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Segment Information (Tables)
 12 Months Ended
Dec. 31, 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:
 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.
Net revenue from external customers by segment is comprised of the following:
Years Ended December 31,
(in millions)202420232022
Live and Historical Racing$1,225.6 $1,047.3 $614.6 
Wagering Services and Solutions469.5 444.9 436.4 
Gaming1,039.1 968.6 755.9 
All Other0.1 0.9 2.9 
Net Revenue$2,734.3 $2,461.7 $1,809.8 
Schedule of Segment Reporting Information
Adjusted EBITDA by segment is comprised of the following:
Year Ended December 31, 2024
(in millions)Live and Historical RacingWagering Services and SolutionsGaming
Revenue$1,267.0 $500.7 $1,045.4 
Pari-mutuel taxes and purses(300.0)(19.7)(43.5)
Gaming taxes(5.7)(2.4)(291.6)
Marketing and advertising(42.1)(8.9)(35.4)
Salaries and benefits(127.0)(32.8)(164.6)
Content expense(6.4)(205.8)(8.5)
Selling, general and administrative expense(40.1)(15.5)(46.1)
Maintenance, insurance and utilities(46.5)(4.2)(42.1)
Gaming equipment rental and technology costs(41.6)(3.5)(15.4)
Food and beverage costs(12.9)— (16.7)
Other operating expense(1)
(70.6)(42.6)(62.9)
Equity in income of unconsolidated affiliates— — 186.4 
Other income 0.5 0.3 1.9 
Adjusted EBITDA$574.6 $165.6 $506.9 

Year Ended December 31, 2023
(in millions)Live and Historical RacingWagering Services and SolutionsGaming
Revenue$1,084.6 $458.4 $974.6 
Pari-mutuel taxes and purses(262.5)(19.9)(39.2)
Gaming taxes(5.2)(2.7)(283.6)
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)
Gaming equipment rental and technology costs(48.7)(3.7)(15.6)
Food and beverage costs(11.3)— (14.9)
Other operating expense(1)
(56.6)(40.6)(53.2)
Equity in income of unconsolidated affiliates— — 191.6 
Other income 1.3 1.0 1.8 
Adjusted EBITDA$475.4 $132.1 $488.6 
Year Ended December 31, 2022
(in millions)Live and Historical RacingWagering Services and SolutionsGaming
Revenue$646.4 $441.6 $761.8 
Pari-mutuel taxes and purses(167.1)(18.7)(36.4)
Gaming taxes(1.5)(8.3)(241.7)
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)
Gaming equipment rental and technology costs(18.6)(3.4)(11.8)
Food and beverage costs(6.0)— (10.0)
Other operating expense(1)
(36.6)(41.4)(38.6)
Equity in income of unconsolidated affiliates— — 184.5 
Other income0.4 0.1 6.4 
Adjusted EBITDA$287.5 $114.1 $421.9 
(1) Other operating expense primarily includes supplies, regulatory licenses and fees, property taxes, and third-party service fees and costs.
 Years Ended December 31,
(in millions)202420232022
Reconciliation of Net Income to Adjusted EBITDA:
Net income attributable to Churchill Downs Incorporated$426.8 $417.3 $439.4 
Net income attributable to noncontrolling interest2.3 — — 
Net income 429.1 417.3 439.4 
Adjustments:
Depreciation and amortization199.1 169.0 113.7 
Interest expense289.8 268.4 147.3 
Income tax provision 144.1 144.5 169.4 
Stock-based compensation expense 36.1 32.9 31.8 
Legal reserves— (1.2)3.8 
Pre-opening expenses29.6 18.6 13.2 
Arlington exit costs— 9.4 5.7 
Other expense, net4.2 7.0 1.7 
Transaction (benefit) expense, net(12.1)4.8 42.1 
Asset impairments3.9 24.6 38.3 
Other income, expense:
Interest, depreciation and amortization expense related to equity investments42.0 40.2 42.8 
Changes in fair value of Rivers Des Plaines' interest rate swaps— — (12.6)
Rivers Des Plaines' legal reserves and transactions costs0.3 — 0.6 
Other charges and recoveries, net(6.9)2.4 1.0 
Gain on sale of assets— (114.0)(274.6)
Total adjustments730.1 606.6 324.2 
Adjusted EBITDA$1,159.2 $1,023.9 $763.6 
Adjusted EBITDA by segment:
Live and Historical Racing$574.6 $475.4 $287.5 
Wagering Services and Solutions165.6 132.1 114.1 
Gaming506.9 488.6 421.9 
Total segment Adjusted EBITDA1,247.1 1,096.1 823.5 
All Other(87.9)(72.2)(59.9)
Total Adjusted EBITDA$1,159.2 $1,023.9 $763.6 
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)20242023
Total assets:
Live and Historical Racing$4,143.3 $3,872.9 
Wagering Services and Solutions460.6 473.9 
Gaming1,953.7 1,920.9 
Total segment assets6,557.6 6,267.7 
All Other718.3 687.8 
$7,275.9 $6,955.5 
The table below presents total capital expenditures for each of our segments:
 Years Ended December 31,
(in millions)202420232022
Capital expenditures:
Live and Historical Racing$385.4 $461.1 $307.0 
Wagering Services and Solutions19.0 14.6 87.6 
Gaming130.0 188.1 11.8 
Total segment capital expenditures534.4 663.8 406.4 
All Other12.6 12.7 17.1 
Total capital expenditures$547.0 $676.5 $423.5