XML 40 R28.htm IDEA: XBRL DOCUMENT v3.25.1
Revenue from Contract with Customer (Tables)
 3 Months Ended
Mar. 31, 2025
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)20252024
Net revenue from external customers:
Live and Historical Racing:
Churchill Downs Racetrack$3.6 $3.1 
Louisville52.2 53.7 
Northern Kentucky31.2 28.5 
Southwestern Kentucky40.5 38.6 
Western Kentucky12.4 6.8 
Virginia129.3 111.2 
New Hampshire3.3 3.2 
Total Live and Historical Racing$272.5 $245.1 
Wagering Services and Solutions:$106.9 $106.6 
Gaming:
Florida$25.3 $26.1 
Iowa23.5 23.4 
Indiana31.6 — 
Louisiana44.6 44.3 
Maine25.0 26.8 
Maryland20.8 21.6 
Mississippi25.1 26.0 
New York43.4 45.0 
Pennsylvania23.9 26.0 
Total Gaming$263.2 $239.2 
All Other— — 
Net revenue from external customers$642.6 $590.9 
Intercompany net revenues:
Live and Historical Racing$3.9 $3.8 
Wagering Services and Solutions8.9 7.5 
Gaming4.0 4.0 
All Other2.0 — 
Eliminations(18.8)(15.3)
Intercompany net revenue$— $— 
Three Months Ended March 31, 2025
(in millions)Live and Historical RacingWagering Services and SolutionsGamingTotal SegmentsAll OtherTotal
Net revenue from external customers
Pari-mutuel:
Live and simulcast racing$11.2 $80.1 $10.7 $102.0 $— $102.0 
Historical racing(a)
236.4 — 9.7 246.1 — 246.1 
Racing event-related services1.4 — 0.7 2.1 — 2.1 
Gaming(a)
3.3 3.9 213.7 220.9 — 220.9 
Other(a)
20.2 22.9 28.4 71.5 — 71.5 
Total$272.5 $106.9 $263.2 $642.6 $— $642.6 


Three Months Ended March 31, 2024
(in millions)Live and Historical RacingWagering Services and SolutionsGamingTotal SegmentsAll OtherTotal
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 services1.1 — 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 
(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 $14.4 million for the three months ended March 31, 2025 and $13.4 million for the three months ended March 31, 2024.
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)20252024
Live and Historical Racing$272.5 $245.1 
Wagering Services and Solutions106.9 106.6 
Gaming263.2 239.2 
All Other— — 
Net Revenue$642.6 $590.9