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Segment Information (Tables)
 6 Months Ended
Jun. 30, 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 June 30,Six Months Ended June 30,
(in millions)2021202020212020
Net revenue from external customers:
Live and Historical Racing:
Churchill Downs Racetrack$105.2 $15.6 $107.2 $17.5 
Derby City Gaming39.9 7.7 72.8 29.3 
Oak Grove25.6 — 45.0 — 
Turfway Park0.7 — 5.1 4.6 
Newport4.5 — 9.0 — 
Total Live and Historical Racing175.9 23.3 239.1 51.4 
TwinSpires:
Horse Racing127.2 119.9 219.9 186.5 
Sports and Casino8.4 1.4 15.4 3.9 
Total TwinSpires135.6 121.3 235.3 190.4 
Gaming:
Fair Grounds and VSI35.1 11.1 73.4 42.7 
Presque Isle30.5 1.9 54.3 28.9 
Calder27.4 5.7 48.3 27.5 
Oxford24.6 0.1 40.3 20.2 
Ocean Downs27.0 3.1 47.0 17.9 
Riverwalk 18.4 7.4 32.8 19.4 
Harlow’s 16.6 5.7 30.6 17.0 
Lady Luck Nemacolin6.4 2.3 11.3 9.6 
Total Gaming186.0 37.3 338.0 183.2 
All Other17.6 3.2 27.0 13.0 
Net revenue from external customers$515.1 $185.1 $839.4 $438.0 
Three Months Ended June 30,Six Months Ended June 30,
(in millions)2021202020212020
Intercompany net revenue:
Live and Historical Racing$14.6 $7.0 $16.1 $8.0 
TwinSpires0.3 0.4 0.7 0.7 
Gaming— — 2.0 1.5 
All Other3.9 2.8 6.6 5.2 
Eliminations(18.8)(10.2)(25.4)(15.4)
Intercompany net revenue$— $— $— $— 
Three Months Ended June 30, 2021
(in millions)Live and Historical RacingTwinSpiresGamingTotal SegmentsAll OtherTotal
Net revenue from external customers
Pari-mutuel:
Live and simulcast racing$39.6 $121.6 $4.4 $165.6 $9.5 $175.1 
Historical racing(a)
64.9 — — 64.9 — 64.9 
Racing event-related services63.5 — 0.2 63.7 1.9 65.6 
Gaming(a)
— 8.4 170.2 178.6 — 178.6 
Other(a)
7.9 5.6 11.2 24.7 6.2 30.9 
Total$175.9 $135.6 $186.0 $497.5 $17.6 $515.1 
Three Months Ended June 30, 2020
(in millions)Live and Historical RacingTwinSpiresGamingTotal SegmentsAll OtherTotal
Net revenue from external customers
Pari-mutuel:
Live and simulcast racing$14.9 $115.6 $1.7 $132.2 $0.8 $133.0 
Historical racing(a)
7.3 — — 7.3 — 7.3 
Racing event-related services0.5 — 0.7 1.2 — 1.2 
Gaming(a)
— 1.4 33.4 34.8 — 34.8 
Other(a)
0.6 4.3 1.5 6.4 2.4 8.8 
Total$23.3 $121.3 $37.3 $181.9 $3.2 $185.1 
(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 $5.2 million for the three months ended June 30, 2021 and $0.8 million for the three months ended June 30, 2020.
Six Months Ended June 30, 2021
(in millions)Live and Historical RacingTwinSpiresGamingTotal SegmentsAll OtherTotal
Net revenue from external customers
Pari-mutuel:
Live and simulcast racing$45.5 $210.8 $16.1 $272.4 $14.6 $287.0 
Historical racing(a)
117.8 — — 117.8 — 117.8 
Racing event-related services63.5 — 0.9 64.4 1.9 66.3 
Gaming(a)
— 15.4 302.7 318.1 — 318.1 
Other(a)
12.3 9.1 18.3 39.7 10.5 50.2 
Total$239.1 $235.3 $338.0 $812.4 $27.0 $839.4 
Six Months Ended June 30, 2020
(in millions)Live and Historical RacingTwinSpiresGamingTotal SegmentsAll OtherTotal
Net revenue from external customers
Pari-mutuel:
Live and simulcast racing$20.1 $179.5 $11.6 $211.2 $6.5 $217.7 
Historical racing(a)
27.7 — — 27.7 — 27.7 
Racing event-related services0.5 — 2.0 2.5 0.1 2.6 
Gaming(a)
— 3.9 153.2 157.1 — 157.1 
Other(a)
3.1 7.0 16.4 26.5 6.4 32.9 
Total$51.4 $190.4 $183.2 $425.0 $13.0 $438.0 
(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 pari-mutuel revenue for HRMs or gaming revenue for our casino properties. These amounts were $8.9 million for the six months ended June 30, 2021 and $8.4 million for the six months ended June 30, 2020.
Schedule of Segment Reporting Information
Adjusted EBITDA by segment is comprised of the following:
Three Months Ended June 30, 2021
(in millions)Live and Historical RacingTwinSpiresGaming
Net revenue$190.5 $135.9 $186.0 
Taxes and purses(50.8)(8.3)(70.0)
Marketing and advertising(4.9)(16.7)(2.5)
Salaries and benefits(15.3)(3.2)(20.6)
Content expense(0.8)(68.5)(1.3)
Selling, general and administrative expense(3.1)(2.4)(5.9)
Other operating expense(17.3)(13.7)(17.7)
Other income 0.1 — 51.8 
Adjusted EBITDA$98.4 $23.1 $119.8 
Three Months Ended June 30, 2020
(in millions)Live and Historical RacingTwinSpiresGaming
Net revenue$30.3 $121.7 $37.3 
Taxes and purses(14.0)(6.7)(14.3)
Marketing and advertising(0.3)(2.9)(0.4)
Salaries and benefits(5.3)(3.0)(9.0)
Content expense(0.1)(59.1)(0.4)
Selling, general and administrative expense(1.2)(1.7)(3.9)
Other operating expense(5.8)(9.7)(11.0)
Other income — 0.1 (0.1)
Adjusted EBITDA$3.6 $38.7 $(1.8)
Adjusted EBITDA by segment is comprised of the following:
Six Months Ended June 30, 2021
(in millions)Live and Historical RacingTwinSpiresGaming
Net revenue$255.2 $236.0 $340.0 
Taxes and purses(70.8)(14.7)(129.3)
Marketing and advertising(7.0)(25.2)(3.9)
Salaries and benefits(25.3)(6.3)(40.5)
Content expense(1.4)(115.0)(2.3)
Selling, general and administrative expense(6.1)(4.6)(11.9)
Other operating expense(28.0)(24.6)(33.2)
Other income 0.1 — 83.3 
Adjusted EBITDA$116.7 $45.6 $202.2 
Six Months Ended June 30, 2020
(in millions)Live and Historical RacingTwinSpiresGaming
Net revenue$59.4 $191.1 $184.7 
Taxes and purses(23.5)(11.0)(73.0)
Marketing and advertising(1.5)(6.4)(5.7)
Salaries and benefits(12.5)(6.5)(38.5)
Content expense(0.8)(91.7)(1.4)
Selling, general and administrative expense(2.9)(3.1)(10.6)
Other operating expense(13.6)(17.8)(30.5)
Other income — 0.1 21.1 
Adjusted EBITDA$4.6 $54.7 $46.1 
Three Months Ended June 30,Six Months Ended June 30,
(in millions)2021202020212020
Reconciliation of Comprehensive Income (Loss) to Adjusted EBITDA:
Net income (loss) and comprehensive income (loss) attributable to Churchill Downs Incorporated$108.3 $(118.8)$144.4 $(142.2)
Net loss attributable to noncontrolling interest— — — 0.1 
Net income (loss) before noncontrolling interest108.3 (118.8)144.4 (142.3)
Loss from discontinued operations, net of tax— 95.2 — 96.1 
Income (loss) from continuing operations, net of tax108.3 (23.6)144.4 (46.2)
Additions:
Depreciation and amortization26.0 22.1 52.0 44.1 
Interest expense22.0 20.3 41.4 39.6 
Income tax provision (benefit) 41.6 (7.9)57.8 (19.5)
EBITDA$197.9 $10.9 $295.6 $18.0 
Adjustments to EBITDA:
Selling, general and administrative:
Stock-based compensation expense $7.1 $6.1 $12.6 $10.4 
Other charges0.2 (0.1)0.2 (0.1)
Pre-opening expense and other expense1.5 1.9 2.1 3.6 
Asset impairments11.2 — 11.2 17.5 
Transaction expense, net— 0.2 0.1 0.5 
Other income, expense:
Interest, depreciation and amortization expense related to equity investments10.5 9.8 20.1 19.3 
Changes in fair value of Rivers Des Plaines' interest rate swaps(1.8)1.3 (6.0)16.2 
Rivers Des Plaines' legal reserves and transaction costs6.7 — 8.0 — 
Total adjustments to EBITDA35.4 19.2 48.3 67.4 
Adjusted EBITDA$233.3 $30.1 $343.9 $85.4 
Adjusted EBITDA by segment:
Live and Historical Racing$98.4 $3.6 $116.7 $4.6 
TwinSpires23.1 38.7 45.6 54.7 
Gaming119.8 (1.8)202.2 46.1 
Total segment Adjusted EBITDA241.3 40.5 364.5 105.4 
All Other(8.0)(10.4)(20.6)(20.0)
Total Adjusted EBITDA$233.3 $30.1 $343.9 $85.4 
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 June 30,Six Months Ended June 30,
(in millions)2021202020212020
Gaming$36.4 $(11.1)$61.3 $(14.4)
Schedule of Total Assets and Capital Expenditures by Operating Segment
The table below presents total asset information for each of our segments:
June 30, 2021December 31, 2020
Total assets:
Live and Historical Racing$653.6 $664.1 
TwinSpires280.5 257.2 
Gaming964.1 949.3 
Total segment assets1,898.2 1,870.6 
All Other1,072.4 815.8 
Total assets$2,970.6 $2,686.4 
The table below presents total capital expenditures for each of our segments:
Six Months Ended June 30,
(in millions)20212020
Capital expenditures, net:
Live and Historical Racing$16.9 $117.9 
TwinSpires4.5 6.1 
Gaming6.5 4.5 
Total segment capital expenditures27.9 128.5 
All Other1.7 2.8 
Total capital expenditures$29.6 $131.3