-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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 Qq9x0vEhT0TfCSmDHZ6Zxg==

<SEC-DOCUMENT>0001180666-03-000002.txt : 20031029
<SEC-HEADER>0001180666-03-000002.hdr.sgml : 20031029
<ACCEPTANCE-DATETIME>20031029140104
ACCESSION NUMBER:		0001180666-03-000002
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20031027
FILED AS OF DATE:		20031029

ISSUER:		

	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

	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

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			LONG JOHN R
		CENTRAL INDEX KEY:			0001180666

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-01469
		FILM NUMBER:		03963136

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

	MAIL ADDRESS:	
		STREET 1:		700 CENTRAL AVE
		CITY:			LOUISVILLE
		STATE:			KY
		ZIP:			40208
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>jlongform4_ex.xml
<TEXT>
<XML>
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<!-- - EDGAR Ease Plus 1.0                                   07/25/03  TT    -->
<ownershipDocument>
    <schemaVersion>X0201</schemaVersion>

    <documentType>4</documentType>
   <periodOfReport>2003-10-27</periodOfReport>
   <notSubjectToSection16>0</notSubjectToSection16>
    <issuer>
        <issuerCik>0000020212</issuerCik>
        <issuerName>CHURCHILL DOWNS INC</issuerName>
        <issuerTradingSymbol>CHDN</issuerTradingSymbol>
   </issuer>
   <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001180666</rptOwnerCik>
            <rptOwnerName>LONG JOHN R</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>700 CENTRAL AVE</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>LOUISVILLE</rptOwnerCity>
            <rptOwnerState>KY</rptOwnerState>
            <rptOwnerZipCode>40208</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
         <isDirector>0</isDirector>
         <isOfficer>1</isOfficer>
         <isTenPercentOwner>0</isTenPercentOwner>
         <isOther>0</isOther>
         <officerTitle>EVP &amp; Chief Operating Officer</officerTitle>
      </reportingOwnerRelationship>
   </reportingOwner>
 <nonDerivativeTable>
   <nonDerivativeTransaction>
      <securityTitle>
         <value>Common Stock, no par value</value>
      </securityTitle>
      <transactionDate>
         <value>2003-10-27</value>
      </transactionDate>
      <transactionCoding>
         <transactionFormType>4</transactionFormType>
         <transactionCode>M</transactionCode>
         <equitySwapInvolved>0</equitySwapInvolved>
      </transactionCoding>
      <transactionAmounts>
         <transactionShares>
           <value>4800</value>
         </transactionShares>
         <transactionPricePerShare>
           <value>33.50</value>
         </transactionPricePerShare>
         <transactionAcquiredDisposedCode>
           <value>A</value>
         </transactionAcquiredDisposedCode>
      </transactionAmounts>
      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>7227</value>
            <footnoteId id="F1"/>
         </sharesOwnedFollowingTransaction>
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      <ownershipNature>
         <directOrIndirectOwnership>
            <value>D</value>
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   <nonDerivativeTransaction>
      <securityTitle>
         <value>Common Stock, no par value</value>
      </securityTitle>
      <transactionDate>
         <value>2003-10-27</value>
      </transactionDate>
      <transactionCoding>
         <transactionFormType>4</transactionFormType>
         <transactionCode>S</transactionCode>
         <equitySwapInvolved>0</equitySwapInvolved>
      </transactionCoding>
      <transactionAmounts>
         <transactionShares>
           <value>300</value>
         </transactionShares>
         <transactionPricePerShare>
           <value>38.25</value>
         </transactionPricePerShare>
         <transactionAcquiredDisposedCode>
           <value>D</value>
         </transactionAcquiredDisposedCode>
      </transactionAmounts>
      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>6927</value>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
            <value>D</value>
         </directOrIndirectOwnership>
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   <nonDerivativeTransaction>
      <securityTitle>
         <value>Common Stock, no par value</value>
      </securityTitle>
      <transactionDate>
         <value>2003-10-27</value>
      </transactionDate>
      <transactionCoding>
         <transactionFormType>4</transactionFormType>
         <transactionCode>S</transactionCode>
         <equitySwapInvolved>0</equitySwapInvolved>
      </transactionCoding>
      <transactionAmounts>
         <transactionShares>
           <value>100</value>
         </transactionShares>
         <transactionPricePerShare>
           <value>38.251</value>
         </transactionPricePerShare>
         <transactionAcquiredDisposedCode>
           <value>D</value>
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           <value>6827</value>
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   <nonDerivativeTransaction>
      <securityTitle>
         <value>Common Stock, no par value</value>
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      <transactionDate>
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      </transactionDate>
      <transactionCoding>
         <transactionFormType>4</transactionFormType>
         <transactionCode>S</transactionCode>
         <equitySwapInvolved>0</equitySwapInvolved>
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      <transactionAmounts>
         <transactionShares>
           <value>500</value>
         </transactionShares>
         <transactionPricePerShare>
           <value>37.96</value>
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         <transactionAcquiredDisposedCode>
           <value>D</value>
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         <sharesOwnedFollowingTransaction>
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      <transactionDate>
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         <transactionFormType>4</transactionFormType>
         <transactionCode>S</transactionCode>
         <equitySwapInvolved>0</equitySwapInvolved>
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      <transactionAmounts>
         <transactionShares>
           <value>100</value>
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         <transactionPricePerShare>
           <value>38.001</value>
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         <transactionAcquiredDisposedCode>
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            <value>D</value>
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      <securityTitle>
         <value>Common Stock, no par value</value>
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      <transactionDate>
         <value>2003-10-27</value>
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      <transactionCoding>
         <transactionFormType>4</transactionFormType>
         <transactionCode>S</transactionCode>
         <equitySwapInvolved>0</equitySwapInvolved>
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      <transactionAmounts>
         <transactionShares>
           <value>100</value>
         </transactionShares>
         <transactionPricePerShare>
           <value>38.00</value>
         </transactionPricePerShare>
         <transactionAcquiredDisposedCode>
           <value>D</value>
         </transactionAcquiredDisposedCode>
      </transactionAmounts>
      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>6127</value>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
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         <directOrIndirectOwnership>
            <value>D</value>
         </directOrIndirectOwnership>
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   </nonDerivativeTransaction>
   <nonDerivativeTransaction>
      <securityTitle>
         <value>Common Stock, no par value</value>
      </securityTitle>
      <transactionDate>
         <value>2003-10-27</value>
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      <transactionCoding>
         <transactionFormType>4</transactionFormType>
         <transactionCode>S</transactionCode>
         <equitySwapInvolved>0</equitySwapInvolved>
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      <transactionAmounts>
         <transactionShares>
           <value>200</value>
         </transactionShares>
         <transactionPricePerShare>
           <value>37.80</value>
         </transactionPricePerShare>
         <transactionAcquiredDisposedCode>
           <value>D</value>
         </transactionAcquiredDisposedCode>
      </transactionAmounts>
      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>5927</value>
         </sharesOwnedFollowingTransaction>
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         <directOrIndirectOwnership>
            <value>D</value>
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   </nonDerivativeTransaction>
   <nonDerivativeTransaction>
      <securityTitle>
         <value>Common Stock, no par value</value>
      </securityTitle>
      <transactionDate>
         <value>2003-10-27</value>
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      <transactionCoding>
         <transactionFormType>4</transactionFormType>
         <transactionCode>S</transactionCode>
         <equitySwapInvolved>0</equitySwapInvolved>
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      <transactionAmounts>
         <transactionShares>
           <value>200</value>
         </transactionShares>
         <transactionPricePerShare>
           <value>37.81</value>
         </transactionPricePerShare>
         <transactionAcquiredDisposedCode>
           <value>D</value>
         </transactionAcquiredDisposedCode>
      </transactionAmounts>
      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>5727</value>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
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            <value>D</value>
         </directOrIndirectOwnership>
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   </nonDerivativeTransaction>
   <nonDerivativeTransaction>
      <securityTitle>
         <value>Common Stock, no par value</value>
      </securityTitle>
      <transactionDate>
         <value>2003-10-27</value>
      </transactionDate>
      <transactionCoding>
         <transactionFormType>4</transactionFormType>
         <transactionCode>S</transactionCode>
         <equitySwapInvolved>0</equitySwapInvolved>
      </transactionCoding>
      <transactionAmounts>
         <transactionShares>
           <value>100</value>
         </transactionShares>
         <transactionPricePerShare>
           <value>37.77</value>
         </transactionPricePerShare>
         <transactionAcquiredDisposedCode>
           <value>D</value>
         </transactionAcquiredDisposedCode>
      </transactionAmounts>
      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>5627</value>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
            <value>D</value>
         </directOrIndirectOwnership>
      </ownershipNature>
   </nonDerivativeTransaction>
   <nonDerivativeTransaction>
      <securityTitle>
         <value>Common Stock, no par value</value>
      </securityTitle>
      <transactionDate>
         <value>2003-10-27</value>
      </transactionDate>
      <transactionCoding>
         <transactionFormType>4</transactionFormType>
         <transactionCode>S</transactionCode>
         <equitySwapInvolved>0</equitySwapInvolved>
      </transactionCoding>
      <transactionAmounts>
         <transactionShares>
           <value>3200</value>
         </transactionShares>
         <transactionPricePerShare>
           <value>37.75</value>
         </transactionPricePerShare>
         <transactionAcquiredDisposedCode>
           <value>D</value>
         </transactionAcquiredDisposedCode>
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      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>2427</value>
         </sharesOwnedFollowingTransaction>
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         <directOrIndirectOwnership>
            <value>D</value>
         </directOrIndirectOwnership>
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   </nonDerivativeTransaction>
 </nonDerivativeTable>
 <derivativeTable>
   <derivativeTransaction>
      <securityTitle>
         <value>Employee Stock Option (right to buy)</value>
      </securityTitle>
      <conversionOrExercisePrice>
         <value>33.50</value>
      </conversionOrExercisePrice>
      <transactionDate>
         <value>2003-10-27</value>
      </transactionDate>
      <transactionCoding>
         <transactionFormType>4</transactionFormType>
         <transactionCode>M</transactionCode>
         <equitySwapInvolved>0</equitySwapInvolved>
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      <transactionAmounts>
         <transactionShares>
           <value>4800</value>
         </transactionShares>
         <transactionPricePerShare>
           <value>0</value>
         </transactionPricePerShare>
         <transactionAcquiredDisposedCode>
           <value>D</value>
         </transactionAcquiredDisposedCode>
      </transactionAmounts>
      <exerciseDate>
         <value>2002-07-06</value>
      </exerciseDate>
      <expirationDate>
         <value>2009-07-05</value>
      </expirationDate>
      <underlyingSecurity>
         <underlyingSecurityTitle>
           <value>Common Stock</value>
         </underlyingSecurityTitle>
         <underlyingSecurityShares>
           <value>4800</value>
         </underlyingSecurityShares>
      </underlyingSecurity>
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           <value>5200</value>
         </sharesOwnedFollowingTransaction>
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      <ownershipNature>
         <directOrIndirectOwnership>
           <value>D</value>
         </directOrIndirectOwnership>
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   </derivativeTransaction>
 </derivativeTable>
   <footnotes>
      <footnote id="F1"> Includes 427 shares acquired under the Churchill Downs Incorporated Employee Stock Purchase Plan on July 31, 2003.</footnote>
   </footnotes>
   <ownerSignature>
      <signatureName>/s/ John R. Long</signatureName>
      <signatureDate>2003-10-29</signatureDate>
   </ownerSignature>
</ownershipDocument>

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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
