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Segment Information (Tables)
 9 Months Ended
Sep. 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 September 30,Nine Months Ended September 30,
(in millions)2019201820192018
Net revenue from external customers:
Churchill Downs:
Churchill Downs Racetrack$8.9  $8.5  $172.2  $165.4  
Derby City Gaming22.5  2.3  62.4  2.3  
Total Churchill Downs31.4  10.8  234.6  167.7  
Online Wagering:
TwinSpires70.3  71.8  228.8  228.7  
Online Sports Betting and iGaming(0.1) —  0.1  —  
Total Online Wagering70.2  71.8  228.9  228.7  
Gaming:
Presque Isle38.1  —  104.9  —  
Fair Grounds and VSI25.0  24.5  93.4  88.4  
Oxford27.2  28.9  77.4  79.3  
Calder24.4  24.0  75.4  74.9  
Ocean Downs26.7  8.1  67.0  8.1  
Riverwalk 13.6  12.8  44.1  40.8  
Harlow’s 13.3  12.1  41.9  37.9  
Lady Luck Nemacolin10.0  —  20.6  —  
Saratoga—  —  —  0.6  
Total Gaming178.3  110.4  524.7  330.0  
All Other26.4  28.3  60.9  63.6  
Net revenue from external customers$306.3  $221.3  $1,049.1  $790.0  

Three Months Ended September 30,Nine Months Ended September 30,
(in millions)2019201820192018
Intercompany net revenue:
Churchill Downs$1.3  $1.0  $12.6  $10.7  
Online Wagering0.2  0.3  0.9  1.1  
Gaming0.3  0.1  1.8  1.2  
All Other3.4  3.2  9.0  9.2  
Eliminations(5.2) (4.6) (24.3) (22.2) 
Intercompany net revenue$—  $—  $—  $—  
Three Months Ended September 30, 2019
(in millions)Churchill DownsOnline WageringGamingTotal SegmentsAll OtherTotal
Net revenue from external customers
Pari-mutuel:
Live and simulcast racing$5.4  $67.1  $6.2  $78.7  $15.0  $93.7  
Historical racing21.3  —  —  21.3  —  21.3  
Racing event-related services1.6  —  0.8  2.4  3.1  5.5  
Gaming(a)
—  —  153.2  153.2  —  153.2  
Other(a)
3.1  3.1  18.1  24.3  8.3  32.6  
Total$31.4  $70.2  $178.3  $279.9  $26.4  $306.3  

Three Months Ended September 30, 2018
(in millions)Churchill DownsOnline WageringGamingTotal SegmentsAll OtherTotal
Net revenue from external customers
Pari-mutuel:
Live and simulcast racing$4.8  $68.8  $4.3  $77.9  $16.6  $94.5  
Historical racing2.2  —  —  2.2  —  2.2  
Racing event-related services2.0  —  0.8  2.8  3.5  6.3  
Gaming(a)
—  —  92.8  92.8  —  92.8  
Other(a)
1.8  3.0  12.5  17.3  8.2  25.5  
Total$10.8  $71.8  $110.4  $193.0  $28.3  $221.3  
(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 $8.9 million for the three months ended September 30, 2019 and $6.6 million for the three months ended September 30, 2018.
Nine Months Ended September 30, 2019
(in millions)Churchill DownsOnline WageringGamingTotal SegmentsAll OtherTotal
Net revenue from external customers
Pari-mutuel:
Live and simulcast racing$48.1  $218.7  $23.9  $290.7  $34.7  $325.4  
Historical racing58.7  —  —  58.7  —  58.7  
Racing event-related services115.0  —  3.1  118.1  5.3  123.4  
Gaming(b)
—  0.1  442.4  442.5  —  442.5  
Other(b)
12.8  10.1  55.3  78.2  20.9  99.1  
Total$234.6  $228.9  $524.7  $988.2  $60.9  $1,049.1  

Nine Months Ended September 30, 2018
(in millions)Churchill DownsOnline WageringGamingTotal SegmentsAll OtherTotal
Net revenue from external customers
Pari-mutuel:
Live and simulcast racing$45.6  $219.5  $19.3  $284.4  $38.1  $322.5  
Historical racing2.2  —  —  2.2  —  2.2  
Racing event-related services111.6  —  2.9  114.5  5.7  120.2  
Gaming(b)
—  —  267.8  267.8  —  267.8  
Other(b)
8.3  9.2  40.0  57.5  19.8  77.3  
Total$167.7  $228.7  $330.0  $726.4  $63.6  $790.0  
(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 $24.7 million for the nine months ended September 30, 2019 and $19.5 million for the nine months ended September 30, 2018.
Schedule of Segment Reporting Information
Adjusted EBITDA by segment is comprised of the following:
Three Months Ended September 30, 2019
(in millions)Churchill DownsOnline WageringGaming
Net revenue$32.7  $70.4  $178.6  
Taxes & purses(10.2) (4.4) (71.2) 
Marketing & advertising(1.1) (3.6) (5.5) 
Salaries & benefits(6.8) (3.0) (26.6) 
Content expense(0.5) (36.5) (1.6) 
SG&A expense(2.1) (1.8) (7.9) 
Other operating expense(6.9) (6.1) (21.2) 
Other income 0.1  —  27.1  
Adjusted EBITDA$5.2  $15.0  $71.7  

Three Months Ended September 30, 2018
(in millions)Churchill DownsOnline WageringGaming
Net revenue$11.8  $72.1  $110.5  
Taxes & purses(3.6) (4.2) (37.9) 
Marketing & advertising(0.6) (0.6) (3.6) 
Salaries & benefits(4.5) (2.1) (16.8) 
Content expense(0.5) (37.3) (0.9) 
SG&A expense(0.8) (1.4) (4.5) 
Other operating expense(4.6) (5.7) (14.8) 
Other income —  —  12.7  
Adjusted EBITDA$(2.8) $20.8  $44.7  
Nine Months Ended September 30, 2019
(in millions)Churchill DownsOnline WageringGaming
Net revenue$247.2  $229.8  $526.5  
Taxes & purses(52.1) (12.0) (204.7) 
Marketing & advertising(5.8) (9.1) (15.7) 
Salaries & benefits(24.5) (8.2) (76.5) 
Content expense(1.8) (120.4) (4.5) 
SG&A expense(5.8) (5.5) (21.2) 
Other operating expense(28.8) (20.5) (62.0) 
Other income0.1  —  70.7  
Adjusted EBITDA$128.5  $54.1  $212.6  

Nine Months Ended September 30, 2018
(in millions)Churchill DownsOnline WageringGaming
Net revenue$178.4  $229.8  $331.2  
Taxes & purses(31.6) (12.2) (111.4) 
Marketing & advertising(4.1) (4.5) (10.7) 
Salaries & benefits(17.3) (6.6) (49.3) 
Content expense(1.8) (119.3) (2.9) 
SG&A expense(3.0) (4.4) (12.3) 
Other operating expense(21.6) (19.7) (44.2) 
Other income0.1  —  36.4  
Adjusted EBITDA$99.1  $63.1  $136.8  
Three Months Ended September 30,Nine Months Ended September 30,
(in millions)2019201820192018
Reconciliation of Comprehensive Income to Adjusted EBITDA:
Comprehensive income$14.8  $56.5  $133.5  $341.8  
Foreign currency translation, net of tax—  —  —  (0.6) 
Change in pension benefits, net of tax—  (0.2) —  0.2  
Net income14.8  56.3  133.5  341.4  
Loss (income) from discontinued operations, net of tax0.4  1.7  1.9  (166.1) 
Income from continuing operations, net of tax15.2  58.0  135.4  175.3  
Additions:
Depreciation and amortization22.0  16.7  64.3  45.8  
Interest expense18.9  9.9  52.0  29.2  
Income tax provision8.0  16.7  53.1  52.1  
EBITDA$64.1  $101.3  $304.8  $302.4  
Adjustments to EBITDA:
Selling, general and administrative:
Stock-based compensation expense $5.5  $3.9  $17.6  $13.1  
Legal reserves3.3  —  3.6  —  
Pre-opening expense and other expense1.2  2.8  3.6  4.1  
Transaction expense, net0.9  5.4  5.0  8.9  
Gain on Ocean Downs/Saratoga transaction—  (54.9) —  (54.9) 
Other income, expense:
Interest, depreciation and amortization expense related to equity investments9.7  3.6  22.9  12.2  
Changes in fair value of Midwest Gaming's interest rate swaps3.2  —  15.4  —  
Midwest Gaming's recapitalization and transactions costs—  —  4.7  —  
Other0.1  —  —  —  
Total adjustments to EBITDA23.9  (39.2) 72.8  (16.6) 
Adjusted EBITDA$88.0  $62.1  $377.6  $285.8  
Adjusted EBITDA by segment:
Churchill Downs$5.2  $(2.8) $128.5  $99.1  
Online Wagering15.0  20.8  54.1  63.1  
Gaming71.7  44.7  212.6  136.8  
Total segment Adjusted EBITDA91.9  62.7  395.2  299.0  
All Other(3.9) (0.6) (17.6) (13.2) 
Total Adjusted EBITDA$88.0  $62.1  $377.6  $285.8  
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 September 30,Nine Months Ended September 30,
(in millions)2019201820192018
Gaming$14.1  $9.1  $27.7  $24.4  
Schedule of Total Assets and Capital Expenditures by Operating Segment
The table below presents total asset information for each of our segments:
(in millions)September 30, 2019December 31, 2018
Total assets:
Churchill Downs$364.5  $359.6  
Online Wagering242.5  222.8  
Gaming1,606.8  877.1  
Total segment assets2,213.8  1,459.5  
All Other348.7  265.7  
Total assets$2,562.5  $1,725.2  
The table below presents total capital expenditures for each of our segments:
Nine Months Ended September 30,
(in millions)20192018
Capital expenditures:
Churchill Downs$24.7  $100.6  
Online Wagering7.3  7.1  
Gaming30.7  13.2  
Total segment capital expenditures62.7  120.9  
All Other28.3  4.6  
Total capital expenditures$91.0  $125.5