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<SEC-DOCUMENT>0000020212-02-000018.txt : 20021114
<SEC-HEADER>0000020212-02-000018.hdr.sgml : 20021114
<ACCEPTANCE-DATETIME>20021114164257
ACCESSION NUMBER:		0000020212-02-000018
CONFORMED SUBMISSION TYPE:	10-Q
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20020930
FILED AS OF DATE:		20021114

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CHURCHILL DOWNS INC
		CENTRAL INDEX KEY:			0000020212
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-RACING, INCLUDING TRACK OPERATION [7948]
		IRS NUMBER:				610156015
		STATE OF INCORPORATION:			KY
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		10-Q
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-01469
		FILM NUMBER:		02825530

	BUSINESS ADDRESS:	
		STREET 1:		700 CENTRAL AVE
		CITY:			LOUISVILLE
		STATE:			KY
		ZIP:			40208
		BUSINESS PHONE:		5026364400

	MAIL ADDRESS:	
		STREET 1:		700 CENTRAL AVENUE
		STREET 2:		700 CENTRAL AVENUE
		CITY:			LOUIVILLE
		STATE:			KY
		ZIP:			40208
</SEC-HEADER>
<DOCUMENT>
<TYPE>10-Q
<SEQUENCE>1
<FILENAME>f10q302.htm
<DESCRIPTION>10-Q 3RD QUARTER 2002
<TEXT>
<HTML>
<HEAD>
<TITLE>Churchill Downs Incorporated Form 10Q 2002 3q
</TITLE>
</HEAD>
<BODY>
<p ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>
        SECURITIES AND EXCHANGE COMMISSION<br>WASHINGTON, D.C. 20549</FONT></p>

<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>
        FORM 10-Q</FONT></H1>

<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>
        (X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE<br>
        SECURITIES EXCHANGE ACT OF 1934</FONT></H1>

<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>
        For the quarterly period ended September 30, 2002</FONT></H1>

<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>
        OR</FONT></H1>

<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>
        ( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE<br>
        SECURITIES EXCHANGE ACT OF 1934</FONT></H1>

<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>
        For the transition period from ____ to ____ </FONT></H1>

<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>
        Commission file number 0-1469</FONT></H1>

<p ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        <u>CHURCHILL DOWNS INCORPORATED</u><br>
        (Exact name of registrant as specified in its charter)</FONT></P>





<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0><!-- Table ##############################################################-->
<TR VALIGN=TOP>
        <TD WIDTH=50% align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <U>Kentucky</U><br>(State or other jurisdiction of incorporation or<br>
                organization)</Font></TD>
        <TD WIDTH=50% align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <U>61-0156015 </U><br>(IRS Employer Identification No.)</FONT></TD>
</TR>
</TABLE>
<BR>


<p ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        <u>700 Central Avenue, Louisville, KY 40208</U><br>
        Address of principal executive offices)<br>
        (Zip Code)<br></FONT></P>

<p ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        <u>(502) 636-4400</u><br>
        (Registrant's telephone number, including area code)</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Indicate by check mark
        whether the registrant (1) has filed all reports required to be filed by
        Section 13 or 15(d) of the Securities Exchange Act of 1934 during the
        preceding 12  months (or for such shorter period that the registrant was
        required to file such reports), and (2) has been subject to such filing
        requirements for the past 90 days. </FONT></P>

<p ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        Yes  <u>&nbsp;&nbsp;&nbsp;X&nbsp;&nbsp;&nbsp;</u>  No____</FONT></P>


<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>The number of shares
        outstanding of registrant&#146;s common stock at November 13, 2002 was
        13,134,681 shares. </FONT></P>



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<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                1</FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
<!-- BLANK LINE--><TR><TD></TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
</TABLE>
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<P align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        CHURCHILL DOWNS INCORPORATED<br>
        I N D E X</FONT></P><br><br>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 border=0><!-- Table #####################################################-->
<!-- Index~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~-->
<TR VALIGN=bottom>
        <TD WIDTH=50% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                PART I.&nbsp;&nbsp;&nbsp; FINANCIAL INFORMATION</FONT></TD>
        <TD WIDTH=50% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                PAGES</FONT></TD>
</TR>
</table>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 border=0><!-- Table #####################################################-->
<TR VALIGN=bottom>
        <TD>&nbsp;</TD>
</TR>

<TR VALIGN=bottom>
        <TD WIDTH=11% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                ITEM 1.</FONT></TD>
        <TD WIDTH=4% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=69% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
<A HREF="#FINANCIAL_STATEMENTS"></A> Financial Statements</FONT></TD>
        <TD WIDTH=16% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN=bottom>
        <TD>&nbsp;</TD>
</TR>

<TR VALIGN=bottom>
        <TD WIDTH=11% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=4% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=69% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Condensed Consolidated Balance Sheets, September 30, 2002, December 31, 2001
                and September 30, 2001</FONT></TD>
        <TD WIDTH=16% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                3</FONT></TD>
</TR>

<TR VALIGN=bottom>
        <TD>&nbsp;</TD>
</TR>

<TR VALIGN=bottom>
        <TD WIDTH=11% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=4% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=69% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Condensed Consolidated Statements of Operations for the nine and
                three months ended September 30, 2002 and 2001</FONT></TD>
        <TD WIDTH=16% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                4</FONT></TD>

</TR>

<TR VALIGN=bottom>
        <TD>&nbsp;</TD>
</TR>

<TR VALIGN=bottom>
        <TD WIDTH=11% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=4% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=69% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Condensed Consolidated Statements of Cash Flows for the nine months ended
                September 30, 2002 and 2001</FONT></TD>
        <TD WIDTH=16% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                5</FONT></TD>

</TR>

<TR VALIGN=bottom>
        <TD>&nbsp;</TD>
</TR>

<TR VALIGN=bottom>
        <TD WIDTH=11% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=4% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=69% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Condensed Notes to Consolidated Financial Statements </FONT></TD>
        <TD WIDTH=16% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                6-13</FONT></TD>

</TR>

<TR VALIGN=bottom>
        <TD>&nbsp;</TD>
</TR>

<TR VALIGN=top>
        <TD WIDTH=11% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                ITEM 2.</FONT></TD>
        <TD WIDTH=4% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=69% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Management's Discussion and Analysis of Financial Condition and Results
                of Operations</FONT></TD>
        <TD WIDTH=16% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                14-21</FONT></TD>

</TR>

<TR VALIGN=bottom>
        <TD>&nbsp;</TD>
</TR>

<TR VALIGN=bottom>
        <TD WIDTH=11% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                ITEM 3.</FONT></TD>
        <TD WIDTH=4% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=69% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Quantitative and Qualitative Disclosures About Market Risk</FONT></TD>
        <TD WIDTH=16% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                22</FONT></TD>
</TR>

<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>

<TR VALIGN=bottom>
        <TD WIDTH=11% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                ITEM 4.</FONT></TD>
        <TD WIDTH=4% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=69% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Controls and Procedures</FONT></TD>
        <TD WIDTH=16% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                22</FONT></TD>
</TR>

<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>

</Table>


<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 border=0><!-- Table #####################################################-->
<TR VALIGN=bottom>
        <TD WIDTH=100% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                PART II.&nbsp;&nbsp; OTHER INFORMATION</FONT></TD>

</TR>
</Table>


<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 border=0><!-- Table #####################################################-->
<TR VALIGN=bottom>
        <TD>&nbsp;</TD>
</TR>

<TR VALIGN=bottom>
        <TD WIDTH=11% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                ITEM 1.</FONT></TD>
        <TD WIDTH=4% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=69% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Legal Proceedings (Not applicable)</FONT></TD>
        <TD WIDTH=16% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                23</FONT></TD>
</TR>



<TR VALIGN=bottom>
        <TD>&nbsp;</TD>
</TR>

<TR VALIGN=bottom>
        <TD WIDTH=11% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                ITEM 2.</FONT></TD>
        <TD WIDTH=4% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=69% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Changes in Securities and Use of Proceeds (Not applicable)</FONT></TD>
        <TD WIDTH=16% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                23</FONT></TD>

</TR>

<TR VALIGN=bottom>
        <TD>&nbsp;</TD>
</TR>

<TR VALIGN=bottom>
        <TD WIDTH=11% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                ITEM 3.</FONT></TD>
        <TD WIDTH=4% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=69% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Defaults Upon Senior Securities (Not applicable)</FONT></TD>
        <TD WIDTH=16% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                23</FONT></TD>

</TR>

<TR VALIGN=bottom>
        <TD>&nbsp;</TD>
</TR>

<TR VALIGN=bottom>
        <TD WIDTH=11% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                ITEM 4.</FONT></TD>
        <TD WIDTH=4% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=69% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Submission of Matters to a Vote of Security Holders (Not applicable)</FONT></TD>
        <TD WIDTH=16% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                23</FONT></TD>
</TR>

<TR VALIGN=bottom>
        <TD>&nbsp;</TD>
</TR>

<TR VALIGN=bottom>
        <TD WIDTH=11% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                ITEM 5.</FONT></TD>
        <TD WIDTH=4% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=69% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Other Information (Not applicable)</FONT></TD>
        <TD WIDTH=16% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                23</FONT></TD>

</TR>

<TR VALIGN=bottom>
        <TD>&nbsp;</TD>
</TR>

<TR VALIGN=bottom>
        <TD WIDTH=11% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                ITEM 6.</FONT></TD>
        <TD WIDTH=4% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=69% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Exhibits and Reports on Form 8-K</FONT></TD>
        <TD WIDTH=16% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                23</FONT></TD>

</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>

<TR VALIGN=bottom>
        <TD colspan=2 align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signatures</FONT></TD>
                <Td WIDTH=69% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=16% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                24</FONT></TD>

</TR>

<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>

<TR VALIGN=bottom>
        <TD colspan=2 align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certifications</FONT></TD>
                <Td WIDTH=69% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=16% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                25-26</FONT></TD>
</TR>

<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>

<TR VALIGN=bottom>
         <TD colspan=3 align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit Index</FONT></TD>
         <TD WIDTH=16% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                27</FONT></TD>

</TR>

<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>

<TR VALIGN=bottom>
         <TD colspan=2 align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibits</FONT></TD>
         <TD WIDTH=69% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD WIDTH=16% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 28-36</FONT></TD>
</TR>
</Table>

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<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                2</FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
<!-- BLANK LINE--><TR><TD></TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
</TABLE>
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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0><!-- ###########################################################-->
<TR VALIGN="BOTTOM">
        <TD colspan=1 align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                PART I.&nbsp;&nbsp;&nbsp; FINANCIAL INFORMATION</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
        <TD colspan=1 align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>


<TR VALIGN="BOTTOM">
        <TD colspan=1 align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                ITEM 1.&nbsp;&nbsp;&nbsp;&nbsp;FINANCIAL STATEMENTS</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
        <TD colspan=1 align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
        <TD colspan=1 align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                CHURCHILL DOWNS INCORPORATED<br>
                CONDENSED CONSOLIDATED BALANCE SHEETS<br>
                (in thousands)</FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
        <TD colspan=1 align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>
</TABLE>
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0><!-- ###########################################################-->

<!-- CONDENSED CONSOLIDATED BALANCE SHEETS-->

<TR VALIGN="BOTTOM">
        <TD WIDTH=46% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=2% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=14% align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                September 30,</FONT></TD>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=14% align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                December 31,</FONT></TD>
        <TD colspan=2 align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                September 30,</FONT></TD>
</TR>
<!-- Assets ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~-->
<TR VALIGN="BOTTOM">
        <TD WIDTH=48% align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                ASSETS&nbsp;</FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=13% align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <u>2002</u></FONT></TD>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=14% align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <u>2001</u></FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=13% align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <u>2001</u></FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
        <TD WIDTH=48% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=13% align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (unaudited)</FONT></TD>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=14% align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=13% align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (unaudited)</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>
</table>

<TABLE width=100% CELLPADDING=0 CELLSPACING=0 BORDER=0><!-- Table #####################################################-->
<!-- Current Assests Table~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~-->

<TR VALIGN="BOTTOM">
        <TD colspan=9 align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Current assests:</FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
        <TD WIDTH=48% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                Cash and cash equivalents</FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=11% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $&nbsp;&nbsp;15,575</FONT></TD>
        <TD WIDTH=7% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=11% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $&nbsp;&nbsp;15,732</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=11% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $&nbsp;&nbsp;14,436</FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
        <TD WIDTH=48% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                Restricted cash</FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=11% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                3,755</FONT></TD>
        <TD WIDTH=7% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=11% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                10,535</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=11% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                8,389</FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
        <TD WIDTH=48% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                Accounts receivable, net</FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=11% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                24,697</FONT></TD>
        <TD WIDTH=7% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=11% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                28,472</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=11% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                29,034</FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
        <TD WIDTH=48% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                Deferred Income taxes</FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=11% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                1,734</FONT></TD>
        <TD WIDTH=7% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=11% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                2,806</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=11% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                1,721</FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN="TOP">
        <TD WIDTH=48% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                Other current assets</FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=11% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                6,256</FONT><HR WIDTH=80% SIZE=1 NOSHADE></TD>
        <TD WIDTH=7% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=11% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                2,177</FONT><HR WIDTH=80% SIZE=1 NOSHADE></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=11% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                4,304</FONT><HR WIDTH=80% SIZE=1 NOSHADE></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
        <TD WIDTH=48% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                Total current assets</FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=11% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                52,017</FONT></TD>
        <TD WIDTH=7% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=11% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                59,722</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=11% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                57,884</FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
        <TD colspan=3 align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
        <TD WIDTH=48% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Other assets</FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=11% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                11,307</FONT></TD>
        <TD WIDTH=7% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=11% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                11,475 </FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=11% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                11,180</FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
        <TD WIDTH=48% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Plant and equipment, net</FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=11% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                341,127</FONT></TD>
        <TD WIDTH=7% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=11% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                339,419 </FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=11% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                341,920</FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
        <TD WIDTH=48% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Goodwill, net</FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=11% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                52,239</FONT></TD>
        <TD WIDTH=7% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=11% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                52,239 </FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=11% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                52,588</FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>


<TR VALIGN="TOP">
        <TD WIDTH=48% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Intangible assets, net</FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=11% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                7,587</FONT><HR WIDTH=80% SIZE=1 NOSHADE></TD>
        <TD WIDTH=7% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=11% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                7,860 </FONT><HR WIDTH=80% SIZE=1 NOSHADE></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=11% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                7,952</FONT><HR WIDTH=80% SIZE=1 NOSHADE></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
        <TD WIDTH=48% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=11% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $464,277</FONT><HR WIDTH=80% SIZE=3 NOSHADE></TD>
        <TD WIDTH=7% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=11% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $470,715 </FONT><HR WIDTH=80% SIZE=3 NOSHADE></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=11% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $471,524</FONT><HR WIDTH=80% SIZE=3 NOSHADE></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>
</table>
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0><!-- Table #####################################################-->
<!-- Liabilities~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~-->
<TR VALIGN="BOTTOM">
        <TD colspan="2" align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                   LIABILITIES AND SHAREHOLDERS' EQUITY</FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
        <TD colspan=9 align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Current liabilities:</FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
        <TD WIDTH=48% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                Accounts payable</FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=11% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $&nbsp;&nbsp;34,595</FONT></TD>
        <TD WIDTH=7% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=11% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $&nbsp;&nbsp;40,493</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=11% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $&nbsp;&nbsp;37,242</FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
        <TD WIDTH=48% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                Accrued expenses</FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=11% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                34,079</FONT></TD>
        <TD WIDTH=7% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=11% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                31,452</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=11% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                34,694</FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
        <TD WIDTH=48% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                Dividends payable</FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=11% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                -&nbsp;&nbsp;</FONT></TD>
        <TD WIDTH=7% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=11% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                6,549</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=11% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                -&nbsp;&nbsp;</FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
        <TD WIDTH=48% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                Income taxes payable</FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=11% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                465</FONT></TD>
        <TD WIDTH=7% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=11% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                971</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=11% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                11,362</FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
        <TD WIDTH=48% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                Deferred revenue</FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=11% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                3,149</FONT></TD>
        <TD WIDTH=7% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=11% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                14,241</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=11% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                4,423</FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN="top">
        <TD WIDTH=48% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                Long-term debt, current portion</FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=11% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                471</FONT><HR WIDTH=80% SIZE=1 NOSHADE></TD>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=11% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                561</FONT><HR WIDTH=80% SIZE=1 NOSHADE></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=11% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                2,308</FONT><HR WIDTH=80% SIZE=1 NOSHADE></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>


<TR VALIGN="BOTTOM">
        <TD WIDTH=48% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                Total current liabilities</FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=11% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                72,759</FONT></TD>
        <TD WIDTH=7% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=11% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                94,267</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=11% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                90,029</FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<tr>
        <td colspan=9 align="left">&nbsp;</td>
</tr>


<TR VALIGN="BOTTOM">
        <TD WIDTH=48% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Long-term debt, due after one year</FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=11% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                123,922</FONT></TD>
        <TD WIDTH=7% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=11% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                132,787</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=11% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                134,128</FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
        <TD WIDTH=48% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Other liabilities</FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=11% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                13,748</FONT></TD>
        <TD WIDTH=7% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=11% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                11,302</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=11% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                13,255</FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
        <TD WIDTH=48% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Deferred income taxes</FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=11% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                15,115</FONT></TD>
        <TD WIDTH=7% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=11% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                15,124</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=11% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                14,761</FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
        <TD WIDTH=48% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Commitments and contingencies</FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=11% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                -&nbsp;&nbsp;</FONT></TD>
        <TD WIDTH=7% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=11% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                -&nbsp;&nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=11% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                -&nbsp;&nbsp;</FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<tr>
        <td colspan=9 align="left">Shareholders' equity:</td>
</tr>


<TR VALIGN="BOTTOM">
        <TD colspan=9  align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                Preferred stock, no par value;</FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
        <TD WIDTH=48% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                250 shares authorized; no shares issued</FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=11% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                -&nbsp;&nbsp;</FONT></TD>
        <TD WIDTH=7% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=11% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                -&nbsp;&nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=11% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                -&nbsp;&nbsp;</FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
        <TD colspan=9  align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                Common stock, no par value; 50,000 shares authorized;</FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
        <TD colspan=9  align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                issued:  13,135 shares September 30, 2002, 13,098 shares</FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
        <TD WIDTH=48% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                December 31, 2001, and 13,098 shares<BR>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                September 30, 2001</FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=11% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                125,574</FONT></TD>
        <TD WIDTH=7% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=11% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                124,750</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=11% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                124,750</FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
        <TD WIDTH=48% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                Retained earnings</FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=11% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                113,832</FONT></TD>
        <TD WIDTH=7% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=11% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                94,850</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=11% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                97,349</FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
        <TD WIDTH=48% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                Accumulated other comprehensive income</FONT></TD>
        <TD WIDTH=3% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=11% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (608</FONT></TD>
        <TD WIDTH=7% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )&nbsp;</FONT></TD>
        <TD WIDTH=11% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (2,300</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT></TD>
        <TD WIDTH=11% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (2,683</FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT></TD>
</TR>

<TR VALIGN="TOP">
        <TD WIDTH=48% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                Note receivable for common stock</FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=11% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
               (65</FONT><HR WIDTH=80% SIZE=1 NOSHADE></TD>
        <TD WIDTH=7% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT><HR WIDTH=10% SIZE=1 NOSHADE></TD>
        <TD WIDTH=11% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (65</FONT><HR WIDTH=80% SIZE=1 NOSHADE></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT><HR WIDTH=10% SIZE=1 NOSHADE></TD>
        <TD WIDTH=11% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (65</FONT><HR WIDTH=80% SIZE=1 NOSHADE></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT><HR WIDTH=10% SIZE=1 NOSHADE></TD>
</TR>


<TR VALIGN="TOP">
        <TD WIDTH=48% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=11% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
               238,733</FONT><HR WIDTH=80% SIZE=1 NOSHADE></TD>
        <TD WIDTH=7% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=10% SIZE=1 NOSHADE></TD>
        <TD WIDTH=11% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                217,235</FONT><HR WIDTH=80% SIZE=1 NOSHADE></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=10% SIZE=1 NOSHADE></TD>
        <TD WIDTH=11% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                219,351</FONT><HR WIDTH=80% SIZE=1 NOSHADE></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=10% SIZE=1 NOSHADE></TD>
</TR>

<TR VALIGN="BOTTOM">
        <TD WIDTH=48% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=11% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $464,277</FONT><HR WIDTH=80% SIZE=3 NOSHADE></TD>
        <TD WIDTH=7% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=10% SIZE=3 NOSHADE></TD>
        <TD WIDTH=11% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;$470,715</FONT><HR WIDTH=80% SIZE=3 NOSHADE></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=10% SIZE=3 NOSHADE></TD>
        <TD WIDTH=11% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;$471,524</FONT><HR WIDTH=80% SIZE=3 NOSHADE></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=20% SIZE=3 NOSHADE></TD>
</TR><TR VALIGN="BOTTOM">
        <TD align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
        <TD COLSPAN=8 align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are  an integral part of the condensed consolidated
                financial statements.</FONT></TD>
</TR>

</TABLE>
<!-- PAGE BREAK^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^-->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0><!-- Table ##############################################################-->
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                3</FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
<!-- BLANK LINE--><TR><TD></TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
</TABLE>
<!-- END OF PAGE BREAK^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^-->
<p align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        CHURCHILL DOWNS INCORPORATED<br>
        CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS<br>
        for the nine and three months ended September 30, 2002 and 2001<br>
        (Unaudited)<br>
        (In thousands, except per share data)</FONT></P>

<TABLE width=100% CELLPADDING=0 CELLSPACING=0 BORDER=0><!-- Table #####################################################-->
<!-- CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS-->
<TR valign="bottom">
        <TD colspan=2 align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD colspan=3 align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Nine Months Ended<BR><u> September 30,</u></FONT></TD>
        <TD colspan=1 align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD colspan=3 align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Three Months Ended <BR><u>September 30,</U></FONT></TD>
        <TD colspan=1 align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=51% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <u>2002</U>&nbsp;</FONT></TD>
        <TD width=5% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <u>2001</U></FONT></TD>
        <TD width=3% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <u>2002</U></FONT></TD>
        <TD width=5% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <u>2001</U></FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD colspan=10 align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 &nbsp;</FONT></TD>
</TR>
</TABLE>
<TABLE width=100% CELLPADDING=0 CELLSPACING=0 BORDER=0><!-- Table #####################################################-->

<TR valign="bottom">
        <TD width=51% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Net  revenues</FONT></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $329,186</FONT></TD>
        <TD width=5% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $316,219</FONT></TD>
        <TD width=3% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $125,587</FONT></TD>
        <TD width=5% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $121,247</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="top">
        <TD width=51% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Operating expenses</FONT></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                263,994</FONT><HR WIDTH=95% SIZE=1 NOSHADE></TD>
        <TD width=5% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                253,210</FONT><HR WIDTH=95% SIZE=1 NOSHADE></TD>
        <TD width=3% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                101,564</FONT><HR WIDTH=95% SIZE=1 NOSHADE></TD>
        <TD width=5% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                99,145</FONT><HR WIDTH=95% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan=10 align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=51% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross Profit</FONT></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                65,192</FONT></TD>
        <TD width=5% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                63,009</FONT></TD>
        <TD width=3% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                24,023</FONT></TD>
        <TD width=5% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                22,102</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD colspan=10 align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="top">
        <TD width=51% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Selling, general and administrative expenses</FONT></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                25,580</FONT><HR WIDTH=95% SIZE=1 NOSHADE></TD>
        <TD width=5% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                23,084</FONT><HR WIDTH=95% SIZE=1 NOSHADE></TD>
        <TD width=3% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                8,312</FONT><HR WIDTH=95% SIZE=1 NOSHADE></TD>
        <TD width=5% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                7,278</FONT><HR WIDTH=95% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD colspan=10 align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="top">
        <TD width=51% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating Income</FONT></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                39,612</FONT><HR WIDTH=95% SIZE=1 NOSHADE></TD>
        <TD width=5% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                39,925</FONT><HR WIDTH=95% SIZE=1 NOSHADE></TD>
        <TD width=3% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                15,711</FONT><HR WIDTH=95% SIZE=1 NOSHADE></TD>
        <TD width=5% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                14,824</FONT><HR WIDTH=95% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD colspan=10 align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD colspan=10 align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Other income (expense):</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=51% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income</FONT></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                254</FONT></TD>
        <TD width=5% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                471</FONT></TD>
        <TD width=3% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                80</FONT></TD>
        <TD width=5% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                139</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=51% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense</FONT></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (6,946</FONT></TD>
        <TD width=5% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )&nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (9,864</FONT></TD>
        <TD width=3% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (1,979</FONT></TD>
        <TD width=5% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (2,908</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT></TD>
</TR>

<TR valign="top">
        <TD width=51% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous, net</FONT></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (1,177</FONT><HR WIDTH=95% SIZE=1 NOSHADE></TD>
        <TD width=5% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT><HR WIDTH=20% SIZE=1 NOSHADE></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (240</FONT><HR WIDTH=95% SIZE=1 NOSHADE></TD>
        <TD width=3% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT><HR WIDTH=20% SIZE=1 NOSHADE></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (586</FONT><HR WIDTH=95% SIZE=1 NOSHADE></TD>
        <TD width=5% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT><HR WIDTH=20% SIZE=1 NOSHADE></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (141</FONT><HR WIDTH=95% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT><HR WIDTH=95% SIZE=1 NOSHADE></TD>
</TR>

<TR valign="bottom">
        <TD width=51% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
               &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (7,869</FONT><HR WIDTH=95% SIZE=1 NOSHADE></TD>
        <TD width=5% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT><HR WIDTH=20% SIZE=1 NOSHADE></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (9,633</FONT><HR WIDTH=95% SIZE=1 NOSHADE></TD>
        <TD width=3% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT><HR WIDTH=20% SIZE=1 NOSHADE></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (2,485</FONT><HR WIDTH=95% SIZE=1 NOSHADE></TD>
        <TD width=5% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT><HR WIDTH=20% SIZE=1 NOSHADE></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (2,910</FONT><HR WIDTH=95% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT><HR WIDTH=20% SIZE=1 NOSHADE></TD>
</TR>


<TR valign="bottom">
        <TD colspan=10 align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>


<TR valign="bottom">
        <TD width=51% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;Earnings before provision for income taxes</FONT></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                31,743</FONT></TD>
        <TD width=5% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                30,292</FONT></TD>
        <TD width=3% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                13,226</FONT></TD>
        <TD width=5% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                11,914</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD colspan=10 align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=51% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Provision for income taxes</FONT></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (12,761</FONT><HR WIDTH=95% SIZE=1 NOSHADE></TD>
        <TD width=5% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT><HR WIDTH=20% SIZE=1 NOSHADE></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (12,266</FONT><HR WIDTH=95% SIZE=1 NOSHADE></TD>
        <TD width=3% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT><HR WIDTH=20% SIZE=1 NOSHADE></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (5,317</FONT><HR WIDTH=95% SIZE=1 NOSHADE></TD>
        <TD width=5% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT><HR WIDTH=20% SIZE=1 NOSHADE></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (4,823</FONT><HR WIDTH=95% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT><HR WIDTH=20% SIZE=1 NOSHADE></TD>
</TR>


<TR valign="bottom">
        <TD colspan=10 align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>


<TR valign="top">
        <TD width=51% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;Net earnings</FONT></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $&nbsp;&nbsp;18,982</FONT><HR WIDTH=57 SIZE=3 NOSHADE></TD>
        <TD width=5% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=20% SIZE=3 NOSHADE></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $&nbsp;&nbsp;&nbsp;18,026</FONT><HR WIDTH=95% SIZE=3 NOSHADE></TD>
        <TD width=3% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=20% SIZE=3 NOSHADE></TD>
        <TD width=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $&nbsp;&nbsp;&nbsp;7,909</FONT><HR WIDTH=95% SIZE=3 NOSHADE></TD>
        <TD width=5% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp; </FONT><HR WIDTH=20% SIZE=3 NOSHADE></TD>
        <TD width=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $&nbsp;&nbsp;&nbsp;7,091</FONT><HR WIDTH=95% SIZE=3 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=95% SIZE=3 NOSHADE></TD>
</TR>

<TR valign="bottom">
        <TD colspan=10 align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
         &nbsp;</FONT></TD>
</TR>



<TR valign="top">
        <TD colspan=2 align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;</FONT></TD>

        <TD colspan=8 align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3></FONT></TD>
</tr>



<TR valign="bottom">
        <TD colspan=10 align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
         Earnings per common share data:</FONT></TD>
</TR>


<TR valign="bottom">
        <TD width=51% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;Basic</FONT></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $1.45</FONT></TD>
        <TD width=5% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $1.38</FONT></TD>
        <TD width=3% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $0.60</FONT></TD>
        <TD width=5% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $0.54</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>


<TR valign="bottom">
        <TD width=51% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;Diluted</FONT></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $1.42</FONT></TD>
        <TD width=5% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $1.37</FONT></TD>
        <TD width=3% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $0.59</FONT></TD>
        <TD width=5% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $0.54</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>


<TR valign="bottom">
        <TD colspan=10 align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>


<TR valign="bottom">
        <TD colspan=10 align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Weighted average shares outstanding:</FONT></TD>
</TR>


<TR valign="bottom">
        <TD width=51% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;Basic</FONT></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                13,115</FONT></TD>
        <TD width=5% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                13,075</FONT></TD>
        <TD width=3% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                13,126</FONT></TD>
        <TD width=5% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                13,093</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=51% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;Diluted</FONT></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                13,342</FONT></TD>
        <TD width=5% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                13,198</FONT></TD>
        <TD width=3% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                13,351</FONT></TD>
        <TD width=5% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                13,223</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

</TABLE>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        The accompanying notes are  an integral part of the condensed consolidated
        financial statements. </FONT></P>

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<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                4</FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
<!-- BLANK LINE--><TR><TD></TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
</TABLE>
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<TABLE width=100% CELLPADDING=0 CELLSPACING=0 BORDER=0><!-- Table #####################################################-->
<!-- CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS-->
<TR valign="bottom">
        <TD COLSPAN=6 align="CENTER"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                CHURCHILL DOWNS INCORPORATED<br>
                CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS<br>
                for the nine months ended September 30, <br>
                (Unaudited)<br>
                (In thousands)</FONT></TD>

</TR>

<!-- CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS-->
<TR valign="bottom">
        <TD width=71% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=7% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <U>2002</U></FONT></TD>
        <TD width=5% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <U>2001</U></FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD colspan=6 align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Cash flows from operating activities:</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=71% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;Net earnings</FONT></TD>
        <TD width=7% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $&nbsp;18,982</FONT></TD>
        <TD width=5% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $&nbsp;18,026</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>


<TR valign="bottom">
        <TD width=71% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net earnings to
                net cash provided by <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                operating activities:</FONT></TD>
        <TD width=7% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=5% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>


<TR valign="bottom">
        <TD width=71% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization</FONT></TD>
        <TD width=7% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                14,613</FONT></TD>
        <TD width=5% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                13,794</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>


<TR valign="bottom">
        <TD width=71% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;Amortization of goodwill</FONT></TD>
        <TD width=7% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                -&nbsp;&nbsp;</FONT></TD>
        <TD width=5% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                1,055</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>


<TR valign="bottom">
        <TD width=71% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in cash resulting from
                changes in operating assets<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and liabilities:</FONT></TD>
        <TD width=7% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=5% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>


<TR valign="bottom">
        <TD width=71% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restricted cash</FONT></TD>
        <TD width=7% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                6,780</FONT></TD>
        <TD width=5% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                618</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=71% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable</FONT></TD>
        <TD width=7% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                3,775</FONT></TD>
        <TD width=5% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                3,501</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>


<TR valign="bottom">
        <TD width=71% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
               &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current assets</FONT></TD>
        <TD width=7% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (4,079</FONT></TD>
        <TD width=5% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (1,940</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT></TD>
</TR>


<TR valign="bottom">
        <TD width=71% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable</FONT></TD>
        <TD width=7% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (5,898</FONT></TD>
        <TD width=5% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                3,561</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=71% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses</FONT></TD>
        <TD width=7% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                5,384</FONT></TD>
        <TD width=5% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (102</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT></TD>
</TR>


<TR valign="bottom">
        <TD width=71% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes payable</FONT></TD>
        <TD width=7% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (506</FONT></TD>
        <TD width=5% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                10,271</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>


<TR valign="bottom">
        <TD width=71% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue</FONT></TD>
        <TD width=7% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (11,092</FONT></TD>
        <TD width=5% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (6,930</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT></TD>
</TR>


<TR valign="top">
        <TD width=71% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets and liabilities </FONT></TD>
        <TD width=7% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 2,612</FONT><HR WIDTH=95% SIZE=1 NOSHADE></TD>
        <TD width=5% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=20% SIZE=1 NOSHADE></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                1,038</FONT><HR WIDTH=95% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                </FONT><HR WIDTH=20% SIZE=1 NOSHADE></TD>
</TR>


<TR valign="top">
        <TD width=71% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided
                by operating activities</FONT></TD>
        <TD width=7% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                30,571</FONT><HR WIDTH=95% SIZE=1 NOSHADE></TD>
        <TD width=5% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=20% SIZE=1 NOSHADE></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                42,892</FONT><HR WIDTH=95% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=20% SIZE=1 NOSHADE></TD>
</TR>
<TR valign="bottom">
        <TD COLSPAN=6 align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
               &nbsp;</FONT></TD>

</TR>


<TR valign="bottom">
        <TD colspan=6 align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Cash flows from investing activities:</FONT></TD>
</TR>


<TR valign="bottom">
        <TD width=71% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additions to plant and equipment, net</FONT></TD>
        <TD width=7% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (16,048</FONT><HR WIDTH=95% SIZE=1 NOSHADE></TD>
        <TD width=5% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT><HR WIDTH=20% SIZE=1 NOSHADE></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (12,674</FONT><HR WIDTH=95% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT><HR WIDTH=20% SIZE=1 NOSHADE></TD>
</TR>


<TR valign="bottom">
        <TD width=71% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in
                investing activities</FONT></TD>
        <TD width=7% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (16,048</FONT><HR WIDTH=93% SIZE=1 NOSHADE></TD>
        <TD width=5% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT><HR WIDTH=20% SIZE=1 NOSHADE></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (12,674</FONT><HR WIDTH=93% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT><HR WIDTH=20% SIZE=1 NOSHADE></TD>
</TR>
<TR valign="bottom">
        <TD COLSPAN=6 align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
               &nbsp;</FONT></TD>

</TR>

<TR valign="bottom">
        <TD colspan=6 align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Cash flows from financing activities:</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=71% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Decrease in long-term debt, net</FONT></TD>
        <TD width=7% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (1,087</FONT></TD>
        <TD width=5% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (143</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=71% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrowings on bank line of credit</FONT></TD>
        <TD width=7% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                205,360</FONT></TD>
        <TD width=5% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                173,252</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=71% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repayments of bank line of credit</FONT></TD>
        <TD width=7% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (213,228</FONT></TD>
        <TD width=5% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (194,713</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT></TD>
</TR>


<TR valign="bottom">
        <TD width=71% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment of dividends</FONT></TD>
        <TD width=7% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (6,549</FONT></TD>
        <TD width=5% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (6,508</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT></TD>
</TR>

<TR valign="top">
        <TD width=71% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock issued</FONT></TD>
        <TD width=7% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                824</FONT><HR WIDTH=93% SIZE=1 NOSHADE></TD>
        <TD width=5% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=20% SIZE=1 NOSHADE></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                1,523</FONT><HR WIDTH=93% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=20% SIZE=1 NOSHADE></TD>
</TR>

<TR valign="top">
        <TD width=71% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net
                cash used in financing activities</FONT></TD>
        <TD width=7% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (14,680</FONT><HR WIDTH=93% SIZE=1 NOSHADE></TD>
        <TD width=5% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT><HR WIDTH=20% SIZE=1 NOSHADE></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (26,589</FONT><HR WIDTH=93% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT><HR WIDTH=20% SIZE=1 NOSHADE></TD>
</TR>
<TR valign="bottom">
        <TD COLSPAN=3 align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=71% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Net (decrease) increase in cash and cash equivalents</FONT></TD>
        <TD width=7% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (157</FONT></TD>
        <TD width=5% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                3,629</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="top">
        <TD width=71% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Cash and cash equivalents, beginning of period</FONT></TD>
        <TD width=7% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                15,732</FONT><HR WIDTH=95% SIZE=1 NOSHADE></TD>
        <TD width=5% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=20% SIZE=1 NOSHADE></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                10,807</FONT><HR WIDTH=95% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=20% SIZE=1 NOSHADE></TD>
</TR>

<TR valign="top">
        <TD width=71% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Cash and cash equivalents, end of period</FONT></TD>
        <TD width=7% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $&nbsp;15,575</FONT><HR WIDTH=95% SIZE=3 NOSHADE></TD>
        <TD width=5% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=20% SIZE=3 NOSHADE></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $&nbsp;14,436</FONT><HR WIDTH=95% SIZE=3 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=20% SIZE=3 NOSHADE></TD>
</TR>

<TR valign="bottom">
        <TD colspan=6 align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Supplemental disclosures of cash flow information:</FONT></TD>
</TR>


<TR valign="bottom">
        <TD colspan=6 align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Cash paid during the period for:</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=71% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest</FONT></TD>
        <TD width=7% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $&nbsp;&nbsp;&nbsp;&nbsp;6,527</FONT></TD>
        <TD width=5% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $&nbsp;&nbsp;&nbsp;9,320</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>


<TR valign="bottom">
        <TD width=71% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes</FONT></TD>
        <TD width=7% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $&nbsp;&nbsp;13,267</FONT></TD>
        <TD width=5% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $&nbsp;&nbsp;&nbsp;2,131</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD COLSPAN=6 align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
               &nbsp;</FONT></TD>

</TR>


<TR valign="bottom">
        <TD COLSPAN=6 align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                The accompanying notes are  an integral part of the condensed consolidated
                 financial statements.</FONT></TD>

</TR>

</table>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
         </FONT></P>

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<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                5</FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
<!-- BLANK LINE--><TR><TD></TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
</TABLE>
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<!-- CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-->
 <TR valign="bottom">
        <TD COLSPAN=6 align="CENTER"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                CHURCHILL DOWNS INCORPORATED<br>
                CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS<br>
                for the nine months ended September 30, 2002 and 2001 (Unaudited)<br>
                       ($ in thousands, except per share data)</FONT></TD>

</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
</TABLE>
<TABLE width=100% CELLPADDING=0 CELLSPACING=0 BORDER=0><!-- Table #####################################################-->
<!-- Basis of Presentation-->

<TR VALIGN=TOP>
        <TD WIDTH=10% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                1.</FONT></TD>
        <TD WIDTH=90% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <U>Basis of Presentation</U></FONT></TD>
</TR>

<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>

<TR VALIGN=TOP>
        <TD WIDTH=10% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
               &nbsp;</FONT></TD>
        <TD WIDTH=90% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
The accompanying condensed consolidated financial statements are presented in
accordance with the requirements of Form 10-Q and consequently do not include
all of the disclosures normally
required by accounting principles generally accepted in the United States of
America or those normally made in Churchill Downs Incorporated&#146;s (the
&#147;Company&#148;) annual report on Form 10-K. The year-end condensed
consolidated balance sheet data was derived from audited financial statements,
but does not include all disclosures required by accounting principles generally
accepted in the United States of America. Accordingly, the reader of this Form
10-Q may wish to refer to the Company&#146;s Form 10-K for the period ended
December 31, 2001 for further information. The accompanying condensed
consolidated financial statements have been prepared in accordance with the
registrant&#146;s customary accounting practices and have not been audited.
Certain prior-period financial statement amounts have been reclassified to
conform to the current-period presentation. In the opinion of management, all
adjustments necessary for a fair presentation of this information have been made
and all such adjustments are of a normal recurring nature.</FONT></TD>
</TR>

<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>

<TR VALIGN=TOP>
        <TD WIDTH=10% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=90% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
Our revenues and earnings are significantly influenced by our racing calendar.
Therefore, revenues and operating results for any interim quarter are generally
not indicative of the revenues and operating results for the year and are not
necessarily comparable with results for the corresponding period of the previous
year. The Company historically has had very few live racing days during the
first quarter, with a majority of our live racing occurring in the second, third
and fourth quarters, including the running of the Kentucky Derby and Kentucky
Oaks in the second quarter.</FONT></TD>
</TR>

<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>

<TR VALIGN=TOP>
        <TD WIDTH=10% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                2.</FONT></TD>
        <TD WIDTH=90% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <U>Long-Term Debt</U></FONT></TD>
</TR>

<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>

<TR VALIGN=TOP>
        <TD WIDTH=10% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=90% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
The Company has a $250 million line of credit under a revolving credit facility
through a syndicate of banks to provide for its capital requirements. The
interest rate on the borrowing is based upon LIBOR plus a spread of 75 to 250
additional basis points, which is determined by certain Company financial
ratios. The weighted average interest rate on our outstanding revolving loan
borrowings was 2.61% and 4.58% at September 30, 2002 and 2001, respectively.
There was $116.9 million outstanding on the line of credit at September 30,
2002, compared to $124.7 million outstanding at December 31, 2001, and $131.7
million outstanding at September 30, 2001. The credit facility contains
financial covenant requirements, including specified fixed charge, minimum
interest coverage and maximum levels of net worth. The line of credit is
collateralized by substantially all of the assets of the Company and its wholly
owned subsidiaries, and matures in 2004.</FONT></TD>
</TR>
</TABLE>
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<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                6</FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
<!-- BLANK LINE--><TR><TD></TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
</TABLE>
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<!-- CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-->
 <TR valign="bottom">
        <TD COLSPAN=6 align="CENTER"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                CHURCHILL DOWNS INCORPORATED<br>
                CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)<br>
                for the nine months ended September 30, 2002 and 2001 (Unaudited)<br>
                       ($ in thousands, except per share data)</FONT></TD>

</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
</TABLE>
<TABLE width=100% CELLPADDING=0 CELLSPACING=0 BORDER=0><!-- Table #####################################################-->
<!-- Basis of Presentation-->

<TR VALIGN=TOP>
        <TD WIDTH=10% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                3.</FONT></TD>
        <TD WIDTH=90% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <U>Financial Instruments</U></FONT></TD>
</TR>

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<TR VALIGN=TOP>
        <TD WIDTH=10% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=90% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
In order to mitigate a portion of the market risk on its variable rate debt, the
Company has entered into interest rate swap contracts with major financial
institutions. Under terms of these separate contracts we receive a LIBOR based
variable interest rate and pay a fixed interest rate of 7.015% on a notional
amount of $35.0 million, which matures in March 2003 and 6.40% on a notional
amount of $30.0 million, which matures in November 2002. The variable interest
rate paid on the contracts is determined based on LIBOR on the last day of each
month, which is consistent with the variable rate determination on the
underlying debt.</FONT></TD>
</TR>

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<TR VALIGN=TOP>
        <TD WIDTH=10% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=90% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
Effective January 1, 2001 the Company adopted Statement of Financial Accounting Standard
(&#147;SFAS&#148;) No. 133, &#147;Accounting for Derivative Financial
Instruments and Hedging Activities,&#148; which establishes accounting and
reporting standards requiring that every derivative financial instrument be
recorded on the balance sheet at its fair value. The statement further requires
that the gains and losses related to changes in the fair value of the derivative
financial instruments be recorded in the income statement unless certain hedge
criteria are met. Gains and losses for qualifying hedges can be deferred in
accumulated other comprehensive earnings and recognized in the income statement
along with the related results of the hedged item. The statement requires that
the Company formally document, designate and assess the effectiveness of such
transactions in order to qualify for such hedge accounting treatment.</FONT></TD>
</TR>

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<TR VALIGN=TOP>
        <TD WIDTH=10% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=90% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>The
Company has designated its interest rate swaps as cash flow hedges of
anticipated interest payments under its variable rate agreements. Gains and
losses on these swaps that are recorded in other comprehensive income will be
reclassified into net income as interest expense, net in the periods in which
the related variable interest is paid.</FONT></TD>
</TR>

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<TR VALIGN=TOP>
        <TD WIDTH=10% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=90% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
The Company recorded a cumulative-effect-type deferred net loss adjustment of $0.3
million in accumulated other comprehensive earnings net of related tax benefit
of $0.2 million to recognize the fair value of these swaps upon adoption of SFAS
No. 133 on January 1, 2001. The Company expects to reclassify all of the
approximately $0.6 million of the September 30, 2002 net loss (net of related
tax benefit of $0.4 million) recorded in accumulated other comprehensive
earnings into net earnings as interest expense, over the next six months.</FONT></TD>
</TR>

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<TR VALIGN=TOP>
        <TD WIDTH=10% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=90% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Comprehensive earnings consist of the following:</FONT></TD>
</TR>
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</TABLE>

<TABLE width=100% CELLPADDING=0 CELLSPACING=0 BORDER=0><!-- Table #####################################################-->
<TR VALIGN=TOP>
        <TD WIDTH=15% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=45% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=5% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD colspan=5 align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Nine months ended September 30,</FONT></TD>
        <TD WIDTH=6% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN=TOP>
        <TD WIDTH=15% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=45% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=5% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD colspan=2 align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <U>2002</U></FONT></TD>
        <TD WIDTH=11% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD colspan=2 align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <U>2001</U></FONT></TD>
        <TD WIDTH=6% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN=TOP>
        <TD WIDTH=15% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=45% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Net Earnings</FONT></TD>
        <TD WIDTH=5% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $18,982</FONT></TD>
        <TD WIDTH=1% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=11% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $18,026</FONT></TD>
        <TD WIDTH=1% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN=bottom>
        <TD WIDTH=15% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=45% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Cash flow hedging  (net of related tax provision) of</FONT></TD>
        <TD WIDTH=5% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=1% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=11% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=1% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN=top>
        <TD WIDTH=15% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=45% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 &nbsp;&nbsp;$1,077 in 2002 and tax benefit of $1,708 in 2001</FONT></TD>
        <TD WIDTH=5% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                1,692</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD WIDTH=1% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=11% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (2,683</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD WIDTH=1% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD WIDTH=6% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN=top>
        <TD WIDTH=15% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=45% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Comprehensive earnings</FONT></TD>
        <TD WIDTH=5% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $20,674</FONT><HR WIDTH=100% SIZE=3 NOSHADE></TD>
        <TD WIDTH=1% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=11% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $15,343</FONT><HR WIDTH=100% SIZE=3 NOSHADE></TD>
        <TD WIDTH=1% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=100% SIZE=3 NOSHADE></TD>
        <TD WIDTH=6% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

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<TR VALIGN=TOP>
        <TD WIDTH=15% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=45% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=5% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD colspan=5 align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Three months ended September 30,</FONT></TD>
        <TD WIDTH=6% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN=TOP>
        <TD WIDTH=15% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=45% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=5% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD colspan=2 align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <U>2002</U></FONT></TD>
        <TD WIDTH=11% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD colspan=2 align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <U>2001</U></FONT></TD>
        <TD WIDTH=6% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN=TOP>
        <TD WIDTH=15% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=45% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Net Earnings</FONT></TD>
        <TD WIDTH=5% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $&nbsp;&nbsp;7,909</FONT></TD>
        <TD WIDTH=1% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=11% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $&nbsp;&nbsp;7,091</FONT></TD>
        <TD WIDTH=1% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>
<TR VALIGN=bottom>
        <TD WIDTH=15% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=45% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Cash flow hedging (net of related tax provision of $288</FONT></TD>
        <TD WIDTH=5% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=1% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=11% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=1% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN=top>
        <TD WIDTH=15% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=45% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 &nbsp;&nbsp;in 2002 and tax benefit of $405 in 2001)</FONT></TD>
        <TD WIDTH=5% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                453</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD WIDTH=1% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=11% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (636</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD WIDTH=1% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD WIDTH=6% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>
<TR VALIGN=top>
        <TD WIDTH=15% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=45% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Comprehensive earnings</FONT></TD>
        <TD WIDTH=5% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $&nbsp;&nbsp;8,362</FONT><HR WIDTH=100% SIZE=3 NOSHADE></TD>
        <TD WIDTH=1% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=11% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $&nbsp;&nbsp;6,455</FONT><HR WIDTH=100% SIZE=3 NOSHADE></TD>
        <TD WIDTH=1% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=100% SIZE=3 NOSHADE></TD>
        <TD WIDTH=6% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>
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<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                7</FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
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<!-- CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-->
 <TR valign="bottom">
        <TD COLSPAN=6 align="CENTER"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                CHURCHILL DOWNS INCORPORATED<br>
                CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)<br>
                for the nine months ended September 30, 2002 and 2001 (Unaudited)<br>
                       ($ in thousands, except per share data)</FONT></TD>

</TR>
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</TABLE>

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<TR VALIGN=TOP>
        <TD WIDTH=10% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                4.</FONT></TD>
        <TD WIDTH=90% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <U>Earnings Per Share</U></FONT></TD>
</TR>

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<TR VALIGN=TOP>
        <TD WIDTH=10% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=90% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                The following is a reconciliation of the numerator and denominator of the
                earnings per common share computations:</FONT></TD>
</TR>
</TABLE>
<TABLE width=100% CELLPADDING=0 CELLSPACING=0 BORDER=0><!-- Table #####################################################-->
<!-- Earnings Per Share Table-->

<TR VALIGN=bottom>
        <TD colspan=3 align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD colspan=5 align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Nine months ended</FONT></TD>
        <TD colspan=1 align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD colspan=5 align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Three months ended</FONT></TD>
</TR>

<TR VALIGN=bottom>
        <TD colspan=3 align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD colspan=5 align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                September 30,</FONT></TD>
        <TD colspan=1 align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD colspan=5 align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                September 30,</FONT></TD>
</TR>

<TR VALIGN=top>
        <TD colspan=3 align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD colspan=2 align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <U>2002</U></FONT></TD>
        <TD WIDTH=4% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD colspan=2 align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <U>2001</U></FONT></TD>
        <TD WIDTH=3% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD colspan=2 align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <U>2002</U></FONT></TD>
        <TD WIDTH=4% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD colspan=2 align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <U>2001</U></FONT></TD>
</TR>

<TR VALIGN=top>
        <TD WIDTH=12% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=42% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Numerator for basic and diluted earnings per share:</FONT></TD>
        <TD WIDTH=1%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $18,982</FONT><HR WIDTH=90% SIZE=3 NOSHADE></TD>
        <TD WIDTH=1%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=4% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $18,026</FONT><HR WIDTH=90% SIZE=3 NOSHADE></TD>
        <TD WIDTH=1%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=3% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=7% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $7,909</FONT><HR WIDTH=90% SIZE=3 NOSHADE></TD>
        <TD WIDTH=1%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=4% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=7% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $7,091</FONT><HR WIDTH=90% SIZE=3 NOSHADE></TD>
        <TD WIDTH=1%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

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<TR VALIGN=top>
        <TD WIDTH=12% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD colspan=2 align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Denominator for weighted average shares of common <BR>&nbsp;&nbsp;&nbsp;stock outstanding per share:</FONT></TD>
        <TD colspan=11 align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN=top>
        <TD WIDTH=12% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=42% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic</FONT></TD>
        <TD WIDTH=1%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                13,115</FONT></TD>
        <TD WIDTH=1%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=4% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                13,075</FONT></TD>
        <TD WIDTH=1%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=3% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=7% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                13,126</FONT></TD>
        <TD WIDTH=1%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=4% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=7% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                13,093</FONT></TD>
        <TD WIDTH=1%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN=top>
        <TD WIDTH=12% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=42% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plus dilutive effect of stock options</FONT></TD>
        <TD WIDTH=1%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                227</FONT><HR WIDTH=90% SIZE=1 NOSHADE></TD>
        <TD WIDTH=1%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=4% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                123</FONT><HR WIDTH=90% SIZE=1 NOSHADE></TD>
        <TD WIDTH=1%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=3% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=7% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                225</FONT><HR WIDTH=90% SIZE=1 NOSHADE></TD>
        <TD WIDTH=1%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=4% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=7% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                130</FONT><HR WIDTH=90% SIZE=1 NOSHADE></TD>
        <TD WIDTH=1%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN=top>
        <TD WIDTH=12% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=42% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted</FONT></TD>
        <TD WIDTH=1%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                13,342</FONT></TD>
        <TD WIDTH=1%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=4% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                13,198</FONT></TD>
        <TD WIDTH=1%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=3% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=7% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                13,351</FONT></TD>
        <TD WIDTH=1%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=4% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=7% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                13,223</FONT></TD>
        <TD WIDTH=1%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>

<TR VALIGN=top>
        <TD WIDTH=12% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD colspan=2 align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Earnings per common share:</FONT></TD>
        <TD colspan=11 align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>


<TR VALIGN=top>
        <TD WIDTH=12% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=42% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic</FONT></TD>
        <TD WIDTH=1%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $1.45</FONT></TD>
        <TD WIDTH=1%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=4% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $1.38</FONT></TD>
        <TD WIDTH=1%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=3% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=7% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $0.60</FONT></TD>
        <TD WIDTH=1%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=4% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=7% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $0.54</FONT></TD>
        <TD WIDTH=1%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN=top>
        <TD WIDTH=12% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=42% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted</FONT></TD>
        <TD WIDTH=1%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $1.42</FONT></TD>
        <TD WIDTH=1%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=4% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $1.37</FONT></TD>
        <TD WIDTH=1%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=3% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=7% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $0.59</FONT></TD>
        <TD WIDTH=1%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=4% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=7% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $0.54</FONT></TD>
        <TD WIDTH=1%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
</table>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0><!-- Table ##############################################################-->
<TR VALIGN=TOP>
        <TD WIDTH=10%>&nbsp;</TD>
        <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Options to purchase 4 and 64 shares for the period ended September 30, 2002 and 2001,
respectively, were not included in the computation of earnings per common share
assuming dilution because the options&#146; exercise prices were greater than
the average market price of the common shares.</FONT></TD>

</TR>

<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>

<TR VALIGN=TOP>
        <TD WIDTH=10% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                5.</FONT></TD>
        <TD WIDTH=90% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <U>Adoption of Recently Issued Accounting Standard</U></FONT></TD>
</TR>

<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>

<TR VALIGN=TOP>
        <TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;</FONT></TD>
        <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                In July 2001, the Financial Accounting Standards Board (&#147;FASB&#148;) issued
SFAS No. 142, &#147;Goodwill and Other Intangible Assets,&#148; which
establishes the accounting for goodwill and other intangible assets following
their recognition. SFAS No. 142 applies to all goodwill and other intangible
assets whether acquired singly, as part of a group, or in a business
combination. SFAS No. 142 provides that goodwill and other intangible assets
believed to have indefinite lives should not be amortized but should be tested
for impairment annually using a fair-value based approach. In addition, SFAS No.
142 provides that other intangible assets other than goodwill should be
amortized over their useful lives and reviewed for impairment in accordance with
SFAS No. 121, &#147;Accounting for the Impairment of Long-Lived Assets and for
Long-Lived Assets to Be Disposed Of.&#148; SFAS No. 142 was effective for the
Company beginning on January 1, 2002. The Company completed the required
impairment tests of goodwill and indefinite lived intangible assets during the
second quarter of 2002, and no adjustment to the carrying value of goodwill was
required. The impact of the adoption of SFAS No. 142 on the Company&#146;s
results of operations for all periods beginning on or after January 1, 2002 is
to eliminate the amortization of goodwill. Amortization expense will be reduced
by $1.4 million for 2002 as a result of the adoption of SFAS No. 142.</FONT></TD>
</TR>
</TABLE>
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<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                8</FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
<!-- BLANK LINE--><TR><TD></TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
</TABLE>
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<TABLE width=100% CELLPADDING=0 CELLSPACING=0 BORDER=0><!-- Table #####################################################-->
<!-- CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-->
 <TR valign="bottom">
        <TD COLSPAN=6 align="CENTER"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                CHURCHILL DOWNS INCORPORATED<br>
                CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)<br>
                for the nine months ended September 30, 2002 and 2001 (Unaudited)<br>
                       ($ in thousands, except per share data)</FONT></TD>

</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
</TABLE>

<TABLE width=100% CELLPADDING=0 CELLSPACING=0 BORDER=0><!-- Table #####################################################-->
<TR VALIGN=TOP>
        <TD WIDTH=10% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                5.</FONT></TD>
        <TD WIDTH=90% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <U>Adoption of Recently Issued Accounting Standard</U> (cont'd)</FONT></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR VALIGN=TOP>
        <TD WIDTH=10% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=90% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Following are pro forma results for the nine months ended September 30, 2001 assuming
goodwill had not been amortized prior to January 1, 2002:</FONT></TD>
</TR>

<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>

</TABLE>

<TABLE width=100% CELLPADDING=0 CELLSPACING=0 BORDER=0><!-- Table #####################################################-->
<TR VALIGN=TOP>
        <TD WIDTH=10% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD colspan=7 align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <U>Nine Months ended September 30, 2001:</U></FONT></TD>
</TR>

<TR VALIGN=TOP>
        <TD WIDTH=10% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=43% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 &nbsp;</FONT></TD>
        <TD WIDTH=1% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 &nbsp;</FONT></TD>
        <TD WIDTH=8% align="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 Net</FONT></TD>
        <TD WIDTH=5% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 &nbsp;</FONT></TD>
        <TD WIDTH=15% align="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 Basic earnings</FONT></TD>
        <TD WIDTH=3% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 &nbsp;</FONT></TD>
        <TD WIDTH=15% align="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 Diluted earnings</FONT></TD>
</TR>

<TR VALIGN=TOP>
        <TD WIDTH=10% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=43% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 &nbsp;</FONT></TD>
        <TD WIDTH=1% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 &nbsp;</FONT></TD>
        <TD WIDTH=8% align="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 <U>Earnings</U></FONT></TD>
        <TD WIDTH=5% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 &nbsp;</FONT></TD>
        <TD WIDTH=15% align="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 <U>per common share</U></FONT></TD>
        <TD WIDTH=3% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 &nbsp;</FONT></TD>
        <TD WIDTH=15% align="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 <U>per common share</U></FONT></TD>
</TR>

<TR VALIGN=TOP>
        <TD WIDTH=10% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=43% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 Reported net earnings</FONT></TD>
        <TD WIDTH=1% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 &nbsp;</FONT></TD>
        <TD WIDTH=8% align="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 $ 18,026</FONT></TD>
        <TD WIDTH=5% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 &nbsp;</FONT></TD>
        <TD WIDTH=15% align="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 $1.38</FONT></TD>
        <TD WIDTH=3% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 &nbsp;</FONT></TD>
        <TD WIDTH=15% align="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 $1.37</FONT></TD>
</TR>

<TR VALIGN=TOP>
        <TD WIDTH=10% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=43% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 Adjustment for amortization of goodwill</FONT></TD>
        <TD WIDTH=1% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 &nbsp;</FONT></TD>
        <TD WIDTH=8% align="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,055</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD WIDTH=5% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 &nbsp;</FONT></TD>
        <TD WIDTH=15% align="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 &nbsp;&nbsp;0.08</FONT><HR WIDTH=34% SIZE=1 NOSHADE></TD>
        <TD WIDTH=3% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 &nbsp;</FONT></TD>
        <TD WIDTH=15% align="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 &nbsp;&nbsp;0.08</FONT><HR WIDTH=34% SIZE=1 NOSHADE></TD>
</TR>

<TR VALIGN=TOP>
        <TD WIDTH=10% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=43% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 Adjusted net earnings</FONT></TD>
        <TD WIDTH=1% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 &nbsp;</FONT></TD>
        <TD WIDTH=8% align="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 $19,081</FONT><HR WIDTH=100% SIZE=3 NOSHADE></TD>
        <TD WIDTH=5% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 &nbsp;</FONT></TD>
        <TD WIDTH=15% align="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 &nbsp;$1.46</FONT><HR WIDTH=34% SIZE=3 NOSHADE></TD>
        <TD WIDTH=3% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 &nbsp;</FONT></TD>
        <TD WIDTH=15% align="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 &nbsp;$1.45</FONT><HR WIDTH=34% SIZE=3 NOSHADE></TD>
</TR>

<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>

<TR VALIGN=TOP>
        <TD WIDTH=10% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD colspan=7 align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <U>Three Months ended September 30, 2001:</U></FONT></TD>
</TR>

<TR VALIGN=TOP>
        <TD WIDTH=10% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=43% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 &nbsp;</FONT></TD>
        <TD WIDTH=1% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 &nbsp;</FONT></TD>
        <TD WIDTH=8% align="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 Net</FONT></TD>
        <TD WIDTH=5% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 &nbsp;</FONT></TD>
        <TD WIDTH=15% align="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 Basic earnings</FONT></TD>
        <TD WIDTH=3% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 &nbsp;</FONT></TD>
        <TD WIDTH=15% align="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 Diluted earnings</FONT></TD>
</TR>

<TR VALIGN=TOP>
        <TD WIDTH=10% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=43% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 &nbsp;</FONT></TD>
        <TD WIDTH=1% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 &nbsp;</FONT></TD>
        <TD WIDTH=8% align="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 <U>Earnings</U></FONT></TD>
        <TD WIDTH=5% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 &nbsp;</FONT></TD>
        <TD WIDTH=15% align="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 <U>per common share</U></FONT></TD>
        <TD WIDTH=3% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 &nbsp;</FONT></TD>
        <TD WIDTH=15% align="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 <U>per common share</U></FONT></TD>
</TR>

<TR VALIGN=TOP>
        <TD WIDTH=10% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=43% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 Reported net earnings</FONT></TD>
        <TD WIDTH=1% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 &nbsp;</FONT></TD>
        <TD WIDTH=8% align="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 $ 7,091</FONT></TD>
        <TD WIDTH=5% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 &nbsp;</FONT></TD>
        <TD WIDTH=15% align="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 $0.54</FONT></TD>
        <TD WIDTH=3% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 &nbsp;</FONT></TD>
        <TD WIDTH=15% align="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 $0.54</FONT></TD>
</TR>

<TR VALIGN=TOP>
        <TD WIDTH=10% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=43% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 Adjustment for amortization of goodwill</FONT></TD>
        <TD WIDTH=1% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 &nbsp;</FONT></TD>
        <TD WIDTH=8% align="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD WIDTH=5% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 &nbsp;</FONT></TD>
        <TD WIDTH=15% align="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 &nbsp;&nbsp;0.03</FONT><HR WIDTH=34% SIZE=1 NOSHADE></TD>
        <TD WIDTH=3% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 &nbsp;</FONT></TD>
        <TD WIDTH=15% align="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 &nbsp;&nbsp;0.02</FONT><HR WIDTH=34% SIZE=1 NOSHADE></TD>
</TR>

<TR VALIGN=TOP>
        <TD WIDTH=10% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=43% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 Adjusted net earnings</FONT></TD>
        <TD WIDTH=1% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 &nbsp;</FONT></TD>
        <TD WIDTH=8% align="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 $  7,440</FONT><HR WIDTH=100% SIZE=3 NOSHADE></TD>
        <TD WIDTH=5% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 &nbsp;</FONT></TD>
        <TD WIDTH=15% align="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 &nbsp;$0.57</FONT><HR WIDTH=34% SIZE=3 NOSHADE></TD>
        <TD WIDTH=3% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 &nbsp;</FONT></TD>
        <TD WIDTH=15% align="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 &nbsp;$0.56</FONT><HR WIDTH=34% SIZE=3 NOSHADE></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
</table>

<TABLE width=100% CELLPADDING=0 CELLSPACING=0 BORDER=0><!-- Table #####################################################-->
<TR VALIGN=TOP>
        <TD WIDTH=10% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=90% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 There has been no change to the carrying value of the Company&#146;s net goodwill
since January 1, 2002. Net goodwill at September 30, 2002 for Kentucky
Operations, Calder Race Course and Churchill Downs Simulcast Network
(&#147;CDSN&#148;) was $4.8 million, $36.4 million and $11.0 million,
respectively.</FONT></TD>
</TR>

<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>

<TR VALIGN=TOP>
        <TD WIDTH=10% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=90% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Other intangible assets with indefinite useful lives total $3.8 million and consist
primarily of a future right to participate in the Illinois Horse Race Equity
fund, which has not been amortized since the Arlington Park merger, as the
Company has yet to receive any benefits from the fund.</FONT></TD>
</TR>

<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>

<TR VALIGN=TOP>
        <TD WIDTH=10% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=90% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Other intangible assets that are being amortized are recorded at approximately $3.8
million at September 30, 2002, which is net of accumulated amortization of $1.6
million. Amortization expense of these assets was $0.3 million for the nine
months ended September 30, 2002 and 2001.</FONT></TD>
</TR>

<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>

<TR VALIGN=TOP>
        <TD WIDTH=10% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=90% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Future estimated aggregate amortization expense on other intangible assets
for each of the five fiscal years are as follows:</FONT></TD>
</TR>

</TABLE>
<TABLE width=100% CELLPADDING=0 CELLSPACING=0 BORDER=0><!-- Table #####################################################-->

<TR VALIGN=TOP>
        <TD WIDTH=30% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=4% align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=5% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=30% align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Estimated</FONT></TD>
        <TD WIDTH=31% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN=TOP>
        <TD WIDTH=30% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=4% align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=5% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=30% align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <U>Amortization Expense</U></FONT></TD>
        <TD WIDTH=31% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN=TOP>
        <TD WIDTH=30% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=4% align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                2002</FONT></TD>
        <TD WIDTH=5% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=30% align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                365</FONT></TD>
        <TD WIDTH=31% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN=TOP>
        <TD WIDTH=30% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=4% align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                2003</FONT></TD>
        <TD WIDTH=5% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=30% align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                365</FONT></TD>
        <TD WIDTH=31% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>


<TR VALIGN=TOP>
        <TD WIDTH=30% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=4% align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                2004</FONT></TD>
        <TD WIDTH=5% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=30% align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                182</FONT></TD>
        <TD WIDTH=31% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>


<TR VALIGN=TOP>
        <TD WIDTH=30% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=4% align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                2005</FONT></TD>
        <TD WIDTH=5% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=30% align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                166</FONT></TD>
        <TD WIDTH=31% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>


<TR VALIGN=TOP>
        <TD WIDTH=30% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=4% align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                2006</FONT></TD>
        <TD WIDTH=5% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=30% align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                166</FONT></TD>
        <TD WIDTH=31% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
</table>

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<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                9</FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
<!-- BLANK LINE--><TR><TD></TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
</TABLE>
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<!-- CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-->
 <TR valign="bottom">
        <TD COLSPAN=6 align="CENTER"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                CHURCHILL DOWNS INCORPORATED<br>
                CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)<br>
                for the nine months ended September 30, 2002 and 2001 (Unaudited)<br>
                       ($ in thousands, except per share data)</FONT></TD>

</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
</TABLE>

<TABLE width=100% CELLPADDING=0 CELLSPACING=0 BORDER=0><!-- Table #####################################################-->
<TR VALIGN=TOP>
        <TD WIDTH=10% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                6.</FONT></TD>
        <TD WIDTH=90% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <U>Segment Information</U></FONT></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>

<TR VALIGN=TOP>
        <TD WIDTH=10% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=90% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                The Company has determined that it currently operates in the following seven
segments: (1) Kentucky Operations, including Churchill Downs racetrack and its
off-track betting facility (&#147;OTB&#148;) and Ellis Park racetrack and its
on-site simulcast facility; (2) Hollywood Park racetrack and its on-site
simulcast facility; (3) Calder Race Course; (4) Arlington Park and its five
OTBs; (5) Hoosier Park racetrack and its on-site simulcast facility and the
other three Indiana simulcast facilities; (6) CDSN, the simulcast product
provider of the Company; and (7) other investments, including Charlson Broadcast
Technologies LLC (&#147;CBT&#148;) and the Company&#146;s other various equity
interests which are not material. Eliminations include the elimination of
management fees and other intersegment transactions primarily between CDSN and
the racetracks. As a result of reorganization for internal reporting during
2002, the Company&#146;s segment disclosures are presented on a new basis to
correspond with internal reporting to combine our two Kentucky racetracks and to
separately report our CDSN operations. The CDSN segment was designed to increase
focus on the distribution of the Company&#146;s simulcast signal. CDSN will
oversee national and international simulcast and wagering opportunities, as well
as the marketing, sales, operations and data support efforts related to the
Company-owned racing content. Prior period financial statement amounts have been
reclassified to conform to the reorganization of CDSN.                </FONT></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR VALIGN=TOP>
        <TD WIDTH=10% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=90% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                The Company&#146;s recurring revenues are generated from commissions on pari-mutuel
wagering at the Company&#146;s racetracks and OTBs, plus simulcast fees, Indiana
riverboat admissions subsidy, admissions, concessions, sponsorships, licensing
rights and broadcast fees, lease income and other sources.</FONT></TD>
</TR>

<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>

<TR VALIGN=TOP>
        <TD WIDTH=10% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=90% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                The accounting policies of the segments are the same as those described in the
&#147;Summary of Significant Accounting Policies&#148; in the Company&#146;s
annual report to stockholders for the year ended December 31, 2001. Earnings
before interest, taxes, depreciation and amortization (&#147;EBITDA&#148;)
should not be considered as an alternative to, or more meaningful than, net
income (as determined in accordance with accounting principles generally
accepted in the United States of America) as a measure of our operating results
or cash flows (as determined in accordance with accounting principles generally
accepted in the United States of America) or as a measure of our liquidity.</FONT></TD>
</TR>
</TABLE>
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<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                10</FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
<!-- BLANK LINE--><TR><TD></TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
</TABLE>
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<!-- CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-->
 <TR valign="bottom">
        <TD COLSPAN=6 align="CENTER"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                CHURCHILL DOWNS INCORPORATED<br>
                CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)<br>
                for the nine months ended September 30, 2002 and 2001 (Unaudited)<br>
                       ($ in thousands, except per share data)</FONT></TD>

</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
</TABLE>

<TABLE width=100% CELLPADDING=0 CELLSPACING=0 BORDER=0><!-- Table #####################################################-->
<TR VALIGN=TOP>
        <TD WIDTH=10% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                6.</FONT></TD>
        <TD WIDTH=90% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <U>Segment Information</U> (cont'd)</FONT></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>

<TR VALIGN=TOP>
        <TD WIDTH=10% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=90% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                The table below  presents  information  about  reported  segments  for the nine months and three months ended
      September 30, 2002 and 2001:
</FONT></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>

</TABLE>
<TABLE width=100% CELLPADDING=0 CELLSPACING=0 BORDER=0><!-- Table #####################################################-->

<TR valign="bottom">
        <TD COLSPAN=2 align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD COLSPAN=5 align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Nine Months Ended <BR><U>September 30,</U></FONT></TD>
        <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD colspan=5 align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Three Months Ended <BR><U>September 30,</U></FONT></TD>
</TR>


<TR valign="bottom">
        <TD width=32% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=4% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <U>2002</U></FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <U>2001</U></FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=5% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <U>2002</U></FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=10% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <U>2001</U></FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD colspan=7 align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Net revenues:</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=32% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;Kentucky Operations</FONT></TD>
        <TD width=4% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $&nbsp;&nbsp;87,746</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $&nbsp;&nbsp;87,025</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=5% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $&nbsp;&nbsp;18,395</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=10% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $&nbsp;&nbsp;19,339</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=32% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;Hollywood Park</FONT></TD>
        <TD width=4% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                67,161</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                68,913</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=5% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                18,674</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=10% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                16,527</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=32% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;Calder Race Course</FONT></TD>
        <TD width=4% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                50,692</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                41,854</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=5% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                27,867</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=10% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                28,303</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=32% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;Arlington Park</FONT></TD>
        <TD width=4% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                68,676</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                65,789</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=5% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                41,042</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=10% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                38,320</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=32% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;Hoosier Park</FONT></TD>
        <TD width=4% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                41,287</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                40,569</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=5% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                14,624</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=10% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                14,251</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="top">
        <TD width=32% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;CDSN</FONT></TD>
        <TD width=4% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                50,373</FONT><HR WIDTH=90% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=9% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                43,506</FONT><HR WIDTH=90% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=5% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                19,631</FONT><HR WIDTH=90% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=10% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                17,612</FONT><HR WIDTH=90% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=90% SIZE=1 NOSHADE></TD>
</TR>

<TR valign="bottom">
        <TD width=32% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total racing operations</FONT></TD>
        <TD width=4% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                365,935</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                347,656</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=5% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                140,233</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=10% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                134,352</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=32% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;Other investments</FONT></TD>
        <TD width=4% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                4,666</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                4,752</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=5% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                2,086</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=10% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                2,069</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=32% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;Corporate revenues</FONT></TD>
        <TD width=4% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                1,116</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                786</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=5% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                105</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=10% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                81</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="top">
        <TD width=32% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;Eliminations</FONT></TD>
        <TD width=4% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (42,531</FONT><HR WIDTH=90% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=9% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (36,975</FONT><HR WIDTH=90% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=5% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (16,837</FONT><HR WIDTH=90% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=10% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (15,255</FONT><HR WIDTH=90% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT><HR WIDTH=90% SIZE=1 NOSHADE></TD>
</TR>

<TR valign="top">
        <TD width=32% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=4% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $329,186</FONT><HR WIDTH=90% SIZE=3 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=100% SIZE=3 NOSHADE></TD>
        <TD width=9% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $316,219</FONT><HR WIDTH=90% SIZE=3 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=100% SIZE=3 NOSHADE></TD>
        <TD width=5% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $125,587</FONT><HR WIDTH=90% SIZE=3 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=100% SIZE=3 NOSHADE></TD>
        <TD width=10% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $121,247</FONT><HR WIDTH=90% SIZE=3 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=90% SIZE=3 NOSHADE></TD>
</TR>

<!-- EBITDA ---------------->
<TR valign="bottom">
        <TD width=32% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                EBITDA:</FONT></TD>
        <TD COLSPAN=9 align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=32% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;Kentucky Operations</FONT></TD>
        <TD width=4% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $&nbsp;&nbsp;17,754</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $&nbsp;&nbsp;20,650</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=5% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $&nbsp;&nbsp;&nbsp;(1,946</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT></TD>
        <TD width=10% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $&nbsp;&nbsp;&nbsp;(1,015</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=32% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;Hollywood Park</FONT></TD>
        <TD width=4% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                8,577</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                9,931</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=5% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                1,771</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=10% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                1,165</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=32% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;Calder Race Course</FONT></TD>
        <TD width=4% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                7,137</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                4,866</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=5% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                6,318</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=10% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                6,276</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=32% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;Arlington Park</FONT></TD>
        <TD width=4% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                6,552</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                8,085</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=5% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                9,040</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=10% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                8,365</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=32% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;Hoosier Park</FONT></TD>
        <TD width=4% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                5,854</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                4,695</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=5% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                1,976</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=10% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                1,544</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="top">
        <TD width=32% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;CDSN</FONT></TD>
        <TD width=4% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                12,036</FONT><HR WIDTH=90% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=9% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                10,229</FONT><HR WIDTH=90% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=5% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                4,531</FONT><HR WIDTH=90% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=10% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                4,108</FONT><HR WIDTH=90% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=90% SIZE=1 NOSHADE></TD>
</TR>

<TR valign="bottom">
        <TD width=32% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total racing operations</FONT></TD>
        <TD width=4% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                57,910</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                58,456</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=5% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                21,690</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=10% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                20,443</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=32% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;Other investments</FONT></TD>
        <TD width=4% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                544</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                1,535</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=5% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                296</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=10% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                687</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=32% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;Corporate expenses</FONT></TD>
        <TD width=4% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (5,344</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT></TD>
        <TD width=9% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (5,457</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT></TD>
        <TD width=5% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (1,909</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT></TD>
        <TD width=10% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (1,393</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT></TD>
</TR>

<TR valign="top">
        <TD width=32% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;Eliminations</FONT></TD>
        <TD width=4% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (62</FONT><HR WIDTH=90% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=9% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                -&nbsp;&nbsp;</FONT><HR WIDTH=90% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=5% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                -&nbsp;&nbsp;</FONT><HR WIDTH=90% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=10% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                -&nbsp;&nbsp;</FONT><HR WIDTH=90% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=90% SIZE=1 NOSHADE></TD>
</TR>

<TR valign="top">
        <TD width=32% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=4% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $&nbsp;&nbsp;53,048</FONT><HR WIDTH=90% SIZE=3 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=100% SIZE=3 NOSHADE></TD>
        <TD width=9% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $&nbsp;&nbsp;54,534</FONT><HR WIDTH=90% SIZE=3 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=100% SIZE=3 NOSHADE></TD>
        <TD width=5% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $&nbsp;&nbsp;20,077</FONT><HR WIDTH=90% SIZE=3 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=100% SIZE=3 NOSHADE></TD>
        <TD width=10% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $&nbsp;&nbsp;19,737</FONT><HR WIDTH=90% SIZE=3 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=90% SIZE=3 NOSHADE></TD>
</TR>

<!-- OPERATING INCOME (LOSS) ---------------->

<TR valign="bottom">
        <TD width=32% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Operating income (loss):</FONT></TD>
        <TD COLSPAN=9 align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=32% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;Kentucky Operations</FONT></TD>
        <TD width=4% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $&nbsp;&nbsp;13,370</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $&nbsp;&nbsp;16,311</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=5% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $&nbsp;&nbsp;&nbsp;(3,396</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT></TD>
        <TD width=10% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $&nbsp;&nbsp;&nbsp;(2,513</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=32% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;Hollywood Park</FONT></TD>
        <TD width=4% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                4,518</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                6,032</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=5% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                382</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=10% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (165</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=32% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;Calder Race Course</FONT></TD>
        <TD width=4% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                5,398</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                2,238</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=5% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                5,725</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=10% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                5,395</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=32% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;Arlington Park</FONT></TD>
        <TD width=4% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                4,375</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                6,363</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=5% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                8,269</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=10% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                7,752</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=32% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;Hoosier Park</FONT></TD>
        <TD width=4% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                4,698</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                3,539</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=5% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                1,589</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=10% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                1,179</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="top">
        <TD width=32% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;CDSN</FONT></TD>
        <TD width=4% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                12,036</FONT><HR WIDTH=90% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=9% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                10,229</FONT><HR WIDTH=90% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=5% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                4,531</FONT><HR WIDTH=90% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=10% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                4,108</FONT><HR WIDTH=90% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=90% SIZE=1 NOSHADE></TD>
</TR>

<TR valign="bottom">
        <TD width=32% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total racing operations</FONT></TD>
        <TD width=4% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                44,395</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                44,712</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=5% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                17,100</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=10% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                15,756</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=32% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;Other investments</FONT></TD>
        <TD width=4% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                536</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                770</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=5% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                508</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=10% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                561</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=32% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;Corporate expenses</FONT></TD>
        <TD width=4% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (5,327</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT></TD>
        <TD width=9% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (5,557</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT></TD>
        <TD width=5% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (1,921</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT></TD>
        <TD width=10% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (1,493</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT></TD>
</TR>

<TR valign="top">
        <TD width=32% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;Eliminations</FONT></TD>
        <TD width=4% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                8</FONT><HR WIDTH=90% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=9% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                -&nbsp;&nbsp;</FONT><HR WIDTH=90% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=5% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                24</FONT><HR WIDTH=90% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=10% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                -&nbsp;&nbsp;</FONT><HR WIDTH=90% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=90% SIZE=1 NOSHADE></TD>
</TR>

<TR valign="top">
        <TD width=32% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=4% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $&nbsp;&nbsp;39,612</FONT><HR WIDTH=90% SIZE=3 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=100% SIZE=3 NOSHADE></TD>
        <TD width=9% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $&nbsp;&nbsp;39,925</FONT><HR WIDTH=90% SIZE=3 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=100% SIZE=3 NOSHADE></TD>
        <TD width=5% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $&nbsp;&nbsp;15,711</FONT><HR WIDTH=90% SIZE=3 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=100% SIZE=3 NOSHADE></TD>
        <TD width=10% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $&nbsp;&nbsp;14,824</FONT><HR WIDTH=90% SIZE=3 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=90% SIZE=3 NOSHADE></TD>
</TR>
</TABLE>
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<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                11</FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
<!-- BLANK LINE--><TR><TD></TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
</TABLE>
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<TABLE width=100% CELLPADDING=0 CELLSPACING=0 BORDER=0><!-- Table #####################################################-->
<!-- CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-->
 <TR valign="bottom">
        <TD COLSPAN=6 align="CENTER"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                CHURCHILL DOWNS INCORPORATED<br>
                CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)<br>
                for the nine months ended September 30, 2002 and 2001 (Unaudited)<br>
                       ($ in thousands, except per share data)</FONT></TD>

</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
</TABLE>

<TABLE width=100% CELLPADDING=0 CELLSPACING=0 BORDER=0><!-- Table #####################################################-->
<TR VALIGN=TOP>
        <TD WIDTH=10% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                6.</FONT></TD>
        <TD WIDTH=90% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <U>Segment Information</U> (cont'd)</FONT></TD>
</TR>
</TABLE>
<TABLE width=100% CELLPADDING=0 CELLSPACING=0 BORDER=0><!-- Table #####################################################-->
<!-- Segment Information (cont'd)-->
<TR valign="bottom">
         <TD width=8% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=22% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=3% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=19% align="CENTER"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                As of</FONT></TD>
         <TD width=3% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=20% align="CENTER"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                As of</FONT></TD>
         <TD width=3% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=20% align="CENTER"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                As of</FONT></TD>
         <TD width=4% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="top">
         <TD width=8% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=22% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=3% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=19% align="CENTER"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <U>September 30, 2002</U></FONT></TD>
         <TD width=3% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=20% align="CENTER"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <U>December 31, 2001</U></FONT></TD>
         <TD width=3% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=20% align="CENTER"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <U>September 30, 2001</U></FONT></TD>
         <TD width=4% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
         <TD width=8% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=24% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Total assets:</FONT></TD>
         <TD COLSPAN=7 align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

</table>
<TABLE width=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>



<TR valign="bottom">
         <TD width=8% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=23% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;Kentucky Operations</FONT></TD>
         <TD width=3% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=14% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $351,380</FONT></TD>
         <TD width=9% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=14% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $367,277</FONT></TD>
         <TD width=9% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=14% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $380,082</FONT></TD>
         <TD width=6% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

</TABLE>
<TABLE width=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>

<TR valign="bottom">
         <TD width=8% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=23% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;Hollywood Park </FONT></TD>
         <TD width=3% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=14% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                148,437</FONT></TD>
         <TD width=9% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=14% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                152,362</FONT></TD>
         <TD width=9% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=14% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                149,922</FONT></TD>
         <TD width=6% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
         <TD width=8% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=23% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;Calder Race Course</FONT></TD>
         <TD width=3% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=14% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                84,915</FONT></TD>
         <TD width=9% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=14% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                95,237</FONT></TD>
         <TD width=9% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=14% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                92,009</FONT></TD>
         <TD width=6% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
         <TD width=8% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=23% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;Arlington Park</FONT></TD>
         <TD width=3% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=14% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                84,959</FONT></TD>
         <TD width=9% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=14% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                75,716</FONT></TD>
         <TD width=9% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=14% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                83,948</FONT></TD>
         <TD width=6% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
         <TD width=8% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=23% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;Hoosier Park</FONT></TD>
         <TD width=3% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=14% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                37,798</FONT></TD>
         <TD width=9% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=14% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                35,062</FONT></TD>
         <TD width=9% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=14% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                38,205</FONT></TD>
         <TD width=6% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
         <TD width=8% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=23% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;CDSN</FONT></TD>
         <TD width=3% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=14% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                11,018</FONT></TD>
         <TD width=9% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=14% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                11,018</FONT></TD>
         <TD width=9% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=14% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                11,092</FONT></TD>
         <TD width=6% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="TOP">
         <TD width=8% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=23% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;Other investments</FONT></TD>
         <TD width=3% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=14% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                52,549</FONT><HR WIDTH=62% SIZE=1 NOSHADE></TD>
         <TD width=9% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=3% SIZE=1 NOSHADE></TD>
         <TD width=14% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                52,212</FONT><HR WIDTH=62% SIZE=1 NOSHADE></TD>
         <TD width=9% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=3% SIZE=1 NOSHADE></TD>
         <TD width=14% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                46,957</FONT><HR WIDTH=62% SIZE=1 NOSHADE></TD>
         <TD width=6% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=3% SIZE=1 NOSHADE></TD>
</TR>

<TR valign="bottom">
         <TD width=8% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=23% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;</FONT></TD>
         <TD width=3% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=14% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                771,056</FONT></TD>
         <TD width=9% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=14% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                788,884</FONT></TD>
         <TD width=9% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=14% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                802,215</FONT></TD>
         <TD width=6% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="TOP">
         <TD width=8% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=23% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;Eliminations</FONT></TD>
         <TD width=3% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=14% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (306,779</FONT><HR WIDTH=62% SIZE=1 NOSHADE></TD>
         <TD width=9% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT><HR WIDTH=3% SIZE=1 NOSHADE></TD>
         <TD width=14% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (318,169</FONT><HR WIDTH=62% SIZE=1 NOSHADE></TD>
         <TD width=9% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT><HR WIDTH=3% SIZE=1 NOSHADE></TD>
         <TD width=14% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (330,691</FONT><HR WIDTH=62% SIZE=1 NOSHADE></TD>
         <TD width=6% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
               )</FONT><HR WIDTH=3% SIZE=1 NOSHADE></TD>
</TR>

<TR valign="TOP">
         <TD width=8% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=23% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=3% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=14% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $464,277</FONT><HR WIDTH=62% SIZE=3 NOSHADE></TD>
         <TD width=9% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=3% SIZE=3 NOSHADE></TD>
         <TD width=14% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $470,715</FONT><HR WIDTH=62% SIZE=3 NOSHADE></TD>
         <TD width=9% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=3% SIZE=3 NOSHADE></TD>
         <TD width=14% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $471,524</FONT><HR WIDTH=62% SIZE=3 NOSHADE></TD>
         <TD width=6% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=3% SIZE=3 NOSHADE></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
</TABLE>
<TABLE width=100% CELLPADDING=0 CELLSPACING=0 BORDER=0><!-- Table #####################################################-->

<TR valign="bottom">
         <TD width=10% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD colspan=7 align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
             Following is a reconciliation of total EBITDA to income before
             provision for income taxes:</FONT></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
</TABLE>

<TABLE width=100% CELLPADDING=0 CELLSPACING=0 BORDER=0><!-- Table #####################################################-->
<!-- reconciliation of total EBITDA -->
<TR valign="bottom">
        <TD width=35% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD COLSPAN=5 align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <U>Nine Months Ended September 30,</U>&nbsp;</FONT></TD>
        <TD width=5% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD COLSPAN=5 align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 <U>Three Months Ended September 30,</U>&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=35% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;<U>2002</U></FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=10% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;<U>2001</U></FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=5% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 &nbsp;&nbsp;<U>2002</U></FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=10% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;<U>2001</U></FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=35% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Total EBITDA</FONT></TD>
        <TD width=9% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $53,048</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=10% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $54,534</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=5% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 $20,077</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=10% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $19,737</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=35% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Depreciation and amortization</FONT></TD>
        <TD width=9% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (14,613</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT></TD>
        <TD width=10% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (14,849</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT></TD>
        <TD width=5% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (4,952</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT></TD>
        <TD width=10% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (5,054</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT></TD>
</TR>

<TR valign="top">
        <TD width=35% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Interest income (expense), net</FONT></TD>
        <TD width=9% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (6,692</FONT><HR WIDTH=83% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=10% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (9,393</FONT><HR WIDTH=83% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=5% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (1,899</FONT><HR WIDTH=83% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=10% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (2,769</FONT><HR WIDTH=83% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
</TR>


<TR valign="top">
        <TD width=35% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Earnings before provision for income taxes</FONT></TD>
        <TD width=9% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $31,743</FONT><HR WIDTH=83% SIZE=3 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=100% SIZE=3 NOSHADE></TD>
        <TD width=10% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $30,292</FONT><HR WIDTH=83% SIZE=3 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=100% SIZE=3 NOSHADE></TD>
        <TD width=5% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $13,226</FONT><HR WIDTH=83% SIZE=3 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=100% SIZE=3 NOSHADE></TD>
        <TD width=10% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $11,914</FONT><HR WIDTH=83% SIZE=3 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=100% SIZE=3 NOSHADE></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>

</TABLE>
<TABLE width=100% CELLPADDING=0 CELLSPACING=0 BORDER=0><!-- Table #####################################################-->

<TR VALIGN=TOP>
        <TD WIDTH=6% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                7.</FONT></TD>
        <TD WIDTH=94% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <U>Significant Accounting Pronouncements</U></FONT></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>

<TR VALIGN=TOP>
        <TD WIDTH=6% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=94% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                In October 2001, the FASB issued SFAS No. 144, &#147;Accounting for the Impairment
or Disposal of Long-Lived Assets.&#148; The statement addresses financial
accounting and reporting for the impairment or disposal of long-lived assets.
This statement supercedes SFAS No. 121 &#147;Accounting for the Impairment of
Long-Lived Assets and for Long-Lived Assets to be Disposed Of,&#148; and the
accounting and reporting provisions of Accounting Principles Board Opinion No.
30, &#147;Reporting the Results of Operations &#150; Reporting the Effects of
Disposal of a Segment of a Business, and Extraordinary, Unusual and Infrequently
Occurring Events and Transactions,&#148; for the disposal of a segment of a
business (as previously defined in that opinion). This statement also amends
Accounting Research Bulletin No. 51, &#147;Consolidated Financial
Statements,&#148; to eliminate the exception to consolidation for a subsidiary
for which control is likely to be temporary. The objectives of SFAS No. 144 are
to address significant issues relating to the implementation of SFAS No. 121 and
to develop a single accounting model, based on the framework established in SFAS
No. 121, for long-lived assets to be disposed of by sale, whether previously
held and used or newly acquired. Adoption of SFAS No. 144 on January 1, 2002,
did not have any impact on our financial position or results of operations for
the nine months ended September 30, 2002. We do not anticipate that the
implementation of this standard will have any significant effect throughout
2002.</FONT></TD>
</TR>
</TABLE>

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<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                12</FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
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</TABLE>
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<!-- CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-->
 <TR valign="bottom">
        <TD COLSPAN=6 align="CENTER"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                CHURCHILL DOWNS INCORPORATED<br>
                CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)<br>
                for the nine months ended September 30, 2002 and 2001 (Unaudited)<br>
                       ($ in thousands, except per share data)</FONT></TD>

</TR>
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</TABLE>

<TABLE width=100% CELLPADDING=0 CELLSPACING=0 BORDER=0><!-- Table #####################################################-->
<TR VALIGN=TOP>
        <TD WIDTH=10% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                7.</FONT></TD>
        <TD WIDTH=90% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <U>Significant Accounting Pronouncements</U> (cont'd)</FONT></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>

<TR VALIGN=TOP>
        <TD WIDTH=10% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                </FONT></TD>
        <TD WIDTH=90% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                In April 2002,  the FASB issued SFAS No. 145,  "Rescission  of FASB SFAS No. 4, 44 and 64,  Amendment of FASB
      SFAS No. 13, and  Technical  Corrections."  SFAS No. 145  addresses  financial  accounting  and reporting for
      gains and losses from the  extinguishments  of debt.  This statement  rescinds SFAS No. 4,  "Reporting  Gains
      and Losses from Extinguishments of Debt," and an amendment of that Statement,  SFAS No. 64,  "Extinguishments
      of Debt Made to Satisfy  Sinking-Fund  Requirements."  This Statement also rescinds SFAS No. 44,  "Accounting
      for Intangible  Assets of Motor  Carriers,"  SFAS No. 13,  "Accounting  for Leases" and amends other existing
      authoritative  pronouncements to make various  technical  corrections,  clarify  meanings,  or describe their
      applicability  under  changed  conditions.  The  provisions  of SFAS No. 145 are  effective  in fiscal  years
      beginning  after May 15,  2002.  Management  anticipates  that the  adoption of SFAS No. 145 will not have an
      effect on the Company's results of operations or financial position.</FONT></TD>
</TR>

<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>

<TR VALIGN=TOP>
        <TD WIDTH=10% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                </FONT></TD>
        <TD WIDTH=90% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                The FASB issued SFAS No. 146 &#147;Accounting for Exit or Disposal Activities.&#148;
SFAS No. 146 addresses the recognition, measurement, and reporting of costs that
are associated with exit and disposal activities, including certain lease
termination costs and severance-type costs under a one-time benefit arrangement
rather than an ongoing benefit arrangement or an individual
deferred-compensation contract. SFAS No. 146 requires liabilities associated
with exit and disposal activities to be expensed as incurred and will be
effective for exit or disposal activities that are initiated after December 31,
2002. Management anticipates that the adoption of SFAS No. 146 will not have a
significant effect on the Company&#146;s results of operation or financial
position.</FONT></TD>
</TR>
</TABLE>

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<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                13</FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
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<P ALIGN="CENTER"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        CHURCHILL DOWNS INCORPORATED<BR>
        ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
</FONT></P>
<BR>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
Information  set forth in this  discussion and analysis  contain various  "forward-looking  statements"  within the
meaning of Section 27A of the Securities  Act of 1933 and Section 21E of the  Securities  Exchange Act of 1934. The
Private  Securities  Litigation  Reform Act of 1995 ( the "Act")  provides  certain  "safe harbor"  provisions  for
forward-looking  statements.  All  forward-looking  statements made in this Quarterly  Report on Form 10-Q are made
pursuant to the Act.  These  statements  represent our judgment  concerning the future and are subject to risks and
uncertainties  that could  cause our  actual  operating  results  and  financial  condition  to differ  materially.
Forward-looking  statements are typically identified by the use of terms such as "anticipate,"  "believe," "could,"
"estimate,"  "expect,"  "intend,"  "may," "might,"  "plan,"  "predict,"  "project,"  "should,"  "will," and similar
words,  although  some  forward-looking  statements  are  expressed  differently.  Although  we  believe  that  the
expectations  reflected in such  forward-looking  statements  are  reasonable  we can give no  assurance  that such
expectations  will prove to be correct.  Important  factors  that could cause actual  results to differ  materially
from our expectations  include: the effect of global economic conditions;  the effect (including possible increases
in the cost of doing business) resulting from future war and terrorist activities or political  uncertainties;  the
impact of increasing  insurance costs;  the financial  performance of our racing  operations;  the impact of gaming
competition  (including  lotteries  and  riverboat,  cruise  ship and  land-based  casinos)  and other  sports  and
entertainment  options in those markets in which we operate; a substantial  change in law or regulations  affecting
our pari-mutuel  activities;  a substantial  change in allocation of live racing days;  litigation  surrounding the
Rosemont,  Illinois,  riverboat  casino;  changes in Illinois  law that impact  revenues  of racing  operations  in
Illinois;  a decrease  in  riverboat  admissions  subsidy  revenue  from our Indiana  operations;  the impact of an
additional  racetrack near our Indiana  operations;  our continued ability to effectively compete for the country's
top horses and trainers  necessary to field  high-quality  horse racing; our continued ability to grow our share of
the interstate  simulcast market; the impact of interest rate fluctuations;  our ability to execute our acquisition
strategy  and to complete or  successfully  operate  planned  expansion  projects;  the economic  environment;  our
ability to adequately  integrate acquired  businesses;  market reaction to our expansion projects;  the loss of our
totalisator  companies or their inability to keep their technology  current;  our  accountability for environmental
contamination; the loss of key personnel and the volatility of our stock price.

<BR><BR>

<I>You should read this discussion with the financial  statements  included in this report and the Company's Form 10-K
for the period ended December 31, 2001, for further information.</I>
<BR><BR>

<B>Overview</B>

<BR><BR>

We conduct  pari-mutuel  wagering on live  Thoroughbred,  Quarter Horse and Standardbred horse racing and simulcast
signals of races.  Additionally, we offer racing services through our other interests.

<BR><BR>

We own and operate the Churchill Downs racetrack in Louisville,  Kentucky,  which has conducted Thoroughbred racing
since 1875 and is  internationally  known as the home of the Kentucky  Derby,  and Ellis Park Race Course,  Inc., a
Thoroughbred  racing  operation in Henderson,  Kentucky  (collectively  referred to as "Kentucky  Operations").  We
also own and operate Hollywood Park, a Thoroughbred  racing operation in Inglewood,  California;  Arlington Park, a
Thoroughbred  racing  operation in Arlington  Heights,  Illinois;  and Calder Race Course,  a  Thoroughbred  racing
operation in Miami,  Florida.  Additionally,  we are the  majority  owner and operator of Hoosier Park in Anderson,
Indiana,  which conducts  Thoroughbred,  Quarter Horse and Standardbred horse racing. We conduct simulcast wagering
on horse racing at nine  simulcast  wagering  facilities in Kentucky,  Indiana and Illinois,  as well as at our six
racetracks.</FONT></P>

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<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                14</FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
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</TABLE>
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<P ALIGN="CENTER"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        CHURCHILL DOWNS INCORPORATED<BR>
        ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)
</FONT></P>
<BR>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
The Churchill Downs Simulcast  Network  ("CDSN")  segment was designed to increase focus on the distribution of the
Company's  simulcast  signal.  CDSN will oversee national and international  simulcast and wagering  opportunities,
as well as the  marketing,  sales,  operations  and  data  support  efforts  related  to the  Company-owned  racing
content.

<BR><BR>

Our revenues and earnings are significantly  influenced by our racing calendar.  Therefore,  revenues and operating
results for any interim  quarter are not generally  indicative  of the revenues and operating  results for the year
and  are  not  necessarily  comparable  with  results  for  the  corresponding  period  of the  previous  year.  We
historically  have very few live  racing  days  during  the  first  quarter,  with a  majority  of our live  racing
occurring in the second,  third and fourth quarters,  including the running of the Kentucky Derby and Kentucky Oaks
in the second quarter.

<BR><BR>

Our revenues are generated  from  commissions  on  pari-mutuel  wagering at our  racetracks  and off-track  betting
facilities,  plus simulcast fees, Indiana riverboat  admissions  subsidy,  admissions,  concessions,  sponsorships,
licensing rights and broadcast fees, lease income and other sources.

<BR><BR>

As a result of the controversy surrounding  a Breeders' Cup Ultra Pick 6 wager,
placed on October 26, 2002, we have established, along with the National
Thoroughbred Racing Association, Inc. ("NTRA"), the NTRA Wagering Technology
Group.  The objective of the group is to ensure the security of pari-mutuel
wagering systems and to eliminate concerns of racing patrons as to the
integrity of such systems.  Inasmuch as the controversy involves a vendor of
the Company, the concerns and rigorous actions are grounded in our interest to
protect our patrons.

<BR><BR>
In addition to the steps taken above, we have also taken action on a separate
matter related to wagering.  In an effort to ensure bettors that the odds
do not change after the start of the race, effective November 13, 2002, wagering
at all of our facilities, excluding Hollywood Park, will be halted at zero
minutes to post - or approximately one minute before horses are loaded into the
starting gate for each race. The California Horse Racing Board ("CHRB") regulations
currently prevent us from implementing these changes at  Hollywood Park but the CHRB
is expected to discuss pick six wagering at a meeting on November 21, 2002.
Also, totalizator hubs at our facilities will no longer
accept wagers placed through account-wagering facilities that do not make
recordings of touch-tone wagering transactions.  These steps were taken to
further ensure the integrity of our vendor totalizator systems.
<BR><BR>
Further, horse racing regulators in various jurisdictions are reviewing the
integrity of these systems.  In Illinois, the Illinois Racing Board ("IRB") has
suspended pick four, pick six and pick nine wagering by Illinois racetracks
pending the outcome of the IRB's review.  In Canada, the Canadian Pari-Mutuel
Agency banned pick four, pick six and superfecta wagering pending a resolution
of registering all wagering on the network host system in a timely manner.
At this time, management is unable to determine the financial impact,
if any, of these decisions and actions.</FONT></P>

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<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                15</FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
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</TABLE>
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<P ALIGN="CENTER"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        CHURCHILL DOWNS INCORPORATED<BR>
        ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)
</FONT></P>
<BR>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3><b>RESULTS OF
OPERATIONS</B> </FONT></P>

<H2 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></H2>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Pari-mutuel wagering
information, including intercompany transactions, for our CDSN segment and six live racing
facilities, including on-site simulcast facilities and nine separate off-track betting facilities ("OTBs"),
which are included in their respective
racetracks, during the nine months ended September 30, 2002 and 2001 is as
follows ($ in thousands): </FONT></P>

<TABLE width=100% CELLPADDING=0 CELLSPACING=0 BORDER=0><!-- Table #####################################################-->
<!-- RESULTS OF OPERATIONS -->

<TR valign="bottom">
        <TD width=22% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=11% align="CENTER"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Kentucky</FONT></TD>
        <TD width=2% align="CENTER"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=11% align="CENTER"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Hollywood</FONT></TD>
        <TD width=2% align="CENTER"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=11% align="CENTER"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Calder Race</FONT></TD>
        <TD width=2% align="CENTER"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=11% align="CENTER"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Arlington</FONT></TD>
        <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=11% align="CENTER"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Hoosier</FONT></TD>
        <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=11% align="CENTER"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=22% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=11% align="CENTER"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <U>Operations</U></FONT></TD>
        <TD width=2% align="CENTER"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=11% align="CENTER"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <U>Park</U></FONT></TD>
        <TD width=2% align="CENTER"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=11% align="CENTER"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <U>Course</U></FONT></TD>
        <TD width=2% align="CENTER"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=11% align="CENTER"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <U>Park</U></FONT></TD>
        <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=11% align="CENTER"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <U>Park</U></FONT></TD>
        <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=11% align="CENTER"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <U>CDSN</U></FONT></TD>
</TR>

<TR valign="bottom">
        <TD COLSPAN=12 align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <B>Pari-mutuel wagering:</B></FONT></TD>
</TR>

<TR valign="bottom">
        <TD COLSPAN=12 align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Live Racing</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=22% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;2002 handle</FONT></TD>
        <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=11% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $108,620&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
        <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=11% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $127,199&nbsp;&nbsp;</FONT></TD>
        <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=11% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $140,672&nbsp;&nbsp;&nbsp;</FONT></TD>
        <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=11% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $52,803&nbsp;&nbsp;&nbsp;</FONT></TD>
        <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=11% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $9,732&nbsp;&nbsp;&nbsp;</FONT></TD>
        <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=11% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=22% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;2002 no. of days&nbsp;</FONT></TD>
        <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=11% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                93&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
        <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=11% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                65&nbsp;&nbsp;</FONT></TD>
        <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=11% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                113&nbsp;&nbsp;&nbsp;</FONT></TD>
        <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=11% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                86&nbsp;&nbsp;&nbsp;</FONT></TD>
        <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=11% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                115&nbsp;&nbsp;&nbsp;</FONT></TD>
        <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=11% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=22% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;2001 handle &nbsp;</FONT></TD>
        <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=11% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $109,732&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
        <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=11% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $135,999&nbsp;&nbsp;</FONT></TD>
        <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=11% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $116,049&nbsp;&nbsp;&nbsp;</FONT></TD>
        <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=11% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $50,662&nbsp;&nbsp;&nbsp;</FONT></TD>
        <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=11% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $11,124&nbsp;&nbsp;&nbsp;</FONT></TD>
        <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=11% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=22% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;2001 no. of days&nbsp;</FONT></TD>
        <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=11% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                93&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
        <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=11% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                66&nbsp;&nbsp;</FONT></TD>
        <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=11% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                97&nbsp;&nbsp;&nbsp;</FONT></TD>
        <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=11% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                80&nbsp;&nbsp;&nbsp;</FONT></TD>
        <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=11% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                141&nbsp;&nbsp;&nbsp;</FONT></TD>
        <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=11% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>

<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>

<TR valign="bottom">
        <TD COLSPAN=12 align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Export simulcasting</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=22% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;2002 handle</FONT></TD>
        <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=11% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $34,730&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
        <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=11% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $247,607&nbsp;&nbsp;</FONT></TD>
        <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=11% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $31,775&nbsp;&nbsp;&nbsp;</FONT></TD>
        <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=11% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $37,385&nbsp;&nbsp;&nbsp;</FONT></TD>
        <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=11% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $56,344&nbsp;&nbsp;&nbsp;</FONT></TD>
        <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=11% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $1,440,857&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=22% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;2002 no. of days&nbsp;</FONT></TD>
        <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=11% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                93&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
        <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=11% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                65&nbsp;&nbsp;</FONT></TD>
        <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=11% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                113&nbsp;&nbsp;&nbsp;</FONT></TD>
        <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=11% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                86&nbsp;&nbsp;&nbsp;</FONT></TD>
        <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=11% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                115&nbsp;&nbsp;&nbsp;</FONT></TD>
        <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=11% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                357&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=22% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;2001 handle&nbsp;</FONT></TD>
        <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=11% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $37,753&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
        <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=11% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $240,397&nbsp;&nbsp;</FONT></TD>
        <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=11% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $27,913&nbsp;&nbsp;&nbsp;</FONT></TD>
        <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=11% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $32,847&nbsp;&nbsp;&nbsp;</FONT></TD>
        <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=11% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $46,583&nbsp;&nbsp;&nbsp;</FONT></TD>
        <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=11% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $1,245,476&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=22% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;2001 no. of days&nbsp;</FONT></TD>
        <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=11% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                93&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
        <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=11% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                66&nbsp;&nbsp;</FONT></TD>
        <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=11% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                97&nbsp;&nbsp;&nbsp;</FONT></TD>
        <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=11% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                80&nbsp;&nbsp;&nbsp;</FONT></TD>
        <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=11% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                141&nbsp;&nbsp;&nbsp;</FONT></TD>
        <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=11% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                336&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>

<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>

<TR valign="bottom">
        <TD COLSPAN=12 align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Import simulcasting</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=22% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;2002 handle</FONT></TD>
        <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=11% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $99,074&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
        <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=11% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $176,902&nbsp;&nbsp;</FONT></TD>
        <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=11% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
        <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=11% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $331,973&nbsp;&nbsp;&nbsp;</FONT></TD>
        <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=11% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $100,581&nbsp;&nbsp;&nbsp;</FONT></TD>
        <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=11% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
               -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=22% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;2002 no. of days&nbsp;</FONT></TD>
        <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=11% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                379&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
        <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=11% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                210&nbsp;&nbsp;</FONT></TD>
        <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=11% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
        <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=11% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                1,365&nbsp;&nbsp;&nbsp;</FONT></TD>
        <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=11% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                909&nbsp;&nbsp;&nbsp;</FONT></TD>
        <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=11% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=22% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;2001 handle&nbsp;</FONT></TD>
        <TD width=2% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;</FONT></TD>
        <TD width=11% align="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $101,350&nbsp;&nbsp;&nbsp;</FONT></TD>
        <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=11% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $176,358&nbsp;&nbsp;</FONT></TD>
        <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=11% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
        <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=11% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $323,585&nbsp;&nbsp;&nbsp;</FONT></TD>
        <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=11% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $101,035&nbsp;&nbsp;&nbsp;</FONT></TD>
        <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=11% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=22% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;2001 no. of days
                &nbsp;</FONT></TD>
        <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=11% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                370&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
        <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=11% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                213&nbsp;&nbsp;</FONT></TD>
        <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=11% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
               -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
        <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=11% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                1,355&nbsp;&nbsp;&nbsp;</FONT></TD>
        <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=11% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                895&nbsp;&nbsp;&nbsp;</FONT></TD>
        <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=11% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>


<TR valign="bottom">
        <TD width=22% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;Number of OTBs
                &nbsp;</FONT></TD>
        <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=11% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                1&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
        <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=11% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                -&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
        <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=11% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
        <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=11% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                5&nbsp;&nbsp;&nbsp;</FONT></TD>
        <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=11% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                3&nbsp;&nbsp;&nbsp;</FONT></TD>
        <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=11% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>

<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>

<TR valign="bottom">
        <TD COLSPAN=12 align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Totals&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=22% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;2002 handle
                &nbsp;</FONT></TD>
        <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=11% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $242,424&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
        <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=11% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $551,708&nbsp;&nbsp;</FONT></TD>
        <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=11% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $172,447&nbsp;&nbsp;&nbsp;</FONT></TD>
        <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=11% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $422,161&nbsp;&nbsp;&nbsp;</FONT></TD>
        <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=11% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $166,657&nbsp;&nbsp;&nbsp;</FONT></TD>
        <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=11% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $1,440,857&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=22% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;2001 handle
                &nbsp;</FONT></TD>
        <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=11% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $248,835&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
        <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=11% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $552,754&nbsp;&nbsp;</FONT></TD>
        <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=11% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $143,962&nbsp;&nbsp;&nbsp;</FONT></TD>
        <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=11% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $407,094&nbsp;&nbsp;&nbsp;</FONT></TD>
        <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=11% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $158,742&nbsp;&nbsp;&nbsp;</FONT></TD>
        <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=11% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $1,245,476&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>

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<TR valign="bottom">
        <TD COLSPAN=12 align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <B>Pari-mutuel revenues:</B></FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=22% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;2002 revenues
                &nbsp;</FONT></TD>
        <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=11% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $38,401&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
        <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=11% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $45,678&nbsp;&nbsp;</FONT></TD>
        <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=11% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $41,776&nbsp;&nbsp;&nbsp;</FONT></TD>
        <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=11% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $51,497&nbsp;&nbsp;&nbsp;</FONT></TD>
        <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=11% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $37,832&nbsp;&nbsp;&nbsp;</FONT></TD>
        <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=11% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $48,599&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=22% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;2001 revenues
                &nbsp;</FONT></TD>
        <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=11% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $39,119&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
        <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=11% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $44,593&nbsp;&nbsp;</FONT></TD>
        <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=11% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $34,230&nbsp;&nbsp;&nbsp;</FONT></TD>
        <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=11% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $50,226&nbsp;&nbsp;&nbsp;</FONT></TD>
        <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=11% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $36,839&nbsp;&nbsp;&nbsp;</FONT></TD>
        <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=11% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $43,047&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
</TABLE>

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        <TD COLSPAN=3 ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                16</FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
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<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
</TABLE>
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<P ALIGN="CENTER"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        CHURCHILL DOWNS INCORPORATED<BR>
        ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND<BR>
        RESULTS OF OPERATIONS (Continued)
</FONT></P>

<BR>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        <B><U>Nine Months Ended September 30, 2002 Compared to Nine Months Ended September 30, 2001
        </U></B></FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        <U>Net Revenues</U></FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
Net revenues during the nine months ended September 30, 2002 increased $13.0 million from $316.2 million
in 2001 to $329.2 million in 2002. Calder Race Course revenues increased $8.8
million as a result of an expanded live race meet during 2002 resulting from 16
additional live race days through September 30, 2002. Arlington Park revenues
increased $2.9 million as a result of six additional live race days and
Hollywood Park revenues decreased $1.8 million primarily due to a decrease in
concessions revenue as a result of outsourcing its food service. Kentucky
Operations revenues increased $0.7 million primarily due to record wagering for
the Kentucky Derby and Kentucky Oaks. CDSN revenues increased $6.9 million
primarily due to increases in overall export simulcasting activity, the
additional days of racing at Calder Race Course and Arlington Park, as well as
record wagering on the Kentucky Oaks and Kentucky Derby days. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        <U>Operating Expenses</U></FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Operating expenses
increased $10.8 million from $253.2 million in 2001 to $264.0 million in 2002
due to several factors, including increases in 2002 business insurance expenses
at all of our racetracks. Calder Race Course and Arlington Park also had
increases in operating expenses from the increased number of live race days and
Hollywood Park&#146;s expenses decreased due to the decrease of one live race
day discussed above. Kentucky Operations also experienced additional costs
related to the incremental Kentucky Derby security measures in May 2002.
Increases were offset by a decrease in amortization expense of $1.1 million
related to the adoption of the Financial Accounting Standards Board
(&#147;FASB&#148;) Statement of Financial Accounting Standard (&#147;SFAS&#148;)
No. 142 adopted January 1, 2002. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        <U>Gross  Profit</U></FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Gross profit increased $2.2
million from $63.0 million in 2001 to $65.2 million in 2002. Although there was
revenue growth during 2002 as a result of increased live racing days at Calder
Race Course and Arlington Park, record wagering results on Kentucky Derby and
Oaks days and an increase for CDSN, these increases were partially offset by an
increase in business insurance expenses, and other operating expenses, as
discussed above. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        <U>Selling, General and Administrative Expenses</U></FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Selling, general and
administrative (&#147;SG&amp;A&#148;) expenses increased by $2.5 million
primarily due to costs incurred by our Kentucky Operations related to the
Kentucky legislative gaming initiatives in 2002 and costs incurred by Arlington
Park related to the Illinois riverboat legislation. </FONT></P>

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        <TD COLSPAN=3 ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                17</FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
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<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
</TABLE>
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<P ALIGN="CENTER"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        CHURCHILL DOWNS INCORPORATED<BR>
        ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND<BR>
        RESULTS OF OPERATIONS (Continued)
</FONT></P>

<BR>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        <U>Other Income and Expense</U></FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Interest expense decreased
$2.9 million in 2002 as a result of lower interest rates and continued debt
reduction through our positive cash flow and balance sheet management. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        <U>Income Tax Provision</U></FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Our provision for income
taxes increased slightly for the nine months ended September 30, 2002, as
compared to September 30, 2001, as a result of an increase in pre-tax earnings
offset partially by a decline in our effective income tax rate from 40.5% in
2001 to 40.2% in 2002. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        <B><U>Three Months Ended September 30, 2002 Compared to Three Monthe Ended
September 30, 2001</U></B></FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        <U>Net Revenues</U></FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
Net revenues  during the three months ended  September 30, 2002  increased $4.4 million from $121.2 million in 2001
to $125.6 million in 2002.  Hollywood  Park revenues  increased  $2.1 million  resulting  from an additional  three
days of live  racing  due to the  racing  calendar  starting  later in the  year.  Hollywood  Park's  increases  in
pari-mutuel  revenues were  partially  offset by decreases in concessions  revenue as a result of  outsourcing  its
food service.  Kentucky  Operation  revenues decreased as a result of one less day of racing and Calder Race Course
revenues  decreased  as a result of four fewer race days during the quarter  compared to the prior year.  Arlington
Park revenues  increased $2.7 million  primarily due to increases in export  simulcasting.  CDSN had an increase of
$2.0 million  primarily due to overall  increases in export  simulcasting  activity as well as the additional three
days of racing at Hollywood Park.</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        <U>Operating Expenses</U></FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
Operating  expenses  increased  $2.5 million from $99.1 million in 2001 to $101.6  million in 2002 primarily due to
increased  expenses at  Hollywood  Park  related to the  increase  of three days of live racing  during the quarter
partially offset by decreases from outsourcing  food services.  Arlington Park and CDSN also experienced  increases
in operating  expenses  consistent with the increase in export  pari-mutuel  revenues  discussed above.  Additional
increases  during 2002 were due to increases  in business  insurance  expenses.  A portion of the overall increase
was offset by a decrease in  amortization  expense of $0.3 million  related to the adoption of SFAS No. 142 adopted
January 1, 2002.</FONT></P>

<BR><BR>
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        <TD COLSPAN=3 ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                18</FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
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<P ALIGN="CENTER"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        CHURCHILL DOWNS INCORPORATED<BR>
        ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND<BR>
        RESULTS OF OPERATIONS (Continued)
</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        <U>Gross  Profit</U></FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
Gross profit  increased  $1.9 million due to increased  revenues  from the increase in the number of live race days
at Hollywood Park and an increase in revenues for CDSN.
These  increases  were  partially  offset by an  increase  in  business  insurance  expenses,  and other  operating
expenses, as previously discussed.</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        <U>Selling, General and Administrative Expenses</U></FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
SG&amp;A  expenses  increased  by $1.0  million  from $7.3  million in 2001 to $8.3  million in 2002  primarily  due to
increased  charitable  donations  and  corporate  costs  incurred  for  professional  fees and timing of  marketing
expenses.</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        <U>Other Income and Expense</U></FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
Interest  expense  decreased  $0.9 million as a result of lower  interest  rates and continued  debt reduction as a
result of our positive cash flow and balance sheet management.</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        <B><U>Significant Changes in the Balance Sheet September 30, 2002 to December 31, 2001</U></B></FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
Restricted cash decreased $6.8 million since December 31, 2001.  Management of the horsemen's cash and accounts  payable  accounts at Calder Race Course were assumed by the Florida
Horseman's  Benevolent  and  Protective  Association  ("FHBPA")  resulting  in a decrease  of $9.3  million.  The
remaining  change in restricted cash relates to the timing of live meets,  including an increase of $3.5 million at
Hoosier Park.</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
Accounts  payable  decreased  $5.9  million  primarily  due to a decrease  of $9.5  million at Calder  Race  Course
relating to the FHBPA assuming  management of the horsemen's  payable  account as mentioned  above.  Hollywood Park
had a decrease  of $4.7  million  resulting  from the timing of their live meet  offset by an  increase in horsemen
accounts and purses payable at Hoosier Park and Arlington Park also due to the timing of live race meets.</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
Dividends payable decreased $6.5 million at September 30, 2002 due to the payment in the first quarter
of 2002.</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
Deferred  revenue  decreased  $11.1  million at September  30, 2002,  primarily  due to the  significant  amount of
admissions and seat revenue that was received  prior to December 31, 2001  recognized as income in May 2002 for the
Kentucky  Derby  and  Kentucky  Oaks  race  days.  Long-term  debt  decreased  $8.9  million  as the  result of the
application of current cash flows to reduce borrowings under our bank line of credit during 2002.</FONT></P>

<BR><BR>
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        <TD COLSPAN=3 ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                19</FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
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<P ALIGN="CENTER"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        CHURCHILL DOWNS INCORPORATED<BR>
        ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND<BR>
        RESULTS OF OPERATIONS (Continued)
</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        <B><U>Significant Changes in the Balance Sheet September 30, 2002 to September 30, 2001</U></B></FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
The  long-term  debt  decrease of $10.2  million was a result of the  application  of current  cash flows to reduce
borrowings under our bank line of credit since September 30, 2001.</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
Income taxes payable  decreased  $10.9  million as a result of the timing of federal  income taxes paid during 2001
compared  to 2002.  This  timing  change  during  2001 was the result of the  changes to tax laws  included  in the
Economic Growth and Tax Relief Reconciliation Act of 2001.</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <B><U>Liquidity and Capital Resources</U></B></FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
Cash flows  provided by operations  were $30.6  million and $42.9  million for the nine months ended  September 30,
2002 and 2001,  respectively.  The net decrease in cash  provided by  operations as compared to 2001 is primarily a
result of the timing of our income tax payments.</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
Cash flows used in investing  activities  were $16.0 million and $12.7 million for the nine months ended  September
30,  2002 and 2001,  respectively.  We used $16.0  million  during  2002 for  capital  spending  at our  facilities
including $6.6 million for the Master Plan  renovation at our Kentucky  Operations.  We are planning capital expenditures, including the first
phase of our Master Plan renovation, of approximately $20.0 million in 2002. The first phase of the Master Plan renovation, which began in December
 2001, is scheduled for completion in the fall of 2003 at a total cost of $26.6 million. The second phase of our Master
Plan  renovation  is scheduled  to begin in July 2003 and is  scheduled  for  completion  in 2005 at an
additional cost of $95.0 million.</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
Cash flows used in financing  activities  were $14.7 million and $26.6 million for the nine months ended  September
30, 2002 and 2001,  respectively,  reflecting  the use of cash flows from  operations  to repay  debt.  We borrowed
$205.4 million and repaid $213.2 million on our line of credit and paid dividends of $6.5 million during 2002.</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
We have a $250 million line of credit under a revolving loan facility,  of which $116.9 million was  outstanding at
September 30, 2002.  This line of credit is secured by  substantially  all of our assets and matures in 2004.  This
credit facility is intended to meet working capital and other  short-term  requirements  and to provide funding for
future acquisitions.</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
We believe  that  sufficient  resources  will be available to satisfy  cash  requirements  and capital  expenditure
requirements for at least the next twelve months.  If we make  significant  acquisitions  or if working  capital and capital  expenditure  requirements
exceed expected levels during the next twelve months or in subsequent  periods,  we may require additional external
sources of capital.  There can be no assurance that any  additional  required  financing will be available  through
bank  borrowings,  debt or equity  financing  or  otherwise,  or that if such  financing is  available,  it will be
available on terms  acceptable  to us. If adequate  funds are not  available on  acceptable  terms,  our  business,
results of operations and financial condition could be adversely affected.</FONT></P>
<BR><BR>
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                20</FONT></TD>
</TR>
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        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
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<P ALIGN="CENTER"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        CHURCHILL DOWNS INCORPORATED<BR>
        ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND<BR>
        RESULTS OF OPERATIONS (Continued)
</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        <B><U>Significant Accounting Pronouncements</U></B></FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
In April 2002,  the FASB issued SFAS No. 145,  "Rescission  of FASB SFAS No. 4, 44 and 64,  Amendment  of FASB SFAS
No. 13, and  Technical  Corrections."  SFAS No. 145  addresses  financial  accounting  and  reporting for gains and
losses from the  extinguishments  of debt.  This statement  rescinds SFAS No. 4,  "Reporting  Gains and Losses from
Extinguishments  of Debt,"  and an  amendment  of that  Statement,  SFAS No. 64,  "Extinguishments  of Debt Made to
Satisfy  Sinking-Fund  Requirements."  This Statement also rescinds SFAS No. 44,  "Accounting for Intangible Assets
of Motor  Carriers," SFAS No. 13,  "Accounting for Leases" and amends other existing  authoritative  pronouncements
to  make  various  technical  corrections,   clarify  meanings,  or  describe  their  applicability  under  changed
conditions.  The  provisions  of SFAS  No.  145 are  effective  in  fiscal  years  beginning  after  May 15,  2002.
Management  anticipates  that the adoption of SFAS No. 145 will not have an effect on our results of  operations or
financial position.</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
The  FASB  issued  SFAS  No.  146  "Accounting  for Exit or  Disposal  Activities."  SFAS  No.  146  addresses  the
recognition,  measurement, and reporting of costs that are associated with exit and disposal activities,  including
certain lease  termination  costs and  severance-type  costs under a one-time  benefit  arrangement  rather than an
ongoing benefit  arrangement or an individual  deferred-compensation  contract.  SFAS No. 146 requires  liabilities
associated  with exit and  disposal  activities  to be  expensed  as  incurred  and will be  effective  for exit or
disposal  activities that are initiated after December 31, 2002.  Management  anticipates that the adoption of SFAS
No. 146 will not have a significant effect on our results of operation or financial position.</FONT></P>
<BR><BR>
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                21</FONT></TD>
</TR>
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        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
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<P align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
CHURCHILL DOWNS INCORPORATED</FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
        <TD WIDTH=10% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                ITEM 3.</FONT></TD>
        <TD WIDTH=90% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</FONT></TD>
</TR>

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<TR VALIGN=TOP>
        <TD WIDTH=10% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=90% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>At
September 30, 2002, we had $116.9 million of debt outstanding under our
revolving loan facility, which bears interest at LIBOR based variable rates. We
are exposed to market risk on variable rate debt due to potential adverse
changes in the LIBOR rate. Assuming the outstanding balance on the revolving
loan facility remains constant, a one percentage point increase in the LIBOR
rate would reduce annual pre-tax earnings and cash flows by $1.2 million.</FONT></TD>
</TR>

<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>

<TR VALIGN=TOP>
        <TD WIDTH=10% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=90% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>In
order to mitigate a portion of the market risk associated with our variable rate
debt, we have entered into interest rate swap contracts with major financial
institutions. Under terms of these separate contracts we receive a LIBOR based
variable interest rate and pay a fixed interest rate of 7.015% on a notional
amount of $35.0 million, which matures in March 2003 and 6.40% on a notional
amount of $30.0 million, which matures in November 2002. Assuming the September
30, 2002, notional amounts under the interest rate swap contracts remain
constant, a one percentage point increase in the LIBOR rate would increase
annual pre-tax earnings and cash flows by $0.7 million.</FONT></TD>
</TR>

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<TR VALIGN=TOP>
        <TD WIDTH=10% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                ITEM 4.</FONT></TD>
        <TD WIDTH=90% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                CONTROLS AND PROCEDURES</FONT></TD>
</TR>

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<TR VALIGN=TOP>
        <TD WIDTH=10% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=90% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
              Under  the  supervision  and  with the  participation  of our  management,  including  our  principal
              executive  officer and  principal  financial  officer,  we have  evaluated the  effectiveness  of the
              design and  operation  of our  disclosure  controls  and  procedures  pursuant to  Exchange  Act Rule
              13a-14 within 90 days of the filing date of this quarterly  report,  and, based on their  evaluation,
              our principal  executive  officer and principal  financial officer have concluded that these controls
              and  procedures  are  effective.  There were no  significant  changes in our internal  controls or in
              other  factors  that  could  significantly  affect  these  controls  subsequent  to the date of their
              evaluation.</FONT></TD>
</TR>

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        <TD WIDTH=10% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=90% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>

              Disclosure  controls  and  procedures  are our  controls  and other  procedures  that are designed to
              ensure that  information  required to be  disclosed by us in the reports that we file or submit under
              the Exchange Act is recorded,  processed,  summarized and reported, within the time periods specified
              in the  Securities  and Exchange  Commission's  rules and forms.  Disclosure  controls and procedures
              include,  without limitation,  controls and procedures  designed to ensure that information  required
              to be disclosed  by us in the reports  that we file or submit  under the Exchange Act is  accumulated
              and  communicated  to our  management,  including  our  principal  executive  officer  and  principal
              financial officer, as appropriate to allow timely decisions regarding required disclosure.</FONT></TD>
</TR>
</TABLE>

<BR><BR>
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                22</FONT></TD>
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        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
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<P align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>PART II.
OTHER INFORMATION</font></p>


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<TR VALIGN=TOP>
        <TD WIDTH=10% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                ITEM 1.</FONT></TD>
        <TD WIDTH=90% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        <U>Legal Proceedings</U></FONT></TD>
</TR>

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<TR VALIGN=TOP>
        <TD WIDTH=10% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=90% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
         Not Applicable</FONT></TD>
</TR>

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<TR VALIGN=TOP>
        <TD WIDTH=10% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                ITEM 2.</FONT></TD>
        <TD WIDTH=90% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        <U>Changes in Securities and Use of Proceeds</U></FONT></TD>
</TR>

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<TR VALIGN=TOP>
        <TD WIDTH=10% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=90% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
         Not Applicable</FONT></TD>
</TR>

<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>

<TR VALIGN=TOP>
        <TD WIDTH=10% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                ITEM 3.</FONT></TD>
        <TD WIDTH=90% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        <U>Defaults Upon Senior Securities</U></FONT></TD>
</TR>

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<TR VALIGN=TOP>
        <TD WIDTH=10% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=90% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
         Not Applicable</FONT></TD>
</TR>

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<TR VALIGN=TOP>
        <TD WIDTH=10% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                ITEM 4.</FONT></TD>
        <TD WIDTH=90% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        <U>Submission of Matters to a Vote of Security Holders</U></FONT></TD>
</TR>

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<TR VALIGN=TOP>
        <TD WIDTH=10% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=90% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
         Not Applicable</FONT></TD>
</TR>

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<TR VALIGN=TOP>
        <TD WIDTH=10% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                ITEM 5.</FONT></TD>
        <TD WIDTH=90% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        <U>Other Information</U></FONT></TD>
</TR>

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<TR VALIGN=TOP>
        <TD WIDTH=10% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=90% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
         Not Applicable</FONT></TD>
</TR>

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<TR VALIGN=TOP>
        <TD WIDTH=10% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                ITEM 6.</FONT></TD>
        <TD WIDTH=90% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        <U>Exhibits and Reports on Form 8-K.</U></FONT></TD>
</TR>

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<TR VALIGN=TOP>
        <TD WIDTH=10% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=90% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
         A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibits</FONT></TD>
</TR>

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<TR VALIGN=TOP>
        <TD WIDTH=10% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=90% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
         &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See exhibit index on page 27.</FONT></TD>
</TR>

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<TR VALIGN=TOP>
        <TD WIDTH=10% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=90% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
         B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reports on Form 8-K</FONT></TD>
</TR>
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<TR VALIGN=TOP>
        <TD WIDTH=10% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=90% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Churchill Downs Incorporated
        filed a Current Report on Form 8-K dated July 24, 2002, <BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;attaching our second quarter 2002
        earnings release dated July 23, 2002.</FONT></TD>
</TR>
</TABLE>

<BR><BR>
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        <TD COLSPAN=3 ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                23</FONT></TD>
</TR>
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        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
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<TR valign="bottom">
         <TD COLSPAN=3 align="CENTER"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                SIGNATURES</FONT></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR valign="bottom">
        <TD COLSPAN=3 align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Pursuant to the requirements of the Securities Exchange Act of 1934,
                 the registrant has duly caused this report to be signed on its behalf
                 by the undersigned thereunto duly authorized. </FONT></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>

<TR valign="bottom">
       <TD COLSPAN=2 align="CENTER"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD COLSPAN=1 align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                CHURCHILL DOWNS INCORPORATED</FONT></TD>
</TR>

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<TR valign="bottom">
        <TD width=10% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=40% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                November 14, 2002</FONT></TD>
        <TD width=50% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <U>\s\Thomas H. Meeker</U></FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=10% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=40% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=50% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Thomas H. Meeker</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=10% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=40% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=50% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                President and Chief Executive Officer</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=10% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=40% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=50% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (Principal Executive Officer)</FONT></TD>
</TR>

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<TR valign="bottom">
        <TD width=10% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=40% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                November 14, 2002</FONT></TD>
        <TD width=50% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <U>\s\Robert L. Decker</U></FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=10% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=40% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=50% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Robert L. Decker</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=10% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=40% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=50% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Executive Vice President and Chief Financial Officer</FONT></TD>
</TR>


<TR valign="bottom">
        <TD width=10% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=40% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=50% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (Principal Financial Officer)</FONT></TD>
</TR>

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<TR valign="bottom">
        <TD width=10% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=40% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                November 14, 2002</FONT></TD>
        <TD width=50% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <U>\s\Michael E. Miller</U></FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=10% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=40% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=50% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Michael E. Miller</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=10% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=40% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=50% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Senior Vice President, Finance</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=10% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=40% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=50% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (Principal Accounting Officer)</FONT></TD>
</TR>

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        <TD COLSPAN=3 ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
               24</FONT></TD>
</TR>
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        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
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<TR valign="bottom">
         <TD COLSPAN=4 align="CENTER"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                CERTIFICATIONS</FONT></TD>
</TR>
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<TR valign="top">
        <TD COLSPAN=4 align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                I, Thomas H. Meeker, certify that:</FONT></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR valign="top">
        <TD width=4% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                1.</FONT></TD>
        <TD colspan=3 align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
               I have reviewed this quarterly report on Form 10-Q of Churchill Downs Incorporated;</FONT></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR valign="top">
        <TD width=4% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                2.</FONT></TD>
        <TD colspan=3 align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Based on my knowledge,  this quarterly  report does not contain any untrue statement of a material fact or
                 omit to state a material  fact  necessary to make the  statements  made, in light of the  circumstances  under
                 which such statements were made, not misleading with respect to the period covered by this quarterly report;</FONT></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR valign="top">
        <TD width=4% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                3.</FONT></TD>
        <TD colspan=3 align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Based on my  knowledge,  the  financial  statements,  and other  financial  information  included  in this
                quarterly report,  fairly present in all material respects the financial condition,  results of operations and
                cash flows of the registrant as of, and for, the periods presented in this quarterly report.</FONT></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR valign="top">
        <TD width=4% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                4.</FONT></TD>
        <TD colspan=3 align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                The  registrant's  other  certifying  officers and I are  responsible  for  establishing  and  maintaining
                disclosure  controls and  procedures  (as defined in Exchange Act Rules 13a-14 and 15d-14) for the  registrant
                and we have:</FONT></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR valign="top">
        <TD width=4% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=2% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                a.</FONT></TD>
        <TD width=2% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=92% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>Designed such  disclosure  controls and  procedures to ensure that  material  information  relating to the
              registrant,  including  its  consolidated  subsidiaries,  is made known to us by others  within those
              entities, particularly during the period in which this quarterly report is being prepared;</FONT></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR valign="top">
        <TD width=4% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=2% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                b.</FONT></TD>
        <TD width=2% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=92% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Evaluated the  effectiveness  of the registrant's  disclosure  controls and procedures as of a date within
                90 days prior to the filing date of this quarterly report (the "Evaluation Date"); and</FONT></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR valign="top">
        <TD width=4% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=2% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                c.</FONT></TD>
        <TD width=2% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=92% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 Presented in this quarterly  report our conclusions  about the  effectiveness  of the disclosure  controls
                 and procedures based on our evaluation as of the Evaluation Date;</FONT></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR valign="top">
        <TD width=4% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                5.</FONT></TD>
        <TD colspan=3 align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                The registrant's other certifying officers and I have disclosed,  based on our most recent evaluation,  to
                the  registrant's  auditors  and the audit  committee  of the  registrant's  board of  directors  (or  persons
                performing the equivalent function):</FONT></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR valign="top">
        <TD width=4% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=2% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                a.</FONT></TD>
        <TD width=2% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=92% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                All  significant  deficiencies  in the design or  operation  of internal  controls  which could  adversely
              affect the  registrant's  ability to record,  process,  summarize and report  financial data and have
              identified for the registrant's auditors any material weaknesses in internal controls; and</FONT></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR valign="top">
        <TD width=4% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=2% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                b.</FONT></TD>
        <TD width=2% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=92% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Any fraud,  whether or not material,  that involves  management or other  employees who have a significant
                role in the registrant's internal controls; and</FONT></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR valign="top">
        <TD width=4% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                6.</FONT></TD>
        <TD colspan=3 align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                The registrant's  other  certifying  officers and I have indicated in this quarterly report whether or not
                there were  significant  changes in internal  controls or in other  factors  that could  significantly  affect
                internal  controls  subsequent to the date of our most recent  evaluation,  including any  corrective  actions
                with regard to significant deficiencies and material weaknesses.</FONT></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
</TABLE>

<TABLE width=100% CELLPADDING=0 CELLSPACING=0 BORDER=0><!-- Table #####################################################-->

<TR valign="top">
        <TD width=60% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Date:  November 14, 2002</FONT></TD>
        <TD width=40% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        <U>\s\Thomas H. Meeker&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
</TR>

<TR valign="top">
        <TD width=60% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=40% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        Thomas H. Meeker</FONT></TD>
</TR>

<TR valign="top">
        <TD width=60% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=40% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        President and Chief Executive Officer</FONT></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
</TABLE>

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        <TD COLSPAN=3 ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
               25</FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
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<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR valign="top">
        <TD COLSPAN=4 align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                I, Robert L. Decker, certify that:</FONT></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR valign="top">
        <TD width=4% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                1.</FONT></TD>
        <TD colspan=3 align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
               I have reviewed this quarterly report on Form 10-Q of Churchill Downs Incorporated;</FONT></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR valign="top">
        <TD width=4% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                2.</FONT></TD>
        <TD colspan=3 align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Based on my knowledge,  this quarterly  report does not contain any untrue statement of a material fact or
                 omit to state a material  fact  necessary to make the  statements  made, in light of the  circumstances  under
                 which such statements were made, not misleading with respect to the period covered by this quarterly report;</FONT></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR valign="top">
        <TD width=4% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                3.</FONT></TD>
        <TD colspan=3 align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Based on my  knowledge,  the  financial  statements,  and other  financial  information  included  in this
                quarterly report,  fairly present in all material respects the financial condition,  results of operations and
                cash flows of the registrant as of, and for, the periods presented in this quarterly report.</FONT></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR valign="top">
        <TD width=4% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                4.</FONT></TD>
        <TD colspan=3 align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                The  registrant's  other  certifying  officers and I are  responsible  for  establishing  and  maintaining
                disclosure  controls and  procedures  (as defined in Exchange Act Rules 13a-14 and 15d-14) for the  registrant
                and we have:</FONT></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR valign="top">
        <TD width=4% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=2% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                a.</FONT></TD>
        <TD width=2% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=92% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>Designed such  disclosure  controls and  procedures to ensure that  material  information  relating to the
              registrant,  including  its  consolidated  subsidiaries,  is made known to us by others  within those
              entities, particularly during the period in which this quarterly report is being prepared;</FONT></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR valign="top">
        <TD width=4% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=2% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                b.</FONT></TD>
        <TD width=2% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=92% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Evaluated the  effectiveness  of the registrant's  disclosure  controls and procedures as of a date within
                90 days prior to the filing date of this quarterly report (the "Evaluation Date"); and</FONT></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR valign="top">
        <TD width=4% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=2% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                c.</FONT></TD>
        <TD width=2% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=92% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 Presented in this quarterly  report our conclusions  about the  effectiveness  of the disclosure  controls
                 and procedures based on our evaluation as of the Evaluation Date;</FONT></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR valign="top">
        <TD width=4% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                5.</FONT></TD>
        <TD colspan=3 align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                The registrant's other certifying officers and I have disclosed,  based on our most recent evaluation,  to
                the  registrant's  auditors  and the audit  committee  of the  registrant's  board of  directors  (or  persons
                performing the equivalent function):</FONT></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR valign="top">
        <TD width=4% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=2% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                a.</FONT></TD>
        <TD width=2% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=92% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                All  significant  deficiencies  in the design or  operation  of internal  controls  which could  adversely
              affect the  registrant's  ability to record,  process,  summarize and report  financial data and have
              identified for the registrant's auditors any material weaknesses in internal controls; and</FONT></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR valign="top">
        <TD width=4% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=2% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                b.</FONT></TD>
        <TD width=2% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=92% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Any fraud,  whether or not material,  that involves  management or other  employees who have a significant
                role in the registrant's internal controls; and</FONT></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR valign="top">
        <TD width=4% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                6.</FONT></TD>
        <TD colspan=3 align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                The registrant's  other  certifying  officers and I have indicated in this quarterly report whether or not
                there were  significant  changes in internal  controls or in other  factors  that could  significantly  affect
                internal  controls  subsequent to the date of our most recent  evaluation,  including any  corrective  actions
                with regard to significant deficiencies and material weaknesses.</FONT></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
</TABLE>

<TABLE width=100% CELLPADDING=0 CELLSPACING=0 BORDER=0><!-- Table #####################################################-->

<TR valign="top">
        <TD width=60% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Date:  November 14, 2002</FONT></TD>
        <TD width=40% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        <U>\s\Robert L. Decker&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
</TR>

<TR valign="top">
        <TD width=60% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=40% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        Robert L. Decker</FONT></TD>
</TR>

<TR valign="top">
        <TD width=60% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=40% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        Executive Vice President and Chief</FONT></TD>
</TR>

<TR valign="top">
        <TD width=60% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=40% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        Financial Officer</FONT></TD>
</TR>
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</TABLE>

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        <TD COLSPAN=3 ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                26</FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
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<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
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<P ALIGN="CENTER">
<FONT FACE="Times New Roman, Times, Serif" SIZE=3>EXHIBIT INDEX</FONT></P>

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<!-- EXHIBITS-->

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<TR valign="bottom">
        <TD COLSPAN=3 align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD WIDTH=10% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <U>Numbers</U></FONT></TD>
        <TD WIDTH=2% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=43% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <U>Description</U></FONT></TD>
        <TD WIDTH=5% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=40% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <U>By Reference To</U></FONT></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>

<TR valign="TOP">
        <TD WIDTH=10% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (10)(a)</FONT></TD>
        <TD WIDTH=2% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=43% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Churchill Downs Incorporated Amended and Restated Incentive Compensation Plan (1997)</FONT></TD>
        <TD WIDTH=5% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=40% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Page 28, Report on Form 10-Q for the fiscal quarter ended September 30, 2002</FONT></TD>
</TR>

<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>

<TR valign="TOP">
        <TD WIDTH=10% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (99)(a)</FONT></TD>
        <TD WIDTH=2% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=43% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Certification of CEO and CFO Pursuant to 18 U.S.C. Section 1350,
                As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</FONT></TD>
        <TD WIDTH=5% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=40% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Page 36, Report on Form 10-Q for the fiscal quarter ended September 30, 2002</FONT></TD>
</TR>
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        <TD COLSPAN=3 ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                27</FONT></TD>
</TR>
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        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
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<DOCUMENT>
<TYPE>EX-10
<SEQUENCE>3
<FILENAME>aricp023.htm
<DESCRIPTION>AMENDED AND RESTATED INCENTIVE COMPENSATION PLAN
<TEXT>
<HTML>
<HEAD>
<TITLE>Churchill Downs Incorporated Amended and Restated Incentive Compensation Plan 2002 3Q
</TITLE>
</HEAD>
<BODY>

<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>CHURCHILL
DOWNS INCORPORATED<br>
AMENDED AND RESTATED<br>
INCENTIVE COMPENSATION PLAN (1997)</FONT></H1>

<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>ARTICLE 1</FONT></H1>

<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4><u>PURPOSE</U></FONT></H1>



<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
purpose of the CHURCHILL DOWNS INCORPORATED AMENDED AND RESTATED INCENTIVE
COMPENSATION PLAN is to promote the interests of the Company and its
stockholders by providing greater incentives to officers and other key
management employees by rewarding them for services rendered with compensation
in an amount which is directly related to the success of the Company as well as
the performance of the operating units and the individual employees. </FONT></P>



<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>ARTICLE 2</FONT></H1>

<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4><u>DEFINITIONS</u></FONT></H1>



<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Definitions</U>. The following words and phrases, when used herein, unless
their context clearly indicates otherwise, shall have the following respective
meanings: </FONT></P>

<BLOCKQUOTE>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
       <U>Beneficiary</U>.  A person or persons (natural or otherwise) designated by a Participant in accordance with the
         provisions of Article 8 to receive any benefits which shall be payable under this Plan.</BLOCKQUOTE>

<BLOCKQUOTE>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
       <U>Board</U>.  The Board of Directors of Churchill Downs Incorporated.</BLOCKQUOTE>
<BLOCKQUOTE>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
       <U>Budget</U>.  The annual operating budget approved by the Board for each year during the term of the Plan.
</BLOCKQUOTE>
<BLOCKQUOTE>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
       <U>CEO</U>.  The Chief Executive Officer of Churchill Downs Incorporated.
</BLOCKQUOTE>
<BLOCKQUOTE>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
       <U>Company</U>.  Churchill Downs Incorporated and its subsidiaries.
</BLOCKQUOTE>
<BLOCKQUOTE>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <U>Company Achievement Percentage Levels</U>.  The percentages established annually by the Committee to
         be used, as provided in Section 6.2, in computing a part of an Annual Incentive Compensation Award based upon
         achievement of a Company Performance Goal.
</BLOCKQUOTE>
<BLOCKQUOTE>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
       <U>Company Performance Goals</U>.  The goal defined in Section 6.1.A.
</BLOCKQUOTE>
<BLOCKQUOTE>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <U>Disability</U>.  A physical or mental condition arising after the Effective Date hereof which qualifies a
         Participant for disability benefits under the Social Security Act in effect on the date of disability.
</BLOCKQUOTE>


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<BLOCKQUOTE>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <U>Discretionary Achievement Percentage Levels</U>.  The percentages established annually by the Committee to be
         used, as provided in Section 6.5, in computing a part of an Annual Incentive Compensation Award, based upon achievement of a
         Discretionary Performance Goal.
</BLOCKQUOTE>
<BLOCKQUOTE>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
       <U>Discretionary Performance Goals</U>.  The goals defined in Section 6.1.D.
</BLOCKQUOTE>
<BLOCKQUOTE>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
       <U>Effective Date</U>.  January 1, 1997.
</BLOCKQUOTE>
<BLOCKQUOTE>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     <U>Incentive Compensation Award</U>.  The award as defined in Article 6.  An award under the Churchill Downs
         Incorporated Incentive Compensation Plan (1997) during any year shall be an "Annual Incentive Compensation Award."
</BLOCKQUOTE>
<BLOCKQUOTE>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <U>Participant</U>.  An employee of the Company who is selected for participation in the Plan in accordance with
         the provisions of Article 5.  For purposes of Articles 7 and 8, the term Participant shall also include a former employee
         who is entitled to benefits under this Plan.
</BLOCKQUOTE>
<BLOCKQUOTE>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
       <U>Participation Classification</U>.  The classification assigned to each Participant in accordance with the
         provisions of Article 5.
</BLOCKQUOTE>
<BLOCKQUOTE>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;O.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <U>Participation Percentage</U>.  The percentages of participation in the Plan as defined in Article 6.
</BLOCKQUOTE>
<BLOCKQUOTE>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;P.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <U>Performance Goals</U>.  The performance goals as defined in Article 6.
</BLOCKQUOTE>
<BLOCKQUOTE>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <U>Plan</U>.  The Churchill Downs Incorporated Incentive Compensation Plan (1997).
</BLOCKQUOTE>
<BLOCKQUOTE>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <U>Plan Year</U>.  The twelve-month period commencing on January 1 of one calendar year and ending on December 31
         of the same calendar year, which period is also the Company's fiscal year.
</BLOCKQUOTE>
<BLOCKQUOTE>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
       <U>Profit Center</U>. Each Churchill Downs Incorporated racing operation, and any other profit centers designated by the CEO.
</BLOCKQUOTE>
<BLOCKQUOTE>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
       <U>Pre-tax Income</U>.  The annual consolidated income of the Company, before federal and state income
         taxes, after any allowance for payments made or to be made under this Plan, and after inclusion of all extraordinary
         revenues and deduction of all extraordinary expenses, all as calculated in accordance with generally accepted
         accounting principles consistently applied and confirmed by the audit report of the Company's independent public
         accountants.
</BLOCKQUOTE>

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<BLOCKQUOTE>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     <U>Profit Center Achievement Percentage Levels</U>.  The percentages established annually by the
         Committee to be used, as provided in Section 6.3, in computing a part of an Annual Incentive Compensation Award,
         based upon achievement of a Profit Center Performance Goal.
</BLOCKQUOTE>
<BLOCKQUOTE>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; V.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
       <U>Profit Center Performance Goals</U>.  The goals defined in Section 6.1.B.
</BLOCKQUOTE>
<BLOCKQUOTE>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
       <U>Salary</U>.  The Participant's base annual salary as set by either the Compensation Committee of the Board or
         the CEO.
</BLOCKQUOTE>
<BLOCKQUOTE>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <U>Service Center</U>.  The Finance, Development &amp; Technology Service Center, the Legal Service Center,
         the Corporate Communications Service Center, and any other  service center designated by the CEO.
</BLOCKQUOTE>
<BLOCKQUOTE>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Y. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <U>Service Center Achievement Percentage Levels</U>.  The percentages established annually by the
         Committee to be used, as provided in Section 6.4, in computing a part of an Annual Incentive Compensation Award
         based upon achievement of a Service Center Performance Goal.
</BLOCKQUOTE>
<BLOCKQUOTE>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Z.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <U>Service Center Performance Goals</U>.  The goals defined in Section 6.1.C.
</BLOCKQUOTE>
<BLOCKQUOTE>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AA.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     <U>Termination Date</U>.  December 31, 2002, or such earlier date as may be determined under Section 9.2.
</BLOCKQUOTE>



<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Construction</U>.
 The masculine gender, where appearing in the Plan, shall be deemed to include the feminine gender,</FONT>

unless the context clearly indicates to the contrary.

<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>ARTICLE 3</FONT></H1>

<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4><u>ADMINISTRATION</u></FONT></H1>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Committee</U>.  The Plan shall be administered by the Compensation Committee of the Board (hereinafter the "Committee").</FONT>


<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Committee&#146;s Power and Authority</U>. The Committee shall have full and
complete authority and power, subject only to the direction of the Board, to
administer the Plan in accordance with its terms and carry out the provisions of
the Plan. The Committee shall interpret the Plan and shall determine all
questions, factual, legal or otherwise, arising in the administration,
interpretation and application of the Plan, including but not limited to
questions of eligibility and the status and rights of Participants,
Beneficiaries and other persons. The Committee shall have any and all power and
authority (including discretion with respect to the exercise of such power and
authority) which shall be necessary, properly advisable, desirable, or
</FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
convenient to enable it to carry out its duties under the Plan. By way of
illustration and not limitation, the Committee is empowered and authorized to
make rules and regulations in respect to the Plan not inconsistent with the
Plan; to determine, consistently therewith, all questions that may arise as to
the eligibility, benefits, status and right of any person claiming benefits
under the Plan; to determine whether a Participant was terminated for just
cause; and subject to and consistent with, any applicable laws, to make factual
determinations, to construe and interpret the Plan and correct any defect,
supply any omissions or reconcile any inconsistencies in the Plan. Any such
determination by the Committee shall presumptively be conclusive and binding on
all persons. The regularly kept records of the Company shall be conclusive and
binding upon all persons with respect to a Participant&#146;s date and length of
employment, time and amount of salary and the manner of payment thereof, type
and length of any absence from work and all other matters contained therein
relating to employment. All rules and determinations of the Committee shall be
uniformly and consistently applied to all persons in similar circumstances. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Committee&#146;s Annual Review</U>. The Committee shall review the operation
of the Plan to determine its effectiveness in promoting its operating results
and the shareholders&#146; investment; further, the Committee shall report
annually to the Board on its findings and make such recommendations as the
Committee deems appropriate. </FONT></P>



<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>ARTICLE 4</FONT></H1>

<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4><u>EFFECTIVE
DATE AND TERMINATION</u></FONT></H1>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Plan shall be effective as of January 1, 1997. The Plan shall terminate on
December 31, 2002, except with respect to the payment of any Incentive
Compensation Awards which may become due and payable thereafter, or unless
terminated earlier by action of the Board under Section 9.2. </FONT></P>



<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>ARTICLE 5</FONT></H1>

<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4><u>ELIGIBILITY
AND PARTICIPATION</u></FONT></H1>



<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Eligibility</U>. All Company officers and other key management employees who
are employed by the Company on the date of the adoption of this Plan and who are
specifically designated by the Committee as Participants shall be Participants
in the Plan as of January 1, 1997. In addition, any officers and other key
management employees who are subsequently designated by the Committee as
participants shall become Participants in the Plan on the date established by
the Committee for such participation. Once an employee becomes a Participant, he
will remain a Participant until the earliest of: [i] termination of this Plan;
[ii] termination of his active service with the Company; or [iii] termination of
his status as a Participant by decision of the Committee, provided, however,
that a Participant will be terminated from participation in the Plan only at the
beginning of a Plan Year. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Classifications of Participants</U>. The Committee shall, from time to time,
establish Participation Classifications which will determine the
Participants&#146; Performance Goals. Simultaneous with the Committee&#146;s</FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
designation of an employee as a Participant, the Committee shall designate in
which classifications of Participants the employee shall participate. The
Committee may change the Class designation of a Participant as of the beginning
of any Plan Year. </FONT></P>



<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>ARTICLE 6</FONT></H1>

<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4><u>ANNUAL
INCENTIVE COMPENSATION AWARDS</u></FONT></H1>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
<u>Performance Goals</u>.  Annual Incentive Compensation Awards to each Participant shall be determined on the basis of
the  achievement of the following Performance Goals:<br><br>

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<TD WIDTH=6%>&nbsp;</TD>
<TD WIDTH=94%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Company achieves certain Pre-tax Income for the applicable year: the
&#147;Threshold Company Goal&#148; (90% of the Pre-tax Income target set in the
applicable Budget); the &#147;Target Company Goal&#148; (100% of the Pre-tax
Income target set in the applicable Budget); and the Maximum Company Goal&#148;
(120% of the Pre-tax Income target set in the applicable Budget) (the
&#147;Company Performance Goal[s]&#148;). The Committee shall establish annually
the percentage of the Annual Incentive Compensation Award to each Participant
which is awarded to each Participant based upon the Company Performance Goals
(the &#147;Company Performance Goals Percentage&#148;). </FONT>
</TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=6%>&nbsp;</TD>
<TD WIDTH=94%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In the case of Classes to which Participants working in Profit Centers are
assigned, the Profit Center achieves certain objective financial and other criteria as astablished by the CEO: the &#147;Threshold Profit Center Goal&#148; (90% of the
pre-tax net income set in the Profit Center&#146;s applicable Budget); the
&#147;Target Profit Center Goal&#148; (100% of the pre-tax net income set in the
Profit Center&#146;s applicable Budget); and the &#147;Maximum Profit Center
Goal&#148; (120% of the pre-tax net income set in the Profit Center&#146;s
applicable Budget) (the &#147;Profit Center Performance Goal[s]&#148;). The
Committee shall establish annually the percentage of the Annual Incentive
Compensation Award which is awarded to each Participant based upon the Profit
Center Performance Goals (the &#147;Profit Center Performance Goals
Percentage&#148;). </FONT>
</TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=6%>&nbsp;</TD>
<TD WIDTH=94%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In the case of Classes to which Participants working in Service Centers are
assigned, such Service Center meets certain objective financial and other
criteria established by the CEO and the Senior Vice President of that Service
Center for the applicable year: the &#147;Threshold Service Center Goal&#148;
(90% of the Service Center&#146;s established criteria); the &#147;Target
Service Center Goal&#148; (100% of the Service Center&#146;s established
criteria); and the &#147;Maximum Service Center Goal&#148; (120% of the Service
Center&#146;s established criteria) (the &#147;Service Center Performance
Goal[s]&#148;). Achievement of the Service Center Performance Goals shall be
determined in the CEO&#146;s sole discretion. The Committee shall establish
annually the percentage of the Annual Incentive Compensation Award which is
awarded to each Participant based upon the Service Center Performance Goals (the
&#147;Service Center Performance Goals Percentage&#148;). </FONT>
</TD>
</TR>
</TABLE>
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<TD WIDTH=94%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Participant achieves certain performance standards particular to his or her
position in the Company for the applicable year: the &#147;Threshold
Discretionary Goal&#148; (90% of the Participant&#146;s performance standards);
the &#147;Target Discretionary Goal&#148; (100% of the Participant&#146;s
performance standards); and the &#147;Maximum Discretionary Goal&#148; (120% of
the Participant&#146;s performance standards) (the &#147;Discretionary
Performance Goal[s]&#148;). Achievement of the Discretionary Performance Goals
shall be determined in the sole discretion of the CEO. The Committee shall
establish annually the percentage of the Annual Incentive Compensation Award
which is awarded based upon the Discretionary Performance Goals (the
&#147;Discretionary Performance Goals Percentage&#148;). </FONT>
</TD>
</TR>
</TABLE>
<BR>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Computation of Award Based Upon Company Performance Goals</U>. For each Plan
Year for which the Company achieves the &#147;Threshold Company Goal&#148;, each
Participant shall be awarded an Annual Incentive Compensation Award which shall
be computed by multiplying: (i) the Participant&#146;s Salary for the Plan Year;
by (ii) the Participation Percentage, as established annually by the Committee
for the Participant&#146;s Class; by (iii) the Company Performance Goals
Percentage, as established annually by the Committee for the Participant&#146;s
Class; by (iv) the applicable Company Achievement Percentage Level as
established annually by the Committee. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Computation of Award based on Profit Center Performance Goals</U>. For each
Plan Year for which the Company achieves at least the Threshold Company
Performance Goal and the Profit Center in which that Participant works achieves
at least its Threshold Profit Center Performance Goal, each Participant of a
Profit Center Class shall be awarded an Annual Incentive Compensation Award
which shall be computed by multiplying: (i) the Participant&#146;s Salary for
the Plan Year; by (ii) the Participation Percentage, as established annually by
the Committee for the Participant&#146;s class; by (iii) the Profit Center
Performance Goals Percentage as established annually by the Committee for the
Participant&#146;s Class; (iv) by the applicable Profit Center Achievement
Percentage Level as established annually by the Committee. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Computation of Award based on Service Center Performance Goals</U>. For each
Plan Year for which the Company achieves at least the Threshold Company
Performance Goal and the Service Center in which that Participant works achieves
at least its Threshold Service Center Performance Goal, each Participant in a
Service Center Class shall be awarded an Annual Incentive Compensation Award
which shall be computed by multiplying: (i) the Participant&#146;s Salary for
the Plan Year; by (ii) the Participation Percentage, as established annually by
the Committee for the Participant&#146;s Class; by (iii) the Service Center
Performance Goals Percentage as established annually by the Committee for the
Participant&#146;s Class; by (iv) the applicable Service Center Achievement
Percentage Level as established annually by the Committee. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Computation of Award based on Discretionary Performance Goals</U>. For each
Plan Year for which the Company achieves at least the Threshold Company
Performance Goal and that Participant achieves at least his/her Threshold
Discretionary Performance Goal, a Participant may be awarded an Annual Incentive
Compensation Award which shall be computed by multiplying: (i) the
Participant&#146;s Salary for the Plan Year; by (ii) the Participation
Percentage as established annually by the Committee; by (iii) the Discretionary
</FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
Performance Goals Percentage for the Participant&#146;s Class as established
annually by the Committee; by (iv) the applicable Discretionary Achievement
Percentage Level as established annually by the Committee. Notwithstanding the
foregoing, the Discretionary Achievement Percentage Level for any Plan Year
shall not exceed the greater of 100% or the Company Achievement Percentage Level
or the greater of 100% or the Profit Unit Achievement Percentage Level (in the
case of the Racetrack Profit Centers) for that Plan Year. The CEO, in his/her
sole discretion, shall determine whether a Participant has met Discretionary
Performance Goals. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<u>Adjustments to Annual Incentive Compensation Award</U>.  An Annual Incentive Compensation Award shall be adjusted by any
one or more of the following adjustments:</FONT>

<BLOCKQUOTE>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In the event a Participant shall, during a Plan Year, die, retire, go on a leave of absence with the
Company's consent, terminate employment due to Disability, or be terminated without just cause, the Annual Incentive Compensation
Award for that Participant for such Plan Year shall be reduced, pro rata, based on the number of days in such Plan Year during which
he was not a Participant.</BLOCKQUOTE>

<BLOCKQUOTE>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In the event that during a Plan Year a Participant shall be discharged for just cause or shall voluntarily
resign for any reason other than Disability, the Annual Incentive Compensation Award for that Participant shall be reduced to zero,
and no Annual Incentive Compensation Award shall be payable to that Participant for such Plan Year.</BLOCKQUOTE>



<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>ARTICLE 7</FONT></H1>

<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4><u>PAYMENT OF
BENEFITS</u></FONT></H1>



<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  As soon as the Committee has determined the amount of
all of the Annual Incentive Compensation Awards at the end of a Plan Year, the
Committee shall instruct the Company to pay each award in cash in one lump sum. </FONT></P>



<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>ARTICLE 8</FONT></H1>

<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4><u>DESIGNATION
OF BENEFICIARIES</u></FONT></H1>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
Participant may file with the Committee a designation of a Beneficiary or
Beneficiaries in writing, which designation may be changed or revoked by the
Participant&#146;s sole action, provided that the change or revocation is filed
with the Committee in writing. If a Participant dies, any benefit which the
Participant is entitled to receive under the Plan shall be delivered to the
Beneficiary or Beneficiaries so designated, or if no Beneficiary has been
designated or survives the Participant, shall be delivered to the Executor or
Administrator of the Participant&#146;s estate. </FONT></P>

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                34</FONT></TD>
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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>ARTICLE 9</FONT></H1>

<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>MISCELLANEOUS
PROVISIONS</FONT></H1>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Other Plans</U>. Any payment made under the provisions of this Plan shall be
includable in or excludable from a Participant&#146;s compensation for purposes
of any other qualified or nonqualified benefit plan in which the Participant may
be eligible to participate by reference to the terms of such other plan. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Plan Amendment and Terminations</U>. The Company, acting through the
Committee or the Board, reserves the right to amend and/or to terminate the Plan
for any reason and at any time. Any amendment or termination of this Plan shall
not affect the right of any Participant or his Beneficiary to receive an
Incentive Compensation Award after it has been earned. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Right to Transfer, Alienate and Attach</U>. Except to the extent that a
Participant may designate a Beneficiary under the provisions contained in
Article 8, the right of any Participant or any beneficiary to any benefit or to
any payment hereunder shall not be subject in any manner to attachment or other
legal process for the debts of such Participant or Beneficiary; and any such
benefit or payment shall not be subject to anticipation, alienation, sale,
transfer, assignment or encumbrance, except to the extent that the right to such
benefit is transferable by the Participant by will or the laws of descent and
distribution. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Indemnification</U>. No member of the Board or of the Committee and no
officer or employee of the Company shall be liable to any person for any action
taken in connection with the administration of this Plan unless attributable to
his own fraud or willful misconduct; nor shall the Company be liable to any
person for any such action unless attributable to fraud or willful misconduct on
the part of a director, officer or employee of the Company. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Non-Guarantee of Employment</U>. Neither the existence of this Plan nor any
award or benefit granted pursuant to it shall create any right to continued
employment of any Participant by the Company. No Participant shall, under any
circumstances, have any interest whatsoever, vested or contingent, in any
particular property or asset of the Company by virtue of any award, unpaid bonus
or other accrued benefit under the Plan. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Source of Payment</U>. No special or separate fund shall be established or
other segregation of assets made with respect to any immediate or deferred
payment under the Plan. All payment of awards shall be made from the general
funds of the Company. To the extent that a Participant or his Beneficiary
acquires a right to receive payments under this Plan, such right shall be no
greater than that of any unsecured general creditor of the Company. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Withholding Taxes</U>. The Company shall have the right to deduct from all
payments made to the Participant, whether pursuant to this Plan or otherwise,
amounts required by federal, state or local law to be withheld with respect to
any payments made pursuant to this Plan. </FONT></P>

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<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>4
<FILENAME>cfo023.htm
<DESCRIPTION>CERTIFICATE OF CEO AND CFO
<TEXT>
<HTML>
<HEAD>
<TITLE>Certification of CEO and CFO
</TITLE>
</HEAD>
<BODY>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Certification
of CEO and CFO Pursuant to<BR>

18 U.S.C. Section 1350,<BR>

As Adopted Pursuant to<BR>
Section 906 of the Sarbanes-Oxley Act of 2002</FONT></H1>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>In connection with the
Quarterly Report on Form 10-Q of Churchill Downs Incorporated (the
&#147;Company&#148;) for the quarterly period ended September 30, 2002 as filed with
the Securities and Exchange Commission on the date hereof (the
&#147;Report&#148;), Thomas H. Meeker, as President and Chief Executive Officer
of the Company, and Robert L. Decker, as Executive Vice President and Chief
Financial Officer of the Company, each hereby certifies, pursuant to 18 U.S.C.
&#167; 1350, as adopted pursuant to &#167; 906 of the Sarbanes-Oxley Act of
2002, to the best of his knowledge, that: </FONT></P>
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                &nbsp;</FONT></TD>
        <TD WIDTH=90% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Report fully complies with the requirements of section 13(a) or 15(d)
                of the Securities Exchange Act of 1934; and</FONT></TD>
</TR>
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        <TD WIDTH=10% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=90% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The information contained in the Report fairly presents,
                in all material respects, the financial condition and result of operations of the Company.
                </FONT></TD>
</TR>
</TABLE>


<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>

<U>/s/ Thomas H. Meeker</U><BR>

Thomas H. Meeker<BR>
President and Chief Executive Officer<BR>
November 14, 2002<BR>
<BR>
<U>/s/Robert L. Decker</U><BR>
Robert L. Decker<BR>
Executive Vice President and Chief Financial Officer<BR>
November 14, 2002<BR>
<BR></FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>This certification
accompanies the Report pursuant to &#167; 906 of the Sarbanes-Oxley Act of 2002
and shall not, except to the extent required by the Sarbanes-Oxley Act of 2002,
be deemed filed by the Company for purposes of &#167; 18 of the Securities
Exchange Act of 1934, as amended. </FONT></P>
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                36</FONT></TD>
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</TR>
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</DOCUMENT>
<DOCUMENT>
<TYPE>10-Q
<SEQUENCE>5
<FILENAME>f10q302.pdf
<DESCRIPTION>COMPLIMENTARY COPY
<TEXT>
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end

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