0000020212-23-000115 | 10-Q | XBRL Viewer

Debt (Tables)

6 Months Ended

Jun. 30, 2023

The following table presents our total debt outstanding:


(in millions)	June 30, 2023		December 31, 2022

Term Loan B due 2024	$	—	$	380.0
Term Loan B-1 due 2028	293.3		294.7
Term Loan A due 2027	1,267.5		800.0
Revolver	—		664.1
2027 Senior Notes	600.0		600.0
2028 Senior Notes	700.0		700.0
2030 Senior Notes	1,200.0		1,200.0
2031 Senior Notes	600.0		—
Total debt	4,660.8		4,638.8
Current maturities of long-term debt	(68.0)		(47.0)
Unamortized premium and deferred finance charges	(41.4)		(33.1)
Total debt, net of current maturities and costs	$	4,551.4	$	4,558.7

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details

Condensed Consolidated Statements of Comprehensive Income - USD ($) shares in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Net revenue:
Net revenue	$ 768.5	$ 582.5	$ 1,328.0	$ 946.6
Operating expense:
Selling, general and administrative expense	48.1	38.4	100.4	74.3
Asset impairments	24.5	0.0	24.5	4.9
Transaction expense, net	0.5	1.2	0.3	6.2
Total operating expense	542.9	382.8	982.5	699.5
Operating income	225.6	199.7	345.5	247.1
Other (expense) income:
Interest expense, net	(65.2)	(35.1)	(129.9)	(56.4)
Equity in income of unconsolidated affiliates	38.8	40.5	77.1	73.0
Gain on sale of assets	0.0	274.6	114.0	274.6
Miscellaneous, net	0.0	0.2	1.4	0.2
Total other (expense) income	(26.4)	280.2	62.6	291.4
Income from operations before provision for income taxes	199.2	479.9	408.1	538.5
Income tax provision	(56.2)	(140.6)	(109.4)	(157.1)
Net income	$ 143.0	$ 339.3	$ 298.7	$ 381.4
Net income per common share data:
Basic net income (in dollars per share)	$ 1.90	$ 4.45	$ 3.97	$ 4.99
Diluted net income (in dollars per share)	$ 1.86	$ 4.39	$ 3.90	$ 4.92
Weighted average shares outstanding:
Basic (in shares)	75,300	76,200	75,300	76,400
Diluted (in shares)	76,900	77,200	76,500	77,400
Live and Historical
Net revenue:
Net revenue	$ 385.0	$ 260.9	$ 599.4	$ 346.9
Operating expense:
Operating expense	204.2	121.4	347.5	189.1
TwinSpires
Net revenue:
Net revenue	137.4	136.8	232.2	237.1
Operating expense:
Operating expense	80.7	90.2	146.4	165.1
Gaming
Net revenue:
Net revenue	245.9	184.3	495.9	361.6
Operating expense:
Operating expense	179.2	128.8	352.7	254.0
All Other
Net revenue:
Net revenue	0.2	0.5	0.5	1.0
Operating expense:
Operating expense	$ 5.7	$ 2.8	$ 10.7	$ 5.9

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2023	Jul. 19, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
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		74,869,136
Entity Central Index Key	0000020212
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false

Debt - Additional Information (Details) - USD ($) $ in Millions				6 Months Ended	15 Months Ended
	Apr. 25, 2023	Feb. 24, 2023	Apr. 13, 2022	Jun. 30, 2023	Jun. 30, 2023	Dec. 27, 2017
Debt Instrument [Line Items]
Amortization period of debt issuance costs (in years)		5 years	5 years
Percent of principal loan amount	100.00%
Term Loan B due 2024
Debt Instrument [Line Items]
Gain (Loss) on Extinguishment of Debt	$ 1.3
Term Loan A
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 1,300.0
Term Loan A \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread				0.10%
Term Loan B-1 due 2028
Debt Instrument [Line Items]
Face amount of debt issuance				$ 300.0	$ 300.0
Term Loan B-1 due 2028 \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread				2.10%
Senior Notes \| 2031 Notes
Debt Instrument [Line Items]
Face amount of debt issuance	600.0
Debt issuance costs	$ 10.6
Amortization period of debt issuance costs (in years)	8 years
Stated interest rate	6.75%
Revolving Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity						$ 700.0
Increase to maximum borrowing capacity					1,200.0
Commitment fee percentage				0.25%
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 \| Revolver
Debt Instrument [Line Items]
Face amount of debt issuance				$ 1,200.0	1,200.0
Revolving Credit Facility \| Line of Credit \| Credit Agreement Amendment \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread				1.50%
Secured Debt \| Term Loan A
Debt Instrument [Line Items]
Face amount of debt issuance			$ 800.0
Secured Debt \| Revolver
Debt Instrument [Line Items]
Debt issuance costs			3.2
Secured Debt \| Delayed Draw Term Loan A
Debt Instrument [Line Items]
Debt issuance costs		2.6	6.4
Swing Line Commitment \| Line of Credit
Debt Instrument [Line Items]
Face amount of debt issuance				$ 100.0	$ 100.0
Maximum borrowing capacity			$ 100.0			50.0
Term Loan A \| Incremental Joinder Agreement No. 2
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 1,300.0				$ 800.0

Dispositions	6 Months Ended
Dispositions	Jun. 30, 2023
Discontinued Operations and Disposal Groups [Abstract]
Dispositions	DISPOSITIONS 2023 Dispositions Lady Luck Casino Nemacolin On June 26, 2023, the Company's management agreement for Lady Luck Casino Nemacolin ("Lady Luck") in Farmington, Pennsylvania expired and was not renewed. The Company completed the sale of substantially all of its assets at Lady Luck for an immaterial amount. Arlington On February 15, 2023, we closed on the sale of the Arlington property in Arlington Heights, Illinois, to the Chicago Bears for $197.2 million. We received net proceeds of $195.7 million for the 326-acres and recognized a gain of $114.0 million on the sale, which is included in other income in the accompanying Condensed Consolidated Statements of Comprehensive Income. Certain assets of Arlington totaling $82.0 million were classified held for sale as of December 31, 2022 on the accompanying Condensed Consolidated Balance Sheets. Arlington’s operations and assets are included in All Other in our consolidated results. The Company executed a forward like-kind exchange transaction by purchasing certain property as part of the P2E Transaction for $197.2 million, which qualified as an Internal Revenue Code §1031 transaction. An exchange accommodation titleholder ("EAT"), a type of variable interest entity, was used to facilitate this reverse like-kind exchange. 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 Sheets. As of June 30, 2023, the Company has a $27.8 million deferred tax liability related to the Arlington sale on the Condensed Consolidated Balance Sheets.

Other Balance Sheet Items - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Account wagering deposits liability	$ 52.9	$ 57.8
Purses payable	23.8	39.6
Purses payable	49.0	46.1
Accrued interest	48.8	47.8
Accrued fixed assets	43.8	39.5
Accrued gaming liabilities	25.6	26.3
Other	115.2	103.9
Total	$ 359.1	$ 361.0

Stock-based Compensation Plans

6 Months Ended

Jun. 30, 2023

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 ("RSAs"), restricted stock unit awards ("RSUs"), performance share unit awards ("PSUs"), and stock options associated with our employee stock purchase plan was $8.1 million and $16.7 million for the three and six months ended June 30, 2023 and $7.4 million and $14.4 million for the three and six months ended June 30, 2022, respectively.

During the six months ended June 30, 2023, the Company awarded RSUs to employees, RSUs and PSUs to certain named executive officers ("NEOs"), and RSAs and RSUs to directors. The vesting criteria for the PSU awards granted in 2023 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 RSAs, RSUs and PSUs granted during 2023 is presented below (units in thousands):


Grant Year	Award Type	Number of Units Awarded(1)(2)	Vesting Terms

2023	RSU	114	Vest equally over three service periods ending in 2026
2023	PSU	62	Three-year performance and service period ending in 2025
2023	RSU	6	One year service period ending in 2024
2023	RSA	4	One year service period ending in 2024

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

(2) Number of units awarded have been adjusted for the Stock Split.

Other Balance Sheet Items - Schedule of Accounts Receivable (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable	$ 85.0	$ 87.2
Allowance for credit losses	(5.5)	(5.7)
Accounts receivable, net	79.5	81.5
Trade receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable	33.8	12.5
Simulcast and online wagering receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable	34.6	54.1
Other receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable	$ 16.6	$ 20.6

Segment Information - Net Revenue From External Customers and Intercompany Revenue From Each Operating Segment (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment Reporting Information [Line Items]
Net revenue	$ 768.5	$ 582.5	$ 1,328.0	$ 946.6
Live and Historical
Segment Reporting Information [Line Items]
Net revenue	408.0	275.9	623.8	363.1
TwinSpires
Segment Reporting Information [Line Items]
Net revenue	139.1	138.5	235.5	239.9
Gaming
Segment Reporting Information [Line Items]
Net revenue	247.9	184.5	499.5	363.7
External Customer
Segment Reporting Information [Line Items]
Net revenue	768.5	582.5	1,328.0	946.6
Operating Segments \| Live and Historical
Segment Reporting Information [Line Items]
Net revenue	385.0	260.9	599.4	346.9
Operating Segments \| TwinSpires
Segment Reporting Information [Line Items]
Net revenue	137.4	136.8	232.2	237.1
Operating Segments \| Gaming
Segment Reporting Information [Line Items]
Net revenue	245.9	184.3	495.9	361.6
Operating Segments \| External Customer
Segment Reporting Information [Line Items]
Net revenue	768.3	582.0	1,327.5	945.6
Operating Segments \| External Customer \| Live and Historical
Segment Reporting Information [Line Items]
Net revenue	385.0	260.9	599.4	346.9
Operating Segments \| External Customer \| TwinSpires
Segment Reporting Information [Line Items]
Net revenue	137.4	136.8	232.2	237.1
Operating Segments \| External Customer \| Gaming
Segment Reporting Information [Line Items]
Net revenue	245.9	184.3	495.9	361.6
All Other
Segment Reporting Information [Line Items]
Net revenue	0.2	0.5	0.5	1.0
All Other \| External Customer
Segment Reporting Information [Line Items]
Net revenue	$ 0.2	$ 0.5	$ 0.5	$ 1.0

- Definition

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

+ References

+ Details

Segment Information - Additional Information (Details)	6 Months Ended
Segment Information - Additional Information (Details)	Jun. 30, 2023 segment
Segment Reporting [Abstract]
Number of operating segments	3

Segment Information - Schedule of Adjusted EBITDA by Segment (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment Reporting Information [Line Items]
Revenues	$ 768.5	$ 582.5	$ 1,328.0	$ 946.6
Adjusted EBITDA	363.7	291.2	586.6	419.7
Live and Historical
Segment Reporting Information [Line Items]
Revenues	408.0	275.9	623.8	363.1
Taxes and purses	(85.4)	(59.6)	(141.9)	(86.4)
Marketing and advertising	(12.1)	(6.4)	(20.3)	(9.3)
Salaries and benefits	(30.3)	(18.9)	(52.1)	(29.8)
Content expense	(2.0)	(1.0)	(3.5)	(1.6)
Selling, general and administrative expense	(7.3)	(3.0)	(16.0)	(6.3)
Other operating expense	(47.6)	(23.2)	(84.6)	(38.0)
Other income	0.2	0.1	0.2	0.1
Adjusted EBITDA	223.5	163.9	305.6	191.8
TwinSpires
Segment Reporting Information [Line Items]
Revenues	139.1	138.5	235.5	239.9
Taxes and purses	(7.0)	(7.2)	(12.0)	(14.7)
Marketing and advertising	(5.3)	(5.0)	(6.7)	(10.1)
Salaries and benefits	(7.5)	(6.9)	(13.7)	(13.6)
Content expense	(68.7)	(68.1)	(111.7)	(111.2)
Selling, general and administrative expense	(2.7)	(2.6)	(5.1)	(5.2)
Other operating expense	(14.0)	(14.8)	(24.0)	(27.1)
Other income	0.0	0.0	1.0	0.0
Adjusted EBITDA	33.9	33.9	63.3	58.0
Gaming
Segment Reporting Information [Line Items]
Revenues	247.9	184.5	499.5	363.7
Taxes and purses	(81.7)	(68.2)	(165.3)	(135.5)
Marketing and advertising	(9.0)	(3.7)	(17.6)	(7.2)
Salaries and benefits	(39.5)	(23.5)	(74.0)	(47.4)
Content expense	(2.7)	(2.2)	(4.5)	(3.7)
Selling, general and administrative expense	(10.3)	(6.7)	(22.5)	(13.3)
Other operating expense	(30.0)	(22.2)	(60.0)	(42.2)
Other income	48.7	48.8	97.3	83.5
Adjusted EBITDA	$ 123.4	$ 106.8	$ 252.9	$ 197.9

Fair Value Of Assets And Liabilities (Tables)

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements, Recurring and Nonrecurring

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


	June 30, 2023
(in millions)	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
Financial assets:
Restricted cash	$	67.1	$	67.1	$	67.1	$	—	$	—
Financial liabilities:
Term Loan B-1	$	290.4	$	293.3	$	—	$	293.3	$	—
Term Loan A	1,260.2		1,267.5		—		1,267.5		—

2027 Senior Notes	595.9		573.0		—		573.0		—
2028 Senior Notes	698.6		647.5		—		647.5		—
2030 Senior Notes	1,184.5		1,119.0		—		1,119.0		—
2031 Senior Notes	589.7		593.6		—		593.6		—

	December 31, 2022
(in millions)	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
Financial assets:
Restricted cash	$	74.9	$	74.9	$	74.9	$	—	$	—
Financial liabilities:
Term Loan B	$	378.4	$	380.0	$	—	$	380.0	$	—
Term Loan B-1	291.6		294.8		—		294.8		—
Term Loan A	794.5		800.0		—		800.0		—
Revolver	664.1		664.1		—		664.1		—
2027 Senior Notes	595.3		574.5		—		574.5		—
2028 Senior Notes	698.4		626.5		—		626.5		—
2030 Senior Notes	1,183.4		1,079.4		—		1,079.4		—

Recent Accounting Pronouncements	6 Months Ended
Recent Accounting Pronouncements	Jun. 30, 2023
Accounting Policies [Abstract]
Recent Accounting Pronouncements	RECENT ACCOUNTING PRONOUNCEMENTS Recent Accounting Pronouncements - effective in 2023 or thereafter In March 2020, the Financial Accounting Standards Board ("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 to simplify 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. In December 2022, the FASB deferred the date for which this guidance can be applied from December 31, 2022 to December 31, 2024. The use of LIBOR was phased out at the end of 2021, although the phase-out of U.S. dollar LIBOR for existing agreements was delayed until June 2023. During the second quarter of 2023, the Company completed the transition of its financing from LIBOR to the Secured Overnight Financing Rate ("SOFR"). These transition activities did not have a material impact on the Company’s financial statements.

Shareholders' Equity - Schedule of Repurchase Agreements (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Share Repurchase Program [Line Items]
Repurchase aggregate cost		$ 61.5	$ 25.0
2021 Stock Repurchase Program
Share Repurchase Program [Line Items]
Repurchase of common stock (in shares)	0	643,108		0	876,834
Repurchase aggregate cost	$ 0.0	$ 61.5		$ 0.0	$ 86.5

- Definition

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

- Definition

Equity impact of the value of stock that has been repurchased during the period and has not been retired and is not held in treasury. Some state laws may mandate the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

Acquisitions - Pro Forma Information (Details) - P2E Transaction - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2022
Business Acquisition [Line Items]
Net revenue	$ 745.9	$ 1,258.8
Net income	$ 360.1	$ 401.4

Investments in and Advances to Unconsolidated Affiliates - Affiliate Balance Sheet (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Assets
Current assets	$ 583.2	$ 344.5
Other assets, net	32.9	27.0
Total assets	6,578.6	6,206.8
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities	648.0	621.6
Other liabilities	142.7	122.4
Members' deficit	846.7	552.4
Total liabilities and shareholders' equity	6,578.6	6,206.8
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Assets
Current assets	86.4	91.0
Property and equipment, net	342.5	345.7
Other assets, net	264.4	265.0
Total assets	693.3	701.7
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities	107.3	97.9
Long-term debt	846.4	838.6
Other liabilities	0.4	0.2
Members' deficit	(260.8)	(235.0)
Total liabilities and shareholders' equity	$ 693.3	$ 701.7

Stock-based Compensation Plans (Tables)

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

Summary of RSUs and PSUs Granted

A summary of the RSAs, RSUs and PSUs granted during 2023 is presented below (units in thousands):


Grant Year	Award Type	Number of Units Awarded(1)(2)	Vesting Terms

2023	RSU	114	Vest equally over three service periods ending in 2026
2023	PSU	62	Three-year performance and service period ending in 2025
2023	RSU	6	One year service period ending in 2024
2023	RSA	4	One year service period ending in 2024

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

(2) Number of units awarded have been adjusted for the Stock Split.

Revenue from Contract with Customer (Tables)

6 Months Ended

Jun. 30, 2023

Revenue from Contract with Customer [Abstract]

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

The tables below present net revenue from external customers and intercompany revenue from each of our segments:


	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2023		2022		2023		2022
Net revenue from external customers:
Live and Historical Racing:
Churchill Downs Racetrack	$	178.3	$	174.2	$	180.7	$	176.2
Louisville	45.3		44.2		89.3		87.0
Northern Kentucky	17.3		8.4		43.6		19.2
Southwestern Kentucky	37.6		34.1		74.1		64.5
Western Kentucky	9.4		—		14.2		—
Virginia	94.6		—		192.3		—
New Hampshire	2.5		—		5.2		—
Total Live and Historical Racing	$	385.0	$	260.9	$	599.4	$	346.9

TwinSpires:	$	137.4	$	136.8	$	232.2	$	237.1

Gaming:
Florida	$	26.0	$	27.9	$	52.1	$	54.9
Iowa	24.0		—		48.5		—
Louisiana	33.8		37.2		77.9		78.7
Maine	29.5		29.4		57.2		56.2
Maryland	27.6		27.4		50.9		48.7
Mississippi	25.8		26.0		53.3		53.5
New York	44.6		—		89.1		—
Pennsylvania	34.6		36.4		66.9		69.6
Total Gaming	$	245.9	$	184.3	$	495.9	$	361.6
All Other	0.2		0.5		0.5		1.0
Net revenue from external customers	$	768.5	$	582.5	$	1,328.0	$	946.6

Intercompany net revenues:
Live and Historical Racing	$	23.0	$	15.0	$	24.4	$	16.2
TwinSpires	1.7		1.7		3.3		2.8
Gaming	2.0		0.2		3.6		2.1
All Other	—		—		—		—
Eliminations	(26.7)		(16.9)		(31.3)		(21.1)
Intercompany net revenue	$	—	$	—	$	—	$	—


	Three Months Ended June 30, 2023
(in millions)	Live and Historical Racing		TwinSpires		Gaming		Total Segments		All Other		Total
Net revenue from external customers
Pari-mutuel:
Live and simulcast racing	$	40.2	$	117.5	$	3.2	$	160.9	$	—	$	160.9
Historical racing(a)	184.1		—		7.0		191.1		—		191.1
Racing event-related services	136.7		—		1.5		138.2		—		138.2
Gaming(a)	2.5		1.2		206.9		210.6		—		210.6
Other(a)	21.5		18.7		27.3		67.5		0.2		67.7
Total	$	385.0	$	137.4	$	245.9	$	768.3	$	0.2	$	768.5


	Three Months Ended June 30, 2022
(in millions)	Live and Historical Racing		TwinSpires		Gaming		Total Segments		All Other		Total
Net revenue from external customers
Pari-mutuel:
Live and simulcast racing	$	46.5	$	118.4	$	5.5	$	170.4	$	—	$	170.4
Historical racing(a)	78.4		—		1.3		79.7		—		79.7
Racing event-related services	121.9		—		0.2		122.1		—		122.1
Gaming(a)	—		6.2		158.1		164.3		—		164.3
Other(a)	14.1		12.2		19.2		45.5		0.5		46.0
Total	$	260.9	$	136.8	$	184.3	$	582.0	$	0.5	$	582.5

(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 racing pari-mutuel revenue for HRMs or gaming revenue for our casino properties. These amounts were $12.3 million for the three months ended June 30, 2023 and $7.7 million for the three months ended June 30, 2022.


	Six Months Ended June 30, 2023
(in millions)	Live and Historical Racing		TwinSpires		Gaming		Total Segments		All Other		Total
Net revenue from external customers
Pari-mutuel:
Live and simulcast racing	$	51.2	$	196.9	$	14.8	$	262.9	$	—	$	262.9
Historical racing(a)	369.4		—		13.0		382.4		—		382.4
Racing event-related services	137.7		—		3.4		141.1		—		141.1
Gaming(a)	5.1		5.6		412.4		423.1		—		423.1
Other(a)	36.0		29.7		52.3		118.0		0.5		118.5
Total	$	599.4	$	232.2	$	495.9	$	1,327.5	$	0.5	$	1,328.0


	Six Months Ended June 30, 2022
(in millions)	Live and Historical Racing		TwinSpires		Gaming		Total Segments		All Other		Total
Net revenue from external customers
Pari-mutuel:
Live and simulcast racing	$	52.1	$	199.9	$	18.4	$	270.4	$	—	$	270.4
Historical racing(a)	152.0		—		1.3		153.3		—		153.3
Racing event-related services	122.4		—		0.6		123.0		—		123.0
Gaming(a)	—		16.5		309.0		325.5		—		325.5
Other(a)	20.4		20.7		32.3		73.4		1.0		74.4
Total	$	346.9	$	237.1	$	361.6	$	945.6	$	1.0	$	946.6

(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 racing pari-mutuel revenue for HRMs or gaming revenue for our casino properties. These amounts were $24.5 million for the six months ended June 30, 2023 and $14.8 million for the six months ended June 30, 2022.

The tables below present net revenue from external customers, Adjusted EBITDA by segment and reconciles comprehensive income to Adjusted EBITDA:

Net revenue by segment is comprised of the following:


	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2023		2022		2023		2022
Live and Historical Racing	$	385.0	$	260.9	$	599.4	$	346.9
TwinSpires	137.4		136.8		232.2		237.1
Gaming	245.9		184.3		495.9		361.6
All Other	0.2		0.5		0.5		1.0
Net Revenue	$	768.5	$	582.5	$	1,328.0	$	946.6

Description of Business	6 Months Ended
Description of Business	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	DESCRIPTION OF BUSINESS Basis of Presentation Churchill Downs Incorporated (the "Company", "we", "our") financial statements are presented in conformity with the requirements of this Quarterly Report on Form 10-Q and consequently do not include all of the disclosures normally required by U.S. generally accepted accounting principles ("GAAP") or those normally made in our Annual Report on Form 10-K. The December 31, 2022 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, 2022. 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. Stock Split Effective May 22, 2023, the Company's common stock was split two-for-one (the "Stock Split") with a proportionate increase in the number of its authorized shares of common stock. All share and per-share amounts have been retroactively adjusted to reflect the effects of the Stock Split. Refer to Note 8, Shareholders' Equity for further information on the Stock Split. Presque Isle Impairment During the second quarter, we evaluated economic conditions subsequent to the date of our annual impairment assessment on April 1, 2023, including competition in the market and inflationary pressures, which increased during the second quarter of 2023, and impacted the performance and outlook of Presque Isle Downs and Casino ("Presque Isle"). As a result, the Company concluded that a trigger event for impairment testing occurred related to the Presque Isle gaming rights, trademark, and the reporting unit's goodwill at the end of the second quarter. Based on the 2023 trigger event, the Company evaluated and subsequently updated the projected cash flows and discount rate to reflect the current environment. As a result, the Company recognized a non-cash impairment charge of $24.5 million in the second quarter of 2023 for the Presque Isle gaming rights and trademark. Refer to Note 5, Asset Impairments for further information on the impairment. Arlington Sale On February 15, 2023, we closed on the sale of the Arlington International Racecourse property ("Arlington") located in Arlington Heights, Illinois. We sold 326-acres to the Chicago Bears for $197.2 million. For more information, refer to Note 4, Dispositions. Acquisition of Peninsula Pacific Entertainment On November 1, 2022, the Company completed the acquisition of substantially all of the assets of Peninsula Pacific Entertainment LLC ("P2E") with a base purchase price of $2.75 billion ("P2E Transaction") subject to working capital and other purchase price adjustments. The P2E assets acquired included Colonial Downs Racetrack ("Colonial Downs") and six Historical Racing Machine ("HRM") entertainment venues in Virginia, del Lago Resort & Casino in New York ("del Lago"), and Hard Rock Hotel & Casino in Iowa ("Hard Rock Sioux City"), as well as the development rights for the Dumfries and Emporia HRM facilities in Virginia, up to five additional HRM entertainment venues in Virginia, and the potential for ONE Casino and Resort in Virginia in collaboration with Urban One, Inc. Refer to Note 3, Acquisitions for further information on the transaction. Acquisitions of Chasers Poker Room and Ellis Park On September 2, 2022, the Company completed the acquisition of Chasers Poker Room ("Chasers") in Salem, New Hampshire (the "Chasers Transaction"). As part of the transaction, we made an initial payment to the sellers for rights to operate the poker room and to build an HRM venue. Additional payments will be made once all necessary permits are obtained, and the planned historical racing entertainment venue is opened. The Company plans to develop an expanded charitable gaming facility in New Hampshire to accommodate HRMs and table games. 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. Exit of the Direct Online Sports and Casino Business On February 24, 2022 the Company announced plans to exit the direct online sports and casino business. The Company has exited the direct online Sports and Casino business in every state except for Arizona. The Company plans to maintain its retail Sports operations and has monetized two of its online market access licenses.

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXESThe Company’s effective income tax rate for the three and six months ended June 30, 2023 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 six months ended June 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.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Equity (Tables)

6 Months Ended

Jun. 30, 2023

Equity [Abstract]

Schedule of Repurchase Agreements

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


	Three Months Ended June 30,						Six Months Ended June 30,
(in millions, except share data)	2023			2022			2023			2022
Repurchase Program	Shares	Aggregate Purchase Price		Shares	Aggregate Purchase Price		Shares	Aggregate Purchase Price		Shares	Aggregate Purchase Price
2021 Stock Repurchase Program (1)	—	$	—	643,108	$	61.5	—	$	—	876,834	$	86.5

(1) Number of shares have been adjusted for the Stock Split.

Goodwill and Other Intangible Assets - Additional Information (Details)	Apr. 01, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill impairment	$ 0

Revenue from Contracts with Customers - Net Revenue From External Customers and Intercompany Revenue From Each Operating Segment (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Net revenue	$ 768.5	$ 582.5	$ 1,328.0	$ 946.6
Disclosure of complimentary revenue	12.3	7.7	24.5	14.8
Related Party
Disaggregation of Revenue [Line Items]
Net revenue	0.0	0.0	0.0	0.0
Gaming
Disaggregation of Revenue [Line Items]
Net revenue	245.9	184.3	495.9	361.6
Other
Disaggregation of Revenue [Line Items]
Net revenue	0.2	0.5	0.5	1.0
External Customer
Disaggregation of Revenue [Line Items]
Net revenue	768.5	582.5	1,328.0	946.6
External Customer \| Pari-mutuel, live and simulcast racing
Disaggregation of Revenue [Line Items]
Net revenue	160.9	170.4	262.9	270.4
External Customer \| Pari-mutuel, historical racing
Disaggregation of Revenue [Line Items]
Net revenue	191.1	79.7	382.4	153.3
External Customer \| Racing event-related services
Disaggregation of Revenue [Line Items]
Net revenue	138.2	122.1	141.1	123.0
External Customer \| Gaming
Disaggregation of Revenue [Line Items]
Net revenue	210.6	164.3	423.1	325.5
External Customer \| Other
Disaggregation of Revenue [Line Items]
Net revenue	67.7	46.0	118.5	74.4
Live and Historical
Disaggregation of Revenue [Line Items]
Net revenue	408.0	275.9	623.8	363.1
TwinSpires
Disaggregation of Revenue [Line Items]
Net revenue	139.1	138.5	235.5	239.9
Gaming
Disaggregation of Revenue [Line Items]
Net revenue	247.9	184.5	499.5	363.7
Operating Segments \| External Customer
Disaggregation of Revenue [Line Items]
Net revenue	768.3	582.0	1,327.5	945.6
Operating Segments \| External Customer \| Pari-mutuel, live and simulcast racing
Disaggregation of Revenue [Line Items]
Net revenue	160.9	170.4	262.9	270.4
Operating Segments \| External Customer \| Pari-mutuel, historical racing
Disaggregation of Revenue [Line Items]
Net revenue	191.1	79.7	382.4	153.3
Operating Segments \| External Customer \| Racing event-related services
Disaggregation of Revenue [Line Items]
Net revenue	138.2	122.1	141.1	123.0
Operating Segments \| External Customer \| Gaming
Disaggregation of Revenue [Line Items]
Net revenue	210.6	164.3	423.1	325.5
Operating Segments \| External Customer \| Other
Disaggregation of Revenue [Line Items]
Net revenue	67.5	45.5	118.0	73.4
Operating Segments \| Live and Historical
Disaggregation of Revenue [Line Items]
Net revenue	385.0	260.9	599.4	346.9
Operating Segments \| Live and Historical \| Related Party
Disaggregation of Revenue [Line Items]
Net revenue	23.0	15.0	24.4	16.2
Operating Segments \| Live and Historical \| External Customer
Disaggregation of Revenue [Line Items]
Net revenue	385.0	260.9	599.4	346.9
Operating Segments \| Live and Historical \| External Customer \| Pari-mutuel, live and simulcast racing
Disaggregation of Revenue [Line Items]
Net revenue	40.2	46.5	51.2	52.1
Operating Segments \| Live and Historical \| External Customer \| Pari-mutuel, historical racing
Disaggregation of Revenue [Line Items]
Net revenue	184.1	78.4	369.4	152.0
Operating Segments \| Live and Historical \| External Customer \| Racing event-related services
Disaggregation of Revenue [Line Items]
Net revenue	136.7	121.9	137.7	122.4
Operating Segments \| Live and Historical \| External Customer \| Gaming
Disaggregation of Revenue [Line Items]
Net revenue	2.5	0.0	5.1	0.0
Operating Segments \| Live and Historical \| External Customer \| Other
Disaggregation of Revenue [Line Items]
Net revenue	21.5	14.1	36.0	20.4
Operating Segments \| TwinSpires
Disaggregation of Revenue [Line Items]
Net revenue	137.4	136.8	232.2	237.1
Operating Segments \| TwinSpires \| Related Party
Disaggregation of Revenue [Line Items]
Net revenue	1.7	1.7	3.3	2.8
Operating Segments \| TwinSpires \| External Customer
Disaggregation of Revenue [Line Items]
Net revenue	137.4	136.8	232.2	237.1
Operating Segments \| TwinSpires \| External Customer \| Pari-mutuel, live and simulcast racing
Disaggregation of Revenue [Line Items]
Net revenue	117.5	118.4	196.9	199.9
Operating Segments \| TwinSpires \| External Customer \| Pari-mutuel, historical racing
Disaggregation of Revenue [Line Items]
Net revenue	0.0	0.0	0.0	0.0
Operating Segments \| TwinSpires \| External Customer \| Racing event-related services
Disaggregation of Revenue [Line Items]
Net revenue	0.0	0.0	0.0	0.0
Operating Segments \| TwinSpires \| External Customer \| Gaming
Disaggregation of Revenue [Line Items]
Net revenue	1.2	6.2	5.6	16.5
Operating Segments \| TwinSpires \| External Customer \| Other
Disaggregation of Revenue [Line Items]
Net revenue	18.7	12.2	29.7	20.7
Operating Segments \| Gaming
Disaggregation of Revenue [Line Items]
Net revenue	245.9	184.3	495.9	361.6
Operating Segments \| Gaming \| Related Party
Disaggregation of Revenue [Line Items]
Net revenue	2.0	0.2	3.6	2.1
Operating Segments \| Gaming \| External Customer
Disaggregation of Revenue [Line Items]
Net revenue	245.9	184.3	495.9	361.6
Operating Segments \| Gaming \| External Customer \| Pari-mutuel, live and simulcast racing
Disaggregation of Revenue [Line Items]
Net revenue	3.2	5.5	14.8	18.4
Operating Segments \| Gaming \| External Customer \| Pari-mutuel, historical racing
Disaggregation of Revenue [Line Items]
Net revenue	7.0	1.3	13.0	1.3
Operating Segments \| Gaming \| External Customer \| Racing event-related services
Disaggregation of Revenue [Line Items]
Net revenue	1.5	0.2	3.4	0.6
Operating Segments \| Gaming \| External Customer \| Gaming
Disaggregation of Revenue [Line Items]
Net revenue	206.9	158.1	412.4	309.0
Operating Segments \| Gaming \| External Customer \| Other
Disaggregation of Revenue [Line Items]
Net revenue	27.3	19.2	52.3	32.3
All Other
Disaggregation of Revenue [Line Items]
Net revenue	0.2	0.5	0.5	1.0
All Other \| Related Party
Disaggregation of Revenue [Line Items]
Net revenue	0.0	0.0	0.0	0.0
All Other \| External Customer
Disaggregation of Revenue [Line Items]
Net revenue	0.2	0.5	0.5	1.0
All Other \| External Customer \| Pari-mutuel, live and simulcast racing
Disaggregation of Revenue [Line Items]
Net revenue	0.0	0.0	0.0	0.0
All Other \| External Customer \| Pari-mutuel, historical racing
Disaggregation of Revenue [Line Items]
Net revenue	0.0	0.0	0.0	0.0
All Other \| External Customer \| Racing event-related services
Disaggregation of Revenue [Line Items]
Net revenue	0.0	0.0	0.0	0.0
All Other \| External Customer \| Gaming
Disaggregation of Revenue [Line Items]
Net revenue	0.0	0.0	0.0	0.0
All Other \| External Customer \| Other
Disaggregation of Revenue [Line Items]
Net revenue	0.2	0.5	0.5	1.0
Eliminations \| Related Party
Disaggregation of Revenue [Line Items]
Net revenue	(26.7)	(16.9)	(31.3)	(21.1)
Churchill Downs Racetrack \| Operating Segments \| Live and Historical
Disaggregation of Revenue [Line Items]
Net revenue	178.3	174.2	180.7	176.2
Louisville \| Operating Segments \| Live and Historical
Disaggregation of Revenue [Line Items]
Net revenue	45.3	44.2	89.3	87.0
Northern Kentucky \| Operating Segments \| Live and Historical
Disaggregation of Revenue [Line Items]
Net revenue	17.3	8.4	43.6	19.2
Southwestern Kentucky \| Operating Segments \| Live and Historical
Disaggregation of Revenue [Line Items]
Net revenue	37.6	34.1	74.1	64.5
Western Kentucky \| Operating Segments \| Live and Historical
Disaggregation of Revenue [Line Items]
Net revenue	9.4	0.0	14.2	0.0
Virginia \| Operating Segments \| Live and Historical
Disaggregation of Revenue [Line Items]
Net revenue	94.6	0.0	192.3	0.0
New Hampshire \| Operating Segments \| Live and Historical
Disaggregation of Revenue [Line Items]
Net revenue	2.5	0.0	5.2	0.0
Florida \| Operating Segments \| Gaming
Disaggregation of Revenue [Line Items]
Net revenue	26.0	27.9	52.1	54.9
Iowa \| Operating Segments \| Gaming
Disaggregation of Revenue [Line Items]
Net revenue	24.0	0.0	48.5	0.0
Louisiana \| Operating Segments \| Gaming
Disaggregation of Revenue [Line Items]
Net revenue	33.8	37.2	77.9	78.7
Maine \| Operating Segments \| Gaming
Disaggregation of Revenue [Line Items]
Net revenue	29.5	29.4	57.2	56.2
Maryland \| Operating Segments \| Gaming
Disaggregation of Revenue [Line Items]
Net revenue	27.6	27.4	50.9	48.7
Mississippi \| Operating Segments \| Gaming
Disaggregation of Revenue [Line Items]
Net revenue	25.8	26.0	53.3	53.5
New York \| Operating Segments \| Gaming
Disaggregation of Revenue [Line Items]
Net revenue	44.6	0.0	89.1	0.0
Pennsylvania \| Operating Segments \| Gaming
Disaggregation of Revenue [Line Items]
Net revenue	$ 34.6	$ 36.4	$ 66.9	$ 69.6

Debt

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Debt

DEBT

The following table presents our total debt outstanding:


(in millions)	June 30, 2023		December 31, 2022

Term Loan B due 2024	$	—	$	380.0
Term Loan B-1 due 2028	293.3		294.7
Term Loan A due 2027	1,267.5		800.0
Revolver	—		664.1
2027 Senior Notes	600.0		600.0
2028 Senior Notes	700.0		700.0
2030 Senior Notes	1,200.0		1,200.0
2031 Senior Notes	600.0		—
Total debt	4,660.8		4,638.8
Current maturities of long-term debt	(68.0)		(47.0)
Unamortized premium and deferred finance charges	(41.4)		(33.1)
Total debt, net of current maturities and costs	$	4,551.4	$	4,558.7

Credit Agreement

At June 30, 2023, the Company’s senior secured credit facility (as amended from time to time, the “Credit Agreement") consisted of a $1.2 billion revolving credit facility (the "Revolver"), $300.0 million senior secured term loan B-1 due 2028 (the "Term Loan B-1"), $1.3 billion senior secured term loan A due 2027 (the "Term Loan A"), and $100.0 million swing line commitment. Certain amendments to the Credit Agreement entered into during 2022 and 2023, respectively, are described below.

On April 13, 2022, we amended the Credit Agreement to extend the maturity date of its Revolver 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. This amendment also provided for the senior secured Term Loan A due April 13, 2027 in the amount of $800.0 million, which was drawn on November 1, 2022 as part of the financing for the P2E Transaction. Refer to Note 3, Acquisitions for more information regarding the P2E Transaction. The Company capitalized $3.2 million of debt issuance costs associated with the Revolver commitment increase and $6.4 million of debt issuance costs associated with the Term Loan A which are being amortized as interest expense over the 5-year term.

On February 24, 2023, we amended our Credit Agreement to increase the loans under the existing Term Loan A due 2027 from $800.0 million to $1.3 billion and made certain other changes to the existing credit agreement. The Company used the net proceeds from the borrowings under the increased Term Loan A to repay outstanding loans under its Revolver, pay related transaction fees and expenses, and for general corporate purposes. The Company capitalized $2.6 million of debt issuance costs associated with the increased Term Loan A which are being amortized as interest expense over the remainder of the 5-year term.

The Company is required to pay a commitment fee on the unused portion of the Revolver as determined by a pricing grid based on the consolidated total net secured leverage ratio of the Company. For the period ended June 30, 2023, the Company's commitment fee rate was 0.25%.

The Revolver and Term Loan A bear interest at SOFR plus 10 basis points, plus a variable applicable margin which is determined by the Company's net leverage ratio. As of June 30, 2023, that applicable margin was 150 basis points. The Term Loan B-1 bears interest at SOFR plus 210 basis points.

The Company completed the transition of its financing from LIBOR to SOFR during the second quarter of 2023. These transition activities did not have a material impact on the Company’s financial statements.

2031 Senior Notes

On April 25, 2023, the Company completed an offering of $600.0 million in aggregate principal amount of 6.750% senior unsecured notes that mature on April 25, 2031 (the "2031 Notes") in a private offering to qualified institutional buyers pursuant to Rule 144A that is exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"), and to certain non-U.S. persons in accordance with Regulation S under the Securities Act. The Company used a portion of the net proceeds from the offering to repay indebtedness outstanding under its Term Loan B Facility due 2024 and to fund related transaction fees and expenses, working capital and other general corporate purposes. The Company recognized a loss on extinguishment on Term Loan B of $1.3 million, which is included in miscellaneous, net in the accompanying Condensed Consolidated Statements of Comprehensive Income. The Company capitalized $10.6 million of debt issuance costs associated with the 2031 Senior Notes which are being amortized as interest expense over the remainder of the 8-year term.

The 2031 Notes were issued at 100% of the principal amount, plus interest deemed to have accrued from April 25, 2023, with interest payable in arrears on May 1st and November 1st of each year, commencing on November 1, 2023. The 2031 Notes will vote as one class under the indenture governing the 2031 Senior Notes.

The 2031 Senior Notes were issued pursuant to an indenture, entered into on April 25, 2023 (the "2031 Indenture"), among the Company, certain subsidiaries of the Company as guarantors, and U.S. Bank National Association, as trustee. The Company may redeem some or all of the 2031 Senior Notes at any time at redemption prices set forth in the 2031 Indenture. The terms of the 2031 Indenture, among other things, limit the ability of the Company to: (i) incur additional debt and issue preferred stock, (ii) pay dividends or make other restricted payments, (iii) make certain investments, (iv) create liens, (v) allow restrictions on the ability of certain of our subsidiaries to pay dividends or make other payments, (vi) sell assets, (vii) merge or consolidate with other entities, and (viii) enter into transactions with affiliates.

In connection with the issuance of the 2031 Notes, the Company and the guarantors entered into a Registration Rights Agreement to register any notes under the Securities Act for resale that are not freely tradable 366 days from April 25, 2023.

Revenue from Contracts with Customers - Performance Obligations (Details) $ in Millions	Jun. 30, 2023 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, amount	$ 126.8
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	6 months
Remaining performance obligation, amount	$ 1.5
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Remaining performance obligation, amount	$ 48.9
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period
Remaining performance obligation, amount	$ 38.1

Segment Information

6 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

Segment Information

SEGMENT INFORMATION

We manage our operations through three reportable segments: Live and Historical Racing, TwinSpires, and Gaming. Our operating segments reflect the internal management reporting used by our chief operating decision maker to evaluate results of operations and to assess performance and allocate resources.

We have aggregated Arlington as well as certain corporate operations, and other immaterial joint ventures in All Other to reconcile to consolidated results.

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 property sale related charges;

–Direct online Sports and Casino business exit 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 property and asset sales;

•Legal reserves;

•Pre-opening expense; and

•Other charges, recoveries, and expenses

On June 26, 2023, the Company's management agreement for Lady Luck expired and was not renewed. The Company completed the sale of substantially all of its assets at Lady Luck for an immaterial amount.

As of December 31, 2021, Arlington ceased racing and simulcast operations and the property was sold on February 15, 2023 to the Chicago Bears. Arlington's results and exit costs in 2022 and 2023 are treated as an adjustment to 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 Consolidated Statements of Comprehensive Income.

The tables below present net revenue from external customers, Adjusted EBITDA by segment and reconciles comprehensive income to Adjusted EBITDA:

Net revenue by segment is comprised of the following:


	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2023		2022		2023		2022
Live and Historical Racing	$	385.0	$	260.9	$	599.4	$	346.9
TwinSpires	137.4		136.8		232.2		237.1
Gaming	245.9		184.3		495.9		361.6
All Other	0.2		0.5		0.5		1.0
Net Revenue	$	768.5	$	582.5	$	1,328.0	$	946.6

Adjusted EBITDA by segment is comprised of the following:


	Three Months Ended June 30, 2023
(in millions)	Live and Historical Racing		TwinSpires		Gaming
Revenues	$	408.0	$	139.1	$	247.9

Taxes and purses	(85.4)		(7.0)		(81.7)
Marketing and advertising	(12.1)		(5.3)		(9.0)
Salaries and benefits	(30.3)		(7.5)		(39.5)
Content expense	(2.0)		(68.7)		(2.7)
Selling, general and administrative expense	(7.3)		(2.7)		(10.3)
Other operating expense	(47.6)		(14.0)		(30.0)
Other income	0.2		—		48.7
Adjusted EBITDA	$	223.5	$	33.9	$	123.4


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

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


	Six Months Ended June 30, 2023
(in millions)	Live and Historical Racing		TwinSpires		Gaming
Revenues	$	623.8	$	235.5	$	499.5

Taxes and purses	(141.9)		(12.0)		(165.3)
Marketing and advertising	(20.3)		(6.7)		(17.6)
Salaries and benefits	(52.1)		(13.7)		(74.0)
Content expense	(3.5)		(111.7)		(4.5)
Selling, general and administrative expense	(16.0)		(5.1)		(22.5)
Other operating expense	(84.6)		(24.0)		(60.0)
Other income	0.2		1.0		97.3
Adjusted EBITDA	$	305.6	$	63.3	$	252.9


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

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

Adjusted EBITDA by segment is comprised of the following:


	Three Months Ended June 30,			Six Months Ended June 30,
(in millions)		2023		2022		2023		2022
Reconciliation of Comprehensive Income to Adjusted EBITDA:

Net income and comprehensive income		$	143.0	$	339.3	$	298.7	$	381.4

Additions:
Depreciation and amortization		41.8		26.1		79.7		51.2
Interest expense, net		65.2		35.1		129.9		56.4
Income tax provision		56.2		140.6		109.4		157.1
EBITDA		$	306.2	$	541.1	$	617.7	$	646.1

Adjustments to EBITDA:
Stock-based compensation expense		$	8.1	$	7.4	$	16.7	$	14.4
Legal reserve		—		3.2		—		3.2
Pre-opening expense		3.2		2.6		6.4		4.7
Arlington exit costs		5.9		1.8		9.3		4.3
Other expenses, net		6.6		—		6.9		—
Transaction expense, net		0.5		1.2		0.3		6.2
Asset impairments		24.5		—		24.5		4.9
Other income, expense:
Interest, depreciation and amortization expense related to equity investments		9.9		10.5		19.7		21.6
Changes in fair value of Rivers Des Plaines' interest rate swaps		—		(2.2)		—		(12.6)
Rivers Des Plaines' legal reserves and transaction costs		—		0.2		—		0.5
Other charges and recoveries, net		(1.2)		—		(0.9)		1.0
Gain on sale of assets		—		(274.6)		(114.0)		(274.6)
Total adjustments to EBITDA		57.5		(249.9)		(31.1)		(226.4)
Adjusted EBITDA		$	363.7	$	291.2	$	586.6	$	419.7

Adjusted EBITDA by segment:
Live and Historical Racing		$	223.5	$	163.9	$	305.6	$	191.8
TwinSpires		33.9		33.9		63.3		58.0
Gaming		123.4		106.8		252.9		197.9
Total segment Adjusted EBITDA		380.8		304.6		621.8		447.7
All Other		(17.1)		(13.4)		(35.2)		(28.0)
Total Adjusted EBITDA		$	363.7	$	291.2	$	586.6	$	419.7

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


(in millions)	June 30, 2023		December 31, 2022
Total assets:
Live and Historical Racing	$	3,552.8	$	3,345.4
TwinSpires	288.3		287.9
Gaming	1,802.8		1,824.2
Total segment assets	5,643.9		5,457.5
All Other	934.7		749.3
Total assets	$	6,578.6	$	6,206.8

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


	Six Months Ended June 30,
(in millions)	2023		2022
Capital expenditures:
Live and Historical Racing	$	239.8	$	119.8
TwinSpires	6.4		6.0
Gaming	62.4		40.4
Total segment capital expenditures	308.6		166.2
All Other	3.8		0.9
Total capital expenditures	$	312.4	$	167.1

- 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
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Net Income Per Common Share Computations (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Numerator for basic and diluted net income per common share:
Net income	$ 143.0	$ 339.3	$ 298.7	$ 381.4
Denominator for net income per common share:
Basic (in shares)	75,300	76,200	75,300	76,400
Plus dilutive effect of stock awards (in shares)	1,600	1,000	1,200	1,000
Diluted (in shares)	76,900	77,200	76,500	77,400
Basic
Basic net income (in dollars per share)	$ 1.90	$ 4.45	$ 3.97	$ 4.99
Diluted
Diluted net income (in dollars per share)	$ 1.86	$ 4.39	$ 3.90	$ 4.92

Shareholders' Equity - Additional Information (Details) $ in Millions	Apr. 25, 2023 shares	Jun. 30, 2023 USD ($)	Apr. 24, 2023 shares	Sep. 29, 2021 USD ($)
Share Repurchase Program [Line Items]
Stock split, conversion ratio	2
Common stock, shares authorized (in shares) \| shares	300,000,000		150,000,000
2021 Stock Repurchase Program
Share Repurchase Program [Line Items]
Authorized stock repurchase amount				$ 500.0
Remaining unused authorization for stock repurchase program		$ 270.2

Condensed Consolidated Statements of Shareholders' Equity - USD ($) shares in Millions, $ in Millions	Total	Common Stock	Retained Earnings	Accumulated Other Comprehensive Loss
Shares outstanding, beginning (in shares) at Dec. 31, 2021		76.2
Shareholders' equity, beginning at Dec. 31, 2021	$ 306.8	$ 0.0	$ 307.7	$ (0.9)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	42.1		42.1
Issuance of common stock (in shares)		0.2
Repurchase of common stock (in shares)		(0.2)
Repurchase of common stock	(25.0)	$ (7.0)	(18.0)
Taxes paid related to net share settlement of stock awards (in shares)		(0.2)
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		76.0
Shareholders' equity, ending at Mar. 31, 2022	317.8	$ 0.0	318.7	(0.9)
Shares outstanding, beginning (in shares) at Dec. 31, 2021		76.2
Shareholders' equity, beginning at Dec. 31, 2021	306.8	$ 0.0	307.7	(0.9)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	381.4
Shares outstanding, ending (in shares) at Jun. 30, 2022		75.4
Shareholders' equity, ending at Jun. 30, 2022	602.9	$ 0.0	603.8	(0.9)
Shares outstanding, beginning (in shares) at Mar. 31, 2022		76.0
Shareholders' equity, beginning at Mar. 31, 2022	317.8	$ 0.0	318.7	(0.9)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	339.3		339.3
Repurchase of common stock (in shares)		(0.6)
Repurchase of common stock	(61.5)	$ (7.4)	(54.1)
Taxes paid related to net share settlement of stock awards (in shares)
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		75.4
Shareholders' equity, ending at Jun. 30, 2022	602.9	$ 0.0	603.8	(0.9)
Shares outstanding, beginning (in shares) at Dec. 31, 2022		74.8
Shareholders' equity, beginning at Dec. 31, 2022	551.5	$ 0.0	552.4	(0.9)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	155.7		155.7
Issuance of common stock (in shares)		0.2
Taxes paid related to net share settlement of stock awards (in shares)		(0.1)
Taxes paid related to net share settlement of stock awards	(11.3)	$ (8.6)	(2.7)
Stock-based compensation	8.6	$ 8.6
Other	(0.3)		(0.3)
Shares outstanding, ending (in shares) at Mar. 31, 2023		74.9
Shareholders' equity, ending at Mar. 31, 2023	704.2	$ 0.0	705.1	(0.9)
Shares outstanding, beginning (in shares) at Dec. 31, 2022		74.8
Shareholders' equity, beginning at Dec. 31, 2022	551.5	$ 0.0	552.4	(0.9)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	298.7
Shares outstanding, ending (in shares) at Jun. 30, 2023		74.9
Shareholders' equity, ending at Jun. 30, 2023	853.8	$ 8.0	846.7	(0.9)
Shares outstanding, beginning (in shares) at Mar. 31, 2023		74.9
Shareholders' equity, beginning at Mar. 31, 2023	704.2	$ 0.0	705.1	(0.9)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	143.0		143.0
Taxes paid related to net share settlement of stock awards	(0.1)
Stock-based compensation	8.1	$ 8.1
Other	(1.4)		(1.4)
Shares outstanding, ending (in shares) at Jun. 30, 2023		74.9
Shareholders' equity, ending at Jun. 30, 2023	$ 853.8	$ 8.0	$ 846.7	$ (0.9)

Acquisitions

6 Months Ended

Jun. 30, 2023

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 because substantially all the value of the gross assets acquired was concentrated in the gaming rights. The Company made an initial payment at closing and recorded a liability for the remaining payments due on 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 or historical racing 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, working capital adjustments and the final amount of residual goodwill. The Company expects to continue to obtain information to assist in determining fair values of net assets acquired at the acquisition date during the measurement period. The preliminary fair values as of June 30, 2023 for the assets acquired and liabilities assumed, net of cash acquired of $1.4 million, at the date of acquisition are 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 $9.3 million, and net working capital of $1.5 million.

The Company has not included other disclosures regarding the Chasers or Ellis Park Transactions as these transactions are immaterial to our business.

P2E Transaction

On November 1, 2022, the Company completed the acquisition of substantially all the assets of P2E for preliminary purchase consideration of $2,835.9 million, net of cash acquired. The P2E assets acquired included Colonial Downs and six HRM entertainment venues in Virginia, del Lago in New York, and Hard Rock Sioux City in Iowa, as well as the development rights for Dumfries and Emporia HRM facilities in Virginia, up to five additional HRM entertainment venues in Virginia, and the potential for ONE Casino & Resort in Virginia in collaboration with Urban One.

The following table summarizes the preliminary fair value of the assets acquired and liabilities assumed, net of cash acquired of $126.4 million, as of November 1, 2022:


(in millions)	Total
Accounts receivable, net	$	9.8
Other current assets	7.2
Property and equipment	611.2
Goodwill	347.8
Other intangible assets	1,941.5
Deferred taxes	20.8
Other assets	16.0
Total assets acquired	$	2,954.3

Accounts payable	4.0
Accrued expenses and other current liabilities	96.9
Other liabilities assumed	17.5
Total liabilities assumed	$	118.4
Net assets acquired (net of cash)	$	2,835.9

The fair value of the intangible assets consists of the following:


(in millions)	Fair Value Recognized
Gaming rights	$	1,865.6
Trademark	75.9
Total intangible assets	$	1,941.5

Current assets and current liabilities were valued at the existing carrying values, as these items are short term in nature and represent management's estimated fair value of the respective items at November 1, 2022.

The property and equipment acquired primarily relates to land, buildings, equipment, and furniture and fixtures. The fair value of the land was determined using the market approach and the fair values of the remaining property and equipment were primarily determined using the cost replacement method which is based on replacement or reproduction costs of the assets.

The fair value of the gaming rights was determined using the Greenfield Method, which is an income approach methodology that calculates the present value of the overall business enterprise based on a projected cash flow stream. This method assumes that the gaming rights intangible assets provide the opportunity to develop a casino or historical racing facility in a specified region, and that the present value of the projected cash flows are a result of the realization of advantages contained in these rights. Under this methodology, the acquirer is expected to absorb all start-up costs, as well as incur all expenses pertaining to the acquisition and/or the creation of all tangible and intangible assets. The estimated future revenue and operating expenses, start-up costs, and discount rates were the primary assumptions and estimates in the valuation of the gaming rights. The gaming rights intangible assets were assigned an indefinite useful life based on the Company's expected use of the assets and determination that no legal, regulatory, contractual, competitive, economic, or other factors limit the useful life of the gaming rights.

The trademark intangible assets were valued using the relief-from-royalty method of the income approach, which estimates the fair value of the intangible assets by discounting the fair value of the hypothetical royalty payments a market participant would be willing to pay to enjoy the benefits of the assets. The estimated future revenue, royalty rates, and discount rates were the primary assumptions and estimates in the valuation of the trademarks. The trademarks were assigned an indefinite useful life based on the Company’s intention to keep the trademarks for an indefinite period of time.

Goodwill of $347.8 million was recognized due to the expected contribution of P2E to the Company's overall business strategy. The goodwill was assigned to the Gaming segment in the amount of $129.1 million and to the Live and Historical Racing segment in the amount of $218.7 million and is mostly deductible for tax purposes.

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 preliminary purchase consideration is subject to adjustment upon finalization of customary post-closing adjustments related to working capital. The primary areas of the preliminary valuation that are not yet finalized relate to the fair values of amounts for income taxes, adjustments to working capital, and the final amount of residual goodwill. The Company expects to continue to obtain information to assist in determining fair values of net assets acquired at the acquisition date during the measurement period.

The following unaudited pro forma consolidated financial information for the Company has been prepared assuming the P2E Transaction had occurred as of January 1, 2021. The unaudited pro forma financial information is not necessarily indicative of either future results of operations or results of operations that might have been achieved had the acquisition been consummated as of January 1, 2021.


(in millions)	Three months ended June 30, 2022		Six months ended June 30, 2022
Net revenue	$	745.9	$	1,258.8
Net income	$	360.1	$	401.4

Segment Information (Tables)

6 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

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

The tables below present net revenue from external customers and intercompany revenue from each of our segments:


	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2023		2022		2023		2022
Net revenue from external customers:
Live and Historical Racing:
Churchill Downs Racetrack	$	178.3	$	174.2	$	180.7	$	176.2
Louisville	45.3		44.2		89.3		87.0
Northern Kentucky	17.3		8.4		43.6		19.2
Southwestern Kentucky	37.6		34.1		74.1		64.5
Western Kentucky	9.4		—		14.2		—
Virginia	94.6		—		192.3		—
New Hampshire	2.5		—		5.2		—
Total Live and Historical Racing	$	385.0	$	260.9	$	599.4	$	346.9

TwinSpires:	$	137.4	$	136.8	$	232.2	$	237.1

Gaming:
Florida	$	26.0	$	27.9	$	52.1	$	54.9
Iowa	24.0		—		48.5		—
Louisiana	33.8		37.2		77.9		78.7
Maine	29.5		29.4		57.2		56.2
Maryland	27.6		27.4		50.9		48.7
Mississippi	25.8		26.0		53.3		53.5
New York	44.6		—		89.1		—
Pennsylvania	34.6		36.4		66.9		69.6
Total Gaming	$	245.9	$	184.3	$	495.9	$	361.6
All Other	0.2		0.5		0.5		1.0
Net revenue from external customers	$	768.5	$	582.5	$	1,328.0	$	946.6

Intercompany net revenues:
Live and Historical Racing	$	23.0	$	15.0	$	24.4	$	16.2
TwinSpires	1.7		1.7		3.3		2.8
Gaming	2.0		0.2		3.6		2.1
All Other	—		—		—		—
Eliminations	(26.7)		(16.9)		(31.3)		(21.1)
Intercompany net revenue	$	—	$	—	$	—	$	—


	Three Months Ended June 30, 2023
(in millions)	Live and Historical Racing		TwinSpires		Gaming		Total Segments		All Other		Total
Net revenue from external customers
Pari-mutuel:
Live and simulcast racing	$	40.2	$	117.5	$	3.2	$	160.9	$	—	$	160.9
Historical racing(a)	184.1		—		7.0		191.1		—		191.1
Racing event-related services	136.7		—		1.5		138.2		—		138.2
Gaming(a)	2.5		1.2		206.9		210.6		—		210.6
Other(a)	21.5		18.7		27.3		67.5		0.2		67.7
Total	$	385.0	$	137.4	$	245.9	$	768.3	$	0.2	$	768.5


	Three Months Ended June 30, 2022
(in millions)	Live and Historical Racing		TwinSpires		Gaming		Total Segments		All Other		Total
Net revenue from external customers
Pari-mutuel:
Live and simulcast racing	$	46.5	$	118.4	$	5.5	$	170.4	$	—	$	170.4
Historical racing(a)	78.4		—		1.3		79.7		—		79.7
Racing event-related services	121.9		—		0.2		122.1		—		122.1
Gaming(a)	—		6.2		158.1		164.3		—		164.3
Other(a)	14.1		12.2		19.2		45.5		0.5		46.0
Total	$	260.9	$	136.8	$	184.3	$	582.0	$	0.5	$	582.5


	Six Months Ended June 30, 2023
(in millions)	Live and Historical Racing		TwinSpires		Gaming		Total Segments		All Other		Total
Net revenue from external customers
Pari-mutuel:
Live and simulcast racing	$	51.2	$	196.9	$	14.8	$	262.9	$	—	$	262.9
Historical racing(a)	369.4		—		13.0		382.4		—		382.4
Racing event-related services	137.7		—		3.4		141.1		—		141.1
Gaming(a)	5.1		5.6		412.4		423.1		—		423.1
Other(a)	36.0		29.7		52.3		118.0		0.5		118.5
Total	$	599.4	$	232.2	$	495.9	$	1,327.5	$	0.5	$	1,328.0


	Six Months Ended June 30, 2022
(in millions)	Live and Historical Racing		TwinSpires		Gaming		Total Segments		All Other		Total
Net revenue from external customers
Pari-mutuel:
Live and simulcast racing	$	52.1	$	199.9	$	18.4	$	270.4	$	—	$	270.4
Historical racing(a)	152.0		—		1.3		153.3		—		153.3
Racing event-related services	122.4		—		0.6		123.0		—		123.0
Gaming(a)	—		16.5		309.0		325.5		—		325.5
Other(a)	20.4		20.7		32.3		73.4		1.0		74.4
Total	$	346.9	$	237.1	$	361.6	$	945.6	$	1.0	$	946.6

(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 racing pari-mutuel revenue for HRMs or gaming revenue for our casino properties. These amounts were $24.5 million for the six months ended June 30, 2023 and $14.8 million for the six months ended June 30, 2022.

The tables below present net revenue from external customers, Adjusted EBITDA by segment and reconciles comprehensive income to Adjusted EBITDA:

Net revenue by segment is comprised of the following:


	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2023		2022		2023		2022
Live and Historical Racing	$	385.0	$	260.9	$	599.4	$	346.9
TwinSpires	137.4		136.8		232.2		237.1
Gaming	245.9		184.3		495.9		361.6
All Other	0.2		0.5		0.5		1.0
Net Revenue	$	768.5	$	582.5	$	1,328.0	$	946.6

Schedule of Segment Reporting Information

Adjusted EBITDA by segment is comprised of the following:


	Three Months Ended June 30, 2023
(in millions)	Live and Historical Racing		TwinSpires		Gaming
Revenues	$	408.0	$	139.1	$	247.9

Taxes and purses	(85.4)		(7.0)		(81.7)
Marketing and advertising	(12.1)		(5.3)		(9.0)
Salaries and benefits	(30.3)		(7.5)		(39.5)
Content expense	(2.0)		(68.7)		(2.7)
Selling, general and administrative expense	(7.3)		(2.7)		(10.3)
Other operating expense	(47.6)		(14.0)		(30.0)
Other income	0.2		—		48.7
Adjusted EBITDA	$	223.5	$	33.9	$	123.4


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

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


	Six Months Ended June 30, 2023
(in millions)	Live and Historical Racing		TwinSpires		Gaming
Revenues	$	623.8	$	235.5	$	499.5

Taxes and purses	(141.9)		(12.0)		(165.3)
Marketing and advertising	(20.3)		(6.7)		(17.6)
Salaries and benefits	(52.1)		(13.7)		(74.0)
Content expense	(3.5)		(111.7)		(4.5)
Selling, general and administrative expense	(16.0)		(5.1)		(22.5)
Other operating expense	(84.6)		(24.0)		(60.0)
Other income	0.2		1.0		97.3
Adjusted EBITDA	$	305.6	$	63.3	$	252.9


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

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

Adjusted EBITDA by segment is comprised of the following:


	Three Months Ended June 30,			Six Months Ended June 30,
(in millions)		2023		2022		2023		2022
Reconciliation of Comprehensive Income to Adjusted EBITDA:

Net income and comprehensive income		$	143.0	$	339.3	$	298.7	$	381.4

Additions:
Depreciation and amortization		41.8		26.1		79.7		51.2
Interest expense, net		65.2		35.1		129.9		56.4
Income tax provision		56.2		140.6		109.4		157.1
EBITDA		$	306.2	$	541.1	$	617.7	$	646.1

Adjustments to EBITDA:
Stock-based compensation expense		$	8.1	$	7.4	$	16.7	$	14.4
Legal reserve		—		3.2		—		3.2
Pre-opening expense		3.2		2.6		6.4		4.7
Arlington exit costs		5.9		1.8		9.3		4.3
Other expenses, net		6.6		—		6.9		—
Transaction expense, net		0.5		1.2		0.3		6.2
Asset impairments		24.5		—		24.5		4.9
Other income, expense:
Interest, depreciation and amortization expense related to equity investments		9.9		10.5		19.7		21.6
Changes in fair value of Rivers Des Plaines' interest rate swaps		—		(2.2)		—		(12.6)
Rivers Des Plaines' legal reserves and transaction costs		—		0.2		—		0.5
Other charges and recoveries, net		(1.2)		—		(0.9)		1.0
Gain on sale of assets		—		(274.6)		(114.0)		(274.6)
Total adjustments to EBITDA		57.5		(249.9)		(31.1)		(226.4)
Adjusted EBITDA		$	363.7	$	291.2	$	586.6	$	419.7

Adjusted EBITDA by segment:
Live and Historical Racing		$	223.5	$	163.9	$	305.6	$	191.8
TwinSpires		33.9		33.9		63.3		58.0
Gaming		123.4		106.8		252.9		197.9
Total segment Adjusted EBITDA		380.8		304.6		621.8		447.7
All Other		(17.1)		(13.4)		(35.2)		(28.0)
Total Adjusted EBITDA		$	363.7	$	291.2	$	586.6	$	419.7

Schedule of Total Assets and Capital Expenditures by Operating Segment

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


(in millions)	June 30, 2023		December 31, 2022
Total assets:
Live and Historical Racing	$	3,552.8	$	3,345.4
TwinSpires	288.3		287.9
Gaming	1,802.8		1,824.2
Total segment assets	5,643.9		5,457.5
All Other	934.7		749.3
Total assets	$	6,578.6	$	6,206.8

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


	Six Months Ended June 30,
(in millions)	2023		2022
Capital expenditures:
Live and Historical Racing	$	239.8	$	119.8
TwinSpires	6.4		6.0
Gaming	62.4		40.4
Total segment capital expenditures	308.6		166.2
All Other	3.8		0.9
Total capital expenditures	$	312.4	$	167.1

Asset Impairments	6 Months Ended
Asset Impairments	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Asset Impairments	ASSET IMPAIRMENTS Presque Isle Impairment We performed our annual goodwill and indefinite-lived intangible assets impairment analysis for Presque Isle as of April 1, 2023. Based on the results of this analysis, no impairments for Presque Isle were identified. Subsequent to the annual test, we continued to evaluate economic conditions, including competition in the market and inflationary pressures, which increased during the second quarter of 2023, and impacted the performance and outlook of Presque Isle. As a result, the Company concluded that a trigger event for impairment testing occurred related to the Presque Isle gaming rights, trademark, and the reporting unit's goodwill at the end of the second quarter. Based on the 2023 trigger event, the Company evaluated and subsequently updated the projected cash flows and discount rate to reflect the current environment. As a result, the Company recognized a non-cash impairment charge of $24.5 million in the second quarter of 2023 for the Presque Isle gaming rights and trademark, which are included in the Gaming segment. The fair value of the Presque Isle gaming rights was determined using the Greenfield Method, an income approach methodology that calculates the present value based on a projected cash flow stream. The fair values of the trademark was determined by using the relief-from-royalty method of the income approach. The fair value of the Presque Isle reporting unit's goodwill was determined under the market and income valuation approaches using inputs primarily related to discounted projected cash flows and price multiples of comparable publicly traded companies. No impairment was recognized for the Presque Isle goodwill in second quarter of 2023.

Business Combinations and Asset Acquisitions (Tables)

6 Months Ended

Jun. 30, 2023

Business Combination and Asset Acquisition [Abstract]

Summary of Assets Acquired and Liabilities Assumed

The following table summarizes the preliminary fair value of the assets acquired and liabilities assumed, net of cash acquired of $126.4 million, as of November 1, 2022:


(in millions)	Total
Accounts receivable, net	$	9.8
Other current assets	7.2
Property and equipment	611.2
Goodwill	347.8
Other intangible assets	1,941.5
Deferred taxes	20.8
Other assets	16.0
Total assets acquired	$	2,954.3

Accounts payable	4.0
Accrued expenses and other current liabilities	96.9
Other liabilities assumed	17.5
Total liabilities assumed	$	118.4
Net assets acquired (net of cash)	$	2,835.9

Schedule of Indefinite-lived Intangible Assets Acquired as Part of Business Combination

The fair value of the intangible assets consists of the following:


(in millions)	Fair Value Recognized
Gaming rights	$	1,865.6
Trademark	75.9
Total intangible assets	$	1,941.5

Business Acquisition, Pro Forma Information


(in millions)	Three months ended June 30, 2022		Six months ended June 30, 2022
Net revenue	$	745.9	$	1,258.8
Net income	$	360.1	$	401.4

Revenue from Contracts with Customers - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Contract with customer, liability	$ 43.5		$ 43.5		$ 58.7
Contract with customer, revenue recognized	$ 38.8	$ 43.6	$ 42.4	$ 46.8

Other Balance Sheet Items

6 Months Ended

Jun. 30, 2023

Payables and Accruals [Abstract]

Other Balance Sheet Items

OTHER BALANCE SHEET ITEMS

Accounts receivable, net

Accounts receivable is comprised of the following:


(in millions)	June 30, 2023		December 31, 2022
Trade receivables	$	33.8	$	12.5
Simulcast and online wagering receivables	34.6		54.1
Other receivables	16.6		20.6
	85.0		87.2
Allowance for credit losses	(5.5)		(5.7)
Total	$	79.5	$	81.5

Accrued expenses and other current liabilities

Accrued expenses and other current liabilities consisted of the following:


(in millions)	June 30, 2023		December 31, 2022
Account wagering deposits liability	$	52.9	$	57.8
Accrued salaries and related benefits	23.8		39.6
Purses payable	49.0		46.1
Accrued interest	48.8		47.8
Accrued fixed assets	43.8		39.5
Accrued gaming liabilities	25.6		26.3
Other	115.2		103.9
Total	$	359.1	$	361.0

Shareholders' Equity

6 Months Ended

Jun. 30, 2023

Equity [Abstract]

Shareholders' Equity

SHAREHOLDERS’ EQUITY

Stock Repurchase Programs

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"). 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 $270.2 million of repurchase authority remaining under the 2021 Stock Repurchase Program at June 30, 2023.

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


	Three Months Ended June 30,						Six Months Ended June 30,
(in millions, except share data)	2023			2022			2023			2022
Repurchase Program	Shares	Aggregate Purchase Price		Shares	Aggregate Purchase Price		Shares	Aggregate Purchase Price		Shares	Aggregate Purchase Price
2021 Stock Repurchase Program (1)	—	$	—	643,108	$	61.5	—	$	—	876,834	$	86.5

(1) Number of shares have been adjusted for the Stock Split.

Stock Split

On April 25, 2023, the Company’s Board of Directors approved a two-for-one Stock Split and an amendment to the Company’s Articles of Incorporation to increase the number of shares of common stock the Company is authorized to issue from 150,000,000 shares, no par value, to 300,000,000 shares, no par value. This amendment to the Company’s Articles of Incorporation became effective on May 19, 2023 and our common stock began trading at the split-adjusted price on May 22, 2023. All share and per-share amounts in the Company’s consolidated financial statements and related notes have been retroactively adjusted to reflect the effects of the Stock Split.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

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+ Details

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 374.0	$ 129.8
Restricted cash	67.1	74.9
Accounts receivable, net	79.5	81.5
Income taxes receivable	0.0	14.0
Other current assets	62.6	44.3
Total current assets	583.2	344.5
Property and equipment, net	2,229.9	1,978.3
Investment in and advances to unconsolidated affiliates	644.8	659.4
Goodwill	722.9	723.8
Other intangible assets, net	2,364.9	2,391.8
Other assets	32.9	27.0
Long-term assets held for sale	0.0	82.0
Total assets	6,578.6	6,206.8
Current liabilities:
Accounts payable	164.2	145.5
Accrued expenses and other current liabilities	359.1	361.0
Income taxes payable	29.9	2.1
Current deferred revenue	25.8	39.0
Current maturities of long-term debt	68.0	47.0
Dividends payable	1.0	27.0
Total current liabilities	648.0	621.6
Long-term debt, net of current maturities and loan origination fees	1,482.6	2,081.6
Notes payable, net of debt issuance costs	3,068.8	2,477.1
Non-current deferred revenue	9.5	11.8
Deferred income taxes	373.2	340.8
Other liabilities	142.7	122.4
Total liabilities	5,724.8	5,655.3
Commitments and contingencies
Shareholders' equity:
Preferred stock	0.0	0.0
Common stock	8.0	0.0
Retained earnings	846.7	552.4
Accumulated other comprehensive loss	(0.9)	(0.9)
Total shareholders' equity	853.8	551.5
Total liabilities and shareholders' equity	$ 6,578.6	$ 6,206.8

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended				6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net income	$ 143.0	$ 155.7	$ 339.3	$ 42.1	$ 298.7	$ 381.4

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

Acquisitions - Summary of Intangible Assets Acquired (Details) - P2E Transaction $ in Millions	Nov. 01, 2022 USD ($)
Business Acquisition [Line Items]
Total intangible assets	$ 1,941.5
Game Rights
Business Acquisition [Line Items]
Total intangible assets	1,865.6
Trademarks
Business Acquisition [Line Items]
Total intangible assets	$ 75.9

Goodwill and Other Intangible Assets

6 Months Ended

Jun. 30, 2023

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, 2022	$	280.3	$	152.2	$	290.3	$	1.0	$	723.8
Adjustments	0.1		—		—		(1.0)		(0.9)
Balances as of June 30, 2023	$	280.4	$	152.2	$	290.3	$	—	$	722.9

We performed our annual goodwill impairment analysis as of April 1, 2023, and no adjustment to the carrying value of goodwill was required. We assessed goodwill for impairment by performing qualitative or quantitative analyses for each reporting unit. We concluded that the fair values of our reporting units exceeded their carrying values, and therefore no impairments were identified.

Other intangible assets are comprised of the following:


	June 30, 2023						December 31, 2022
(in millions)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Definite-lived intangible assets	$	31.0	$	(23.8)	$	7.2	$	31.0	$	(21.4)	$	9.6
Indefinite-lived intangible assets					2,357.7						2,382.2
Total					$	2,364.9					$	2,391.8

We performed our annual indefinite-lived intangible assets impairment analysis as of April 1, 2023. 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.

Refer to Note 5, Asset Impairments, for information regarding the intangible asset impairment recognized during the second quarter of 2023.

Fair Value of Assets And Liabilities

6 Months Ended

Jun. 30, 2023

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 2031 Senior Notes, 2030 Senior Notes, 2028 Senior Notes, and 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, Term Loan A, and Revolver under the Credit Agreement approximate the gross carrying value of the variable rate debt and as such are Level 2 measurements.

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


	June 30, 2023
(in millions)	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
Financial assets:
Restricted cash	$	67.1	$	67.1	$	67.1	$	—	$	—
Financial liabilities:
Term Loan B-1	$	290.4	$	293.3	$	—	$	293.3	$	—
Term Loan A	1,260.2		1,267.5		—		1,267.5		—

2027 Senior Notes	595.9		573.0		—		573.0		—
2028 Senior Notes	698.6		647.5		—		647.5		—
2030 Senior Notes	1,184.5		1,119.0		—		1,119.0		—
2031 Senior Notes	589.7		593.6		—		593.6		—

	December 31, 2022
(in millions)	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
Financial assets:
Restricted cash	$	74.9	$	74.9	$	74.9	$	—	$	—
Financial liabilities:
Term Loan B	$	378.4	$	380.0	$	—	$	380.0	$	—
Term Loan B-1	291.6		294.8		—		294.8		—
Term Loan A	794.5		800.0		—		800.0		—
Revolver	664.1		664.1		—		664.1		—
2027 Senior Notes	595.3		574.5		—		574.5		—
2028 Senior Notes	698.4		626.5		—		626.5		—
2030 Senior Notes	1,183.4		1,079.4		—		1,079.4		—

- 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

Recent Accounting Pronouncements (Policies)	6 Months Ended
Recent Accounting Pronouncements (Policies)	Jun. 30, 2023
Accounting Policies [Abstract]
Recent Accounting Pronouncements - effective in 2023 or thereafter	Recent Accounting Pronouncements - effective in 2023 or thereafter In March 2020, the Financial Accounting Standards Board ("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 to simplify 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. In December 2022, the FASB deferred the date for which this guidance can be applied from December 31, 2022 to December 31, 2024. The use of LIBOR was phased out at the end of 2021, although the phase-out of U.S. dollar LIBOR for existing agreements was delayed until June 2023. During the second quarter of 2023, the Company completed the transition of its financing from LIBOR to the Secured Overnight Financing Rate ("SOFR"). These transition activities did not have a material impact on the Company’s financial statements.

Net Income Per Common Share Computations

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Net Income Per Common Share Computations

NET INCOME PER COMMON SHARE COMPUTATIONS

The following is a reconciliation of the numerator and denominator of the net income per common share computations:


	Three Months Ended June 30,				Six Months Ended June 30,
(in millions, except per share data)	2023		2022		2023		2022
Numerator for basic and diluted net income per common share:
Net income	$	143.0	$	339.3	$	298.7	$	381.4

Denominator for net income per common share:
Basic	75.3		76.2		75.3		76.4
Plus dilutive effect of stock awards	1.6		1.0		1.2		1.0
Diluted	76.9		77.2		76.5		77.4

Net income per common share data:

Basic net income	$	1.90	$	4.45	$	3.97	$	4.99


Diluted net income	$	1.86	$	4.39	$	3.90	$	4.92

All share and per-share amounts have been retroactively adjusted to reflect the effects of the Stock Split. Refer to Note 8, Shareholders' Equity for further information on the Stock Split.

Acquisitions - Additional Information (Details) $ in Millions				6 Months Ended
	Nov. 01, 2022 USD ($) venue	Sep. 26, 2022 USD ($)	Sep. 02, 2022 USD ($)	Jun. 30, 2023 USD ($) license	Dec. 31, 2022 USD ($)
Business Acquisition [Line Items]
Goodwill				$ 722.9	$ 723.8
Number of online market access licenses \| license				2
Ellis Park
Business Acquisition [Line Items]
Total consideration		$ 79.0
Working capital and other purchase price adjustments		$ 3.5
Cash acquired in the acquisition				$ 1.4
Property and equipment				19.3
Goodwill				9.3
Net working capital				1.5
P2E Transaction
Business Acquisition [Line Items]
Total consideration	$ 2,835.9
Cash acquired in the acquisition	126.4
Property and equipment	611.2
Total intangible assets	1,941.5
Goodwill	$ 347.8
Number of HRM entertainment venues \| venue	6
Number of online market access licenses \| venue	5
P2E Transaction \| Gaming
Business Acquisition [Line Items]
Goodwill	$ 129.1
P2E Transaction \| Live and Historical
Business Acquisition [Line Items]
Goodwill	218.7
Chasers Poker Room [Member]
Business Acquisition [Line Items]
Gaming rights intangible asset			$ 82.2
Gaming Rights \| Ellis Park
Business Acquisition [Line Items]
Total intangible assets				47.4
Trademarks \| Ellis Park
Business Acquisition [Line Items]
Total intangible assets				$ 3.6
Trademarks \| P2E Transaction
Business Acquisition [Line Items]
Total intangible assets	$ 75.9

Other Balance Sheet Items (Tables)

6 Months Ended

Jun. 30, 2023

Payables and Accruals [Abstract]

Schedule of Accounts, Notes, Loans and Financing Receivable

Accounts receivable is comprised of the following:


(in millions)	June 30, 2023		December 31, 2022
Trade receivables	$	33.8	$	12.5
Simulcast and online wagering receivables	34.6		54.1
Other receivables	16.6		20.6
	85.0		87.2
Allowance for credit losses	(5.5)		(5.7)
Total	$	79.5	$	81.5

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following:


(in millions)	June 30, 2023		December 31, 2022
Account wagering deposits liability	$	52.9	$	57.8
Accrued salaries and related benefits	23.8		39.6
Purses payable	49.0		46.1
Accrued interest	48.8		47.8
Accrued fixed assets	43.8		39.5
Accrued gaming liabilities	25.6		26.3
Other	115.2		103.9
Total	$	359.1	$	361.0

Description of Business - Additional Information (Details) $ in Millions				3 Months Ended		6 Months Ended
	Apr. 25, 2023	Nov. 01, 2022 USD ($) venue	Sep. 26, 2022 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) segment license	Jun. 30, 2022 USD ($)	Feb. 15, 2023 USD ($) a
Business Acquisition [Line Items]
Number of reportable segments \| segment						3
Stock split, conversion ratio	2
Asset impairments				$ 24.5	$ 0.0	$ 24.5	$ 4.9
Additional HRM entertainment venues \| venue		5
Number of online market access licenses \| license						2
Presque Isle Downs & Casino
Business Acquisition [Line Items]
Asset impairments				$ 24.5
Disposal Group, Held-for-sale, Not Discontinued Operations \| Arlington Heights Property
Business Acquisition [Line Items]
Area of land (in acres) \| a								326
Sale price								$ 197.2
P2E Transaction
Business Acquisition [Line Items]
Purchase price		$ 2,750.0
Number of HRM entertainment venues \| venue		6
Total consideration		$ 2,835.9
Number of online market access licenses \| venue		5
Ellis Park
Business Acquisition [Line Items]
Total consideration			$ 79.0

Dispositions - Additional Information (Details) $ in Millions		6 Months Ended
	Feb. 15, 2023 USD ($) a	Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Carrying value of the assets sold		$ 0.0	$ 82.0
Deferred Income Taxes
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Deferred tax liability		27.8
P2E Transaction
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Forward like-kind exchange		$ 197.2
Disposal Group, Held-for-sale, Not Discontinued Operations \| Arlington Heights Property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sale price	$ 197.2
Area of land (in acres) \| a	326
Disposal Group, Held-for-sale, Not Discontinued Operations \| Arlington International Racecourse
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net proceeds	$ 195.7
Gain recognized	$ 114.0
Carrying value of the assets sold			$ 82.0

Investments in and Advances to Unconsolidated Affiliates

6 Months Ended

Jun. 30, 2023

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 June 30, 2023 and December 31, 2022 primarily consisted of a 61.3% interest in Rivers Casino Des Plaines ("Rivers Des Plaines"), a 50% interest in Miami Valley Gaming and Racing ("MVG"), and other immaterial joint ventures.

Rivers Des Plaines

The ownership of Rivers Des Plaines is comprised of the following: (1) the Company owns 61.3%, (2) High Plaines Gaming, LLC ("High Plaines"), an affiliate of Rush Street Gaming, LLC, owns 36.0%, and (3) Casino Investors, LLC owns 2.7%. Both the Company and High Plaines have participating rights over Rivers Des Plaines, and both must consent to operating, investing and financing decisions. As a result, we account for Rivers Des Plaines using the equity method. As of June 30, 2023, the net aggregate basis difference between the Company’s investment in Rivers Des Plaines and the amounts of the underlying equity in net assets was $832.5 million.

Our investment in Rivers Des Plaines was $531.4 million and $544.9 million as of June 30, 2023 and December 31, 2022, respectively. The Company received distributions from Rivers Des Plaines of $68.2 million and $61.3 million for the six months ended June 30, 2023 and 2022, respectively.

Miami Valley Gaming

Delaware North Companies Gaming & Entertainment Inc. ("DNC") owns the remaining 50% interest in MVG. Since both the Company 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 $113.3 million and $114.4 million as of June 30, 2023 and December 31, 2022, respectively. The Company received distributions from MVG of $23.5 million and $16.5 million for the six months ended June 30, 2023 and 2022, respectively.

Summarized Financial Results for our Unconsolidated Affiliates

Summarized below are the financial results for our unconsolidated affiliates.


	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2023		2022		2023		2022
Net revenue	$	218.7	$	214.6	$	439.3	$	391.8

Operating and SG&A expense	135.0		130.7		272.2		248.9
Depreciation and amortization	5.9		6.3		11.6		11.6
Total operating expense	140.9		137.0		283.8		260.5
Operating income	77.8		77.6		155.5		131.3
Interest and other, net	(10.7)		(7.3)		(21.6)		(3.2)
Net income	$	67.1	$	70.3	$	133.9	$	128.1


(in millions)	June 30, 2023		December 31, 2022
Assets
Current assets	$	86.4	$	91.0
Property and equipment, net	342.5		345.7
Other assets, net	264.4		265.0
Total assets	$	693.3	$	701.7
Liabilities and Members' Deficit
Current liabilities	$	107.3	$	97.9
Long-term debt	846.4		838.6
Other liabilities	0.4		0.2
Members' deficit	(260.8)		(235.0)
Total liabilities and members' deficit	$	693.3	$	701.7

Segment Information - Schedule of Total Assets and Capital Expenditures by Operating Segment (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 6,578.6		$ 6,206.8
Capital expenditures	312.4	$ 167.1
Operating Segments
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	5,643.9		5,457.5
Capital expenditures	308.6	166.2
Operating Segments \| Live and Historical
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	3,552.8		3,345.4
Capital expenditures	239.8	119.8
Operating Segments \| TwinSpires
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	288.3		287.9
Capital expenditures	6.4	6.0
Operating Segments \| Gaming
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	1,802.8		1,824.2
Capital expenditures	62.4	40.4
All Other
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	934.7		$ 749.3
Capital expenditures	$ 3.8	$ 0.9

- 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.

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+ Details

Investments in and Advances to Unconsolidated Affiliates - Affiliate Income Statement (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Investments in and Advances to Affiliates [Line Items]
Net revenue	$ 768.5		$ 582.5		$ 1,328.0	$ 946.6
Operating and SG&A expense	48.1		38.4		100.4	74.3
Operating income	225.6		199.7		345.5	247.1
Interest and other, net	(65.2)		(35.1)		(129.9)	(56.4)
Net income	143.0	$ 155.7	339.3	$ 42.1	298.7	381.4
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Investments in and Advances to Affiliates [Line Items]
Net revenue	218.7		214.6		439.3	391.8
Operating and SG&A expense	135.0		130.7		272.2	248.9
Depreciation and amortization	5.9		6.3		11.6	11.6
Total operating expense	140.9		137.0		283.8	260.5
Operating income	77.8		77.6		155.5	131.3
Interest and other, net	(10.7)		(7.3)		(21.6)	(3.2)
Net income	$ 67.1		$ 70.3		$ 133.9	$ 128.1

- Definition

Amount of the cost of borrowed funds accounted for as interest expense.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

Stock-based Compensation Plans - Additional Information (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) performanceCondition performanceCriteria	Jun. 30, 2022 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation			$ 16.7	$ 14.4
Number of performance criteria \| performanceCriteria			2
Performance Shares (PSUs) \| Churchill Downs Incorporated 2007 Omnibus Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)			3 years
Number of performance conditions \| performanceCondition			2
Continuing Operations
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	$ 8.1	$ 7.4	$ 16.7	$ 14.4

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Goodwill and Other Intangible Assets - Goodwill (Details) $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($)
Goodwill [Roll Forward]
Goodwill, Beginning Balance	$ 723.8
Adjustments	(0.9)
Goodwill, Ending Balance	722.9
All Other
Goodwill [Roll Forward]
Goodwill, Beginning Balance	1.0
Adjustments	(1.0)
Goodwill, Ending Balance	0.0
Live and Historical \| Operating Segments
Goodwill [Roll Forward]
Goodwill, Beginning Balance	280.3
Adjustments	0.1
Goodwill, Ending Balance	280.4
TwinSpires \| Operating Segments
Goodwill [Roll Forward]
Goodwill, Beginning Balance	152.2
Adjustments	0.0
Goodwill, Ending Balance	152.2
Gaming \| Operating Segments
Goodwill [Roll Forward]
Goodwill, Beginning Balance	290.3
Adjustments	0.0
Goodwill, Ending Balance	$ 290.3

- 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

Investments in and Advances to Unconsolidated Affiliates (Tables)

6 Months Ended

Jun. 30, 2023

Investments in and Advances to Affiliates [Abstract]

Affiliate Income Statement

Summarized below are the financial results for our unconsolidated affiliates.


	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2023		2022		2023		2022
Net revenue	$	218.7	$	214.6	$	439.3	$	391.8

Operating and SG&A expense	135.0		130.7		272.2		248.9
Depreciation and amortization	5.9		6.3		11.6		11.6
Total operating expense	140.9		137.0		283.8		260.5
Operating income	77.8		77.6		155.5		131.3
Interest and other, net	(10.7)		(7.3)		(21.6)		(3.2)
Net income	$	67.1	$	70.3	$	133.9	$	128.1

Affiliate Balance Sheet


(in millions)	June 30, 2023		December 31, 2022
Assets
Current assets	$	86.4	$	91.0
Property and equipment, net	342.5		345.7
Other assets, net	264.4		265.0
Total assets	$	693.3	$	701.7
Liabilities and Members' Deficit
Current liabilities	$	107.3	$	97.9
Long-term debt	846.4		838.6
Other liabilities	0.4		0.2
Members' deficit	(260.8)		(235.0)
Total liabilities and members' deficit	$	693.3	$	701.7

Segment Information - Reconciliation of Comprehensive Income to Adjusted EBITDA by Segment (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment Reporting Information [Line Items]
Net income and comprehensive income	$ 143.0	$ 339.3	$ 298.7	$ 381.4
Depreciation and amortization	41.8	26.1	79.7	51.2
Interest expense, net	65.2	35.1	129.9	56.4
Income tax provision	56.2	140.6	109.4	157.1
EBITDA	306.2	541.1	617.7	646.1
Stock-based compensation expense	8.1	7.4	16.7	14.4
Pre-opening expense	3.2	2.6	6.4	4.7
Arlington exit costs	5.9	1.8	9.3	4.3
Other expenses, net	6.6	0.0	6.9	0.0
Transaction expense, net	0.5	1.2	0.3	6.2
Asset impairments	24.5	0.0	24.5	4.9
Interest, depreciation and amortization expense related to equity investments	9.9	10.5	19.7	21.6
Changes in fair value of Rivers Des Plaines' interest rate swaps	0.0	(2.2)	0.0	(12.6)
Other charges and recoveries, net	(1.2)	0.0	(0.9)	1.0
Gain on sale of assets	0.0	(274.6)	(114.0)	(274.6)
Total adjustments to EBITDA	57.5	(249.9)	(31.1)	(226.4)
Adjusted EBITDA	363.7	291.2	586.6	419.7
Net revenue	768.5	582.5	1,328.0	946.6
Operating Segments
Segment Reporting Information [Line Items]
Adjusted EBITDA	380.8	304.6	621.8	447.7
All Other
Segment Reporting Information [Line Items]
Adjusted EBITDA	(17.1)	(13.4)	(35.2)	(28.0)
Net revenue	0.2	0.5	0.5	1.0
Live and Historical
Segment Reporting Information [Line Items]
Adjusted EBITDA	223.5	163.9	305.6	191.8
Net revenue	408.0	275.9	623.8	363.1
Taxes and purses	(85.4)	(59.6)	(141.9)	(86.4)
Marketing and advertising	(12.1)	(6.4)	(20.3)	(9.3)
Salaries and benefits	(30.3)	(18.9)	(52.1)	(29.8)
Content expense	(2.0)	(1.0)	(3.5)	(1.6)
Selling, general and administrative expense	(7.3)	(3.0)	(16.0)	(6.3)
Other operating expense	(47.6)	(23.2)	(84.6)	(38.0)
Other income	0.2	0.1	0.2	0.1
Live and Historical \| Operating Segments
Segment Reporting Information [Line Items]
Adjusted EBITDA	223.5	163.9	305.6	191.8
Net revenue	385.0	260.9	599.4	346.9
TwinSpires
Segment Reporting Information [Line Items]
Adjusted EBITDA	33.9	33.9	63.3	58.0
Net revenue	139.1	138.5	235.5	239.9
Taxes and purses	(7.0)	(7.2)	(12.0)	(14.7)
Marketing and advertising	(5.3)	(5.0)	(6.7)	(10.1)
Salaries and benefits	(7.5)	(6.9)	(13.7)	(13.6)
Content expense	(68.7)	(68.1)	(111.7)	(111.2)
Selling, general and administrative expense	(2.7)	(2.6)	(5.1)	(5.2)
Other operating expense	(14.0)	(14.8)	(24.0)	(27.1)
Other income	0.0	0.0	1.0	0.0
TwinSpires \| Operating Segments
Segment Reporting Information [Line Items]
Adjusted EBITDA	33.9	33.9	63.3	58.0
Net revenue	137.4	136.8	232.2	237.1
Gaming
Segment Reporting Information [Line Items]
Adjusted EBITDA	123.4	106.8	252.9	197.9
Net revenue	247.9	184.5	499.5	363.7
Taxes and purses	(81.7)	(68.2)	(165.3)	(135.5)
Marketing and advertising	(9.0)	(3.7)	(17.6)	(7.2)
Salaries and benefits	(39.5)	(23.5)	(74.0)	(47.4)
Content expense	(2.7)	(2.2)	(4.5)	(3.7)
Selling, general and administrative expense	(10.3)	(6.7)	(22.5)	(13.3)
Other operating expense	(30.0)	(22.2)	(60.0)	(42.2)
Other income	48.7	48.8	97.3	83.5
Gaming \| Operating Segments
Segment Reporting Information [Line Items]
Adjusted EBITDA	123.4	106.8	252.9	197.9
Net revenue	245.9	184.3	495.9	361.6
Rivers Des Plaines
Segment Reporting Information [Line Items]
Rivers Des Plaines' legal reserves and transaction costs	0.0	0.2	0.0	0.5
Other Segments [Member]
Segment Reporting Information [Line Items]
Legal reserve	$ 0.0	$ 3.2	$ 0.0	$ 3.2

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Debt - Schedule of Long-Term Debt Instruments (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Total debt	$ 4,660.8	$ 4,638.8
Current maturities of long-term debt	(68.0)	(47.0)
Unamortized premium and deferred finance charges	(41.4)	(33.1)
Total debt, net of current maturities and costs	4,551.4	4,558.7
2027 Senior Notes \| Senior Notes
Debt Instrument [Line Items]
Total debt	600.0	600.0
2028 Senior Notes \| Senior Notes
Debt Instrument [Line Items]
Total debt	700.0	700.0
2030 Senior Notes \| Senior Notes
Debt Instrument [Line Items]
Total debt	1,200.0	1,200.0
2031 Senior Notes \| Senior Notes
Debt Instrument [Line Items]
Total debt	600.0	0.0
Secured Debt \| Term Loan B due 2024
Debt Instrument [Line Items]
Total debt	0.0	380.0
Secured Debt \| Term Loan B-1 due 2028
Debt Instrument [Line Items]
Total debt	293.3	294.7
Secured Debt \| Term Loan A due 2027
Debt Instrument [Line Items]
Total debt	1,267.5	800.0
Revolving Credit Facility \| Revolver
Debt Instrument [Line Items]
Total debt	$ 0.0	$ 664.1

Investments in and Advances to Unconsolidated Affiliates - Additional Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Investments in and Advances to Affiliates [Line Items]
Distributions from unconsolidated affiliates	$ 91.7	$ 77.9
Rivers Des Plaines
Investments in and Advances to Affiliates [Line Items]
Equity method investment, ownership percentage	61.30%		61.30%
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	$ 113.3		$ 114.4
Distributions from unconsolidated affiliates	23.5	16.5
Midwest Gaming Holdings, LLC
Investments in and Advances to Affiliates [Line Items]
Equity method investment, difference between carrying amount and underlying equity	832.5
Equity method investment, amount	531.4		$ 544.9
Distributions from unconsolidated affiliates	$ 68.2	$ 61.3
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%

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities:
Net income	$ 298.7	$ 381.4
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	79.7	51.2
Distributions from unconsolidated affiliates	91.7	77.9
Equity in income of unconsolidated affiliates	(77.1)	(73.0)
Stock-based compensation	16.7	14.4
Deferred income taxes	32.4	20.4
Asset impairments	24.5	4.9
Amortization of operating lease assets	3.5	2.7
Gain on sale of assets	(114.0)	(274.6)
Other	3.6	2.9
Changes in operating assets and liabilities:
Income taxes	41.6	154.0
Deferred revenue	(15.5)	(37.9)
Other assets and liabilities	16.8	56.5
Net cash provided by operating activities	402.6	380.8
Cash flows from investing activities:
Capital maintenance expenditures	(30.2)	(23.0)
Capital project expenditures	(282.2)	(144.1)
Proceeds from sale of assets	195.7	279.0
Other	(2.3)	(7.3)
Net cash (used in) provided by investing activities	(119.0)	104.6
Cash flows from financing activities:
Proceeds from borrowings under long-term debt obligations	1,223.3	1,200.0
Repayments of borrowings under long-term debt obligations	(1,201.4)	(3.5)
Payment of dividends	(26.7)	(25.7)
Repurchase of common stock	(0.5)	(84.5)
Taxes paid related to net share settlement of stock awards	(13.2)	(13.2)
Debt issuance costs	(12.2)	(11.4)
Change in bank overdraft	(16.2)	(3.0)
Other	(0.8)	(0.2)
Net cash (used in) provided by financing activities	(47.7)	1,058.5
Cash flows from discontinued operations:
Operating activities of discontinued operations	0.5	0.0
Net increase in cash, cash equivalents and restricted cash	236.4	1,543.9
Cash, cash equivalents and restricted cash, beginning of period	204.7	355.6
Cash, cash equivalents and restricted cash, end of period	441.1	1,899.5
Supplemental disclosures of cash flow information:
Cash paid for interest	135.4	42.4
Cash paid for income taxes	35.6	15.9
Cash received from income tax refunds	0.8	33.1
Schedule of non-cash operating, investing and financing activities:
Property and equipment additions included in accounts payable and accrued expenses	51.4	32.5
Debt issuance costs included in accrued expense and other current liabilities	1.4	1.8
Right-of-use assets obtained in exchange for lease obligations in operating leases	1.1	0.9
Right-of-use assets obtained in exchange for lease obligations in finance leases	33.2	0.0
Repurchase of common stock included in accrued expense and other current liabilities	$ 0.0	$ 2.0

Revenue from Contracts with Customers

6 Months Ended

Jun. 30, 2023

Revenue from Contract with Customer [Abstract]

Revenue from Contracts with Customers

REVENUE FROM CONTRACTS WITH CUSTOMERS

Performance Obligations

As of June 30, 2023, 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 $126.8 million. The revenue we expect to recognize on these remaining performance obligations is $1.5 million for the remainder of 2023, $48.9 million in 2024, $38.1 million in 2025, and the remainder thereafter.

As of June 30, 2023, our remaining performance obligations on contracts with a duration greater than one year in segments other than Live and Historical Racing were not material.

Contract Assets and Contract Liabilities

As of June 30, 2023 and December 31, 2022, contract assets were not material.

As of June 30, 2023 and December 31, 2022, contract liabilities were $43.5 million and $58.7 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 $38.8 million and $42.4 million of revenue during the three months and six months ended June 30, 2023, respectively, which was included in the contract liabilities balance at December 31, 2022. We recognized $43.6 million and $46.8 million of revenue during the three months and six months ended June 30, 2022, respectively, which was included in the contract liabilities balance at December 31, 2021.

Disaggregation of Revenue

The Company has included its disaggregated revenue disclosures as follows:

•For the Live and Historical Racing segment, revenue is disaggregated between Churchill Downs Racetrack and historical racing properties given that our racing facilities revenues primarily revolve around live racing events while our historical racing properties revenues primarily revolve around historical racing. 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 live and simulcast racing, gaming, and other services.

•For the Gaming segment, revenue is disaggregated by location given the geographic economic factors that affect the revenue of gaming service offerings. Within the Gaming segment, revenue is further disaggregated between live and simulcast racing, racing event-related services, gaming, and other services.

We believe that these disclosures depict how the amount, nature, timing, and uncertainty of cash flows are affected by economic factors. The tables below present net revenue from external customers and intercompany revenue from each of our segments:


	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2023		2022		2023		2022
Net revenue from external customers:
Live and Historical Racing:
Churchill Downs Racetrack	$	178.3	$	174.2	$	180.7	$	176.2
Louisville	45.3		44.2		89.3		87.0
Northern Kentucky	17.3		8.4		43.6		19.2
Southwestern Kentucky	37.6		34.1		74.1		64.5
Western Kentucky	9.4		—		14.2		—
Virginia	94.6		—		192.3		—
New Hampshire	2.5		—		5.2		—
Total Live and Historical Racing	$	385.0	$	260.9	$	599.4	$	346.9

TwinSpires:	$	137.4	$	136.8	$	232.2	$	237.1

Gaming:
Florida	$	26.0	$	27.9	$	52.1	$	54.9
Iowa	24.0		—		48.5		—
Louisiana	33.8		37.2		77.9		78.7
Maine	29.5		29.4		57.2		56.2
Maryland	27.6		27.4		50.9		48.7
Mississippi	25.8		26.0		53.3		53.5
New York	44.6		—		89.1		—
Pennsylvania	34.6		36.4		66.9		69.6
Total Gaming	$	245.9	$	184.3	$	495.9	$	361.6
All Other	0.2		0.5		0.5		1.0
Net revenue from external customers	$	768.5	$	582.5	$	1,328.0	$	946.6

Intercompany net revenues:
Live and Historical Racing	$	23.0	$	15.0	$	24.4	$	16.2
TwinSpires	1.7		1.7		3.3		2.8
Gaming	2.0		0.2		3.6		2.1
All Other	—		—		—		—
Eliminations	(26.7)		(16.9)		(31.3)		(21.1)
Intercompany net revenue	$	—	$	—	$	—	$	—


	Three Months Ended June 30, 2023
(in millions)	Live and Historical Racing		TwinSpires		Gaming		Total Segments		All Other		Total
Net revenue from external customers
Pari-mutuel:
Live and simulcast racing	$	40.2	$	117.5	$	3.2	$	160.9	$	—	$	160.9
Historical racing(a)	184.1		—		7.0		191.1		—		191.1
Racing event-related services	136.7		—		1.5		138.2		—		138.2
Gaming(a)	2.5		1.2		206.9		210.6		—		210.6
Other(a)	21.5		18.7		27.3		67.5		0.2		67.7
Total	$	385.0	$	137.4	$	245.9	$	768.3	$	0.2	$	768.5


	Three Months Ended June 30, 2022
(in millions)	Live and Historical Racing		TwinSpires		Gaming		Total Segments		All Other		Total
Net revenue from external customers
Pari-mutuel:
Live and simulcast racing	$	46.5	$	118.4	$	5.5	$	170.4	$	—	$	170.4
Historical racing(a)	78.4		—		1.3		79.7		—		79.7
Racing event-related services	121.9		—		0.2		122.1		—		122.1
Gaming(a)	—		6.2		158.1		164.3		—		164.3
Other(a)	14.1		12.2		19.2		45.5		0.5		46.0
Total	$	260.9	$	136.8	$	184.3	$	582.0	$	0.5	$	582.5


	Six Months Ended June 30, 2023
(in millions)	Live and Historical Racing		TwinSpires		Gaming		Total Segments		All Other		Total
Net revenue from external customers
Pari-mutuel:
Live and simulcast racing	$	51.2	$	196.9	$	14.8	$	262.9	$	—	$	262.9
Historical racing(a)	369.4		—		13.0		382.4		—		382.4
Racing event-related services	137.7		—		3.4		141.1		—		141.1
Gaming(a)	5.1		5.6		412.4		423.1		—		423.1
Other(a)	36.0		29.7		52.3		118.0		0.5		118.5
Total	$	599.4	$	232.2	$	495.9	$	1,327.5	$	0.5	$	1,328.0


	Six Months Ended June 30, 2022
(in millions)	Live and Historical Racing		TwinSpires		Gaming		Total Segments		All Other		Total
Net revenue from external customers
Pari-mutuel:
Live and simulcast racing	$	52.1	$	199.9	$	18.4	$	270.4	$	—	$	270.4
Historical racing(a)	152.0		—		1.3		153.3		—		153.3
Racing event-related services	122.4		—		0.6		123.0		—		123.0
Gaming(a)	—		16.5		309.0		325.5		—		325.5
Other(a)	20.4		20.7		32.3		73.4		1.0		74.4
Total	$	346.9	$	237.1	$	361.6	$	945.6	$	1.0	$	946.6

(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 racing pari-mutuel revenue for HRMs or gaming revenue for our casino properties. These amounts were $24.5 million for the six months ended June 30, 2023 and $14.8 million for the six months ended June 30, 2022.

- 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
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Stock-based Compensation Plans - Summary of RSUs and PSUs Granted (Details) shares in Thousands	6 Months Ended
	Jun. 30, 2023 shares
Restricted Stock Units (RSUs) \| Share-based Compensation Award, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Units Awarded (in shares)	114
Award vesting period (in years)	3 years
Restricted Stock Units (RSUs) \| Share-based Payment Arrangement, Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Units Awarded (in shares)	6
Service period vested (in years)	1 year
Performance Shares (PSUs) \| Share-based Compensation Award, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Units Awarded (in shares)	62
Service period vested (in years)	3 years
Restricted Stock \| Share-Based Payment Arrangement, Tranche Four
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Units Awarded (in shares)	4
Service period vested (in years)	1 year

Contingencies	6 Months Ended
Contingencies	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Contingencies	CONTINGENCIES We may be involved in litigation arising in the ordinary course of conducting business. We carry insurance for workers' compensation claims from our employees and general liability for claims from independent contractors, customers and guests. We are self-insured up to an aggregate stop loss for our general liability and workers' compensation coverages. We review all litigation on an ongoing basis when making accrual and disclosure decisions. For certain legal proceedings, we cannot reasonably estimate losses or a range of loss, if any, particularly for proceedings that are in the early stages of development or where the plaintiffs seek indeterminate damages. Various factors, including but not limited to, the outcome of potentially lengthy discovery and the resolution of important factual questions, may need to be determined before probability can be established or before a loss or range of loss can be reasonably estimated. In accordance with current accounting standards for loss contingencies and based upon information currently known to us, we establish reserves for litigation when it is probable that a loss associated with a claim or proceeding has been incurred and the amount of the loss or range of loss can be reasonably estimated. When no amount within the range of loss is a better estimate than any other amount, we accrue the minimum amount of the estimable loss. To the extent that such litigation against us may have an exposure to a loss in excess of the amount we have accrued, we believe that such excess would not be material to our consolidated financial condition, results of operations, or cash flows. Legal fees are expensed as incurred. If the loss contingency in question is not both probable and reasonably estimable, we do not establish an accrual and the matter will continue to be monitored for any developments that would make the loss contingency both probable and reasonably estimable. In the event that a legal proceeding results in a substantial judgment against us, or settlement by us, there can be no assurance that any resulting liability or financial commitment would not have a material adverse impact on our business.

Goodwill and Other Intangible Assets - Intangible Assets (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Gross Carrying Amount	$ 31.0	$ 31.0
Accumulated Amortization	(23.8)	(21.4)
Definite-lived intangible assets, Net Carrying Amount	7.2	9.6
Indefinite-lived intangible assets, Net Carrying Amount	2,357.7	2,382.2
Total intangible assets	$ 2,364.9	$ 2,391.8

Acquisitions - Summary of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022	Nov. 01, 2022
Business Acquisition [Line Items]
Goodwill	$ 722.9	$ 723.8
P2E Transaction
Business Acquisition [Line Items]
Accounts receivable, net			$ 9.8
Other current assets			7.2
Property and equipment			611.2
Goodwill			347.8
Other intangible assets			1,941.5
Deferred taxes			20.8
Other assets			16.0
Total assets acquired			2,954.3
Accounts payable			4.0
Accrued expenses and other current liabilities			96.9
Other liabilities assumed			17.5
Total liabilities assumed			118.4
Net assets acquired (net of cash)			$ 2,835.9

Asset Impairments (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Asset Impairments (Details) - USD ($) $ in Millions	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Indefinite-lived Intangible Assets [Line Items]
Asset impairments	$ 24.5	$ 0.0	$ 24.5	$ 4.9
Presque Isle Downs & Casino
Indefinite-lived Intangible Assets [Line Items]
Asset impairments	$ 24.5

Net Income Per Common Share Computations (Tables)

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The following is a reconciliation of the numerator and denominator of the net income per common share computations:


	Three Months Ended June 30,				Six Months Ended June 30,
(in millions, except per share data)	2023		2022		2023		2022
Numerator for basic and diluted net income per common share:
Net income	$	143.0	$	339.3	$	298.7	$	381.4

Denominator for net income per common share:
Basic	75.3		76.2		75.3		76.4
Plus dilutive effect of stock awards	1.6		1.0		1.2		1.0
Diluted	76.9		77.2		76.5		77.4

Net income per common share data:

Basic net income	$	1.90	$	4.45	$	3.97	$	4.99


Diluted net income	$	1.86	$	4.39	$	3.90	$	4.92

Goodwill And Other Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2023

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, 2022	$	280.3	$	152.2	$	290.3	$	1.0	$	723.8
Adjustments	0.1		—		—		(1.0)		(0.9)
Balances as of June 30, 2023	$	280.4	$	152.2	$	290.3	$	—	$	722.9

Schedule of Indefinite and Finite Lived Assets

Other intangible assets are comprised of the following:


	June 30, 2023						December 31, 2022
(in millions)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Definite-lived intangible assets	$	31.0	$	(23.8)	$	7.2	$	31.0	$	(21.4)	$	9.6
Indefinite-lived intangible assets					2,357.7						2,382.2
Total					$	2,364.9					$	2,391.8

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Fair Value Of Assets And Liabilities - Schedule of Fair Value Measurements on a Recurring Basis (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	$ 67.1	$ 74.9
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	67.1	74.9
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 \| 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	573.0	574.5
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	647.5	626.5
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 \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	0.0	0.0
2030 Senior Notes \| Senior Notes \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	1,119.0	1,079.4
2030 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
2031 Senior Notes \| Senior Notes \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	0.0
2031 Senior Notes \| Senior Notes \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	593.6
2031 Senior Notes \| Senior Notes \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	0.0
Secured Debt \| Term Loan B \| Line of Credit \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities		0.0
Secured Debt \| Term Loan B \| Line of Credit \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities		380.0
Secured Debt \| Term Loan B \| Line of Credit \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities		0.0
Secured Debt \| 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
Secured Debt \| Term Loan B-1 \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	293.3	294.8
Secured Debt \| 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
Secured Debt \| Term Loan A \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	0.0	0.0
Secured Debt \| Term Loan A \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	1,267.5	800.0
Secured Debt \| Term Loan A \| 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		664.1
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	67.1	74.9
Carrying Amount \| 2027 Senior Notes \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	595.9	595.3
Carrying Amount \| 2028 Senior Notes \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	698.6	698.4
Carrying Amount \| 2030 Senior Notes \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	1,184.5	1,183.4
Carrying Amount \| 2031 Senior Notes \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	589.7
Carrying Amount \| Secured Debt \| Term Loan B
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities		378.4
Carrying Amount \| Secured Debt \| Term Loan B-1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	290.4	291.6
Carrying Amount \| Secured Debt \| Term Loan A
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	1,260.2	794.5
Carrying Amount \| Revolving Credit Facility \| Revolver
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities		664.1
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	67.1	74.9
Fair Value \| 2027 Senior Notes \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	573.0	574.5
Fair Value \| 2028 Senior Notes \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	647.5	626.5
Fair Value \| 2030 Senior Notes \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	1,119.0	1,079.4
Fair Value \| 2031 Senior Notes \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	593.6
Fair Value \| Secured Debt \| Term Loan B \| Line of Credit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities		380.0
Fair Value \| Secured Debt \| Term Loan B-1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	293.3	294.8
Fair Value \| Secured Debt \| Term Loan A
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	$ 1,267.5	800.0
Fair Value \| Revolving Credit Facility \| Revolver
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities		$ 664.1