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Segment Information (Tables) | 12 Months Ended
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Dec. 31, 2021
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, Adjusted EBITDA by segment and reconciles comprehensive income to Adjusted EBITDA:
| Years Ended December 31,
(in millions) | 2021 |  | 2020 |  | 2019
Net revenue from external customers: |  |  |  |  |
Live and Historical Racing: |  |  |  |  |
Churchill Downs Racetrack | $ | 128.1 |  |  | $ | 63.3 |  |  | $ | 187.6 |
Derby City Gaming | 154.3 |  |  | 79.5 |  |  | 86.6 |
Oak Grove | 100.7 |  |  | 16.6 |  |  | — |
Turfway Park | 8.1 |  |  | 7.1 |  |  | 2.5 |
Newport | 17.9 |  |  | 3.1 |  |  | — |
Total Live and Historical Racing | 409.1 |  |  | 169.6 |  |  | 276.7 |
TwinSpires: |  |  |  |  |
Horse Racing | 396.9 |  |  | 403.2 |  |  | 289.9 |
Sports and Casino | 34.8 |  |  | 11.3 |  |  | 5.7 |
Total TwinSpires | 431.7 |  |  | 414.5 |  |  | 295.6 |
Gaming: |  |  |  |  |
Fair Grounds and VSI | 133.6 |  |  | 97.6 |  |  | 123.0 |
Presque Isle | 119.6 |  |  | 73.1 |  |  | 137.5 |
Ocean Downs | 100.6 |  |  | 60.2 |  |  | 85.9 |
Calder | 100.0 |  |  | 51.8 |  |  | 99.8 |
Oxford Casino | 99.8 |  |  | 44.9 |  |  | 101.7 |
Riverwalk Casino | 61.2 |  |  | 46.3 |  |  | 56.1 |
Harlow’s Casino | 56.1 |  |  | 40.7 |  |  | 54.0 |
Lady Luck Nemacolin | 24.5 |  |  | 20.7 |  |  | 29.3 |
Total Gaming | 695.4 |  |  | 435.3 |  |  | 687.3 |
All Other | 61.0 |  |  | 34.6 |  |  | 70.1 |
Net revenue from external customers | $ | 1,597.2 |  |  | $ | 1,054.0 |  |  | $ | 1,329.7 |
Intercompany net revenues: |  |  |  |  |
Live and Historical Racing: |  |  |  |  |
Churchill Downs Racetrack | $ | 19.9 |  |  | $ | 17.8 |  |  | $ | 15.2 |
Turfway Park | 1.6 |  |  | 1.4 |  |  | 0.3 |
Total Live and Historical Racing | 21.5 |  |  | 19.2 |  |  | 15.5 |
TwinSpires | 1.4 |  | 1.5 |  |  | 1.1 |
Gaming: |  |  |  |  |
Fair Grounds and VSI | 2.6 |  |  | 2.3 |  |  | 1.9 |
Presque Isle | 0.3 |  |  | 0.2 |  |  | 0.4 |
Calder | 0.1 |  |  | — |  |  | 0.1 |
Total Gaming | 3.0 |  |  | 2.5 |  |  | 2.4 |
All Other | 12.9 |  |  | 11.8 |  |  | 11.3 |
Eliminations | (38.8) |  |  | (35.0) |  |  | (30.3) |
Intercompany net revenue | $ | — |  |  | $ | — |  |  | $ | — |
| Year Ended December 31, 2021
(in millions) | Live and Historical Racing |  | TwinSpires |  | Gaming |  | Total Segments |  | All Other |  | Total
Net revenue from external customers |  |  |  |  |  |  |  |  |  |  |
Pari-mutuel: |  |  |  |  |  |  |  |  |  |  |
Live and simulcast racing | $ | 64.0 |  |  | $ | 380.7 |  |  | $ | 28.2 |  |  | $ | 472.9 |  |  | $ | 29.7 |  |  | $ | 502.6 |
Historical racing(a) | 253.0 |  |  | — |  |  | — |  |  | 253.0 |  |  | — |  |  | 253.0 |
Racing event-related services | 68.5 |  |  | — |  |  | 1.2 |  |  | 69.7 |  |  | 7.0 |  |  | 76.7 |
Gaming(a) | — |  |  | 34.8 |  |  | 622.0 |  |  | 656.8 |  |  | — |  |  | 656.8 |
Other(a) | 23.6 |  |  | 16.2 |  |  | 44.0 |  |  | 83.8 |  |  | 24.3 |  |  | 108.1 |
Total | $ | 409.1 |  |  | $ | 431.7 |  |  | $ | 695.4 |  |  | $ | 1,536.2 |  |  | $ | 61.0 |  |  | $ | 1,597.2 |
| Year Ended December 31, 2020
(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 |  |  | $ | 387.5 |  |  | $ | 22.9 |  |  | $ | 456.9 |  |  | $ | 18.2 |  |  | $ | 475.1 |
Historical racing(a) | 93.6 |  |  | — |  |  | — |  |  | 93.6 |  |  | — |  |  | 93.6 |
Racing event-related services | 21.0 |  |  | — |  |  | 3.4 |  |  | 24.4 |  |  | 0.3 |  |  | 24.7 |
Gaming(a) | — |  |  | 11.3 |  |  | 381.3 |  |  | 392.6 |  |  | — |  |  | 392.6 |
Other(a) | 8.5 |  |  | 15.7 |  |  | 27.7 |  |  | 51.9 |  |  | 16.1 |  |  | 68.0 |
Total | $ | 169.6 |  |  | $ | 414.5 |  |  | $ | 435.3 |  |  | $ | 1,019.4 |  |  | $ | 34.6 |  |  | $ | 1,054.0 |
| Year Ended December 31, 2019
(in millions) | Live and Historical Racing |  | TwinSpires |  | Gaming |  | Total Segments |  | All Other |  | Total
Net revenue from external customers |  |  |  |  |  |  |  |  |  |  |
Pari-mutuel: |  |  |  |  |  |  |  |  |  |  |
Live and simulcast racing | $ | 61.1 |  |  | $ | 277.1 |  |  | $ | 30.7 |  |  | $ | 368.9 |  |  | $ | 39.0 |  |  | $ | 407.9 |
Historical racing(a) | 81.6 |  |  | — |  |  | — |  |  | 81.6 |  |  | — |  |  | 81.6 |
Racing event-related services | 118.6 |  |  | — |  |  | 4.1 |  |  | 122.7 |  |  | 5.7 |  |  | 128.4 |
Gaming(a) | — |  |  | 5.7 |  |  | 580.1 |  |  | 585.8 |  |  | — |  |  | 585.8 |
Other(a) | 15.4 |  |  | 12.8 |  |  | 72.4 |  |  | 100.6 |  |  | 25.4 |  |  | 126.0 |
Total | $ | 276.7 |  |  | $ | 295.6 |  |  | $ | 687.3 |  |  | $ | 1,259.6 |  |  | $ | 70.1 |  |  | $ | 1,329.7 |
(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 $20.9 million in 2021, $13.1 million in 2020, and $33.4 million in 2019.
Schedule of Segment Reporting Information | Adjusted EBITDA by segment is comprised of the following:
| Year Ended December 31, 2021
(in millions) | Live and Historical Racing |  | TwinSpires |  | Gaming
Net revenue | $ | 430.6 |  |  | $ | 433.1 |  |  | $ | 698.4 |
Taxes and purses | (126.3) |  |  | (30.6) |  |  | (264.4) |
Marketing and advertising | (12.9) |  |  | (49.4) |  |  | (11.8) |
Salaries and benefits | (48.4) |  |  | (13.9) |  |  | (87.1) |
Content expense | (2.5) |  |  | (206.6) |  |  | (4.7) |
Selling, general and administrative expense | (12.8) |  |  | (9.2) |  |  | (27.9) |
Other operating expense | (53.0) |  |  | (45.4) |  |  | (72.3) |
Other income | 0.3 |  |  | — |  |  | 181.7 |
Adjusted EBITDA | $ | 175.0 |  |  | $ | 78.0 |  |  | $ | 411.9 |
| Year Ended December 31, 2020
(in millions) | Live and Historical Racing |  | TwinSpires |  | Gaming
Net revenue | $ | 188.8 |  |  | $ | 416.0 |  |  | $ | 437.8 |
Taxes and purses | (64.1) |  |  | (25.1) |  |  | (171.6) |
Marketing and advertising | (6.2) |  |  | (16.5) |  |  | (7.5) |
Salaries & benefits | (32.5) |  |  | (13.0) |  |  | (75.9) |
Content expense | (1.5) |  |  | (202.7) |  |  | (3.5) |
Selling, general and administrative expense | (8.7) |  |  | (8.8) |  |  | (25.4) |
Other operating expense | (36.8) |  |  | (37.1) |  |  | (59.7) |
Other income | 0.1 |  |  | 0.1 |  |  | 78.9 |
Adjusted EBITDA | $ | 39.1 |  |  | $ | 112.9 |  |  | $ | 173.1 |
| Year Ended December 31, 2019
(in millions) | Live and Historical Racing |  | TwinSpires |  | Gaming
Net revenue | $ | 292.2 |  |  | $ | 296.7 |  |  | $ | 689.7 |
Taxes and purses | (68.7) |  |  | (16.2) |  |  | (269.4) |
Marketing and advertising | (7.1) |  |  | (12.3) |  |  | (21.4) |
Salaries & benefits | (32.8) |  |  | (11.4) |  |  | (103.3) |
Content expense | (2.6) |  |  | (152.2) |  |  | (5.3) |
Selling, general and administrative expense | (8.3) |  |  | (7.1) |  |  | (29.1) |
Other operating expense | (37.3) |  |  | (28.2) |  |  | (83.6) |
Other income | 0.2 |  |  | — |  |  | 100.3 |
Adjusted EBITDA | $ | 135.6 |  |  | $ | 69.3 |  |  | $ | 277.9 |
| Years Ended December 31,
(in millions) | 2021 |  | 2020 |  | 2019
Reconciliation of Comprehensive Income (Loss) to Adjusted EBITDA: |  |  |  |  |
Net income (loss) and comprehensive income (loss) attributable to Churchill Downs Incorporated | $ | 249.1 |  |  | $ | (81.9) |  |  | $ | 137.5 |
Net loss attributable to noncontrolling interest | — |  |  | 0.2 |  |  | 0.3 |
Net income (loss) | 249.1 |  |  | (82.1) |  |  | 137.2 |
Loss from discontinued operations, net of tax | — |  |  | 95.4 |  |  | 2.4 |
Income from continuing operations, net of tax | 249.1 |  |  | 13.3 |  |  | 139.6 |
Additions: |  |  |  |  |
Depreciation and amortization | 103.2 |  |  | 92.9 |  |  | 96.4 |
Interest expense | 84.7 |  |  | 80.0 |  |  | 70.9 |
Income tax provision (benefit) | 94.5 |  |  | (5.3) |  |  | 56.8 |
EBITDA | $ | 531.5 |  |  | $ | 180.9 |  |  | $ | 363.7 |
Adjustments to EBITDA: |  |  |  |  |
Selling, general and administrative: |  |  |  |  |
Stock-based compensation expense | $ | 27.8 |  |  | $ | 23.7 |  |  | $ | 23.8 |
Legal reserves | — |  |  | — |  |  | 3.6 |
Other charges | 0.2 |  |  | 0.8 |  |  | 0.4 |
Pre-opening expense and other expense | 5.8 |  |  | 11.2 |  |  | 5.1 |
Other income, expense: |  |  |  |  |
Interest, depreciation and amortization expense related to equity investments | 41.5 |  |  | 38.5 |  |  | 32.6 |
Changes in fair value of Rivers Des Plaines' interest rate swaps | (12.9) |  |  | 12.9 |  |  | 12.4 |
Rivers Des Plaines' legal reserves and transactions costs | 9.9 |  |  | — |  |  | 4.7 |
Other charges and recoveries, net | — |  |  | — |  |  | (0.2) |
Transaction expense, net | 7.9 |  |  | 1.0 |  |  | 5.3 |
Asset impairments | 15.3 |  |  | 17.5 |  |  | — |
Total adjustments to EBITDA | 95.5 |  |  | 105.6 |  |  | 87.7 |
Adjusted EBITDA | $ | 627.0 |  |  | $ | 286.5 |  |  | $ | 451.4 |
Adjusted EBITDA by segment: |  |  |  |  |
Live and Historical Racing | $ | 175.0 |  |  | $ | 39.1 |  |  | $ | 135.6 |
TwinSpires | 78.0 |  |  | 112.9 |  |  | 69.3 |
Gaming | 411.9 |  |  | 173.1 |  |  | 277.9 |
Total segment Adjusted EBITDA | 664.9 |  |  | 325.1 |  |  | 482.8 |
All Other | (37.9) |  |  | (38.6) |  |  | (31.4) |
Total Adjusted EBITDA | $ | 627.0 |  |  | $ | 286.5 |  |  | $ | 451.4 |
Schedule of Total Assets and Capital Expenditures by Operating Segment | The table below presents total asset information for each of our segments:
| December 31,
(in millions) | 2021 |  | 2020
Total assets: |  |  |
Live and Historical Racing | $ | 682.7 |  |  | $ | 663.1 |
TwinSpires | 271.8 |  |  | 257.2 |
Gaming | 1,003.3 |  |  | 950.3 |
Total segment assets | 1,957.8 |  |  | 1,870.6 |
All Other | 1,023.8 |  |  | 815.8 |
| $ | 2,981.6 |  |  | $ | 2,686.4 |
The table below presents total capital expenditures for each of our segments:
| Years Ended December 31,
(in millions) | 2021 |  | 2020 |  | 2019
Capital expenditures: |  |  |  |  |
Live and Historical Racing | $ | 60.1 |  |  | $ | 213.3 |  |  | $ | 77.7 |
TwinSpires | 17.4 |  |  | 6.6 |  |  | 9.7 |
Gaming | 10.3 |  |  | 11.6 |  |  | 37.1 |
Total segment capital expenditures | 87.8 |  |  | 231.5 |  |  | 124.5 |
All Other | 4.0 |  |  | 2.7 |  |  | 6.7 |
Total capital expenditures | $ | 91.8 |  |  | $ | 234.2 |  |  | $ | 131.2 |

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