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Segment Information (Tables) | 12 Months Ended
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Dec. 31, 2024
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) | 2024 |  | 2023 |  | 2022
Net revenue from external customers: |  |  |  |  |
Live and Historical Racing: |  |  |  |  |
Churchill Downs Racetrack | $ | 259.5 |  |  | $ | 205.8 |  |  | $ | 196.8 |
Louisville | 209.1 |  |  | 189.0 |  |  | 169.9 |
Northern Kentucky | 98.9 |  |  | 85.8 |  |  | 46.1 |
Southwestern Kentucky | 158.3 |  |  | 147.8 |  |  | 131.4 |
Western Kentucky | 28.8 |  |  | 31.8 |  |  | 4.5 |
Virginia | 458.2 |  |  | 375.4 |  |  | 62.4 |
New Hampshire | 12.8 |  |  | 11.7 |  |  | 3.5 |
Total Live and Historical Racing | $ | 1,225.6 |  |  | $ | 1,047.3 |  |  | $ | 614.6 |
Wagering Services and Solutions: | $ | 469.5 |  |  | $ | 444.9 |  |  | $ | 436.4 |
Gaming: |  |  |  |  |
Florida | $ | 100.2 |  |  | $ | 100.7 |  |  | $ | 106.2 |
Iowa | 93.3 |  |  | 96.0 |  |  | 15.6 |
Indiana | 96.6 |  |  | — |  |  | — |
Louisiana | 150.2 |  |  | 145.6 |  |  | 140.8 |
Maine | 106.0 |  |  | 114.1 |  |  | 114.4 |
Maryland | 101.8 |  |  | 106.9 |  |  | 105.3 |
Mississippi | 98.7 |  |  | 100.9 |  |  | 101.8 |
New York | 183.0 |  |  | 180.5 |  |  | 30.9 |
Pennsylvania | 109.3 |  |  | 123.9 |  |  | 140.9 |
Total Gaming | $ | 1,039.1 |  |  | $ | 968.6 |  |  | $ | 755.9 |
All Other | 0.1 |  |  | 0.9 |  |  | 2.9 |
Net revenue from external customers | $ | 2,734.3 |  |  | $ | 2,461.7 |  |  | $ | 1,809.8 |
Intercompany net revenues: |  |  |  |  |
Live and Historical Racing | $ | 41.4 |  |  | $ | 37.3 |  |  | $ | 31.8 |
Wagering Services and Solutions | 31.2 |  |  | 13.5 |  |  | 5.2 |
Gaming | 6.3 |  |  | 6.0 |  |  | 5.9 |
All Other | 6.5 |  |  | — |  |  | 0.4 |
Eliminations | (85.4) |  |  | (56.8) |  |  | (43.3) |
Intercompany net revenue | $ | — |  |  | $ | — |  |  | $ | — |
| Year Ended December 31, 2024
(in millions) | Live and Historical Racing |  | Wagering Services and Solutions |  | Gaming |  | Total Segments |  | All Other |  | Total
Net revenue from external customers |  |  |  |  |  |  |  |  |  |  |
Pari-mutuel: |  |  |  |  |  |  |  |  |  |  |
Live and simulcast racing | $ | 91.3 |  |  | $ | 352.2 |  |  | $ | 26.4 |  |  | $ | 469.9 |  |  | $ | — |  |  | $ | 469.9 |
Historical racing(a) | 854.9 |  |  | — |  |  | 37.0 |  |  | 891.9 |  |  | — |  |  | 891.9 |
Racing event-related services | 188.0 |  |  | — |  |  | 6.6 |  |  | 194.6 |  |  | — |  |  | 194.6 |
Gaming(a) | 12.6 |  |  | 17.3 |  |  | 856.0 |  |  | 885.9 |  |  | — |  |  | 885.9 |
Other(a) | 78.8 |  |  | 100.0 |  |  | 113.1 |  |  | 291.9 |  |  | 0.1 |  |  | 292.0 |
Total | $ | 1,225.6 |  |  | $ | 469.5 |  |  | $ | 1,039.1 |  |  | $ | 2,734.2 |  |  | $ | 0.1 |  |  | $ | 2,734.3 |
| Year Ended December 31, 2023
(in millions) | Live and Historical Racing |  | Wagering Services and Solutions |  | 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 |  | Wagering Services and Solutions |  | 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 |
(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 $56.0 million in 2024, $50.9 million in 2023, and $33.9 million in 2022. Net revenue from external customers by segment is comprised of the following:
| Years Ended December 31,
(in millions) | 2024 |  | 2023 |  | 2022
Live and Historical Racing | $ | 1,225.6 |  |  | $ | 1,047.3 |  |  | $ | 614.6 |
Wagering Services and Solutions | 469.5 |  |  | 444.9 |  |  | 436.4 |
Gaming | 1,039.1 |  |  | 968.6 |  |  | 755.9 |
All Other | 0.1 |  |  | 0.9 |  |  | 2.9 |
Net Revenue | $ | 2,734.3 |  |  | $ | 2,461.7 |  |  | $ | 1,809.8 |
Schedule of Segment Reporting Information | Adjusted EBITDA by segment is comprised of the following:
| Year Ended December 31, 2024
(in millions) | Live and Historical Racing |  | Wagering Services and Solutions |  | Gaming
Revenue | $ | 1,267.0 |  |  | $ | 500.7 |  |  | $ | 1,045.4 |
Pari-mutuel taxes and purses | (300.0) |  |  | (19.7) |  |  | (43.5) |
Gaming taxes | (5.7) |  |  | (2.4) |  |  | (291.6) |
Marketing and advertising | (42.1) |  |  | (8.9) |  |  | (35.4) |
Salaries and benefits | (127.0) |  |  | (32.8) |  |  | (164.6) |
Content expense | (6.4) |  |  | (205.8) |  |  | (8.5) |
Selling, general and administrative expense | (40.1) |  |  | (15.5) |  |  | (46.1) |
Maintenance, insurance and utilities | (46.5) |  |  | (4.2) |  |  | (42.1) |
Gaming equipment rental and technology costs | (41.6) |  |  | (3.5) |  |  | (15.4) |
Food and beverage costs | (12.9) |  |  | — |  |  | (16.7) |
Other operating expense(1) | (70.6) |  |  | (42.6) |  |  | (62.9) |
Equity in income of unconsolidated affiliates | — |  |  | — |  |  | 186.4 |
Other income | 0.5 |  |  | 0.3 |  |  | 1.9 |
Adjusted EBITDA | $ | 574.6 |  |  | $ | 165.6 |  |  | $ | 506.9 |
| Year Ended December 31, 2023
(in millions) | Live and Historical Racing |  | Wagering Services and Solutions |  | Gaming
Revenue | $ | 1,084.6 |  |  | $ | 458.4 |  |  | $ | 974.6 |
Pari-mutuel taxes and purses | (262.5) |  |  | (19.9) |  |  | (39.2) |
Gaming taxes | (5.2) |  |  | (2.7) |  |  | (283.6) |
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) |
Gaming equipment rental and technology costs | (48.7) |  |  | (3.7) |  |  | (15.6) |
Food and beverage costs | (11.3) |  |  | — |  |  | (14.9) |
Other operating expense(1) | (56.6) |  |  | (40.6) |  |  | (53.2) |
Equity in income of unconsolidated affiliates | — |  |  | — |  |  | 191.6 |
Other income | 1.3 |  |  | 1.0 |  |  | 1.8 |
Adjusted EBITDA | $ | 475.4 |  |  | $ | 132.1 |  |  | $ | 488.6 |
| Year Ended December 31, 2022
(in millions) | Live and Historical Racing |  | Wagering Services and Solutions |  | Gaming
Revenue | $ | 646.4 |  |  | $ | 441.6 |  |  | $ | 761.8 |
Pari-mutuel taxes and purses | (167.1) |  |  | (18.7) |  |  | (36.4) |
Gaming taxes | (1.5) |  |  | (8.3) |  |  | (241.7) |
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) |
Gaming equipment rental and technology costs | (18.6) |  |  | (3.4) |  |  | (11.8) |
Food and beverage costs | (6.0) |  |  | — |  |  | (10.0) |
Other operating expense(1) | (36.6) |  |  | (41.4) |  |  | (38.6) |
Equity in income of unconsolidated affiliates | — |  |  | — |  |  | 184.5 |
Other income | 0.4 |  |  | 0.1 |  |  | 6.4 |
Adjusted EBITDA | $ | 287.5 |  |  | $ | 114.1 |  |  | $ | 421.9 |
(1) Other operating expense primarily includes supplies, regulatory licenses and fees, property taxes, and third-party service fees and costs.
| Years Ended December 31,
(in millions) | 2024 |  | 2023 |  | 2022
Reconciliation of Net Income to Adjusted EBITDA: |  |  |  |  |
Net income attributable to Churchill Downs Incorporated | $ | 426.8 |  |  | $ | 417.3 |  |  | $ | 439.4 |
Net income attributable to noncontrolling interest | 2.3 |  |  | — |  |  | — |
Net income | 429.1 |  |  | 417.3 |  |  | 439.4 |
Adjustments: |  |  |  |  |
Depreciation and amortization | 199.1 |  |  | 169.0 |  |  | 113.7 |
Interest expense | 289.8 |  |  | 268.4 |  |  | 147.3 |
Income tax provision | 144.1 |  |  | 144.5 |  |  | 169.4 |
Stock-based compensation expense | 36.1 |  |  | 32.9 |  |  | 31.8 |
Legal reserves | — |  |  | (1.2) |  |  | 3.8 |
Pre-opening expenses | 29.6 |  |  | 18.6 |  |  | 13.2 |
Arlington exit costs | — |  |  | 9.4 |  |  | 5.7 |
Other expense, net | 4.2 |  |  | 7.0 |  |  | 1.7 |
Transaction (benefit) expense, net | (12.1) |  |  | 4.8 |  |  | 42.1 |
Asset impairments | 3.9 |  |  | 24.6 |  |  | 38.3 |
Other income, expense: |  |  |  |  |
Interest, depreciation and amortization expense related to equity investments | 42.0 |  |  | 40.2 |  |  | 42.8 |
Changes in fair value of Rivers Des Plaines' interest rate swaps | — |  |  | — |  |  | (12.6) |
Rivers Des Plaines' legal reserves and transactions costs | 0.3 |  |  | — |  |  | 0.6 |
Other charges and recoveries, net | (6.9) |  |  | 2.4 |  |  | 1.0 |
Gain on sale of assets | — |  |  | (114.0) |  |  | (274.6) |
Total adjustments | 730.1 |  |  | 606.6 |  |  | 324.2 |
Adjusted EBITDA | $ | 1,159.2 |  |  | $ | 1,023.9 |  |  | $ | 763.6 |
Adjusted EBITDA by segment: |  |  |  |  |
Live and Historical Racing | $ | 574.6 |  |  | $ | 475.4 |  |  | $ | 287.5 |
Wagering Services and Solutions | 165.6 |  |  | 132.1 |  |  | 114.1 |
Gaming | 506.9 |  |  | 488.6 |  |  | 421.9 |
Total segment Adjusted EBITDA | 1,247.1 |  |  | 1,096.1 |  |  | 823.5 |
All Other | (87.9) |  |  | (72.2) |  |  | (59.9) |
Total Adjusted EBITDA | $ | 1,159.2 |  |  | $ | 1,023.9 |  |  | $ | 763.6 |
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) | 2024 |  | 2023
Total assets: |  |  |
Live and Historical Racing | $ | 4,143.3 |  |  | $ | 3,872.9 |
Wagering Services and Solutions | 460.6 |  |  | 473.9 |
Gaming | 1,953.7 |  |  | 1,920.9 |
Total segment assets | 6,557.6 |  |  | 6,267.7 |
All Other | 718.3 |  |  | 687.8 |
| $ | 7,275.9 |  |  | $ | 6,955.5 |
The table below presents total capital expenditures for each of our segments:
| Years Ended December 31,
(in millions) | 2024 |  | 2023 |  | 2022
Capital expenditures: |  |  |  |  |
Live and Historical Racing | $ | 385.4 |  |  | $ | 461.1 |  |  | $ | 307.0 |
Wagering Services and Solutions | 19.0 |  |  | 14.6 |  |  | 87.6 |
Gaming | 130.0 |  |  | 188.1 |  |  | 11.8 |
Total segment capital expenditures | 534.4 |  |  | 663.8 |  |  | 406.4 |
All Other | 12.6 |  |  | 12.7 |  |  | 17.1 |
Total capital expenditures | $ | 547.0 |  |  | $ | 676.5 |  |  | $ | 423.5 |

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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 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: 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 3: 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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