XML 25 R13.htm IDEA: XBRL DOCUMENT
v3.25.1

Revenue from Contracts with Customers | 3 Months Ended
--- | ---
Mar. 31, 2025
Revenue from Contract with Customer [Abstract] |
Revenue from Contracts with Customers | 8. REVENUE FROM CONTRACTS WITH CUSTOMERS Performance Obligations As of March 31, 2025, our Live and Historical Racing segment had remaining performance obligations on contracts with a duration greater than one year relating to television rights, sponsorships, personal seat licenses, and admissions, with an aggregate transaction price of $290.4 million. The revenue we expect to recognize on these remaining performance obligations is $67.3 million for the remainder of 2025, $62.8 million in 2026, $49.6 million in 2027, and the remainder thereafter. As of March 31, 2025, our remaining performance obligations on contracts with a duration greater than one year in segments other than Live and Historical Racing were not material. Contract Assets and Contract Liabilities As of March 31, 2025 and December 31, 2024, contract assets were not material. As of March 31, 2025 and December 31, 2024, contract liabilities were $174.2 million and $81.5 million, respectively, which are included in current deferred revenue, non-current deferred revenue, and accrued expense in the accompanying Condensed Consolidated Balance Sheets. Contract liabilities primarily relate to the Live and Historical Racing segment and the increase was primarily due to deferred revenue related to the 151st Kentucky Derby. We recognized $6.0 million of revenue during the three months ended March 31, 2025, which was included in the contract liabilities balance at December 31, 2024. We recognized $5.8 million of revenue during the three months ended March 31, 2024, which was included in the contract liabilities balance at December 31, 2023. Disaggregation of Revenue The Company has included its disaggregated revenue disclosures as follows: •For the Live and Historical Racing segment, revenue is disaggregated between Churchill Downs Racetrack and historical racing properties given that Churchill Downs Racetrack revenue primarily revolves around live racing events, while our other Live and Historical Racing properties' revenues primarily revolve around historical racing. This segment is also disaggregated by location given the geographic economic factors that affect the revenue of service offerings. Within the Live and Historical Racing segment, revenue is further disaggregated between live and simulcast racing, historical racing, racing event-related services, gaming, and other services. • For the Wagering Services and Solutions segment, revenue is disaggregated between live and simulcast racing, gaming, and other services. • For the Gaming segment, revenue is disaggregated by location given the geographic economic factors that affect the revenue of Gaming service offerings. Within the Gaming segment, revenue is further disaggregated between live and simulcast racing, historical racing, racing event-related services, gaming, and other services. We believe that these disclosures depict how the amount, nature, timing, and uncertainty of cash flows are affected by economic factors. The tables below present net revenue from external customers and intercompany revenue from each of our segments:
| Three Months Ended March 31, |
(in millions) | 2025 |  | 2024 |
Net revenue from external customers: |  |  |  |
Live and Historical Racing: |  |  |  |
Churchill Downs Racetrack | $ | 3.6 |  |  | $ | 3.1 |  |
Louisville | 52.2 |  |  | 53.7 |  |
Northern Kentucky | 31.2 |  |  | 28.5 |  |
Southwestern Kentucky | 40.5 |  |  | 38.6 |  |
Western Kentucky | 12.4 |  |  | 6.8 |  |
Virginia | 129.3 |  |  | 111.2 |  |
New Hampshire | 3.3 |  |  | 3.2 |  |
Total Live and Historical Racing | $ | 272.5 |  |  | $ | 245.1 |  |
Wagering Services and Solutions: | $ | 106.9 |  |  | $ | 106.6 |  |
Gaming: |  |  |  |
Florida | $ | 25.3 |  |  | $ | 26.1 |  |
Iowa | 23.5 |  |  | 23.4 |  |
Indiana | 31.6 |  |  | — |  |
Louisiana | 44.6 |  |  | 44.3 |  |
Maine | 25.0 |  |  | 26.8 |  |
Maryland | 20.8 |  |  | 21.6 |  |
Mississippi | 25.1 |  |  | 26.0 |  |
New York | 43.4 |  |  | 45.0 |  |
Pennsylvania | 23.9 |  |  | 26.0 |  |
Total Gaming | $ | 263.2 |  |  | $ | 239.2 |  |
All Other | — |  |  | — |  |
Net revenue from external customers | $ | 642.6 |  |  | $ | 590.9 |  |
Intercompany net revenues: |  |  |  |
Live and Historical Racing | $ | 3.9 |  |  | $ | 3.8 |  |
Wagering Services and Solutions | 8.9 |  |  | 7.5 |  |
Gaming | 4.0 |  |  | 4.0 |  |
All Other | 2.0 |  |  | — |  |
Eliminations | (18.8) |  |  | (15.3) |  |
Intercompany net revenue | $ | — |  |  | $ | — |  |
| Three Months Ended March 31, 2025
(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 | $ | 11.2 |  |  | $ | 80.1 |  |  | $ | 10.7 |  |  | $ | 102.0 |  |  | $ | — |  |  | $ | 102.0 |
Historical racing(a) | 236.4 |  |  | — |  |  | 9.7 |  |  | 246.1 |  |  | — |  |  | 246.1 |
Racing event-related services | 1.4 |  |  | — |  |  | 0.7 |  |  | 2.1 |  |  | — |  |  | 2.1 |
Gaming(a) | 3.3 |  |  | 3.9 |  |  | 213.7 |  |  | 220.9 |  |  | — |  |  | 220.9 |
Other(a) | 20.2 |  |  | 22.9 |  |  | 28.4 |  |  | 71.5 |  |  | — |  |  | 71.5 |
Total | $ | 272.5 |  |  | $ | 106.9 |  |  | $ | 263.2 |  |  | $ | 642.6 |  |  | $ | — |  |  | $ | 642.6 |
| Three Months Ended March 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 | $ | 11.0 |  |  | $ | 79.8 |  |  | $ | 10.6 |  |  | $ | 101.4 |  |  | $ | — |  |  | $ | 101.4 |
Historical racing(a) | 212.1 |  |  | — |  |  | 8.8 |  |  | 220.9 |  |  | — |  |  | 220.9 |
Racing event-related services | 1.1 |  |  | — |  |  | 2.2 |  |  | 3.3 |  |  | — |  |  | 3.3 |
Gaming(a) | 3.1 |  |  | 5.7 |  |  | 193.1 |  |  | 201.9 |  |  | — |  |  | 201.9 |
Other(a) | 17.8 |  |  | 21.1 |  |  | 24.5 |  |  | 63.4 |  |  | — |  |  | 63.4 |
Total | $ | 245.1 |  |  | $ | 106.6 |  |  | $ | 239.2 |  |  | $ | 590.9 |  |  | $ | — |  |  | $ | 590.9 |
(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 $14.4 million for the three months ended March 31, 2025 and $13.4 million for the three months ended March 31, 2024.

X
- References No definition available. + Details
Name: | us-gaap_RevenueFromContractWithCustomerAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
Name: | us-gaap_RevenueFromContractWithCustomerTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration