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Segment Information (Tables)
 12 Months Ended
Dec. 31, 2022
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:
 Years Ended December 31,
(in millions)202220212020
Net revenue from external customers:
Live and Historical Racing:
Churchill Downs Racetrack$196.8 $128.1 $63.3 
Louisville169.9 154.3 79.5 
Northern Kentucky46.1 26.0 10.2 
Southwestern Kentucky131.4 100.7 16.6 
Western Kentucky4.5 — — 
Virginia62.4 — — 
New Hampshire3.5 — — 
Total Live and Historical Racing$614.6 $409.1 $169.6 
TwinSpires:$436.4 $451.4 $430.1 
Gaming:
Florida$106.2 $100.0 $51.8 
Iowa15.6 — — 
Louisiana140.8 133.6 97.6 
Maine114.4 99.8 44.9 
Maryland105.3 100.6 60.2 
Mississippi101.8 117.3 87.0 
New York30.9 — — 
Pennsylvania140.9 144.1 93.8 
Total Gaming$755.9 $695.4 $435.3 
All Other2.9 41.3 19.0 
Net revenue from external customers$1,809.8 $1,597.2 $1,054.0 
Intercompany net revenues:
Live and Historical Racing$31.8 $21.5 $19.2 
TwinSpires5.26.4 5.5 
Gaming5.9 3.0 2.5 
All Other0.4 7.9 7.8 
Eliminations(43.3)(38.8)(35.0)
Intercompany net revenue$— $— $— 
Year Ended December 31, 2022
(in millions)Live and Historical RacingTwinSpiresGamingTotal SegmentsAll OtherTotal
Net revenue from external customers
Pari-mutuel:
Live and simulcast racing$66.8 $367.4 $28.1 $462.3 $— $462.3 
Historical racing(a)
374.1 — 9.8 383.9 — 383.9 
Racing event-related services129.8 — 1.8 131.6 — 131.6 
Gaming(a)
3.5 28.2 647.4 679.1 — 679.1 
Other(a)
40.4 40.8 68.8 150.0 2.9 152.9 
Total$614.6 $436.4 $755.9 $1,806.9 $2.9 $1,809.8 
Year Ended December 31, 2021
(in millions)Live and Historical RacingTwinSpiresGamingTotal SegmentsAll OtherTotal
Net revenue from external customers
Pari-mutuel:
Live and simulcast racing$64.0 $380.7 $28.2 $472.9 $29.7 $502.6 
Historical racing(a)
253.0 — — 253.0 — 253.0 
Racing event-related services68.5 — 1.2 69.7 7.0 76.7 
Gaming(a)
— 34.8 622.0 656.8 — 656.8 
Other(a)
23.6 35.9 44.0 103.5 4.6 108.1 
Total$409.1 $451.4 $695.4 $1,555.9 $41.3 $1,597.2 
Year Ended December 31, 2020
(in millions)Live and Historical RacingTwinSpiresGamingTotal SegmentsAll OtherTotal
Net revenue from external customers
Pari-mutuel:
Live and simulcast racing$46.5 $387.5 $22.9 $456.9 $18.2 $475.1 
Historical racing(a)
93.6 — — 93.6 — 93.6 
Racing event-related services21.0 — 3.4 24.4 0.3 24.7 
Gaming(a)
— 11.3 381.3 392.6 — 392.6 
Other(a)
8.5 31.3 27.7 67.5 0.5 68.0 
Total$169.6 $430.1 $435.3 $1,035.0 $19.0 $1,054.0 
(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 $33.9 million in 2022, $20.9 million in 2021, and $13.1 million in 2020
The tables below present net revenue from external customers and intercompany revenue from each of our segments, Adjusted EBITDA by segment and reconciles comprehensive income to Adjusted EBITDA:
Net revenue by segment is comprised of the following:
Years Ended December 31,
(in millions)202220212020
Live and Historical Racing$614.6 $409.1 $169.6 
TwinSpires436.4 451.4 430.1 
Gaming755.9 695.4 435.3 
All Other2.9 41.3 19.0 
Net Revenue$1,809.8 $1,597.2 $1,054.0 
Schedule of Segment Reporting Information
Adjusted EBITDA by segment is comprised of the following:
Year Ended December 31, 2022
(in millions)Live and Historical RacingTwinSpiresGaming
Revenue$646.4 $441.6 $761.8 
Taxes and purses(168.6)(27.0)(278.1)
Marketing and advertising(19.8)(13.0)(18.9)
Salaries and benefits(63.4)(26.8)(102.7)
Content expense(3.4)(203.3)(8.3)
Selling, general and administrative expense(18.6)(9.7)(31.3)
Other operating expense(85.5)(47.8)(91.5)
Other income 0.4 0.1 190.9 
Adjusted EBITDA$287.5 $114.1 $421.9 
Year Ended December 31, 2021
(in millions)Live and Historical RacingTwinSpiresGaming
Revenue$430.6 $457.8 $698.4 
Taxes and purses(126.3)(30.7)(264.4)
Marketing and advertising(12.9)(49.4)(11.8)
Salaries and benefits(48.4)(27.0)(87.1)
Content expense(2.5)(206.6)(4.7)
Selling, general and administrative expense(12.8)(11.0)(27.9)
Other operating expense(53.0)(50.4)(72.3)
Other income 0.3 — 181.7 
Adjusted EBITDA$175.0 $82.7 $411.9 
Year Ended December 31, 2020
(in millions)Live and Historical RacingTwinSpiresGaming
Revenue$188.8 $435.6 $437.8 
Taxes and purses(64.1)(25.1)(171.6)
Marketing and advertising(6.2)(16.5)(7.5)
Salaries and benefits(32.5)(24.6)(75.9)
Content expense(1.5)(202.7)(3.5)
Selling, general and administrative expense(8.7)(10.4)(25.4)
Other operating expense(36.8)(40.5)(59.7)
Other income 0.1 0.1 78.9 
Adjusted EBITDA$39.1 $115.9 $173.1 
 Years Ended December 31,
(in millions)202220212020
Reconciliation of Comprehensive Income (Loss) to Adjusted EBITDA:
Net income (loss) and comprehensive income (loss) attributable to Churchill Downs Incorporated$439.4 $249.1 $(81.9)
Net loss attributable to noncontrolling interest— — 0.2 
Net income (loss) 439.4 249.1 (82.1)
Loss from discontinued operations, net of tax— — 95.4 
Income from continuing operations, net of tax439.4 249.1 13.3 
Additions:
Depreciation and amortization113.7 103.2 92.9 
Interest expense147.3 84.7 80.0 
Income tax provision (benefit)169.4 94.5 (5.3)
EBITDA$869.8 $531.5 $180.9 
Adjustments to EBITDA:
Selling, general and administrative:
Stock-based compensation expense $31.8 $27.8 $23.7 
Legal reserves3.8 — — 
Other charges7.4 0.2 0.8 
Pre-opening expense and other expense13.2 5.8 11.2 
Other income, expense:
Interest, depreciation and amortization expense related to equity investments42.8 41.5 38.5 
Changes in fair value of Rivers Des Plaines' interest rate swaps(12.6)(12.9)12.9 
Rivers Des Plaines' legal reserves and transactions costs0.6 9.9 — 
Other charges and recoveries, net1.0 — — 
Gain on Calder land sale(274.6)— — 
Transaction expense, net42.1 7.9 1.0 
Asset impairments38.3 15.3 17.5 
Total adjustments to EBITDA(106.2)95.5 105.6 
Adjusted EBITDA$763.6 $627.0 $286.5 
Adjusted EBITDA by segment:
Live and Historical Racing$287.5 $175.0 $39.1 
TwinSpires114.1 82.7 115.9 
Gaming421.9 411.9 173.1 
Total segment Adjusted EBITDA823.5 669.6 328.1 
All Other(59.9)(42.6)(41.6)
Total Adjusted EBITDA$763.6 $627.0 $286.5 
Schedule of Total Assets and Capital Expenditures by Operating Segment
The table below presents total asset information for each of our segments:
 December 31,
(in millions)20222021
Total assets:
Live and Historical Racing$3,345.4 $682.7 
TwinSpires287.9 289.6 
Gaming1,824.2 1,003.3 
Total segment assets5,457.5 1,975.6 
All Other749.3 1,006.0 
$6,206.8 $2,981.6 

The table below presents total capital expenditures for each of our segments:
 Years Ended December 31,
(in millions)202220212020
Capital expenditures:
Live and Historical Racing$307.0 $60.1 $213.3 
TwinSpires87.6 18.6 6.7 
Gaming11.8 10.3 11.6 
Total segment capital expenditures406.4 89.0 231.6 
All Other17.1 2.8 2.6 
Total capital expenditures$423.5 $91.8 $234.2