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Segment Information (Tables) | 6 Months Ended
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Jun. 30, 2014
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information, by Segment | The table below presents information about the reported segments for the three and six months ended June 30, 2014 and 2013 (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2014 |  | 2013 |  | 2014 |  | 2013
Net revenues from external customers: |  |  |  |  |  |  |
Churchill Downs | $ | 118,348 |  |  | $ | 108,278 |  |  | $ | 120,490 |  |  | $ | 110,578 |
Arlington | 21,193 |  |  | 22,006 |  |  | 27,315 |  |  | 29,247 |
Calder | 9,714 |  |  | 17,031 |  |  | 17,738 |  |  | 19,311 |
Fair Grounds | 10,180 |  |  | 10,072 |  |  | 24,471 |  |  | 26,064 |
Total Racing Operations | 159,435 |  |  | 157,387 |  |  | 190,014 |  |  | 185,200 |
Calder Casino | 19,873 |  |  | 20,466 |  |  | 40,456 |  |  | 40,952 |
Fair Grounds Slots | 9,586 |  |  | 9,978 |  |  | 21,370 |  |  | 22,342 |
VSI | 8,658 |  |  | 9,245 |  |  | 17,581 |  |  | 19,006 |
Harlow's Casino | 11,777 |  |  | 13,097 |  |  | 26,228 |  |  | 28,451 |
Oxford Casino | 19,402 |  |  | — |  |  | 36,921 |  |  | — |
Riverwalk Casino | 12,662 |  |  | 14,101 |  |  | 25,957 |  |  | 28,225 |
Total Gaming | 81,958 |  |  | 66,887 |  |  | 168,513 |  |  | 138,976 |
Online Business | 57,076 |  |  | 52,531 |  |  | 103,160 |  |  | 95,447 |
Other Investments | 4,778 |  |  | 6,371 |  |  | 8,615 |  |  | 11,273 |
Corporate | 404 |  |  | 418 |  |  | 659 |  |  | 574 |
Net revenues from external customers | $ | 303,651 |  |  | $ | 283,594 |  |  | $ | 470,961 |  |  | $ | 431,470 |
Intercompany net revenues: |  |  |  |  |  |  |
Churchill Downs | $ | 4,945 |  |  | $ | 4,607 |  |  | $ | 5,173 |  |  | $ | 4,796 |
Arlington | 1,777 |  |  | 903 |  |  | 2,794 |  |  | 1,040 |
Calder | 351 |  |  | 492 |  |  | 707 |  |  | 505 |
Fair Grounds | (3 | ) |  | — |  |  | 729 |  |  | 833 |
Total Racing Operations | 7,070 |  |  | 6,002 |  |  | 9,403 |  |  | 7,174 |
Online Business | 244 |  |  | 233 |  |  | 474 |  |  | 446 |
Other Investments | 1,210 |  |  | 1,348 |  |  | 2,108 |  |  | 2,250 |
Eliminations | (8,524 | ) |  | (7,583 | ) |  | (11,985 | ) |  | (9,870 | )
Net revenues | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Reconciliation of segment Adjusted EBITDA to net earnings: |  |  |  |  |  |  |
Racing Operations | $ | 78,079 |  |  | $ | 70,517 |  |  | $ | 67,829 |  |  | $ | 59,260 |
Gaming | 26,174 |  |  | 19,365 |  |  | 53,425 |  |  | 41,292 |
Online Business | 14,087 |  |  | 14,091 |  |  | 24,037 |  |  | 25,426 |
Other Investments | (673 | ) |  | 920 |  |  | (2,026 | ) |  | 1,229 |
Total segment Adjusted EBITDA | 117,667 |  |  | 104,893 |  |  | 143,265 |  |  | 127,207 |
Corporate Adjusted EBITDA | (1,141 | ) |  | (988 | ) |  | (2,247 | ) |  | (2,165 | )
Insurance recoveries, net of losses | — |  |  | — |  |  | 431 |  |  | 375 |
HRE Trust Fund proceeds | — |  |  | 292 |  |  | — |  |  | 292 |
Share-based compensation expense | (3,113 | ) |  | (6,214 | ) |  | (8,354 | ) |  | (9,577 | )
Pre-opening expenses | — |  |  | (481 | ) |  | (27 | ) |  | (711 | )
MVG interest expense, net | (597 | ) |  | — |  |  | (1,137 | ) |  | — |
Depreciation and amortization | (15,760 | ) |  | (14,991 | ) |  | (31,044 | ) |  | (30,026 | )
Interest income (expense), net | (4,956 | ) |  | (1,167 | ) |  | (9,925 | ) |  | (2,633 | )
Income tax provision | (34,767 | ) |  | (31,035 | ) |  | (34,329 | ) |  | (31,364 | )
Earnings from continuing operations | 57,333 |  |  | 50,309 |  |  | 56,633 |  |  | 51,398 |
Discontinued operations, net of income taxes | — |  |  | (11 | ) |  | — |  |  | (42 | )
Net earnings and comprehensive income | $ | 57,333 |  |  | $ | 50,298 |  |  | $ | 56,633 |  |  | $ | 51,356 |
Reconciliation of Assets from Segment to Consolidated | The table below presents equity in earnings (losses) of unconsolidated investments included in the Company’s reported segments for the three and six months ended June 30, 2014 and 2013 (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2014 |  | 2013 |  | 2014 |  | 2013
Gaming | $ | 2,796 |  |  | $ | (495 | ) |  | $ | 4,837 |  |  | $ | (793 | )
Online Business | 28 |  |  | (239 | ) |  | 248 |  |  | (130 | )
Other Investments | (318 | ) |  | 103 |  |  | (289 | ) |  | 128 |
| $ | 2,506 |  |  | $ | (631 | ) |  | $ | 4,796 |  |  | $ | (795 | )
The table below presents total capital expenditures for the reported segments for the six months ended June 30, 2014 and 2013 (in thousands):
| Six Months Ended June 30,
| 2014 |  | 2013
Capital expenditures: |  |  |
Racing Operations | $ | 27,915 |  |  | $ | 10,210 |
Gaming | 4,119 |  |  | 9,048 |
Online Business | 3,174 |  |  | 3,528 |
Other Investments | 3,267 |  |  | 986 |
| $ | 38,475 |  |  | $ | 23,772 |
The table below presents total assets for the reported segments (in thousands):
| June 30, 2014 |  | December 31, 2013
Total assets: |  |  |
Racing Operations | $ | 521,657 |  |  | $ | 513,345 |
Gaming | 617,792 |  |  | 622,038 |
Online Business | 191,450 |  |  | 186,621 |
Other Investments | 32,240 |  |  | 30,257 |
| $ | 1,363,139 |  |  | $ | 1,352,261 |

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- Definition Tabular disclosure of all significant reconciling items in the reconciliation of total assets from reportable segments to the entity's consolidated assets. + References Reference 1: 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 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599 + Details
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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8721-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8813-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=14024403&loc=d3e13816-109267 Reference 4: 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 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8736-108599 + Details
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