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Segment Information | 12 Months Ended
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Dec. 31, 2011
Segment Information [Abstract] |
Segment Information | NOTE 19—SEGMENT INFORMATION The Company operates in the following four segments: (1) Racing Operations, which includes Churchill Downs, Calder, Arlington Park and its eleven OTBs and Fair Grounds and the pari-mutuel activity generated at its eleven OTBs; (2) Online Business, which includes TwinSpires, our ADW business, Youbet.com, LLC, an ADW business acquired on June 2, 2010, FAW, and BRIS as well as the Company's equity investment in HRTV, LLC; (3) Gaming, which includes video poker and gaming operations at Fair Grounds Slots, Calder Casino, Harlow's, a casino and hotel acquired on December 16, 2010 and VSI, an owner and operator of more than 800 video poker machines in Louisiana; and (4) Other Investments, which includes United Tote, a manufacturer and operator of pari-mutuel wagering systems acquired by the Company on June 2, 2010, CDSP and the Company's other minor investments. Eliminations include the elimination of intersegment transactions. The accounting policies of the segments are the same as those described in the "Summary of Significant Accounting Policies" in Note 1. The Company uses revenues and EBITDA (defined as earnings before interest, taxes, depreciation and amortization) as key performance measures of the results of operations for purposes of evaluating performance internally. Management believes that the use of these measures enables management and investors to evaluate and compare from period to period the Company's operating performance in a meaningful and consistent manner. However, EBITDA should not be considered as an alternative to, or more meaningful than, net earnings (as determined in accordance with accounting principles generally accepted in the United States of America) as a measure of our operating results. The table below presents information about reported segments for the years ended December 31, 2011, 2010 and 2009 (in thousands):
|  | Year Ended December 31, |
|  | 2011 |  |  | 2010 |  |  | 2009 |
Net revenues from external customers: |  |  |  |  |  |  |  |  |  |  |  |
Churchill Downs |  | $ | 121,236 |  |  | $ | 118,366 |  |  | $ | 113,227 |
Arlington Park |  |  | 69,694 |  |  |  | 71,851 |  |  |  | 86,076 |
Calder |  |  | 62,715 |  |  |  | 71,302 |  |  |  | 75,226 |
Fair Grounds |  |  | 44,625 |  |  |  | 46,025 |  |  |  | 50,041 |
Total Racing Operations |  |  | 298,270 |  |  |  | 307,544 |  |  |  | 324,570 |
Calder Casino |  |  | 82,819 |  |  |  | 65,211 |  |  |  | 152 |
Fair Grounds Slots |  |  | 41,553 |  |  |  | 40,432 |  |  |  | 39,030 |
VSI |  |  | 35,052 |  |  |  | 33,971 |  |  |  | 32,693 |
Harlow's Casino |  |  | 53,205 |  |  |  | 2,659 |  |  |  | — |
Total Gaming |  |  | 212,629 |  |  |  | 142,273 |  |  |  | 71,875 |
Online Business |  |  | 165,416 |  |  |  | 121,407 |  |  |  | 71,986 |
Other Investments |  |  | 20,213 |  |  |  | 13,980 |  |  |  | 1,516 |
Corporate |  |  | 326 |  |  |  | 141 |  |  |  | 556 |
Net revenues from external customers |  | $ | 696,854 |  |  | $ | 585,345 |  |  | $ | 470,503 |
Intercompany net revenues: |  |  |  |  |  |  |  |  |  |  |  |
Churchill Downs |  | $ | 5,088 |  |  | $ | 3,850 |  |  | $ | 3,137 |
Arlington Park |  |  | 3,725 |  |  |  | 3,009 |  |  |  | 1,961 |
Calder |  |  | 2,307 |  |  |  | 1,875 |  |  |  | 1,148 |
Fair Grounds |  |  | 1,164 |  |  |  | 968 |  |  |  | 869 |
Total Racing Operations |  |  | 12,284 |  |  |  | 9,702 |  |  |  | 7,115 |
Online Business |  |  | 786 |  |  |  | 676 |  |  |  | 589 |
Other Investments |  |  | 4,182 |  |  |  | 2,622 |  |  |  | 1,961 |
Eliminations |  |  | (17,252 | ) |  |  | (13,000 | ) |  |  | (9,665 | )
Net revenues |  | $ | — |  |  | $ | — |  |  | $ | — |
Reconciliation of Segment EBITDA to net earnings: |  |  |  |  |  |  |  |  |  |  |  |
Racing Operations |  | $ | 62,957 |  |  | $ | 35,131 |  |  | $ | 35,019 |
Online Business |  |  | 37,740 |  |  |  | 17,226 |  |  |  | 13,949 |
Gaming |  |  | 57,008 |  |  |  | 28,462 |  |  |  | 18,287 |
Other Investments |  |  | 2,370 |  |  |  | 3,920 |  |  |  | 2,098 |
Corporate |  |  | (1,365 | ) |  |  | (4,323 | ) |  |  | (3,820 | )
Total EBITDA |  |  | 158,710 |  |  |  | 80,416 |  |  |  | 65,533 |
Depreciation and amortization |  |  | (55,170 | ) |  |  | (46,524 | ) |  |  | (30,256 | )
Interest (expense) income, net |  |  | (8,456 | ) |  |  | (5,994 | ) |  |  | (761 | )
Provision for income taxes |  |  | (34,289 | ) |  |  | (8,341 | ) |  |  | (16,835 | )
Earnings from continuing operations |  |  | 60,795 |  |  |  | 19,557 |  |  |  | 17,681 |
Discontinued operations, net of income taxes |  |  | 3,560 |  |  |  | (3,204 | ) |  |  | (853 | )
Net earnings |  | $ | 64,355 |  |  | $ | 16,353 |  |  | $ | 16,828 |
The table below presents total asset information about reported segments as of December 31, 2011 and 2010 and capital expenditures for the years ended December 31, 2011, 2010, and 2009 (in thousands):
|  | As of December 31, |
|  | 2011 |  |  | 2010 |
Total assets: |  |  |  |  |  |  |  |
Racing Operations |  | $ | 909,795 |  |  | $ | 951,062 |
Gaming |  |  | 242,174 |  |  |  | 254,237 |
Online Business |  |  | 183,397 |  |  |  | 189,962 |
Other Investments |  |  | 180,752 |  |  |  | 191,160 |
|  | $ | 1,516,118 |  |  | $ | 1,586,421 |
Eliminations |  |  | (568,096 | ) |  |  | (568,702 | )
|  | $ | 948,022 |  |  | $ | 1,017,719 |
|  | Year Ended December 31, |
|  | 2011 |  |  | 2010 |  |  | 2009 |
Capital expenditures, net: |  |  |  |  |  |  |  |  |  |  |  |
Racing Operations |  | $ | 7,484 |  |  | $ | 35,295 |  |  | $ | 13,432 |
Gaming |  |  | 7,490 |  |  |  | 17,978 |  |  |  | 63,455 |
Online Business |  |  | 2,774 |  |  |  | 5,995 |  |  |  | 2,394 |
Other Investments |  |  | 4,919 |  |  |  | 2,684 |  |  |  | 2,659 |
|  | $ | 22,667 |  |  | $ | 61,952 |  |  | $ | 81,940 |
Capital expenditures, net for the year ended December 31, 2009 do not include the non-cash note payable of $24.0 million for the acquisition of land from The Duchossois Group ("TDG"), a related party, which was primarily financed through the issuance of a short-term note payable. See Note 20 for further discussion of the transaction.

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- 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/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 33 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 131 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8844-108599 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599 Reference 15: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599 + Details
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