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Segment Information (Tables) | 12 Months Ended
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Dec. 31, 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:
| Years Ended December 31,
(in millions) | 2023 |  | 2022 |  | 2021
Net revenue from external customers: |  |  |  |  |
Live and Historical Racing: |  |  |  |  |
Churchill Downs Racetrack | $ | 205.8 |  |  | $ | 196.8 |  |  | $ | 128.1 |
Louisville | 189.0 |  |  | 169.9 |  |  | 154.3 |
Northern Kentucky | 85.8 |  |  | 46.1 |  |  | 26.0 |
Southwestern Kentucky | 147.8 |  |  | 131.4 |  |  | 100.7 |
Western Kentucky | 31.8 |  |  | 4.5 |  |  | — |
Virginia | 375.4 |  |  | 62.4 |  |  | — |
New Hampshire | 11.7 |  |  | 3.5 |  |  | — |
Total Live and Historical Racing | $ | 1,047.3 |  |  | $ | 614.6 |  |  | $ | 409.1 |
TwinSpires: | $ | 444.9 |  |  | $ | 436.4 |  |  | $ | 451.4 |
Gaming: |  |  |  |  |
Florida | $ | 100.7 |  |  | $ | 106.2 |  |  | $ | 100.0 |
Iowa | 96.0 |  |  | 15.6 |  |  | — |
Louisiana | 145.6 |  |  | 140.8 |  |  | 133.6 |
Maine | 114.1 |  |  | 114.4 |  |  | 99.8 |
Maryland | 106.9 |  |  | 105.3 |  |  | 100.6 |
Mississippi | 100.9 |  |  | 101.8 |  |  | 117.3 |
New York | 180.5 |  |  | 30.9 |  |  | — |
Pennsylvania | 123.9 |  |  | 140.9 |  |  | 144.1 |
Total Gaming | $ | 968.6 |  |  | $ | 755.9 |  |  | $ | 695.4 |
All Other | 0.9 |  |  | 2.9 |  |  | 41.3 |
Net revenue from external customers | $ | 2,461.7 |  |  | $ | 1,809.8 |  |  | $ | 1,597.2 |
Intercompany net revenues: |  |  |  |  |
Live and Historical Racing | $ | 37.3 |  |  | $ | 31.8 |  |  | $ | 21.5 |
TwinSpires | 13.5 |  |  | 5.2 |  |  | 6.4 |
Gaming | 6.0 |  |  | 5.9 |  |  | 3.0 |
All Other | — |  |  | 0.4 |  |  | 7.9 |
Eliminations | (56.8) |  |  | (43.3) |  |  | (38.8) |
Intercompany net revenue | $ | — |  |  | $ | — |  |  | $ | — |
| Year Ended December 31, 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 | $ | 81.9 |  |  | $ | 359.7 |  |  | $ | 26.6 |  |  | $ | 468.2 |  |  | $ | — |  |  | $ | 468.2 |
Historical racing(a) | 739.1 |  |  | — |  |  | 28.6 |  |  | 767.7 |  |  | — |  |  | 767.7 |
Racing event-related services | 145.9 |  |  | — |  |  | 6.4 |  |  | 152.3 |  |  | — |  |  | 152.3 |
Gaming(a) | 11.4 |  |  | 17.3 |  |  | 803.5 |  |  | 832.2 |  |  | — |  |  | 832.2 |
Other(a) | 69.0 |  |  | 67.9 |  |  | 103.5 |  |  | 240.4 |  |  | 0.9 |  |  | 241.3 |
Total | $ | 1,047.3 |  |  | $ | 444.9 |  |  | $ | 968.6 |  |  | $ | 2,460.8 |  |  | $ | 0.9 |  |  | $ | 2,461.7 |
| Year Ended December 31, 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 | $ | 66.8 |  |  | $ | 367.4 |  |  | $ | 28.1 |  |  | $ | 462.3 |  |  | $ | — |  |  | $ | 462.3 |
Historical racing(a) | 374.1 |  |  | — |  |  | 9.8 |  |  | 383.9 |  |  | — |  |  | 383.9 |
Racing event-related services | 129.8 |  |  | — |  |  | 1.8 |  |  | 131.6 |  |  | — |  |  | 131.6 |
Gaming(a) | 3.5 |  |  | 28.2 |  |  | 647.4 |  |  | 679.1 |  |  | — |  |  | 679.1 |
Other(a) | 40.4 |  |  | 40.8 |  |  | 68.8 |  |  | 150.0 |  |  | 2.9 |  |  | 152.9 |
Total | $ | 614.6 |  |  | $ | 436.4 |  |  | $ | 755.9 |  |  | $ | 1,806.9 |  |  | $ | 2.9 |  |  | $ | 1,809.8 |
| 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 |  |  | 35.9 |  |  | 44.0 |  |  | 103.5 |  |  | 4.6 |  |  | 108.1 |
Total | $ | 409.1 |  |  | $ | 451.4 |  |  | $ | 695.4 |  |  | $ | 1,555.9 |  |  | $ | 41.3 |  |  | $ | 1,597.2 |
(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 $50.9 million in 2023, $33.9 million in 2022, and $20.9 million in 2021 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: Net revenue by segment is comprised of the following:
| Years Ended December 31,
(in millions) | 2023 |  | 2022 |  | 2021
Live and Historical Racing | $ | 1,047.3 |  |  | $ | 614.6 |  |  | $ | 409.1 |
TwinSpires | 444.9 |  | 436.4 |  | 451.4 |
Gaming | 968.6 |  | 755.9 |  | 695.4 |
All Other | 0.9 |  |  | 2.9 |  |  | 41.3 |
Net Revenue | $ | 2,461.7 |  |  | $ | 1,809.8 |  |  | $ | 1,597.2 |
Schedule of Segment Reporting Information | Adjusted EBITDA by segment is comprised of the following:
| Year Ended December 31, 2023
(in millions) | Live and Historical Racing |  | TwinSpires |  | Gaming
Revenue | $ | 1,084.6 |  |  | $ | 458.4 |  |  | $ | 974.6 |
Gaming taxes and purses | (267.7) |  |  | (22.6) |  |  | (322.8) |
Marketing and advertising | (37.6) |  |  | (9.8) |  |  | (35.4) |
Salaries and benefits | (107.0) |  |  | (29.3) |  |  | (146.0) |
Content expense | (6.5) |  |  | (205.1) |  |  | (8.8) |
Selling, general and administrative expense | (31.9) |  |  | (12.4) |  |  | (42.7) |
Maintenance, insurance and utilities | (43.2) |  |  | (3.8) |  |  | (40.0) |
Property and other taxes | (6.0) |  |  | (0.2) |  |  | (13.5) |
Other operating expense | (110.6) |  |  | (44.1) |  |  | (70.2) |
Other income | 1.3 |  |  | 1.0 |  |  | 193.4 |
Adjusted EBITDA | $ | 475.4 |  |  | $ | 132.1 |  |  | $ | 488.6 |
| Year Ended December 31, 2022
(in millions) | Live and Historical Racing |  | TwinSpires |  | Gaming
Revenue | $ | 646.4 |  |  | $ | 441.6 |  |  | $ | 761.8 |
Gaming taxes and purses | (168.6) |  |  | (27.0) |  |  | (278.1) |
Marketing and advertising | (19.8) |  |  | (13.0) |  |  | (18.9) |
Salaries and benefits | (63.4) |  |  | (26.8) |  |  | (102.7) |
Content expense | (3.4) |  |  | (203.3) |  |  | (8.3) |
Selling, general and administrative expense | (18.6) |  |  | (9.7) |  |  | (31.3) |
Maintenance, insurance and utilities | (24.3) |  |  | (3.0) |  |  | (31.1) |
Property and other taxes | (2.6) |  |  | (0.2) |  |  | (10.5) |
Other operating expense | (58.6) |  |  | (44.6) |  |  | (49.9) |
Other income | 0.4 |  |  | 0.1 |  |  | 190.9 |
Adjusted EBITDA | $ | 287.5 |  |  | $ | 114.1 |  |  | $ | 421.9 |
| Year Ended December 31, 2021
(in millions) | Live and Historical Racing |  | TwinSpires |  | Gaming
Revenue | $ | 430.6 |  |  | $ | 457.8 |  |  | $ | 698.4 |
Gaming taxes and purses | (126.3) |  |  | (30.7) |  |  | (264.4) |
Marketing and advertising | (12.9) |  |  | (49.4) |  |  | (11.8) |
Salaries and benefits | (48.4) |  |  | (27.0) |  |  | (87.1) |
Content expense | (2.5) |  |  | (206.6) |  |  | (4.7) |
Selling, general and administrative expense | (12.8) |  |  | (11.0) |  |  | (27.9) |
Maintenance, insurance and utilities | (18.5) |  |  | (2.5) |  |  | (25.9) |
Property and other taxes | (3.1) |  |  | (0.2) |  |  | (9.6) |
Other operating expense | (31.4) |  |  | (47.7) |  |  | (36.8) |
Other income | 0.3 |  |  | — |  |  | 181.7 |
Adjusted EBITDA | $ | 175.0 |  |  | $ | 82.7 |  |  | $ | 411.9 |
| Years Ended December 31,
(in millions) | 2023 |  | 2022 |  | 2021
Reconciliation of Comprehensive Income to Adjusted EBITDA: |  |  |  |  |
Net income and comprehensive income | $ | 417.3 |  |  | $ | 439.4 |  |  | $ | 249.1 |
Additions: |  |  |  |  |
Depreciation and amortization | 169.0 |  |  | 113.7 |  |  | 103.2 |
Interest expense | 268.4 |  |  | 147.3 |  |  | 84.7 |
Income tax provision | 144.5 |  |  | 169.4 |  |  | 94.5 |
EBITDA | $ | 999.2 |  |  | $ | 869.8 |  |  | $ | 531.5 |
Adjustments to EBITDA: |  |  |  |  |
Stock-based compensation expense | $ | 32.9 |  |  | $ | 31.8 |  |  | $ | 27.8 |
Legal reserves | (1.2) |  |  | 3.8 |  |  | — |
Pre-opening expense | 18.6 |  |  | 13.2 |  |  | 5.8 |
Arlington exit costs | 9.4 |  |  | 5.7 |  |  | 5.3 |
Other expense, net | 7.0 |  |  | 1.7 |  |  | 0.2 |
Transaction expense, net | 4.8 |  |  | 42.1 |  |  | 2.6 |
Asset impairments | 24.6 |  |  | 38.3 |  |  | 15.3 |
Other income, expense: |  |  |  |  |
Interest, depreciation and amortization expense related to equity investments | 40.2 |  |  | 42.8 |  |  | 41.5 |
Changes in fair value of Rivers Des Plaines' interest rate swaps | — |  |  | (12.6) |  |  | (12.9) |
Rivers Des Plaines' legal reserves and transactions costs | — |  |  | 0.6 |  |  | 9.9 |
Other charges and recoveries, net | 2.4 |  |  | 1.0 |  |  | — |
Gain on sale of assets | (114.0) |  |  | (274.6) |  |  | — |
Total adjustments to EBITDA | 24.7 |  |  | (106.2) |  |  | 95.5 |
Adjusted EBITDA | $ | 1,023.9 |  |  | $ | 763.6 |  |  | $ | 627.0 |
Adjusted EBITDA by segment: |  |  |  |  |
Live and Historical Racing | $ | 475.4 |  |  | $ | 287.5 |  |  | $ | 175.0 |
TwinSpires | 132.1 |  |  | 114.1 |  |  | 82.7 |
Gaming | 488.6 |  |  | 421.9 |  |  | 411.9 |
Total segment Adjusted EBITDA | 1,096.1 |  |  | 823.5 |  |  | 669.6 |
All Other | (72.2) |  |  | (59.9) |  |  | (42.6) |
Total Adjusted EBITDA | $ | 1,023.9 |  |  | $ | 763.6 |  |  | $ | 627.0 |
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) | 2023 |  | 2022
Total assets: |  |  |
Live and Historical Racing | $ | 3,872.9 |  |  | $ | 3,345.4 |
TwinSpires | 473.9 |  |  | 287.9 |
Gaming | 1,920.9 |  |  | 1,824.2 |
Total segment assets | 6,267.7 |  |  | 5,457.5 |
All Other | 687.8 |  |  | 749.3 |
| $ | 6,955.5 |  |  | $ | 6,206.8 |
The table below presents total capital expenditures for each of our segments:
| Years Ended December 31,
(in millions) | 2023 |  | 2022 |  | 2021
Capital expenditures: |  |  |  |  |
Live and Historical Racing | $ | 461.1 |  |  | $ | 307.0 |  |  | $ | 60.1 |
TwinSpires | 14.6 |  |  | 87.6 |  |  | 18.6 |
Gaming | 188.1 |  |  | 11.8 |  |  | 10.3 |
Total segment capital expenditures | 663.8 |  |  | 406.4 |  |  | 89.0 |
All Other | 12.7 |  |  | 17.1 |  |  | 2.8 |
Total capital expenditures | $ | 676.5 |  |  | $ | 423.5 |  |  | $ | 91.8 |

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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://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-25 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30 + Details
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