December 31, 2021, the Company has classified certain assets of Calder totaling $6.3 million as held for sale on the accompanying condensed consolidated balance sheets. Calder's operations and assets are included in Gaming in our consolidated results.