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Segment Information (Tables)
 3 Months Ended
Mar. 31, 2021
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 (loss) to Adjusted EBITDA:
Three Months Ended March 31,
(in millions)20212020
Net revenue from external customers:
Live and Historical Racing:
Churchill Downs Racetrack$2.0 $1.9 
Derby City Gaming32.9 21.6 
Oak Grove19.4 — 
Turfway Park4.5 4.6 
Newport4.4 — 
Total Live and Historical Racing63.2 28.1 
TwinSpires:
Horse Racing92.7 66.6 
Sports and Casino7.0 2.5 
Total TwinSpires99.7 69.1 
Gaming:
Fair Grounds and VSI38.3 31.6 
Presque Isle23.8 27.0 
Calder20.9 21.8 
Oxford15.7 20.1 
Ocean Downs20.0 14.8 
Riverwalk 14.4 12.0 
Harlow’s 14.0 11.3 
Lady Luck Nemacolin4.9 7.3 
Total Gaming152.0 145.9 
All Other9.4 9.8 
Net revenue from external customers$324.3 $252.9 
Three Months Ended March 31,
(in millions)20212020
Intercompany net revenue:
Live and Historical Racing$1.5 $1.0 
TwinSpires0.4 0.3 
Gaming2.0 1.5 
All Other2.7 2.4 
Eliminations(6.6)(5.2)
Intercompany net revenue$— $— 
Three Months Ended March 31, 2021
(in millions)Live and Historical RacingTwinSpiresGamingTotal SegmentsAll OtherTotal
Net revenue from external customers
Pari-mutuel:
Live and simulcast racing$5.9 $89.2 $11.7 $106.8 $5.1 $111.9 
Historical racing(a)
52.9 — — 52.9 — 52.9 
Racing event-related services— — 0.7 0.7 — 0.7 
Gaming(a)
— 7.0 132.5 139.5 — 139.5 
Other(a)
4.4 3.5 7.1 15.0 4.3 19.3 
Total$63.2 $99.7 $152.0 $314.9 $9.4 $324.3 
Three Months Ended March 31, 2020
(in millions)Live and Historical RacingTwinSpiresGamingTotal SegmentsAll OtherTotal
Net revenue from external customers
Pari-mutuel:
Live and simulcast racing$5.2 $63.9 $9.9 $79.0 $5.7 $84.7 
Historical racing(a)
20.4 — — 20.4 — 20.4 
Racing event-related services— — 1.3 1.3 0.1 1.4 
Gaming(a)
— 2.5 119.8 122.3 — 122.3 
Other(a)
2.5 2.7 14.9 20.1 4.0 24.1 
Total$28.1 $69.1 $145.9 $243.1 $9.8 $252.9 
(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 pari-mutuel revenue for HRMs or gaming revenue for our casino properties. These amounts were $3.7 million for the three months ended March 31, 2021 and $7.6 million for the three months ended March 31, 2020.
Schedule of Segment Reporting Information
Adjusted EBITDA by segment is comprised of the following:
Three Months Ended March 31, 2021
(in millions)Live and Historical RacingTwinSpiresGaming
Net revenue$64.7 $100.1 $154.0 
Taxes and purses(20.0)(6.4)(59.3)
Marketing and advertising(2.1)(8.5)(1.4)
Salaries and benefits(10.0)(3.1)(19.9)
Content expense(0.6)(46.5)(1.0)
Selling, general and administrative expense(3.0)(2.2)(6.0)
Other operating expense(10.7)(10.9)(15.5)
Other income — — 31.5 
Adjusted EBITDA$18.3 $22.5 $82.4 
Three Months Ended March 31, 2020
(in millions)Live and Historical RacingTwinSpiresGaming
Net revenue$29.1 $69.4 $147.4 
Taxes and purses(9.5)(4.3)(58.7)
Marketing and advertising(1.2)(3.5)(5.3)
Salaries and benefits(7.2)(3.5)(29.5)
Content expense(0.7)(32.6)(1.0)
Selling, general and administrative expense(1.7)(1.4)(6.7)
Other operating expense(7.8)(8.1)(19.5)
Other income — — 21.2 
Adjusted EBITDA$1.0 $16.0 $47.9 
Three Months Ended March 31,
(in millions)20212020
Reconciliation of Comprehensive Income (Loss) to Adjusted EBITDA:
Net income (loss) and comprehensive income (loss) attributable to Churchill Downs Incorporated$36.1 $(23.4)
Net loss attributable to noncontrolling interest— 0.1 
Net income (loss) before noncontrolling interest36.1 (23.5)
Loss from discontinued operations, net of tax— 0.9 
Income (loss) from continuing operations, net of tax36.1 (22.6)
Additions:
Depreciation and amortization26.0 22.0 
Interest expense19.4 19.3 
Income tax provision (benefit) 16.2 (11.6)
EBITDA$97.7 $7.1 
Adjustments to EBITDA:
Selling, general and administrative:
Stock-based compensation expense $5.5 $4.3 
Pre-opening expense and other expense0.6 1.7 
Impairment of intangible assets— 17.5 
Transaction expense, net0.1 0.3 
Other income, expense:
Interest, depreciation and amortization expense related to equity investments9.6 9.5 
Changes in fair value of Rivers Des Plaines' interest rate swaps(4.2)14.9 
Rivers Des Plaines' legal reserves and transaction costs1.3 — 
Total adjustments to EBITDA12.9 48.2 
Adjusted EBITDA$110.6 $55.3 
Adjusted EBITDA by segment:
Live and Historical Racing$18.3 $1.0 
TwinSpires22.5 16.0 
Gaming82.4 47.9 
Total segment Adjusted EBITDA123.2 64.9 
All Other(12.6)(9.6)
Total Adjusted EBITDA$110.6 $55.3 
Schedule of Equity in Income of Unconsolidated Investments The table below presents information about equity in income (loss) of unconsolidated affiliates included in our reported segments:
Three Months Ended March 31,
(in millions)20212020
Gaming$24.9 $(3.3)
Schedule of Total Assets and Capital Expenditures by Operating Segment The table below presents total capital expenditures for each of our segments:
Three Months Ended March 31,
(in millions)20212020
Capital expenditures, net:
Live and Historical Racing$7.8 $39.7 
TwinSpires2.3 3.5 
Gaming1.6 3.3 
Total segment capital expenditures11.7 46.5 
All Other0.6 1.8 
Total capital expenditures$12.3 $48.3