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Segment Information (Tables)
 12 Months Ended
Dec. 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:
 Years Ended December 31,
(in millions)202320222021
Net revenue from external customers:
Live and Historical Racing:
Churchill Downs Racetrack$205.8 $196.8 $128.1 
Louisville189.0 169.9 154.3 
Northern Kentucky85.8 46.1 26.0 
Southwestern Kentucky147.8 131.4 100.7 
Western Kentucky31.8 4.5 — 
Virginia375.4 62.4 — 
New Hampshire11.7 3.5 — 
Total Live and Historical Racing$1,047.3 $614.6 $409.1 
TwinSpires:$444.9 $436.4 $451.4 
Gaming:
Florida$100.7 $106.2 $100.0 
Iowa96.0 15.6 — 
Louisiana145.6 140.8 133.6 
Maine114.1 114.4 99.8 
Maryland106.9 105.3 100.6 
Mississippi100.9 101.8 117.3 
New York180.5 30.9 — 
Pennsylvania123.9 140.9 144.1 
Total Gaming$968.6 $755.9 $695.4 
All Other0.9 2.9 41.3 
Net revenue from external customers$2,461.7 $1,809.8 $1,597.2 
Intercompany net revenues:
Live and Historical Racing$37.3 $31.8 $21.5 
TwinSpires13.5 5.2 6.4 
Gaming6.0 5.9 3.0 
All Other— 0.4 7.9 
Eliminations(56.8)(43.3)(38.8)
Intercompany net revenue$— $— $— 
Year Ended December 31, 2023
(in millions)Live and Historical RacingTwinSpiresGamingTotal SegmentsAll OtherTotal
Net revenue from external customers
Pari-mutuel:
Live and simulcast racing$81.9 $359.7 $26.6 $468.2 $— $468.2 
Historical racing(a)
739.1 — 28.6 767.7 — 767.7 
Racing event-related services145.9 — 6.4 152.3 — 152.3 
Gaming(a)
11.4 17.3 803.5 832.2 — 832.2 
Other(a)
69.0 67.9 103.5 240.4 0.9 241.3 
Total$1,047.3 $444.9 $968.6 $2,460.8 $0.9 $2,461.7 
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 
(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 $50.9 million in 2023, $33.9 million in 2022, and $20.9 million in 2021
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)202320222021
Live and Historical Racing$1,047.3 $614.6 $409.1 
TwinSpires444.9436.4451.4 
Gaming968.6755.9695.4 
All Other0.9 2.9 41.3 
Net Revenue$2,461.7 $1,809.8 $1,597.2 
Schedule of Segment Reporting Information
Adjusted EBITDA by segment is comprised of the following:
Year Ended December 31, 2023
(in millions)Live and Historical RacingTwinSpiresGaming
Revenue$1,084.6 $458.4 $974.6 
Gaming taxes and purses(267.7)(22.6)(322.8)
Marketing and advertising(37.6)(9.8)(35.4)
Salaries and benefits(107.0)(29.3)(146.0)
Content expense(6.5)(205.1)(8.8)
Selling, general and administrative expense(31.9)(12.4)(42.7)
Maintenance, insurance and utilities(43.2)(3.8)(40.0)
Property and other taxes(6.0)(0.2)(13.5)
Other operating expense(110.6)(44.1)(70.2)
Other income 1.3 1.0 193.4 
Adjusted EBITDA$475.4 $132.1 $488.6 
Year Ended December 31, 2022
(in millions)Live and Historical RacingTwinSpiresGaming
Revenue$646.4 $441.6 $761.8 
Gaming 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)
Maintenance, insurance and utilities(24.3)(3.0)(31.1)
Property and other taxes(2.6)(0.2)(10.5)
Other operating expense(58.6)(44.6)(49.9)
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 
Gaming 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)
Maintenance, insurance and utilities(18.5)(2.5)(25.9)
Property and other taxes(3.1)(0.2)(9.6)
Other operating expense(31.4)(47.7)(36.8)
Other income 0.3 — 181.7 
Adjusted EBITDA$175.0 $82.7 $411.9 
 Years Ended December 31,
(in millions)202320222021
Reconciliation of Comprehensive Income to Adjusted EBITDA:
Net income and comprehensive income$417.3 $439.4 $249.1 
Additions:
Depreciation and amortization169.0 113.7 103.2 
Interest expense268.4 147.3 84.7 
Income tax provision144.5 169.4 94.5 
EBITDA$999.2 $869.8 $531.5 
Adjustments to EBITDA:
Stock-based compensation expense$32.9 $31.8 $27.8 
Legal reserves(1.2)3.8 — 
Pre-opening expense18.6 13.2 5.8 
Arlington exit costs9.4 5.7 5.3 
Other expense, net7.0 1.7 0.2 
Transaction expense, net4.8 42.1 2.6 
Asset impairments24.6 38.3 15.3 
Other income, expense:
Interest, depreciation and amortization expense related to equity investments40.2 42.8 41.5 
Changes in fair value of Rivers Des Plaines' interest rate swaps— (12.6)(12.9)
Rivers Des Plaines' legal reserves and transactions costs— 0.6 9.9 
Other charges and recoveries, net2.4 1.0 — 
     Gain on sale of assets(114.0)(274.6)— 
Total adjustments to EBITDA24.7 (106.2)95.5 
Adjusted EBITDA$1,023.9 $763.6 $627.0 
Adjusted EBITDA by segment:
Live and Historical Racing$475.4 $287.5 $175.0 
TwinSpires132.1 114.1 82.7 
Gaming488.6 421.9 411.9 
Total segment Adjusted EBITDA1,096.1 823.5 669.6 
All Other(72.2)(59.9)(42.6)
Total Adjusted EBITDA$1,023.9 $763.6 $627.0 
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)20232022
Total assets:
Live and Historical Racing$3,872.9 $3,345.4 
TwinSpires473.9 287.9 
Gaming1,920.9 1,824.2 
Total segment assets6,267.7 5,457.5 
All Other687.8 749.3 
$6,955.5 $6,206.8 

The table below presents total capital expenditures for each of our segments:
 Years Ended December 31,
(in millions)202320222021
Capital expenditures:
Live and Historical Racing$461.1 $307.0 $60.1 
TwinSpires14.6 87.6 18.6 
Gaming188.1 11.8 10.3 
Total segment capital expenditures663.8 406.4 89.0 
All Other12.7 17.1 2.8 
Total capital expenditures$676.5 $423.5 $91.8