Revenue from Contract with Customer (Tables)

3 Months Ended

Mar. 31, 2024

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)	2024		2023
Net revenue from external customers:
Live and Historical Racing:
Churchill Downs Racetrack	$	3.1	$	2.4
Louisville	53.7		44.0
Northern Kentucky	28.5		26.3
Southwestern Kentucky	38.6		36.5
Western Kentucky	6.8		4.8
Virginia	111.2		97.7
New Hampshire	3.2		2.7
Total Live and Historical Racing	$	245.1	$	214.4
TwinSpires:	$	106.6	$	94.8
Gaming:
Florida	$	26.1	$	26.1
Iowa	23.4		24.5
Louisiana	44.3		44.1
Maine	26.8		27.7
Maryland	21.6		23.3
Mississippi	26.0		27.5
New York	45.0		44.5
Pennsylvania	26.0		32.3
Total Gaming	239.2		250.0
All Other	—		0.3
Net revenue from external customers	$	590.9	$	559.5
Intercompany net revenues:
Live and Historical Racing	$	3.8	$	1.4
TwinSpires	7.5		1.6
Gaming	4.0		1.5
All Other	—		0.2
Eliminations	(15.3)		(4.7)
Intercompany net revenue	$	—	$	—

	Three Months Ended March 31, 2024
(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	$	79.8	$	10.6	$	101.4	$	—	$	101.4
Historical racing(a)	212.1		—		8.8		220.9		—		220.9
Racing event-related services	1.1		—		2.2		3.3		—		3.3
Gaming(a)	3.1		5.7		193.1		201.9		—		201.9
Other(a)	17.8		21.1		24.5		63.4		—		63.4
Total	$	245.1	$	106.6	$	239.2	$	590.9	$	—	$	590.9

	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

(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 $13.4 million for the three months ended March 31, 2024 and $12.1 million for the three months ended March 31, 2023.

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)	2024		2023
Live and Historical Racing	$	245.1	$	214.4
TwinSpires	106.6		94.8
Gaming	239.2		250.0
All Other	—		0.3
Net Revenue	$	590.9	$	559.5