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Condensed Consolidated Statements of Comprehensive Income - USD ($)
shares in Thousands, $ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Net revenue:        
Net revenue $ 572.5 $ 383.1 $ 1,900.5 $ 1,329.7
Operating expense:        
Selling, general and administrative expense 50.2 38.4 150.6 112.7
Asset impairments 0.0 0.0 24.5 4.9
Transaction expense, net 1.5 1.2 1.8 7.4
Total operating expense 460.2 320.1 1,442.7 1,019.6
Operating income 112.3 63.0 457.8 310.1
Other (expense) income:        
Interest expense, net (67.9) (36.2) (197.8) (92.6)
Equity in income of unconsolidated affiliates 33.3 42.4 110.4 115.4
Gain on sale of assets 0.0 0.0 114.0 274.6
Miscellaneous, net 4.1 4.2 5.5 4.4
Total other (expense) income (30.5) 10.4 32.1 301.8
Income from operations before provision for income taxes 81.8 73.4 489.9 611.9
Income tax provision (20.8) (16.4) (130.2) (173.5)
Net income $ 61.0 $ 57.0 $ 359.7 $ 438.4
Net income per common share data:        
Basic net income (in dollars per share) $ 0.81 $ 0.75 $ 4.78 $ 5.76
Diluted net income (in dollars per share) $ 0.79 $ 0.74 $ 4.69 $ 5.68
Weighted average shares outstanding:        
Basic (in shares) 75,200 75,600 75,300 76,100
Diluted (in shares) 77,100 76,700 76,700 77,200
Live and Historical Racing        
Net revenue:        
Net revenue $ 219.5 $ 92.3 $ 818.9 $ 439.2
Operating expense:        
Operating expense 158.2 80.1 505.7 269.2
TwinSpires        
Net revenue:        
Net revenue 108.5 106.2 340.7 343.3
Operating expense:        
Operating expense 73.4 64.5 219.8 229.6
Gaming        
Net revenue:        
Net revenue 244.3 183.4 740.2 545.0
Operating expense:        
Operating expense 175.6 133.0 528.3 387.0
All Other        
Net revenue:        
Net revenue 0.2 1.2 0.7 2.2
Operating expense:        
Operating expense $ 1.3 $ 2.9 $ 12.0 $ 8.8