Segment Information (Tables)

12 Months Ended

Dec. 31, 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, Adjusted EBITDA by segment and reconciles comprehensive (loss) income to Adjusted EBITDA:

	Years Ended December 31,
(in millions)	2020		2019		2018
Net revenue from external customers:
Churchill Downs:
Churchill Downs Racetrack	$	63.3	$	187.6	$	181.0
Derby City Gaming	79.5		86.6		14.8
Total Churchill Downs	142.8		274.2		195.8
Online Wagering:
TwinSpires Horse Racing	403.4		289.9		290.2
TwinSpires Sports and Casino	4.9		0.6		—
Total Online Wagering	408.3		290.5		290.2
Gaming:
Fair Grounds and VSI	97.6		123.0		117.7
Presque Isle	75.2		138.5		—
Ocean Downs	60.3		85.9		25.9
Calder	51.8		99.8		98.6
Oxford Casino	44.9		101.7		102.0
Riverwalk Casino	49.1		58.9		54.5
Harlow’s Casino	41.8		55.3		50.2
Lady Luck Nemacolin	20.7		29.3		—
Saratoga	—		—		0.6
Total Gaming	441.4		692.4		449.5
All Other	61.5		72.6		73.5
Net revenue from external customers	$	1,054.0	$	1,329.7	$	1,009.0
Intercompany net revenues:
Churchill Downs	$	17.7	$	15.2	$	12.7
Online Wagering	1.6		1.1		1.3
Gaming:
Fair Grounds and VSI	2.2		1.8		1.6
Presque Isle	0.2		0.5		—
Calder	0.1		0.1		0.1
Total Gaming	2.5		2.4		1.7
All Other	13.2		11.6		11.2
Eliminations	(35.0)		(30.3)		(26.9)
Intercompany net revenue	$	—	$	—	$	—

	Twelve Months Ended December 31, 2020
(in millions)	Churchill Downs		Online Wagering		Gaming		Total Segments		All Other		Total
Net revenue from external customers
Pari-mutuel:
Live and simulcast racing	$	39.4	$	387.5	$	22.9	$	449.8	$	25.3	$	475.1
Historical racing(a)	76.0		—		—		76.0		17.6		93.6
Racing event-related services	21.0		—		3.4		24.4		0.3		24.7
Gaming(a)	—		5.1		387.5		392.6		—		392.6
Other(a)	6.4		15.7		27.6		49.7		18.3		68.0
Total	$	142.8	$	408.3	$	441.4	$	992.5	$	61.5	$	1,054.0

	Twelve Months Ended December 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	$	59.0	$	277.1	$	30.7	$	366.8	$	41.1	$	407.9
Historical racing(a)	81.6		—		—		81.6		—		81.6
Racing event-related services	118.7		—		4.1		122.8		5.6		128.4
Gaming(a)	—		0.6		585.2		585.8		—		585.8
Other(a)	14.9		12.8		72.4		100.1		25.9		126.0
Total	$	274.2	$	290.5	$	692.4	$	1,257.1	$	72.6	$	1,329.7

	Twelve Months Ended December 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	$	54.9	$	278.4	$	27.1	$	360.4	$	43.1	$	403.5
Historical racing(a)	13.8		—		—		13.8		—		13.8
Racing event-related services	115.2		—		3.9		119.1		5.8		124.9
Gaming(a)	—		—		365.9		365.9		—		365.9
Other(a)	11.9		11.8		52.6		76.3		24.6		100.9
Total	$	195.8	$	290.2	$	449.5	$	935.5	$	73.5	$	1,009.0

(a)Food and beverage, hotel, and other services furnished to customers for free as an inducement to wager or through the redemption of our customers' loyalty points are recorded at the estimated standalone selling prices in Other revenue with a corresponding offset recorded as a reduction in historical racing pari-mutuel revenue for HRMs or gaming revenue for our casino properties. These amounts were $13.1 million in 2020, $33.4 million in 2019, and $26.1 million in 2018.

Schedule of Segment Reporting Information

Adjusted EBITDA by segment is comprised of the following:

	Year Ended December 31, 2020
(in millions)	Churchill Downs		Online Wagering		Gaming
Net revenue	$	160.5	$	409.9	$	443.9
Taxes and purses	(54.1)		(23.7)		(173.0)
Marketing and advertising	(4.1)		(16.5)		(7.5)
Salaries and benefits	(26.5)		(13.0)		(75.9)
Content expense	(1.0)		(204.9)		(3.5)
Selling, general and administrative expense	(7.0)		(8.9)		(25.4)
Other operating expense	(29.6)		(33.7)		(60.8)
Other income	0.1		0.1		78.9
Adjusted EBITDA	$	38.3	$	109.3	$	176.7

	Year Ended December 31, 2019
(in millions)	Churchill Downs		Online Wagering		Gaming
Net revenue	$	289.4	$	291.6	$	694.8
Taxes and purses	(66.5)		(15.3)		(270.3)
Marketing and advertising	(7.1)		(12.2)		(21.5)
Salaries & benefits	(32.0)		(11.4)		(103.3)
Content expense	(2.4)		(152.8)		(6.0)
Selling, general and administrative expense	(8.0)		(7.2)		(29.0)
Other operating expense	(35.9)		(26.4)		(84.1)
Other income	0.2		—		100.3
Adjusted EBITDA	$	137.7	$	66.3	$	280.9

	Year Ended December 31, 2018
(in millions)	Churchill Downs		Online Wagering		Gaming
Net revenue	$	208.5	$	291.5	$	451.2
Taxes and purses	(41.3)		(15.2)		(153.4)
Marketing and advertising	(5.7)		(6.0)		(15.5)
Salaries & benefits	(23.7)		(9.2)		(68.9)
Content expense	(2.2)		(152.0)		(4.1)
Selling, general and administrative expense	(5.3)		(5.9)		(18.6)
Other operating expense	(28.0)		(24.2)		(60.0)
Other income	0.1		—		43.3
Adjusted EBITDA	$	102.4	$	79.0	$	174.0

	Years Ended December 31,
(in millions)	2020		2019		2018
Reconciliation of Comprehensive (Loss) Income to Adjusted EBITDA:
Comprehensive (loss) income attributable to Churchill Downs Incorporated	$	(81.9)	$	137.5	$	353.2
Foreign currency translation, net of tax	—		—		(0.6)
Change in pension benefits, net of tax	—		—		0.2
Net (loss) income attributable to Churchill Downs Incorporated	(81.9)		137.5		352.8
Net loss attributable to noncontrolling interest	0.2		0.3		—
Net (loss) income before noncontrolling interest	(82.1)		137.2		352.8
Loss (income) from discontinued operations, net of tax	95.4		2.4		(170.2)
Income from continuing operations, net of tax	13.3		139.6		182.6
Additions:
Depreciation and amortization	92.9		96.4		63.6
Interest expense	80.0		70.9		40.1
Income tax (benefit) provision	(5.3)		56.8		51.3
EBITDA	$	180.9	$	363.7	$	337.6
Adjustments to EBITDA:
Selling, general and administrative:
Stock-based compensation expense	$	23.7	$	23.8	$	17.7
Legal reserves	—		3.6		—
Other, net	0.8		0.4		(0.6)
Pre-opening expense	11.2		5.1		4.8
Other income, expense:
Interest, depreciation and amortization expense related to equity investments	38.5		32.6		13.9
Changes in fair value of Midwest Gaming's interest rate swaps	12.9		12.4		—
Midwest Gaming's recapitalization and transactions costs	—		4.7		—
Other charges and recoveries, net	—		(0.2)		—
Gain on Ocean Downs/Saratoga transaction	—		—		(54.9)
Transaction expense, net	1.0		5.3		10.3
Impairment of tangible and other intangible assets	17.5		—		—
Total adjustments to EBITDA	105.6		87.7		(8.8)
Adjusted EBITDA	$	286.5	$	451.4	$	328.8
Adjusted EBITDA by segment:
Churchill Downs	$	38.3	$	137.7	$	102.4
Online Wagering	109.3		66.3		79.0
Gaming	176.7		280.9		174.0
Total segment Adjusted EBITDA	324.3		484.9		355.4
All Other	(37.8)		(33.5)		(26.6)
Total Adjusted EBITDA	$	286.5	$	451.4	$	328.8

The table below presents information about equity in income of unconsolidated affiliates included in our reported segments:

	Years Ended December 31,
(in millions)	2020		2019		2018
Gaming	$	27.5	$	50.5	$	29.4
All Other	0.2		0.1		0.2
	$	27.7	$	50.6	$	29.6

Schedule of Total Assets and Capital Expenditures by Operating Segment

The table below presents total asset information for each of our segments:

	As of December 31,
(in millions)	2020		2019
Total assets:
Churchill Downs	$	377.7	$	370.3
Online Wagering	249.1		241.5
Gaming	957.4		1,030.1
Total segment assets	1,584.2		1,641.9
All Other	1,102.2		909.1
	$	2,686.4	$	2,551.0

The table below presents total capital expenditures for each of our segments:

	Years Ended December 31,
(in millions)	2020		2019		2018
Capital expenditures:
Churchill Downs	$	38.2	$	31.4	$	109.6
Online Wagering	11.6		9.7		9.7
Gaming	6.5		37.1		20.7
Total segment capital expenditures	56.3		78.2		140.0
All Other	177.9		53.0		9.4
Total capital expenditures	$	234.2	$	131.2	$	149.4