Segment Information (Tables)

6 Months Ended

Jun. 30, 2014

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The table below presents information about the reported segments for the three and six months ended June 30, 2014 and 2013 (in thousands):

	Three Months Ended June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
Net revenues from external customers:
Churchill Downs	$	118,348		$	108,278		$	120,490		$	110,578
Arlington	21,193			22,006			27,315			29,247
Calder	9,714			17,031			17,738			19,311
Fair Grounds	10,180			10,072			24,471			26,064
Total Racing Operations	159,435			157,387			190,014			185,200
Calder Casino	19,873			20,466			40,456			40,952
Fair Grounds Slots	9,586			9,978			21,370			22,342
VSI	8,658			9,245			17,581			19,006
Harlow's Casino	11,777			13,097			26,228			28,451
Oxford Casino	19,402			—			36,921			—
Riverwalk Casino	12,662			14,101			25,957			28,225
Total Gaming	81,958			66,887			168,513			138,976
Online Business	57,076			52,531			103,160			95,447
Other Investments	4,778			6,371			8,615			11,273
Corporate	404			418			659			574
Net revenues from external customers	$	303,651		$	283,594		$	470,961		$	431,470
Intercompany net revenues:
Churchill Downs	$	4,945		$	4,607		$	5,173		$	4,796
Arlington	1,777			903			2,794			1,040
Calder	351			492			707			505
Fair Grounds	(3		)	—			729			833
Total Racing Operations	7,070			6,002			9,403			7,174
Online Business	244			233			474			446
Other Investments	1,210			1,348			2,108			2,250
Eliminations	(8,524		)	(7,583		)	(11,985		)	(9,870		)
Net revenues	$	—		$	—		$	—		$	—
Reconciliation of segment Adjusted EBITDA to net earnings:
Racing Operations	$	78,079		$	70,517		$	67,829		$	59,260
Gaming	26,174			19,365			53,425			41,292
Online Business	14,087			14,091			24,037			25,426
Other Investments	(673		)	920			(2,026		)	1,229
Total segment Adjusted EBITDA	117,667			104,893			143,265			127,207
Corporate Adjusted EBITDA	(1,141		)	(988		)	(2,247		)	(2,165		)
Insurance recoveries, net of losses	—			—			431			375
HRE Trust Fund proceeds	—			292			—			292
Share-based compensation expense	(3,113		)	(6,214		)	(8,354		)	(9,577		)
Pre-opening expenses	—			(481		)	(27		)	(711		)
MVG interest expense, net	(597		)	—			(1,137		)	—
Depreciation and amortization	(15,760		)	(14,991		)	(31,044		)	(30,026		)
Interest income (expense), net	(4,956		)	(1,167		)	(9,925		)	(2,633		)
Income tax provision	(34,767		)	(31,035		)	(34,329		)	(31,364		)
Earnings from continuing operations	57,333			50,309			56,633			51,398
Discontinued operations, net of income taxes	—			(11		)	—			(42		)
Net earnings and comprehensive income	$	57,333		$	50,298		$	56,633		$	51,356

Reconciliation of Assets from Segment to Consolidated

The table below presents equity in earnings (losses) of unconsolidated investments included in the Company’s reported segments for the three and six months ended June 30, 2014 and 2013 (in thousands):

	Three Months Ended June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
Gaming	$	2,796		$	(495	)	$	4,837		$	(793	)
Online Business	28			(239		)	248			(130		)
Other Investments	(318		)	103			(289		)	128
	$	2,506		$	(631	)	$	4,796		$	(795	)

The table below presents total capital expenditures for the reported segments for the six months ended June 30, 2014 and 2013 (in thousands):

	Six Months Ended June 30,
	2014		2013
Capital expenditures:
Racing Operations	$	27,915	$	10,210
Gaming	4,119		9,048
Online Business	3,174		3,528
Other Investments	3,267		986
	$	38,475	$	23,772

The table below presents total assets for the reported segments (in thousands):

	June 30, 2014		December 31, 2013
Total assets:
Racing Operations	$	521,657	$	513,345
Gaming	617,792		622,038
Online Business	191,450		186,621
Other Investments	32,240		30,257
	$	1,363,139	$	1,352,261