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Segment Information (Tables)
 3 Months Ended
Mar. 31, 2023
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:
 Three Months Ended March 31,
(in millions)20232022
Net revenue from external customers:
Live and Historical Racing:
Churchill Downs Racetrack$2.4 $2.0 
Louisville44.0 42.8 
Northern Kentucky26.3 10.8 
Southwestern Kentucky36.5 30.4 
Western Kentucky4.8 — 
Virginia97.7 — 
New Hampshire2.7 — 
Total Live and Historical Racing$214.4 $86.0 
TwinSpires:$94.8 $100.3 
Gaming:
Florida$26.1 $27.0 
Iowa24.5 — 
Louisiana44.1 41.5 
Maine27.7 26.8 
Maryland23.3 21.3 
Mississippi27.5 27.5 
New York44.5 — 
Pennsylvania32.3 33.2 
Total Gaming$250.0 $177.3 
All Other0.3 0.5 
Net revenue from external customers$559.5 $364.1 
Intercompany net revenues:
Live and Historical Racing$1.4 $1.2 
TwinSpires1.6 1.1 
Gaming1.5 1.9 
All Other0.2 — 
Eliminations(4.7)(4.2)
Intercompany net revenue$— $— 
Three Months Ended March 31, 2023
(in millions)Live and Historical RacingTwinSpiresGamingTotal SegmentsAll OtherTotal
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 services1.0 — 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 RacingTwinSpiresGamingTotal SegmentsAll OtherTotal
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 services0.5 — 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)20232022
Live and Historical Racing$214.4 $86.0 
TwinSpires94.8 100.3 
Gaming250.0 177.3 
All Other0.3 0.5 
Net Revenue$559.5 $364.1 
Schedule of Segment Reporting Information
Adjusted EBITDA by segment is comprised of the following:
Three Months Ended March 31, 2023
(in millions)Live and Historical RacingTwinSpiresGaming
Revenues$215.8 $96.3 $251.6 
Taxes and purses(56.5)(5.0)(83.6)
Marketing and advertising(8.2)(1.4)(8.6)
Salaries and benefits(21.8)(6.2)(34.5)
Content expense(1.5)(43.0)(1.8)
Selling, general and administrative expense(8.7)(2.3)(12.2)
Other operating expense(37.0)(10.0)(30.0)
Other income — 1.0 48.6 
Adjusted EBITDA$82.1 $29.4 $129.5 
Three Months Ended March 31, 2022
(in millions)Live and Historical RacingTwinSpiresGaming
Revenues$87.2 $101.4 $179.2 
Taxes and purses(26.8)(7.5)(67.3)
Marketing and advertising(2.9)(5.1)(3.5)
Salaries and benefits(10.9)(6.7)(23.9)
Content expense(0.6)(43.1)(1.5)
Selling, general and administrative expense(3.3)(2.6)(6.6)
Other operating expense(14.8)(12.3)(20.0)
Other income — — 34.7 
Adjusted EBITDA$27.9 $24.1 $91.1 
Adjusted EBITDA by segment is comprised of the following:
Three Months Ended March 31,
(in millions)20232022
Reconciliation of Comprehensive Income to Adjusted EBITDA:
Net income and comprehensive income $155.7 $42.1 
Additions:
Depreciation and amortization37.9 25.1 
Interest expense64.7 21.3 
Income tax provision 53.2 16.5 
EBITDA$311.5 $105.0 
Adjustments to EBITDA:
Stock-based compensation expense $8.6 $7.0 
Pre-opening expense3.2 2.1 
Other expenses, net3.7 2.5 
Asset impairments— 4.9 
Transaction expense, net(0.2)5.0 
Other income, expense:
Interest, depreciation and amortization expense related to equity investments9.8 11.1 
Changes in fair value of Rivers Des Plaines' interest rate swaps— (10.4)
Rivers Des Plaines' legal reserves and transaction costs— 0.3 
Other charges and recoveries, net0.3 1.0 
Gain on sale of Arlington(114.0)— 
Total adjustments to EBITDA(88.6)23.5 
Adjusted EBITDA$222.9 $128.5 
Adjusted EBITDA by segment:
Live and Historical Racing$82.1 $27.9 
TwinSpires29.4 24.1 
Gaming129.5 91.1 
Total segment Adjusted EBITDA241.0 143.1 
All Other(18.1)(14.6)
Total Adjusted EBITDA$222.9 $128.5 
Schedule of Total Assets and Capital Expenditures by Operating Segment
The table below presents total asset information for each of our segments:
(in millions) March 31, 2023December 31, 2022
Total assets:
Live and Historical Racing$3,440.5 $3,345.4 
TwinSpires279.6 287.9 
Gaming1,818.5 1,824.2 
Total segment assets5,538.6 5,457.5 
All Other734.9 749.3 
Total assets$6,273.5 $6,206.8 
The table below presents total capital expenditures for each of our segments:
Three Months Ended March 31,
(in millions)20232022
Capital expenditures:
Live and Historical Racing$108.4 $44.5 
TwinSpires3.0 3.1 
Gaming20.7 7.5 
Total segment capital expenditures132.1 55.1 
All Other2.6 0.4 
Total capital expenditures$134.7 $55.5