8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): April 20, 2021

Churchill Downs Incorporated

(Exact name of registrant as specified in its charter)

Kentucky			001-33998	61-0156015
(State or other jurisdiction of incorporation)			(Commission File Number)	(I.R.S. Employer Identification No.)
600 North Hurstbourne Parkway, Suite 400
Louisville	,	Kentucky		40222
(Address of Principal Executive Offices)				(Zip Code)

(502) 636-4400

(Registrant's telephone number, including area code)

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions.

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule l4a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, No Par Value	CHDN	The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company	☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.	☐

 Item 8.01.    Other Events.

During the first quarter of 2021, we updated our operating segments to reflect the internal management reporting used by our chief operating decision maker to evaluate results of operations and to assess performance and allocate resources. Our internal management reporting changed primarily due to the continued growth from Oak Grove Racing, Gaming & Hotel ("Oak Grove") and Turfway Park, which opened its annex historical racing machine facility, Newport Racing & Gaming ("Newport"), in October 2020, which resulted in our chief operating decision maker's decision to include Oak Grove, Turfway Park and Newport in the new Live and Historical Racing segment. The Live and Historical Racing segment now includes Churchill Downs Racetrack, Derby City Gaming, Oak Grove, Turfway Park, and Newport. We also realigned our retail sports betting results at our wholly-owned casinos from our Gaming segment to our TwinSpires segment. As a result of this realignment, our operating segments that meet the requirements to be disclosed separately as reportable segments are: Live and Historical Racing, TwinSpires, and Gaming. We conduct our business through these reportable segments and report net revenue and operating expense associated with these reportable segments in our consolidated statements of comprehensive income.

This Current Report on Form 8-K provides a summary of the Company's 2020 and 2019 annual and 2020 quarterly segment operating results as if the segments had been reported under this new reportable segment structure. Consolidated results remain unchanged. Beginning with the quarter ended March 31, 2021, our consolidated financial statements will reflect the new reportable segment structure with prior periods adjusted accordingly. The recast segment information is included as Exhibit 99.1.

We utilize non-GAAP measures, including EBITDA (earnings before interest, taxes, depreciation and amortization) and Adjusted EBITDA. Our chief operating decision maker utilizes Adjusted EBITDA to evaluate segment performance, develop strategy and allocate resources. Adjusted EBITDA includes the following adjustments:

Adjusted EBITDA includes our portion of EBITDA from our equity investments.

Adjusted EBITDA excludes:

•Transaction expense, net which includes:

–Acquisition and disposition related charges; and

–Other transaction expense, including legal, accounting, and other deal-related expense;

•Stock-based compensation expense;

•Rivers Des Plaines' impact on our investments in unconsolidated affiliates from:

–The impact of changes in fair value of interest rate swaps; and

–Legal reserves and transaction costs;

•Asset impairments;

•Legal reserves;

•Pre-opening expense; and

•Other charges, recoveries and expenses

The changes in the reportable segment structure discussed above affect only the manner in which the results of the Company’s reportable segments were previously reported. This Current Report on Form 8-K does not restate the Company’s previously reported consolidated statements for any period. Nor does it reflect any subsequent information or events, other than as required to reflect the change in segments as described above. This Current Report on Form 8-K, including Exhibit 99.1, should be read in conjunction with the Company’s Annual Reports on Form 10-K for the years ended December 31, 2020 and 2019 and the Company’s interim filings for such years with the Securities and Exchange Commission.

Item 9.01.    Financial Statements and Exhibits.

(d)	Exhibits
The following is being furnished as an exhibit to the Current Report on Form 8-K.
Exhibit Number	Description
99.1	Recast Segment Information of Churchill Downs Incorporated
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto, duly authorized.

	CHURCHILL DOWNS INCORPORATED
April 20, 2021	/s/ Marcia. A Dall
	By: Marcia A. Dall
	Title: Executive Vice President and Chief Financial Officer
	(Principal Financial and Accounting Officer)

EX-99.1

CHURCHILL DOWNS INCORPORATED

Recast Segment Operating Results

(unaudited)

	Three Months Ended								Year Ended December 31,
(in millions)	March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020		2020		2019
Net revenue:
Live and Historical Racing	$	28.1	$	23.3	$	63.8	$	54.4	$	169.6	$	276.7
TwinSpires	69.1		121.3		127.1		97.0		414.5		295.6
Gaming	145.9		37.3		133.5		118.6		435.3		687.3
All Other	9.8		3.2		13.4		8.2		34.6		70.1
Total net revenue	252.9		185.1		337.8		278.2		1,054.0		1,329.7
Operating expense:
Live and Historical Racing	33.1		33.1		55.7		57.1		179.0		178.8
TwinSpires	50.8		74.7		84.0		66.3		275.8		207.9
Gaming	124.1		45.5		96.2		92.1		357.9		526.0
All Other	14.6		9.6		13.1		10.5		47.8		74.0
Selling, general and administrative expense	24.1		22.4		38.8		29.5		114.8		122.0
Impairment of intangible assets	17.5		—		—		—		17.5		—
Transaction expense, net	0.3		0.2		0.5		—		1.0		5.3
Total operating expense	264.5		185.5		288.3		255.5		993.8		1,114.0
Operating (loss) income	$	(11.6)	$	(0.4)	$	49.5	$	22.7	$	60.2	$	215.7

NOTE: There were no changes to line items in our consolidated statements of comprehensive income (loss) below operating income for any annual or interim period.

CHURCHILL DOWNS INCORPORATED

Recast Segment Revenue

(unaudited)

	Three Months Ended								Year Ended December 31,
(in millions)	March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020		2020		2019
Net revenue from external customers:
Live and Historical Racing:
Churchill Downs Racetrack	$	1.9	$	15.6	$	34.9	$	10.9	$	63.3	$	187.6
Derby City Gaming	21.6		7.7		25.9		24.3		79.5		86.6
Oak Grove	—		—		2.4		14.2		16.6		—
Turfway Park	4.6		—		0.6		1.9		7.1		2.5
Newport	—		—		—		3.1		3.1		—
Total Live and Historical Racing	28.1		23.3		63.8		54.4		169.6		276.7
TwinSpires:
Horse Racing	66.6		119.9		124.0		92.7		403.2		289.9
Sports and Casino	2.5		1.4		3.1		4.3		11.3		5.7
Total TwinSpires	69.1		121.3		127.1		97.0		414.5		295.6
Gaming:
Fair Grounds and VSI	31.6		11.1		27.9		27.0		97.6		123.0
Presque Isle	27.0		1.9		27.5		16.7		73.1		137.5
Calder	21.8		5.7		6.5		17.8		51.8		99.8
Oxford	20.1		0.1		12.2		12.5		44.9		101.7
Ocean Downs	14.8		3.1		24.3		18.0		60.2		85.9
Riverwalk	12.0		7.4		15.2		11.7		46.3		56.1
Harlow’s	11.3		5.7		12.7		11.0		40.7		54.0
Lady Luck Nemacolin	7.3		2.3		7.2		3.9		20.7		29.3
Total Gaming	145.9		37.3		133.5		118.6		435.3		687.3
All Other	9.8		3.2		13.4		8.2		34.6		70.1
Net revenue from external customers	$	252.9	$	185.1	$	337.8	$	278.2	$	1,054.0	$	1,329.7

(in millions)	Three Months Ended								Year Ended December 31,
Intercompany net revenue:	March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020		2020		2019
Live and Historical Racing	$	1.0	$	7.0	$	7.3	$	3.9	$	19.2	$	15.5
TwinSpires	0.3		0.4		0.5		0.3		1.5		1.1
Gaming	1.5		—		0.2		0.8		2.5		2.4
All Other	2.4		2.8		3.8		2.8		11.8		11.3
Eliminations	(5.2)		(10.2)		(11.8)		(7.8)		(35.0)		(30.3)
Intercompany net revenue	$	—	$	—	$	—	$	—	$	—	$	—

CHURCHILL DOWNS INCORPORATED

Recast Adjusted EBITDA by Segment

(unaudited)

	Year Ended December 31, 2020
(in millions)	Live and Historical Racing		TwinSpires		Gaming		All Other		Eliminations		Total
Net revenue	$	188.8	$	416.0	$	437.8	$	46.4	$	(35.0)	$	1,054.0
Taxes and purses	(64.1)		(25.1)		(171.6)		(7.5)		—		(268.3)
Marketing and advertising	(6.2)		(16.5)		(7.5)		(0.2)		0.2		(30.2)
Salaries and benefits	(32.5)		(13.0)		(75.9)		(17.4)		—		(138.8)
Content expense	(1.5)		(202.7)		(3.5)		(3.7)		33.0		(178.4)
Selling, general and administrative expense	(8.7)		(8.8)		(25.4)		(43.9)		1.5		(85.3)
Other operating expense	(36.8)		(37.1)		(59.7)		(12.3)		0.3		(145.6)
Other income	0.1		0.1		78.9		—		—		79.1
Adjusted EBITDA	$	39.1	$	112.9	$	173.1	$	(38.6)	$	—	$	286.5

	Year Ended December 31, 2019
(in millions)	Live and Historical Racing		TwinSpires		Gaming		All Other		Eliminations		Total
Net revenue	$	292.2	$	296.7	$	689.7	$	81.4	$	(30.3)	$	1,329.7
Taxes and purses	(68.7)		(16.2)		(269.4)		(15.4)		—		(369.7)
Marketing and advertising	(7.1)		(12.3)		(21.4)		(1.3)		0.4		(41.7)
Salaries and benefits	(32.8)		(11.4)		(103.3)		(23.7)		—		(171.2)
Content expense	(2.6)		(152.2)		(5.3)		(7.9)		28.6		(139.4)
Selling, general and administrative expense	(8.3)		(7.1)		(29.1)		(46.7)		1.0		(90.2)
Other operating expense	(37.3)		(28.2)		(83.6)		(18.3)		0.3		(167.1)
Other income	0.2		—		100.3		0.5		—		101.0
Adjusted EBITDA	$	135.6	$	69.3	$	277.9	$	(31.4)	$	—	$	451.4

CHURCHILL DOWNS INCORPORATED

Recast Adjusted EBITDA by Segment

(unaudited)

	Three Months Ended March 31, 2020
(in millions)	Live and Historical Racing		TwinSpires		Gaming		All Other		Eliminations		Total
Net revenue	$	29.1	$	69.4	$	147.4	$	12.2	$	(5.2)	$	252.9
Taxes and purses	(9.5)		(4.3)		(58.7)		(3.2)		—		(75.7)
Marketing and advertising	(1.2)		(3.5)		(5.3)		(0.1)		0.2		(9.9)
Salaries and benefits	(7.2)		(3.5)		(29.5)		(5.1)		—		(45.3)
Content expense	(0.7)		(32.6)		(1.0)		(1.3)		4.7		(30.9)
Selling, general and administrative expense	(1.7)		(1.4)		(6.7)		(8.7)		0.2		(18.3)
Other operating expense	(7.8)		(8.1)		(19.5)		(3.4)		0.1		(38.7)
Other income	—		—		21.2		—		—		21.2
Adjusted EBITDA	$	1.0	$	16.0	$	47.9	$	(9.6)	$	—	$	55.3

	Three Months Ended June 30, 2020
(in millions)	Live and Historical Racing		TwinSpires		Gaming		All Other		Eliminations		Total
Net revenue	$	30.3	$	121.7	$	37.3	$	6.0	$	(10.2)	$	185.1
Taxes and purses	(14.0)		(6.7)		(14.3)		(1.6)		—		(36.6)
Marketing and advertising	(0.3)		(2.9)		(0.4)		—		—		(3.6)
Salaries and benefits	(5.3)		(3.0)		(9.0)		(3.0)		—		(20.3)
Content expense	(0.1)		(59.1)		(0.4)		(0.1)		9.7		(50.0)
Selling, general and administrative expense	(1.2)		(1.7)		(3.9)		(9.0)		0.5		(15.3)
Other operating expense	(5.8)		(9.7)		(11.0)		(2.9)		—		(29.4)
Other income	—		0.1		(0.1)		0.2		—		0.2
Adjusted EBITDA	$	3.6	$	38.7	$	(1.8)	$	(10.4)	$	—	$	30.1

CHURCHILL DOWNS INCORPORATED

Recast Adjusted EBITDA by Segment

(unaudited)

	Three Months Ended September 30, 2020
(in millions)	Live and Historical Racing		TwinSpires		Gaming		All Other		Eliminations		Total
Net revenue	$	71.1	$	127.6	$	133.7	$	17.2	$	(11.8)	$	337.8
Taxes and purses	(20.4)		(8.2)		(51.5)		(1.0)		—		(81.1)
Marketing and advertising	(2.7)		(6.9)		(0.6)		(0.1)		—		(10.3)
Salaries and benefits	(8.8)		(3.1)		(19.1)		(5.2)		—		(36.2)
Content expense	(0.2)		(62.7)		(1.2)		(0.9)		11.2		(53.8)
Selling, general and administrative expense	(2.8)		(3.9)		(8.2)		(14.8)		0.5		(29.2)
Other operating expense	(12.1)		(10.2)		(14.3)		(4.3)		0.1		(40.8)
Other income	—		—		35.9		(0.4)		—		35.5
Adjusted EBITDA	$	24.1	$	32.6	$	74.7	$	(9.5)	$	—	$	121.9

	Three Months Ended December 31, 2020
(in millions)	Live and Historical Racing		TwinSpires		Gaming		All Other		Eliminations		Total
Net revenue	$	58.3	$	97.3	$	119.4	$	11.0	$	(7.8)	$	278.2
Taxes and purses	(20.2)		(5.9)		(47.1)		(1.7)		—		(74.9)
Marketing and advertising	(2.0)		(3.2)		(1.2)		—		—		(6.4)
Salaries and benefits	(11.2)		(3.4)		(18.3)		(4.1)		—		(37.0)
Content expense	(0.5)		(48.3)		(0.9)		(1.4)		7.4		(43.7)
Selling, general and administrative expense	(3.0)		(1.8)		(6.6)		(11.4)		0.3		(22.5)
Other operating expense	(11.1)		(9.1)		(14.9)		(1.7)		0.1		(36.7)
Other income	0.1		—		21.9		0.2		—		22.2
Adjusted EBITDA	$	10.4	$	25.6	$	52.3	$	(9.1)	$	—	$	79.2

CHURCHILL DOWNS INCORPORATED

Reconciliation of Comprehensive (Loss) Income to Adjusted EBITDA

(unaudited)

	Three Months Ended								Year Ended December 31,
	March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020		2020		2019
(in millions)
Comprehensive (loss) income	$	(23.4)	$	(118.8)	$	43.2	$	17.1	$	(81.9)	$	137.5
Net income (loss) and comprehensive income (loss) attributable to CDI
Net loss attributable to noncontrolling interest	0.1		—		0.1		—		0.2		0.3
Net (loss) income before noncontrolling interest	(23.5)		(118.8)		43.1		17.1		(82.1)		137.2
Loss (income) from discontinued operations, net of tax	0.9		95.2		—		(0.7)		95.4		2.4
(Loss) income from continuing operations, net of tax	(22.6)		(23.6)		43.1		16.4		13.3		139.6
Additions:
Depreciation and amortization	22.0		22.1		22.4		26.4		92.9		96.4
Interest expense	19.3		20.3		19.7		20.7		80.0		70.9
Income tax (benefit) provision	(11.6)		(7.9)		13.9		0.3		(5.3)		56.8
EBITDA	$	7.1	$	10.9	$	99.1	$	63.8	$	180.9	363.7
Adjustments to EBITDA:
Selling, general and administrative:
Stock-based compensation expense	$	4.3	$	6.1	$	6.9	$	6.4	$	23.7	23.8
Legal reserves	—		—		—		—		—		3.6
Other charges	—		(0.1)		0.8		0.1		0.8		0.4
Pre-opening expense and other expense	1.7		1.9		6.2		1.4		11.2		5.1
Other income, expense:
Interest, depreciation and amortization expense related to equity investments	9.5		9.8		9.9		9.3		38.5		32.6
Changes in fair value of Rivers Des Plaines' interest rate swaps	14.9		1.3		(1.5)		(1.8)		12.9		12.4
Rivers Des Plaines' legal reserves and transaction costs	—		—		—		—		—		4.7
Other	—		—		—		—		—		(0.2)
Transaction expense, net	0.3		0.2		0.5		—		1.0		5.3
Impairment of tangible and other intangible assets	17.5		—		—		—		17.5		—
Total adjustments to EBITDA	48.2		19.2		22.8		15.4		105.6		87.7
Adjusted EBITDA	$	55.3	$	30.1	$	121.9	$	79.2	$	286.5	$	451.4
Adjusted EBITDA by segment:
Live and Historical Racing	$	1.0	$	3.6	$	24.1	$	10.4	$	39.1	$	135.6
TwinSpires	16.0		38.7		32.6		25.6		112.9		69.3
Gaming	47.9		(1.8)		74.7		52.3		173.1		277.9
Total segment Adjusted EBITDA	64.9		40.5		131.4		88.3		325.1		482.8
All Other	(9.6)		(10.4)		(9.5)		(9.1)		(38.6)		(31.4)
Total Adjusted EBITDA	$	55.3	$	30.1	$	121.9	$	79.2	$	286.5	$	451.4

XML

Cover	Apr. 20, 2021
Cover [Abstract]
Document Type	8-K
Document Period End Date	Apr. 20, 2021
Entity Registrant Name	Churchill Downs Incorporated
Entity Incorporation, State or Country Code	KY
Entity File Number	001-33998
Entity Tax Identification Number	61-0156015
Entity Address, Address Line One	600 North Hurstbourne Parkway, Suite 400
Entity Address, City or Town	Louisville
Entity Address, State or Province	KY
Entity Address, Postal Zip Code	40222
City Area Code	502
Local Phone Number	636-4400
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, No Par Value
Trading Symbol	CHDN
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false
Amendment Flag	false
Entity Central Index Key	0000020212

XML

Recast Segment Information

Apr. 20, 2021

Accounting Changes and Error Corrections [Abstract]

Recast Segment Information

CHURCHILL DOWNS INCORPORATED

Recast Segment Operating Results

(unaudited)

	Three Months Ended								Year Ended December 31,
(in millions)	March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020		2020		2019
Net revenue:
Live and Historical Racing	$	28.1	$	23.3	$	63.8	$	54.4	$	169.6	$	276.7
TwinSpires	69.1		121.3		127.1		97.0		414.5		295.6
Gaming	145.9		37.3		133.5		118.6		435.3		687.3
All Other	9.8		3.2		13.4		8.2		34.6		70.1
Total net revenue	252.9		185.1		337.8		278.2		1,054.0		1,329.7
Operating expense:
Live and Historical Racing	33.1		33.1		55.7		57.1		179.0		178.8
TwinSpires	50.8		74.7		84.0		66.3		275.8		207.9
Gaming	124.1		45.5		96.2		92.1		357.9		526.0
All Other	14.6		9.6		13.1		10.5		47.8		74.0
Selling, general and administrative expense	24.1		22.4		38.8		29.5		114.8		122.0
Impairment of intangible assets	17.5		—		—		—		17.5		—
Transaction expense, net	0.3		0.2		0.5		—		1.0		5.3
Total operating expense	264.5		185.5		288.3		255.5		993.8		1,114.0
Operating (loss) income	$	(11.6)	$	(0.4)	$	49.5	$	22.7	$	60.2	$	215.7

NOTE: There were no changes to line items in our consolidated statements of comprehensive income (loss) below operating income for any annual or interim period.

XML

Recast Segment Information - Recast Segment Operating Results (Tables)

Apr. 20, 2021

Accounting Changes and Error Corrections [Abstract]

Net Revenue From External Customers and Intercompany Revenue From Each Operating Segment

	Three Months Ended								Year Ended December 31,
(in millions)	March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020		2020		2019
Net revenue:
Live and Historical Racing	$	28.1	$	23.3	$	63.8	$	54.4	$	169.6	$	276.7
TwinSpires	69.1		121.3		127.1		97.0		414.5		295.6
Gaming	145.9		37.3		133.5		118.6		435.3		687.3
All Other	9.8		3.2		13.4		8.2		34.6		70.1
Total net revenue	252.9		185.1		337.8		278.2		1,054.0		1,329.7
Operating expense:
Live and Historical Racing	33.1		33.1		55.7		57.1		179.0		178.8
TwinSpires	50.8		74.7		84.0		66.3		275.8		207.9
Gaming	124.1		45.5		96.2		92.1		357.9		526.0
All Other	14.6		9.6		13.1		10.5		47.8		74.0
Selling, general and administrative expense	24.1		22.4		38.8		29.5		114.8		122.0
Impairment of intangible assets	17.5		—		—		—		17.5		—
Transaction expense, net	0.3		0.2		0.5		—		1.0		5.3
Total operating expense	264.5		185.5		288.3		255.5		993.8		1,114.0
Operating (loss) income	$	(11.6)	$	(0.4)	$	49.5	$	22.7	$	60.2	$	215.7

	Three Months Ended								Year Ended December 31,
(in millions)	March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020		2020		2019
Net revenue from external customers:
Live and Historical Racing:
Churchill Downs Racetrack	$	1.9	$	15.6	$	34.9	$	10.9	$	63.3	$	187.6
Derby City Gaming	21.6		7.7		25.9		24.3		79.5		86.6
Oak Grove	—		—		2.4		14.2		16.6		—
Turfway Park	4.6		—		0.6		1.9		7.1		2.5
Newport	—		—		—		3.1		3.1		—
Total Live and Historical Racing	28.1		23.3		63.8		54.4		169.6		276.7
TwinSpires:
Horse Racing	66.6		119.9		124.0		92.7		403.2		289.9
Sports and Casino	2.5		1.4		3.1		4.3		11.3		5.7
Total TwinSpires	69.1		121.3		127.1		97.0		414.5		295.6
Gaming:
Fair Grounds and VSI	31.6		11.1		27.9		27.0		97.6		123.0
Presque Isle	27.0		1.9		27.5		16.7		73.1		137.5
Calder	21.8		5.7		6.5		17.8		51.8		99.8
Oxford	20.1		0.1		12.2		12.5		44.9		101.7
Ocean Downs	14.8		3.1		24.3		18.0		60.2		85.9
Riverwalk	12.0		7.4		15.2		11.7		46.3		56.1
Harlow’s	11.3		5.7		12.7		11.0		40.7		54.0
Lady Luck Nemacolin	7.3		2.3		7.2		3.9		20.7		29.3
Total Gaming	145.9		37.3		133.5		118.6		435.3		687.3
All Other	9.8		3.2		13.4		8.2		34.6		70.1
Net revenue from external customers	$	252.9	$	185.1	$	337.8	$	278.2	$	1,054.0	$	1,329.7

(in millions)	Three Months Ended								Year Ended December 31,
Intercompany net revenue:	March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020		2020		2019
Live and Historical Racing	$	1.0	$	7.0	$	7.3	$	3.9	$	19.2	$	15.5
TwinSpires	0.3		0.4		0.5		0.3		1.5		1.1
Gaming	1.5		—		0.2		0.8		2.5		2.4
All Other	2.4		2.8		3.8		2.8		11.8		11.3
Eliminations	(5.2)		(10.2)		(11.8)		(7.8)		(35.0)		(30.3)
Intercompany net revenue	$	—	$	—	$	—	$	—	$	—	$	—

	Year Ended December 31, 2020
(in millions)	Live and Historical Racing		TwinSpires		Gaming		All Other		Eliminations		Total
Net revenue	$	188.8	$	416.0	$	437.8	$	46.4	$	(35.0)	$	1,054.0
Taxes and purses	(64.1)		(25.1)		(171.6)		(7.5)		—		(268.3)
Marketing and advertising	(6.2)		(16.5)		(7.5)		(0.2)		0.2		(30.2)
Salaries and benefits	(32.5)		(13.0)		(75.9)		(17.4)		—		(138.8)
Content expense	(1.5)		(202.7)		(3.5)		(3.7)		33.0		(178.4)
Selling, general and administrative expense	(8.7)		(8.8)		(25.4)		(43.9)		1.5		(85.3)
Other operating expense	(36.8)		(37.1)		(59.7)		(12.3)		0.3		(145.6)
Other income	0.1		0.1		78.9		—		—		79.1
Adjusted EBITDA	$	39.1	$	112.9	$	173.1	$	(38.6)	$	—	$	286.5

	Year Ended December 31, 2019
(in millions)	Live and Historical Racing		TwinSpires		Gaming		All Other		Eliminations		Total
Net revenue	$	292.2	$	296.7	$	689.7	$	81.4	$	(30.3)	$	1,329.7
Taxes and purses	(68.7)		(16.2)		(269.4)		(15.4)		—		(369.7)
Marketing and advertising	(7.1)		(12.3)		(21.4)		(1.3)		0.4		(41.7)
Salaries and benefits	(32.8)		(11.4)		(103.3)		(23.7)		—		(171.2)
Content expense	(2.6)		(152.2)		(5.3)		(7.9)		28.6		(139.4)
Selling, general and administrative expense	(8.3)		(7.1)		(29.1)		(46.7)		1.0		(90.2)
Other operating expense	(37.3)		(28.2)		(83.6)		(18.3)		0.3		(167.1)
Other income	0.2		—		100.3		0.5		—		101.0
Adjusted EBITDA	$	135.6	$	69.3	$	277.9	$	(31.4)	$	—	$	451.4

	Three Months Ended March 31, 2020
(in millions)	Live and Historical Racing		TwinSpires		Gaming		All Other		Eliminations		Total
Net revenue	$	29.1	$	69.4	$	147.4	$	12.2	$	(5.2)	$	252.9
Taxes and purses	(9.5)		(4.3)		(58.7)		(3.2)		—		(75.7)
Marketing and advertising	(1.2)		(3.5)		(5.3)		(0.1)		0.2		(9.9)
Salaries and benefits	(7.2)		(3.5)		(29.5)		(5.1)		—		(45.3)
Content expense	(0.7)		(32.6)		(1.0)		(1.3)		4.7		(30.9)
Selling, general and administrative expense	(1.7)		(1.4)		(6.7)		(8.7)		0.2		(18.3)
Other operating expense	(7.8)		(8.1)		(19.5)		(3.4)		0.1		(38.7)
Other income	—		—		21.2		—		—		21.2
Adjusted EBITDA	$	1.0	$	16.0	$	47.9	$	(9.6)	$	—	$	55.3

	Three Months Ended June 30, 2020
(in millions)	Live and Historical Racing		TwinSpires		Gaming		All Other		Eliminations		Total
Net revenue	$	30.3	$	121.7	$	37.3	$	6.0	$	(10.2)	$	185.1
Taxes and purses	(14.0)		(6.7)		(14.3)		(1.6)		—		(36.6)
Marketing and advertising	(0.3)		(2.9)		(0.4)		—		—		(3.6)
Salaries and benefits	(5.3)		(3.0)		(9.0)		(3.0)		—		(20.3)
Content expense	(0.1)		(59.1)		(0.4)		(0.1)		9.7		(50.0)
Selling, general and administrative expense	(1.2)		(1.7)		(3.9)		(9.0)		0.5		(15.3)
Other operating expense	(5.8)		(9.7)		(11.0)		(2.9)		—		(29.4)
Other income	—		0.1		(0.1)		0.2		—		0.2
Adjusted EBITDA	$	3.6	$	38.7	$	(1.8)	$	(10.4)	$	—	$	30.1

Schedule of Segment Reporting Information

	Three Months Ended September 30, 2020
(in millions)	Live and Historical Racing		TwinSpires		Gaming		All Other		Eliminations		Total
Net revenue	$	71.1	$	127.6	$	133.7	$	17.2	$	(11.8)	$	337.8
Taxes and purses	(20.4)		(8.2)		(51.5)		(1.0)		—		(81.1)
Marketing and advertising	(2.7)		(6.9)		(0.6)		(0.1)		—		(10.3)
Salaries and benefits	(8.8)		(3.1)		(19.1)		(5.2)		—		(36.2)
Content expense	(0.2)		(62.7)		(1.2)		(0.9)		11.2		(53.8)
Selling, general and administrative expense	(2.8)		(3.9)		(8.2)		(14.8)		0.5		(29.2)
Other operating expense	(12.1)		(10.2)		(14.3)		(4.3)		0.1		(40.8)
Other income	—		—		35.9		(0.4)		—		35.5
Adjusted EBITDA	$	24.1	$	32.6	$	74.7	$	(9.5)	$	—	$	121.9

	Three Months Ended December 31, 2020
(in millions)	Live and Historical Racing		TwinSpires		Gaming		All Other		Eliminations		Total
Net revenue	$	58.3	$	97.3	$	119.4	$	11.0	$	(7.8)	$	278.2
Taxes and purses	(20.2)		(5.9)		(47.1)		(1.7)		—		(74.9)
Marketing and advertising	(2.0)		(3.2)		(1.2)		—		—		(6.4)
Salaries and benefits	(11.2)		(3.4)		(18.3)		(4.1)		—		(37.0)
Content expense	(0.5)		(48.3)		(0.9)		(1.4)		7.4		(43.7)
Selling, general and administrative expense	(3.0)		(1.8)		(6.6)		(11.4)		0.3		(22.5)
Other operating expense	(11.1)		(9.1)		(14.9)		(1.7)		0.1		(36.7)
Other income	0.1		—		21.9		0.2		—		22.2
Adjusted EBITDA	$	10.4	$	25.6	$	52.3	$	(9.1)	$	—	$	79.2

	Three Months Ended								Year Ended December 31,
	March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020		2020		2019
(in millions)
Comprehensive (loss) income	$	(23.4)	$	(118.8)	$	43.2	$	17.1	$	(81.9)	$	137.5
Net income (loss) and comprehensive income (loss) attributable to CDI
Net loss attributable to noncontrolling interest	0.1		—		0.1		—		0.2		0.3
Net (loss) income before noncontrolling interest	(23.5)		(118.8)		43.1		17.1		(82.1)		137.2
Loss (income) from discontinued operations, net of tax	0.9		95.2		—		(0.7)		95.4		2.4
(Loss) income from continuing operations, net of tax	(22.6)		(23.6)		43.1		16.4		13.3		139.6
Additions:
Depreciation and amortization	22.0		22.1		22.4		26.4		92.9		96.4
Interest expense	19.3		20.3		19.7		20.7		80.0		70.9
Income tax (benefit) provision	(11.6)		(7.9)		13.9		0.3		(5.3)		56.8
EBITDA	$	7.1	$	10.9	$	99.1	$	63.8	$	180.9	363.7
Adjustments to EBITDA:
Selling, general and administrative:
Stock-based compensation expense	$	4.3	$	6.1	$	6.9	$	6.4	$	23.7	23.8
Legal reserves	—		—		—		—		—		3.6
Other charges	—		(0.1)		0.8		0.1		0.8		0.4
Pre-opening expense and other expense	1.7		1.9		6.2		1.4		11.2		5.1
Other income, expense:
Interest, depreciation and amortization expense related to equity investments	9.5		9.8		9.9		9.3		38.5		32.6
Changes in fair value of Rivers Des Plaines' interest rate swaps	14.9		1.3		(1.5)		(1.8)		12.9		12.4
Rivers Des Plaines' legal reserves and transaction costs	—		—		—		—		—		4.7
Other	—		—		—		—		—		(0.2)
Transaction expense, net	0.3		0.2		0.5		—		1.0		5.3
Impairment of tangible and other intangible assets	17.5		—		—		—		17.5		—
Total adjustments to EBITDA	48.2		19.2		22.8		15.4		105.6		87.7
Adjusted EBITDA	$	55.3	$	30.1	$	121.9	$	79.2	$	286.5	$	451.4
Adjusted EBITDA by segment:
Live and Historical Racing	$	1.0	$	3.6	$	24.1	$	10.4	$	39.1	$	135.6
TwinSpires	16.0		38.7		32.6		25.6		112.9		69.3
Gaming	47.9		(1.8)		74.7		52.3		173.1		277.9
Total segment Adjusted EBITDA	64.9		40.5		131.4		88.3		325.1		482.8
All Other	(9.6)		(10.4)		(9.5)		(9.1)		(38.6)		(31.4)
Total Adjusted EBITDA	$	55.3	$	30.1	$	121.9	$	79.2	$	286.5	$	451.4

XML

Recast Segment Information - Recast Segment Operating Results (Details) - USD ($) $ in Millions	3 Months Ended				12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Net revenue	$ 278.2	$ 337.8	$ 185.1	$ 252.9	$ 1,054.0	$ 1,329.7
Selling, general and administrative expense	29.5	38.8	22.4	24.1	114.8	122.0
Impairment of intangible assets	0.0	0.0	0.0	17.5	17.5	0.0
Transaction expense, net	0.0	0.5	0.2	0.3	1.0	5.3
Total operating expense	255.5	288.3	185.5	264.5	993.8	1,114.0
Operating (loss) income	22.7	49.5	(0.4)	(11.6)	60.2	215.7
Live and Historical Racing
Segment Reporting Information [Line Items]
Net revenue	54.4	63.8	23.3	28.1	169.6	276.7
Operating expenses	57.1	55.7	33.1	33.1	179.0	178.8
TwinSpires
Segment Reporting Information [Line Items]
Net revenue	97.0	127.1	121.3	69.1	414.5	295.6
Operating expenses	66.3	84.0	74.7	50.8	275.8	207.9
Gaming
Segment Reporting Information [Line Items]
Net revenue	118.6	133.5	37.3	145.9	435.3	687.3
Operating expenses	92.1	96.2	45.5	124.1	357.9	526.0
All Other
Segment Reporting Information [Line Items]
Net revenue	8.2	13.4	3.2	9.8	34.6	70.1
Operating expenses	$ 10.5	$ 13.1	$ 9.6	$ 14.6	$ 47.8	$ 74.0

XML

Recast Segment Information - Recast Segment Revenue (Details) - USD ($) $ in Millions	3 Months Ended				12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Net revenue from external customers	$ 278.2	$ 337.8	$ 185.1	$ 252.9	$ 1,054.0	$ 1,329.7
Intercompany net revenue	0.0	0.0	0.0	0.0	0.0	0.0
Operating Segments | External Customer
Segment Reporting Information [Line Items]
Net revenue from external customers	278.2	337.8	185.1	252.9	1,054.0	1,329.7
Operating Segments | Live and Historical Racing
Segment Reporting Information [Line Items]
Net revenue from external customers	58.3	71.1	30.3	29.1	188.8	292.2
Intercompany net revenue	3.9	7.3	7.0	1.0	19.2	15.5
Operating Segments | Live and Historical Racing | External Customer
Segment Reporting Information [Line Items]
Net revenue from external customers	54.4	63.8	23.3	28.1	169.6	276.7
Operating Segments | TwinSpires
Segment Reporting Information [Line Items]
Net revenue from external customers	97.3	127.6	121.7	69.4	416.0	296.7
Intercompany net revenue	0.3	0.5	0.4	0.3	1.5	1.1
Operating Segments | TwinSpires | External Customer
Segment Reporting Information [Line Items]
Net revenue from external customers	97.0	127.1	121.3	69.1	414.5	295.6
Operating Segments | Gaming
Segment Reporting Information [Line Items]
Net revenue from external customers	119.4	133.7	37.3	147.4	437.8	689.7
Intercompany net revenue	0.8	0.2	0.0	1.5	2.5	2.4
Operating Segments | Gaming | External Customer
Segment Reporting Information [Line Items]
Net revenue from external customers	118.6	133.5	37.3	145.9	435.3	687.3
All Other
Segment Reporting Information [Line Items]
Net revenue from external customers	11.0	17.2	6.0	12.2	46.4	81.4
Intercompany net revenue	2.8	3.8	2.8	2.4	11.8	11.3
All Other | External Customer
Segment Reporting Information [Line Items]
Net revenue from external customers	8.2	13.4	3.2	9.8	34.6	70.1
Eliminations
Segment Reporting Information [Line Items]
Net revenue from external customers	(7.8)	(11.8)	(10.2)	(5.2)	(35.0)	(30.3)
Intercompany net revenue	(7.8)	(11.8)	(10.2)	(5.2)	(35.0)	(30.3)
Churchill Downs Racetrack | Operating Segments | Live and Historical Racing | External Customer
Segment Reporting Information [Line Items]
Net revenue from external customers	10.9	34.9	15.6	1.9	63.3	187.6
Derby City Gaming | Operating Segments | Live and Historical Racing | External Customer
Segment Reporting Information [Line Items]
Net revenue from external customers	24.3	25.9	7.7	21.6	79.5	86.6
Oak Grove | Operating Segments | Live and Historical Racing | External Customer
Segment Reporting Information [Line Items]
Net revenue from external customers	14.2	2.4	0.0	0.0	16.6	0.0
Turfway Park | Operating Segments | Live and Historical Racing | External Customer
Segment Reporting Information [Line Items]
Net revenue from external customers	1.9	0.6	0.0	4.6	7.1	2.5
Newport | Operating Segments | Live and Historical Racing | External Customer
Segment Reporting Information [Line Items]
Net revenue from external customers	3.1	0.0	0.0	0.0	3.1	0.0
Horse Racing | Operating Segments | TwinSpires | External Customer
Segment Reporting Information [Line Items]
Net revenue from external customers	92.7	124.0	119.9	66.6	403.2	289.9
Sports and Casino | Operating Segments | TwinSpires | External Customer
Segment Reporting Information [Line Items]
Net revenue from external customers	4.3	3.1	1.4	2.5	11.3	5.7
Fair Grounds and VSI | Operating Segments | Gaming | External Customer
Segment Reporting Information [Line Items]
Net revenue from external customers	27.0	27.9	11.1	31.6	97.6	123.0
Presque Isle | Operating Segments | Gaming | External Customer
Segment Reporting Information [Line Items]
Net revenue from external customers	16.7	27.5	1.9	27.0	73.1	137.5
Calder | Operating Segments | Gaming | External Customer
Segment Reporting Information [Line Items]
Net revenue from external customers	17.8	6.5	5.7	21.8	51.8	99.8
Oxford | Operating Segments | Gaming | External Customer
Segment Reporting Information [Line Items]
Net revenue from external customers	12.5	12.2	0.1	20.1	44.9	101.7
Ocean Downs | Operating Segments | Gaming | External Customer
Segment Reporting Information [Line Items]
Net revenue from external customers	18.0	24.3	3.1	14.8	60.2	85.9
Riverwalk | Operating Segments | Gaming | External Customer
Segment Reporting Information [Line Items]
Net revenue from external customers	11.7	15.2	7.4	12.0	46.3	56.1
Harlow’s | Operating Segments | Gaming | External Customer
Segment Reporting Information [Line Items]
Net revenue from external customers	11.0	12.7	5.7	11.3	40.7	54.0
Lady Luck Nemacolin | Operating Segments | Gaming | External Customer
Segment Reporting Information [Line Items]
Net revenue from external customers	$ 3.9	$ 7.2	$ 2.3	$ 7.3	$ 20.7	$ 29.3

XML

Recast Segment Information - Schedule of Recast Adjusted EBITDA by Segment (Details) - USD ($) $ in Millions	3 Months Ended				12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Net revenue	$ 278.2	$ 337.8	$ 185.1	$ 252.9	$ 1,054.0	$ 1,329.7
Taxes and purses	(74.9)	(81.1)	(36.6)	(75.7)	(268.3)	(369.7)
Marketing and advertising	(6.4)	(10.3)	(3.6)	(9.9)	(30.2)	(41.7)
Salaries and benefits	(37.0)	(36.2)	(20.3)	(45.3)	(138.8)	(171.2)
Content expense	(43.7)	(53.8)	(50.0)	(30.9)	(178.4)	(139.4)
Selling, general and administrative expense	(22.5)	(29.2)	(15.3)	(18.3)	(85.3)	(90.2)
Other operating expense	(36.7)	(40.8)	(29.4)	(38.7)	(145.6)	(167.1)
Other income	22.2	35.5	0.2	21.2	79.1	101.0
Adjusted EBITDA	79.2	121.9	30.1	55.3	286.5	451.4
Operating Segments
Segment Reporting Information [Line Items]
Adjusted EBITDA	88.3	131.4	40.5	64.9	325.1	482.8
All Other
Segment Reporting Information [Line Items]
Net revenue	11.0	17.2	6.0	12.2	46.4	81.4
Taxes and purses	(1.7)	(1.0)	(1.6)	(3.2)	(7.5)	(15.4)
Marketing and advertising	0.0	(0.1)	0.0	(0.1)	(0.2)	(1.3)
Salaries and benefits	(4.1)	(5.2)	(3.0)	(5.1)	(17.4)	(23.7)
Content expense	(1.4)	(0.9)	(0.1)	(1.3)	(3.7)	(7.9)
Selling, general and administrative expense	(11.4)	(14.8)	(9.0)	(8.7)	(43.9)	(46.7)
Other operating expense	(1.7)	(4.3)	(2.9)	(3.4)	(12.3)	(18.3)
Other income	0.2	(0.4)	0.2	0.0	0.0	0.5
Adjusted EBITDA	(9.1)	(9.5)	(10.4)	(9.6)	(38.6)	(31.4)
Eliminations
Segment Reporting Information [Line Items]
Net revenue	(7.8)	(11.8)	(10.2)	(5.2)	(35.0)	(30.3)
Taxes and purses	0.0	0.0	0.0	0.0	0.0	0.0
Marketing and advertising	0.0	0.0	0.0	0.2	0.2	0.4
Salaries and benefits	0.0	0.0	0.0	0.0	0.0	0.0
Content expense	7.4	11.2	9.7	4.7	33.0	28.6
Selling, general and administrative expense	0.3	0.5	0.5	0.2	1.5	1.0
Other operating expense	0.1	0.1	0.0	0.1	0.3	0.3
Other income	0.0	0.0	0.0	0.0	0.0	0.0
Adjusted EBITDA	0.0	0.0	0.0	0.0	0.0	0.0
Live and Historical Racing | Operating Segments
Segment Reporting Information [Line Items]
Net revenue	58.3	71.1	30.3	29.1	188.8	292.2
Taxes and purses	(20.2)	(20.4)	(14.0)	(9.5)	(64.1)	(68.7)
Marketing and advertising	(2.0)	(2.7)	(0.3)	(1.2)	(6.2)	(7.1)
Salaries and benefits	(11.2)	(8.8)	(5.3)	(7.2)	(32.5)	(32.8)
Content expense	(0.5)	(0.2)	(0.1)	(0.7)	(1.5)	(2.6)
Selling, general and administrative expense	(3.0)	(2.8)	(1.2)	(1.7)	(8.7)	(8.3)
Other operating expense	(11.1)	(12.1)	(5.8)	(7.8)	(36.8)	(37.3)
Other income	0.1	0.0	0.0	0.0	0.1	0.2
Adjusted EBITDA	10.4	24.1	3.6	1.0	39.1	135.6
TwinSpires | Operating Segments
Segment Reporting Information [Line Items]
Net revenue	97.3	127.6	121.7	69.4	416.0	296.7
Taxes and purses	(5.9)	(8.2)	(6.7)	(4.3)	(25.1)	(16.2)
Marketing and advertising	(3.2)	(6.9)	(2.9)	(3.5)	(16.5)	(12.3)
Salaries and benefits	(3.4)	(3.1)	(3.0)	(3.5)	(13.0)	(11.4)
Content expense	(48.3)	(62.7)	(59.1)	(32.6)	(202.7)	(152.2)
Selling, general and administrative expense	(1.8)	(3.9)	(1.7)	(1.4)	(8.8)	(7.1)
Other operating expense	(9.1)	(10.2)	(9.7)	(8.1)	(37.1)	(28.2)
Other income	0.0	0.0	0.1	0.0	0.1	0.0
Adjusted EBITDA	25.6	32.6	38.7	16.0	112.9	69.3
Gaming | Operating Segments
Segment Reporting Information [Line Items]
Net revenue	119.4	133.7	37.3	147.4	437.8	689.7
Taxes and purses	(47.1)	(51.5)	(14.3)	(58.7)	(171.6)	(269.4)
Marketing and advertising	(1.2)	(0.6)	(0.4)	(5.3)	(7.5)	(21.4)
Salaries and benefits	(18.3)	(19.1)	(9.0)	(29.5)	(75.9)	(103.3)
Content expense	(0.9)	(1.2)	(0.4)	(1.0)	(3.5)	(5.3)
Selling, general and administrative expense	(6.6)	(8.2)	(3.9)	(6.7)	(25.4)	(29.1)
Other operating expense	(14.9)	(14.3)	(11.0)	(19.5)	(59.7)	(83.6)
Other income	21.9	35.9	(0.1)	21.2	78.9	100.3
Adjusted EBITDA	$ 52.3	$ 74.7	$ (1.8)	$ 47.9	$ 173.1	$ 277.9

XML

Recast Segment Information - Reconciliation of Comprehensive Income to Adjusted EBITDA (Details) - USD ($) $ in Millions	3 Months Ended				12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Comprehensive (loss) income	$ 17.1	$ 43.2	$ (118.8)	$ (23.4)	$ (81.9)	$ 137.5
Net loss attributable to noncontrolling interest	0.0	0.1	0.0	0.1	0.2	0.3
Net (loss) income before noncontrolling interest	17.1	43.1	(118.8)	(23.5)	(82.1)	137.2
Loss (income) from discontinued operations, net of tax	(0.7)	0.0	95.2	0.9	95.4	2.4
(Loss) income from continuing operations, net of tax	16.4	43.1	(23.6)	(22.6)	13.3	139.6
Depreciation and amortization	26.4	22.4	22.1	22.0	92.9	96.4
Interest expense	20.7	19.7	20.3	19.3	80.0	70.9
Income tax (benefit) provision	0.3	13.9	(7.9)	(11.6)	(5.3)	56.8
EBITDA	63.8	99.1	10.9	7.1	180.9	363.7
Stock-based compensation expense	6.4	6.9	6.1	4.3	23.7	23.8
Legal reserves	0.0	0.0	0.0	0.0	0.0	3.6
Other charges	0.1	0.8	(0.1)	0.0	0.8	0.4
Pre-opening expense and other expense	1.4	6.2	1.9	1.7	11.2	5.1
Interest, depreciation and amortization expense related to equity investments	9.3	9.9	9.8	9.5	38.5	32.6
Changes in fair value of Rivers Des Plaines' interest rate swaps	(1.8)	(1.5)	1.3	14.9	12.9	12.4
Rivers Des Plaines' legal reserves and transaction costs	0.0	0.0	0.0	0.0	0.0	4.7
Other	0.0	0.0	0.0	0.0	0.0	(0.2)
Transaction expense, net	0.0	0.5	0.2	0.3	1.0	5.3
Impairment of tangible and other intangible assets	0.0	0.0	0.0	17.5	17.5	0.0
Total adjustments to EBITDA	15.4	22.8	19.2	48.2	105.6	87.7
Adjusted EBITDA	79.2	121.9	30.1	55.3	286.5	451.4
Operating Segments
Segment Reporting Information [Line Items]
Adjusted EBITDA	88.3	131.4	40.5	64.9	325.1	482.8
Operating Segments | Live and Historical Racing
Segment Reporting Information [Line Items]
Adjusted EBITDA	10.4	24.1	3.6	1.0	39.1	135.6
Operating Segments | TwinSpires
Segment Reporting Information [Line Items]
Adjusted EBITDA	25.6	32.6	38.7	16.0	112.9	69.3
Operating Segments | Gaming
Segment Reporting Information [Line Items]
Adjusted EBITDA	52.3	74.7	(1.8)	47.9	173.1	277.9
All Other
Segment Reporting Information [Line Items]
Adjusted EBITDA	$ (9.1)	$ (9.5)	$ (10.4)	$ (9.6)	$ (38.6)	$ (31.4)