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Segment Information (Tables)
 6 Months Ended
Jun. 30, 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 June 30,Six Months Ended June 30,
(in millions)2025202420252024
Net revenue from external customers:
Live and Historical Racing:
Churchill Downs Racetrack$227.5 $228.0 $231.1 $231.1 
Louisville57.2 53.1 109.4 106.8 
Northern Kentucky26.7 22.0 57.9 50.5 
Southwestern Kentucky43.4 40.2 83.9 78.8 
Western Kentucky16.0 6.1 28.4 12.9 
Virginia136.0 111.9 265.3 223.1 
New Hampshire3.1 3.4 6.4 6.6 
Total Live and Historical Racing$509.9 $464.7 $782.4 $709.8 
Wagering Services and Solutions:$158.4 $151.7 $265.3 $258.3 
Gaming:
Florida$25.3 $26.5 $50.6 $52.6 
Iowa23.7 23.5 47.2 46.9 
Indiana32.6 33.9 64.2 33.9 
Louisiana31.9 37.1 76.5 81.4 
Maine27.0 26.8 52.0 53.6 
Maryland25.6 26.2 46.4 47.8 
Mississippi24.0 24.5 49.1 50.5 
New York47.6 46.5 91.0 91.5 
Pennsylvania28.3 29.2 52.2 55.2 
Total Gaming$266.0 $274.2 $529.2 $513.4 
All Other0.1 0.1 0.1 0.1 
Net revenue from external customers$934.4 $890.7 $1,577.0 $1,481.6 
Intercompany net revenues:
Live and Historical Racing$31.0 $25.5 $34.9 $29.3 
Wagering Services and Solutions10.0 8.2 18.9 15.7 
Gaming0.3 0.2 4.3 4.2 
All Other2.2 1.8 4.2 1.8 
Eliminations(43.5)(35.7)(62.3)(51.0)
Intercompany net revenue$— $— $— $— 
Three Months Ended June 30, 2025
(in millions)Live and Historical RacingWagering Services and SolutionsGamingTotal SegmentsAll OtherTotal
Net revenue from external customers
Pari-mutuel:
Live and simulcast racing$53.6 $125.3 $4.3 $183.2 $— $183.2 
Historical racing(a)
252.5 — 4.0 256.5 — 256.5 
Racing event-related services172.3 — 0.2 172.5 — 172.5 
Gaming(a)
3.0 4.0 225.8 232.8 — 232.8 
Other(a)
28.5 29.1 31.7 89.3 0.1 89.4 
Total$509.9 $158.4 $266.0 $934.3 $0.1 $934.4 


Three Months Ended June 30, 2024
(in millions)Live and Historical RacingWagering Services and SolutionsGamingTotal SegmentsAll OtherTotal
Net revenue from external customers
Pari-mutuel:
Live and simulcast racing$50.4 $115.4 $4.5 $170.3 $— $170.3 
Historical racing(a)
212.1 — 9.3 221.4 — 221.4 
Racing event-related services176.0 — 1.4 177.4 — 177.4 
Gaming(a)
3.3 4.3 228.1 235.7 — 235.7 
Other(a)
22.9 32.0 30.9 85.8 0.1 85.9 
Total$464.7 $151.7 $274.2 $890.6 $0.1 $890.7 
(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 $15.6 million for the three months ended June 30, 2025 and $14.2 million for the three months ended June 30, 2024.
Six Months Ended June 30, 2025
(in millions)Live and Historical RacingWagering Services and SolutionsGamingTotal SegmentsAll OtherTotal
Net revenue from external customers
Pari-mutuel:
Live and simulcast racing$64.8 $205.4 $15.0 $285.2 $— $285.2 
Historical racing(a)
488.9 — 13.7 502.6 — 502.6 
Racing event-related services173.7 — 0.9 174.6 — 174.6 
Gaming(a)
6.3 7.9 439.5 453.7 — 453.7 
Other(a)
48.7 52.0 60.1 160.8 0.1 160.9 
Total$782.4 $265.3 $529.2 $1,576.9 $0.1 $1,577.0 
Six Months Ended June 30, 2024
(in millions)Live and Historical RacingWagering Services and SolutionsGamingTotal SegmentsAll OtherTotal
Net revenue from external customers
Pari-mutuel:
Live and simulcast racing$61.4 $195.2 $15.1 $271.7 $— $271.7 
Historical racing(a)
424.2 — 18.1 442.3 — 442.3 
Racing event-related services177.1 — 3.6 180.7 — 180.7 
Gaming(a)
6.4 10.0 421.2 437.6 — 437.6 
Other(a)
40.7 53.1 55.4 149.2 0.1 149.3 
Total$709.8 $258.3 $513.4 $1,481.5 $0.1 $1,481.6 
(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 $30.0 million for the six months ended June 30, 2025 and $27.6 million for the six months ended June 30, 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 June 30,Six Months Ended June 30,
(in millions)2025202420252024
Live and Historical Racing$509.9 $464.7 $782.4 $709.8 
Wagering Services and Solutions158.4 151.7 265.3 258.3 
Gaming266.0 274.2 529.2 513.4 
All Other0.1 0.1 0.1 0.1 
Net Revenue$934.4 $890.7 $1,577.0 $1,481.6 
Schedule of Segment Reporting Information
Adjusted EBITDA by segment is comprised of the following:
Three Months Ended June 30, 2025
(in millions)Live and Historical RacingWagering Services and SolutionsGaming
Revenues$540.9 $168.4 $266.3 
Pari-mutuel taxes and purses(115.8)(7.7)(7.5)
Gaming taxes(1.4)(0.5)(80.0)
Marketing and advertising(15.7)(5.2)(8.8)
Salaries and benefits(37.0)(9.0)(42.7)
Content expense(1.9)(76.9)(2.6)
Selling, general and administrative expense(10.8)(4.7)(10.6)
Maintenance, insurance and utilities(11.2)(1.1)(9.7)
Gaming equipment rental and technology costs(12.6)(0.8)(4.4)
Food and beverage costs(3.9)— (4.1)
Other operating expense(34.1)(14.5)(15.7)
Equity in income of unconsolidated affiliates— — 46.7 
Other income — — 0.4 
Adjusted EBITDA$296.5 $48.0 $127.3 
Three Months Ended June 30, 2024
(in millions)Live and Historical RacingWagering Services and SolutionsGaming
Revenues$490.2 $159.9 $274.4 
Pari-mutuel taxes and purses(98.4)(6.8)(9.5)
Gaming taxes(1.6)(0.5)(74.0)
Marketing and advertising(12.5)(4.9)(9.2)
Salaries and benefits(36.5)(8.0)(40.3)
Content expense(2.1)(73.3)(2.6)
Selling, general and administrative expense(8.5)(4.3)(11.8)
Maintenance, insurance and utilities(11.5)(1.0)(11.1)
Gaming equipment rental and technology costs(10.5)(0.7)(4.2)
Food and beverage costs(3.3)— (4.3)
Other operating expense(26.3)(14.2)(15.0)
Equity in income of unconsolidated affiliates— — 48.2 
Other income 0.2 — 0.1 
Adjusted EBITDA$279.2 $46.2 $140.7 
Six Months Ended June 30, 2025
(in millions)Live and Historical RacingWagering Services and SolutionsGaming
Revenues$817.3 $284.2 $533.5 
Pari-mutuel taxes and purses(187.7)(12.1)(22.1)
Gaming taxes(2.9)(0.9)(152.4)
Marketing and advertising(29.5)(6.6)(17.0)
Salaries and benefits(69.7)(17.1)(87.0)
Content expense(3.3)(120.6)(4.4)
Selling, general and administrative expense(21.3)(9.9)(21.7)
Maintenance, insurance and utilities(21.6)(2.0)(19.2)
Gaming equipment rental and technology costs(24.4)(1.5)(8.6)
Food and beverage costs(7.5)— (8.3)
Other operating expense(51.0)(24.2)(32.5)
Equity in income of unconsolidated affiliates— — 89.9 
Other income 0.1 — 0.6 
Adjusted EBITDA$398.5 $89.3 $250.8 
Six Months Ended June 30, 2024
(in millions)Live and Historical RacingWagering Services and SolutionsGaming
Revenues$739.1 $274.0 $517.6 
Pari-mutuel taxes and purses(162.0)(10.9)(23.7)
Gaming taxes(3.0)(1.3)(140.3)
Marketing and advertising(21.8)(6.1)(17.0)
Salaries and benefits(63.3)(15.9)(78.3)
Content expense(3.4)(117.3)(4.4)
Selling, general and administrative expense(17.3)(8.8)(22.0)
Maintenance, insurance and utilities(21.8)(2.0)(20.7)
Gaming equipment rental and technology costs(20.6)(1.7)(7.5)
Food and beverage costs(6.4)— (8.1)
Other operating expense(39.7)(24.2)(29.6)
Equity in income of unconsolidated affiliates— — 95.7 
Other income 0.2 — 1.8 
Adjusted EBITDA$380.0 $85.8 $263.5 
Adjusted EBITDA by segment is comprised of the following:
Three Months Ended June 30,Six Months Ended June 30,
(in millions)2025202420252024
Reconciliation of Comprehensive Income to Adjusted EBITDA:
Net income and comprehensive income attributable to Churchill Downs Incorporated$216.9 $209.3 $293.6 $289.7 
Net income attributable to noncontrolling interest0.7 0.9 1.2 0.9 
Net income217.6 210.2 294.8 290.6 
Adjustments
Depreciation and amortization57.8 49.2 117.0 96.1 
Interest expense74.2 73.5 146.5 143.9 
Income tax provision 74.4 84.1 93.1 105.5 
Stock-based compensation expense 7.2 8.9 10.8 16.1 
Pre-opening expense2.4 7.5 6.6 15.8 
Other expenses, net5.2 0.1 4.8 0.3 
Asset impairments2.4 — 2.4 — 
Transaction expense, net1.1 0.6 1.5 4.7 
Other income, expense:
Interest, depreciation and amortization expense related to equity investments9.6 10.5 19.5 20.8 
Rivers Des Plaines' legal reserves and transaction costs— 0.3 — 0.3 
Other charges and recoveries, net(1.0)(0.1)(1.0)(6.8)
Total adjustments233.3 234.6 401.2 396.7 
Adjusted EBITDA$450.9 $444.8 $696.0 $687.3 
Adjusted EBITDA by segment:
Live and Historical Racing$296.5 $279.2 $398.5 $380.0 
Wagering Services and Solutions48.0 46.2 89.3 85.8 
Gaming127.3 140.7 250.8 263.5 
Total segment Adjusted EBITDA471.8 466.1 738.6 729.3 
All Other(20.9)(21.3)(42.6)(42.0)
Total Adjusted EBITDA$450.9 $444.8 $696.0 $687.3 
Schedule of Total Assets and Capital Expenditures by Operating Segment
The table below presents total asset information for each of our segments:
(in millions) June 30, 2025December 31, 2024
Total assets:
Live and Historical Racing$4,237.9 $4,143.3 
Wagering Services and Solutions483.5 460.6 
Gaming1,931.0 1,953.7 
Total segment assets6,652.4 6,557.6 
All Other723.3 718.3 
Total assets$7,375.7 $7,275.9 
The table below presents total capital expenditures for each of our segments:
Six Months Ended June 30,
(in millions)20252024
Capital expenditures:
Live and Historical Racing$135.2 $188.3 
Wagering Services and Solutions11.7 7.2 
Gaming14.4 88.5 
Total segment capital expenditures161.3 284.0 
All Other3.5 8.0 
Total capital expenditures$164.8 $292.0