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Segment Information (Tables)
 12 Months Ended
Dec. 31, 2017
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 operating segments, Adjusted EBITDA by segment and reconciles Comprehensive Income to Adjusted EBITDA:
 
Years Ended December 31,
(in millions)
2017
 
2016
 
2015
Net revenue from external customers:
 
 
 
 
 
Racing:
 
 
 
 
 
Churchill Downs
$
161.3

 
$
155.2

 
$
151.1

Arlington
57.2

 
55.3

 
54.4

Fair Grounds
36.3

 
38.0

 
39.8

Calder
2.5

 
2.6

 
2.7

Total Racing
257.3

 
251.1

 
248.0

Casino:
 
 
 
 
 
Oxford Casino
90.8

 
84.6

 
80.4

Riverwalk Casino
48.2

 
46.1

 
49.8

Harlow’s Casino
50.0

 
48.4

 
49.0

Calder Casino
85.4

 
79.1

 
77.4

Fair Grounds Slots
36.5

 
36.9

 
39.0

VSI
38.3

 
36.9

 
36.9

Saratoga
1.3

 
0.8

 
0.4

Total Casino
350.5

 
332.8

 
332.9

TwinSpires
255.6

 
221.6

 
201.1

Other Investments
19.2

 
16.9

 
16.6

Corporate
—

 
—

 
—

Net revenue from external customers
$
882.6

 
$
822.4

 
$
798.6

Intercompany net revenue:
 
 
 
 
 
Racing:
 
 
 
 
 
Churchill Downs
$
11.4

 
$
10.0

 
$
7.8

Arlington
6.3

 
5.5

 
5.1

Fair Grounds
1.6

 
1.5

 
1.3

Calder
—

 
—

 
—

Total Racing
19.3

 
17.0

 
14.2

TwinSpires
1.1

 
1.3

 
1.1

Other Investments
4.5

 
3.9

 
3.5

Eliminations
(24.9
)
 
(22.2
)
 
(18.8
)
Intercompany net revenue
$
—

 
$
—

 
$
—
Schedule of Segment Reporting Information
 
Years Ended December 31,
(in millions)
2017
 
2016
 
2015
Reconciliation of Comprehensive Income to Adjusted EBITDA:
 
 
 
 
 
 
 
 
 
 
 
Comprehensive income
$
140.4

 
$
107.5

 
$
64.7

Foreign currency translation, net of tax
0.1

 
(0.2
)
 
0.5

Net change in pension benefits, net of tax
—

 
0.8

 
—

Net income
140.5

 
108.1

 
65.2

Additions - continuing operations:
 
 
 
 
 
Depreciation and amortization
56.0

 
58.4

 
58.0

Interest expense
49.3

 
43.7

 
28.6

Loss on extinguishment of debt
20.7

 
—

 
—

Income tax (benefit) provision
(19.9
)
 
50.7

 
44.6

Additions - discontinued operations:
 
 
 
 
 
Depreciation and amortization
41.1

 
50.2

 
51.7

Income tax provision
5.1

 
9.3

 
2.3

EBITDA
$
292.8

 
$
320.4

 
$
250.4

 
 
 
 
 
 
Adjustments to EBITDA - continuing operations:
 
 
 
 
 
Selling, general and administrative:
 
 
 
 
 
Stock-based compensation expense
16.0

 
13.3

 
12.5

Other charges
1.2

 
2.5

 
—

Other income, expense:
 
 
 
 
 
Interest, depreciation and amortization expense related to equity investments
16.7

 
10.0

 
8.5

Other charges and recoveries, net
—

 
0.5

 
(5.8
)
Impairment of tangible and other intangible assets
21.7

 
—

 
—

Gain on Calder land sale
—

 
(23.7
)
 
—

Calder exit costs
0.8

 
2.5

 
13.9

Other, net
1.5

 
(2.4
)
 
—

Adjustments to EBITDA - discontinued operations:
 
 
 
 
 
Stock-based compensation expense
11.1

 
5.6

 
1.3

Transaction expense, net
4.7

 
5.8

 
21.7

Total adjustments to EBITDA
73.7

 
14.1

 
52.1

Adjusted EBITDA
$
366.5

 
$
334.5

 
$
302.5

 
 
 
 
 
 
Adjusted EBITDA by segment:
 
 
 
 
 
Racing
$
84.5

 
$
79.7

 
$
71.8

Casino
146.0

 
125.8

 
114.9

TwinSpires
64.4

 
56.2

 
49.5

Other Investments
3.7

 
2.7

 
2.9

Corporate(a)
(12.4
)
 
(12.1
)
 
(8.1
)
Big Fish Games
80.3

 
82.2

 
71.5

Adjusted EBITDA
$
366.5

 
$
334.5

 
$
302.5


(a) The Corporate segment includes corporate and other certain expenses of $3.6 million in 2017, $3.1 million in 2016 and $3.0 million in 2015 that have not been allocated to Big Fish Games as a result of the Big Fish Transaction and the Big Fish Games segment reported as held for sale and discontinued operations in the accompanying Consolidated Financial Statements and these notes.
The table below presents information about earnings (losses) from equity investments, net included in our reported segments:
 
Years Ended December 31,
(in millions)
2017
 
2016
 
2015
Casino
$
25.3

 
$
17.4

 
$
10.9

Other Investments
0.2

 
—

 
0.3

 
$
25.5

 
$
17.4

 
$
11.2

Adjusted EBITDA by segment is comprised of the following:
 
Year Ended December 31, 2017
 
Continuing Operations
 
Discontinued Operations
(in millions)
Racing
 
Casino
 
TwinSpires
 
Other Investments
 
Corporate(a)
 
Big Fish Games
Net revenue
$
276.6

 
$
350.5

 
$
256.7

 
$
23.7

 
$
—

 
$
466.0

 
 
 
 
 
 
 
 
 
 
 
 
Taxes & purses
(65.4
)
 
(117.0
)
 
(14.7
)
 
—

 
—

 
—

Platform & development fees
—

 
—

 
—

 
—

 
—

 
(167.8
)
Marketing & advertising
(4.9
)
 
(12.1
)
 
(8.2
)
 
—

 
—

 
(116.6
)
Salaries & benefits
(41.7
)
 
(53.2
)
 
(9.9
)
 
(12.0
)
 

 
(27.8
)
Content expense
(15.2
)
 
—

 
(125.0
)
 
—

 
—

 
—

SG&A expense
(16.8
)
 
(22.6
)
 
(12.4
)
 
(3.3
)
 
(12.2
)
 
(16.6
)
Research & development
—

 
—

 
—

 
—

 
—

 
(39.6
)
Other operating expense
(48.9
)
 
(41.6
)
 
(22.1
)
 
(5.1
)
 
(0.5
)
 
(15.6
)
Other income
0.8

 
42.0

 
—

 
0.4

 
0.3

 
(1.7
)
 
 
 
 
 
 
 
 
 
 
 
 
Adjusted EBITDA
$
84.5

 
$
146.0

 
$
64.4

 
$
3.7

 
$
(12.4
)
 
$
80.3

 
Year Ended December 31, 2016
 
Continuing Operations
 
Discontinued Operations
(in millions)
Racing
 
Casino
 
TwinSpires
 
Other Investments
 
Corporate(a)
 
Big Fish Games
Net revenue
$
268.1

 
$
332.8

 
$
222.9

 
$
20.8

 
$
—

 
$
486.2

 
 
 
 
 
 
 
 
 
 
 
 
Taxes & purses
(64.2
)
 
(110.9
)
 
(11.6
)
 
—

 
—

 
—

Platform & development fees
—

 
—

 
—

 
—

 
—

 
(179.9
)
Marketing & advertising
(4.6
)
 
(12.7
)
 
(6.3
)
 
—

 
—

 
(127.9
)
Salaries & benefits
(40.9
)
 
(50.8
)
 
(9.4
)
 
(10.9
)
 
—

 
(25.0
)
Content expense
(15.6
)
 
—

 
(107.6
)
 
—

 
—

 
—

SG&A expense
(16.2
)
 
(21.2
)
 
(12.0
)
 
(3.4
)
 
(11.7
)
 
(15.4
)
Research & development
—

 
—

 
—

 
—

 
—

 
(39.0
)
Other operating expense
(47.4
)
 
(39.1
)
 
(19.8
)
 
(4.1
)
 
(0.6
)
 
(15.9
)
Other income
0.5

 
27.7

 
—

 
0.3

 
0.2

 
(0.9
)
 
 
 
 
 
 
 
 
 
 
 
 
Adjusted EBITDA
$
79.7

 
$
125.8

 
$
56.2

 
$
2.7

 
$
(12.1
)
 
$
82.2

 
Year Ended December 31, 2015
 
Continuing Operations
 
Discontinued Operations
(in millions)
Racing
 
Casino
 
TwinSpires
 
Other Investments
 
Corporate(a)
 
Big Fish Games
Net revenue
$
262.2

 
$
332.9

 
$
202.2

 
$
20.1

 
$
—

 
$
413.7

 
 
 
 
 
 
 
 
 
 
 
 
Taxes & purses
(63.6
)
 
(109.9
)
 
(10.6
)
 
—

 
—

 
—

Platform & development fees
—

 
—

 
—

 
—

 
—

 
(143.6
)
Marketing & advertising
(6.1
)
 
(12.4
)
 
(4.8
)
 
—

 
—

 
(107.7
)
Salaries & benefits
(39.2
)
 
(49.7
)
 
(9.9
)
 
(11.1
)
 
—

 
(22.3
)
Content expense
(14.6
)
 
—

 
(97.9
)
 
—

 
—

 
—

SG&A expense
(16.6
)
 
(24.1
)
 
(11.5
)
 
(2.5
)
 
(9.3
)
 
(13.8
)
Research & development
—

 
—

 
—

 
—

 
—

 
(39.4
)
Other operating expense
(50.9
)
 
(41.3
)
 
(18.0
)
 
(3.8
)
 
1.1

 
(14.8
)
Other income
0.6

 
19.4

 
—

 
0.2

 
0.1

 
(0.6
)
 
 
 
 
 
 
 
 
 
 
 
 
Adjusted EBITDA
$
71.8

 
$
114.9

 
$
49.5

 
$
2.9

 
$
(8.1
)
 
$
71.5


(a) The Corporate segment includes corporate and other certain expenses of $3.6 million in 2017, $3.1 million in 2016 and $3.0 million in 2015 that have not been allocated to Big Fish Games as a result of the Big Fish Transaction and the Big Fish Games segment reported as held for sale and discontinued operations in the accompanying Consolidated Financial Statements and these notes.
Schedule of Total Assets and Capital Expenditures by Operating Segment
The table below presents total asset information for each of our operating segments:
 
As of December 31,
(in millions)
2017
 
2016
Total assets:
 
 
 
Racing
$
483.0

 
$
454.6

Casino
679.6

 
628.7

TwinSpires
215.9

 
209.9

Other Investments
15.2

 
11.1

Corporate
73.2

 
56.3

Big Fish Games
892.5

 
893.8

 
$
2,359.4

 
$
2,254.4

The table below presents total capital expenditures for each of our operating segments:
 
Years Ended December 31,
(in millions)
2017
 
2016
 
2015
Capital expenditures:
 
 
 
 
 
Racing
$
57.8

 
$
26.1

 
$
12.3

Casino
37.5

 
13.9

 
18.8

TwinSpires
9.0

 
7.0

 
4.3

Other Investments
3.4

 
1.0

 
0.8

Corporate
1.3

 
1.2

 
0.9

Big Fish Games
7.9

 
5.5

 
6.4

 
$
116.9

 
$
54.7

 
$
43.5