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Revenue from Contracts with Customers
 12 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
Revenue from Contracts with Customers
12. REVENUE FROM CONTRACTS WITH CUSTOMERS
Performance Obligations
As of December 31, 2024, our Live and Historical Racing segment had remaining performance obligations on contracts with a duration greater than one year relating to television rights, sponsorships, personal seat licenses, and admissions, with an aggregate transaction price of $271.0 million. The revenue we expect to recognize on these remaining performance obligations is $59.7 million in 2025, $58.3 million in 2026, $45.5 million in 2027, and the remainder thereafter.
As of December 31, 2024, our remaining performance obligations on contracts with a duration greater than one year in segments other than Live and Historical Racing were not material.
Contract Assets and Contract Liabilities
Contract assets were not material as of December 31, 2024 and 2023.
Contract liabilities were $81.5 million as of December 31, 2024 and $92.3 million as of December 31, 2023. Contract liabilities are included in current deferred revenue, non-current deferred revenue, and accrued expense and other current liabilities in the accompanying Consolidated Balance Sheets. Contract liabilities primarily relate to our Live and Historical Racing segment. The decrease in contract liabilities from December 31, 2023 to December 31, 2024 was primarily due to decreased advanced ticket sales in the deferred revenue balance at December 31, 2024. We recognized $76.1 million of revenue during the year ended December 31, 2024 that was included in the contract liabilities balance on December 31, 2023. We recognized $39.4 million of revenue during the year ended December 31, 2023 that was included in the contract liabilities balance on December 31, 2022.
Disaggregation of Revenue
The Company has included its disaggregated revenue disclosures as follows: 
•For the Live and Historical Racing segment, revenue is disaggregated between Churchill Downs Racetrack and historical racing properties given that our racing facilities revenues primarily revolve around live racing events while
our historical racing properties revenues primarily revolve around historical racing. This segment is also disaggregated by location given the geographic economic factors that affect the revenue of service offerings. Within the Live and Historical racing segment, revenue is further disaggregated between live and simulcast racing, historical racing, racing event-related services, and other services.
•For the Wagering Services and Solutions segment, revenue is disaggregated between live and simulcast racing, gaming, and other services.
•For the Gaming segment, revenue is disaggregated by location given the geographic economic factors that affect the revenue of Gaming service offerings. Within the Gaming segment, revenue is further disaggregated between live and simulcast racing, racing event-related services, gaming, and other services.
We believe that these disclosures depict how the amount, nature, timing, and uncertainty of cash flows are affected by economic factors. The tables below present net revenue from external customers and intercompany revenue from each of our segments:
 Years Ended December 31,
(in millions)202420232022
Net revenue from external customers:
Live and Historical Racing:
Churchill Downs Racetrack$259.5 $205.8 $196.8 
Louisville209.1 189.0 169.9 
Northern Kentucky98.9 85.8 46.1 
Southwestern Kentucky158.3 147.8 131.4 
Western Kentucky28.8 31.8 4.5 
Virginia458.2 375.4 62.4 
New Hampshire12.8 11.7 3.5 
Total Live and Historical Racing$1,225.6 $1,047.3 $614.6 
Wagering Services and Solutions:$469.5 $444.9 $436.4 
Gaming:
Florida$100.2 $100.7 $106.2 
Iowa93.3 96.0 15.6 
Indiana96.6 — — 
Louisiana150.2 145.6 140.8 
Maine106.0 114.1 114.4 
Maryland101.8 106.9 105.3 
Mississippi98.7 100.9 101.8 
New York183.0 180.5 30.9 
Pennsylvania109.3 123.9 140.9 
Total Gaming$1,039.1 $968.6 $755.9 
All Other0.1 0.9 2.9 
Net revenue from external customers$2,734.3 $2,461.7 $1,809.8 
Intercompany net revenues:
Live and Historical Racing$41.4 $37.3 $31.8 
Wagering Services and Solutions31.2 13.5 5.2 
Gaming6.3 6.0 5.9 
All Other6.5 — 0.4 
Eliminations(85.4)(56.8)(43.3)
Intercompany net revenue$— $— $— 
Year Ended December 31, 2024
(in millions)Live and Historical RacingWagering Services and SolutionsGamingTotal SegmentsAll OtherTotal
Net revenue from external customers
Pari-mutuel:
Live and simulcast racing$91.3 $352.2 $26.4 $469.9 $— $469.9 
Historical racing(a)
854.9 — 37.0 891.9 — 891.9 
Racing event-related services188.0 — 6.6 194.6 — 194.6 
Gaming(a)
12.6 17.3 856.0 885.9 — 885.9 
Other(a)
78.8 100.0 113.1 291.9 0.1 292.0 
Total$1,225.6 $469.5 $1,039.1 $2,734.2 $0.1 $2,734.3 
Year Ended December 31, 2023
(in millions)Live and Historical RacingWagering Services and SolutionsGamingTotal 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 RacingWagering Services and SolutionsGamingTotal 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 
(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 $56.0 million in 2024, $50.9 million in 2023, and $33.9 million in 2022.