Revenue from Contract with Customer (Tables)

3 Months Ended

Mar. 31, 2023

Revenue from Contract with Customer [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:

	Three Months Ended March 31,
(in millions)	2023		2022
Net revenue from external customers:
Live and Historical Racing:
Churchill Downs Racetrack	$	2.4	$	2.0
Louisville	44.0		42.8
Northern Kentucky	26.3		10.8
Southwestern Kentucky	36.5		30.4
Western Kentucky	4.8		—
Virginia	97.7		—
New Hampshire	2.7		—
Total Live and Historical Racing	$	214.4	$	86.0
TwinSpires:	$	94.8	$	100.3
Gaming:
Florida	$	26.1	$	27.0
Iowa	24.5		—
Louisiana	44.1		41.5
Maine	27.7		26.8
Maryland	23.3		21.3
Mississippi	27.5		27.5
New York	44.5		—
Pennsylvania	32.3		33.2
Total Gaming	$	250.0	$	177.3
All Other	0.3		0.5
Net revenue from external customers	$	559.5	$	364.1
Intercompany net revenues:
Live and Historical Racing	$	1.4	$	1.2
TwinSpires	1.6		1.1
Gaming	1.5		1.9
All Other	0.2		—
Eliminations	(4.7)		(4.2)
Intercompany net revenue	$	—	$	—

	Three Months Ended March 31, 2023
(in millions)	Live and Historical Racing		TwinSpires		Gaming		Total Segments		All Other		Total
Net revenue from external customers
Pari-mutuel:
Live and simulcast racing	$	11.0	$	79.4	$	11.6	$	102.0	$	—	$	102.0
Historical racing(a)	185.3		—		6.0		191.3		—		191.3
Racing event-related services	1.0		—		1.9		2.9		—		2.9
Gaming(a)	2.6		4.4		205.5		212.5		—		212.5
Other(a)	14.5		11.0		25.0		50.5		0.3		50.8
Total	$	214.4	$	94.8	$	250.0	$	559.2	$	0.3	$	559.5

	Three Months Ended March 31, 2022
(in millions)	Live and Historical Racing		TwinSpires		Gaming		Total Segments		All Other		Total
Net revenue from external customers
Pari-mutuel:
Live and simulcast racing	$	5.6	$	81.5	$	12.9	$	100.0	$	—	$	100.0
Historical racing(a)	73.6		—		—		73.6		—		73.6
Racing event-related services	0.5		—		0.4		0.9		—		0.9
Gaming(a)	—		10.3		150.9		161.2		—		161.2
Other(a)	6.3		8.5		13.1		27.9		0.5		28.4
Total	$	86.0	$	100.3	$	177.3	$	363.6	$	0.5	$	364.1

(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 racing pari-mutuel revenue for HRMs or gaming revenue for our casino properties. These amounts were $12.1 million for the three months ended March 31, 2023 and $7.0 million for the three months ended March 31, 2022.

The tables below present net revenue from external customers, Adjusted EBITDA by segment and reconciles comprehensive income to Adjusted EBITDA:

Net revenue by segment is comprised of the following:

	Three Months Ended March 31,
(in millions)	2023		2022
Live and Historical Racing	$	214.4	$	86.0
TwinSpires	94.8		100.3
Gaming	250.0		177.3
All Other	0.3		0.5
Net Revenue	$	559.5	$	364.1