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Segment Information (Tables)
 9 Months Ended
Sep. 30, 2020
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 (loss) income to Adjusted EBITDA:
Three Months Ended September 30,Nine Months Ended September 30,
(in millions)2020201920202019
Net revenue from external customers:
Churchill Downs:
Churchill Downs Racetrack$34.9 $8.9 $52.4 $172.2 
Derby City Gaming25.9 22.5 55.2 62.4 
Total Churchill Downs60.8 31.4 107.6 234.6 
Online Wagering:
TwinSpires124.1 70.2 310.6 228.8 
Online Sports Betting and iGaming1.8 — 3.8 0.1 
Total Online Wagering125.9 70.2 314.4 228.9 
Gaming:
Fair Grounds and VSI27.9 25.0 70.6 93.4 
Presque Isle27.7 38.1 57.3 104.9 
Calder6.5 24.4 34.0 75.4 
Oxford12.2 27.2 32.4 77.4 
Ocean Downs24.3 26.7 42.2 67.0 
Riverwalk 16.0 13.6 36.1 44.1 
Harlow’s 13.0 13.3 30.3 41.9 
Lady Luck Nemacolin7.2 10.0 16.8 20.6 
Total Gaming134.8 178.3 319.7 524.7 
All Other16.3 26.4 34.1 60.9 
Net revenue from external customers$337.8 $306.3 $775.8 $1,049.1 

Three Months Ended September 30,Nine Months Ended
September 30,
(in millions)2020201920202019
Intercompany net revenue:
Churchill Downs$7.2 $1.3 $14.4 $12.6 
Online Wagering0.5 0.2 1.3 0.9 
Gaming0.1 0.3 1.6 1.8 
All Other4.0 3.4 9.9 9.0 
Eliminations(11.8)(5.2)(27.2)(24.3)
Intercompany net revenue$— $— $— $— 
Three Months Ended September 30, 2020
(in millions)Churchill DownsOnline WageringGamingTotal SegmentsAll OtherTotal
Net revenue from external customers
Pari-mutuel:
Live and simulcast racing$14.3 $119.0 $4.6 $137.9 $9.0 $146.9 
Historical racing(a)
24.9 — — 24.9 2.2 27.1 
Racing event-related services19.1 — 0.7 19.8 0.2 20.0 
Gaming(a)
— 1.6 123.6 125.2 — 125.2 
Other(a)
2.5 5.3 5.9 13.7 4.9 18.6 
Total$60.8 $125.9 $134.8 $321.5 $16.3 $337.8 

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 racing(a)
21.3 — — 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 
(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 historical pari-mutuel revenue for HRMs or gaming revenue for our casino properties. These amounts were $2.1 million for the three months ended September 30, 2020 and $8.9 million for the three months ended September 30, 2019.
Nine Months Ended September 30, 2020
(in millions)Churchill DownsOnline WageringGamingTotal SegmentsAll OtherTotal
Net revenue from external customers
Pari-mutuel:
Live and simulcast racing$30.2 $298.5 $16.2 $344.9 $19.7 $364.6 
Historical racing(b)
52.6 — — 52.6 2.2 54.8 
Racing event-related services19.6 — 2.7 22.3 0.3 22.6 
Gaming(b)
— 3.8 278.5 282.3 — 282.3 
Other(b)
5.2 12.1 22.3 39.6 11.9 51.5 
Total$107.6 $314.4 $319.7 $741.7 $34.1 $775.8 

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 racing(b)
58.7 — — 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 
(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 historical pari-mutuel revenue for HRMs or gaming revenue for our casino properties. These amounts were $10.5 million for the nine months ended September 30, 2020 and $24.7 million for the nine months ended September 30, 2019.
Schedule of Segment Reporting Information
Adjusted EBITDA by segment is comprised of the following:
Three Months Ended September 30, 2020
(in millions)Churchill DownsOnline WageringGaming
Net revenue$68.0 $126.4 $134.9 
Taxes and purses(19.3)(8.0)(51.7)
Marketing and advertising(2.3)(6.9)(0.6)
Salaries and benefits(8.4)(3.1)(19.1)
Content expense(0.2)(63.5)(1.3)
Selling, general and administrative expense(2.6)(3.6)(8.3)
Other operating expense(11.3)(9.4)(14.4)
Other income — — 35.9 
Adjusted EBITDA$23.9 $31.9 $75.4 

Three Months Ended September 30, 2019
(in millions)Churchill DownsOnline WageringGaming
Net revenue$32.7 $70.4 $178.6 
Taxes and purses(10.2)(4.4)(71.2)
Marketing and advertising(1.1)(3.6)(5.5)
Salaries and benefits(6.8)(3.0)(26.6)
Content expense(0.5)(36.5)(1.6)
Selling, general and administrative 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 
Nine Months Ended September 30, 2020
(in millions)Churchill DownsOnline WageringGaming
Net revenue$122.0 $315.7 $321.3 
Taxes and purses(40.3)(18.5)(125.2)
Marketing and advertising(3.7)(13.3)(6.3)
Salaries and benefits(19.5)(9.6)(57.6)
Content expense(0.7)(156.4)(2.9)
Selling, general and administrative expense(5.3)(6.7)(18.9)
Other operating expense(22.2)(25.6)(45.0)
Other income— 0.1 57.0 
Adjusted EBITDA$30.3 $85.7 $122.4 

Nine Months Ended September 30, 2019
(in millions)Churchill DownsOnline WageringGaming
Net revenue$247.2 $229.8 $526.5 
Taxes and purses(52.1)(12.0)(204.7)
Marketing and advertising(5.8)(9.1)(15.7)
Salaries and benefits(24.5)(8.2)(76.5)
Content expense(1.8)(120.4)(4.5)
Selling, general and administrative 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 
Three Months Ended September 30,Nine Months Ended
September 30,
(in millions)2020201920202019
Reconciliation of Comprehensive Income (Loss) to Adjusted EBITDA:
Net income (loss) and comprehensive income (loss) attributable to CDI$43.2 $14.8 $(99.0)$133.5 
Net loss attributable to noncontrolling interest0.1 — 0.2 — 
Net income (loss) before noncontrolling interest43.1 14.8 (99.2)133.5 
Loss from discontinued operations, net of tax— 0.4 96.1 1.9 
Income (loss) from continuing operations, net of tax43.1 15.2 (3.1)135.4 
Additions:
Depreciation and amortization22.4 22.0 66.5 64.3 
Interest expense19.7 18.9 59.3 52.0 
Income tax provision (benefit) 13.9 8.0 (5.6)53.1 
EBITDA$99.1 $64.1 $117.1 $304.8 
Adjustments to EBITDA:
Selling, general and administrative:
Stock-based compensation expense $6.9 $5.5 $17.3 $17.6 
Legal reserves— 3.3 — 3.6 
Other charges0.8 — 0.7 — 
Pre-opening expense and other expense6.2 1.2 9.8 3.6 
Impairment of intangible assets— — 17.5 — 
Transaction expense, net0.5 0.9 1.0 5.0 
Other income, expense:
Interest, depreciation and amortization expense related to equity investments9.9 9.7 29.2 22.9 
Changes in fair value of Midwest Gaming's interest rate swaps(1.5)3.2 14.7 15.4 
Midwest Gaming's recapitalization and transactions costs— — — 4.7 
Other— 0.1 — — 
Total adjustments to EBITDA22.8 23.9 90.2 72.8 
Adjusted EBITDA$121.9 $88.0 $207.3 $377.6 
Adjusted EBITDA by segment:
Churchill Downs$23.9 $5.2 $30.3 $128.5 
Online Wagering31.9 15.0 85.7 54.1 
Gaming75.4 71.7 122.4 212.6 
Total segment Adjusted EBITDA131.2 91.9 238.4 395.2 
All Other(9.3)(3.9)(31.1)(17.6)
Total Adjusted EBITDA$121.9 $88.0 $207.3 $377.6 
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)2020201920202019
Gaming$27.6 $14.1 $13.2 $27.7 
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, 2020December 31, 2019
Total assets:
Churchill Downs$394.2 $370.3 
Online Wagering253.5 241.5 
Gaming968.9 1,030.1 
Total segment assets1,616.6 1,641.9 
All Other1,646.4 909.1 
Total assets$3,263.0 $2,551.0 
The table below presents total capital expenditures for each of our segments:
Nine Months Ended September 30,
(in millions)20202019
Capital expenditures:
Churchill Downs$37.3 $24.7 
Online Wagering9.6 7.3 
Gaming5.1 30.7 
Total segment capital expenditures52.0 62.7 
All Other158.1 28.3 
Total capital expenditures$210.1 $91.0