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Segment Information (Tables)
 3 Months Ended
Mar. 31, 2025
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 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 
Schedule of Segment Reporting Information
Adjusted EBITDA by segment is comprised of the following:
Three Months Ended March 31, 2025
(in millions)Live and Historical RacingWagering Services and SolutionsGaming
Revenues$276.4 $115.8 $267.2 
Pari-mutuel taxes and purses(71.9)(4.4)(14.6)
Gaming taxes(1.5)(0.4)(72.4)
Marketing and advertising(13.8)(1.4)(8.2)
Salaries and benefits(32.7)(8.1)(44.3)
Content expense(1.4)(43.7)(1.8)
Selling, general and administrative expense(10.5)(5.2)(11.1)
Maintenance, insurance and utilities(10.4)(0.9)(9.5)
Gaming equipment rental and technology costs(11.8)(0.7)(4.2)
Food and beverage costs(3.6)— (4.2)
Other operating expense(1)
(16.9)(9.7)(16.8)
Equity in income of unconsolidated affiliates— — 43.2 
Other income 0.1 — 0.2 
Adjusted EBITDA$102.0 $41.3 $123.5 
Three Months Ended March 31, 2024
(in millions)Live and Historical RacingWagering Services and SolutionsGaming
Revenues$248.9 $114.1 $243.2 
Pari-mutuel taxes and purses(63.6)(4.1)(14.2)
Gaming taxes(1.4)(0.8)(66.3)
Marketing and advertising(9.3)(1.2)(7.8)
Salaries and benefits(26.8)(7.9)(38.0)
Content expense(1.3)(44.0)(1.8)
Selling, general and administrative expense(8.8)(4.5)(10.2)
Maintenance, insurance and utilities(10.3)(1.0)(9.6)
Gaming equipment rental and technology costs(10.1)(1.0)(3.3)
Food and beverage costs(3.1)— (3.8)
Other operating expense(1)
(13.4)(10.0)(14.6)
Equity in income of unconsolidated affiliates— — 47.5 
Other income — — 1.7 
Adjusted EBITDA$100.8 $39.6 $122.8 
(1) Other operating expense primarily includes supplies, regulatory licenses and fees, property taxes, and third-party service fees and costs.
Three Months Ended March 31,
(in millions)20252024
Reconciliation of Comprehensive Income to Adjusted EBITDA:
Net income and comprehensive income attributable to Churchill Downs Incorporated$76.7 $80.4 
Net income attributable to noncontrolling interest0.5 — 
Net income77.2 80.4 
Adjustments
Depreciation and amortization59.2 46.9 
Interest expense72.3 70.4 
Income tax provision 18.7 21.4 
Stock-based compensation expense 3.6 7.2 
Pre-opening expense4.2 8.3 
Other expenses, net(0.4)0.2 
Transaction expense, net0.4 4.1 
Other income, expense:
Interest, depreciation and amortization expense related to equity investments9.9 10.3 
Other charges and recoveries, net— (6.7)
Total adjustments167.9 162.1 
Adjusted EBITDA$245.1 $242.5 
Adjusted EBITDA by segment:
Live and Historical Racing$102.0 $100.8 
Wagering Services and Solutions41.3 39.6 
Gaming123.5 122.8 
Total segment Adjusted EBITDA266.8 263.2 
All Other(21.7)(20.7)
Total Adjusted EBITDA$245.1 $242.5 
Schedule of Total Assets and Capital Expenditures by Operating Segment
The table below presents total asset information for each of our segments:
(in millions) March 31, 2025December 31, 2024
Total assets:
Live and Historical Racing$4,192.0 $4,143.3 
Wagering Services and Solutions479.7 460.6 
Gaming1,945.2 1,953.7 
Total segment assets6,616.9 6,557.6 
All Other730.2 718.3 
Total assets$7,347.1 $7,275.9 
The table below presents total capital expenditures for each of our segments:
Three Months Ended March 31,
(in millions)20252024
Capital expenditures:
Live and Historical Racing$67.6 $84.8 
Wagering Services and Solutions6.6 3.8 
Gaming4.8 61.3 
Total segment capital expenditures79.0 149.9 
All Other1.1 5.1 
Total capital expenditures$80.1 $155.0