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Segment Information (Tables)
 3 Months Ended
Mar. 31, 2018
Segment Reporting [Abstract]  
Reconciliation of Revenue from Segments to Consolidated [Table Text Block]
 
Three Months Ended March, 31
(in millions)
2018
 
2017
Net revenue from external customers:
 
 
 
Racing:
 
 
 
Churchill Downs
$
2.0

 
$
2.3

Arlington
8.3

 
8.5

Fair Grounds
12.8

 
12.5

Calder
0.6

 
0.6

Total Racing
23.7

 
23.9

TwinSpires
63.2

 
52.0

Casino:
 
 
 
Oxford Casino
24.2

 
20.9

Riverwalk Casino
14.4

 
11.5

Harlow’s Casino
13.3

 
13.5

Calder Casino
24.3

 
21.4

Fair Grounds Slots
10.6

 
10.2

VSI
11.0

 
9.7

Saratoga
0.3

 
0.3

Total Casino
98.1

 
87.5

Other Investments
4.3

 
4.1

Net revenue from external customers
$
189.3

 
$
167.5


 
Three Months Ended March, 31
(in millions)
2018
 
2017
Intercompany net revenue:
 
 
 
Racing:
 
 
 
Churchill Downs
$
0.3

 
$
0.3

Arlington
1.2

 
1.0

Fair Grounds
1.0

 
0.9

Total Racing
2.5

 
2.2

TwinSpires
0.4

 
0.3

Other Investments
1.2

 
1.4

Eliminations
(4.1
)
 
(3.9
)
Intercompany net revenue
$
—

 
$
—
Schedule of Segment Reporting Information, by Segment [Table Text Block]
Adjusted EBITDA by segment is comprised of the following:
 
Three Months Ended March 31, 2018
(in millions)
Racing
 
TwinSpires
 
Casino
 
Other Investments
 
Corporate
Net revenue
$
26.2

 
$
63.6

 
$
98.1

 
$
5.5

 
$
—

 
 
 
 
 
 
 
 
 
 
Taxes & purses
(10.3
)
 
(3.4
)
 
(32.4
)
 
—

 
—

Marketing & advertising
(0.8
)
 
(0.8
)
 
(3.2
)
 
—

 
—

Salaries & benefits
(8.6
)
 
(2.1
)
 
(13.5
)
 
(3.2
)
 
—

Content expense
(3.1
)
 
(32.2
)
 
—

 
—

 
—

SG&A expense
(4.0
)
 
(2.8
)
 
(5.4
)
 
(0.7
)
 
(2.4
)
Other operating expense
(8.8
)
 
(5.8
)
 
(10.1
)
 
(1.3
)
 
(0.2
)
Other income
—

 
—

 
10.8

 
—

 
0.1

Adjusted EBITDA
$
(9.4
)
 
$
16.5

 
$
44.3

 
$
0.3

 
$
(2.5
)

 
Three Months Ended March 31, 2017
(in millions)
Racing
 
TwinSpires
 
Casino
 
Other Investments
 
Corporate (a)
Net revenue
$
26.1

 
$
52.3

 
$
87.5

 
$
5.5

 
$
—

 
 
 
 
 
 
 
 
 
 
Taxes & purses
(10.2
)
 
(3.0
)
 
(29.1
)
 
—

 
—

Marketing & advertising
(0.7
)
 
(1.0
)
 
(3.0
)
 
—

 
—

Salaries & benefits
(8.6
)
 
(2.2
)
 
(13.1
)
 
(2.9
)
 
—

Content expense
(3.2
)
 
(25.4
)
 
—

 
—

 
—

SG&A expense
(3.8
)
 
(2.7
)
 
(5.2
)
 
(0.8
)
 
(2.9
)
Other operating expense
(9.3
)
 
(4.8
)
 
(11.4
)
 
(1.3
)
 
(0.2
)
Other income
—

 
—

 
9.6

 
0.1

 
—

Adjusted EBITDA
$
(9.7
)
 
$
13.2


$
35.3

 
$
0.6


$
(3.1
)
(a) The Corporate segment includes corporate and other certain expenses of $0.7 million for the three months ended March 31, 2017 that have not been allocated to Big Fish Games as a result of the Big Fish Transaction. The Big Fish Games segment is reported as held for sale and discontinued operations in the accompanying condensed consolidated financial statements and these notes.

 

 



 
Three Months Ended March, 31
(in millions)
2018
 
2017
Reconciliation of Comprehensive Income to Adjusted EBITDA:
 
 
 
 
 
 
 
Comprehensive income
$
182.0

 
$
7.2

Foreign currency translation, net of tax
—

 
0.1

Net income
182.0

 
7.3

Income from discontinued operations, net of tax
(167.9
)
 
(5.1
)
Income from continuing operations, net of tax
14.1


2.2

 
 
 
 
Additions:
 
 
 
Depreciation and amortization
13.8

 
14.2

Interest expense
9.6

 
11.8

Income tax provision
2.6

 
0.6

EBITDA
40.1

 
28.8

 
 
 
 
Adjustments to EBITDA:
 
 
 
Selling, general and administrative:
 
 
 
Stock-based compensation expense
2.8

 
3.4

Other charges
—

 
0.2

Pre-opening expense
0.6

 
—

Other income, expense:
 
 
 
Interest, depreciation and amortization expense related to equity investments
4.3

 
3.5

Transaction expense, net
1.4

 
—

Calder exit costs
—

 
0.4

Total adjustments to EBITDA
9.1

 
7.5

Adjusted EBITDA
$
49.2

 
$
36.3

 
 
 
 
Adjusted EBITDA by segment:
 
 
 
Racing
$
(9.4
)
 
$
(9.7
)
TwinSpires
16.5

 
13.2

Casino
44.3

 
35.3

Other Investments
0.3

 
0.6

Corporate(a)
(2.5
)
 
(3.1
)
Adjusted EBITDA
$
49.2

 
$
36.3
Reconciliation of Other Significant Reconciling Items from Segments to Consolidated [Table Text Block]
 
Three Months Ended March, 31
(in millions)
2018
 
2017
Casino
$
6.5

 
$
6.1
Reconciliation of Assets from Segment to Consolidated
The table below presents total asset information for each of our operating segments:
(in millions)
March 31, 2018
 
December 31, 2017
Total assets:
 
 
 
Racing
$
484.8

 
$
483.0

TwinSpires
215.2

 
215.9

Casino
678.6

 
679.6

Other Investments
23.0

 
15.2

Corporate
199.4

 
73.2

Big Fish Games
—

 
892.5

 
$
1,601.0

 
$
2,359.4


The table below presents total capital expenditures for each of our operating segments:
 
Three Months Ended March, 31
(in millions)
2018
 
2017
Capital expenditures:
 
 
 
Racing
$
23.0

 
$
23.6

TwinSpires
2.3

 
3.2

Casino
3.4

 
8.1

Other Investments
4.6

 
0.4

Corporate
0.7

 
0.2

Big Fish Games
—

 
2.0

 
$
34.0

 
$
37.5