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v3.23.2

Revenue from Contract with Customer (Tables) | 6 Months Ended
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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 |

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- Definition Tabular disclosure of entity-wide revenues from external customers for each product or service or each group of similar products or services if the information is not provided as part of the reportable operating segment information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 + Details
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