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Segment Information (Tables)
 3 Months Ended
Mar. 31, 2019
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 segments, net revenue from external customers for each group of similar services, Adjusted EBITDA by segment, and a reconciliation of comprehensive income to Adjusted EBITDA:
 
Three Months Ended March 31,
(in millions)
2019
 
2018
Net revenue from external customers:
 
 
 
Churchill Downs:
 
 
 
Churchill Downs Racetrack
$
2.3

 
$
2.0

Derby City Gaming
18.7

 
—

Total Churchill Downs
21.0

 
2.0

Online Wagering:
 
 
 
TwinSpires
63.0

 
63.2

Online Sports Betting and iGaming
0.1

 
—

Total Online Wagering
63.1

 
63.2

Gaming:
 
 
 
Oxford
23.9

 
24.2

Calder
25.4

 
24.9

Riverwalk
16.3

 
14.4

Harlow’s
15.3

 
13.3

Fair Grounds and VSI
37.5

 
34.4

Ocean Downs
18.4

 
—

Presque Isle
29.7

 
—

Lady Luck Nemacolin
2.3

 
—

Saratoga
—

 
0.3

Total Gaming
168.8

 
111.5

All Other
12.5

 
12.6

Net revenue from external customers
$
265.4

 
$
189.3


 
Three Months Ended March 31,
(in millions)
2019
 
2018
Intercompany net revenue:
 
 
 
Churchill Downs
$
0.4

 
$
0.3

Online Wagering
0.3

 
0.4

Gaming
1.3

 
1.0

All Other
2.2

 
2.4

Eliminations
(4.2
)
 
(4.1
)
Intercompany net revenue
$
—

 
$
—


 
Three Months Ended March 31, 2019
(in millions)
Churchill Downs
 
Online Wagering
 
Gaming
 
Total Segments
 
All Other
 
Total
Net revenue from external customers
 
 
 
 
 
 
 
 
 
 
 
Pari-mutuel:
 
 
 
 
 
 
 
 
 
 
 
Live and simulcast racing
$
1.4

 
$
60.5

 
$
12.2

 
$
74.1

 
$
7.5

 
$
81.6

Historical racing
17.7

 
—

 
—

 
17.7

 
—

 
17.7

Racing event-related services
—

 
—

 
1.5

 
1.5

 
—

 
1.5

Gaming
—

 
0.1

 
146.6

 
146.7

 
—

 
146.7

Other
1.9

 
2.5

 
8.5

 
12.9

 
5.0

 
17.9

Total
$
21.0

 
$
63.1

 
$
168.8

 
$
252.9

 
$
12.5

 
$
265.4

 
Three Months Ended March 31, 2018
(in millions)
Churchill Downs
 
Online Wagering
 
Gaming
 
Total Segments
 
All Other
 
Total
Net revenue from external customers
 
 
 
 
 
 
 
 
 
 
 
Pari-mutuel:
 
 
 
 
 
 
 
 
 
 
 
Live and simulcast racing
$
1.3

 
$
61.0

 
$
10.6

 
$
72.9

 
$
7.9

 
$
80.8

Historical racing
—

 
—

 
—

 
—

 
—

 
—

Racing event-related services
—

 
—

 
1.4

 
1.4

 
—

 
1.4

Gaming
—

 
—

 
93.9

 
93.9

 
—

 
93.9

Other
0.7

 
2.2

 
5.6

 
8.5

 
4.7

 
13.2

Total
$
2.0

 
$
63.2

 
$
111.5

 
$
176.7

 
$
12.6

 
$
189.3
Schedule of Segment Reporting Information Adjusted EBITDA by segment is comprised of the following:
 
Three Months Ended March 31, 2019
(in millions)
Churchill Downs
 
Online Wagering
 
Gaming
Net revenue
$
21.4

 
$
63.4

 
$
170.1

 
 
 
 
 
 
Taxes & purses
(6.2
)
 
(3.3
)
 
(65.0
)
Marketing & advertising
(1.1
)
 
(1.0
)
 
(5.1
)
Salaries & benefits
(5.2
)
 
(2.5
)
 
(24.5
)
Content expense
(0.5
)
 
(32.1
)
 
(1.2
)
SG&A expense
(1.7
)
 
(1.8
)
 
(6.4
)
Other operating expense
(5.3
)
 
(5.8
)
 
(19.0
)
Other income
—

 
—

 
15.9

Adjusted EBITDA by segment
$
1.4

 
$
16.9

 
$
64.8

 
Three Months Ended March 31, 2018
(in millions)
Churchill Downs
 
Online Wagering
 
Gaming
Net revenue
$
2.3

 
$
63.6

 
$
112.5

 
 
 
 
 
 
Taxes & purses
(0.7
)
 
(3.4
)
 
(38.0
)
Marketing & advertising
(0.3
)
 
(0.8
)
 
(3.6
)
Salaries & benefits
(3.1
)
 
(2.1
)
 
(16.9
)
Content expense
(0.4
)
 
(32.2
)
 
(0.9
)
SG&A expense
(1.0
)
 
(1.4
)
 
(3.8
)
Other operating expense
(2.8
)
 
(5.8
)
 
(13.7
)
Other income
—

 
—

 
10.8

Adjusted EBITDA by segment
$
(6.0
)
 
$
17.9


$
46.4

 
 


 
Three Months Ended March 31,
(in millions)
2019
 
2018
Reconciliation of Comprehensive Income to Adjusted EBITDA:
 
 
 
 
 
 
 
Comprehensive income
$
11.6

 
$
182.4

Foreign currency translation, net of tax
—

 
(0.6
)
Change in pension benefits, net of tax
—

 
0.2

Net income
11.6

 
182.0

Loss (income) from discontinued operations, net of tax
0.3

 
(167.9
)
Income from continuing operations, net of tax
11.9


14.1

 
 
 
 
Additions:
 
 
 
Depreciation and amortization
20.8

 
13.8

Interest expense
13.7

 
9.6

Income tax provision
6.5

 
2.6

EBITDA
$
52.9

 
$
40.1

 
 
 
 
Adjustments to EBITDA:
 
 
 
Selling, general and administrative:
 
 
 
Stock-based compensation expense
$
4.7

 
$
2.8

Other charges
0.5

 
—

Pre-opening expense
1.3

 
0.6

Other income, expense:
 
 
 
Interest, depreciation and amortization expense related to equity investments
3.5

 
4.3

Recapitalization costs related to Midwest Gaming
8.2

 
—

Transaction expense, net
3.5

 
1.4

Total adjustments to EBITDA
21.7

 
9.1

Adjusted EBITDA
$
74.6

 
$
49.2

 
 
 
 
Adjusted EBITDA by segment:
 
 
 
Churchill Downs
$
1.4

 
$
(6.0
)
Online Wagering
16.9

 
17.9

Gaming
64.8

 
46.4

Total segment Adjusted EBITDA
83.1

 
58.3

All Other
(8.5
)
 
(9.1
)
Total Adjusted EBITDA
$
74.6

 
$
49.2
Schedule of Equity in Income of Unconsolidated Investments The table below presents information about equity in income of unconsolidated investments included in our reported segments:
 
Three Months Ended March 31,
(in millions)
2019
 
2018
Gaming
$
4.1

 
$
6.5
Schedule of Total Assets and Capital Expenditures by Operating Segment The table below presents total asset information for each of our segments:
(in millions)
March 31, 2019
 
December 31, 2018
Total assets:
 
 
 
Churchill Downs
$
367.7

 
$
359.6

Online Wagering
237.4

 
222.8

Gaming
1,603.8

 
877.1

Total segment assets
2,208.9

 
1,459.5

All Other
269.6

 
265.7

Total assets
$
2,478.5

 
$
1,725.2


The table below presents total capital expenditures for each of our segments:
 
Three Months Ended March 31,
(in millions)
2019
 
2018
Capital expenditures:
 
 
 
Churchill Downs
$
9.6

 
$
26.2

Online Wagering
11.5

 
2.3

Gaming
2.5

 
4.0

Total segment capital expenditures
23.6

 
32.5

All Other
4.5

 
1.5

Total capital expenditures
$
28.1

 
$
34.0