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Segment Information (Tables)
 9 Months Ended
Sep. 30, 2024
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 September 30,Nine Months Ended September 30,
(in millions)2024202320242023
Net revenue from external customers:
Live and Historical Racing:
Churchill Downs Racetrack$11.7 $10.6 $242.8 $191.3 
Louisville50.3 48.9 157.1 138.2 
Northern Kentucky23.4 19.5 73.9 63.1 
Southwestern Kentucky39.3 37.6 118.1 111.7 
Western Kentucky9.8 11.6 22.7 25.8 
Virginia110.0 88.1 333.1 280.4 
New Hampshire3.0 3.2 9.6 8.4 
Total Live and Historical Racing$247.5 $219.5 $957.3 $818.9 
TwinSpires:$111.3 $108.5 $369.6 $340.7 
Gaming:
Florida$23.8 $24.4 $76.4 $76.5 
Iowa22.9 24.0 69.8 72.5 
Indiana32.4 — 66.3 — 
Louisiana32.0 32.2 113.4 110.1 
Maine27.7 30.9 81.3 88.1 
Maryland31.5 32.0 79.3 82.9 
Mississippi23.6 24.2 74.1 77.5 
New York46.8 46.2 138.3 135.3 
Pennsylvania29.0 30.4 84.2 97.3 
Total Gaming269.7 244.3 783.1 740.2 
All Other— 0.2 0.1 0.7 
Net revenue from external customers$628.5 $572.5 $2,110.1 $1,900.5 
Intercompany net revenues:
Live and Historical Racing$4.9 $6.0 $34.2 $30.4 
TwinSpires7.4 3.9 23.1 7.1 
Gaming0.6 0.6 4.8 4.2 
All Other2.6 — 4.4 — 
Eliminations(15.5)(10.5)(66.5)(41.7)
Intercompany net revenue$— $— $— $— 
Three Months Ended September 30, 2024
(in millions)Live and Historical RacingTwinSpiresGamingTotal SegmentsAll OtherTotal
Net revenue from external customers
Pari-mutuel:
Live and simulcast racing$15.2 $82.7 $5.0 $102.9 $— $102.9 
Historical racing(a)
205.9 — 9.3 215.2 — 215.2 
Racing event-related services5.0 — 1.4 6.4 — 6.4 
Gaming(a)
3.1 4.4 224.3 231.8 — 231.8 
Other(a)
18.3 24.2 29.7 72.2 — 72.2 
Total$247.5 $111.3 $269.7 $628.5 $— $628.5 


Three Months Ended September 30, 2023
(in millions)Live and Historical RacingTwinSpiresGamingTotal SegmentsAll OtherTotal
Net revenue from external customers
Pari-mutuel:
Live and simulcast racing$16.0 $86.3 $5.1 $107.4 $— $107.4 
Historical racing(a)
179.9 — 7.5 187.4 — 187.4 
Racing event-related services3.3 — 1.4 4.7 — 4.7 
Gaming(a)
3.1 5.3 203.0 211.4 — 211.4 
Other(a)
17.2 16.9 27.3 61.4 0.2 61.6 
Total$219.5 $108.5 $244.3 $572.3 $0.2 $572.5 
(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 $14.2 million for the three months ended September 30, 2024 and $13.3 million for the three months ended September 30, 2023.
Nine Months Ended September 30, 2024
(in millions)Live and Historical RacingTwinSpiresGamingTotal SegmentsAll OtherTotal
Net revenue from external customers
Pari-mutuel:
Live and simulcast racing$76.6 $277.9 $20.1 $374.6 $— $374.6 
Historical racing(a)
630.1 — 27.4 657.5 — 657.5 
Racing event-related services182.1 — 5.0 187.1 — 187.1 
Gaming(a)
9.5 14.4 645.5 669.4 — 669.4 
Other(a)
59.0 77.3 85.1 221.4 0.1 221.5 
Total$957.3 $369.6 $783.1 $2,110.0 $0.1 $2,110.1 
Nine Months Ended September 30, 2023
(in millions)Live and Historical RacingTwinSpiresGamingTotal SegmentsAll OtherTotal
Net revenue from external customers
Pari-mutuel:
Live and simulcast racing$67.2 $283.2 $19.9 $370.3 $— $370.3 
Historical racing(a)
549.3 — 20.5 569.8 — 569.8 
Racing event-related services141.0 — 4.8 145.8 — 145.8 
Gaming(a)
8.2 10.9 615.4 634.5 — 634.5 
Other(a)
53.2 46.6 79.6 179.4 0.7 180.1 
Total$818.9 $340.7 $740.2 $1,899.8 $0.7 $1,900.5 
(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 $41.7 million for the nine months ended September 30, 2024 and $37.8 million for the nine months ended September 30, 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 September 30,Nine Months Ended September 30,
(in millions)2024202320242023
Live and Historical Racing$247.5 $219.5 $957.3 $818.9 
TwinSpires111.3 108.5 369.6 340.7 
Gaming269.7 244.3 783.1 740.2 
All Other— 0.2 0.1 0.7 
Net Revenue$628.5 $572.5 $2,110.1 $1,900.5 
Schedule of Segment Reporting Information
Adjusted EBITDA by segment is comprised of the following:
Three Months Ended September 30, 2024
(in millions)Live and Historical RacingTwinSpiresGaming
Revenues$252.4 $118.7 $270.3 
Gaming taxes and purses(66.7)(5.5)(87.8)
Marketing and advertising(9.3)(1.4)(9.5)
Salaries and benefits(31.1)(8.0)(42.7)
Content expense(1.7)(45.9)(2.3)
Selling, general and administrative expense(9.4)(4.2)(11.9)
Maintenance, insurance and utilities(12.8)(1.1)(11.7)
Property and other taxes(1.9)(0.1)(4.0)
Other operating expense(26.6)(10.0)(21.1)
Other income 0.1 — 44.0 
Adjusted EBITDA$93.0 $42.5 $123.3 
Three Months Ended September 30, 2023
(in millions)Live and Historical RacingTwinSpiresGaming
Revenues$225.5 $112.4 $244.9 
Gaming taxes and purses(62.0)(5.8)(81.4)
Marketing and advertising(7.6)(1.3)(8.9)
Salaries and benefits(27.9)(7.0)(35.2)
Content expense(1.6)(49.4)(2.4)
Selling, general and administrative expense(7.4)(3.0)(9.9)
Maintenance, insurance and utilities(12.5)(0.9)(10.3)
Property and other taxes(1.7)(0.2)(3.6)
Other operating expense(24.8)(10.9)(18.2)
Other income 0.9 — 47.3 
Adjusted EBITDA$80.9 $33.9 $122.3 
Nine Months Ended September 30, 2024
(in millions)Live and Historical RacingTwinSpiresGaming
Revenues$991.5 $392.7 $787.9 
Gaming taxes and purses(231.7)(17.7)(251.8)
Marketing and advertising(31.1)(7.5)(26.5)
Salaries and benefits(94.4)(23.9)(121.0)
Content expense(5.1)(163.2)(6.7)
Selling, general and administrative expense(26.7)(13.0)(33.9)
Maintenance, insurance and utilities(34.6)(3.1)(32.4)
Property and other taxes(6.4)(0.2)(10.7)
Other operating expense(88.8)(35.8)(59.8)
Other income 0.3 — 141.7 
Adjusted EBITDA$473.0 $128.3 $386.8 
Nine Months Ended September 30, 2023
(in millions)Live and Historical RacingTwinSpiresGaming
Revenues$849.3 $347.8 $744.4 
Gaming taxes and purses(203.9)(17.8)(246.7)
Marketing and advertising(27.9)(8.0)(26.5)
Salaries and benefits(80.0)(20.7)(109.2)
Content expense(5.1)(161.1)(6.9)
Selling, general and administrative expense(23.4)(8.1)(32.4)
Maintenance, insurance and utilities(31.9)(2.6)(29.7)
Property and other taxes(4.4)(0.3)(9.9)
Other operating expense(87.3)(33.1)(52.5)
Other income 1.1 1.1 144.6 
Adjusted EBITDA$386.5 $97.2 $375.2 
Adjusted EBITDA by segment is comprised of the following:
Three Months Ended September 30,Nine Months Ended September 30,
(in millions)2024202320242023
Reconciliation of Comprehensive Income to Adjusted EBITDA:
Net income attributable to Churchill Downs Incorporated$65.4 $61.0 $355.1 $359.7 
Net income attributable to noncontrolling interest0.8 — 1.7 — 
Net income and comprehensive income 66.2 61.0 356.8 359.7 
Additions:
Depreciation and amortization49.6 42.1 145.7 121.8 
Interest expense73.1 67.9 217.0 197.8 
Income tax provision 19.9 20.8 125.4 130.2 
EBITDA$208.8 $191.8 $844.9 $809.5 
Adjustments to EBITDA:
Stock-based compensation expense $7.1 $8.1 $23.2 $24.8 
Pre-opening expense7.8 5.0 23.6 11.4 
Arlington exit costs— 0.1 — 9.4 
Other expenses, net1.0 0.7 1.3 7.6 
Asset impairments3.9 — 3.9 24.5 
Transaction expense, net(4.0)1.5 0.7 1.8 
Other income, expense:
Interest, depreciation and amortization expense related to equity investments10.6 10.1 31.4 29.8 
Rivers Des Plaines' legal reserves and transaction costs— — 0.3 — 
Other charges and recoveries, net0.1 0.9 (6.7)— 
Gain on sale of Arlington— — — (114.0)
Total adjustments to EBITDA26.5 26.4 77.7 (4.7)
Adjusted EBITDA$235.3 $218.2 $922.6 $804.8 
Adjusted EBITDA by segment:
Live and Historical Racing$93.0 $80.9 $473.0 $386.5 
TwinSpires42.5 33.9 128.3 97.2 
Gaming123.3 122.3 386.8 375.2 
Total segment Adjusted EBITDA258.8 237.1 988.1 858.9 
All Other(23.5)(18.9)(65.5)(54.1)
Total Adjusted EBITDA$235.3 $218.2 $922.6 $804.8 
Schedule of Total Assets and Capital Expenditures by Operating Segment
The table below presents total asset information for each of our segments:
(in millions) September 30, 2024December 31, 2023
Total assets:
Live and Historical Racing$4,068.7 $3,872.9 
TwinSpires465.6 473.9 
Gaming1,931.4 1,920.9 
Total segment assets6,465.7 6,267.7 
All Other706.8 687.8 
Total assets$7,172.5 $6,955.5 
The table below presents total capital expenditures for each of our segments:
Nine Months Ended September 30,
(in millions)20242023
Capital expenditures:
Live and Historical Racing$287.7 $358.3 
TwinSpires14.2 12.0 
Gaming105.4 120.5 
Total segment capital expenditures407.3 490.8 
All Other10.3 7.3 
Total capital expenditures$417.6 $498.1