Discontinued Operations

9 Months Ended

Sep. 30, 2011

Discontinued Operations [Abstract]

Discontinued Operations

NOTE 2 — DISCONTINUED OPERATIONS

During the nine months ended September 30, 2011, the Company recognized a gain on sale of Hollywood Park of $0.2 million upon the expiration of an indemnity of certain contractual obligations related to the sale of Hollywood Park in 2005.

Churchill Downs Entertainment Group, Ellis Park and Hollywood Park have been accounted for as discontinued operations. Accordingly, the results of operations of the dissolved and sold businesses for all periods presented have been classified as discontinued operations, net of income taxes, in the Condensed Consolidated Statements of Net Earnings. Set forth below is a summary of the combined results of operations of the dissolved and sold businesses for the three and nine months ended September 30, 2011 and 2010 (in thousands):

	Three Months  Ended September 30,						Nine Months  Ended September 30,
	2011			2010			2011			2010
Net revenues	$	—		$	6,303		$	—		$	6,303
Operating expenses		2			11,921			12			12,793
Selling, general and administrative expenses		—			1,390			(11	)		2,060
Operating loss		(2	)		(7,008	)		(1	)		(8,550	)
Other income (expense):
Miscellaneous, net		85			(1	)		85			69
		85			(1	)		85			69
Earnings (loss) from operations before income tax (provision) benefit		83			(7,009	)		84			(8,481	)
Income tax (provision) benefit		(23	)		2,620			(23	)		2,904
Earnings (loss) from operations		60			(4,389	)		61			(5,577	)
Gain on sale of assets, net of income taxes		—			—			157			—
Net earnings (loss)	$	60		$	(4,389	)	$	218		$	(5,577	)