XML 24 R14.htm IDEA: XBRL DOCUMENT v3.25.3
Revenue from Contracts with Customers
 9 Months Ended
Sep. 30, 2025
Revenue from Contract with Customer [Abstract]  
Revenue from Contracts with Customers
9. REVENUE FROM CONTRACTS WITH CUSTOMERS
Performance Obligations
As of September 30, 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 $247.1 million. The revenue we expect to recognize on these remaining performance obligations is $1.2 million for the remainder of 2025, $70.6 million in 2026, $55.6 million in 2027, and the remainder thereafter.
As of September 30, 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 September 30, 2025 and December 31, 2024, contract assets were not material.
As of September 30, 2025 and December 31, 2024, contract liabilities were $55.7 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 decrease was primarily due to the recognition of previously deferred revenue related to the 151st Kentucky Derby. We recognized $2.2 million and $56.1 million of revenue during the three months and nine months ended September 30, 2025, respectively, which was included in the contract liabilities balance at December 31, 2024. We recognized $1.1 million and $74.1 million of revenue during the three months and nine months ended September 30, 2024, respectively, 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 September 30,Nine Months Ended September 30,
(in millions)2025202420252024
Net revenue from external customers:
Live and Historical Racing:
Churchill Downs Racetrack$11.9 $11.7 $243.0 $242.8 
Louisville53.9 50.3 163.3 157.1 
Northern Kentucky26.4 23.4 84.3 73.9 
Southwestern Kentucky41.6 39.3 125.5 118.1 
Western Kentucky21.8 9.8 50.2 22.7 
Virginia139.7 110.0 405.0 333.1 
New Hampshire4.7 3.0 11.1 9.6 
Total Live and Historical Racing$300.0 $247.5 $1,082.4 $957.3 
Wagering Services and Solutions:$118.0 $111.3 $383.3 $369.6 
Gaming:
Florida$23.4 $23.8 $74.0 $76.4 
Iowa23.7 22.9 70.9 69.8 
Indiana33.3 32.4 97.5 66.3 
Louisiana26.1 32.0 102.6 113.4 
Maine28.9 27.7 80.9 81.3 
Maryland30.5 31.5 76.9 79.3 
Mississippi22.3 23.6 71.4 74.1 
New York48.0 46.8 139.0 138.3 
Pennsylvania28.8 29.0 81.0 84.2 
Total Gaming$265.0 $269.7 $794.2 $783.1 
All Other— — 0.1 0.1 
Net revenue from external customers$683.0 $628.5 $2,260.0 $2,110.1 
Intercompany net revenues:
Live and Historical Racing$5.7 $4.9 $40.6 $34.2 
Wagering Services and Solutions9.2 7.4 28.1 23.1 
Gaming0.5 0.6 4.8 4.8 
All Other2.2 2.6 6.4 4.4 
Eliminations(17.6)(15.5)(79.9)(66.5)
Intercompany net revenue$— $— $— $— 
Three Months Ended September 30, 2025
(in millions)Live and Historical RacingWagering Services and SolutionsGamingTotal SegmentsAll OtherTotal
Net revenue from external customers
Pari-mutuel:
Live and simulcast racing$16.4 $86.7 $5.0 $108.1 $— $108.1 
Historical racing(a)
252.6 — — 252.6 — 252.6 
Racing event-related services4.1 — 0.1 4.2 — 4.2 
Gaming(a)
3.4 4.7 230.3 238.4 — 238.4 
Other(a)
23.5 26.6 29.6 79.7 — 79.7 
Total$300.0 $118.0 $265.0 $683.0 $— $683.0 


Three Months Ended September 30, 2024
(in millions)Live and Historical RacingWagering Services and SolutionsGamingTotal SegmentsAll OtherTotal
Net revenue from external customers
Pari-mutuel:
Live and simulcast racing$15.2 $82.7 $5.0 $102.9 $— $102.9 
Historical racing(a)
205.9 — 9.3 215.2 — 215.2 
Racing event-related services5.0 — 1.4 6.4 — 6.4 
Gaming(a)
3.1 4.4 224.3 231.8 — 231.8 
Other(a)
18.3 24.2 29.7 72.2 — 72.2 
Total$247.5 $111.3 $269.7 $628.5 $— $628.5 
(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 $15.2 million for the three months ended September 30, 2025 and $14.2 million for the three months ended September 30, 2024.
Nine Months Ended September 30, 2025
(in millions)Live and Historical RacingWagering Services and SolutionsGamingTotal SegmentsAll OtherTotal
Net revenue from external customers
Pari-mutuel:
Live and simulcast racing$81.2 $292.1 $20.0 $393.3 $— $393.3 
Historical racing(a)
741.5 — 13.7 755.2 — 755.2 
Racing event-related services177.8 — 1.0 178.8 — 178.8 
Gaming(a)
9.7 12.6 669.8 692.1 — 692.1 
Other(a)
72.2 78.6 89.7 240.5 0.1 240.6 
Total$1,082.4 $383.3 $794.2 $2,259.9 $0.1 $2,260.0 
Nine Months Ended September 30, 2024
(in millions)Live and Historical RacingWagering Services and SolutionsGamingTotal SegmentsAll OtherTotal
Net revenue from external customers
Pari-mutuel:
Live and simulcast racing$76.6 $277.9 $20.1 $374.6 $— $374.6 
Historical racing(a)
630.1 — 27.4 657.5 — 657.5 
Racing event-related services182.1 — 5.0 187.1 — 187.1 
Gaming(a)
9.5 14.4 645.5 669.4 — 669.4 
Other(a)
59.0 77.3 85.1 221.4 0.1 221.5 
Total$957.3 $369.6 $783.1 $2,110.0 $0.1 $2,110.1 
(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 $45.2 million for the nine months ended September 30, 2025 and $41.7 million for the nine months ended September 30, 2024.