0000020212-22-000154 | 10-Q | XBRL Viewer

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Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2022	Oct. 12, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 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		37,403,269
Entity Central Index Key	0000020212
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Statements of Comprehensive Income - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Net revenue:
Net revenue	$ 383.1	$ 393.0	$ 1,329.7	$ 1,232.4
Operating expense:
Selling, general and administrative expense	38.4	36.1	112.7	99.7
Asset impairments	0.0	0.0	4.9	11.2
Transaction expense, net	1.2	2.0	7.4	2.1
Total operating expense	320.1	325.4	1,019.6	982.7
Operating income	63.0	67.6	310.1	249.7
Other income (expense):
Interest expense, net	(36.2)	(21.7)	(92.6)	(63.1)
Equity in income of unconsolidated affiliates	42.4	41.7	115.4	103.0
Gain on Calder land sale	0.0	0.0	274.6	0.0
Miscellaneous, net	4.2	0.1	4.4	0.3
Total other income	10.4	20.1	301.8	40.2
Income from operations before provision for income taxes	73.4	87.7	611.9	289.9
Income tax provision	(16.4)	(26.3)	(173.5)	(84.1)
Net income	$ 57.0	$ 61.4	$ 438.4	$ 205.8
Net income per common share data:
Basic net income (in dollars per share)	$ 1.51	$ 1.59	$ 11.52	$ 5.31
Diluted net income (in dollars per share)	$ 1.49	$ 1.57	$ 11.36	$ 5.23
Weighted average shares outstanding:
Basic (in shares)	37.8	38.6	38.1	38.7
Diluted (in shares)	38.4	39.2	38.6	39.3
Live and Historical Racing:
Net revenue:
Net revenue	$ 92.3	$ 79.7	$ 439.2	$ 318.8
Operating expense:
Operating expense	80.1	62.3	269.2	217.3
TwinSpires
Net revenue:
Net revenue	106.2	107.5	343.3	351.8
Operating expense:
Operating expense	64.5	83.0	229.6	262.6
Gaming
Net revenue:
Net revenue	183.4	185.3	545.0	523.3
Operating expense:
Operating expense	133.0	127.7	387.0	355.0
All Other
Net revenue:
Net revenue	1.2	20.5	2.2	38.5
Operating expense:
Operating expense	$ 2.9	$ 14.3	$ 8.8	$ 34.8

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 110.6	$ 291.3
Restricted cash	1,582.6	64.3
Accounts receivable, net	69.4	42.3
Income taxes receivable	0.0	66.0
Other current assets	43.7	37.6
Total current assets	1,806.3	501.5
Property and equipment, net	1,240.9	994.9
Investment in and advances to unconsolidated affiliates	661.0	663.6
Goodwill	375.7	366.8
Other intangible assets, net	485.0	348.1
Other assets	23.2	18.9
Long-term assets held for sale	82.0	87.8
Total assets	4,674.1	2,981.6
Current liabilities:
Accounts payable	109.1	81.6
Accrued expenses and other current liabilities	300.2	231.7
Income tax payable	60.9	0.9
Current deferred revenue	14.5	47.7
Current maturities of long-term debt	7.0	7.0
Dividends payable	0.0	26.1
Total current liabilities	491.7	395.0
Long-term debt, net of current maturities and loan origination fees	684.4	668.6
Notes payable, net of debt issuance costs	2,489.4	1,292.4
Non-current deferred revenue	11.9	13.3
Deferred income taxes	279.6	252.9
Other liabilities	104.4	52.6
Total liabilities	4,061.4	2,674.8
Commitments and contingencies
Shareholders' equity:
Preferred stock	0.0	0.0
Common stock	0.0	0.0
Retained earnings	613.6	307.7
Accumulated other comprehensive loss	(0.9)	(0.9)
Total shareholders' equity	612.7	306.8
Total liabilities and shareholders' equity	$ 4,674.1	$ 2,981.6

Condensed Consolidated Statements of Shareholders' Equity - USD ($) $ in Millions	Total	Common Stock	Retained Earnings	Accumulated Other Comprehensive Loss
Shares outstanding, beginning (in shares) at Dec. 31, 2020		39,500,000
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)		100,000
Issuance of common stock	0.0
Repurchase of common stock (in shares)		(1,000,000.0)
Repurchase of common stock	(193.9)	$ (22.0)	(171.9)
Taxes paid related to net share settlement of stock awards (in shares)		(100,000)
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		38,500,000
Shareholders' equity, ending at Mar. 31, 2021	202.2	$ 1.7	201.4	(0.9)
Shares outstanding, beginning (in shares) at Dec. 31, 2020		39,500,000
Shareholders' equity, beginning at Dec. 31, 2020	367.1	$ 18.2	349.8	(0.9)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 205.8
Repurchase of common stock (in shares)	(248,310)
Shares outstanding, ending (in shares) at Sep. 30, 2021		38,300,000
Shareholders' equity, ending at Sep. 30, 2021	$ 338.8	$ 0.0	339.7	(0.9)
Shares outstanding, beginning (in shares) at Mar. 31, 2021		38,500,000
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		38,500,000
Shareholders' equity, ending at Jun. 30, 2021	317.4	$ 8.8	309.5	(0.9)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	61.4		61.4
Issuance of common stock	$ 2.5
Issuance of common stock, value		$ 2.5
Repurchase of common stock (in shares)	(248,310)	(200,000)
Repurchase of common stock	$ (50.0)	$ (19.1)	(30.9)
Taxes paid related to net share settlement of stock awards	(0.3)		(0.3)
Stock-based compensation	7.8	$ 7.8
Shares outstanding, ending (in shares) at Sep. 30, 2021		38,300,000
Shareholders' equity, ending at Sep. 30, 2021	338.8	$ 0.0	339.7	(0.9)
Shares outstanding, beginning (in shares) at Dec. 31, 2021		38,100,000
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)		100,000
Issuance of common stock	0.0
Repurchase of common stock (in shares)		(100,000)
Repurchase of common stock	(25.0)	$ (7.0)	(18.0)
Taxes paid related to net share settlement of stock awards (in shares)		(100,000)
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		38,000,000.0
Shareholders' equity, ending at Mar. 31, 2022	317.8	$ 0.0	318.7	(0.9)
Shares outstanding, beginning (in shares) at Dec. 31, 2021		38,100,000
Shareholders' equity, beginning at Dec. 31, 2021	306.8	$ 0.0	307.7	(0.9)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 438.4
Repurchase of common stock (in shares)	(727,198)
Shares outstanding, ending (in shares) at Sep. 30, 2022		37,400,000
Shareholders' equity, ending at Sep. 30, 2022	$ 612.7	$ 0.0	613.6	(0.9)
Shares outstanding, beginning (in shares) at Mar. 31, 2022		38,000,000.0
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)		(300,000)
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		37,700,000
Shareholders' equity, ending at Jun. 30, 2022	602.9	$ 0.0	603.8	(0.9)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	57.0		57.0
Issuance of common stock	$ 2.7
Issuance of common stock, value		$ 2.7
Repurchase of common stock (in shares)	(288,781)	(300,000)
Repurchase of common stock	$ (59.0)	$ (11.8)	(47.2)
Stock-based compensation	9.1	$ 9.1
Shares outstanding, ending (in shares) at Sep. 30, 2022		37,400,000
Shareholders' equity, ending at Sep. 30, 2022	$ 612.7	$ 0.0	$ 613.6	$ (0.9)

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities:
Net income	$ 438.4	$ 205.8
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	78.7	77.9
Distributions from unconsolidated affiliates	117.9	77.7
Equity in income of unconsolidated affiliates	(115.4)	(103.0)
Stock-based compensation	23.5	20.4
Deferred income taxes	26.7	12.8
Asset impairments	4.9	11.2
Amortization of operating lease assets	3.9	4.3
Gain on sale of assets	(274.6)	0.0
Other	5.8	5.9
Changes in operating assets and liabilities:
Income taxes	127.3	23.8
Deferred revenue	(34.6)	(11.6)
Other assets and liabilities	22.0	65.8
Net cash provided by operating activities	424.5	391.0
Cash flows from investing activities:
Capital maintenance expenditures	(37.1)	(22.3)
Capital project expenditures	(226.6)	(29.8)
Acquisition of businesses, net of cash acquired	(81.7)	0.0
Acquisition of gaming rights, net of cash acquired	(33.3)	0.0
Proceeds from Calder land sale	279.0	0.0
Other	(7.3)	(3.1)
Net cash used in investing activities	(107.0)	(55.2)
Cash flows from financing activities:
Proceeds from borrowings under long-term debt obligations	1,220.0	780.8
Repayments of borrowings under long-term debt obligations	(5.3)	(429.2)
Payment of dividends	(25.7)	(24.8)
Repurchase of common stock	(143.5)	(242.4)
Taxes paid related to net share settlement of stock awards	(13.2)	(12.9)
Debt issuance costs	(12.8)	(6.9)
Change in bank overdraft	(1.8)	(13.4)
Other	2.4	2.3
Net cash provided by financing activities	1,020.1	53.5
Cash flows from discontinued operations:
Operating activities of discontinued operations	0.0	(124.0)
Net increase in cash, cash equivalents and restricted cash	1,337.6	265.3
Cash, cash equivalents and restricted cash, beginning of period	355.6	121.0
Cash, cash equivalents and restricted cash, end of period	1,693.2	386.3
Supplemental disclosures of cash flow information:
Cash paid for interest	66.4	56.8
Cash paid for income taxes	53.9	47.0
Cash received from income tax refunds	34.2	0.0
Schedule of non-cash operating, investing and financing activities:
Deferred payment on gaming rights included in other liabilities	50.0	0.0
Property and equipment additions included in accounts payable and accrued expenses	45.0	6.6
Right-of-use assets obtained in exchange for lease obligations in operating leases	1.6	9.6
Right-of-use assets obtained in exchange for lease obligations in finance leases	6.2	2.1
Repurchase of common stock included in accrued expense and other current liabilities	$ 2.0	$ 1.5

Description of Business	9 Months Ended
Description of Business	Sep. 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 5, Calder Land Sale, for further information on the sale. Acquisitions of Chasers Poker Room and Ellis Park On September 2, 2022, we completed the previously announced acquisition of Chasers Poker Room ("Chasers") in Salem, New Hampshire (the "Chasers Transaction"). As part of the acquisition, we made an initial payment to the sellers for rights to operate the poker room and to build a historical racing facility. Additional payments will be made once all necessary permits are obtained and the planned historical racing facility is opened. On September 26, 2022, we completed the acquisition of Ellis Park Racing and Gaming ("Ellis Park") in Henderson, Kentucky, from Enchantment Holdings, LLC, an affiliate of Laguna Development Corporation, for total consideration of $79.0 million in cash, subject to certain working capital and other purchase price adjustments (the "Ellis Park Transaction"). Refer to Note 3, Acquisitions, for further information on the transactions. 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 BusinessOn 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	9 Months Ended
Recent Accounting Pronouncements	Sep. 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.

Acquisitions	9 Months Ended
Acquisitions	Sep. 30, 2022
Business Combination and Asset Acquisition [Abstract]
Acquisitions	ACQUISITIONS Chasers Poker Room On September 2, 2022, the Company completed the Chasers Transaction which was treated as an asset acquisition. The Company made an initial payment at closing and recorded a liability for the remaining due at a future date. In conjunction with the acquisition the Company recorded an $82.2 million gaming rights intangible asset which represented its fair value at the date of acquisition. The fair value of the gaming rights acquired in the Chasers Transaction was determined using the Greenfield Method, which is an income approach methodology that calculates the present value of the gaming rights intangible asset based on a projected cash flow stream. This method assumes that the gaming rights intangible asset provides the opportunity to develop a gaming facility in a specified region, and that the present value of the projected cash flows is a result of the realization of advantages contained in these rights. Under this methodology, the acquirer is expected to absorb all start-up costs, as well as incur all expenses pertaining to the acquisition and/or the creation of all tangible and intangible assets. The estimated future revenue, future operating expenses, start-up costs, and discount rate were the primary inputs in the valuation. The gaming rights intangible asset was assigned an indefinite useful life based on the Company's expected use of the asset and determination that no legal, regulatory, contractual, competitive, economic, or other factors limit the useful life of the gaming rights. Ellis Park On September 26, 2022, the Company completed the Ellis Park Transaction for total consideration of $79.0 million in cash, plus $3.5 million in working capital and other preliminary purchase price adjustments. The fair values of the Ellis Park Transaction were based upon preliminary valuations. Estimates and assumptions used in such valuations are subject to change, which could be significant, within the measurement period up to one year from the acquisition date. The areas of the preliminary valuations that are not yet finalized relate to the amounts for income taxes, intangible assets, working capital adjustments, and the final amount of residual goodwill. The Company expects to continue to obtain information to assist in determining the fair values of the net assets acquired at the acquisition date during the measurement period. The preliminary fair values of the assets acquired and liabilities assumed, net of cash acquired of $0.8 million, at the date of acquisition were as follows: property and equipment of $19.3 million, indefinite-lived gaming rights of $47.4 million, indefinite-lived trademark of $3.6 million, goodwill of $8.9 million, right-of-use assets and liabilities of $6.0 million and net working capital of $2.5 million. The Company has not included other disclosures regarding the Chasers Transaction or Ellis Park Transaction because the acquisitions are immaterial to our business.

Natural Disaster	9 Months Ended
Natural Disaster	Sep. 30, 2022
Risks and Uncertainties [Abstract]
Natural Disaster	NATURAL DISASTER In August 2021, Hurricane Ida caused damage to portions of Louisiana, including Fair Grounds Race Course & Slots, and 15 off-track betting facilities ("OTBs") owned by Video Services, LLC ("VSI") (collectively, "Fair Grounds and VSI"). Two OTBs remain closed. The Company carries property and casualty insurance, as well as business interruption insurance subject to certain deductibles. During the nine months ended September 30, 2022, the Company incurred $2.3 million of operating expenses related to ongoing recovery and maintenance efforts and received $8.0 million from our insurance carriers. The Company has also recorded an insurance recovery receivable of $1.0 million. In total, the Company has received $10.7 million from our insurance carriers which includes $4.1 million related to business interruption claims. The proceeds from the business interruption claims are included in other income in the Condensed Consolidated Statement of Comprehensive Income. The Company is currently working with its insurance carriers to finalize its claim and we currently do not expect our losses to exceed the applicable insurance recoveries.

Calder Land Sale	9 Months Ended
Calder Land Sale	Sep. 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 million 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 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 acquisition of substantially all of the assets of Peninsula Pacific Entertainment LLC (the "P2E Transaction") 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 September 30, 2022, $22.1 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 the fourth quarter of 2022. The Company is planning on utilizing the remainder of the proceeds from the Calder land sale to execute a forward like-kind exchange transaction by purchasing property as part of the previously announced P2E Transaction. The Company anticipates closing the P2E Transaction 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 September 30, 2022, the Company recorded $78.0 million in current income taxes payable related to the Calder land sale. Upon completion of the P2E Transaction, 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 land 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 $82.0 million as of September 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	9 Months Ended
Discontinued Operations and Assets Held for Sale	Sep. 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 million 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 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 acquisition of substantially all of the assets of Peninsula Pacific Entertainment LLC (the "P2E Transaction") 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 September 30, 2022, $22.1 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 the fourth quarter of 2022. The Company is planning on utilizing the remainder of the proceeds from the Calder land sale to execute a forward like-kind exchange transaction by purchasing property as part of the previously announced P2E Transaction. The Company anticipates closing the P2E Transaction 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 September 30, 2022, the Company recorded $78.0 million in current income taxes payable related to the Calder land sale. Upon completion of the P2E Transaction, 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 land 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 $82.0 million as of September 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

9 Months Ended

Sep. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

GOODWILL AND OTHER INTANGIBLE ASSETS

Goodwill, by segment, is composed of the following:


(in millions)	Live and Historical		TwinSpires		Gaming		All Other		Total
Balances as of December 31, 2021	$	52.5	$	152.2	$	161.1	$	1.0	$	366.8
Additions	8.9		—		—		—		8.9
Balances as of September 30, 2022	$	61.4	$	152.2	$	161.1	$	1.0	$	375.7

We established goodwill of $8.9 million related to the Ellis Park Transaction.

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:


	September 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	$	31.0	$	(20.2)	$	10.8	$	31.2	$	(19.1)	$	12.1
Indefinite-lived intangible assets					474.2						336.0
Total					$	485.0					$	348.1

During the third quarter of 2022 we established indefinite-lived intangible assets of $82.2 million for the gaming rights related to the Chasers Transaction and $47.4 million for gaming rights and $3.6 million for trademarks related to the Ellis Park Transaction. We also recorded $5.0 million for gaming rights in Indiana associated with the planned development of the Queen of Terre Haute Casino Resort during the second quarter of 2022.

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. The Company continues to monitor the current economic conditions and the impacts on the results of operations. Future economic conditions could have a negative impact on the estimates and assumptions utilized in our indefinite-lived intangible asset impairment assessments. These potential impacts could increase the risk of a future impairment of indefinite-lived intangible assets at Presque Isle Downs and Casin

Asset Impairments	9 Months Ended
Asset Impairments	Sep. 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	9 Months Ended
Income Taxes	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES The Company’s effective income tax rate for the three months ended September 30, 2022 was higher than the U.S. federal statutory rate of 21.0% primarily resulting from state income taxes and non-deductible officer’s compensation, partially offset by tax benefits resulting from certain tax credits and incentives. The Company's effective income tax rate for the nine months ended September 30, 2022 was higher than the U.S. federal statutory rate of 21.0% primarily resulting from state income taxes and non-deductible officer's compensation. The Company's effective income tax rate for the three and nine months ended September 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.

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+ Details

Shareholders' Equity

9 Months Ended

Sep. 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 $300.2 million of repurchase authority remaining under the 2021 Stock Repurchase Program at September 30, 2022, based on trade date.

We repurchased the following shares under the 2018 and 2021 Stock Repurchase Programs:


	Three Months Ended September 30,						Nine Months Ended September 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	288,781	$	59.0	3,178	$	0.8	727,198	$	145.5	3,178	$	0.8
2018 Stock Repurchase Program	—	—		245,132	$	49.2	—	—		245,132	$	49.2
Total	288,781	$	59.0	248,310	$	50.0	727,198	$	145.5	248,310	$	50.0

As of September 30, 2022, we had $2.0 million accrued for the future cash settlement of executed repurchases of our common stock and a $1.5 million accrual as of September 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

9 Months Ended

Sep. 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 $9.1 million for the three months ended September 30, 2022 and $7.8 million for the three months ended September 30, 2021. Stock-based compensation was $23.5 million for the nine months ended September 30, 2022 and $20.4 million for the nine months ended September 30, 2021.

During the nine months ended September 30, 2022, the Company awarded RSUs to employees, RSUs and PSUs to certain named executive officers ("NEOs"), and RSUs to directors. The vesting criteria for the PSU awards granted in 2022 were based on a three-year service period with two performance conditions and a market condition related to relative total shareholder return ("TSR") consistent with prior year grants. The total compensation cost we will recognize under the PSUs is determined using the Monte Carlo valuation methodology, which factors in the value of the TSR market condition when determining the grant date fair value of the PSU. Compensation cost for each PSU is recognized during the performance and service period based on the probable achievement of the two performance criteria. The PSUs are converted into shares of our common stock at the time the PSU award value is finalized.

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

Grant Year

Award Type

Number of Units Awarded(1)

Vesting Terms

2022

RSU

Vest equally over three service periods ending in 2025

2022

PSU

Three-year performance and service period ending in 2024

2022

RSU

One year service period ending in 2023

(1) PSUs reflect the target number of units for the original PSU grant.

Debt	9 Months Ended
Debt	Sep. 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, 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 10, 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 P2E Transaction. The Company capitalized $2.8 million of debt issuance costs associated with the Revolver commitment increase and $5.8 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 September 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. On September 26, 2022, we borrowed $20.0 million on our Revolver to provide the Company with financing for the Chasers Transaction and the Ellis Park Transaction. The Company was compliant with all applicable covenants on September 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 Transaction. The proceeds of the offering were placed in escrow pending satisfaction of certain conditions, including, without limitation, the consummation of the P2E Transaction. In connection with the offering, we capitalized $4.3 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	9 Months Ended
Revenue from Contracts with Customers	Sep. 30, 2022
Revenue from Contract with Customer [Abstract]
Revenue from Contracts with Customers	REVENUE FROM CONTRACTS WITH CUSTOMERS Performance Obligations As of September 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 $79.1 million. The revenue we expect to recognize on these remaining performance obligations is $0.6 million for the remainder of 2022, $33.7 million in 2023, $23.3 million in 2024, and the remainder thereafter. As of September 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 September 30, 2022 and December 31, 2021, contract assets were not material. As of September 30, 2022 and December 31, 2021, contract liabilities were $30.4 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 $1.3 million of revenue during the three months ended September 30, 2022 and $48.1 million of revenue during the nine months ended September 30, 2022, which was included in the contract liabilities balance at December 31, 2021. We recognized $1.2 million of revenue during the three months ended September 30, 2021 and $32.6 million of revenue during the nine months ended September 30, 2021, which was included in the contract liabilities balance at December 31, 2020. Disaggregation of Revenue In Note 19, 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
-Name Accounting Standards Codification
-Topic 606
-URI https://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

+ Details

Accrued Expenses and Other Current Liabilities

9 Months Ended

Sep. 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)	September 30, 2022		December 31, 2021
Account wagering deposits liability	$	53.1	$	47.5
Purses payable	41.7		28.6
Accrued salaries and related benefits	29.6		39.9
Accrued interest	57.3		23.9
Accrued fixed assets	37.1		17.1
Other	81.4		74.7
Total	$	300.2	$	231.7

Investment in and Advances to Unconsolidated Affiliates

9 Months Ended

Sep. 30, 2022

Investments in and Advances to Affiliates [Abstract]

Investments in and Advances to Unconsolidated Affiliates

INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES

Investments in and advances to unconsolidated affiliates as of September 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 September 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 $831.5 million.

Our investment in Rivers Des Plaines was $547.5 million and $554.8 million as of September 30, 2022 and December 31, 2021, respectively. The Company received distributions from Rivers Des Plaines of $92.8 million and $44.5 million for the nine months ended September 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 $113.4 million and $108.7 million as of September 30, 2022 and December 31, 2021, respectively. The Company received distributions from MVG of $25.0 million and $33.0 million for the nine months ended September 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 September 30,				Nine Months Ended September 30,
(in millions)	2022		2021		2022		2021
Net revenue	$	221.5	$	202.4	$	613.3	$	539.0

Operating and SG&A expense	131.5		115.2		380.4		310.6
Depreciation and amortization	5.9		4.4		17.5		13.1
Total operating expense	137.4		119.6		397.9		323.7
Operating income	84.1		82.8		215.4		215.3
Interest and other, net	(10.6)		(10.4)		(13.8)		(34.7)
Net income	$	73.5	$	72.4	$	201.6	$	180.6


(in millions)	September 30, 2022		December 31, 2021
Assets
Current assets	$	89.9	$	96.0
Property and equipment, net	349.1		312.3
Other assets, net	263.6		264.1
Total assets	$	702.6	$	672.4
Liabilities and Members' Deficit
Current liabilities	$	108.6	$	95.3
Long-term debt	826.2		786.9
Other liabilities	—		20.6
Members' deficit	(232.2)		(230.4)
Total liabilities and members' deficit	$	702.6	$	672.4

Fair Value of Assets And Liabilities

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Fair Value of Assets And Liabilities

FAIR VALUE OF ASSETS AND LIABILITIES

We endeavor to utilize the best available information in measuring fair value. Financial assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurement. The following methods and assumptions are used to estimate the fair value of each class of financial instruments for which it is practicable to estimate.

Restricted Cash

Our restricted cash accounts 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:


	September 30, 2022
(in millions)	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
Financial assets:
Restricted cash	$	1,582.6	$	1,582.6	$	1,582.6	$	—	$	—
Financial liabilities:
Term Loan B	$	379.2	$	381.0	$	—	$	381.0	$	—
Term Loan B-1	292.2		295.5		—		295.5		—
Revolver	20.0		20.0		—		20.0		—
2027 Senior Notes	595.0		559.5		—		559.5		—
2028 Senior Notes	698.4		605.5		—		605.5		—

2030 Senior Notes	1,196.0		1,046.1		—		1,046.1		—

	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	9 Months Ended
Contingencies	Sep. 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

9 Months Ended

Sep. 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 September 30,				Nine Months Ended September 30,
(in millions, except per share data)	2022		2021		2022		2021
Numerator for basic and diluted net income per common share:
Net income	$	57.0	$	61.4	$	438.4	$	205.8

Denominator for net income per common share:
Basic	37.8		38.6		38.1		38.7
Plus dilutive effect of stock awards	0.6		0.6		0.5		0.6
Diluted	38.4		39.2		38.6		39.3

Net income per common share data:



Basic net income	$	1.51	$	1.59	$	11.52	$	5.31




Diluted net income	$	1.49	$	1.57	$	11.36	$	5.23

Segment Information

9 Months Ended

Sep. 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, Newport, Ellis Park, and Chasers.

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 opened a HRM facility in September 2022, and Newport is an ancillary HRM facility that operates under the Turfway Park pari-mutuel racing license. Ellis Park conducts live racing during the year and operates a gaming facility venue with HRMs. Chasers is a charitable gaming facility offering poker and a variety of table games. We plan to construct an expanded charitable gaming facility with up to 800 gaming positions including HRMs and table games.

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 11,800 slot machines and video lottery terminals ("VLTs") and 250 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 September 30,				Nine Months Ended September 30,
(in millions)	2022		2021		2022		2021
Net revenue from external customers:
Live and Historical Racing:
Churchill Downs Racetrack	$	6.4	$	7.4	$	182.6	$	114.6
Derby City Gaming	41.5		40.2		128.5		113.0
Oak Grove	33.3		27.1		97.8		72.1
Turfway Park	3.1		0.7		8.6		5.9
Newport	6.9		4.3		20.6		13.2
Chasers	0.9		—		0.9		—
Ellis Park	0.2		—		0.2		—
Total Live and Historical Racing	92.3		79.7		439.2		318.8
TwinSpires:
Horse Racing	100.9		98.8		321.5		327.7
Sports and Casino	5.3		8.7		21.8		24.1
Total TwinSpires	106.2		107.5		343.3		351.8
Gaming:
Fair Grounds and VSI	28.5		24.8		107.2		98.2
Presque Isle	33.2		35.9		90.7		90.2
Ocean Downs	33.3		31.7		82.0		78.7
Calder	26.3		25.9		81.2		74.2
Oxford	31.6		31.8		87.8		72.1
Riverwalk	12.6		14.5		41.0		47.3
Harlow’s	11.9		13.3		37.0		43.9
Lady Luck Nemacolin	6.0		7.4		18.1		18.7
Total Gaming	183.4		185.3		545.0		523.3
All Other	1.2		20.5		2.2		38.5
Net revenue from external customers	$	383.1	$	393.0	$	1,329.7	$	1,232.4


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2022		2021		2022		2021
Intercompany net revenue:
Live and Historical Racing	$	10.1	$	1.8	$	26.3	$	17.9
TwinSpires	1.2		1.5		4.0		4.8
Gaming	2.5		0.3		4.6		2.3
All Other	—		2.5		—		6.5
Eliminations	(13.8)		(6.1)		(34.9)		(31.5)
Intercompany net revenue	$	—	$	—	$	—	$	—


	Three Months Ended September 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	$	1.8	$	91.0	$	3.6	$	96.4	$	—	$	96.4
Historical racing(a)	78.7		—		3.5		82.2		—		82.2
Racing event-related services	3.0		—		0.1		3.1		—		3.1
Gaming(a)	0.9		5.3		160.6		166.8		—		166.8
Other(a)	7.9		9.9		15.6		33.4		1.2		34.6
Total	$	92.3	$	106.2	$	183.4	$	381.9	$	1.2	$	383.1


	Three Months Ended September 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	$	5.4	$	89.4	$	4.9	$	99.7	$	12.6	$	112.3
Historical racing(a)	66.2		—		—		66.2		—		66.2
Racing event-related services	1.8		—		0.1		1.9		5.0		6.9
Gaming(a)	—		8.7		166.6		175.3		—		175.3
Other(a)	6.3		9.4		13.7		29.4		2.9		32.3
Total	$	79.7	$	107.5	$	185.3	$	372.5	$	20.5	$	393.0

(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 $8.4 million for the three months ended September 30, 2022 and $6.1 million for the three months ended September 30, 2021.


	Nine Months Ended September 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	$	53.9	$	290.9	$	22.0	$	366.8	$	—	$	366.8
Historical racing(a)	230.7		—		4.8		235.5		—		235.5
Racing event-related services	125.4		—		0.7		126.1		—		126.1
Gaming(a)	0.9		21.8		469.6		492.3		—		492.3
Other(a)	28.3		30.6		47.9		106.8		2.2		109.0
Total	$	439.2	$	343.3	$	545.0	$	1,327.5	$	2.2	$	1,329.7


	Nine Months Ended September 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	$	50.9	$	300.2	$	21.0	$	372.1	$	27.2	$	399.3
Historical racing(a)	184.0		—		—		184.0		—		184.0
Racing event-related services	65.3		—		1.0		66.3		6.9		73.2
Gaming(a)	—		24.1		469.3		493.4		—		493.4
Other(a)	18.6		27.5		32.0		78.1		4.4		82.5
Total	$	318.8	$	351.8	$	523.3	$	1,193.9	$	38.5	$	1,232.4

(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 $23.2 million for the nine months ended September 30, 2022 and $15.0 million for the nine months ended September 30, 2021.

Adjusted EBITDA by segment is comprised of the following:


	Three Months Ended September 30, 2022
(in millions)	Live and Historical Racing		TwinSpires		Gaming
Net revenue	$	102.4	$	107.4	$	185.9

Taxes and purses	(31.6)		(6.6)		(70.6)
Marketing and advertising	(3.6)		(1.3)		(4.1)
Salaries and benefits	(13.3)		(6.3)		(24.6)
Content expense	(0.6)		(49.3)		(2.7)
Selling, general and administrative expense	(3.4)		(2.7)		(7.1)
Other operating expense	(15.6)		(10.1)		(21.7)
Other income	0.2		—		56.5
Adjusted EBITDA	$	34.5	$	31.1	$	111.6


	Three Months Ended September 30, 2021
(in millions)	Live and Historical Racing		TwinSpires		Gaming
Net revenue	$	81.5	$	109.0	$	185.6

Taxes and purses	(24.6)		(8.0)		(71.8)
Marketing and advertising	(2.9)		(10.6)		(3.6)
Salaries and benefits	(10.9)		(7.0)		(22.5)
Content expense	(0.5)		(47.1)		(1.2)
Selling, general and administrative expense	(3.1)		(2.6)		(7.1)
Other operating expense	(11.8)		(11.6)		(19.7)
Other income	—		—		51.0
Adjusted EBITDA	$	27.7	$	22.1	$	110.7

Adjusted EBITDA by segment is comprised of the following:


	Nine Months Ended September 30, 2022
(in millions)	Live and Historical Racing		TwinSpires		Gaming
Net revenue	$	465.5	$	347.3	$	549.6

Taxes and purses	(118.0)		(21.3)		(206.1)
Marketing and advertising	(12.9)		(11.4)		(11.3)
Salaries and benefits	(43.1)		(19.9)		(72.0)
Content expense	(2.2)		(160.5)		(6.4)
Selling, general and administrative expense	(9.7)		(7.9)		(20.4)
Other operating expense	(53.6)		(37.2)		(63.9)
Other income	0.3		—		140.0
Adjusted EBITDA	$	226.3	$	89.1	$	309.5


	Nine Months Ended September 30, 2021
(in millions)	Live and Historical Racing		TwinSpires		Gaming
Net revenue	$	336.7	$	356.6	$	525.6

Taxes and purses	(95.4)		(22.7)		(201.1)
Marketing and advertising	(9.9)		(35.8)		(7.5)
Salaries and benefits	(36.2)		(20.0)		(63.0)
Content expense	(1.9)		(162.1)		(3.5)
Selling, general and administrative expense	(9.2)		(8.1)		(19.0)
Other operating expense	(39.8)		(38.1)		(52.9)
Other income	0.1		—		134.3
Adjusted EBITDA	$	144.4	$	69.8	$	312.9


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

Net income and comprehensive income		$	57.0	$	61.4	$	438.4	$	205.8

Additions:
Depreciation and amortization		27.5		25.9		78.7		77.9
Interest expense		36.2		21.7		92.6		63.1
Income tax provision		16.4		26.3		173.5		84.1
EBITDA		$	137.1	$	135.3	$	783.2	$	430.9

Adjustments to EBITDA:
Stock-based compensation expense		$	9.1	$	7.8	$	23.5	$	20.4

Legal reserve		—		—		3.2		—
Pre-opening expense		4.2		1.7		8.9		3.8
Other expenses, net		1.4		—		5.7		0.2
Asset impairments		—		—		4.9		11.2
Transaction expense, net		1.2		2.0		7.4		2.1
Other income, expense:
Interest, depreciation and amortization expense related to equity investments		10.1		10.7		31.7		30.8
Changes in fair value of Rivers Des Plaines' interest rate swaps		—		(2.0)		(12.6)		(8.0)
Rivers Des Plaines' legal reserves and transaction costs		0.1		0.6		0.6		8.6
Other charges		—		—		1.0		—
Gain on Calder land sale		—		—		(274.6)		—
Total adjustments to EBITDA		26.1		20.8		(200.3)		69.1
Adjusted EBITDA		$	163.2	$	156.1	$	582.9	$	500.0

Adjusted EBITDA by segment:
Live and Historical Racing		$	34.5	$	27.7	$	226.3	$	144.4
TwinSpires		31.1		22.1		89.1		69.8
Gaming		111.6		110.7		309.5		312.9
Total segment Adjusted EBITDA		177.2		160.5		624.9		527.1
All Other		(14.0)		(4.4)		(42.0)		(27.1)
Total Adjusted EBITDA		$	163.2	$	156.1	$	582.9	$	500.0

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


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2022		2021			2022		2021
Gaming	$	42.3	$	41.6		$	115.3	$	102.9

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


(in millions)	September 30, 2022		December 31, 2021
Total assets:
Live and Historical Racing	$	1,051.1	$	682.7
TwinSpires	285.2		289.6
Gaming	1,318.7		1,003.3
Total segment assets	2,655.0		1,975.6
All Other	2,019.1		1,006.0
Total assets	$	4,674.1	$	2,981.6

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


	Nine Months Ended September 30,
(in millions)	2022		2021
Capital expenditures, net:
Live and Historical Racing	$	177.4	$	32.3
TwinSpires	9.3		8.5
Gaming	63.0		9.3
Total segment capital expenditures	249.7		50.1
All Other	14.0		2.0
Total capital expenditures	$	263.7	$	52.1

- 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
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-URI https://asc.fasb.org/topic&trid=2134510

+ Details

Subsequent Event	9 Months Ended
Subsequent Event	Sep. 30, 2022
Subsequent Events [Abstract]
Subsequent Event	SUBSEQUENT EVENT At its regularly scheduled meeting held on October 25, 2022, the Board of Directors of the Company declared an annual cash dividend of $0.714 per share, to be paid on January 6, 2023, to all shareholders of record on December 2, 2022.

Recent Accounting Pronouncements (Policies)	9 Months Ended
Recent Accounting Pronouncements (Policies)	Sep. 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)

9 Months Ended

Sep. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

Goodwill, by segment, is composed of the following:


(in millions)	Live and Historical		TwinSpires		Gaming		All Other		Total
Balances as of December 31, 2021	$	52.5	$	152.2	$	161.1	$	1.0	$	366.8
Additions	8.9		—		—		—		8.9
Balances as of September 30, 2022	$	61.4	$	152.2	$	161.1	$	1.0	$	375.7

Schedule of Indefinite and Finite Lived Assets

Other intangible assets are comprised of the following:


	September 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	$	31.0	$	(20.2)	$	10.8	$	31.2	$	(19.1)	$	12.1
Indefinite-lived intangible assets					474.2						336.0
Total					$	485.0					$	348.1

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Equity (Tables)

9 Months Ended

Sep. 30, 2022

Equity [Abstract]

Schedule of Repurchase Agreements

We repurchased the following shares under the 2018 and 2021 Stock Repurchase Programs:


	Three Months Ended September 30,						Nine Months Ended September 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	288,781	$	59.0	3,178	$	0.8	727,198	$	145.5	3,178	$	0.8
2018 Stock Repurchase Program	—	—		245,132	$	49.2	—	—		245,132	$	49.2
Total	288,781	$	59.0	248,310	$	50.0	727,198	$	145.5	248,310	$	50.0

Stock-based Compensation Plans (Tables)

9 Months Ended

Sep. 30, 2022

Share-Based Payment Arrangement [Abstract]

Summary of RSUs and PSUs Granted

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

Grant Year

Award Type

Number of Units Awarded(1)

Vesting Terms

2022

RSU

Vest equally over three service periods ending in 2025

2022

PSU

Three-year performance and service period ending in 2024

2022

RSU

One year service period ending in 2023

(1) PSUs reflect the target number of units for the original PSU grant.

Accrued Expenses and Other Current Liabilities (Tables)

9 Months Ended

Sep. 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)	September 30, 2022		December 31, 2021
Account wagering deposits liability	$	53.1	$	47.5
Purses payable	41.7		28.6
Accrued salaries and related benefits	29.6		39.9
Accrued interest	57.3		23.9
Accrued fixed assets	37.1		17.1
Other	81.4		74.7
Total	$	300.2	$	231.7

Investment in and Advances to Unconsolidated Affiliates (Tables)

9 Months Ended

Sep. 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 September 30,				Nine Months Ended September 30,
(in millions)	2022		2021		2022		2021
Net revenue	$	221.5	$	202.4	$	613.3	$	539.0

Operating and SG&A expense	131.5		115.2		380.4		310.6
Depreciation and amortization	5.9		4.4		17.5		13.1
Total operating expense	137.4		119.6		397.9		323.7
Operating income	84.1		82.8		215.4		215.3
Interest and other, net	(10.6)		(10.4)		(13.8)		(34.7)
Net income	$	73.5	$	72.4	$	201.6	$	180.6

Affiliate Balance Sheet


(in millions)	September 30, 2022		December 31, 2021
Assets
Current assets	$	89.9	$	96.0
Property and equipment, net	349.1		312.3
Other assets, net	263.6		264.1
Total assets	$	702.6	$	672.4
Liabilities and Members' Deficit
Current liabilities	$	108.6	$	95.3
Long-term debt	826.2		786.9
Other liabilities	—		20.6
Members' deficit	(232.2)		(230.4)
Total liabilities and members' deficit	$	702.6	$	672.4

Fair Value Of Assets And Liabilities (Tables)

9 Months Ended

Sep. 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:


	September 30, 2022
(in millions)	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
Financial assets:
Restricted cash	$	1,582.6	$	1,582.6	$	1,582.6	$	—	$	—
Financial liabilities:
Term Loan B	$	379.2	$	381.0	$	—	$	381.0	$	—
Term Loan B-1	292.2		295.5		—		295.5		—
Revolver	20.0		20.0		—		20.0		—
2027 Senior Notes	595.0		559.5		—		559.5		—
2028 Senior Notes	698.4		605.5		—		605.5		—

2030 Senior Notes	1,196.0		1,046.1		—		1,046.1		—

	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)

9 Months Ended

Sep. 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 September 30,				Nine Months Ended September 30,
(in millions, except per share data)	2022		2021		2022		2021
Numerator for basic and diluted net income per common share:
Net income	$	57.0	$	61.4	$	438.4	$	205.8

Denominator for net income per common share:
Basic	37.8		38.6		38.1		38.7
Plus dilutive effect of stock awards	0.6		0.6		0.5		0.6
Diluted	38.4		39.2		38.6		39.3

Net income per common share data:



Basic net income	$	1.51	$	1.59	$	11.52	$	5.31




Diluted net income	$	1.49	$	1.57	$	11.36	$	5.23

Segment Information (Tables)

9 Months Ended

Sep. 30, 2022

Segment Reporting [Abstract]

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


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2022		2021		2022		2021
Net revenue from external customers:
Live and Historical Racing:
Churchill Downs Racetrack	$	6.4	$	7.4	$	182.6	$	114.6
Derby City Gaming	41.5		40.2		128.5		113.0
Oak Grove	33.3		27.1		97.8		72.1
Turfway Park	3.1		0.7		8.6		5.9
Newport	6.9		4.3		20.6		13.2
Chasers	0.9		—		0.9		—
Ellis Park	0.2		—		0.2		—
Total Live and Historical Racing	92.3		79.7		439.2		318.8
TwinSpires:
Horse Racing	100.9		98.8		321.5		327.7
Sports and Casino	5.3		8.7		21.8		24.1
Total TwinSpires	106.2		107.5		343.3		351.8
Gaming:
Fair Grounds and VSI	28.5		24.8		107.2		98.2
Presque Isle	33.2		35.9		90.7		90.2
Ocean Downs	33.3		31.7		82.0		78.7
Calder	26.3		25.9		81.2		74.2
Oxford	31.6		31.8		87.8		72.1
Riverwalk	12.6		14.5		41.0		47.3
Harlow’s	11.9		13.3		37.0		43.9
Lady Luck Nemacolin	6.0		7.4		18.1		18.7
Total Gaming	183.4		185.3		545.0		523.3
All Other	1.2		20.5		2.2		38.5
Net revenue from external customers	$	383.1	$	393.0	$	1,329.7	$	1,232.4


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2022		2021		2022		2021
Intercompany net revenue:
Live and Historical Racing	$	10.1	$	1.8	$	26.3	$	17.9
TwinSpires	1.2		1.5		4.0		4.8
Gaming	2.5		0.3		4.6		2.3
All Other	—		2.5		—		6.5
Eliminations	(13.8)		(6.1)		(34.9)		(31.5)
Intercompany net revenue	$	—	$	—	$	—	$	—


	Three Months Ended September 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	$	1.8	$	91.0	$	3.6	$	96.4	$	—	$	96.4
Historical racing(a)	78.7		—		3.5		82.2		—		82.2
Racing event-related services	3.0		—		0.1		3.1		—		3.1
Gaming(a)	0.9		5.3		160.6		166.8		—		166.8
Other(a)	7.9		9.9		15.6		33.4		1.2		34.6
Total	$	92.3	$	106.2	$	183.4	$	381.9	$	1.2	$	383.1


	Three Months Ended September 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	$	5.4	$	89.4	$	4.9	$	99.7	$	12.6	$	112.3
Historical racing(a)	66.2		—		—		66.2		—		66.2
Racing event-related services	1.8		—		0.1		1.9		5.0		6.9
Gaming(a)	—		8.7		166.6		175.3		—		175.3
Other(a)	6.3		9.4		13.7		29.4		2.9		32.3
Total	$	79.7	$	107.5	$	185.3	$	372.5	$	20.5	$	393.0


	Nine Months Ended September 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	$	53.9	$	290.9	$	22.0	$	366.8	$	—	$	366.8
Historical racing(a)	230.7		—		4.8		235.5		—		235.5
Racing event-related services	125.4		—		0.7		126.1		—		126.1
Gaming(a)	0.9		21.8		469.6		492.3		—		492.3
Other(a)	28.3		30.6		47.9		106.8		2.2		109.0
Total	$	439.2	$	343.3	$	545.0	$	1,327.5	$	2.2	$	1,329.7


	Nine Months Ended September 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	$	50.9	$	300.2	$	21.0	$	372.1	$	27.2	$	399.3
Historical racing(a)	184.0		—		—		184.0		—		184.0
Racing event-related services	65.3		—		1.0		66.3		6.9		73.2
Gaming(a)	—		24.1		469.3		493.4		—		493.4
Other(a)	18.6		27.5		32.0		78.1		4.4		82.5
Total	$	318.8	$	351.8	$	523.3	$	1,193.9	$	38.5	$	1,232.4

(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 $23.2 million for the nine months ended September 30, 2022 and $15.0 million for the nine months ended September 30, 2021.

Schedule of Segment Reporting Information

Adjusted EBITDA by segment is comprised of the following:


	Three Months Ended September 30, 2022
(in millions)	Live and Historical Racing		TwinSpires		Gaming
Net revenue	$	102.4	$	107.4	$	185.9

Taxes and purses	(31.6)		(6.6)		(70.6)
Marketing and advertising	(3.6)		(1.3)		(4.1)
Salaries and benefits	(13.3)		(6.3)		(24.6)
Content expense	(0.6)		(49.3)		(2.7)
Selling, general and administrative expense	(3.4)		(2.7)		(7.1)
Other operating expense	(15.6)		(10.1)		(21.7)
Other income	0.2		—		56.5
Adjusted EBITDA	$	34.5	$	31.1	$	111.6


	Three Months Ended September 30, 2021
(in millions)	Live and Historical Racing		TwinSpires		Gaming
Net revenue	$	81.5	$	109.0	$	185.6

Taxes and purses	(24.6)		(8.0)		(71.8)
Marketing and advertising	(2.9)		(10.6)		(3.6)
Salaries and benefits	(10.9)		(7.0)		(22.5)
Content expense	(0.5)		(47.1)		(1.2)
Selling, general and administrative expense	(3.1)		(2.6)		(7.1)
Other operating expense	(11.8)		(11.6)		(19.7)
Other income	—		—		51.0
Adjusted EBITDA	$	27.7	$	22.1	$	110.7

Adjusted EBITDA by segment is comprised of the following:


	Nine Months Ended September 30, 2022
(in millions)	Live and Historical Racing		TwinSpires		Gaming
Net revenue	$	465.5	$	347.3	$	549.6

Taxes and purses	(118.0)		(21.3)		(206.1)
Marketing and advertising	(12.9)		(11.4)		(11.3)
Salaries and benefits	(43.1)		(19.9)		(72.0)
Content expense	(2.2)		(160.5)		(6.4)
Selling, general and administrative expense	(9.7)		(7.9)		(20.4)
Other operating expense	(53.6)		(37.2)		(63.9)
Other income	0.3		—		140.0
Adjusted EBITDA	$	226.3	$	89.1	$	309.5


	Nine Months Ended September 30, 2021
(in millions)	Live and Historical Racing		TwinSpires		Gaming
Net revenue	$	336.7	$	356.6	$	525.6

Taxes and purses	(95.4)		(22.7)		(201.1)
Marketing and advertising	(9.9)		(35.8)		(7.5)
Salaries and benefits	(36.2)		(20.0)		(63.0)
Content expense	(1.9)		(162.1)		(3.5)
Selling, general and administrative expense	(9.2)		(8.1)		(19.0)
Other operating expense	(39.8)		(38.1)		(52.9)
Other income	0.1		—		134.3
Adjusted EBITDA	$	144.4	$	69.8	$	312.9


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

Net income and comprehensive income		$	57.0	$	61.4	$	438.4	$	205.8

Additions:
Depreciation and amortization		27.5		25.9		78.7		77.9
Interest expense		36.2		21.7		92.6		63.1
Income tax provision		16.4		26.3		173.5		84.1
EBITDA		$	137.1	$	135.3	$	783.2	$	430.9

Adjustments to EBITDA:
Stock-based compensation expense		$	9.1	$	7.8	$	23.5	$	20.4

Legal reserve		—		—		3.2		—
Pre-opening expense		4.2		1.7		8.9		3.8
Other expenses, net		1.4		—		5.7		0.2
Asset impairments		—		—		4.9		11.2
Transaction expense, net		1.2		2.0		7.4		2.1
Other income, expense:
Interest, depreciation and amortization expense related to equity investments		10.1		10.7		31.7		30.8
Changes in fair value of Rivers Des Plaines' interest rate swaps		—		(2.0)		(12.6)		(8.0)
Rivers Des Plaines' legal reserves and transaction costs		0.1		0.6		0.6		8.6
Other charges		—		—		1.0		—
Gain on Calder land sale		—		—		(274.6)		—
Total adjustments to EBITDA		26.1		20.8		(200.3)		69.1
Adjusted EBITDA		$	163.2	$	156.1	$	582.9	$	500.0

Adjusted EBITDA by segment:
Live and Historical Racing		$	34.5	$	27.7	$	226.3	$	144.4
TwinSpires		31.1		22.1		89.1		69.8
Gaming		111.6		110.7		309.5		312.9
Total segment Adjusted EBITDA		177.2		160.5		624.9		527.1
All Other		(14.0)		(4.4)		(42.0)		(27.1)
Total Adjusted EBITDA		$	163.2	$	156.1	$	582.9	$	500.0

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 September 30,				Nine Months Ended September 30,
(in millions)	2022		2021			2022		2021
Gaming	$	42.3	$	41.6		$	115.3	$	102.9

Schedule of Total Assets and Capital Expenditures by Operating Segment

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


(in millions)	September 30, 2022		December 31, 2021
Total assets:
Live and Historical Racing	$	1,051.1	$	682.7
TwinSpires	285.2		289.6
Gaming	1,318.7		1,003.3
Total segment assets	2,655.0		1,975.6
All Other	2,019.1		1,006.0
Total assets	$	4,674.1	$	2,981.6

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


	Nine Months Ended September 30,
(in millions)	2022		2021
Capital expenditures, net:
Live and Historical Racing	$	177.4	$	32.3
TwinSpires	9.3		8.5
Gaming	63.0		9.3
Total segment capital expenditures	249.7		50.1
All Other	14.0		2.0
Total capital expenditures	$	263.7	$	52.1

Description of Business (Details)	9 Months Ended
Description of Business (Details)	Sep. 30, 2022 segment
Basis of Presentation [Abstract]
Number of reportable segments	3

Description of Business - Calder Land Sale (Details) $ / a in Millions, $ in Millions	Sep. 26, 2022 USD ($)	Jun. 17, 2022 USD ($) a $ / a
Ellis Park
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total consideration	$ 79.0
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

Description of Business - Acquisitions of Chasers Poker Room and Ellis Park (Details) $ in Millions	Sep. 26, 2022 USD ($)
Ellis Park
Business Acquisition [Line Items]
Total consideration	$ 79.0

Acquisitions (Details) - USD ($) $ in Millions			3 Months Ended
Acquisitions (Details) - USD ($) $ in Millions	Sep. 26, 2022	Sep. 02, 2022	Sep. 30, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Goodwill			$ 375.7	$ 366.8
Ellis Park
Business Acquisition [Line Items]
Gaming rights intangible asset			47.4
Total consideration	$ 79.0
Working capital and other purchase price adjustments	3.5
Cash acquired in the acquisition	0.8
Property and equipment	19.3
Goodwill	8.9		$ 8.9
Right-of-use assets and liabilities	6.0
Net working capital	2.5
Gaming Rights \| Ellis Park
Business Acquisition [Line Items]
Intangible assets, other than goodwill	47.4
Trademarks \| Ellis Park
Business Acquisition [Line Items]
Intangible assets, other than goodwill	$ 3.6
Chasers
Business Acquisition [Line Items]
Gaming rights intangible asset		$ 82.2

Natural Disaster (Details) $ in Millions	1 Months Ended	2 Months Ended	3 Months Ended		9 Months Ended		14 Months Ended
Natural Disaster (Details) $ in Millions	Aug. 31, 2021 facility	Sep. 30, 2022 USD ($) facility	Sep. 30, 2022 USD ($) facility	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) facility	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) facility
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Operating expenses			$ 320.1	$ 325.4	$ 1,019.6	$ 982.7
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		2
Operating expenses					$ 2.3
Insurance recoveries					8.0		$ 10.7
Insurance recovery receivable		$ 1.0	$ 1.0		$ 1.0		$ 1.0
Business interruption claim		$ 4.1

Calder Land Sale (Details) $ / a in Millions, $ in Millions		1 Months Ended	3 Months Ended		9 Months Ended
Calder Land Sale (Details) $ / a in Millions, $ in Millions	Jun. 17, 2022 USD ($) a $ / a	Jun. 30, 2022 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($)	Sep. 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			$ 0.0	$ 0.0	$ 274.6	$ 0.0
Income tax payable			60.9		60.9		$ 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					22.1
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			$ 78.0		$ 78.0

Discontinued Operations - Additional Information (Details) $ in Millions	Mar. 25, 2021 USD ($)	Sep. 30, 2022 USD ($)	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		$ 82.0	$ 81.5

Goodwill and Other Intangible Assets - Goodwill (Details) $ in Millions	9 Months Ended
	Sep. 30, 2022 USD ($)
Goodwill [Roll Forward]
Goodwill, Beginning Balance	$ 366.8
Additions	(8.9)
Goodwill, Ending Balance	375.7
Live and Historical
Goodwill [Roll Forward]
Goodwill, Beginning Balance	52.5
Additions	(8.9)
Goodwill, Ending Balance	61.4
TwinSpires
Goodwill [Roll Forward]
Goodwill, Beginning Balance	152.2
Additions	0.0
Goodwill, Ending Balance	152.2
Gaming
Goodwill [Roll Forward]
Goodwill, Beginning Balance	161.1
Additions	0.0
Goodwill, Ending Balance	161.1
All Other
Goodwill [Roll Forward]
Goodwill, Beginning Balance	1.0
Additions	0.0
Goodwill, Ending Balance	$ 1.0

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Goodwill and Other Intangible Assets - Additional Information (Details) - USD ($)		3 Months Ended
	Apr. 01, 2022	Sep. 30, 2022	Jun. 30, 2022	Sep. 26, 2022	Dec. 31, 2021
Indefinite-lived Intangible Assets [Line Items]
Goodwill		$ 375,700,000			$ 366,800,000
Goodwill impairment	$ 0
Indefinite-lived intangible asset impairments	$ 0
Ellis Park
Indefinite-lived Intangible Assets [Line Items]
Goodwill		8,900,000		$ 8,900,000
Indefinite-lived intangible assets acquired		47,400,000
Ellis Park \| Trademarks and Trade Names
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets acquired		3,600,000
Gaming
Indefinite-lived Intangible Assets [Line Items]
Goodwill		161,100,000			$ 161,100,000
Gaming \| Terre Haute Property
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets acquired			$ 5,000,000
Gaming \| Chasers
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets acquired		$ 82,200,000

Goodwill and Other Intangible Assets - Intangible Assets (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Gross Carrying Amount	$ 31.0	$ 31.2
Accumulated Amortization	(20.2)	(19.1)
Definite-lived intangible assets, Net Carrying Amount	10.8	12.1
Indefinite-lived intangible assets, Net Carrying Amount	474.2	336.0
Total intangible assets	$ 485.0	$ 348.1

Asset Impairments (Details) - USD ($) $ in Millions	3 Months Ended				9 Months Ended
Asset Impairments (Details) - USD ($) $ in Millions	Sep. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Indefinite-lived Intangible Assets [Line Items]
Asset impairments	$ 0.0		$ 0.0		$ 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 ($) $ / shares in Units, $ in Millions		3 Months Ended					9 Months Ended
	Feb. 01, 2021	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 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		$ 2.0			$ 1.5		$ 2.0	$ 1.5
Repurchase of common stock (in shares)		288,781			248,310		727,198	248,310
Repurchase aggregate cost		$ 59.0	$ 61.5	$ 25.0	$ 50.0	$ 193.9
October 2018 Stock Repurchase Program
Distribution Made to Limited Partner [Line Items]
Authorized stock repurchase amount										$ 300.0
Remaining unused authorization for stock repurchase program									$ 97.9
Repurchase of common stock (in shares)					245,132			245,132
Repurchase aggregate cost					$ 49.2			$ 49.2
2021 Stock Repurchase Program
Distribution Made to Limited Partner [Line Items]
Authorized stock repurchase amount									$ 500.0
Remaining unused authorization for stock repurchase program		$ 300.2					$ 300.2
Repurchase of common stock (in shares)		288,781			3,178		727,198	3,178
Repurchase aggregate cost		$ 59.0			$ 0.8		$ 145.5	$ 0.8
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	$ 193.9
Total Repurchase Programs
Distribution Made to Limited Partner [Line Items]
Repurchase aggregate cost		$ 59.0			$ 50.0		$ 145.5	$ 50.0

Stock-based Compensation Plans (Details) - USD ($) shares in Thousands, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 9.1	$ 7.8	$ 23.5	$ 20.4
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 One \| Performance Shares (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Units Awarded (in shares)			34
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
Share-based Compensation Award, Tranche Two \| Performance Shares (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			3 years
Share-based Payment Arrangement, Tranche Three \| Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			1 year

Debt (Details) - USD ($) $ in Millions	Sep. 30, 2022	Sep. 26, 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 \| 2030 Senior Notes
Debt Instrument [Line Items]
Face amount of debt issuance			$ 1,200.0
Debt issuance costs			$ 4.3
Stated interest rate			5.75%
Revolving Credit Facility \| Revolver
Debt Instrument [Line Items]
Borrowed from revolver		$ 20.0
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			5.8
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	Sep. 30, 2022 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, amount	$ 79.1
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	3 months
Remaining performance obligation, amount	$ 0.6
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Remaining performance obligation, amount	$ 33.7
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	$ 23.3

Revenue from Contracts with Customers - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Contract with customer, liability	$ 30.4		$ 30.4		$ 64.9
Contract with customer, revenue recognized	$ 1.3	$ 1.2	$ 48.1	$ 32.6

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Account wagering deposits liability	$ 53.1	$ 47.5
Purses payable	41.7	28.6
Accrued salaries and related benefits	29.6	39.9
Accrued interest	57.3	23.9
Accrued fixed assets	37.1	17.1
Other	81.4	74.7
Total	$ 300.2	$ 231.7

Investment in and Advances to Unconsolidated Affiliates - Additional Information (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Investments in and Advances to Affiliates [Line Items]
Distributions from unconsolidated affiliates	$ 117.9	$ 77.7
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	$ 831.5
Equity method investment, amount	547.5		$ 554.8
Distributions from unconsolidated affiliates	$ 92.8	44.5
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	$ 113.4		$ 108.7
Distributions from unconsolidated affiliates	$ 25.0	$ 33.0
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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Investments in and Advances to Affiliates [Line Items]
Net revenue	$ 383.1	$ 393.0	$ 1,329.7	$ 1,232.4
Net income			438.4	205.8
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Investments in and Advances to Affiliates [Line Items]
Net revenue	221.5	202.4	613.3	539.0
Operating and SG&A expense	131.5	115.2	380.4	310.6
Depreciation and amortization	5.9	4.4	17.5	13.1
Total operating expense	137.4	119.6	397.9	323.7
Operating income	84.1	82.8	215.4	215.3
Interest and other, net	(10.6)	(10.4)	(13.8)	(34.7)
Net income	$ 73.5	$ 72.4	$ 201.6	$ 180.6

- 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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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	Sep. 30, 2022	Dec. 31, 2021
Investments in and Advances to Affiliates [Line Items]
Current assets	$ 1,806.3	$ 501.5
Property and equipment, net	1,240.9	994.9
Other assets, net	23.2	18.9
Total assets	4,674.1	2,981.6
Current liabilities	491.7	395.0
Other liabilities	104.4	52.6
Members' deficit	613.6	307.7
Total liabilities and shareholders' equity	4,674.1	2,981.6
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Investments in and Advances to Affiliates [Line Items]
Current assets	89.9	96.0
Property and equipment, net	349.1	312.3
Other assets, net	263.6	264.1
Total assets	702.6	672.4
Current liabilities	108.6	95.3
Long-term debt	826.2	786.9
Other liabilities	0.0	20.6
Members' deficit	(232.2)	(230.4)
Total liabilities and shareholders' equity	$ 702.6	$ 672.4

Fair Value Of Assets And Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2022	Apr. 13, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	$ 1,582.6		$ 64.3
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	1,582.6		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	559.5		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	605.5		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
2030 Senior Notes \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Stated interest rate		5.75%
2030 Senior Notes \| Senior Notes \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	0.0
2030 Senior Notes \| Senior Notes \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	1,046.1
2030 Senior Notes \| 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	381.0		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	295.5		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
Revolving Credit Facility \| Revolver \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	0.0
Revolving Credit Facility \| Revolver \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	20.0
Revolving Credit Facility \| Revolver \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	0.0
Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	1,582.6		64.3
Carrying Amount \| 2027 Senior Notes \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	595.0		594.3
Carrying Amount \| 2028 Senior Notes \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	698.4		698.1
Carrying Amount \| 2030 Senior Notes \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	1,196.0
Carrying Amount \| Term Loan B \| Term Loan B
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	379.2		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	292.2		294.0
Carrying Amount \| Revolving Credit Facility \| Revolver
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	20.0
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	1,582.6		64.3
Fair Value \| 2027 Senior Notes \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	559.5		619.5
Fair Value \| 2028 Senior Notes \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	605.5		724.5
Fair Value \| 2030 Senior Notes \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	1,046.1
Fair Value \| Term Loan B \| Term Loan B
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	381.0		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	295.5		$ 297.8
Fair Value \| Revolving Credit Facility \| Revolver
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	$ 20.0

Net Income Per Common Share Computations (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Numerator for basic and diluted net income per common share:
Net income	$ 57.0	$ 61.4	$ 438.4	$ 205.8
Denominator for net income per common share:
Basic (in shares)	37.8	38.6	38.1	38.7
Plus dilutive effect of stock awards (in shares)	0.6	0.6	0.5	0.6
Diluted (in shares)	38.4	39.2	38.6	39.3
Net income (loss) per common share data: Basic
Basic net income (in dollars per share)	$ 1.51	$ 1.59	$ 11.52	$ 5.31
Net income (loss) per common share data: Diluted
Diluted net income (in dollars per share)	$ 1.49	$ 1.57	$ 11.36	$ 5.23

Segment Information - Additional Information (Details)	9 Months Ended
Segment Information - Additional Information (Details)	Sep. 30, 2022 segment gamingPosition sportsbook slot_machine game state	Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]
Number of operating segments \| segment	3
Number of gaming positions \| gamingPosition	800
Number of slot machines \| slot_machine	11,800
Number of table games \| game	250
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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Segment Reporting Information [Line Items]
Net revenue from external customers	$ 383.1	$ 393.0	$ 1,329.7	$ 1,232.4
Intercompany net revenue	0.0	0.0	0.0	0.0
Disclosure of complimentary revenue	8.4	6.1	23.2	15.0
Live and Historical Racing:
Segment Reporting Information [Line Items]
Net revenue from external customers	102.4	81.5	465.5	336.7
TwinSpires
Segment Reporting Information [Line Items]
Net revenue from external customers	107.4	109.0	347.3	356.6
Gaming
Segment Reporting Information [Line Items]
Net revenue from external customers	185.9	185.6	549.6	525.6
Operating Segments
Segment Reporting Information [Line Items]
Net revenue from external customers	383.1	393.0	1,329.7	1,232.4
Operating Segments \| Live and Historical Racing:
Segment Reporting Information [Line Items]
Net revenue from external customers	92.3	79.7	439.2	318.8
Intercompany net revenue	10.1	1.8	26.3	17.9
Operating Segments \| Live and Historical Racing: \| Churchill Downs Racetrack
Segment Reporting Information [Line Items]
Net revenue from external customers	6.4	7.4	182.6	114.6
Operating Segments \| Live and Historical Racing: \| Derby City Gaming
Segment Reporting Information [Line Items]
Net revenue from external customers	41.5	40.2	128.5	113.0
Operating Segments \| Live and Historical Racing: \| Oak Grove
Segment Reporting Information [Line Items]
Net revenue from external customers	33.3	27.1	97.8	72.1
Operating Segments \| Live and Historical Racing: \| Turfway Park
Segment Reporting Information [Line Items]
Net revenue from external customers	3.1	0.7	8.6	5.9
Operating Segments \| Live and Historical Racing: \| Newport
Segment Reporting Information [Line Items]
Net revenue from external customers	6.9	4.3	20.6	13.2
Operating Segments \| Live and Historical Racing: \| Chasers
Segment Reporting Information [Line Items]
Net revenue from external customers	0.9	0.0	0.9	0.0
Operating Segments \| Live and Historical Racing: \| Ellis Park
Segment Reporting Information [Line Items]
Net revenue from external customers	0.2	0.0	0.2	0.0
Operating Segments \| TwinSpires
Segment Reporting Information [Line Items]
Net revenue from external customers	106.2	107.5	343.3	351.8
Intercompany net revenue	1.2	1.5	4.0	4.8
Operating Segments \| TwinSpires \| Horse Racing
Segment Reporting Information [Line Items]
Net revenue from external customers	100.9	98.8	321.5	327.7
Operating Segments \| TwinSpires \| Sports and Casino
Segment Reporting Information [Line Items]
Net revenue from external customers	5.3	8.7	21.8	24.1
Operating Segments \| Gaming
Segment Reporting Information [Line Items]
Net revenue from external customers	183.4	185.3	545.0	523.3
Intercompany net revenue	2.5	0.3	4.6	2.3
Operating Segments \| Gaming \| Fair Grounds and VSI
Segment Reporting Information [Line Items]
Net revenue from external customers	28.5	24.8	107.2	98.2
Operating Segments \| Gaming \| Presque Isle
Segment Reporting Information [Line Items]
Net revenue from external customers	33.2	35.9	90.7	90.2
Operating Segments \| Gaming \| Ocean Downs
Segment Reporting Information [Line Items]
Net revenue from external customers	33.3	31.7	82.0	78.7
Operating Segments \| Gaming \| Calder
Segment Reporting Information [Line Items]
Net revenue from external customers	26.3	25.9	81.2	74.2
Operating Segments \| Gaming \| Oxford
Segment Reporting Information [Line Items]
Net revenue from external customers	31.6	31.8	87.8	72.1
Operating Segments \| Gaming \| Riverwalk
Segment Reporting Information [Line Items]
Net revenue from external customers	12.6	14.5	41.0	47.3
Operating Segments \| Gaming \| Harlow’s
Segment Reporting Information [Line Items]
Net revenue from external customers	11.9	13.3	37.0	43.9
Operating Segments \| Gaming \| Lady Luck Nemacolin
Segment Reporting Information [Line Items]
Net revenue from external customers	6.0	7.4	18.1	18.7
All Other
Segment Reporting Information [Line Items]
Net revenue from external customers	1.2	20.5	2.2	38.5
Intercompany net revenue	0.0	2.5	0.0	6.5
Eliminations
Segment Reporting Information [Line Items]
Intercompany net revenue	(13.8)	(6.1)	(34.9)	(31.5)
Gaming
Segment Reporting Information [Line Items]
Net revenue from external customers	183.4	185.3	545.0	523.3
Other
Segment Reporting Information [Line Items]
Net revenue from external customers	1.2	20.5	2.2	38.5
External Customer
Segment Reporting Information [Line Items]
Net revenue from external customers	383.1	393.0	1,329.7	1,232.4
External Customer \| Operating Segments
Segment Reporting Information [Line Items]
Net revenue from external customers	381.9	372.5	1,327.5	1,193.9
External Customer \| Operating Segments \| Live and Historical Racing:
Segment Reporting Information [Line Items]
Net revenue from external customers	92.3	79.7	439.2	318.8
External Customer \| Operating Segments \| TwinSpires
Segment Reporting Information [Line Items]
Net revenue from external customers	106.2	107.5	343.3	351.8
External Customer \| Operating Segments \| Gaming
Segment Reporting Information [Line Items]
Net revenue from external customers	183.4	185.3	545.0	523.3
External Customer \| All Other
Segment Reporting Information [Line Items]
Net revenue from external customers	1.2	20.5	2.2	38.5
External Customer \| Pari-mutuel, live and simulcast racing
Segment Reporting Information [Line Items]
Net revenue from external customers	96.4	112.3	366.8	399.3
External Customer \| Pari-mutuel, live and simulcast racing \| Operating Segments
Segment Reporting Information [Line Items]
Net revenue from external customers	96.4	99.7	366.8	372.1
External Customer \| Pari-mutuel, live and simulcast racing \| Operating Segments \| Live and Historical Racing:
Segment Reporting Information [Line Items]
Net revenue from external customers	1.8	5.4	53.9	50.9
External Customer \| Pari-mutuel, live and simulcast racing \| Operating Segments \| TwinSpires
Segment Reporting Information [Line Items]
Net revenue from external customers	91.0	89.4	290.9	300.2
External Customer \| Pari-mutuel, live and simulcast racing \| Operating Segments \| Gaming
Segment Reporting Information [Line Items]
Net revenue from external customers	3.6	4.9	22.0	21.0
External Customer \| Pari-mutuel, live and simulcast racing \| All Other
Segment Reporting Information [Line Items]
Net revenue from external customers	0.0	12.6	0.0	27.2
External Customer \| Pari-mutuel, historical racing
Segment Reporting Information [Line Items]
Net revenue from external customers	82.2	66.2	235.5	184.0
External Customer \| Pari-mutuel, historical racing \| Operating Segments
Segment Reporting Information [Line Items]
Net revenue from external customers	82.2	66.2	235.5	184.0
External Customer \| Pari-mutuel, historical racing \| Operating Segments \| Live and Historical Racing:
Segment Reporting Information [Line Items]
Net revenue from external customers	78.7	66.2	230.7	184.0
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	3.5	0.0	4.8	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	3.1	6.9	126.1	73.2
External Customer \| Racing event-related services \| Operating Segments
Segment Reporting Information [Line Items]
Net revenue from external customers	3.1	1.9	126.1	66.3
External Customer \| Racing event-related services \| Operating Segments \| Live and Historical Racing:
Segment Reporting Information [Line Items]
Net revenue from external customers	3.0	1.8	125.4	65.3
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	0.1	0.1	0.7	1.0
External Customer \| Racing event-related services \| All Other
Segment Reporting Information [Line Items]
Net revenue from external customers	0.0	5.0	0.0	6.9
External Customer \| Gaming
Segment Reporting Information [Line Items]
Net revenue from external customers	166.8	175.3	492.3	493.4
External Customer \| Gaming \| Operating Segments
Segment Reporting Information [Line Items]
Net revenue from external customers	166.8	175.3	492.3	493.4
External Customer \| Gaming \| Operating Segments \| Live and Historical Racing:
Segment Reporting Information [Line Items]
Net revenue from external customers	0.9	0.0	0.9	0.0
External Customer \| Gaming \| Operating Segments \| TwinSpires
Segment Reporting Information [Line Items]
Net revenue from external customers	5.3	8.7	21.8	24.1
External Customer \| Gaming \| Operating Segments \| Gaming
Segment Reporting Information [Line Items]
Net revenue from external customers	160.6	166.6	469.6	469.3
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	34.6	32.3	109.0	82.5
External Customer \| Other \| Operating Segments
Segment Reporting Information [Line Items]
Net revenue from external customers	33.4	29.4	106.8	78.1
External Customer \| Other \| Operating Segments \| Live and Historical Racing:
Segment Reporting Information [Line Items]
Net revenue from external customers	7.9	6.3	28.3	18.6
External Customer \| Other \| Operating Segments \| TwinSpires
Segment Reporting Information [Line Items]
Net revenue from external customers	9.9	9.4	30.6	27.5
External Customer \| Other \| Operating Segments \| Gaming
Segment Reporting Information [Line Items]
Net revenue from external customers	15.6	13.7	47.9	32.0
External Customer \| Other \| All Other
Segment Reporting Information [Line Items]
Net revenue from external customers	$ 1.2	$ 2.9	$ 2.2	$ 4.4

Segment Information - Reconciliation of Comprehensive Income to Adjusted EBITDA by Segment (Details) - USD ($) $ in Millions	3 Months Ended				9 Months Ended
	Sep. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Segment Reporting Information [Line Items]
Net revenue	$ 383.1		$ 393.0		$ 1,329.7	$ 1,232.4
Adjusted EBITDA	163.2		156.1		582.9	500.0
Net income and comprehensive income	57.0		61.4		438.4	205.8
Depreciation and amortization	27.5		25.9		78.7	77.9
Interest expense	36.2		21.7		92.6	63.1
Income tax provision	16.4		26.3		173.5	84.1
EBITDA	137.1		135.3		783.2	430.9
Stock-based compensation expense	9.1		7.8		23.5	20.4
Pre-opening expense	4.2		1.7		8.9	3.8
Other expenses, net	1.4		0.0		5.7	0.2
Asset impairments	0.0		0.0		4.9	11.2
Transaction expense, net	1.2		2.0		7.4	2.1
Interest, depreciation and amortization expense related to equity investments	10.1		10.7		31.7	30.8
Changes in fair value of Rivers Des Plaines' interest rate swaps	0.0		(2.0)		(12.6)	(8.0)
Other charges	0.0		0.0		1.0	0.0
Gain on Calder land sale	0.0		0.0		(274.6)	0.0
Total adjustments to EBITDA	26.1		20.8		(200.3)	69.1
Operating Segments
Segment Reporting Information [Line Items]
Net revenue	383.1		393.0		1,329.7	1,232.4
Adjusted EBITDA	177.2		160.5		624.9	527.1
All Other
Segment Reporting Information [Line Items]
Net revenue	1.2		20.5		2.2	38.5
Adjusted EBITDA	(14.0)		(4.4)		(42.0)	(27.1)
Live and Historical Racing:
Segment Reporting Information [Line Items]
Net revenue	102.4		81.5		465.5	336.7
Taxes and purses	(31.6)		(24.6)		(118.0)	(95.4)
Marketing and advertising	(3.6)		(2.9)		(12.9)	(9.9)
Salaries and benefits	(13.3)		(10.9)		(43.1)	(36.2)
Content expense	(0.6)		(0.5)		(2.2)	(1.9)
Selling, general and administrative expense	(3.4)		(3.1)		(9.7)	(9.2)
Other operating expense	(15.6)		(11.8)		(53.6)	(39.8)
Other income	0.2		0.0		0.3	0.1
Adjusted EBITDA	34.5		27.7		226.3	144.4
Asset impairments				$ 11.2
Live and Historical Racing: \| Operating Segments
Segment Reporting Information [Line Items]
Net revenue	92.3		79.7		439.2	318.8
Adjusted EBITDA	34.5		27.7		226.3	144.4
TwinSpires
Segment Reporting Information [Line Items]
Net revenue	107.4		109.0		347.3	356.6
Taxes and purses	(6.6)		(8.0)		(21.3)	(22.7)
Marketing and advertising	(1.3)		(10.6)		(11.4)	(35.8)
Salaries and benefits	(6.3)		(7.0)		(19.9)	(20.0)
Content expense	(49.3)		(47.1)		(160.5)	(162.1)
Selling, general and administrative expense	(2.7)		(2.6)		(7.9)	(8.1)
Other operating expense	(10.1)		(11.6)		(37.2)	(38.1)
Other income	0.0		0.0		0.0	0.0
Adjusted EBITDA	31.1		22.1		89.1	69.8
Asset impairments		$ 4.9
TwinSpires \| Operating Segments
Segment Reporting Information [Line Items]
Net revenue	106.2		107.5		343.3	351.8
Adjusted EBITDA	31.1		22.1		89.1	69.8
Gaming
Segment Reporting Information [Line Items]
Net revenue	185.9		185.6		549.6	525.6
Taxes and purses	(70.6)		(71.8)		(206.1)	(201.1)
Marketing and advertising	(4.1)		(3.6)		(11.3)	(7.5)
Salaries and benefits	(24.6)		(22.5)		(72.0)	(63.0)
Content expense	(2.7)		(1.2)		(6.4)	(3.5)
Selling, general and administrative expense	(7.1)		(7.1)		(20.4)	(19.0)
Other operating expense	(21.7)		(19.7)		(63.9)	(52.9)
Other income	56.5		51.0		140.0	134.3
Adjusted EBITDA	111.6		110.7		309.5	312.9
Gaming \| Operating Segments
Segment Reporting Information [Line Items]
Net revenue	183.4		185.3		545.0	523.3
Adjusted EBITDA	111.6		110.7		309.5	312.9
Rivers Des Plaines
Segment Reporting Information [Line Items]
Legal reserve	0.1		0.6		0.6	8.6
All Other
Segment Reporting Information [Line Items]
Legal reserve	$ 0.0		$ 0.0		$ 3.2	$ 0.0

Segment Information - Equity in Earnings of Unconsolidated Investments (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Segment Reporting, Other Significant Reconciling Item [Line Items]
Equity in income (loss) of unconsolidated investments	$ 42.4	$ 41.7	$ 115.4	$ 103.0
Gaming
Segment Reporting, Other Significant Reconciling Item [Line Items]
Equity in income (loss) of unconsolidated investments	$ 42.3	$ 41.6	$ 115.3	$ 102.9

Segment Information - Summary of Assets (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 4,674.1		$ 4,674.1		$ 2,981.6
Net revenue	383.1	$ 393.0	1,329.7	$ 1,232.4
Live and Historical Racing:
Segment Reporting, Asset Reconciling Item [Line Items]
Net revenue	102.4	81.5	465.5	336.7
TwinSpires
Segment Reporting, Asset Reconciling Item [Line Items]
Net revenue	107.4	109.0	347.3	356.6
Gaming
Segment Reporting, Asset Reconciling Item [Line Items]
Net revenue	185.9	185.6	549.6	525.6
Operating Segments
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	2,655.0		2,655.0		1,975.6
Net revenue	383.1	393.0	1,329.7	1,232.4
Operating Segments \| Live and Historical Racing:
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	1,051.1		1,051.1		682.7
Net revenue	92.3	79.7	439.2	318.8
Operating Segments \| TwinSpires
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	285.2		285.2		289.6
Net revenue	106.2	107.5	343.3	351.8
Operating Segments \| Gaming
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	1,318.7		1,318.7		1,003.3
Net revenue	183.4	185.3	545.0	523.3
All Other
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	2,019.1		2,019.1		$ 1,006.0
Net revenue	$ 1.2	$ 20.5	$ 2.2	$ 38.5

- 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 https://asc.fasb.org/extlink&oid=126897435&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 https://asc.fasb.org/extlink&oid=84165509&loc=d3e56426-112766

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
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-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
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-Subparagraph (SX 210.13-01(a)(4)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(12))
-URI https://asc.fasb.org/extlink&oid=126734703&loc=d3e572229-122910

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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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
-Publisher FASB
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Segment Information - Summary of Capital Expenditures (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Segment Reporting, Asset Reconciling Item [Line Items]
Capital expenditures	$ 263.7	$ 52.1
Operating Segments
Segment Reporting, Asset Reconciling Item [Line Items]
Capital expenditures	249.7	50.1
Operating Segments \| Live and Historical Racing:
Segment Reporting, Asset Reconciling Item [Line Items]
Capital expenditures	177.4	32.3
Operating Segments \| TwinSpires
Segment Reporting, Asset Reconciling Item [Line Items]
Capital expenditures	9.3	8.5
Operating Segments \| Gaming
Segment Reporting, Asset Reconciling Item [Line Items]
Capital expenditures	63.0	9.3
All Other
Segment Reporting, Asset Reconciling Item [Line Items]
Capital expenditures	$ 14.0	$ 2.0

Subsequent Event (Details)	Oct. 25, 2022 $ / shares
Subsequent Event
Subsequent Event [Line Items]
Cash dividend declared (in dollars per share)	$ 0.714