<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>4
<FILENAME>cd8kdecex99.txt
<DESCRIPTION>PRESS RELEASE
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<PAGE>  32



                                                           Contact:  Mike Ogburn
                                                          (502)636-4415 (office)
                                                        (502)262-0224 (cellular)
                                                             mogburn@kyderby.com

                                   EXHIBIT 99

                     CHURCHILL DOWNS INCORPORATED COMPLETES
                  FINANCIAL TRANSACTION WITH CITY OF LOUISVILLE


LOUISVILLE,  KY. (DEC. 26, 2002) - Churchill Downs Incorporated ("CDI") (Nasdaq:
CHDN) today  announced the  consummation of the financing  transaction  with the
City of  Louisville  (the  "City")  that was  approved  by the  City's  Board of
Aldermen  in July  2002.  The  transaction  is related  to the  capital  program
currently undertaken by CDI to renovate its flagship racetrack, Churchill Downs.

          The terms of the  financing  include the  conveyance  of the racetrack
property to the City,  coupled  with a  simultaneous  lease back to the Company.
Under the lease,  the Company retains full enjoyment of the property and has the
right to reacquire the property at any time during the period of financing.

          Churchill Downs  Incorporated  ("CDI"),  headquartered  in Louisville,
Ky., owns and operates  world-renowned horse racing venues throughout the United
States. The Company's racetracks in California,  Florida,  Illinois, Indiana and
Kentucky  host  115  graded-stakes  events  and  many of  North  America's  most
prestigious  races,  including the Kentucky Derby and Kentucky  Oaks,  Hollywood
Gold Cup and Arlington  Million.  CDI racetracks  have hosted nine Breeders' Cup
World  Thoroughbred  Championships  - more than any other North American  racing
company. CDI also owns off-track betting facilities and has interests in various
television  production,  telecommunications  and racing services  companies that
support CDI's network of simulcasting and racing  operations.  CDI trades on the
Nasdaq National Market under the symbol CHDN and can be found on the Internet at
WWW.CHURCHILLDOWNSINCORPORATED.COM.








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