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Segment Information (Tables)
 6 Months Ended
Jun. 30, 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 June 30,
 
Six Months Ended June 30,
(in millions)
2019
 
2018
 
2019
 
2018
Net revenue from external customers:
 
 
 
 
 
 
 
Churchill Downs:
 
 
 
 
 
 
 
Churchill Downs Racetrack
$
161.0

 
$
154.9

 
$
163.3

 
$
156.9

Derby City Gaming
21.2

 
—

 
39.9

 
—

Total Churchill Downs
182.2

 
154.9

 
203.2

 
156.9

Online Wagering:
 
 
 
 
 
 
 
TwinSpires
95.6

 
93.7

 
158.6

 
156.9

Online Sports Betting and iGaming
—

 
—

 
0.1

 
—

Total Online Wagering
95.6

 
93.7

 
158.7

 
156.9

Gaming:
 
 
 
 
 
 
 
Oxford
26.3

 
26.2

 
50.2

 
50.4

Calder
25.6

 
26.0

 
51.0

 
50.9

Riverwalk
14.2

 
13.6

 
30.5

 
28.0

Harlow’s
13.3

 
12.5

 
28.6

 
25.8

Fair Grounds and VSI
30.9

 
29.5

 
68.4

 
63.9

Ocean Downs
21.9

 
—

 
40.3

 
—

Presque Isle
37.1

 
—

 
66.8

 
—

Lady Luck Nemacolin
8.3

 
—

 
10.6

 
—

Saratoga
—

 
0.3

 
—

 
0.6

Total Gaming
177.6

 
108.1

 
346.4

 
219.6

All Other
22.0

 
22.7

 
34.5

 
35.3

Net revenue from external customers
$
477.4

 
$
379.4

 
$
742.8

 
$
568.7


 
Three Months Ended June 30,
 
Six Months Ended June 30,
(in millions)
2019
 
2018
 
2019
 
2018
Intercompany net revenue:
 
 
 
 
 
 
 
Churchill Downs
$
10.9

 
$
9.4

 
$
11.3

 
$
9.7

Online Wagering
0.4

 
0.4

 
0.7

 
0.8

Gaming
0.2

 
0.1

 
1.5

 
1.1

All Other
3.4

 
3.6

 
5.6

 
6.0

Eliminations
(14.9
)
 
(13.5
)
 
(19.1
)
 
(17.6
)
Intercompany net revenue
$
—

 
$
—

 
$
—

 
$
—


 
Three Months Ended June 30, 2019
(in millions)
Churchill Downs
 
Online Wagering
 
Gaming
 
Total Segments
 
All Other
 
Total
Net revenue from external customers
 
 
 
 
 
 
 
 
 
 
 
Pari-mutuel:
 
 
 
 
 
 
 
 
 
 
 
Live and simulcast racing
$
41.3

 
$
91.1

 
$
5.5

 
$
137.9

 
$
12.2

 
$
150.1

Historical racing
19.9

 
—

 
—

 
19.9

 
—

 
19.9

Racing event-related services
113.4

 
—

 
0.8

 
114.2

 
2.2

 
116.4

Gaming(a)
—

 
—

 
150.2

 
150.2

 
—

 
150.2

Other(a)
7.6

 
4.5

 
21.1

 
33.2

 
7.6

 
40.8

Total
$
182.2

 
$
95.6

 
$
177.6

 
$
455.4

 
$
22.0

 
$
477.4

 
Three Months Ended June 30, 2018
(in millions)
Churchill Downs
 
Online Wagering
 
Gaming
 
Total Segments
 
All Other
 
Total
Net revenue from external customers
 
 
 
 
 
 
 
 
 
 
 
Pari-mutuel:
 
 
 
 
 
 
 
 
 
 
 
Live and simulcast racing
$
39.5

 
$
89.7

 
$
4.4

 
$
133.6

 
$
13.6

 
$
147.2

Historical racing
—

 
—

 
—

 
—

 
—

 
—

Racing event-related services
109.6

 
—

 
0.7

 
110.3

 
2.2

 
112.5

Gaming(a)
—

 
—

 
87.1

 
87.1

 
—

 
87.1

Other(a)
5.8

 
4.0

 
15.9

 
25.7

 
6.9

 
32.6

Total
$
154.9

 
$
93.7

 
$
108.1

 
$
356.7

 
$
22.7

 
$
379.4


(a) Food and beverage, hotel, and other services furnished to customers for free as an inducement to gamble or through the redemption of our customers' loyalty points are recorded at their estimated standalone selling prices in Other revenue with a corresponding offset recorded as a reduction in Gaming revenue. These amounts were $7.9 million for the three months ended June 30, 2019 and $6.6 million for the three months ended June 30, 2018.
 
Six Months Ended June 30, 2019
(in millions)
Churchill Downs
 
Online Wagering
 
Gaming
 
Total Segments
 
All Other
 
Total
Net revenue from external customers
 
 
 
 
 
 
 
 
 
 
 
Pari-mutuel:
 
 
 
 
 
 
 
 
 
 
 
Live and simulcast racing
$
42.7

 
$
151.6

 
$
17.7

 
$
212.0

 
$
19.7

 
$
231.7

Historical racing
37.4

 
—

 
—

 
37.4

 
—

 
37.4

Racing event-related services
113.4

 
—

 
2.3

 
115.7

 
2.2

 
117.9

Gaming(b)
—

 
0.1

 
289.2

 
289.3

 
—

 
289.3

Other(b)
9.7

 
7.0

 
37.2

 
53.9

 
12.6

 
66.5

Total
$
203.2

 
$
158.7

 
$
346.4

 
$
708.3

 
$
34.5

 
$
742.8

 
Six Months Ended June 30, 2018
(in millions)
Churchill Downs
 
Online Wagering
 
Gaming
 
Total Segments
 
All Other
 
Total
Net revenue from external customers
 
 
 
 
 
 
 
 
 
 
 
Pari-mutuel:
 
 
 
 
 
 
 
 
 
 
 
Live and simulcast racing
$
40.8

 
$
150.7

 
$
15.0

 
$
206.5

 
$
21.5

 
$
228.0

Historical racing
—

 
—

 
—

 
—

 
—

 
—

Racing event-related services
109.6

 
—

 
2.1

 
111.7

 
2.2

 
113.9

Gaming(b)
—

 
—

 
175.0

 
175.0

 
—

 
175.0

Other(b)
6.5

 
6.2

 
27.5

 
40.2

 
11.6

 
51.8

Total
$
156.9

 
$
156.9

 
$
219.6

 
$
533.4

 
$
35.3

 
$
568.7

(b) Food and beverage, hotel, and other services furnished to customers for free as an inducement to gamble or through the redemption of our customers' loyalty points are recorded at their estimated standalone selling prices in Other revenue with a corresponding offset recorded as a reduction in Gaming revenue. These amounts were $15.5 million for the six months ended June 30, 2019 and $12.6 million for the six months ended June 30, 2018.

Schedule of Segment Reporting Information
Adjusted EBITDA by segment is comprised of the following:
 
Three Months Ended June 30, 2019
(in millions)
Churchill Downs
 
Online Wagering
 
Gaming
Net revenue
$
193.1

 
$
96.0

 
$
177.8

 
 
 
 
 
 
Taxes & purses
(35.7
)
 
(4.3
)
 
(68.5
)
Marketing & advertising
(3.6
)
 
(4.5
)
 
(5.1
)
Salaries & benefits
(12.5
)
 
(2.7
)
 
(25.4
)
Content expense
(0.8
)
 
(51.8
)
 
(1.7
)
SG&A expense
(2.0
)
 
(1.9
)
 
(6.9
)
Other operating expense
(16.6
)
 
(8.6
)
 
(21.8
)
Other income
—

 
—

 
27.7

Adjusted EBITDA
$
121.9

 
$
22.2

 
$
76.1

 
Three Months Ended June 30, 2018
(in millions)
Churchill Downs
 
Online Wagering
 
Gaming
Net revenue
$
164.3

 
$
94.1

 
$
108.2

 
 
 
 
 
 
Taxes & purses
(27.3
)
 
(4.6
)
 
(35.5
)
Marketing & advertising
(3.2
)
 
(3.1
)
 
(3.5
)
Salaries & benefits
(9.7
)
 
(2.4
)
 
(15.6
)
Content expense
(0.9
)
 
(49.8
)
 
(1.1
)
SG&A expense
(1.2
)
 
(1.6
)
 
(4.0
)
Other operating expense
(14.2
)
 
(8.2
)
 
(15.7
)
Other income
0.1

 
—

 
12.9

Adjusted EBITDA
$
107.9

 
$
24.4


$
45.7

 
Six Months Ended June 30, 2019
(in millions)
Churchill Downs
 
Online Wagering
 
Gaming
Net revenue
$
214.5

 
$
159.4

 
$
347.9

 
 
 
 
 
 
Taxes & purses
(41.9
)
 
(7.6
)
 
(133.5
)
Marketing & advertising
(4.7
)
 
(5.5
)
 
(10.2
)
Salaries & benefits
(17.7
)
 
(5.2
)
 
(49.9
)
Content expense
(1.3
)
 
(83.9
)
 
(2.9
)
SG&A expense
(3.7
)
 
(3.7
)
 
(13.3
)
Other operating expense
(21.9
)
 
(14.4
)
 
(40.8
)
Other income
—

 
—

 
43.6

Adjusted EBITDA
$
123.3

 
$
39.1

 
$
140.9

 
Six Months Ended June 30, 2018
(in millions)
Churchill Downs
 
Online Wagering
 
Gaming
Net revenue
$
166.6

 
$
157.7

 
$
220.7

 
 
 
 
 
 
Taxes & purses
(28.0
)
 
(8.0
)
 
(73.5
)
Marketing & advertising
(3.5
)
 
(3.9
)
 
(7.1
)
Salaries & benefits
(12.8
)
 
(4.5
)
 
(32.5
)
Content expense
(1.3
)
 
(82.0
)
 
(2.0
)
SG&A expense
(2.2
)
 
(3.0
)
 
(7.8
)
Other operating expense
(17.0
)
 
(14.0
)
 
(29.4
)
Other income
0.1

 
—

 
23.7

Adjusted EBITDA
$
101.9

 
$
42.3

 
$
92.1



 
Three Months Ended June 30,
 
Six Months Ended June 30,
(in millions)
2019
 
2018
 
2019
 
2018
Reconciliation of Comprehensive Income to Adjusted EBITDA:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Comprehensive income
$
107.1

 
$
102.9

 
$
118.7

 
$
285.3

Foreign currency translation, net of tax
—

 
—

 
—

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

 
0.2

 
—

 
0.4

Net income
107.1

 
103.1

 
118.7

 
285.1

Loss (income) from discontinued operations, net of tax
1.2

 
0.1

 
1.5

 
(167.8
)
Income from continuing operations, net of tax
108.3


103.2


120.2


117.3

 
 
 
 
 
 
 
 
Additions:
 
 
 
 
 
 
 
Depreciation and amortization
21.5

 
15.3

 
42.3

 
29.1

Interest expense
19.4

 
9.7

 
33.1

 
19.3

Income tax provision
38.6

 
32.8

 
45.1

 
35.4

EBITDA
$
187.8

 
$
161.0

 
240.7

 
201.1

 
 
 
 
 
 
 
 
Adjustments to EBITDA:
 
 
 
 
 
 
 
Selling, general and administrative:
 
 
 
 
 
 
 
Stock-based compensation expense
$
7.4

 
$
6.4

 
12.1

 
9.2

Other charges
—

 
—

 
0.5

 
—

Pre-opening expense
0.9

 
0.7

 
2.2

 
1.3

Transaction expense, net
0.6

 
2.1

 
4.1

 
3.5

Other income, expense:
 
 
 
 
 
 
 
Interest, depreciation and amortization expense related to equity investments
9.7

 
4.3

 
13.2

 
8.6

Changes in fair value of Midwest Gaming's interest rate swaps
7.9

 
—

 
12.2

 
—

Midwest Gaming's recapitalization and transactions costs
0.8

 
—

 
4.7

 
—

Other
(0.1
)
 
—

 
(0.1
)
 
—

Total adjustments to EBITDA
27.2

 
13.5

 
48.9

 
22.6

Adjusted EBITDA
$
215.0

 
$
174.5

 
$
289.6

 
$
223.7

 
 
 
 
 
 
 
 
Adjusted EBITDA by segment:
 
 
 
 
 
 
 
Churchill Downs
$
121.9

 
$
107.9

 
$
123.3

 
$
101.9

Online Wagering
22.2

 
24.4

 
39.1

 
42.3

Gaming
76.1

 
45.7

 
140.9

 
92.1

Total segment Adjusted EBITDA
220.2

 
178.0

 
303.3

 
236.3

All Other
(5.2
)
 
(3.5
)
 
(13.7
)
 
(12.6
)
Total Adjusted EBITDA
$
215.0

 
$
174.5

 
$
289.6

 
$
223.7
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 June 30,
 
Six Months Ended June 30,
(in millions)
2019
 
2018
 
2019
 
2018
Gaming
$
9.5

 
$
8.8

 
$
13.6

 
$
15.3
Schedule of Total Assets and Capital Expenditures by Operating Segment
The table below presents total asset information for each of our segments:
(in millions)
June 30, 2019
 
December 31, 2018
Total assets:
 
 
 
Churchill Downs
$
371.4

 
$
359.6

Online Wagering
244.3

 
222.8

Gaming
1,605.3

 
877.1

Total segment assets
2,221.0

 
1,459.5

All Other
367.5

 
265.7

Total assets
$
2,588.5

 
$
1,725.2


The table below presents total capital expenditures for each of our segments:
 
Six Months Ended June 30,
(in millions)
2019
 
2018
Capital expenditures:
 
 
 
Churchill Downs
$
21.9

 
$
56.1

Online Wagering
4.9

 
4.7

Gaming
28.2

 
8.6

Total segment capital expenditures
55.0

 
69.4

All Other
3.8

 
3.0

Total capital expenditures
$
58.8

 
$
72.4