0000020212-22-000126 | 10-Q | XBRL Viewer

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Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2022	Jul. 13, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
Document Transition Report	false
Entity File Number	001-33998
Entity Registrant Name	Churchill Downs Inc
Entity Incorporation, State or Country Code	KY
Entity Tax Identification Number	61-0156015
Entity Address, Address Line One	600 North Hurstbourne Parkway, Suite 400
Entity Address, City or Town	Louisville,
Entity Address, State or Province	KY
Entity Address, Postal Zip Code	40222
City Area Code	502
Local Phone Number	636-4400
Title of 12(b) Security	Common Stock, No Par Value
Trading Symbol	CHDN
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		37,697,846
Entity Central Index Key	0000020212
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Statements of Comprehensive Income - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Net revenue:
Net revenue	$ 582.5	$ 515.1	$ 946.6	$ 839.4
Operating expense:
Selling, general and administrative expense	38.4	33.4	74.3	63.6
Asset impairments	0.0	11.2	4.9	11.2
Transaction expense, net	1.2	0.0	6.2	0.1
Total operating expense	382.8	379.7	699.5	657.3
Operating income	199.7	135.4	247.1	182.1
Other income (expense):
Interest expense, net	(35.1)	(22.0)	(56.4)	(41.4)
Equity in income of unconsolidated affiliates	40.5	36.4	73.0	61.3
Gain on Calder land sale	274.6	0.0	274.6	0.0
Miscellaneous, net	0.2	0.1	0.2	0.2
Total other income	280.2	14.5	291.4	20.1
Income from operations before provision for income taxes	479.9	149.9	538.5	202.2
Income tax provision	(140.6)	(41.6)	(157.1)	(57.8)
Net income	$ 339.3	$ 108.3	$ 381.4	$ 144.4
Net income per common share data:
Basic net income (in dollars per share)	$ 8.91	$ 2.80	$ 9.98
Diluted net income (in dollars per share)	$ 8.79	$ 2.76	$ 9.85	$ 3.66
Weighted average shares outstanding:
Basic (in shares)	38.1	38.7	38.2	38.8
Diluted (in shares)	38.6	39.3	38.7	39.4
Live and Historical Racing
Net revenue:
Net revenue	$ 260.9	$ 175.9	$ 346.9	$ 239.1
Operating expense:
Operating expense	121.4	100.3	189.1	155.0
TwinSpires
Net revenue:
Net revenue	136.8	140.8	237.1	244.3
Operating expense:
Operating expense	90.2	102.1	165.1	179.6
Gaming
Net revenue:
Net revenue	184.3	186.0	361.6	338.0
Operating expense:
Operating expense	128.8	121.0	254.0	227.3
All Other
Net revenue:
Net revenue	0.5	12.4	1.0	18.0
Operating expense:
Operating expense	$ 2.8	$ 11.7	$ 5.9	$ 20.5

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 310.2	$ 291.3
Restricted cash	1,589.3	64.3
Accounts receivable, net	65.4	42.3
Income taxes receivable	0.0	66.0
Other current assets	40.0	37.6
Total current assets	2,004.9	501.5
Property and equipment, net	1,130.1	994.9
Investment in and advances to unconsolidated affiliates	658.7	663.6
Goodwill	366.8	366.8
Other intangible assets, net	352.8	348.1
Other assets	23.4	18.9
Long-term assets held for sale	82.9	87.8
Total assets	4,619.6	2,981.6
Current liabilities:
Accounts payable	139.1	81.6
Accrued expenses and other current liabilities	282.6	231.7
Income tax payable	87.6	0.9
Current deferred revenue	12.1	47.7
Current maturities of long-term debt	7.0	7.0
Dividends payable	0.0	26.1
Total current liabilities	528.4	395.0
Long-term debt, net of current maturities and loan origination fees	665.8	668.6
Notes payable, net of debt issuance costs	2,488.5	1,292.4
Non-current deferred revenue	10.9	13.3
Deferred income taxes	273.3	252.9
Other liabilities	49.8	52.6
Total liabilities	4,016.7	2,674.8
Commitments and contingencies
Shareholders' equity:
Preferred stock	0.0	0.0
Common stock	0.0	0.0
Retained earnings	603.8	307.7
Accumulated other comprehensive loss	(0.9)	(0.9)
Total shareholders' equity	602.9	306.8
Total liabilities and shareholders' equity	$ 4,619.6	$ 2,981.6

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, 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	144.4
Shares outstanding, ending (in shares) at Jun. 30, 2021		38.5
Shareholders' equity, ending at Jun. 30, 2021	317.4	$ 8.8	309.5	(0.9)
Shares outstanding, beginning (in shares) at Mar. 31, 2021		38.5
Shareholders' equity, beginning at Mar. 31, 2021	202.2	$ 1.7	201.4	(0.9)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	108.3		108.3
Stock-based compensation	7.1	$ 7.1
Other	(0.2)		(0.2)
Shares outstanding, ending (in shares) at Jun. 30, 2021		38.5
Shareholders' equity, ending at Jun. 30, 2021	317.4	$ 8.8	309.5	(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
Issuance of common stock	0.0
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)
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	381.4
Shares outstanding, ending (in shares) at Jun. 30, 2022		37.7
Shareholders' equity, ending at Jun. 30, 2022	602.9	$ 0.0	603.8	(0.9)
Shares outstanding, beginning (in shares) at Mar. 31, 2022		38.0
Shareholders' equity, beginning at Mar. 31, 2022	317.8	$ 0.0	318.7	(0.9)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	339.3		339.3
Repurchase of common stock (in shares)		(0.3)
Repurchase of common stock	(61.5)	$ (7.4)	(54.1)
Taxes paid related to net share settlement of stock awards	(0.1)		(0.1)
Stock-based compensation	7.4	$ 7.4
Shares outstanding, ending (in shares) at Jun. 30, 2022		37.7
Shareholders' equity, ending at Jun. 30, 2022	$ 602.9	$ 0.0	$ 603.8	$ (0.9)

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities:
Net income	$ 381.4	$ 144.4
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	51.2	52.0
Distributions from unconsolidated affiliates	77.9	47.5
Equity in income of unconsolidated affiliates	(73.0)	(61.3)
Stock-based compensation	14.4	12.6
Deferred income taxes	20.4	7.4
Asset impairments	4.9	11.2
Amortization of operating lease assets	2.7	2.7
Gain on sale of assets	(274.6)	0.0
Other	2.9	3.1
Changes in operating assets and liabilities:
Income taxes	154.0	39.5
Deferred revenue	(37.9)	(12.6)
Other assets and liabilities	56.5	87.8
Net cash provided by operating activities	380.8	334.3
Cash flows from investing activities:
Capital maintenance expenditures	(23.0)	(13.7)
Capital project expenditures	(144.1)	(15.9)
Proceeds from Calder land sale	279.0	0.0
Other	(7.3)	(0.9)
Net cash provided by (used in) investing activities	104.6	(30.5)
Cash flows from financing activities:
Proceeds from borrowings under long-term debt obligations	1,200.0	780.8
Repayments of borrowings under long-term debt obligations	(3.5)	(427.4)
Payment of dividends	(25.7)	(24.8)
Repurchase of common stock	(84.5)	(193.9)
Taxes paid related to net share settlement of stock awards	(13.2)	(12.6)
Debt issuance costs	(11.4)	(6.8)
Change in bank overdraft	(3.0)	(6.1)
Other	(0.2)	1.4
Net cash provided by financing activities	1,058.5	110.6
Cash flows from discontinued operations:
Operating activities of discontinued operations	0.0	(124.0)
Net increase in cash, cash equivalents and restricted cash	1,543.9	290.4
Cash, cash equivalents and restricted cash, beginning of period	355.6	121.0
Cash, cash equivalents and restricted cash, end of period	1,899.5	411.4
Supplemental disclosures of cash flow information:
Cash paid for interest	42.4	35.9
Cash paid for income taxes	15.9	10.4
Cash received from income tax refunds	33.1	0.0
Schedule of non-cash operating, investing and financing activities:
Property and equipment additions included in accounts payable and accrued expenses	32.5	5.0
Debt issuance costs included in accrued expense and other current liabilities	1.8	0.0
Right-of-use assets obtained in exchange for lease obligations in operating leases	0.9	9.2
Repurchase of common stock included in accrued expense and other current liabilities	$ 2.0	$ 0.0

Description of Business	6 Months Ended
Description of Business	Jun. 30, 2022
Basis of Presentation [Abstract]
Description of Business	DESCRIPTION OF BUSINESS Basis of Presentation Churchill Downs Incorporated (the "Company") 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. Calder Land Sale On June 17, 2022, the Company closed on the previously announced sale of 115.7 acres of excess land near Calder Casino for $291.0 million (or approximately $2.5 million per acre) to Link Logistics, a Blackstone portfolio company. The Company received cash proceeds of $279.0 million, which was net of $12.0 million of transaction costs. Refer to Note 4, Calder Land Sale, for further information on the sale. 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.

Recent Accounting Pronouncements	6 Months Ended
Recent Accounting Pronouncements	Jun. 30, 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.

Natural Disaster	6 Months Ended
Natural Disaster	Jun. 30, 2022
Risks and Uncertainties [Abstract]
Natural Disaster	NATURAL DISASTERIn 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 six months ended June 30, 2022, the Company incurred $2.3 million of operating expenses related to ongoing recovery and maintenance efforts and received $3.1 million from our insurance carriers. Through June 30, 2022, the Company has received $5.8 million in insurance recoveries from our insurance carriers and has an insurance recovery receivable of $1.8 million as of June 30, 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.

Calder Land Sale	6 Months Ended
Calder Land Sale	Jun. 30, 2022
Discontinued Operations and Disposal Groups [Abstract]
Calder Land Sale	CALDER LAND SALE On June 17, 2022, the Company closed on the previously announced sale of 115.7 acres of excess land near Calder Casino for $291.0 million (or approximately $2.5 million per acre) to Link Logistics, a Blackstone portfolio company. The Company received cash proceeds of $279.0 which was net of $12.0 million of transaction costs. We recognized a gain of $274.6 million on the sale of the land, which is included in other income (expense) in the accompanying Condensed Consolidated Statements of Comprehensive Income. The gain consisted of cash proceeds of $279.0 million offset by the carrying value of the assets sold of $4.4 million. The Company is planning on using certain proceeds of the sale to purchase property as part of the previously announced Peninsula Pacific Entertainment LLC ("P2E") acquisition and to invest in other replacement properties that qualify as Internal Revenue Code §1031 transactions to defer the federal income tax on the gain on the Calder land sale. The Company has identified two reverse like-kind transactions for property acquired prior to the sale of the Calder land and a forward like-kind exchange transaction to acquire additional property for the Internal Revenue Code §1031 transactions. The Company is utilizing a qualified intermediary to facilitate these transactions. The proceeds from the sale have been transferred to the qualified intermediary and are classified as restricted cash on the Condensed Consolidated Balance Sheet. The funds will remain with the qualified intermediary and will be released: (i) if the funds are utilized as part of a like-kind exchange agreement, (ii) if the Company does not identify a suitable replacement property within 45 days after the agreement date, or (iii) when a like-kind exchange agreement is not completed within the allowable time period. The Company has completed one reverse like-kind exchange in June 2022 involving our $9.9 million investment in real property for the Derby City Gaming Downtown facility in Louisville, Kentucky. The second reverse like-kind exchange will involve our investment in real property for the Queen of Terre Haute Casino Resort ("Queen of Terre Haute") property in Terre Haute, Indiana. An exchange accommodation titleholder (“EAT”), a type of variable interest entity, was used to facilitate this reverse like-kind exchange. As of June 30, 2022, $10.0 million had been invested in real property for the Queen of Terre Haute which will be held by the EAT until the exchange transaction is complete. The Company determined that it is the primary beneficiary of the EAT, thus the property held by the EAT has been consolidated and recorded in property and equipment, net on the Condensed Consolidated Balance Sheet. The Company plans to make additional investments in real property for the Queen of Terre Haute and expects to complete this reverse like-kind exchange in fourth quarter 2022. The Company is planning on utilizing the remainder of the proceeds from the Calder sale to execute a forward like-kind exchange transaction by purchasing property as part of the previously announced acquisition of P2E. The Company anticipates closing the P2E acquisition prior to the end of 2022. If the acquisition of replacement property is not completed within 180 days of the Calder land sale, the proceeds will be distributed to the Company by the qualified intermediary and reclassified as available cash, and all applicable income taxes will be assessed on the remaining gain that was not deferred by acquiring replacement property. As of June 30, 2022, the Company recorded $77.9 million in current income taxes payable related to the Calder land sale. Upon completion of the P2E acquisition, the current tax liability will be reclassified as a deferred tax liability on the Condensed Consolidated Balance Sheet. As of December 31, 2021, the assets sold as part of the Calder sale were classified as held for sale on the accompanying Condensed Consolidated Balance Sheets. Calder's operations and assets are included in the Gaming segment in our consolidated results. 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 the first quarter of 2023. The Company has classified certain assets of Arlington International Racecourse ("Arlington") as held for sale totaling $82.9 million as of June 30, 2022 and $81.5 million as of December 31, 2021, on the accompanying Condensed Consolidated Balance Sheets. Arlington’s operations and assets are included in All Other in our consolidated results.

Discontinued Operations and Assets Held for Sale	6 Months Ended
Discontinued Operations and Assets Held for Sale	Jun. 30, 2022
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations and Assets Held For Sale	CALDER LAND SALE On June 17, 2022, the Company closed on the previously announced sale of 115.7 acres of excess land near Calder Casino for $291.0 million (or approximately $2.5 million per acre) to Link Logistics, a Blackstone portfolio company. The Company received cash proceeds of $279.0 which was net of $12.0 million of transaction costs. We recognized a gain of $274.6 million on the sale of the land, which is included in other income (expense) in the accompanying Condensed Consolidated Statements of Comprehensive Income. The gain consisted of cash proceeds of $279.0 million offset by the carrying value of the assets sold of $4.4 million. The Company is planning on using certain proceeds of the sale to purchase property as part of the previously announced Peninsula Pacific Entertainment LLC ("P2E") acquisition and to invest in other replacement properties that qualify as Internal Revenue Code §1031 transactions to defer the federal income tax on the gain on the Calder land sale. The Company has identified two reverse like-kind transactions for property acquired prior to the sale of the Calder land and a forward like-kind exchange transaction to acquire additional property for the Internal Revenue Code §1031 transactions. The Company is utilizing a qualified intermediary to facilitate these transactions. The proceeds from the sale have been transferred to the qualified intermediary and are classified as restricted cash on the Condensed Consolidated Balance Sheet. The funds will remain with the qualified intermediary and will be released: (i) if the funds are utilized as part of a like-kind exchange agreement, (ii) if the Company does not identify a suitable replacement property within 45 days after the agreement date, or (iii) when a like-kind exchange agreement is not completed within the allowable time period. The Company has completed one reverse like-kind exchange in June 2022 involving our $9.9 million investment in real property for the Derby City Gaming Downtown facility in Louisville, Kentucky. The second reverse like-kind exchange will involve our investment in real property for the Queen of Terre Haute Casino Resort ("Queen of Terre Haute") property in Terre Haute, Indiana. An exchange accommodation titleholder (“EAT”), a type of variable interest entity, was used to facilitate this reverse like-kind exchange. As of June 30, 2022, $10.0 million had been invested in real property for the Queen of Terre Haute which will be held by the EAT until the exchange transaction is complete. The Company determined that it is the primary beneficiary of the EAT, thus the property held by the EAT has been consolidated and recorded in property and equipment, net on the Condensed Consolidated Balance Sheet. The Company plans to make additional investments in real property for the Queen of Terre Haute and expects to complete this reverse like-kind exchange in fourth quarter 2022. The Company is planning on utilizing the remainder of the proceeds from the Calder sale to execute a forward like-kind exchange transaction by purchasing property as part of the previously announced acquisition of P2E. The Company anticipates closing the P2E acquisition prior to the end of 2022. If the acquisition of replacement property is not completed within 180 days of the Calder land sale, the proceeds will be distributed to the Company by the qualified intermediary and reclassified as available cash, and all applicable income taxes will be assessed on the remaining gain that was not deferred by acquiring replacement property. As of June 30, 2022, the Company recorded $77.9 million in current income taxes payable related to the Calder land sale. Upon completion of the P2E acquisition, the current tax liability will be reclassified as a deferred tax liability on the Condensed Consolidated Balance Sheet. As of December 31, 2021, the assets sold as part of the Calder sale were classified as held for sale on the accompanying Condensed Consolidated Balance Sheets. Calder's operations and assets are included in the Gaming segment in our consolidated results. 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 the first quarter of 2023. The Company has classified certain assets of Arlington International Racecourse ("Arlington") as held for sale totaling $82.9 million as of June 30, 2022 and $81.5 million as of December 31, 2021, on the accompanying Condensed Consolidated Balance Sheets. Arlington’s operations and assets are included in All Other in our consolidated results.

Goodwill and Other Intangible Assets

6 Months Ended

Jun. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

GOODWILL AND OTHER INTANGIBLE ASSETS

Goodwill was $366.8 million as of June 30, 2022 and December 31, 2021. We performed our annual goodwill impairment analysis as of April 1, 2022, and no adjustment to the carrying value of goodwill was required. We assessed goodwill for impairment by performing qualitative or quantitative analyses for each reporting unit. We concluded that the fair values of our reporting units exceeded their carrying values, and therefore no impairments were identified.

Other intangible assets are comprised of the following:


	June 30, 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	$	(19.2)	$	12.0	$	31.2	$	(19.1)	$	12.1
Indefinite-lived intangible assets					340.8						336.0
Total					$	352.8					$	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.

We performed our annual indefinite-lived intangible assets impairment analysis as of April 1, 2022. We assessed our indefinite-lived intangible assets for impairment by performing qualitative or quantitative analyses for each asset. Based on the results of these analyses, no indefinite-lived intangible asset impairments were identified in connection with our annual impairment testing.

Asset Impairments	6 Months Ended
Asset Impairments	Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Asset Impairments	ASSET IMPAIRMENTS 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. 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. During the quarter ended June 30, 2021, the Company recorded an $11.2 million non-cash impairment charge related to certain assets at Churchill Downs Racetrack included in our Live and Historical Racing segment. The impairment was due to a change in the Churchill Downs Racetrack capital plans and the Company's planned usage of these assets.

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXESThe Company’s effective income tax rate for the three and six months ended June 30, 2022 and June 30, 2021 was higher than the U.S. federal statutory rate of 21.0% primarily resulting from state income taxes and non-deductible officer’s compensation.

- 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

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+ Details

Shareholders' Equity

6 Months Ended

Jun. 30, 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 Repurchase 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 $359.1 million of repurchase authority remaining under the 2021 Stock Repurchase Program at June 30, 2022, based on trade date.

We repurchased the following shares under the 2021 Stock Repurchase Program:


	Three Months Ended June 30,						Six Months Ended June 30,
(in millions, except share data)	2022			2021			2022			2021
Repurchase Program	Shares	Aggregate Purchase Price		Shares	Aggregate Purchase Price		Shares	Aggregate Purchase Price		Shares	Aggregate Purchase Price
2021 Stock Repurchase Program	321,554	$	61.5	—	$	—	438,417	$	86.5	—	$	—

As of June 30, 2022, we had $2.0 million accrued for the future cash settlement of executed repurchases of our common stock and no accrual as of June 30, 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.

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+ Details

Stock-based Compensation Plans

6 Months Ended

Jun. 30, 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 $7.4 million for the three months ended June 30, 2022 and $7.1 million for the three months ended June 30, 2021. Stock-based compensation was $14.4 million for the six months ended June 30, 2022 and $12.6 million for the six months ended June 30, 2021.

During the six months ended June 30, 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

2022

RSU

One year service period ending in 2023

Debt	6 Months Ended
Debt	Jun. 30, 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 provided 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 was 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 the 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 9, 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. On April 13, 2022, the Company entered into the Fourth Amendment to the Credit Agreement (the "Fourth Amendment") to extend the maturity date of its existing revolving credit facility to April 13, 2027, to increase the commitments under the existing revolving credit facility from $700.0 million to $1.2 billion, and to increase the swing line commitment from $50.0 million to $100.0 million. The Fourth Amendment also provides for a senior secured Delayed Draw Term Loan A credit facility due April 13, 2027 in the amount of $800.0 million which is part of the financing for the proposed acquisition by the Company of substantially all of the assets of P2E. The Company capitalized $2.8 million of debt issuance costs associated with the Revolver commitment increase and $5.7 million of debt issuance costs associated with the Delayed Draw Term Loan A which are being amortized as interest expense over the 5-year term. The Revolver and Delayed Draw Term Loan A bear interest at SOFR plus 10 basis points, plus a variable applicable margin which is determined by the Company's net leverage ratio. As of June 30, 2022, that applicable margin was 137.5 basis points which was based on the pricing grid in the Fourth Amendment to the Credit Agreement. 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 June 30, 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. 2030 Senior Notes On April 13, 2022, CDI Escrow Issuer, Inc. (the "Escrow Issuer"), a wholly owned subsidiary of the Company, completed an offering of $1.2 billion in aggregate principal amount of 5.75% Senior Unsecured Notes that mature on April 13, 2030 (the "2030 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 offering of the 2030 Notes is part of the financing for the P2E acquisition. The proceeds of the offering were placed in escrow pending satisfaction of certain conditions, including, without limitation, the consummation of the P2E acquisition. In connection with the offering, we capitalized $4.7 million of debt issuance costs which are being amortized as interest expense over the term of the 2030 Notes. Upon completion of this offering, the aggregate principal amount outstanding in escrow of the 2030 Notes is $1.2 billion. The cash held in escrow is invested in money market accounts and included in restricted cash in the Condensed Consolidated Balance Sheet. The 2030 Notes were issued at 100% of the principal amount, plus interest deemed to have accrued from April 13, 2022, with interest payable in arrears on April 1 and October 1 of each year, commencing on October 1, 2022. The 2030 Notes will vote as one class under the indenture governing the 2030 Senior Notes. The Escrow Issuer may redeem some or all of the 2030 Notes at any time prior to April 1, 2025, at redemption prices set forth in the 2030 Offering Memorandum. In connection with the issuance of the 2030 Notes, the Escrow Issuer and the guarantors of the 2030 Notes entered into a Registration Rights Agreement to register any 2030 Notes under the Securities Act for resale that are not freely tradable 366 days from April 13, 2022.

Revenue from Contracts with Customers	6 Months Ended
Revenue from Contracts with Customers	Jun. 30, 2022
Revenue from Contract with Customer [Abstract]
Revenue from Contracts with Customers	REVENUE FROM CONTRACTS WITH CUSTOMERS Performance Obligations As of June 30, 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 $74.2 million. The revenue we expect to recognize on these remaining performance obligations is $1.1 million for the remainder of 2022, $30.5 million in 2023, $22.0 million in 2024, and the remainder thereafter. As of June 30, 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 June 30, 2022 and December 31, 2021, contract assets were not material. As of June 30, 2022 and December 31, 2021, contract liabilities were $27.7 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 decrease was primarily due to revenue recognized for fulfilled performance obligations. We recognized $43.6 million of revenue during the three months ended June 30, 2022 and $46.8 million of revenue during the six months ended June 30, 2022, which was included in the contract liabilities balance at December 31, 2021. We recognized $28.9 million of revenue during the three months ended June 30, 2021 and $31.5 million of revenue during the six months ended June 30, 2021, which was included in the contract liabilities balance at December 31, 2020. Disaggregation of Revenue In Note 18, 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, historical 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
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+ Details

Accrued Expenses and Other Current Liabilities

6 Months Ended

Jun. 30, 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)	June 30, 2022		December 31, 2021
Account wagering deposits liability	$	65.9	$	47.5
Purses payable	38.9		28.6
Accrued salaries and related benefits	25.3		39.9
Accrued interest	38.8		23.9
Other	113.7		91.8
Total	$	282.6	$	231.7

Investment in and Advances to Unconsolidated Affiliates

6 Months Ended

Jun. 30, 2022

Investments in and Advances to Affiliates [Abstract]

Investments in and Advances to Unconsolidated Affiliates

INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATESInvestments in and advances to unconsolidated affiliates as of June 30, 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 June 30, 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 $831.8 million.

Our investment in Rivers Des Plaines was $547.3 million and $554.8 million as of June 30, 2022 and December 31, 2021, respectively. The Company received distributions from Rivers Des Plaines of $61.3 million and $25.3 million for the six months ended June 30, 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 $111.3 million and $108.7 million as of June 30, 2022 and December 31, 2021, respectively. The Company received distributions from MVG of $16.5 million and $22.0 million for the six months ended June 30, 2022 and 2021, respectively.

Summarized Financial Results for our Unconsolidated Affiliates

Summarized below are the financial results for our unconsolidated affiliates.


	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2022		2021		2022		2021
Net revenue	$	214.6	$	197.9	$	391.8	$	336.6

Operating and SG&A expense	130.7		109.8		248.9		195.4
Depreciation and amortization	6.3		4.4		11.6		8.7
Total operating expense	137.0		114.2		260.5		204.1
Operating income	77.6		83.7		131.3		132.5
Interest and other, net	(7.3)		(19.7)		(3.2)		(24.3)
Net income	$	70.3	$	64.0	$	128.1	$	108.2


(in millions)	June 30, 2022		December 31, 2021
Assets
Current assets	$	88.4	$	96.0
Property and equipment, net	349.0		312.3
Other assets, net	263.6		264.1
Total assets	$	701.0	$	672.4
Liabilities and Members' Deficit
Current liabilities	$	109.8	$	95.3
Long-term debt	827.8		786.9
Other liabilities	—		20.6
Members' deficit	(236.6)		(230.4)
Total liabilities and members' deficit	$	701.0	$	672.4

Fair Value of Assets And Liabilities

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Fair Value of Assets And Liabilities

FAIR VALUE OF ASSETS AND LIABILITIESWe 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 held in money market and 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 2030 Senior Notes, 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:


	June 30, 2022
(in millions)	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
Financial assets:
Restricted cash	$	1,589.3	$	1,589.3	$	1,589.3	$	—	$	—
Financial liabilities:
Term Loan B	$	380.0	$	382.0	$	—	$	382.0	$	—
Term Loan B-1	292.8		296.3		—		296.3		—
2027 Senior Notes	594.8		565.5		—		565.5		—
2028 Senior Notes	698.3		622.3		—		622.3		—

2030 Senior Notes	1,195.4		1,102.4		—		1,102.4		—

	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

Contingencies	6 Months Ended
Contingencies	Jun. 30, 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.

Net Income Per Common Share Computations

6 Months Ended

Jun. 30, 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 June 30,				Six Months Ended June 30,
(in millions, except per share data)	2022		2021		2022		2021
Numerator for basic and diluted net income per common share:
Net income	$	339.3	$	108.3	$	381.4	$	144.4

Denominator for net income per common share:
Basic	38.1		38.7		38.2		38.8
Plus dilutive effect of stock awards	0.5		0.6		0.5		0.6
Diluted	38.6		39.3		38.7		39.4

Net income per common share data:



Basic net income	$	8.91	$	2.80	$	9.98	$	3.72




Diluted net income	$	8.79	$	2.76	$	9.85	$	3.66

Segment Information

6 Months Ended

Jun. 30, 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 platform in multiple states. The TwinSpires Sports and Casino business includes the mobile and online sports betting and casino results and the results

of seven 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”), Ocean Downs Casino and Racetrack ("Ocean Downs"), Fair Grounds Racecourse and Slots, as well as in Arizona 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 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, historical racing, 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;

•Gain on Calder land sale;

•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 quarter and year is 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.

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 June 30,				Six Months Ended June 30,
(in millions)	2022		2021		2022		2021
Net revenue from external customers:
Live and Historical Racing:
Churchill Downs Racetrack	$	174.2	$	105.2	$	176.2	$	107.2
Derby City Gaming	44.2		39.9		87.0		72.8
Oak Grove	34.1		25.6		64.5		45.0
Turfway Park	1.0		0.7		5.5		5.2
Newport	7.4		4.5		13.7		8.9
Total Live and Historical Racing	260.9		175.9		346.9		239.1
TwinSpires:
Horse Racing	130.6		132.4		220.6		228.9
Sports and Casino	6.2		8.4		16.5		15.4
Total TwinSpires	136.8		140.8		237.1		244.3
Gaming:
Fair Grounds and VSI	37.2		35.1		78.7		73.4
Presque Isle	30.3		30.5		57.5		54.3
Ocean Downs	27.4		27.0		48.7		47.0
Calder	27.9		27.4		54.9		48.3
Oxford	29.4		24.6		56.2		40.3
Riverwalk	14.0		18.4		28.4		32.8
Harlow’s	12.0		16.6		25.1		30.6
Lady Luck Nemacolin	6.1		6.4		12.1		11.3
Total Gaming	184.3		186.0		361.6		338.0
All Other	0.5		12.4		1.0		18.0
Net revenue from external customers	$	582.5	$	515.1	$	946.6	$	839.4


	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2022		2021		2022		2021
Intercompany net revenue:
Live and Historical Racing	$	15.0	$	14.6	$	16.2	$	16.1
TwinSpires	1.7		1.8		2.8		3.3
Gaming	0.2		—		2.1		2.0
All Other	—		2.4		—		4.0
Eliminations	(16.9)		(18.8)		(21.1)		(25.4)
Intercompany net revenue	$	—	$	—	$	—	$	—


	Three Months Ended June 30, 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	$	46.5	$	118.4	$	5.5	$	170.4	$	—	$	170.4
Historical racing(a)	78.4		—		1.3		79.7		—		79.7
Racing event-related services	121.9		—		0.2		122.1		—		122.1
Gaming(a)	—		6.2		158.1		164.3		—		164.3
Other(a)	14.1		12.2		19.2		45.5		0.5		46.0
Total	$	260.9	$	136.8	$	184.3	$	582.0	$	0.5	$	582.5


	Three Months Ended June 30, 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	$	39.6	$	121.6	$	4.4	$	165.6	$	9.5	$	175.1
Historical racing(a)	64.9		—		—		64.9		—		64.9
Racing event-related services	63.5		—		0.2		63.7		1.9		65.6
Gaming(a)	—		8.4		170.2		178.6		—		178.6
Other(a)	7.9		10.8		11.2		29.9		1.0		30.9
Total	$	175.9	$	140.8	$	186.0	$	502.7	$	12.4	$	515.1

(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 $7.7 million for the three months ended June 30, 2022 and $5.2 million for the three months ended June 30, 2021.


	Six Months Ended June 30, 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	$	52.1	$	199.9	$	18.4	$	270.4	$	—	$	270.4
Historical racing(a)	152.0		—		1.3		153.3		—		153.3
Racing event-related services	122.4		—		0.6		123.0		—		123.0
Gaming(a)	—		16.5		309.0		325.5		—		325.5
Other(a)	20.4		20.7		32.3		73.4		1.0		74.4
Total	$	346.9	$	237.1	$	361.6	$	945.6	$	1.0	$	946.6


	Six Months Ended June 30, 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	$	45.5	$	210.8	$	16.1	$	272.4	$	14.6	$	287.0
Historical racing(a)	117.8		—		—		117.8		—		117.8
Racing event-related services	63.5		—		0.9		64.4		1.9		66.3
Gaming(a)	—		15.4		302.7		318.1		—		318.1
Other(a)	12.3		18.1		18.3		48.7		1.5		50.2
Total	$	239.1	$	244.3	$	338.0	$	821.4	$	18.0	$	839.4

(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 $14.8 million for the six months ended June 30, 2022 and $8.9 million for the six months ended June 30, 2021.

Adjusted EBITDA by segment is comprised of the following:


	Three Months Ended June 30, 2022
(in millions)	Live and Historical Racing		TwinSpires		Gaming
Net revenue	$	275.9	$	138.5	$	184.5

Taxes and purses	(59.6)		(7.2)		(68.2)
Marketing and advertising	(6.4)		(5.0)		(3.7)
Salaries and benefits	(18.9)		(6.9)		(23.5)
Content expense	(1.0)		(68.1)		(2.2)
Selling, general and administrative expense	(3.0)		(2.6)		(6.7)
Other operating expense	(23.2)		(14.8)		(22.2)
Other income	0.1		—		48.8
Adjusted EBITDA	$	163.9	$	33.9	$	106.8


	Three Months Ended June 30, 2021
(in millions)	Live and Historical Racing		TwinSpires		Gaming
Net revenue	$	190.5	$	142.6	$	186.0

Taxes and purses	(50.8)		(8.3)		(70.0)
Marketing and advertising	(4.9)		(16.7)		(2.5)
Salaries and benefits	(15.3)		(6.8)		(20.6)
Content expense	(0.8)		(68.5)		(1.3)
Selling, general and administrative expense	(3.1)		(2.9)		(5.9)
Other operating expense	(17.3)		(14.8)		(17.7)
Other income	0.1		—		51.8
Adjusted EBITDA	$	98.4	$	24.6	$	119.8

Adjusted EBITDA by segment is comprised of the following:


	Six Months Ended June 30, 2022
(in millions)	Live and Historical Racing		TwinSpires		Gaming
Net revenue	$	363.1	$	239.9	$	363.7

Taxes and purses	(86.4)		(14.7)		(135.5)
Marketing and advertising	(9.3)		(10.1)		(7.2)
Salaries and benefits	(29.8)		(13.6)		(47.4)
Content expense	(1.6)		(111.2)		(3.7)
Selling, general and administrative expense	(6.3)		(5.2)		(13.3)
Other operating expense	(38.0)		(27.1)		(42.2)
Other income	0.1		—		83.5
Adjusted EBITDA	$	191.8	$	58.0	$	197.9


	Six Months Ended June 30, 2021
(in millions)	Live and Historical Racing		TwinSpires		Gaming
Net revenue	$	255.2	$	247.6	$	340.0

Taxes and purses	(70.8)		(14.7)		(129.3)
Marketing and advertising	(7.0)		(25.2)		(3.9)
Salaries and benefits	(25.3)		(13.0)		(40.5)
Content expense	(1.4)		(115.0)		(2.3)
Selling, general and administrative expense	(6.1)		(5.5)		(11.9)
Other operating expense	(28.0)		(26.5)		(33.2)
Other income	0.1		—		83.3
Adjusted EBITDA	$	116.7	$	47.7	$	202.2


	Three Months Ended June 30,			Six Months Ended June 30,
(in millions)		2022		2021		2022		2021
Reconciliation of Comprehensive Income to Adjusted EBITDA:

Net income and comprehensive income		$	339.3	$	108.3	$	381.4	$	144.4

Additions:
Depreciation and amortization		26.1		26.0		51.2		52.0
Interest expense		35.1		22.0		56.4		41.4
Income tax provision		140.6		41.6		157.1		57.8
EBITDA		$	541.1	$	197.9	$	646.1	$	295.6

Adjustments to EBITDA:
Stock-based compensation expense		$	7.4	$	7.1	$	14.4	$	12.6

Legal reserve		3.2		—		3.2		—
Pre-opening expense		2.6		1.5		4.7		2.1
Other expenses, net		1.8		0.2		4.3		0.2
Asset impairments		—		11.2		4.9		11.2
Transaction expense, net		1.2		—		6.2		0.1
Other income, expense:
Interest, depreciation and amortization expense related to equity investments		10.5		10.5		21.6		20.1
Changes in fair value of Rivers Des Plaines' interest rate swaps		(2.2)		(1.8)		(12.6)		(6.0)
Rivers Des Plaines' legal reserves and transaction costs		0.2		6.7		0.5		8.0
Other charges		—		—		1.0		—
Gain on Calder land sale		(274.6)		—		(274.6)		—
Total adjustments to EBITDA		(249.9)		35.4		(226.4)		48.3
Adjusted EBITDA		$	291.2	$	233.3	$	419.7	$	343.9

Adjusted EBITDA by segment:
Live and Historical Racing		$	163.9	$	98.4	$	191.8	$	116.7
TwinSpires		33.9		24.6		58.0		47.7
Gaming		106.8		119.8		197.9		202.2
Total segment Adjusted EBITDA		304.6		242.8		447.7		366.6
All Other		(13.4)		(9.5)		(28.0)		(22.7)
Total Adjusted EBITDA		$	291.2	$	233.3	$	419.7	$	343.9

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


	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2022		2021			2022		2021
Gaming	$	40.5	$	36.4		$	73.0	$	61.3

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


(in millions)	June 30, 2022		December 31, 2021
Total assets:
Live and Historical Racing	$	810.8	$	682.7
TwinSpires	296.1		289.6
Gaming	1,288.7		1,003.3
Total segment assets	2,395.6		1,975.6
All Other	2,224.0		1,006.0
Total assets	$	4,619.6	$	2,981.6

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


	Six Months Ended June 30,
(in millions)	2022		2021
Capital expenditures, net:
Live and Historical Racing	$	119.8	$	16.9
TwinSpires	6.0		4.8
Gaming	40.4		6.5
Total segment capital expenditures	166.2		28.2
All Other	0.9		1.4
Total capital expenditures	$	167.1	$	29.6

- 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
-Paragraph 40
-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
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 10: 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 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

+ Details

Subsequent Event	6 Months Ended
Subsequent Event	Jun. 30, 2022
Subsequent Events [Abstract]
Subsequent Event	SUBSEQUENT EVENTAs of the date of this filing, there were no subsequent events that may impact our disclosures in the Condensed Consolidated Financial Statements.

Recent Accounting Pronouncements (Policies)	6 Months Ended
Recent Accounting Pronouncements (Policies)	Jun. 30, 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.

Goodwill And Other Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Indefinite and Finite Lived Assets

Other intangible assets are comprised of the following:


	June 30, 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	$	(19.2)	$	12.0	$	31.2	$	(19.1)	$	12.1
Indefinite-lived intangible assets					340.8						336.0
Total					$	352.8					$	348.1

Equity (Tables)

6 Months Ended

Jun. 30, 2022

Equity [Abstract]

Schedule of Repurchase Agreements

We repurchased the following shares under the 2021 Stock Repurchase Program:


	Three Months Ended June 30,						Six Months Ended June 30,
(in millions, except share data)	2022			2021			2022			2021
Repurchase Program	Shares	Aggregate Purchase Price		Shares	Aggregate Purchase Price		Shares	Aggregate Purchase Price		Shares	Aggregate Purchase Price
2021 Stock Repurchase Program	321,554	$	61.5	—	$	—	438,417	$	86.5	—	$	—

Stock-based Compensation Plans (Tables)

6 Months Ended

Jun. 30, 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

2022

RSU

One year service period ending in 2023

Accrued Expenses and Other Current Liabilities (Tables)

6 Months Ended

Jun. 30, 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)	June 30, 2022		December 31, 2021
Account wagering deposits liability	$	65.9	$	47.5
Purses payable	38.9		28.6
Accrued salaries and related benefits	25.3		39.9
Accrued interest	38.8		23.9
Other	113.7		91.8
Total	$	282.6	$	231.7

Investment in and Advances to Unconsolidated Affiliates (Tables)

6 Months Ended

Jun. 30, 2022

Investments in and Advances to Affiliates [Abstract]

Affiliate Income Statement

Summarized below are the financial results for our unconsolidated affiliates.


	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2022		2021		2022		2021
Net revenue	$	214.6	$	197.9	$	391.8	$	336.6

Operating and SG&A expense	130.7		109.8		248.9		195.4
Depreciation and amortization	6.3		4.4		11.6		8.7
Total operating expense	137.0		114.2		260.5		204.1
Operating income	77.6		83.7		131.3		132.5
Interest and other, net	(7.3)		(19.7)		(3.2)		(24.3)
Net income	$	70.3	$	64.0	$	128.1	$	108.2

Affiliate Balance Sheet


(in millions)	June 30, 2022		December 31, 2021
Assets
Current assets	$	88.4	$	96.0
Property and equipment, net	349.0		312.3
Other assets, net	263.6		264.1
Total assets	$	701.0	$	672.4
Liabilities and Members' Deficit
Current liabilities	$	109.8	$	95.3
Long-term debt	827.8		786.9
Other liabilities	—		20.6
Members' deficit	(236.6)		(230.4)
Total liabilities and members' deficit	$	701.0	$	672.4

Fair Value Of Assets And Liabilities (Tables)

6 Months Ended

Jun. 30, 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:


	June 30, 2022
(in millions)	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
Financial assets:
Restricted cash	$	1,589.3	$	1,589.3	$	1,589.3	$	—	$	—
Financial liabilities:
Term Loan B	$	380.0	$	382.0	$	—	$	382.0	$	—
Term Loan B-1	292.8		296.3		—		296.3		—
2027 Senior Notes	594.8		565.5		—		565.5		—
2028 Senior Notes	698.3		622.3		—		622.3		—

2030 Senior Notes	1,195.4		1,102.4		—		1,102.4		—

	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		—

Net Income Per Common Share Computations (Tables)

6 Months Ended

Jun. 30, 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 June 30,				Six Months Ended June 30,
(in millions, except per share data)	2022		2021		2022		2021
Numerator for basic and diluted net income per common share:
Net income	$	339.3	$	108.3	$	381.4	$	144.4

Denominator for net income per common share:
Basic	38.1		38.7		38.2		38.8
Plus dilutive effect of stock awards	0.5		0.6		0.5		0.6
Diluted	38.6		39.3		38.7		39.4

Net income per common share data:



Basic net income	$	8.91	$	2.80	$	9.98	$	3.72




Diluted net income	$	8.79	$	2.76	$	9.85	$	3.66

Segment Information (Tables)

6 Months Ended

Jun. 30, 2022

Segment Reporting [Abstract]

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


	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2022		2021		2022		2021
Net revenue from external customers:
Live and Historical Racing:
Churchill Downs Racetrack	$	174.2	$	105.2	$	176.2	$	107.2
Derby City Gaming	44.2		39.9		87.0		72.8
Oak Grove	34.1		25.6		64.5		45.0
Turfway Park	1.0		0.7		5.5		5.2
Newport	7.4		4.5		13.7		8.9
Total Live and Historical Racing	260.9		175.9		346.9		239.1
TwinSpires:
Horse Racing	130.6		132.4		220.6		228.9
Sports and Casino	6.2		8.4		16.5		15.4
Total TwinSpires	136.8		140.8		237.1		244.3
Gaming:
Fair Grounds and VSI	37.2		35.1		78.7		73.4
Presque Isle	30.3		30.5		57.5		54.3
Ocean Downs	27.4		27.0		48.7		47.0
Calder	27.9		27.4		54.9		48.3
Oxford	29.4		24.6		56.2		40.3
Riverwalk	14.0		18.4		28.4		32.8
Harlow’s	12.0		16.6		25.1		30.6
Lady Luck Nemacolin	6.1		6.4		12.1		11.3
Total Gaming	184.3		186.0		361.6		338.0
All Other	0.5		12.4		1.0		18.0
Net revenue from external customers	$	582.5	$	515.1	$	946.6	$	839.4


	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2022		2021		2022		2021
Intercompany net revenue:
Live and Historical Racing	$	15.0	$	14.6	$	16.2	$	16.1
TwinSpires	1.7		1.8		2.8		3.3
Gaming	0.2		—		2.1		2.0
All Other	—		2.4		—		4.0
Eliminations	(16.9)		(18.8)		(21.1)		(25.4)
Intercompany net revenue	$	—	$	—	$	—	$	—


	Three Months Ended June 30, 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	$	46.5	$	118.4	$	5.5	$	170.4	$	—	$	170.4
Historical racing(a)	78.4		—		1.3		79.7		—		79.7
Racing event-related services	121.9		—		0.2		122.1		—		122.1
Gaming(a)	—		6.2		158.1		164.3		—		164.3
Other(a)	14.1		12.2		19.2		45.5		0.5		46.0
Total	$	260.9	$	136.8	$	184.3	$	582.0	$	0.5	$	582.5


	Three Months Ended June 30, 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	$	39.6	$	121.6	$	4.4	$	165.6	$	9.5	$	175.1
Historical racing(a)	64.9		—		—		64.9		—		64.9
Racing event-related services	63.5		—		0.2		63.7		1.9		65.6
Gaming(a)	—		8.4		170.2		178.6		—		178.6
Other(a)	7.9		10.8		11.2		29.9		1.0		30.9
Total	$	175.9	$	140.8	$	186.0	$	502.7	$	12.4	$	515.1


	Six Months Ended June 30, 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	$	52.1	$	199.9	$	18.4	$	270.4	$	—	$	270.4
Historical racing(a)	152.0		—		1.3		153.3		—		153.3
Racing event-related services	122.4		—		0.6		123.0		—		123.0
Gaming(a)	—		16.5		309.0		325.5		—		325.5
Other(a)	20.4		20.7		32.3		73.4		1.0		74.4
Total	$	346.9	$	237.1	$	361.6	$	945.6	$	1.0	$	946.6


	Six Months Ended June 30, 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	$	45.5	$	210.8	$	16.1	$	272.4	$	14.6	$	287.0
Historical racing(a)	117.8		—		—		117.8		—		117.8
Racing event-related services	63.5		—		0.9		64.4		1.9		66.3
Gaming(a)	—		15.4		302.7		318.1		—		318.1
Other(a)	12.3		18.1		18.3		48.7		1.5		50.2
Total	$	239.1	$	244.3	$	338.0	$	821.4	$	18.0	$	839.4

(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 $14.8 million for the six months ended June 30, 2022 and $8.9 million for the six months ended June 30, 2021.

Schedule of Segment Reporting Information

Adjusted EBITDA by segment is comprised of the following:


	Three Months Ended June 30, 2022
(in millions)	Live and Historical Racing		TwinSpires		Gaming
Net revenue	$	275.9	$	138.5	$	184.5

Taxes and purses	(59.6)		(7.2)		(68.2)
Marketing and advertising	(6.4)		(5.0)		(3.7)
Salaries and benefits	(18.9)		(6.9)		(23.5)
Content expense	(1.0)		(68.1)		(2.2)
Selling, general and administrative expense	(3.0)		(2.6)		(6.7)
Other operating expense	(23.2)		(14.8)		(22.2)
Other income	0.1		—		48.8
Adjusted EBITDA	$	163.9	$	33.9	$	106.8


	Three Months Ended June 30, 2021
(in millions)	Live and Historical Racing		TwinSpires		Gaming
Net revenue	$	190.5	$	142.6	$	186.0

Taxes and purses	(50.8)		(8.3)		(70.0)
Marketing and advertising	(4.9)		(16.7)		(2.5)
Salaries and benefits	(15.3)		(6.8)		(20.6)
Content expense	(0.8)		(68.5)		(1.3)
Selling, general and administrative expense	(3.1)		(2.9)		(5.9)
Other operating expense	(17.3)		(14.8)		(17.7)
Other income	0.1		—		51.8
Adjusted EBITDA	$	98.4	$	24.6	$	119.8

Adjusted EBITDA by segment is comprised of the following:


	Six Months Ended June 30, 2022
(in millions)	Live and Historical Racing		TwinSpires		Gaming
Net revenue	$	363.1	$	239.9	$	363.7

Taxes and purses	(86.4)		(14.7)		(135.5)
Marketing and advertising	(9.3)		(10.1)		(7.2)
Salaries and benefits	(29.8)		(13.6)		(47.4)
Content expense	(1.6)		(111.2)		(3.7)
Selling, general and administrative expense	(6.3)		(5.2)		(13.3)
Other operating expense	(38.0)		(27.1)		(42.2)
Other income	0.1		—		83.5
Adjusted EBITDA	$	191.8	$	58.0	$	197.9


	Six Months Ended June 30, 2021
(in millions)	Live and Historical Racing		TwinSpires		Gaming
Net revenue	$	255.2	$	247.6	$	340.0

Taxes and purses	(70.8)		(14.7)		(129.3)
Marketing and advertising	(7.0)		(25.2)		(3.9)
Salaries and benefits	(25.3)		(13.0)		(40.5)
Content expense	(1.4)		(115.0)		(2.3)
Selling, general and administrative expense	(6.1)		(5.5)		(11.9)
Other operating expense	(28.0)		(26.5)		(33.2)
Other income	0.1		—		83.3
Adjusted EBITDA	$	116.7	$	47.7	$	202.2


	Three Months Ended June 30,			Six Months Ended June 30,
(in millions)		2022		2021		2022		2021
Reconciliation of Comprehensive Income to Adjusted EBITDA:

Net income and comprehensive income		$	339.3	$	108.3	$	381.4	$	144.4

Additions:
Depreciation and amortization		26.1		26.0		51.2		52.0
Interest expense		35.1		22.0		56.4		41.4
Income tax provision		140.6		41.6		157.1		57.8
EBITDA		$	541.1	$	197.9	$	646.1	$	295.6

Adjustments to EBITDA:
Stock-based compensation expense		$	7.4	$	7.1	$	14.4	$	12.6

Legal reserve		3.2		—		3.2		—
Pre-opening expense		2.6		1.5		4.7		2.1
Other expenses, net		1.8		0.2		4.3		0.2
Asset impairments		—		11.2		4.9		11.2
Transaction expense, net		1.2		—		6.2		0.1
Other income, expense:
Interest, depreciation and amortization expense related to equity investments		10.5		10.5		21.6		20.1
Changes in fair value of Rivers Des Plaines' interest rate swaps		(2.2)		(1.8)		(12.6)		(6.0)
Rivers Des Plaines' legal reserves and transaction costs		0.2		6.7		0.5		8.0
Other charges		—		—		1.0		—
Gain on Calder land sale		(274.6)		—		(274.6)		—
Total adjustments to EBITDA		(249.9)		35.4		(226.4)		48.3
Adjusted EBITDA		$	291.2	$	233.3	$	419.7	$	343.9

Adjusted EBITDA by segment:
Live and Historical Racing		$	163.9	$	98.4	$	191.8	$	116.7
TwinSpires		33.9		24.6		58.0		47.7
Gaming		106.8		119.8		197.9		202.2
Total segment Adjusted EBITDA		304.6		242.8		447.7		366.6
All Other		(13.4)		(9.5)		(28.0)		(22.7)
Total Adjusted EBITDA		$	291.2	$	233.3	$	419.7	$	343.9

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 June 30,				Six Months Ended June 30,
(in millions)	2022		2021			2022		2021
Gaming	$	40.5	$	36.4		$	73.0	$	61.3

Schedule of Total Assets and Capital Expenditures by Operating Segment

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


(in millions)	June 30, 2022		December 31, 2021
Total assets:
Live and Historical Racing	$	810.8	$	682.7
TwinSpires	296.1		289.6
Gaming	1,288.7		1,003.3
Total segment assets	2,395.6		1,975.6
All Other	2,224.0		1,006.0
Total assets	$	4,619.6	$	2,981.6

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


	Six Months Ended June 30,
(in millions)	2022		2021
Capital expenditures, net:
Live and Historical Racing	$	119.8	$	16.9
TwinSpires	6.0		4.8
Gaming	40.4		6.5
Total segment capital expenditures	166.2		28.2
All Other	0.9		1.4
Total capital expenditures	$	167.1	$	29.6

Description of Business (Details)	6 Months Ended
Description of Business (Details)	Jun. 30, 2022 segment
Basis of Presentation [Abstract]
Number of reportable segments	3

Description of Business - Calder Land Sale (Details) - Disposal Group, Held-for-sale, Not Discontinued Operations - Calder Property $ / a in Millions, $ in Millions	Jun. 17, 2022 USD ($) a $ / a
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
Sale agreement, per acre \| $ / a	2.5
Cash proceeds	$ 279.0
Transaction costs	$ 12.0

Natural Disaster (Details) $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended		11 Months Ended
Natural Disaster (Details) $ in Millions	Aug. 31, 2021 facility	Jun. 30, 2022 USD ($) facility	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) facility	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) facility
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Operating expenses		$ 382.8	$ 379.7	$ 699.5	$ 657.3
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		2		2
Operating expenses				$ 2.3
Insurance recoveries				3.1		$ 5.8
Insurance recovery receivable		$ 1.8		$ 1.8		$ 1.8

Calder Land Sale (Details) $ / a in Millions, $ in Millions		3 Months Ended		6 Months Ended
Calder Land Sale (Details) $ / a in Millions, $ in Millions	Jun. 17, 2022 USD ($) a $ / a	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on Calder land sale		$ 274.6	$ 0.0	$ 274.6	$ 0.0
Income tax payable		87.6		87.6		$ 0.9
Louisville Property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Property purchase price	$ 9.9
Terre Haute Property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Property purchase price	$ 10.0
Disposal Group, Held-for-sale, Not Discontinued Operations \| Calder Property
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
Sale agreement, per acre \| $ / a	2.5
Cash proceeds	$ 279.0
Transaction costs	12.0
Gain on Calder land sale	274.6
Carrying value of the assets sold	$ 4.4
Income tax payable		$ 77.9		$ 77.9

Discontinued Operations - Additional Information (Details) $ in Millions	Mar. 25, 2021 USD ($)	Jun. 30, 2022 USD ($)	Jun. 17, 2022 USD ($) a	Dec. 31, 2021 USD ($)	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		$ 82.9		$ 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			$ 4.4

Goodwill and Other Intangible Assets - Additional Information (Details) - USD ($)		3 Months Ended
	Apr. 01, 2022	Mar. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Indefinite-lived Intangible Assets [Line Items]
Goodwill			$ 366,800,000	$ 366,800,000
Goodwill impairment	$ 0
Indefinite-lived intangible asset impairments	$ 0
Gaming
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets acquired		$ 5,000,000

Goodwill and Other Intangible Assets - Intangible Assets (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Gross Carrying Amount	$ 31.2	$ 31.2
Accumulated Amortization	(19.2)	(19.1)
Definite-lived intangible assets, Net Carrying Amount	12.0	12.1
Indefinite-lived intangible assets, Net Carrying Amount	340.8	336.0
Total intangible assets	$ 352.8	$ 348.1

Asset Impairments (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
Asset Impairments (Details) - USD ($) $ in Millions	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Indefinite-lived Intangible Assets [Line Items]
Asset impairments	$ 0.0		$ 11.2	$ 4.9	$ 11.2
TwinSpires
Indefinite-lived Intangible Assets [Line Items]
Asset impairments		$ 4.9
Live and Historical Racing
Indefinite-lived Intangible Assets [Line Items]
Asset impairments	$ 11.2

Shareholders' Equity (Details) - USD ($)		3 Months Ended				6 Months Ended
Shareholders' Equity (Details) - USD ($)	Feb. 01, 2021	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021	Sep. 29, 2021	Oct. 30, 2018
Distribution Made to Limited Partner [Line Items]
Future cash settlement accrual for executed repurchases of common stock		$ 2,000,000		$ 0		$ 2,000,000	$ 0
Repurchase aggregate cost		61,500,000	$ 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		$ 359,100,000				$ 359,100,000
Repurchase of common stock (in shares)		321,554		0		438,417	0
Repurchase aggregate cost		$ 61,500,000		$ 0		$ 86,500,000	$ 0

Stock-based Compensation Plans (Details) - USD ($) shares in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 7.4	$ 7.1	$ 14.4	$ 12.6
Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 7.4	$ 7.1
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)			61
Award vesting period			3 years
Share-based Compensation Award, Tranche Two \| Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Units Awarded (in shares)			5
Award vesting period			1 year

Debt (Details) - USD ($) $ in Millions	Jun. 30, 2022	Apr. 13, 2022	Mar. 17, 2021	Feb. 01, 2021	Apr. 28, 2020	Dec. 27, 2017
Debt Instrument [Line Items]
Amortization period of debt issuance costs		5 years	7 years
Premium (percent)			0.0325
London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread	2.00%
Term Loan B due 2028
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 300.0
Required payment as a percentage of original balance			0.25%
Term Loan B due 2028 \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread			2.00%
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%
Senior Notes \| Senior Notes Due 2030
Debt Instrument [Line Items]
Face amount of debt issuance		$ 1,200.0
Debt issuance costs		$ 4.7
Stated interest rate		5.75%
Revolving Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity						$ 700.0
Face amount of debt issuance		$ 1,200.0
Debt covenant, restricted payments				$ 226.0	$ 26.0
Revolving Credit Facility \| Line of Credit \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread	0.10%
Revolving Credit Facility \| Line of Credit \| Credit Agreement Amendment \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread	1.375%
Term Loan B
Debt Instrument [Line Items]
Debt issuance costs			$ 3.5
Term Loan B \| Delayed Draw Term Loan A
Debt Instrument [Line Items]
Face amount of debt issuance		800.0
Debt issuance costs		5.7
Term Loan B \| Revolver
Debt Instrument [Line Items]
Debt issuance costs		2.8
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
Swing Line Commitment \| Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity		50.0
Face amount of debt issuance		$ 100.0

Revenue from Contracts with Customers - Performance Obligations (Details) $ in Millions	Jun. 30, 2022 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, amount	$ 74.2
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	6 months
Remaining performance obligation, amount	$ 1.1
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	$ 30.5
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

Revenue from Contracts with Customers - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Contract with customer, liability	$ 27.7		$ 27.7		$ 64.9
Contract with customer, revenue recognized	$ 43.6	$ 28.9	$ 46.8	$ 31.5

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Account wagering deposits liability	$ 65.9	$ 47.5
Purses payable	38.9	28.6
Accrued salaries and related benefits	25.3	39.9
Accrued interest	38.8	23.9
Other	113.7	91.8
Total	$ 282.6	$ 231.7

Investment in and Advances to Unconsolidated Affiliates - Additional Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Investments in and Advances to Affiliates [Line Items]
Distributions from unconsolidated affiliates	$ 77.9	$ 47.5
Rivers Des Plaines
Investments in and Advances to Affiliates [Line Items]
Equity method investment, ownership percentage	61.30%		61.30%
Equity method investment, difference between carrying amount and underlying equity	$ 831.8
Equity method investment, amount	547.3		$ 554.8
Distributions from unconsolidated affiliates	$ 61.3	25.3
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	$ 111.3		$ 108.7
Distributions from unconsolidated affiliates	$ 16.5	$ 22.0
High Plaines \| Rivers Des Plaines
Investments in and Advances to Affiliates [Line Items]
Equity method investment, ownership percentage	36.00%
Casino Investors \| Rivers Des Plaines
Investments in and Advances to Affiliates [Line Items]
Equity method investment, ownership percentage	2.70%
Delaware North Companies Gaming & Entertainment Inc. \| Miami Valley Gaming LLC
Investments in and Advances to Affiliates [Line Items]
Equity method investment, ownership percentage	50.00%

Investment in and Advances to Unconsolidated Affiliates - Affiliate Income Statement (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Investments in and Advances to Affiliates [Line Items]
Net revenue	$ 582.5	$ 515.1	$ 946.6	$ 839.4
Net income			381.4	144.4
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Investments in and Advances to Affiliates [Line Items]
Net revenue	214.6	197.9	391.8	336.6
Operating and SG&A expense	130.7	109.8	248.9	195.4
Depreciation and amortization	6.3	4.4	11.6	8.7
Total operating expense	137.0	114.2	260.5	204.1
Operating income	77.6	83.7	131.3	132.5
Interest and other, net	(7.3)	(19.7)	(3.2)	(24.3)
Net income	$ 70.3	$ 64.0	$ 128.1	$ 108.2

- 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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+ Details

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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+ Details

Investment in and Advances to Unconsolidated Affiliates - Affiliate Balance Sheet (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Investments in and Advances to Affiliates [Line Items]
Current assets	$ 2,004.9	$ 501.5
Property and equipment, net	1,130.1	994.9
Other assets, net	23.4	18.9
Total assets	4,619.6	2,981.6
Current liabilities	528.4	395.0
Other liabilities	49.8	52.6
Members' deficit	603.8	307.7
Total liabilities and shareholders' equity	4,619.6	2,981.6
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Investments in and Advances to Affiliates [Line Items]
Current assets	88.4	96.0
Property and equipment, net	349.0	312.3
Other assets, net	263.6	264.1
Total assets	701.0	672.4
Current liabilities	109.8	95.3
Long-term debt	827.8	786.9
Other liabilities	0.0	20.6
Members' deficit	(236.6)	(230.4)
Total liabilities and shareholders' equity	$ 701.0	$ 672.4

Fair Value Of Assets And Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2022	Apr. 13, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	$ 1,589.3		$ 64.3
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	1,589.3		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	565.5		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	622.3		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
Senior Notes Due 2030 \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Stated interest rate		5.75%
Senior Notes Due 2030 \| Senior Notes \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	0.0
Senior Notes Due 2030 \| Senior Notes \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	1,102.4
Senior Notes Due 2030 \| Senior Notes \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	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	382.0		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	296.3		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	1,589.3		64.3
Carrying Amount \| 2027 Senior Notes \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	594.8		594.3
Carrying Amount \| 2028 Senior Notes \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	698.3		698.1
Carrying Amount \| Senior Notes Due 2030 \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	1,195.4
Carrying Amount \| Term Loan B \| Term Loan B
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	380.0		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	292.8		294.0
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	1,589.3		64.3
Fair Value \| 2027 Senior Notes \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	565.5		619.5
Fair Value \| 2028 Senior Notes \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	622.3		724.5
Fair Value \| Senior Notes Due 2030 \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	1,102.4
Fair Value \| Term Loan B \| Term Loan B
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	382.0		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	$ 296.3		$ 297.8

Net Income Per Common Share Computations (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Numerator for basic and diluted net income per common share:
Net income	$ 339.3	$ 108.3	$ 381.4	$ 144.4
Denominator for net income per common share:
Basic (in shares)	38.1	38.7	38.2	38.8
Plus dilutive effect of stock awards (in shares)	0.5	0.6	0.5	0.6
Diluted (in shares)	38.6	39.3	38.7	39.4
Net income (loss) per common share data: Basic
Net income (loss) per common share - basic (in dollars per share)	$ 8.91	$ 2.80	$ 9.98	$ 3.72
Net income (loss) per common share data: Diluted
Net income (loss) per common share - diluted (in dollars per share)	$ 8.79	$ 2.76	$ 9.85	$ 3.66

Segment Information - Additional Information (Details) slot_machine in Thousands	6 Months Ended
	Jun. 30, 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	7
Rivers Des Plaines
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	61.30%	61.30%
Miami Valley Gaming LLC
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	50.00%	50.00%

Segment Information - Schedule of Net Revenue from External Customers (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Segment Reporting Information [Line Items]
Net revenue from external customers	$ 582.5	$ 515.1	$ 946.6	$ 839.4
Intercompany net revenue	0.0	0.0	0.0	0.0
Disclosure of complimentary revenue	7.7	5.2	14.8	8.9
Live and Historical Racing
Segment Reporting Information [Line Items]
Net revenue from external customers	275.9	190.5	363.1	255.2
TwinSpires
Segment Reporting Information [Line Items]
Net revenue from external customers	138.5	142.6	239.9	247.6
Gaming
Segment Reporting Information [Line Items]
Net revenue from external customers	184.5	186.0	363.7	340.0
Operating Segments
Segment Reporting Information [Line Items]
Net revenue from external customers	582.5	515.1	946.6	839.4
Operating Segments \| Live and Historical Racing
Segment Reporting Information [Line Items]
Net revenue from external customers	260.9	175.9	346.9	239.1
Intercompany net revenue	15.0	14.6	16.2	16.1
Operating Segments \| Live and Historical Racing \| Churchill Downs Racetrack
Segment Reporting Information [Line Items]
Net revenue from external customers	174.2	105.2	176.2	107.2
Operating Segments \| Live and Historical Racing \| Derby City Gaming
Segment Reporting Information [Line Items]
Net revenue from external customers	44.2	39.9	87.0	72.8
Operating Segments \| Live and Historical Racing \| Oak Grove
Segment Reporting Information [Line Items]
Net revenue from external customers	34.1	25.6	64.5	45.0
Operating Segments \| Live and Historical Racing \| Turfway Park
Segment Reporting Information [Line Items]
Net revenue from external customers	1.0	0.7	5.5	5.2
Operating Segments \| Live and Historical Racing \| Newport
Segment Reporting Information [Line Items]
Net revenue from external customers	7.4	4.5	13.7	8.9
Operating Segments \| TwinSpires
Segment Reporting Information [Line Items]
Net revenue from external customers	136.8	140.8	237.1	244.3
Intercompany net revenue	1.7	1.8	2.8	3.3
Operating Segments \| TwinSpires \| Horse Racing
Segment Reporting Information [Line Items]
Net revenue from external customers	130.6	132.4	220.6	228.9
Operating Segments \| TwinSpires \| Sports and Casino
Segment Reporting Information [Line Items]
Net revenue from external customers	6.2	8.4	16.5	15.4
Operating Segments \| Gaming
Segment Reporting Information [Line Items]
Net revenue from external customers	184.3	186.0	361.6	338.0
Intercompany net revenue	0.2	0.0	2.1	2.0
Operating Segments \| Gaming \| Fair Grounds and VSI
Segment Reporting Information [Line Items]
Net revenue from external customers	37.2	35.1	78.7	73.4
Operating Segments \| Gaming \| Presque Isle
Segment Reporting Information [Line Items]
Net revenue from external customers	30.3	30.5	57.5	54.3
Operating Segments \| Gaming \| Ocean Downs
Segment Reporting Information [Line Items]
Net revenue from external customers	27.4	27.0	48.7	47.0
Operating Segments \| Gaming \| Calder
Segment Reporting Information [Line Items]
Net revenue from external customers	27.9	27.4	54.9	48.3
Operating Segments \| Gaming \| Oxford
Segment Reporting Information [Line Items]
Net revenue from external customers	29.4	24.6	56.2	40.3
Operating Segments \| Gaming \| Riverwalk
Segment Reporting Information [Line Items]
Net revenue from external customers	14.0	18.4	28.4	32.8
Operating Segments \| Gaming \| Harlow’s
Segment Reporting Information [Line Items]
Net revenue from external customers	12.0	16.6	25.1	30.6
Operating Segments \| Gaming \| Lady Luck Nemacolin
Segment Reporting Information [Line Items]
Net revenue from external customers	6.1	6.4	12.1	11.3
All Other
Segment Reporting Information [Line Items]
Net revenue from external customers	0.5	12.4	1.0	18.0
Intercompany net revenue	0.0	2.4	0.0	4.0
Eliminations
Segment Reporting Information [Line Items]
Intercompany net revenue	(16.9)	(18.8)	(21.1)	(25.4)
Gaming
Segment Reporting Information [Line Items]
Net revenue from external customers	184.3	186.0	361.6	338.0
Other
Segment Reporting Information [Line Items]
Net revenue from external customers	0.5	12.4	1.0	18.0
External Customer
Segment Reporting Information [Line Items]
Net revenue from external customers	582.5	515.1	946.6	839.4
External Customer \| Operating Segments
Segment Reporting Information [Line Items]
Net revenue from external customers	582.0	502.7	945.6	821.4
External Customer \| Operating Segments \| Live and Historical Racing
Segment Reporting Information [Line Items]
Net revenue from external customers	260.9	175.9	346.9	239.1
External Customer \| Operating Segments \| TwinSpires
Segment Reporting Information [Line Items]
Net revenue from external customers	136.8	140.8	237.1	244.3
External Customer \| Operating Segments \| Gaming
Segment Reporting Information [Line Items]
Net revenue from external customers	184.3	186.0	361.6	338.0
External Customer \| All Other
Segment Reporting Information [Line Items]
Net revenue from external customers	0.5	12.4	1.0	18.0
External Customer \| Pari-mutuel, live and simulcast racing
Segment Reporting Information [Line Items]
Net revenue from external customers	170.4	175.1	270.4	287.0
External Customer \| Pari-mutuel, live and simulcast racing \| Operating Segments
Segment Reporting Information [Line Items]
Net revenue from external customers	170.4	165.6	270.4	272.4
External Customer \| Pari-mutuel, live and simulcast racing \| Operating Segments \| Live and Historical Racing
Segment Reporting Information [Line Items]
Net revenue from external customers	46.5	39.6	52.1	45.5
External Customer \| Pari-mutuel, live and simulcast racing \| Operating Segments \| TwinSpires
Segment Reporting Information [Line Items]
Net revenue from external customers	118.4	121.6	199.9	210.8
External Customer \| Pari-mutuel, live and simulcast racing \| Operating Segments \| Gaming
Segment Reporting Information [Line Items]
Net revenue from external customers	5.5	4.4	18.4	16.1
External Customer \| Pari-mutuel, live and simulcast racing \| All Other
Segment Reporting Information [Line Items]
Net revenue from external customers	0.0	9.5	0.0	14.6
External Customer \| Pari-mutuel, historical racing
Segment Reporting Information [Line Items]
Net revenue from external customers	79.7	64.9	153.3	117.8
External Customer \| Pari-mutuel, historical racing \| Operating Segments
Segment Reporting Information [Line Items]
Net revenue from external customers	79.7	64.9	153.3	117.8
External Customer \| Pari-mutuel, historical racing \| Operating Segments \| Live and Historical Racing
Segment Reporting Information [Line Items]
Net revenue from external customers	78.4	64.9	152.0	117.8
External Customer \| Pari-mutuel, historical racing \| Operating Segments \| TwinSpires
Segment Reporting Information [Line Items]
Net revenue from external customers	0.0	0.0	0.0	0.0
External Customer \| Pari-mutuel, historical racing \| Operating Segments \| Gaming
Segment Reporting Information [Line Items]
Net revenue from external customers	1.3	0.0	1.3	0.0
External Customer \| Pari-mutuel, historical racing \| All Other
Segment Reporting Information [Line Items]
Net revenue from external customers	0.0	0.0	0.0	0.0
External Customer \| Racing event-related services
Segment Reporting Information [Line Items]
Net revenue from external customers	122.1	65.6	123.0	66.3
External Customer \| Racing event-related services \| Operating Segments
Segment Reporting Information [Line Items]
Net revenue from external customers	122.1	63.7	123.0	64.4
External Customer \| Racing event-related services \| Operating Segments \| Live and Historical Racing
Segment Reporting Information [Line Items]
Net revenue from external customers	121.9	63.5	122.4	63.5
External Customer \| Racing event-related services \| Operating Segments \| TwinSpires
Segment Reporting Information [Line Items]
Net revenue from external customers	0.0	0.0	0.0	0.0
External Customer \| Racing event-related services \| Operating Segments \| Gaming
Segment Reporting Information [Line Items]
Net revenue from external customers	0.2	0.2	0.6	0.9
External Customer \| Racing event-related services \| All Other
Segment Reporting Information [Line Items]
Net revenue from external customers	0.0	1.9	0.0	1.9
External Customer \| Gaming
Segment Reporting Information [Line Items]
Net revenue from external customers	164.3	178.6	325.5	318.1
External Customer \| Gaming \| Operating Segments
Segment Reporting Information [Line Items]
Net revenue from external customers	164.3	178.6	325.5	318.1
External Customer \| Gaming \| Operating Segments \| Live and Historical Racing
Segment Reporting Information [Line Items]
Net revenue from external customers	0.0	0.0	0.0	0.0
External Customer \| Gaming \| Operating Segments \| TwinSpires
Segment Reporting Information [Line Items]
Net revenue from external customers	6.2	8.4	16.5	15.4
External Customer \| Gaming \| Operating Segments \| Gaming
Segment Reporting Information [Line Items]
Net revenue from external customers	158.1	170.2	309.0	302.7
External Customer \| Gaming \| All Other
Segment Reporting Information [Line Items]
Net revenue from external customers	0.0	0.0	0.0	0.0
External Customer \| Other
Segment Reporting Information [Line Items]
Net revenue from external customers	46.0	30.9	74.4	50.2
External Customer \| Other \| Operating Segments
Segment Reporting Information [Line Items]
Net revenue from external customers	45.5	29.9	73.4	48.7
External Customer \| Other \| Operating Segments \| Live and Historical Racing
Segment Reporting Information [Line Items]
Net revenue from external customers	14.1	7.9	20.4	12.3
External Customer \| Other \| Operating Segments \| TwinSpires
Segment Reporting Information [Line Items]
Net revenue from external customers	12.2	10.8	20.7	18.1
External Customer \| Other \| Operating Segments \| Gaming
Segment Reporting Information [Line Items]
Net revenue from external customers	19.2	11.2	32.3	18.3
External Customer \| Other \| All Other
Segment Reporting Information [Line Items]
Net revenue from external customers	$ 0.5	$ 1.0	$ 1.0	$ 1.5

Segment Information - Reconciliation of Comprehensive Income to Adjusted EBITDA by Segment (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Segment Reporting Information [Line Items]
Net revenue	$ 582.5		$ 515.1	$ 946.6	$ 839.4
Adjusted EBITDA	291.2		233.3	419.7	343.9
Net income and comprehensive income	339.3		108.3	381.4	144.4
Depreciation and amortization	26.1		26.0	51.2	52.0
Interest expense	35.1		22.0	56.4	41.4
Income tax provision	140.6		41.6	157.1	57.8
EBITDA	541.1		197.9	646.1	295.6
Stock-based compensation expense	7.4		7.1	14.4	12.6
Pre-opening expense	2.6		1.5	4.7	2.1
Other expenses, net	1.8		0.2	4.3	0.2
Asset impairments	0.0		11.2	4.9	11.2
Transaction expense, net	1.2		0.0	6.2	0.1
Interest, depreciation and amortization expense related to equity investments	10.5		10.5	21.6	20.1
Changes in fair value of Rivers Des Plaines' interest rate swaps	(2.2)		(1.8)	(12.6)	(6.0)
Other charges	0.0		0.0	1.0	0.0
Gain on Calder land sale	(274.6)		0.0	(274.6)	0.0
Total adjustments to EBITDA	(249.9)		35.4	(226.4)	48.3
Operating Segments
Segment Reporting Information [Line Items]
Net revenue	582.5		515.1	946.6	839.4
Adjusted EBITDA	304.6		242.8	447.7	366.6
All Other
Segment Reporting Information [Line Items]
Net revenue	0.5		12.4	1.0	18.0
Adjusted EBITDA	(13.4)		(9.5)	(28.0)	(22.7)
Live and Historical Racing
Segment Reporting Information [Line Items]
Net revenue	275.9		190.5	363.1	255.2
Taxes and purses	(59.6)		(50.8)	(86.4)	(70.8)
Marketing and advertising	(6.4)		(4.9)	(9.3)	(7.0)
Salaries and benefits	(18.9)		(15.3)	(29.8)	(25.3)
Content expense	(1.0)		(0.8)	(1.6)	(1.4)
Selling, general and administrative expense	(3.0)		(3.1)	(6.3)	(6.1)
Other operating expense	(23.2)		(17.3)	(38.0)	(28.0)
Other income	0.1		0.1	0.1	0.1
Adjusted EBITDA	163.9		98.4	191.8	116.7
Asset impairments	11.2
Live and Historical Racing \| Operating Segments
Segment Reporting Information [Line Items]
Net revenue	260.9		175.9	346.9	239.1
Adjusted EBITDA	163.9		98.4	191.8	116.7
TwinSpires
Segment Reporting Information [Line Items]
Net revenue	138.5		142.6	239.9	247.6
Taxes and purses	(7.2)		(8.3)	(14.7)	(14.7)
Marketing and advertising	(5.0)		(16.7)	(10.1)	(25.2)
Salaries and benefits	(6.9)		(6.8)	(13.6)	(13.0)
Content expense	(68.1)		(68.5)	(111.2)	(115.0)
Selling, general and administrative expense	(2.6)		(2.9)	(5.2)	(5.5)
Other operating expense	(14.8)		(14.8)	(27.1)	(26.5)
Other income	0.0		0.0	0.0	0.0
Adjusted EBITDA	33.9		24.6	58.0	47.7
Asset impairments		$ 4.9
TwinSpires \| Operating Segments
Segment Reporting Information [Line Items]
Net revenue	136.8		140.8	237.1	244.3
Adjusted EBITDA	33.9		24.6	58.0	47.7
Gaming
Segment Reporting Information [Line Items]
Net revenue	184.5		186.0	363.7	340.0
Taxes and purses	(68.2)		(70.0)	(135.5)	(129.3)
Marketing and advertising	(3.7)		(2.5)	(7.2)	(3.9)
Salaries and benefits	(23.5)		(20.6)	(47.4)	(40.5)
Content expense	(2.2)		(1.3)	(3.7)	(2.3)
Selling, general and administrative expense	(6.7)		(5.9)	(13.3)	(11.9)
Other operating expense	(22.2)		(17.7)	(42.2)	(33.2)
Other income	48.8		51.8	83.5	83.3
Adjusted EBITDA	106.8		119.8	197.9	202.2
Gaming \| Operating Segments
Segment Reporting Information [Line Items]
Net revenue	184.3		186.0	361.6	338.0
Adjusted EBITDA	106.8		119.8	197.9	202.2
Rivers Des Plaines
Segment Reporting Information [Line Items]
Legal reserve	0.2		6.7	0.5	8.0
All Other
Segment Reporting Information [Line Items]
Legal reserve	$ 3.2		$ 0.0	$ 3.2	$ 0.0

Segment Information - Equity in Earnings of Unconsolidated Investments (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Segment Reporting, Other Significant Reconciling Item [Line Items]
Equity in income (loss) of unconsolidated investments	$ 40.5	$ 36.4	$ 73.0	$ 61.3
Gaming
Segment Reporting, Other Significant Reconciling Item [Line Items]
Equity in income (loss) of unconsolidated investments	$ 40.5	$ 36.4	$ 73.0	$ 61.3

Segment Information - Summary of Assets (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 4,619.6		$ 4,619.6		$ 2,981.6
Net revenue	582.5	$ 515.1	946.6	$ 839.4
Live and Historical Racing
Segment Reporting, Asset Reconciling Item [Line Items]
Net revenue	275.9	190.5	363.1	255.2
TwinSpires
Segment Reporting, Asset Reconciling Item [Line Items]
Net revenue	138.5	142.6	239.9	247.6
Gaming
Segment Reporting, Asset Reconciling Item [Line Items]
Net revenue	184.5	186.0	363.7	340.0
Operating Segments
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	2,395.6		2,395.6		1,975.6
Net revenue	582.5	515.1	946.6	839.4
Operating Segments \| Live and Historical Racing
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	810.8		810.8		682.7
Net revenue	260.9	175.9	346.9	239.1
Operating Segments \| TwinSpires
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	296.1		296.1		289.6
Net revenue	136.8	140.8	237.1	244.3
Operating Segments \| Gaming
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	1,288.7		1,288.7		1,003.3
Net revenue	184.3	186.0	361.6	338.0
All Other
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	2,224.0		2,224.0		$ 1,006.0
Net revenue	$ 0.5	$ 12.4	$ 1.0	$ 18.0

- 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
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-Section 55
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-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
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-Section S99
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-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-Subparagraph (SX 210.7-03(a)(12))
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Segment Information - Summary of Capital Expenditures (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Segment Reporting, Asset Reconciling Item [Line Items]
Capital expenditures	$ 167.1	$ 29.6
Operating Segments
Segment Reporting, Asset Reconciling Item [Line Items]
Capital expenditures	166.2	28.2
Operating Segments \| Live and Historical Racing
Segment Reporting, Asset Reconciling Item [Line Items]
Capital expenditures	119.8	16.9
Operating Segments \| TwinSpires
Segment Reporting, Asset Reconciling Item [Line Items]
Capital expenditures	6.0	4.8
Operating Segments \| Gaming
Segment Reporting, Asset Reconciling Item [Line Items]
Capital expenditures	40.4	6.5
All Other
Segment Reporting, Asset Reconciling Item [Line Items]
Capital expenditures	$ 0.9	$ 1.4