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<SEC-DOCUMENT>0000020212-04-000012.txt : 20040315
<SEC-HEADER>0000020212-04-000012.hdr.sgml : 20040315
<ACCEPTANCE-DATETIME>20040315114406
ACCESSION NUMBER:		0000020212-04-000012
CONFORMED SUBMISSION TYPE:	10-K
PUBLIC DOCUMENT COUNT:		18
CONFORMED PERIOD OF REPORT:	20031231
FILED AS OF DATE:		20040315

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-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-01469
		FILM NUMBER:		04668327

	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-K
<SEQUENCE>1
<FILENAME>f10k0403.htm
<DESCRIPTION>FORM 10-K 2003 ANNUAL REPORT
<TEXT>
<HTML>
<HEAD>
<TITLE>Form 10-K 2003</TITLE>
</HEAD>
<BODY>
<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 ALIGN=Center WIDTH=100%>
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     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>UNITED STATES<BR>
        SECURITIES AND EXCHANGE COMMISSION<BR>
        Washington, D.C. 20549<BR>
        <B>FORM 10-K</B><BR><BR>
        [ X ] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d) OF<BR>
        THE SECURITIES EXCHANGE ACT OF 1934<BR>
        For the fiscal year ended December 31, 2003<BR><BR>
        [ &nbsp;] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF<BR>
        THE SECURITIES EXCHANGE ACT OF 1934<BR>
        For the transition period from _________________ to _________________<BR><BR>
        Commission File Number 0-1469</FONT></TD></TR>
</TABLE>
<P ALIGN="Center"><IMG SRC="smalllogo.gif" ALIGN="MIDDLE"></P>
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     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(Exact name of registrant as specified in its charter)<BR></FONT></TD></TR>

</table>
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        <TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Kentucky</U><BR>
        (State or other jurisdiction of incorporation or organization)</FONT></TD>
        <TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>61-0156015 </U><BR>
        (IRS Employer Identification No.)<BR><BR></FONT></TD>
</TR>

<TR VALIGN="Top" ALIGN="Center">
<TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>700 Central Avenue, Louisville, Kentucky 40208 </U><BR>
         (Address of principal executive offices, including zip code)</FONT></TD>
        <TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>(502)-636-4400</U><BR>
        (Registrant&#146;s telephone number, including area code)<BR><BR></FONT></TD>
</TR>

<TR VALIGN="Top" ALIGN="Center">
        <TD colspan=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Securities registered pursuant to Section  12(b) of the Act:</FONT></TD>
</TR>

<TR VALIGN="Top" ALIGN="Center">
<TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>None</U><BR>
         (Title of each class registered)</FONT></TD>
        <TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>None</U><BR>
        (Name of each exchange on which registered)<BR><BR></FONT></TD>
</TR>

<TR VALIGN="Top" ALIGN="Center">
        <TD colspan=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Securities registered pursuant to Section 12(g) of the Act:<BR>
        <U>Common Stock, No Par Value</U><BR>
        (Title of class)<BR></FONT></TD>
</TR>
</TABLE>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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 and (2) has been subject to
such filing requirements for the past 90 days. YES <U>&nbsp;X&nbsp;</U> NO <U>&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Indicate by check mark if disclosure
of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and
will not be contained, to the best of registrant&#146;s knowledge, in definitive proxy or
information statements incorporated by reference in Part III of this Form 10-K or any
amendment of this Form 10-K. (X) </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Indicate by check mark whether the
registrant is an accelerated filer (as defined in Rule 12b-2 of  the Exchange
Act). YES <U>&nbsp;X&nbsp;</U> NO <U>&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>As of March 11, 2004, 13,269,773
shares of the Registrant&#146;s Common Stock were outstanding. As of June 30, 2003 (based
upon the closing sale price for such date on the Nasdaq National Market), the aggregate
market value of the shares held by nonaffiliates of the Registrant was $280,824,650. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Portions of the Registrant&#146;s
Proxy Statement for its Annual Meeting of Shareholders to be held on June 17, 2004 are
incorporated by reference herein in response to Items 10, 11, 12, 13 and 14 of Part III of
Form 10-K. The exhibit index is located on pages 51-53. </FONT></P>

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        <TD COLSPAN=3 ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" size=2>
                1       </FONT></TD>
</TR>
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        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
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</TABLE>
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<A NAME="IndexPage"></A>
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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>CHRUCHILL DOWNS INCORPORATED<BR>
INDEX TO ANNUAL REPORT ON FORM 10-K<BR>For the Year Ended
December 31, 2003</B> </FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" Border=0 ALIGN="CENTER" WIDTH="100%">
<TR VALIGN="TOP">
     <TD COLSPAN="2" ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>Part I</U></B></FONT></TD>
     <TD WIDTH="1%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Page</U><BR><BR></FONT></TD>
</TR>
<TR VALIGN="TOP">
     <TD WIDTH="10%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 1.</FONT></TD>
     <TD WIDTH="89%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;<A HREF="#Business">Business</A></FONT></TD>
     <TD WIDTH="1%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3&nbsp;<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 2.</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;<A HREF="#Properties">Properties</A></FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 3.</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;<A HREF="#Legal">Legal Proceedings</A></FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 4.</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;<A HREF="#Submission">Submission of Matters to a Vote of Security Holders</A></FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12<BR><BR></FONT></TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" Border=0 WIDTH="100%">
<TR VALIGN="TOP">
     <TH COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Part II</U></FONT></TH>
     <TH COLSPAN="1"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;<BR><BR></FONT></TH></TR>
<TR VALIGN="TOP">
     <TD WIDTH="10%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 5.</FONT></TD>
     <TD WIDTH="89%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><A HREF="#Market">Market for Registrant's Common Equity and Related Stockholder Matters</A></FONT></TD>
     <TD WIDTH="1%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 6.</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><A HREF="#Consolidated">Consolidated Selected Financial Data</A></FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 7.</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><A HREF="#Management">Management's Discussion and Analysis of financial Condition and Results of Operations</A></FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 7A.</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><A HREF="#Quantitative">Quantitative and Qualitative Disclosures about Market Risks</A></FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>23<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 8.</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><A HREF="#Financial">Financial Statements and Supplementary Data</A></FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>24<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 9.</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><A HREF="#Changes">Changes in and Disagreements with Accountants on Accounting and Financial Disclosure</A></FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>47<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 9A.</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><A HREF="#Controls">Controls and Procedures</A></FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>47<BR><BR></FONT></TD></TR>
</TABLE>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN="TOP">
     <TH COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Part III</U><BR><BR></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH></TR>
<TR VALIGN="TOP">
     <TD WIDTH="10%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 10</FONT></TD>
     <TD WIDTH="89%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><A HREF="#Directors">Directors and Executive Officers of the Registrant</A></FONT></TD>
     <TD WIDTH="1%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>47<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 11.</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><A HREF="#Executive">Executive Compensation</A></FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>47<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 12.</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><A HREF="#Security">Security Ownership of Certain Beneficial Owners and Management</A></FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>47<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 13.</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><A HREF="#Certain">Certain Relationships and Related Transactions</A></FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>47<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 14.</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><A HREF="#Principal">Principal Accountant Fees and Services</A></FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>48<BR><BR></FONT></TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" Border=0 WIDTH="100%">
<TR VALIGN="TOP">
     <TH COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Part IV</U></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;<BR><BR></FONT></TH></TR>
<TR VALIGN="TOP">
     <TD WIDTH="10%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 15.</FONT></TD>
     <TD WIDTH="89%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><A HREF="#Exhibits">Exhibits, Financial Statements Schedules and Reports on Form 8-K</A></FONT></TD>
     <TD WIDTH="1%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>48<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><A HREF="#Signayures">Signatures</A></FONT></TD>
     <TD WIDTH="1%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>49<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><A HREF="#Schedule">Schedule VIII - Valuation and Qualifying Accounts</A></FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>50<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
          <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><A HREF="#ExhibitIndex">Exhibit Index</A></FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>51<BR><BR></FONT></TD></TR></TABLE>

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        <TD COLSPAN=3 ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" size=2>
                2
       </FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2" COLOR="#1589FF"><U><A HREF="#IndexPage">Return to Index</A></U> </FONT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR><BR><BR> </FONT></P>
<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Default" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>PART I</U></B> </FONT></P>
<A NAME="Business"></A>
<TABLE CELLPADDING=0 CELLSPACING=0 Border=0 WIDTH=100%>
<TR VALIGN=top>
     <TD WIDTH=10% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>ITEM 1.</B></FONT></TD>
     <TD WIDTH=90% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>BUSINESS</B><BR><BR></FONT></TD></TR>
</TABLE>

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<TR VALIGN=Bottom>
     <TD WIDTH=10% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>A.</B></FONT></TD>
     <TD WIDTH=90% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>INTRODUCTION</B></FONT></TD>
</TR>
</TABLE>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Churchill Downs Incorporated (the
&#147;Company&#148;) is a racing company that conducts pari-mutuel wagering on live
Thoroughbred, Quarter Horse and Standardbred horse racing and simulcasts signals of races.
Additionally, we offer racing services through our other business interests. We were
organized as a Kentucky corporation in 1928. Our principal executive offices are located
at 700 Central Avenue, Louisville, Kentucky, 40208. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>We operate our flagship operation,
Churchill Downs racetrack, in Louisville, Kentucky (&#147;Churchill Downs&#148;).
Churchill Downs has conducted Thoroughbred racing continuously since 1875 and is
internationally known as the home of the Kentucky Derby. The Churchill Downs operation
also encompasses an off-track betting facility (&#147;OTB&#148;). In addition, the
management of Churchill Downs oversees Ellis Park Race Course, Inc. (&#147;Ellis
Park&#148;), which operates a Thoroughbred track in Henderson, Kentucky. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Churchill Downs Management Company
(&#147;CDMC&#148;), a wholly owned subsidiary, manages all of our racing operations
including: Churchill Downs; Ellis Park; Arlington Park, a Thoroughbred racing operation in
Arlington Heights along with seven OTBs in Illinois; Calder Race Course, a Thoroughbred
racing operation in Miami, Florida; and Hollywood Park, a Thoroughbred racing operation in
Inglewood, California. Calder Race Course and Hollywood Park were acquired in April 1999
and September 1999, respectively. Arlington Park merged with the Company in September
2000. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Additionally, CDMC manages Hoosier
Park at Anderson in Anderson, Indiana (&#147;Hoosier Park&#148;). Hoosier Park conducts
Thoroughbred, Quarter Horse and Standardbred horse racing, and operates three OTBs in
Indiana. Hoosier Park is owned by Hoosier Park, L.P. (&#147;HPLP&#148;), an Indiana
limited partnership. Anderson Park, Inc. (&#147;Anderson&#148;), a wholly owned subsidiary
of CDMC, is the sole general partner of HPLP. Anderson owns a 62% interest in HPLP and
continues to manage its day-to-day operations. Centaur Racing, LLC owns 38% of HPLP and,
through a Partnership Interest Purchase Agreement, has options to purchase additional
partnership interests from us. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>We formed Churchill Downs Investment
Company (&#147;CDIC&#148;), a wholly owned subsidiary, to oversee other industry related
investments. During January 2002, we sold our 35% interest in EquiSource, LLC, a
procurement business that assists in the group purchasing of supplies and services for the
equine industry, to the National Thoroughbred Racing Association, Inc. (&#147;NTRA&#148;).
CDIC also holds a 30% interest in NASRIN Services, LLC (&#147;NASRIN&#148;), a
telecommunications service provider for the pari-mutuel and simulcasting industries and a
24% interest in Kentucky Downs, LLC (&#147;Kentucky Downs&#148;), a Franklin, Kentucky,
racetrack that conducts a limited Thoroughbred race meet with seven live racing days in
September, as well as year-round simulcasting. Our investments in NASRIN and Kentucky
Downs are not material to the Company&#146;s financial position or results of operations. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>During 2003, the Company purchased
the remaining 40% minority interest in Charlson Broadcast Technologies, LLC
(&#147;CBT&#148;), now referred to as Churchill Downs Television Services, which provides
television production and computer graphic software to the racing industry. The
proprietary software used by Churchill Downs Television Services displays odds,
statistical data and other racing information on television in real-time for patrons at
racetracks and OTBs. Our ownership in Churchill Downs Television Services is not material
to the Company&#146;s financial position or results of operation. </FONT></P>
<TABLE CELLPADDING=0 CELLSPACING=0 Border=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=10% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>B.</B></FONT></TD>
     <TD WIDTH=90% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>LIVE RACING OPERATIONS</B></FONT></TD>
</TR>
</TABLE>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>We conduct live horse racing at
Churchill Downs, Hollywood Park, Calder Race Course, Arlington Park, Hoosier Park and
Ellis Park. The following is a summary of our significant live racing events and a
description of our properties. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Kentucky Derby and the Kentucky
Oaks, both held at Churchill Downs, continue to be our premier racing events. The Kentucky
Derby offers a minimum $1.0 million in purse money, and the Kentucky Oaks offers a minimum
$0.5 million in purse money. The Kentucky Derby is the first of the annual Triple Crown
Races, which </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2" COLOR="#1589FF"><U><A HREF="#IndexPage">Return to Index</A></U> </FONT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR><BR><BR> </FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
offer a $5.0 million bonus to the winner of all three races. In addition,
Churchill Downs offers a $0.8 million purse for the Stephen Foster Handicap. Calder Race
Course is home to The Festival of the Sun, Florida&#146;s richest day in Thoroughbred
racing, offering approximately $1.6 million in total purse money. Hollywood Park is home
to the Hollywood Gold Cup, which offers $0.75 million in purse money. Hollywood
Park&#146;s Autumn Meet is highlighted by the annual $2.1 million Autumn Turf Festival,
comprised of six turf races. The Arlington Million, which is run during the International
Festival of Racing at Arlington Park, with a purse of $1.0 million, is one of three North
American stops for the World Series Racing Championship. Other significant racing events
are the Indiana Derby for Thoroughbreds and the Dan Patch Invitational for Standardbreds
held at Hoosier Park, as well as the Gardenia Stakes for older fillies and mares held at
Ellis Park. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Arlington Park hosted the
Breeders&#146; Cup World Thoroughbred Championship (&#147;Breeders&#146; Cup&#148;) in
2002. Churchill Downs has hosted the Breeders&#146; Cup on five occasions and
Hollywood Park  has also hosted the Breeders&#146; Cup three times(all occurring
prior to our acquisition of Hollywood Park). Breeders&#146; Cup Limited, a tax-exempt
organization chartered to promote Thoroughbred racing and breeding, sponsors
Breeders&#146; Cup races, which currently feature $14.0 million in purses. These races are
held annually for the purpose of determining Thoroughbred champions in eight different
events. Racetracks across North America compete for the privilege of hosting the
prestigious Breeders&#146; Cup races each year. </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Churchill Downs</U> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Churchill Downs racetrack site
and improvements are located in Louisville, Kentucky (&#147;Churchill facility&#148;). The
Churchill facility consists of approximately 147 acres of land with a one-mile dirt track,
a seven-eighths (7/8) mile turf track, permanent grandstands, luxury suites and a stabling
area. During 2004, while undergoing renovations, our facility will accommodate
approximately 45,000 persons in our clubhouse, grandstand and new Jockey Club suites. The
facility also includes a state-of-the-art simulcast wagering facility designed to
accommodate 450 persons, a general admission area, and food and beverage facilities
ranging from fast food to full-service restaurants. The site also has a saddling paddock,
infield accommodations for groups and special events, parking areas for the public, and
our racetrack and corporate office facilities. The backside stable area has barns
sufficient to accommodate approximately 1,400 horses, a 114-room dormitory and other
facilities for backstretch personnel. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>To supplement the facilities at
Churchill Downs, we provide additional stabling facilities sufficient to accommodate 500
horses and a three-quarter (3/4) mile dirt track, which is used for training
Thoroughbreds, at the OTB known as Trackside (formerly the Louisville Sports Spectrum).
The facilities provide a year-round base of operation for many horsemen and enable us to
attract new horsemen to race at Churchill Downs. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>We continue to make numerous capital
improvements to the Churchill facility in order to better serve our horsemen and patrons.
During the first quarter of 2002 we began a $121.7 million renovation plan to restore and
modernize key areas at the Churchill Downs racetrack, referred to as our &#147;Master
Plan.&#148; The $26.6 million Phase I, which was substantially completed during 2003, included
renovation of the historic Jockey Club and construction of 64 new luxury suites, a
ballroom, new meeting rooms and kitchen facilities. The $95.1 million Phase II of the
Master Plan began during the second quarter of 2003 and includes the demolition and
rebuilding of a large section of the clubhouse area and the addition of 15 new luxury
suites. Phase II construction is scheduled for completion in early 2005. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>As part of the financing for the
Master Plan, in 2002 we transferred title of the Churchill facility to the City of
Louisville, Kentucky and leased back the facility. Subject to the terms of the lease
agreement, we can re-acquire the facility at any time for $1.00. This transaction has no
significant impact on our current financial position or results of operations. </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Hollywood Park</U> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Hollywood Park and the Hollywood Park
Casino site and improvements are located in Inglewood, California (&#147;Hollywood Park
facility&#148;). The Hollywood Park facility consists of approximately 240 acres of land
upon which the racetrack and casino are located with a one and one-eighth (1 1/8) mile
dirt track, a one-mile turf track, permanent grandstands and a stabling area. The facility
includes clubhouse and grandstand seating for 16,675 persons, a general admission area, a
saddling paddock area and food and beverage facilities ranging from fast food to
full-service restaurants. The stabling area consists of stalls to accommodate
approximately 2,000 horses, tack </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
rooms, feed rooms, a federally approved quarantine
facility, a half-mile training track, and a not-for-profit Equine Teaching Hospital and
Research Center operated under the direction of the Southern California Equine Foundation.
The Hollywood Park facility also features parking areas for the public and office
facilities. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Hollywood Park Casino is a
state-of-the-art facility that is open 24 hours a day, 365 days a year. The casino
features more than 150 gaming tables offering a variety of California approved casino
games. Under California gaming law, the casino is a card club. Thus, it is not authorized
to operate slot machines or electronic gaming devices but instead rents tables to casino
patrons for a seat fee charged on a per hand basis. The casino also offers facilities for
simulcast wagering. We lease the facility to Pinnacle Entertainment, Inc. under a 10-year
lease for an annual rent of $3.0 million. The lease includes a 10-year renewal option and
is subject to an adjustment to the rent at the time the option is exercised. </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Calder Race Course</U> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Calder Race Course racetrack and
improvements are located in Miami Gardens, Florida (&#147;Calder Race Course
facility&#148;). The city of Miami Gardens, Florida was newly incorporated during 2003 and
is the third largest city in the Miami-Dade County. The Calder Race Course facility is
adjacent to Pro Player Stadium, home of the Florida Marlins and Miami Dolphins. The Calder
Race Course facility consists of approximately 220 acres of land with a one-mile dirt
track, a seven-eighths (7/8) mile turf track, a training area with a five-eighths (5/8)
mile training track, permanent grandstands and a stabling area. The facility includes
clubhouse and grandstand seating for approximately 15,000 persons, a general admission
area, and food and beverage facilities ranging from fast food to full-service restaurants.
The stable area consists of a receiving barn, feed rooms, tack rooms, detention barns and
living quarters and can accommodate approximately 1,800 horses. The Calder Race Course
facility also features a saddling paddock, parking areas for the public and office
facilities. </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Arlington Park</U> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Arlington Park racecourse was
constructed in 1927 and reopened its doors in 1989 after a devastating fire
four years earlier. The racecourse sits on 325 acres, has a one and one-eighths
(1 1/8) mile dirt track, a one-mile turf track and a five-eighths (5/8) mile training
track. The facility includes permanent clubhouse, grandstand and suite seating for 6,045
persons, and food and beverage facilities ranging from fast food to full-service
restaurants. Arlington Park has 34 barns able to accommodate approximately 2,200 horses.
The Arlington Park facility also features a saddling paddock, parking areas for the public
and office facilities. </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Ellis Park</U> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Ellis Park racetrack and
improvements, located in Henderson, Kentucky (&#147;Ellis Park facility&#148;), consist of
approximately 250 acres of land just north of the Ohio River with a one and one-eighths (1
1/8) mile dirt track, a one-mile turf track, permanent grandstands and a stabling area for
1,140 horses. The facility includes clubhouse and grandstand seating for 8,000 people, a
general admission area, and food and beverage facilities ranging from fast food to
full-service restaurants. The Ellis Park facility also features a saddling paddock,
parking areas for the public and office facilities. </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Hoosier Park</U> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Hoosier Park is located in Anderson,
Indiana, about 40 miles northeast of downtown Indianapolis (&#147;Hoosier Park
facility&#148;). Hoosier Park leases the land under a long-term lease with the city of
Anderson and owns all of the improvements on the site. The Hoosier Park facility consists
of approximately 110 acres of leased land with a seven-eighths (7/8) mile dirt track,
permanent grandstands and a stabling area. The facility includes seating for approximately
2,400 persons, a general admission area, and food and beverage facilities ranging from
fast food to a full-service restaurant. The site also has a saddling paddock, parking
areas for the public and office facilities. The stable area has barns sufficient to
accommodate 980 horses and other facilities for backstretch personnel. </FONT></P>
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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2" COLOR="#1589FF"><U><A HREF="#IndexPage">Return to Index</A></U> </FONT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR><BR><BR> </FONT></P>
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     <TD WIDTH=10% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>C.</B></FONT></TD>
     <TD WIDTH=90% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>SIMULCAST OPERATIONS</B></FONT></TD>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>We generate a significant portion of our revenues
by transmitting signals of races from our racetracks to other facilities
(&#147;export&#148;), and receiving signals from other tracks (&#147;import&#148;).
Revenues are earned through pari-mutuel wagering on signals that we both import and
export. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Churchill Downs Simulcast Network
(&#147;CDSN&#148;) was developed in 2002 to focus on the distribution of the
Company&#146;s simulcast signal. CDSN provides the principal oversight of our interstate
and international simulcast and wagering opportunities, as well as the marketing, sales,
operations and data support efforts related to the Company-owned racing content. CDSN will
present 626 racing programs from our six racetracks to wagering outlets during 2004. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Churchill Downs, Arlington Park and
Calder Race Course conduct simulcast wagering only during live race meets, while Hollywood
Park, Hoosier Park and Ellis Park offer year-round simulcast wagering at the racetracks.
Our OTB in Kentucky primarily conducts simulcast wagering only when Churchill Downs is not
operating a live race meet. The OTBs located in Indiana and Illinois conduct simulcast
wagering year-round. </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Off-Track Betting
Facilities</U> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Our eleven OTBs are collectively
branded &#147;Trackside&#148; to create a common identity for our OTB operations. The
Kentucky OTB is located in Louisville, Kentucky, about five miles from the Churchill
facility. This 100,000-square-foot property, on approximately 88 acres of land, is a
Thoroughbred training and stabling annex which has state-of-the-art audio visual
capabilities for pari-mutuel wagering. The OTB provides audio and visual technology,
seating for approximately 3,000 persons, parking, offices and related facilities for
simulcasting races. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Arlington Park operates eight
OTBs that accept wagers on races at Arlington Park as well as on races simulcast from
other locations. One OTB is located on the Arlington Park property. Another is located in
Rockford, Illinois consisting of approximately 8.6 acres, and a third is located in
Moline, Illinois on approximately 232.6 acres. Arlington Park also leases two OTBs located
in: Waukegan, Illinois consisting of approximately 25,000 square feet; and Chicago,
Illinois consisting of approximately 19,700 square feet. Arlington Park operates two OTBs
within existing non-owned restaurants under license agreements. These two OTBs are located
in South Elgin, Illinois and McHenry, Illinois, which opened in December 2002 and June
2003, respectively. Arlington Park also opened its eighth OTB located in South Beloit,
Illinois during February 2004. The new South Beloit OTB is also located within an existing
non-owned restaurant under a license agreement. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Hoosier Park operates three OTBs
providing a statewide distribution system for Hoosier Park&#146;s racing signal, and
additional simulcast markets for our products. These OTBs are located in: Merrillville,
located about 30 miles southeast of Chicago, which consists of approximately 27,300 square
feet of space; Fort Wayne which consists of approximately 15,750 square feet of space; and
downtown Indianapolis where Hoosier Park leases approximately 24,800 square feet of space. </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Kentucky Off-Track Betting, LLC</U> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>We are a 50% owner in Kentucky
Off-Track Betting, LLC (&#147;KOTB&#148;), with 25% of this ownership through our Ellis
Park racetrack and the other 25% of this ownership through our Churchill Downs racetrack.
KOTB&#146;s purpose is to own and operate facilities for the simulcasting of races and the
acceptance of wagers on such races at locations other than a racetrack. These OTBs may be
located no closer than 75 miles from an existing racetrack without the racetrack&#146;s
consent and in no event closer than 50 miles to an existing racetrack. Each OTB must first
be approved by the Kentucky Horse Racing Authority (&#147;KHRA&#148;) and the local
government where the facility is to be located. KOTB currently owns or leases and operates
OTBs in Corbin, Maysville, Jamestown and Pineville, Kentucky which conduct simulcast
wagering year-round. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>OTBs developed by KOTB provide
additional markets for the intrastate simulcasting of and wagering on Churchill
Downs&#146; and Ellis Park&#146;s live races and interstate simulcasting of and wagering
on out-of-state signals. KOTB did not contribute significantly to our operations in 2003
and is not anticipated to have a substantial impact on our operations in the future. Our
investment in KOTB is not material to the Company&#146;s financial position or results of
operations. </FONT></P>
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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>In-Home Wagering</U> <BR></FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In-home wagering, or account
wagering, allows patrons to place wagers through an advance deposit account established
with an operating company. Most operating companies provide distribution of the live
racing product through a broadcast medium such as television or the internet. We have
entered into an agreement with Television Games Network (&#147;TVG&#148;), affiliated with
Gemstar-TV Guide International, Inc., to broadcast our simulcast products as part of
TVG&#146;s programming content. We license our live racing products to TVG for which we
receive a simulcast host fee and a source market fee. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>We believe that in-home wagering will
attract both new patrons and existing racing fans who will use account wagering in
addition to the live track and OTB operations. We view this distribution channel as a
potential source of future growth in the off-track market in states where it is not
expressly prohibited and we intend to continue to pursue the expansion of in-home
wagering. </FONT></P>
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     <TD WIDTH=10% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>D.</B></FONT></TD>
     <TD WIDTH=90% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>SOURCES OF REVENUE</B></FONT></TD>
</TR>
</TABLE>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Our pari-mutuel revenues include
commissions on pari-mutuel wagering at our racetracks and off-track betting facilities
(net of state pari-mutuel taxes), plus simulcast host fees from other wagering sites and
source market fees generated from contracts with our in-home wagering providers. In
addition to the commissions earned on pari-mutuel wagering, we earn pari-mutuel related
streams of revenues from sources that are not related to wagering. These other revenues
are primarily derived from statutory racing regulations in some of the states where our
facilities are located and can fluctuate materially year-to-year. Non-wagering revenues
are primarily generated from admissions, sponsorships, licensing rights and broadcast
fees, Indiana riverboat admissions subsidy, concessions, lease income and other sources. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Financial information about our
segments required by this Item is incorporated by reference from the information contained
in the Notes to Consolidated Financial Statements included in Item 8 of this Report. </FONT></P>


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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2" COLOR="#1589FF"><U><A HREF="#IndexPage">Return to Index</A></U> </FONT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR><BR><BR> </FONT></P>



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<TR VALIGN=Bottom>
     <TD WIDTH=10% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>E.</B></FONT></TD>
     <TD WIDTH=90% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>LICENSES AND LIVE RACING DATES</B></FONT></TD>
</TR>
</TABLE>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The following table is a summary of
our live racing dates and the number of live racing days for each of our six racetracks.
Racing dates are approved by the respective state racing authorities, mentioned later in
this section: </FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" ALIGN="CENTER" WIDTH="100%">
<TR VALIGN=Bottom>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TH>
     <TH COLSPAN="3"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2004</FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif"></FONT>&nbsp;</TH>
     <TH COLSPAN="3"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2003</FONT></TH>
</TR>
<TR>
     <TD></TD>
     <TD COLSPAN=3><HR NOSHADE COLOR=Black SIZE=1></TD>
     <TD></TD>
     <TD COLSPAN=3><HR NOSHADE COLOR=Black SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif"></FONT> </TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2># of</FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif"></FONT> </TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2># of</FONT></TH></TR>
<TR VALIGN=Bottom>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Racetrack</FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Racing Dates</FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif"></FONT> </TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Days</FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif"></FONT> </TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Racing Dates</FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Days</FONT></TH></TR>
<TR VALIGN=Bottom><TD COLSPAN=8><HR NOSHADE COLOR=Black SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH="25%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Churchill Downs</B></FONT></TD>
     <TD WIDTH="26%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="5%"><FONT FACE="Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
     <TD WIDTH="4%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="4%"><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
     <TD WIDTH="26%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="6%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
     <TD WIDTH="4%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;Spring Meet:</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>April 24 - July 5</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>53&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>April 26 - July 6</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>52&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;Fall Meet:</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Oct. 31 - Nov. 27</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>21&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Oct. 26 - Nov. 29</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>27&nbsp;</FONT></TD></TR>
<TR>
     <TD></TD>
     <TD></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
     <TD><HR NOSHADE COLOR=Black SIZE=1></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
     <TD ALIGN="RIGHT"></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR=Black SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>74</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>79&nbsp;</FONT></TD></TR>
<TR>
     <TD></TD>
     <TD></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
     <TD><HR NOSHADE COLOR=Black SIZE=3></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
     <TD ALIGN="RIGHT"></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR=Black SIZE=3></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Hollywood Park</B></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;Spring/Summer Meet:</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>April 21 - July 18</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>65&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>April 23 - July 20</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>65&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;Autumn Meet:</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Nov. 3 - Dec. 20</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>36&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Nov. 11 - Dec. 21</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>30&nbsp;</FONT></TD></TR>
<TR>
     <TD></TD>
     <TD></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
     <TD><HR NOSHADE COLOR=Black SIZE=1></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
     <TD ALIGN="RIGHT"></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR=Black SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>101</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>95&nbsp;</FONT></TD></TR>
<TR>
     <TD></TD>
     <TD></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
     <TD><HR NOSHADE COLOR=Black SIZE=3></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
     <TD ALIGN="RIGHT"></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR=Black SIZE=3></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Calder Race Course</B></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;Calder Meet:</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>April 26 - Oct. 23</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>126&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>April 25 - Oct. 24</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>128&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;Tropical Meet:</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Oct. 24 - Jan. 2, 2005</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>55&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Oct. 25 - Jan. 2, 2004</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>53&nbsp;</FONT></TD></TR>
<TR>
     <TD></TD>
     <TD></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
     <TD><HR NOSHADE COLOR=Black SIZE=1></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
     <TD ALIGN="RIGHT"></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR=Black SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>181</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>181&nbsp;</FONT></TD></TR>
<TR>
     <TD></TD>
     <TD></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
     <TD><HR NOSHADE COLOR=Black SIZE=3></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
     <TD ALIGN="RIGHT"></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR=Black SIZE=3></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Arlington Park</B></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>May 14 - Sept. 19</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>96&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>May 9 - Sept. 27</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>104&nbsp;</FONT></TD></TR>
<TR>
     <TD></TD>
     <TD></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
     <TD><HR NOSHADE COLOR=Black SIZE=3></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
     <TD ALIGN="RIGHT"></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR=Black SIZE=3></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Ellis Park</B></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>July 7 - Sept. 6</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>54&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>July 9 - Sept. 1</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>41&nbsp;</FONT></TD></TR>
<TR>
     <TD></TD>
     <TD></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
     <TD><HR NOSHADE COLOR=Black SIZE=3></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
     <TD ALIGN="RIGHT"></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR=Black SIZE=3></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Hoosier Park</B></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;Standardbred Meet:</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>March 20 - June 12</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>60&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>March 22 - May 30</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>50&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;Thoroughbred Meet:</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Sept. 2 - Nov. 21</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>60&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Aug. 29 - Dec. 4</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>70&nbsp;</FONT></TD></TR>
<TR>
     <TD></TD>
     <TD></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
     <TD><HR NOSHADE COLOR=Black SIZE=1></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
     <TD ALIGN="RIGHT"></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR=Black SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>120</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>120&nbsp;</FONT></TD></TR>
<TR>
     <TD></TD>
     <TD></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
     <TD><HR NOSHADE COLOR=Black SIZE=3></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
     <TD ALIGN="RIGHT"></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR=Black SIZE=3></TD></TR>
</TABLE>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Kentucky&#146;s racetracks,
including Churchill Downs and Ellis Park, are
subject to the licensing and regulation of the Kentucky Horse Racing Authority (&#147;KHRA&#148;).
The KHRA is responsible for overseeing horse racing and regulating the state equine industry.
Licenses to conduct live Thoroughbred
race meets and to participate in simulcasting are approved annually by the KHRA based upon
applications submitted by the racetracks in Kentucky. Although to some extent Churchill
Downs and Ellis Park compete with other racetracks in Kentucky for the award of racing
dates, the KHRA is required by state law to consider and seek to preserve each
racetrack&#146;s usual and customary live racing dates. Generally, there is no substantial
change from year to year in the racing dates awarded to each racetrack. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In California, licenses to conduct
live Thoroughbred racing and to participate in simulcasting are approved annually by the
California Horse Racing Board based upon applications submitted by California racetracks.
Generally, there is no substantial change from year to year in the racing dates awarded to
each racetrack. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In Florida, licenses to conduct live
Thoroughbred racing and to participate in simulcasting are approved by the Department of
Business and Professional Regulation, Division of Pari-Mutuel Wagering (&#147;DPW&#148;).
The DPW is responsible for overseeing the network of state offices located at every
pari-mutuel wagering facility, as well as issuing the permits necessary to operate a
pari-mutuel wagering facility. The DPW also approves annual licenses for Thoroughbred,
Standardbred and Quarter Horse races. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Effective July 1, 2001, a new tax
structure, as defined in the Florida Pari-Mutuel Wagering Act, eliminated the tax
disincentive for Miami-area racetracks in Florida to apply for licenses for race dates
based on their traditional racing season. Although the Miami-area racetracks have
maintained their traditional racing seasons thus far, Calder Race Course may face direct
competition from other Florida racetracks and may be subject to an increase or decrease in
live racing dates in the future. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In Illinois, licenses to conduct live
Thoroughbred racing and to participate in simulcasting are approved by the Illinois Racing
Board (&#147;IRB&#148;). Generally, there is no substantial change from year to year in
the number of racing dates awarded to each racetrack. </FONT></P>


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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2" COLOR="#1589FF"><U><A HREF="#IndexPage">Return to Index</A></U> </FONT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR><BR><BR> </FONT></P>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In Indiana, licenses to conduct live
Standardbred and Thoroughbred race meets, including Quarter Horse races, and to
participate in simulcasting are approved annually by the Indiana Horse Racing Commission
(&#147;IHRC&#148;) based upon applications submitted by Indiana racetracks. Indiana law
requires us to conduct live racing for at least 120 days each year in order to simulcast
races. A second racetrack in Indiana, Indiana Downs, was opened on December 6, 2002,
resulting in changes to Hoosier Park&#146;s traditional racing dates. Hoosier Park
experienced a reduction of 38 live Standardbred racing dates in 2003 compared to 2002.
Additionally, Hoosier Park will have a reduction of 10 live Thoroughbred days in 2004
offset by an increase of 10 live Standardbred days compared to 2003. The addition of a
second racetrack in Indiana, located approximately 32 miles from Hoosier Park, also
negatively impacts Hoosier Park&#146;s share of the riverboat admissions revenue and
creates an increase in competition in the market. These factors will likely have an
adverse impact on future profitability of the facility. </FONT></P>


<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The total number of days on which
each racetrack conducts live racing fluctuates annually according to each calendar year. A
substantial change in the allocation of live racing days at any of our six racetracks
could significantly impact our operations and earnings in future years. </FONT></P>
<TABLE CELLPADDING=0 CELLSPACING=0 Border=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=10% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>F.</B></FONT></TD>
     <TD WIDTH=90% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>COMPETITION</B></FONT></TD>
</TR>
</TABLE>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>North American bloodstock sales made
an upward turn in 2003 after a two-year downward trend. According to The Jockey Club Fact
Book, gross sales increased 11% in 2003 compared to 2002 and decreased 9% in 2002 compared
to 2001. The number of foals registered in 2003 was an approximate 5% decrease from prior
year. The number of Thoroughbreds registered has an impact on the number of horses
available to participate in live racing. The improvements in bloodstock sales for 2003 are
primarily attributed to an improving economy, stock market gains and favorable tax law
changes for horse purchasers. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>We generally do not directly compete
with other racetracks or OTBs for patrons due to the geographic separation of facilities
or differences in seasonal timing of meets. However, a new OTB operated in Evansville,
Indiana by a competitor has had a negative impact on Ellis Park, and an OTB planned in
Clarksville, Indiana in 2004 could have a negative impact on Churchill Downs racetrack and
OTB operations. The Hoosier Park market has also had an increase in competition with the
opening of Indiana Downs. We face competition from a variety of sources for discretionary
consumer spending including spectator sports and other entertainment and gaming options,
including riverboat, cruise ship and land-based casinos and lotteries. Additionally, the
industry faces increasing competition for overall wagering dollars from internet wagering
services, which are often established off-shore to avoid regulation under U.S. state and
federal laws. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The development of riverboat gaming
facilities began in Indiana pursuant to authorizing legislation passed by the state of
Indiana in 1993. Illinois had previously authorized riverboat gaming. There are currently
seven riverboat casinos operating on the Ohio River along Kentucky&#146;s border. In
addition to those riverboats operating along the Ohio River, five riverboat casinos are
located along the Indiana shore of Lake Michigan and four are situated in Illinois near
Chicago. There are also Native American gaming operations in Wisconsin, Florida and
California, which have drawn patrons from the Arlington Park, Calder Race Course and
Hollywood Park markets, respectively. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In response to the continued
increased competition from other gaming options, the horseracing industry continues to
search for new sources of revenue. Several recent developments are anticipated to be key
contributors to overall growth within the industry. The developments focus on increasing
the core customer base and developing new fans through new technology to increase the
distribution of racing content, and through developing better identification of existing
customers to increase revenues from existing sources. Finally, the industry continues to
seek additional ways to draw additional new and existing customers to live racing venues.
Each of these developments is highly dependent on the regulatory environment and legal
developments within individual state jurisdictions. </FONT></P>

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                9
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        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2" COLOR="#1589FF"><U><A HREF="#IndexPage">Return to Index</A></U> </FONT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR><BR><BR> </FONT></P>
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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Alternative Gaming</U> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The NTRA, the representative body for
the racing industry, supports the alternative gaming movement at racetracks and is working
with regulators and legislators to pass alternative gaming legislation. Alternative gaming
refers to the operation of slot machines or electronic gaming devices (&#147;EGDs&#148;)
within a racing facility. In general, the NTRA and the racing industry believe that
alternative gaming will result in the following benefits: </FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="5%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&deg;</FONT></TD>
     <TD WIDTH="95%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Higher racetrack revenues and purse levels with pass through benefits to breed developers
and breeding farms</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&deg;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Increased tax revenues for states and local municipalities</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&deg;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Increased attendance at live track facilities driven primarily by &#147;casual fans,&#148;
or those who are patrons of traditional gaming operations such as casinos but are not
racing customers<BR><BR></FONT></TD></TR>
</TABLE>

<TABLE CELLPADDING=0 CELLSPACING=0 Border=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=10% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>G.</B></FONT></TD>
     <TD WIDTH=90% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>LEGISLATIVE CHANGES</B></FONT></TD>
</TR>
</TABLE>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In Kentucky, the horse industry
continues to seek legislation to allow alternative forms of gaming at the state&#146;s
eight existing racetracks. Alternative forms of gaming would enable our Kentucky
racetracks to better compete with neighboring gaming venues by providing substantial new
revenues for purses and capital improvements. During 2004, a bill to allow nine casino
licenses in Kentucky, five of which would be held by state racetracks, was introduced in
the Kentucky Legislature. Under the proposal, Churchill Downs would hold a license for a
casino to be built in downtown Louisville. No casino would be built at Ellis Park, but the
track would receive revenue generated by the other state casinos. At this time, the
prospects for passage of the bill are uncertain. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Legislation in the Indiana General
Assembly concerning pull-tab machines passed the House of Representatives but subsequently
did not pass out of the Indiana Senate during February 2004. The legislation would have
authorized 1,000 pari-mutuel pull tab machines at each of the Hoosier Park and Indiana
Downs racetracks and 1,500 pari-mutuel pull tab machines at a facility to be equally owned
by the two racetracks in both of the two largest cities in the State of Indiana.
Legislation would have also required an equal allocation of the riverboat subsidy between
the two racetracks. While this legislation would help Hoosier Park compete with increased
riverboat competition, it could have an adverse impact on our Kentucky Operations if
passed. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The IHRC is considering whether to
deny any Indiana betting facility from accepting wagers on thoroughbred horse races run at
Kentucky racetracks, including Churchill Downs racetrack and Ellis Park, unless all
Indiana betting facilities can accept wagers on such races. Pursuant to its statutory
right under the Interstate Horseracing Act of 1978, the Kentucky Horse Benevolence and
Protection Association has withheld its consent for the Clarksville OTB owned by Indiana
Downs, the second racetrack in Indiana, to accept wagers on thoroughbred horse races run
at Kentucky racetracks. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In Florida, The Floridians for a
Level Playing Field, a coalition of harness and dog tracks, is seeking to place an EGD
question on the ballot for the November 2004 general election that would allow Dade and
Broward counties to hold a referendum on the installation of EGDs at existing pari-mutuel
sites in those respective counties. The Florida Supreme Court is expected to rule on the
constitutionality of this initiative during the first quarter of 2004. If ruled
constitutional, the coalition will proceed with the signature gathering effort required
for the issue to be placed on the November 2004 ballot. Calder Race Course has been
involved in this effort on a limited basis, and is awaiting the Supreme Court&#146;s
decision before deciding on its future level of participation. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In California, Hollywood Park is part
of a coalition of racetracks and card clubs seeking to put the Gaming Revenue Act of 2004
on the November 2004 ballot. If passed, this initiative would direct the governor to
re-negotiate all existing compacts with Indian tribes in California. If the tribes decline
to renegotiate the existing compacts, then five racetracks and 11 card clubs would be
allowed to operate EGDs. The coalition is currently gathering the voter signatures
required to place the initiative on the ballot for the November general election. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In 1999, the state of Illinois
enacted legislation that provides for pari-mutuel tax relief and related tax credits for
Illinois racetracks, as well as legislation providing for subsidies to Illinois horse
racing tracks from revenues generated by the relocation of a license to operate a
riverboat casino gaming facility. Arlington&#146;s share of subsidies from the relocation
of the license under the 1999 legislation would range from $4.6 million to $8.0 million
annually, based on publicly available sources. In the event Arlington Park receives such
subsidies, additional shares of common stock would be issued to Duchossois Industries,
Inc., to a maximum of 1.25 million shares, under our merger agreement related to Arlington
Park. In January 2001, the Illinois Gaming Board (&#147;IGB&#148;) denied a license </FONT></P>

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                10
       </FONT></TD>
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        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2" COLOR="#1589FF"><U><A HREF="#IndexPage">Return to Index</A></U> </FONT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR><BR><BR> </FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
application of Emerald Casino, Inc. to relocate the license to operate the Rosemont
casino. During 2002, Emerald Casino, Inc. filed for bankruptcy and is attempting to sell
its license rights subject to the approval of the IGB and the Bankruptcy court. The IGB is
currently receiving bids from other entities to purchase the license. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Several bills were filed in the 2003
session of the Illinois legislature, which would eliminate the statutory right of
Arlington Park and the other Illinois racetracks to recapture amounts from their purse
accounts. Since 2000, the Illinois General Assembly has appropriated money to reimburse
each racetrack&#146;s purse account for the amounts not recaptured from horsemen through
reductions in future purses. However, the appropriation was vetoed by Illinois&#146;s
governor during 2002 and the General Assembly did not make the appropriations in 2003.
Illinois horsemen unsuccessfully petitioned the IRB to prevent the tracks from recapturing
purse amounts in any year where Illinois does not appropriate funds for reimbursement.
Subsequently, the Illinois horsemen have filed a lawsuit against the IRB and the Illinois
racetracks, including Arlington Park, challenging the recapture of purse account amounts
and seeking reimbursement for the amounts recaptured. We have elected to continue to
recapture amounts from purses due to horsemen while the litigation is pending. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Additional information regarding how
our facilities could be impacted by legislative changes are included in Item 7,
&#147;Management&#146;s Discussion and Analysis of Financial Condition and Results of
Operations&#148; of this Form 10-K. </FONT></P>
<TABLE CELLPADDING=0 CELLSPACING=0 Border=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=10% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>H.</B></FONT></TD>
     <TD WIDTH=90% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>ENVIRONMENTAL MATTERSLEGISLATIVE CHANGES</B></FONT></TD>
</TR>
</TABLE>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The septic system at our Ellis Park
facility must be replaced with a hook-up to city sewers. The cost of the hook-up, which
Ellis Park has expanded in order to include the stabling area, is estimated by the City of
Henderson, Kentucky to be $1.5 million, which has been provided for in Ellis Park&#146;s
2004 capital budget. The project is expected to be completed during 2004. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In 1992, we acquired certain assets
of Louisville Downs Incorporated for $5.0 million including the site of the Louisville
OTB. In conjunction with this purchase, we withheld $1.0 million from the amount due to
the sellers to offset certain costs related to the remediation of environmental
contamination associated with underground storage tanks at the site. All of the $1.0
million hold back had been utilized as of December 31, 2002 and additional costs of
remediation have not yet been conclusively determined. The sellers had previously received
a reimbursement of $1.0 million from the Commonwealth of Kentucky for remediation costs,
and that amount is now being held in an escrow account to pay further costs of
remediation. Approximately $1.4 million, including interest on the escrow principal,
remains in the account. The seller has submitted a Corrective Action Plan to the state and
has reported to the state that all wells, with the exception of one, are &#147;below
action.&#148; Well-testing continues and the Kentucky Environmental and Public Protection
Cabinet has not taken final action on this matter. In addition to the hold back, we have
obtained an indemnity to cover the full cost of remediation from the prior owner of the
property. We do not believe the cost of further investigation and remediation will exceed
the amount of funds in the escrow. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>It is not anticipated that we will
have any material liability as a result of compliance with environmental laws with respect
to any of our properties. Compliance with environmental laws has not materially affected
the ability to develop and operate our properties and we are not otherwise subject to any
material compliance costs in connection with federal or state environmental laws. </FONT></P>
<TABLE CELLPADDING=0 CELLSPACING=0 Border=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=10% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>I.</B></FONT></TD>
     <TD WIDTH=90% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>SERVICE MARKS</B></FONT></TD>
</TR>
</TABLE>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>We hold numerous state and federal
service mark registrations on specific names and designs in various categories including
entertainment business, apparel, paper goods, printed matter and housewares and glass. We
license the use of these service marks and derive revenue from such license agreements. </FONT></P>
<TABLE CELLPADDING=0 CELLSPACING=0 Border=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=10% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>J.</B></FONT></TD>
     <TD WIDTH=90% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>EMPLOYEES</B></FONT></TD>
</TR>
</TABLE>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>As of December 31, 2003, we employed
approximately 1,300 full-time employees Company-wide. Due to the seasonal nature of our
live racing business, the number of seasonal and part-time persons employed will vary
throughout the year. During 2003, average full-time and seasonal employment per pay period
was approximately 1,900 individuals Company-wide. </FONT></P>
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                11
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        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2" COLOR="#1589FF"><U><A HREF="#IndexPage">Return to Index</A></U> </FONT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR><BR><BR> </FONT></P>
<TABLE CELLPADDING=0 CELLSPACING=0 Border=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=10% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>K.</B></FONT></TD>
     <TD WIDTH=90% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>INTERNET ACCESS</B></FONT></TD>
</TR>
</TABLE>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Copies of our Annual Reports on Form
10-K, Quarterly Reports on 10-Q, Current Reports on Form 8-K and amendments to those
reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities and
Exchange Act of 1934 are available free of charge on or through our website
(www.churchilldownsincorporated.com) as soon as reasonably practicable after we
electronically file the material with, or furnish it to, the Securities and Exchange
Commission. </FONT></P>
<A NAME="Properties"></A>
<TABLE CELLPADDING=0 CELLSPACING=0 Border=0 WIDTH=100%>
<TR VALIGN=top>
     <TD WIDTH=16% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>ITEM 2.</B></FONT></TD>
     <TD WIDTH=84% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>PROPERTIES</B><BR></FONT></TD></TR>
</TABLE>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Information concerning property owned
by us required by this Item is incorporated by reference to the information contained in
Item 1. &#147;Business&#148; of this Report. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Our real and personal property (but
not including the property of Hoosier Park, Churchill Downs Television Services, KOTB,
NASRIN or Kentucky Downs) is encumbered by liens securing our $200 million line of credit
facility and our $100 million senior notes facility. The shares of stock of certain of our
subsidiaries are also pledged to secure these debt facilities. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Kentucky Derby Museum is located
on property which is adjacent to, but not owned by, Churchill Downs. The Museum is owned
and operated by the Kentucky Derby Museum Corporation, a tax-exempt organization under
Section 501(c)(3) of the Internal Revenue Code of 1986. </FONT></P>
<A NAME="Legal"></A>
<TABLE CELLPADDING=0 CELLSPACING=0 Border=0 WIDTH=100%>
<TR VALIGN=top>
     <TD WIDTH=16% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>ITEM 3.</B></FONT></TD>
     <TD WIDTH=84% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>LEGAL PROCEEDINGS</B><BR></FONT></TD></TR>
</TABLE>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>There are no material pending legal
proceedings, other than ordinary routine litigation incidental to our business, to which
we are a party or of which any of our property is the subject and no such proceedings are
known to be contemplated by governmental authorities. </FONT></P>
<A NAME="Submission"></A>
<TABLE CELLPADDING=0 CELLSPACING=0 Border=0 WIDTH=100%>
<TR VALIGN=top>
     <TD WIDTH=16% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>ITEM 4.</B></FONT></TD>
     <TD WIDTH=84% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS</B><BR></FONT></TD></TR>
</TABLE>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>No matter was submitted to a vote of
our shareholders during the fourth quarter of the fiscal year covered by this report. </FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>PART II</U></B> </FONT></P>
<A NAME="Market"></A>
<TABLE CELLPADDING=0 CELLSPACING=0 Border=0 WIDTH=100%>
<TR VALIGN=top>
     <TD WIDTH=16% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>ITEM 5.</B></FONT></TD>
     <TD WIDTH=84% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS</B><BR></FONT></TD></TR>
</TABLE>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Our common stock is traded on the
Nasdaq National Market under the symbol CHDN. As of March 9, 2004, there were
approximately 3,750 shareholders of record. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The following table sets forth the
high and low sale prices, as reported by Nasdaq, and dividend payment information for our
common stock during the last two years: </FONT></P>


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<TR>
     <TD COLSPAN=2></TD>
     <TD ALIGN="Center" COLSPAN=7> <FONT FACE="Times New Roman, Times, Serif" SIZE=2>2003 - By Quarter</FONT></TD>
     <TD COLSPAN=1></TD>
     <TD ALIGN="Center" COLSPAN=7> <FONT FACE="Times New Roman, Times, Serif" SIZE=2>2002 - By Quarter</FONT></TD>
     <TD COLSPAN=1 ALIGN=RIGHT></TD></TR>

<TR>
     <TD COLSPAN=2></TD>
     <TD COLSPAN=7 ALIGN=RIGHT><HR NOSHADE COLOR=Black SIZE=1></TD>
     <TD COLSPAN=1></TD>
     <TD COLSPAN=7 ALIGN=RIGHT><HR NOSHADE COLOR=Black SIZE=1></TD>
     <TD COLSPAN=1 ALIGN=RIGHT></TD></TR>


<TR VALIGN="BOTTOM" ALIGN="CENTER">
     <TD ALIGN="Center" WIDTH="26%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN="Center" WIDTH="7%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="Center" WIDTH="5%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1st</FONT></TD>
     <TD ALIGN="Center" WIDTH="3%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="Center" WIDTH="5%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2nd</FONT></TD>
     <TD ALIGN="Center" WIDTH="3%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="Center" WIDTH="5%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3rd</FONT></TD>
     <TD ALIGN="Center" WIDTH="3%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="Center" WIDTH="5%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4th</FONT></TD>
     <TD ALIGN="Center" WIDTH="7%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="Center" WIDTH="5%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1st</FONT></TD>
     <TD ALIGN="Center" WIDTH="3%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="Center" WIDTH="5%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2nd</FONT></TD>
     <TD ALIGN="Center" WIDTH="3%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="Center" WIDTH="5%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3rd</FONT></TD>
     <TD ALIGN="Center" WIDTH="3%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="Center" WIDTH="5%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4th</FONT></TD>
     <TD ALIGN="Center" WIDTH="2%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>

<TR>
     <TD COLSPAN=2></TD>
     <TD COLSPAN=7 ALIGN=RIGHT><HR NOSHADE COLOR=Black SIZE=1></TD>
     <TD COLSPAN=1></TD>
     <TD COLSPAN=7 ALIGN=RIGHT><HR NOSHADE COLOR=Black SIZE=1></TD>
     <TD COLSPAN=1 ALIGN=RIGHT></TD></TR>


<TR VALIGN=Bottom>
     <TD ALIGN="LEFT" WIDTH="26%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>High Sale</FONT></TD>
     <TD ALIGN="RIGHT" WIDTH="7%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="RIGHT" WIDTH="5%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$38.90</FONT></TD>
     <TD ALIGN="RIGHT" WIDTH="3%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="RIGHT" WIDTH="5%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$39.50</FONT></TD>
     <TD ALIGN="RIGHT" WIDTH="3%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="RIGHT" WIDTH="5%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$40.00</FONT></TD>
     <TD ALIGN="RIGHT" WIDTH="3%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="RIGHT" WIDTH="5%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$40.45</FONT></TD>
     <TD ALIGN="RIGHT" WIDTH="7%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="RIGHT" WIDTH="5%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$43.25</FONT></TD>
     <TD ALIGN="RIGHT" WIDTH="3%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="RIGHT" WIDTH="5%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$41.00</FONT></TD>
     <TD ALIGN="RIGHT" WIDTH="3%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="RIGHT" WIDTH="5%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$40.35</FONT></TD>
     <TD ALIGN="RIGHT" WIDTH="3%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="LEFT" WIDTH="5%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$41.48</FONT></TD>
     <TD ALIGN="RIGHT" WIDTH="2%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT" WIDTH="26%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Low Sale</FONT></TD>
     <TD ALIGN="RIGHT" WIDTH="7%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="RIGHT" WIDTH="5%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$29.85</FONT></TD>
     <TD ALIGN="RIGHT" WIDTH="3%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="RIGHT" WIDTH="5%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$31.55</FONT></TD>
     <TD ALIGN="RIGHT" WIDTH="3%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="RIGHT" WIDTH="5%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$34.91</FONT></TD>
     <TD ALIGN="RIGHT" WIDTH="3%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="RIGHT" WIDTH="5%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$34.13</FONT></TD>
     <TD ALIGN="RIGHT" WIDTH="7%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="RIGHT" WIDTH="5%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$32.80</FONT></TD>
     <TD ALIGN="RIGHT" WIDTH="3%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="RIGHT" WIDTH="5%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$31.96</FONT></TD>
     <TD ALIGN="RIGHT" WIDTH="3%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="RIGHT" WIDTH="5%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$32.00</FONT></TD>
     <TD ALIGN="RIGHT" WIDTH="3%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="LEFT" WIDTH="5%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$36.10</FONT></TD>
     <TD ALIGN="RIGHT" WIDTH="2%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT colspan=8><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Dividend per share:</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$.50</FONT></TD>
     <TD ALIGN=LEFT colspan=7><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
        <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$.50</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
</TABLE>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
We  presently  expect that  comparable  annual  cash  dividends  (adjusted  for any stock  splits or other  similar
transactions) will continue to be paid in the future.</FONT></P>
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                12
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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2" COLOR="#1589FF"><U><A HREF="#IndexPage">Return to Index</A></U> </FONT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR><BR><BR> </FONT></P>
<A NAME="Consolidated"></A>
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<TR VALIGN=top>
     <TD WIDTH=16% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>ITEM 6.</B></FONT></TD>
     <TD WIDTH=84% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>CONSOLIDATED SELECTED FINANCIAL DATA</B><BR></FONT></TD></TR>
</TABLE>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(In thousands, except per share data)</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" ALIGN="CENTER" WIDTH="100%">
<TR VALIGN=TOP>
         <TD COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
         <TD COLSPAN="10" ALIGN="Center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=2>Years ended December 31,</FONT></TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR VALIGN=TOP>
         <TD COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
         <TD COLSPAN="1" ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2003</FONT></TD><TD COLSPAN=1><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
         <TD COLSPAN="1" ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2002</FONT></TD><TD COLSPAN=1><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
         <TD COLSPAN="1" ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2001</FONT></TD><TD COLSPAN=1><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
         <TD COLSPAN="1" ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2000</FONT></TD><TD COLSPAN=1><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
        <TD COLSPAN="1" ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1999</FONT></TD><TD COLSPAN=1><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD></TR>
<TR VALIGN=TOP>
     <TD COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD COLSPAN=2><HR NOSHADE COLOR=Black SIZE=1></TD>
     <TD COLSPAN=2><HR NOSHADE COLOR=Black SIZE=1></TD>
     <TD COLSPAN=2><HR NOSHADE COLOR=Black SIZE=1></TD>
     <TD COLSPAN=2><HR NOSHADE COLOR=Black SIZE=1></TD>
     <TD COLSPAN=2><HR NOSHADE COLOR=Black SIZE=1></TD></TR>
<TR VALIGN=TOP>
     <TD WIDTH=46% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;Operations:<BR><BR></FONT></TD>
     <TD COLSPAN=11 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP" BGCOLOR="#ecd872">
     <TD WIDTH="46%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;Net revenues</FONT></TD>
     <TD WIDTH="2%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="8%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$424,233</FONT></TD>
        <TD WIDTH="3%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="8%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$438,842</FONT></TD>
        <TD WIDTH="3%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="7%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$426,893</FONT></TD>
        <TD WIDTH="2%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="8%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$362,928</FONT></TD>
        <TD WIDTH="3%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="8%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$258,407</FONT></TD>
        <TD WIDTH="2%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;<BR><BR></FONT></TD></TR>
<TR VALIGN=TOP>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;Operating income</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$44,279</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$45,439</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$49,582</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$46,892</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$32,775</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP" BGCOLOR="#ecd872">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;Net earnings</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$24,138</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$20,969</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$22,076</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$19,164</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$14,976</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;<BR><BR></FONT></TD></TR>
<TR VALIGN=TOP>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;Basic net earnings per share</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
         <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$1.83</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
        <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$1.60</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
        <TD ALIGN="Right"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$1.69</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
        <TD ALIGN="Right"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$1.77</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
        <TD ALIGN="Right"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$1.74<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP" BGCOLOR="#ecd872">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;Diluted net earnings per share</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="Right"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$1.80</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN="Right"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$1.57</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
        <TD ALIGN="Right"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$1.67</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
        <TD ALIGN="Right"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$1.75</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
        <TD ALIGN="Right"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$1.72<BR><BR></FONT></TD></TR>
<TR VALIGN=TOP>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;Annual dividends paid per share</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
             <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$.50</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
        <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$.50</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
        <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$.50</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
        <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$.50</FONT></TD>
        <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
        <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$.50<BR><BR></FONT></TD></TR>

<TR VALIGN="TOP" >
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Balance Sheet Data at Period End:<BR><BR></FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=TOP BGCOLOR="#ecd872">
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;Total assets</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$505,506</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$469,212</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$473,418</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$470,004</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$398,046</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT><BR><BR></TD></TR>
<TR VALIGN="TOP" >
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;Working capital surplus (deficiency)</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$(41,755</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>)</FONT></TD>
        <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$(25,169</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>)</FONT></TD>
      <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$(34,694</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$(31,507</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$800</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;<BR><BR></FONT></TD></TR>
<TR VALIGN=TOP BGCOLOR="#ecd872">
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;Long-term debt</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$126,836</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$123,348</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$133,348</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$158,040</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$181,450</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP" >
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;Other Data:<BR><BR></FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=TOP BGCOLOR="#ecd872">
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;Shareholders' equity</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$254,976</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$234,997</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$217,235</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$202,485</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$138,121</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP" >
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;Shareholders' equity per share</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$19.24</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$17.86</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$16.59</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$15.55</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$14.02</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;<BR><BR></FONT></TD></TR>
<TR VALIGN=TOP BGCOLOR="#ecd872">
     <TD colspan=11 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;Additions to racing plant and equipment,</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=TOP BGCOLOR="#ecd872">
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;exclusive of business acquisitions, net</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$40,855</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$22,723</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$14,626</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$22,419</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$12,083</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
</TABLE>

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<A NAME="Management"></A>
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     <TD WIDTH=16% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>ITEM 7.</B></FONT></TD>
     <TD WIDTH=84% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</B><BR></FONT></TD></TR>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Information set forth in this
discussion and analysis contains various &#147;forward-looking statements&#148; 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
&#147;Act&#148;) provides certain &#147;safe harbor&#148; provisions for forward-looking
statements. All forward-looking statements made in this Annual Report on Form 10-K 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 &#147;anticipate,&#148; &#147;believe,&#148;
&#147;could,&#148; &#147;estimate,&#148; &#147;expect,&#148; &#147;intend,&#148;
&#147;may,&#148; &#147;might,&#148; &#147;plan,&#148; &#147;predict,&#148;
&#147;project,&#148; &#147;should,&#148; &#147;will,&#148; 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 economic environment; the impact of increasing insurance costs; the impact of interest
rate fluctuations; 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
operations; the impact of an additional racetrack near our Indiana operations; our
continued ability to effectively compete for the country&#146;s top horses and trainers
necessary to field high-quality horse racing; our continued ability to grow our share of
the interstate simulcast market; our ability to execute our acquisition strategy and to
complete or successfully operate planned expansion projects; our ability to adequately
integrate acquired businesses; market reaction to our expansion projects; any business
disruption associated with our facility renovations; 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. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>You should read this discussion
together with the financial statements and other financial information included in the
report. Our significant accounting policies are described in Note 1 to the consolidated
financial statements included in Item 8 of this Form 10-K.</I> </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>General Information About
Our Business</B> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>We 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
&#147;Kentucky Operations&#148;). 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 eleven simulcast wagering
facilities in Kentucky, Indiana and Illinois, as well as at our six racetracks. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Churchill Downs Simulcast Network
(&#147;CDSN&#148;) was developed in 2002 to focus on the distribution of the
Company&#146;s simulcast signal. CDSN provides the principal oversight of our interstate
and international simulcast and wagering opportunities, as well as the marketing, sales,
operations and data support efforts related to the Company-owned racing content. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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 may not be comparable with results for the corresponding period of the
previous year. We historically have very  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
few live racing days during the first quarter of
each year, 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. Information regarding racing dates at our facilities for 2003 and 2004 is
included in Item 1E, &#147;Licenses and Live Racing Dates&#148; of this Form 10-K. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Our pari-mutuel revenues include
commissions on pari-mutuel wagering at our racetracks and off-track betting facilities
(net of state pari-mutuel taxes), plus simulcast host fees from other wagering sites and
source market fees generated from contracts with our in-home wagering providers. In
addition to the commissions earned on pari-mutuel wagering, we earn pari-mutuel related
streams of revenues from sources that are not related to wagering. These other revenues
are primarily derived from statutory racing regulations in some of the states where our
facilities are located and can fluctuate materially year-to-year. Non-wagering revenues
are primarily generated from admissions, sponsorships, licensing rights and broadcast
fees, Indiana riverboat admissions subsidy, concessions, lease income and other sources. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Greater than 70% of our annual
revenues are generated by pari-mutuel wagering on live and simulcast racing content and
in-home wagering. Live racing handle includes patron wagers on live races at our live
tracks and also wagers made on imported simulcast signals during live race meets. Import
simulcasting handle includes wagers on imported signals at our racetracks when the
respective tracks are not conducting live race meets and at our OTBs throughout the year.
Export handle includes all patron wagers made on our live racing signals sent to other
tracks or OTBs. In-home wagering, or account wagering, consist of patron wagers through an
advance deposit account. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The pari-mutuel operator retains as
revenue a pre-determined percentage of the total amount wagered, and the balance is
distributed to the winning patrons. The gross percentages retained on live racing at our
various locations range from 15.43% to 27.0%. In general, the commissions earned from
import and export simulcasting are contractually determined and average approximately 3.49%.
All commissions earned from pari-mutuel wagering are shared with horsemen through payment
of purses based on local contracts and average approximately 50%. </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Legislative and
Regulatory Changes</B> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>During the third quarter of 2003, the
Indiana Horse Racing Commission (&#147;IHRC&#148;) finalized decisions regarding riverboat
subsidies. The IHRC affirmed that funds available to cover operating costs for 2002 for
the two Indiana racetracks, Hoosier Park and Indiana Downs, will be split on the basis of
purses generated by each racetrack. The IHRC also ruled that the additional 2002
supplemental riverboat subsidy, received in the third quarter of 2003, should be allocated
as follows: one-half between the two Indiana racetracks on the basis of purses generated,
and the remaining one-half allocated equally between the two Indiana racetracks. These
riverboat subsidy revenues were recognized by Hoosier Park during 2002. On October 24,
2003, Indiana Downs filed a petition requesting a court to review the IHRC decision
regarding the 2002 subsidy revenues. Indiana Downs maintains all 2002 subsidies should be
allocated equally between the two Indiana racetracks. Hoosier Park is a respondent in the
court proceeding, and it supports the IHRC ruling. At this time, the outcome of the court
proceedings is unknown, however, this could result in a one-time reduction of $0.7 million
in riverboat subsidy revenues for Hoosier Park if the courts rule in favor of Indiana
Downs. In addition, Hoosier Park could potentially be required to transfer $0.5 million of
the 2002 purses to Indiana Downs. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The IHRC also ruled that effective
January 1, 2004, and thereafter the riverboat subsidy for purses and operating costs are
to be split evenly between the two Indiana racetracks, which can be changed by the IHRC or
by the enactment of legislation. This ruling is consistent with the earlier ruling to
evenly split the 2003 riverboat subsidy revenues between the two racetracks in Indiana,
reducing Hoosier Park&#146;s subsidy revenues, net of purse expenses, by approximately $5
million in 2003 compared to 2002. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>During January and February when
there is no live racing in Illinois, the Illinois Racing Board (&#147;IRB&#148;) appoints
a Thoroughbred racetrack as the host track in Illinois. The IRB appointed Arlington Park
as the host track in Illinois during January 2003 resulting in increased pari-mutuel
revenues compared to the prior period. The IRB also appointed Arlington Park as the host
track in Illinois for portions of January and February 2004, which will result in an
additional 18 host days at Arlington Park during 2004. Arlington Park&#146;s future
appointment as the host track is subject to the annual appointment by the IRB. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>As a result of the controversy
surrounding a Breeders&#146; Cup Ultra Pick 6 wager, placed on October 26, 2002, we have
established, along with the National Thoroughbred Racing Association, Inc.
(&#147;NTRA&#148;), the NTRA Wagering</FONT></P>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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. Although this controversy involves a vendor
of the Company, our concerns and rigorous actions are grounded in our interest to protect
our patrons.</FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In Kentucky, the excise tax credit
for racetracks passed as part of the 2002-2004 state budget. The measure results in a
$12,000 credit against our excise tax liability for each day of live racing starting July
1, 2003 and ending June 30, 2004. During 2004 this will result in a $0.5 million credit
against our excise tax liability and is earmarked for horsemen&#146;s incentives and
necessary capital improvements. A similar credit of $0.5 million was earned during the
twelve months ended June 30, 2002. Due to shortfalls in the Kentucky state budget, it is
not anticipated that the excise tax credit will be included in the upcoming 2004-2006
Kentucky state budget. </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Critical Accounting
Policies</B> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The preparation of financial
statements in conformity with generally accepted accounting principles requires management
to make estimates and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities at the date of the
financial statements and the reported amounts of revenues and expenses during the
reporting period. Actual results could differ from those estimates. Our most significant
estimates relate to the valuation of property and equipment, receivables, goodwill and
other intangible assets, which may be significantly affected by changes in the regulatory
environment in which the company operates, and to the aggregate costs for self-insured
liability claims. Our significant accounting policies are described in Note 1 to the
consolidated financial statements included in Item 8 of this Form 10-K annual report. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Our business can be impacted
positively and negatively by legislative and regulatory changes, such as those previously
described, and from alternative gaming competition. Significant negative changes resulting
from these activities could result in a significant impairment of our property and
equipment and/or our goodwill and intangible assets in accordance with generally accepted
accounting standards. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Additional information regarding how
our business can be impacted by competition and legislative changes are included in Item
1F and 1G, respectively, in this Form 10-K. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>For our business insurance renewals
in 2003 and 2002, we assumed more risk than in the prior years, primarily through higher
retentions and higher maximum losses for stop-loss insurance for certain coverages. Our
March 1, 2004 business insurance renewals included substantially the same coverages and
retentions as in previous years. Based on our historical loss experience, management does
not anticipate that this increased risk assumption will materially impact our results of
operations. Our ability to obtain insurance coverage at acceptable costs in future years
under terms and conditions comparable to the current years is uncertain. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>During 2002, we reduced the carrying
value of the buildings, equipment and furniture and fixtures of Ellis Park to reflect
their estimated fair value in a divestiture transaction. Management reassessed the
carrying value of Ellis Park as of December 31, 2003 and determined no additional
impairment was necessary. Management expects to restore Ellis Park&#146;s profitability
through reduced expenses and a new racing schedule for 2004. Should the Company&#146;s
plans to meet expected operating results at Ellis Park not be realized, an additional
write down of these assets could occur. </FONT></P>
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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Results of Operations</B> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Pari-mutuel wagering information,
including intercompany transactions, for our CDSN segment and five live racing segments
including on-site simulcast facilities and separate OTBs, which are included in their
respective segments, during the years ended December 31, 2003 and 2002 is as follows ($ in
thousands): </FONT></P>

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<TR VALIGN=Bottom>
     <TD WIDTH="33%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="11%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Kentucky<BR><U>Operations</U></FONT></TD>
     <TD WIDTH="11%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Hollywood<BR><U>Park</U> (1)</FONT></TD>
     <TD WIDTH="11%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Calder Race<BR><U>Course</U></FONT></TD>
     <TD WIDTH="11%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Arlington<BR><U>Park</U>&nbsp;(2)</FONT></TD>
     <TD WIDTH="11%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Hoosier<BR><U>Park</U></FONT></TD>
     <TD WIDTH="12%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>CDSN</U></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Pari-mutuel wagering:</B></FONT></TD>
     <TD WIDTH=11% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=11% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=11% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=11% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=11% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;Live racing</FONT></TD>
     <TD WIDTH=11% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=11% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=11% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=11% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=11% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#ecd872">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2003 handle</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$127,641</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$160,624</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$209,526</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$96,414</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$9,456</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2> &nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2003 no. of days</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>120</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>95</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>181</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>104</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>120</FONT></TD>
        <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2> &nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#ecd872">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2002 handle</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$137,725</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$179,060</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$218,569</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$100,119</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$13,657</FONT></TD>
        <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2002 no. of days</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>123</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>100</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>181</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>106</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>158</FONT></TD>
        <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR><BR>&nbsp;&nbsp;Export simulcasting (3)</FONT></TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#ecd872">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2003 handle</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$49,870</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$325,438</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$274,344</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$35,539</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$122,133</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$2,189,640</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2003 no. of days</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>120</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>95</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>181</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>104</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>120</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>500</FONT></TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#ecd872">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2002 handle</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$43,230</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$359,304</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$285,139</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$43,143</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$111,770</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$2,050,659</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2002 no. of days</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>123</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>100</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>181</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>106</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>158</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>510</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR><BR>&nbsp;&nbsp;Import simulcasting</FONT></TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#ecd872">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2003 handle</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$112,874</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$205,699</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$414,671</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$120,385</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2003 no. of days</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>477</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>271</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,372</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,347</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#ecd872">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2002 handle</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$128,501</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$213,987</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$387,165</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$132,373</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2002 no. of days</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>529</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>275</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,843</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,244</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN="top" BGCOLOR="#ecd872">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Number of OTBs</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>&nbsp;&nbsp;Totals</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2003 handle</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$290,385</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$691,761</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$483,870</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$546,624</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$251,974</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$2,189,640</FONT></TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#ecd872">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2002 handle</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$309,456</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$752,351</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$503,708</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$530,427</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$257,800</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$2,050,659</FONT></TD></TR>
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                17
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        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2" COLOR="#1589FF"><U><A HREF="#IndexPage">Return to Index</A></U> </FONT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR><BR><BR> </FONT></P>
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<TR VALIGN=Bottom>
     <TD COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD COLSPAN=2 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Kentucky<BR><U>Operations</U></FONT></TD>
     <TD COLSPAN=1><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD COLSPAN=2 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Hollywood<BR><U>Park</U> (1)</FONT></TD>

     <TD COLSPAN=4 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Calder Race<BR><U>Course</U></FONT></TD>

     <TD COLSPAN=2 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Arlington<BR><U>Park</U></FONT></TD>

     <TD COLSPAN=4 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Hoosier Park</U></FONT></TD>

     <TD COLSPAN=2 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>CDSN</U></FONT></TD>
     <TD COLSPAN=1><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD></TR>

<TR VALIGN=Bottom><TD COLSPAN=21><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Pari-mutuel revenues:</B> (4)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;2003 Revenues</FONT></TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#ecd872">
     <TD WIDTH="32%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;Live racing</FONT></TD>
     <TD WIDTH="1%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="2%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="1%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD><TD WIDTH="7%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2> 15,677</FONT></TD>
        <TD WIDTH="3%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="1%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD><TD WIDTH="7%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2> 15,745</FONT></TD>
        <TD WIDTH="3%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="1%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD><TD WIDTH="7%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2> 28,912</FONT></TD>
        <TD WIDTH="3%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="1%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD><TD WIDTH="7%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2> 10,681</FONT></TD>
        <TD WIDTH="3%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="1%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD><TD WIDTH="7%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>  1,026</FONT></TD>
        <TD WIDTH="3%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="1%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD WIDTH="7%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
        <TD WIDTH="2%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;Export simulcasting</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,211</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13,930</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>30,435</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,291</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,581</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> 74,585</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#ecd872">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;Import simulcasting</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>16,803</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10,905</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>36,794</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>21,926</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;Other revenues</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10,094</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>19,622</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,401</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10,052</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>995</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=2 ALIGN=RIGHT></TD><TD></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=Black SIZE=1></TD><TD></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=Black SIZE=1></TD><TD></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=Black SIZE=1></TD><TD></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=Black SIZE=1></TD><TD></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=Black SIZE=1></TD><TD></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=Black SIZE=1></TD><TD></TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#ecd872">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;Total 2003 Revenues</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2> 45,785</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2> 60,202</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2> 62,748</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2> 60,818</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2> 27,528</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2> 74,585</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR><BR>2002 Revenues</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;Live racing</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> 16,681</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> 17,918</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> 30,109</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> 11,318</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>  1,416</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#ecd872">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;Export simulcasting</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,740</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>16,081</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>31,946</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,661</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,160</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2> 67,849</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;Import simulcasting</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>18,389</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11,710</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>32,959</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>24,264</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#ecd872">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;Other revenues</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10,573</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>18,734</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,790</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13,866</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>671</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=Black SIZE=1></TD><TD></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=Black SIZE=1></TD><TD></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=Black SIZE=1></TD><TD></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=Black SIZE=1></TD><TD></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=Black SIZE=1></TD><TD></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=Black SIZE=1></TD><TD></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;Total 2002 Revenues</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> 48,383</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> 64,443</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> 64,845</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> 61,804</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> 29,511</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> 67,849</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
</TABLE>


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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1)&nbsp;&nbsp;&nbsp;&nbsp;
          In California, when a track is offering live racing, they are referred to as the
          &#147;host track.&#148; In the table above, Hollywood Park export includes
          handle for Hollywood Park races wagered in southern and northern California as
          well as out-of-state races wagered in southern California (excluding
          out-of-state races wagered at Hollywood Park). Hollywood Park export handle
          noted above that is not generated from Hollywood Park races includes $142,765
          and $150,631 for 2003 and 2002, respectively, and related export revenues noted
          above include $12,246 and $13,173 for 2003 and 2002, respectively. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2)&nbsp;&nbsp;&nbsp;&nbsp;
          Arlington Park&#146;s seventh OTB opened during June 2003 and the sixth OTB
          opened during December 2002. Arlington Park also opened an eighth OTB during
          February 2004. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(3)&nbsp;&nbsp;&nbsp;&nbsp;
          CDSN export simulcasting includes all interstate handle activity at our live
          racing segments except Hoosier Park. Hoosier Park export simulcasting includes
          interstate and intrastate handle activity for Hoosier Park racetrack. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(4)&nbsp;&nbsp;&nbsp;&nbsp;
          Pari-mutuel revenues for live racing, export simulcasting and import
          simulcasting include commissions from wagering (net of state pari-mutuel taxes)
          and simulcast host fees. Other revenues include source market fees from in-home
          wagering and other statutory racing revenues. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Year Ended December 31, 2003 Compared to Year Ended December 31, 2002</B></FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Net Revenues</U></FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net revenues decreased $14.6 million
from $438.8 million in 2002 to $424.2 million in 2003. Kentucky Operations revenues
increased $4.3 million primarily due to interstate export simulcast wagering resulting from record wagering
for the Kentucky Derby and
Kentucky Oaks days. CDSN revenues increased $7.0 million primarily due to increases in interstate
export simulcast wagering and record wagering on the Kentucky Oaks and Kentucky Derby
days. These increases were offset by a $9.5 million decrease in the Indiana riverboat
admissions subsidy at Hoosier Park resulting from regulatory changes requiring Hoosier
Park to split the subsidy revenues with Indiana Downs. Hoosier Park also had a decrease in
pari-mutuel revenues of $2.0 million primarily due to 38 fewer live Standardbred race
days. Hollywood Park&#146;s revenue decrease of $5.9 million was primarily due to five
fewer live race days during 2003, decreased wagering and attendance as well as higher
California worker&#146;s compensation costs resulting in smaller field sizes on races. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net revenues decreased by $1.1
million at Arlington Park. During January and February when there is no live racing in
Illinois, the IRB appoints a Thoroughbred racetrack as the host track in Illinois. The IRB
appointed Arlington Park as the host track in Illinois during a portion of January 2003
resulting in increased pari-mutuel revenues compared to the prior period. However, this
increase was offset by decreased revenues due to two fewer live race days at Arlington
Park as well as the impact of the Illinois harness strike during the first quarter of
2003. Calder Race Course also experienced decreased revenues of $1.7 million caused in
part by reduced attendance and </FONT></P>

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                18
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        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2" COLOR="#1589FF"><U><A HREF="#IndexPage">Return to Index</A></U> </FONT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR><BR><BR> </FONT></P>

<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>wagering after a smoking ban in Florida went into effect in
mid-2003. Net revenues decreased less than the sum of the segment variances described
above due to increases in intercompany eliminations of $4.7 million primarily due to
increased CDSN simulcast wagering. </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Operating Expenses</U> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Operating expenses decreased $7.6
million from $353.5 million in 2002 to $345.9 million in 2003 primarily due to decreased
purse expenses of $4.9 million at Hoosier Park consistent with the decrease in Indiana
riverboat admissions subsidy noted above. Other direct racing expenses at Hoosier Park
decreased $2.2 million primarily due to fewer days of racing, and Hollywood Park and
Calder Race Course racing expenses decreased consistent with the decreases in pari-mutuel
revenues. Kentucky Operations had an increase in purse expenses of $1.8 million consistent
with the increase in pari-mutuel revenues. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>During 2003, Arlington Park recorded
a receivable for an Illinois real estate tax settlement. The amount recorded, net of
attorney&#146;s fees and other reductions, approximates $3.1 million reflected as a
reduction in operating expenses and $1.0 million in earned interest income at statutory
rates. An agreement and collection schedule were finalized during the fourth quarter of
2003. The receivable bears interest at a statutory rate. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Also during 2003, Arlington Park
recorded an expense of $1.0 million related to the purse account reflecting the estimated
impact of recovering the 2002 purse recapture over an extended period, rather than an
immediate total recovery, as allowed by statute. </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Gross Profit</U> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Gross profit decreased $7.0 million
from $85.3 million in 2002 to $78.3 million in 2003 primarily due to the decrease in
Indiana riverboat admissions subsidy at Hoosier Park, where gross profit fell $5.3
million. In addition, gross profit declined $4.8 million at Hollywood Park as a result of
reduced revenues and CDSN gross profit increased $2.1 million due to increased interstate
export wagering. </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Selling, General and
Administrative Expenses</U> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Selling, general and administrative
(&#147;SG&amp;A&#148;) expenses decreased by $1.4 million from $35.4 million in 2002 to
$34.0 million in 2003 primarily as a result of a decrease in strategic planning expenses
for our corporate segment as well as a decrease in legislative costs for our Kentucky
Operations related to legislative alternative gaming initiatives. Overall cost management
efforts to contain general and administrative costs resulted in additional decreased costs
at our Kentucky Operations and limited significant increases at our other operations. </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Other Income and Expense</U> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Interest income increased $1.0
million due to the interest component for the settlement of a claim for prior years&#146;
real estate taxes for Arlington Park noted above. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Interest expense decreased $2.6
million from $8.8 million in 2002 to $6.2 million in 2003 due to the lower interest rate
environment. The Company replaced expired interest rate swap contracts in March 2003 with
new interest rate swap contracts under which lower fixed interest rates are paid. </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Income Tax Provision</U> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Our income tax provision increased
$1.8 million as a result of an increase in pre-tax earnings. Our effective tax rate
declined from 40.9% in 2002 to 40.3% in 2003 primarily due to a reduction in
non-deductible expenditures as a percentage of pre-tax income. </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Net Earnings</U> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net earnings for 2002 was reduced by
a pre-tax asset impairment charge of $4.5 million. On an after-tax basis, the charge
reduced earnings per share by $0.21 per share. </FONT></P>
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                19
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</TR>
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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2" COLOR="#1589FF"><U><A HREF="#IndexPage">Return to Index</A></U> </FONT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR><BR><BR> </FONT></P>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Year Ended December 31, 2002
 Compared to Year Ended December 31, 2001</B></FONT></P>


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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Net Revenues</U> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net revenues increased $11.9 million
from $426.9 million in 2001 to $438.8 million in 2002. Arlington Park revenues increased
$3.3 million primarily as a result of five additional live race days and Calder Race
Course revenues increased $5.2 million primarily as a result of an expanded live race meet
resulting in ten additional live race days during 2002. Kentucky Operations revenues
increased $1.3 million primarily due to an additional six days of live racing as well as
record wagering for the Kentucky Oaks and Kentucky Derby. Hollywood Park pari-mutuel
revenues increased $3.4 million primarily resulting from three additional live racing days
in 2002. However, this increase was offset by a decrease in concessions revenues as a
result of outsourcing Hollywood Park&#146;s food service. CDSN revenues increased $8.6
million primarily due to increases in overall export simulcasting activity, as well as the
additional days of racing and record wagering on the Kentucky Oaks and Kentucky Derby
noted above. Net revenues increased less than the sum of the segment variances described
above due to increases in intercompany eliminations of $6.4 million resulting from the
increased CDSN simulcasting activity. </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Operating Expenses</U> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Operating expenses increased $8.0
million from $345.5 million in 2001 to $353.5 million in 2002 due to several factors,
including a $3.2 million increase in 2002 business insurance expenses at all of our
racetracks. Arlington Park, Calder Race Course and Kentucky Operations had increases in
operating expenses from the increased number of live race days. Kentucky Operations also
experienced additional costs related to the incremental Kentucky Derby security measures
in May 2002. Hollywood Park had increases in operating expenses from the increased number
of live race days partially offset by decreases in operating expense for the outsourcing
of its food service. Increases were partially offset by a decrease in amortization expense
of $1.4 million related to the adoption of the Financial Accounting Standards Board
(&#147;FASB&#148;) Statement of Financial Accounting Standard (&#147;SFAS&#148;) No. 142
on January 1, 2002. </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Gross Profit</U> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Gross profit increased $3.9 million
from $81.4 million in 2001 to $85.3 million in 2002. Although there was revenue growth
during 2002 primarily as a result of increased live racing days at Arlington Park, Calder
Race Course, Kentucky Operations and Hollywood Park, record wagering results on Kentucky
Oaks and Kentucky Derby days and an increase in CDSN wagering activity, these increases
were partially offset by increases in business insurance and other operating expenses, as
discussed above. </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Selling, General and
Administrative Expenses</U> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SG&amp;A expenses increased by $3.6
million primarily due to costs incurred by our Kentucky Operations related to the Kentucky
legislative gaming initiatives and consulting project and costs incurred by Arlington Park
primarily related to the Illinois riverboat legislation. </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Asset Impairment Loss</U> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>During 2002 an impairment loss of
$4.5 million was recorded to write down the assets of Ellis Park (part of Kentucky
Operations) to estimated fair value. </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Other Income and Expense</U> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Interest expense decreased $3.8
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>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Income Tax Provision</U> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The decrease in our income tax
provision of $0.6 million for 2002 compared to 2001 is the result of a decrease in pre-tax
earnings offset by a slight increase in our effective income tax rate from 40.7% in 2001
to 40.9% in 2002. </FONT></P>
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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2" COLOR="#1589FF"><U><A HREF="#IndexPage">Return to Index</A></U> </FONT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR><BR><BR> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Significant Changes in the Balance
Sheet December 31, 2003 to December 31, 2002</B> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Other assets increased $5.3 million
due to an increase in loan costs related to the refinancing of our revolving loan facility
and long-term portions of Arlington Park&#146;s real estate tax settlement and purse
recapture amounts. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net plant and equipment increased
$28.8 million primarily as a result of capital expenditures of $27.8 million related to
the renovation plan to restore and modernize key areas at our Churchill Downs racetrack
facility, referred to as our &#147;Master Plan.&#148; Additional increases were due to
routine capital spending at our operating units offset by depreciation expense of $20.1
million. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Accrued expenses increased $6.7
million primarily due to costs related to our Master Plan project. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Our current portion of long-term debt
increased due to the impending maturity of our Hoosier Park loan (see Note 2 to the
consolidated financial statements for additional details on our Hoosier Park loan).
Management intends to extend the note after discussions with Centaur. The increase in
total long-term debt is primarily a result of 2003 capital spending related to the Master
Plan offset by the use of current cash flows to reduce borrowings under our revolving line
of credit. </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Liquidity and Capital
Resources</B> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The $16.6 million increase in the
working capital deficit between December 31, 2003 and 2002 is due primarily to Master Plan
accrued construction billings of $7.1 million, refundable deposits of $1.1 million and
deferred revenues of $3.5 million related to our new Jockey Club suites being placed in
service. Additionally, the impending maturity of our Hoosier Park loan resulted in a
short-term status of the $5.2 million note. We generally operate with negative working
capital, as cash generated daily by our operations is used to reduce our long-term
revolving credit borrowings. During periods when we are conducting little or no live
racing, funds from the line of credit facility are used for working capital needs. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Cash flows provided by operations
were $47.0 million, $35.4 million and $45.7 million for the years ended December 31, 2003,
2002 and 2001, respectively. The net decrease in cash provided by operations in 2002, and
the subsequent increase in 2003, was primarily a result of the timing of accounts payable
and prepaid Breeders&#146; Cup balances at Arlington Park. Additionally, the remaining
increase in cash provided by operations during 2003, as compared to 2002, was due to the
timing of payments of purses payable, horsemen&#146;s cash balances, invoicing for special
events and amounts related to the new Jockey Club suites as well as increased depreciation
on the Master Plan project. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Cash flows used in investing
activities were $41.7 million, $22.7 million and $10.1 million for the years ended
December 31, 2003, 2002, and 2001, respectively. We used $40.9 million during 2003 for
capital spending at our facilities, including $27.8 million for the Master Plan renovation
of our Churchill Downs racetrack. We are planning capital expenditures of approximately
$93.0 million in 2004 including $74.0 million for our Master Plan renovation. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>We expect the ongoing Master Plan
renovations at our Kentucky Operations to impair our ability to achieve comparable
attendance and wagering results at our Churchill Downs facility during 2004. Although we
will have a reduced number of available seats during our 2004 live meets, we will have
only a slight decrease in seating for our Kentucky Oaks and Derby Days with temporary
seating located in the infield and our Marquee Village hospitality area. Additionally, our
new Jockey Club suites opened during 2003 with the completion of Phase I of the Master
Plan renovation and will be available during our 2004 live meets. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Cash flows used in financing
activities were $3.5 million, $13.6 million and $30.8 million for the years ended December
31, 2003, 2002 and 2001, respectively. During 2003, we continued to use cash flows from
operations to reduce borrowings on our revolving line of credit. However, the additional
spending requirements related to our Master Plan project required us to borrow additional
funds during 2003 compared to prior years. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>During April 2003, we refinanced our
$250 million revolving credit facility to meet our needs for funding future working
capital, capital improvements and potential future acquisitions. The refinancing included
a new $200.0 million revolving line of credit through a syndicate of banks with a
five-year term and $100.0 million in variable rate senior notes issued by us with a
seven-year term, of which $120.0 million was outstanding in total at December 31, 2003.
Both debt facilities are collateralized by substantially all of our assets. The interest
rate on the bank line </FONT></P>
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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2" COLOR="#1589FF"><U><A HREF="#IndexPage">Return to Index</A></U> </FONT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR><BR><BR> </FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
of credit is based upon LIBOR plus a spread of 125 to 225 basis
points, determined by the Company&#146;s leverage ratio. The interest rate on our senior
notes is equal to three-month LIBOR plus 155 basis points. These notes require interest
only payments during their term with principal due at maturity. Both debt facilities
contain financial and other covenant requirements, including specific fixed charge and
leverage ratios, as well as minimum levels of net worth. We repaid our previously existing
revolving line of credit during April 2003 with proceeds from the new facilities.
Management believes cash flows from operations and borrowings under our current financing
facility will be sufficient to fund our cash requirements for 2004, including our Master
Plan capital expenditures. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Our principal commitments to make
future payments consist of repayments of borrowings under our revolving credit facility
and our senior notes, capital expenditures, capital lease obligations and obligations
under operating lease agreements. Our contractual obligations at December 31, 2003 are
summarized as follows ($ in thousands): </FONT></P>



<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" BORDER="0" WIDTH="100%">
<TR VALIGN=Bottom>
     <TD WIDTH="37%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Contractual Obligation</B></FONT></TD>
     <TD ALIGN="Center" WIDTH="8%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Less than<BR><U>1 year</U></FONT></TD>
     <TD WIDTH="3%">&nbsp; </TD>
     <TD ALIGN="Center" WIDTH="7%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1-3<BR><U>years</U></FONT></TD>
     <TD WIDTH="3%"> &nbsp;</TD>
     <TD ALIGN="Center" WIDTH="7%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4-5<BR><U>years</U></FONT></TD>
     <TD WIDTH="3%">&nbsp; </TD>
     <TD ALIGN="Center" WIDTH="9%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>After 5<BR><U>years</U></FONT></TD>
     <TD WIDTH="3%">&nbsp; </TD>
     <TD ALIGN="Center" WIDTH="9%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Total</U></FONT></TD>
     <TD WIDTH="11%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
</TR>

<TR VALIGN="BOTTOM" BGCOLOR="#ecd872">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Long-term debt</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;5,740&nbsp;</FONT></TD>
     <TD> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;1,056&nbsp;</FONT></TD>
     <TD> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$20,040&nbsp;</FONT></TD>
     <TD> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$100,000&nbsp;</FONT></TD>
     <TD> </TD>
     <TD WIDTH="9%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$126,836&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Capital lease obligations</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>37&nbsp;</FONT></TD>
     <TD> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>37&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#ecd872">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Operating leases</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,963&nbsp;</FONT></TD>
     <TD> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,779&nbsp;</FONT></TD>
     <TD> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,197&nbsp;</FONT></TD>
     <TD> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,372&nbsp;</FONT></TD>
     <TD> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10,311&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Master Plan capital expenditures</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>74,000&nbsp;</FONT></TD>
     <TD> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8,000&nbsp;</FONT></TD>
     <TD> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>82,000&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
</TR>
<TR>
     <TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR=Black SIZE=1></TD>
     <TD> </TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR=Black SIZE=1></TD>
     <TD> </TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR=Black SIZE=1></TD>
     <TD> </TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR=Black SIZE=1></TD>
     <TD> </TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=Black SIZE=1></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#ecd872">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$81,740&nbsp;</FONT></TD>
     <TD> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$13,835&nbsp;</FONT></TD>
     <TD> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$21,237&nbsp;</FONT></TD>
     <TD> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$102,372&nbsp;</FONT></TD>
     <TD> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$219,184&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
</TR>
<TR>
     <TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR=Black SIZE=3></TD>
     <TD> </TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR=Black SIZE=3></TD>
     <TD> </TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR=Black SIZE=3></TD>
     <TD> </TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR=Black SIZE=3></TD>
     <TD> </TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=Black SIZE=3></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
</TR>

</TABLE>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>As of December 31, 2003 we had three
interest rate swap agreements with notional amounts totaling $60.0 million, which mature
in March 2008. The carrying amount of the interest rate swaps was a payable of
approximately $0.6 million at December 31, 2003. Information regarding interest rates on
the swap agreements is included in Item 7A of this Form 10-K. </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Significant Accounting
Pronouncements</B> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In December 2002, the Financial
Accounting Standards Board (&#147;FASB&#148;) issued Statement of Financial Accounting
Standard (&#147;SFAS&#148;) No. 148 &#147;Accounting for Stock-Based Compensation
&#150;Transition and Disclosure an amendment of FASB Statement No. 123.&#148; This
Statement amends SFAS No. 123, &#147;Accounting for Stock-Based Compensation,&#148; to
provide alternative methods of transition for a voluntary change to the fair value based
method of accounting for stock-based employee compensation. In addition, this Statement
amends the disclosure requirements of Statement 123 to require prominent disclosures in
both annual and interim financial statements about the method of accounting for
stock-based employee compensation and the effect of the method used on reported results.
We have adopted the disclosure provisions of SFAS 148, however, management does not
currently expect to change its method of accounting treatment for stock options. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In May 2003, the FASB issued SFAS No.
150 &#147;Accounting for Certain Financial Instruments with Characteristics of both
Liabilities and Equity.&#148; This statement established standards for how an issuer
classifies and measures certain financial instruments with characteristics of both
liabilities and equity. It requires that an issuer classify a financial instrument that is
within its scope as a liability (or an asset in some circumstances). This statement is
effective for financial instruments entered into or modified after May 31, 2003, and
otherwise effective at the beginning of the first interim period beginning after June 15,
2003, except for mandatory redeemable financial instruments of nonpublic entities which
are subject to the provisions of FASB No. 150 for the first fiscal period beginning after
December 15, 2003. Adoption of SFAS No. 150 did not impact our results of operations or
financial position. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In January 2003, the FASB issued FASB
Interpretation No. 45, &#147;Guarantor&#146;s Accounting and Disclosure Requirements for
Guarantees, Including Indirect Guarantees of Indebtedness of Others, and interpretation of
SFAS No. 5, 57 and 107 and Rescission of FASB Interpretation No. 34&#148; (&#147;FIN
45&#148;). FIN 45 requires that upon issuance of a guarantee, the entity must recognize a
liability for the fair value of the obligation it assumes under that guarantee. FIN 45
requires disclosure about each guarantee even if the likelihood of the guarantor&#146;s
having to make any payments under the guarantee is remote. The provisions for initial
recognition and measurement are effective on a prospective basis for guarantees that are
issued or modified after December 31, 2002. Adoption of FIN 45 did not impact our results
of operations or financial position. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In January 2003, the FASB issued FASB
Interpretation No. 46, &#147;Consolidation of Variable Interest Entities, an
Interpretation of ARB No. 51&#148; (&#147;FIN 46&#148;). This Interpretation of Accounting
Research Bulletin No. 51 &#147;Consolidated Financial Statements,&#148; requires certain
variable interest entities to be consolidated by the primary </FONT></P>
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                22
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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2" COLOR="#1589FF"><U><A HREF="#IndexPage">Return to Index</A></U> </FONT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR><BR><BR> </FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>beneficiary of the entity if
the equity investors in the entity do not have the characteristics of a controlling
financial interest or do not have sufficient equity at risk for the entity to finance its
activities without additional subordinated financial support from other parties. FIN 46 is
effective immediately for all new variable interest entities created or acquired after
January 31, 2003. For variable interest entities created or acquired prior to February 1,
2003, the provisions of FIN 46 must be applied for the first interim or annual period
beginning after March 15, 2004. Management anticipates that the adoption of FIN 46 will
not have an effect on our results of operations or financial position. </FONT></P>
<A NAME="Quantitative"></A>
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     <TD WIDTH=16% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>ITEM 7A.</B></FONT></TD>
     <TD WIDTH=84% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B> QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</B><BR></FONT></TD></TR>
</TABLE>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>At December 31, 2003, we had $120.0
million of total debt outstanding under our revolving credit facility and senior note facility,
 which bear 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
debt facilities remains constant, a one-percentage point increase in the LIBOR
rate would reduce annual pre-tax earnings, recorded fair value and cash flows by $1.2
million. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In order to mitigate a portion of the
market risk associated with our variable rate debt, we entered into interest rate swap
contracts with major financial institutions during March 2003. Under terms of the
contracts we received a LIBOR based variable interest rate and pay a fixed interest rate
on notional amounts totaling $60.0 million. Assuming the December 31, 2003, 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 $0.6
million. </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2" COLOR="#1589FF"><U><A HREF="#IndexPage">Return to Index</A></U> </FONT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR><BR><BR> </FONT></P>

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<A NAME="Financial"></A>
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     <TD WIDTH=16% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>ITEM 8.</B></FONT></TD>
     <TD WIDTH=84% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B> FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA</B><BR><BR></FONT></TD></TR>
</TABLE>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>REPORT OF INDEPENDENT
AUDITORS</B> </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Project" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>To the Shareholders and
Board of DirectorsChurchill <BR>Downs Incorporated </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In our opinion, the consolidated
financial statements listed in the index appearing under Item 15(a)(1), present fairly,
in all material respects, the financial position of Churchill Downs Incorporated and its
subsidiaries at December 31, 2003 and 2002, and the results of their operations and their
cash flows for each of the three years in the period ended December 31, 2003, in
conformity with accounting principles generally accepted in the United States of America.
In addition, in our opinion, the financial statement schedule listed in the index
appearing under Item 15(a)(2), presents fairly, in all material respects, the
information set forth therein when read in conjunction with the related consolidated
financial statements. These financial statements and financial statement schedule are the
responsibility of the Company's management; our responsibility is to express an opinion on these
financial statements and financial statement schedule based on our audits. We conducted
our audits of these statements in accordance with auditing standards generally accepted in
the United States of America which require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements, assessing the accounting principles
used and significant estimates made by management, and evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis for our
opinion. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>As discussed in Note 4 to the
consolidated financial statements, the Company adopted FASB Statement No. 142
&#147;Goodwill and Other Intangible Assets,&#148; effective January 1, 2002. </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<U>/s/PricewaterhouseCoopers LLP</U><BR>
PricewaterhouseCoopers LLP
</FONT></P>

<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Default" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Louisville, Kentucky<BR>March
3, 2004 </FONT></P>
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                24
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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2" COLOR="#1589FF"><U><A HREF="#IndexPage">Return to Index</A></U> </FONT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR><BR><BR> </FONT></P>
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<P ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>CHURCHILL DOWNS INCORPORATED<BR>
                                            CONSOLIDATED BALANCE SHEETS<BR>
                                                   December 31,<BR>
                                                  (in thousands)</B><BR><BR></FONT></P>
<A NAME="BS"></A>
<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" WIDTH="100%">
<TR VALIGN="BOTTOM" ALIGN="CENTER">
     <TD COLSPAN="2" ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ASSETS</FONT></TD>
     <TD COLSPAN="1" ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>2003</U></FONT></TD>
     <TD COLSPAN="1"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD COLSPAN="1"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>2002</U></FONT></TD>
     <TD COLSPAN="1"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH="78%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Current assets:</FONT></TD>
     <TD WIDTH="2%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="6%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
        <TD WIDTH="6%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="6%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
        <TD WIDTH="2%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#ecd872">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;16,440</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;14,662</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restricted cash</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,613</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,247</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#ecd872">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net of allowance for doubtful accounts of<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1,141 in 2003 and $973 in 2002</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>36,693</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>34,435</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,767</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,159</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#ecd872">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current assets</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,120</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5,988</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=2></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=Black SIZE=1></TD><TD></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=Black SIZE=1></TD><TD></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>62,633</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>60,491</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>

<TR VALIGN="BOTTOM" BGCOLOR="#ecd872">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Other assets</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15,941</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10,606</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Plant and equipment, net</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>367,229</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>338,381</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#ecd872">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Goodwill, net</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>52,239</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>52,239</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Other intangible assets, net</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7,464</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7,495</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=2></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=Black SIZE=1></TD><TD></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=Black SIZE=1></TD><TD></TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#ecd872">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;505,506</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;469,212</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=2></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=Black SIZE=3></TD><TD></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=Black SIZE=3></TD><TD></TD></TR>
<TR><TD></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>LIABILITIES AND SHAREHOLDERS' EQUITY</FONT></TD>
     <TD COLSPAN=7><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Current liabilities:</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;34,466</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;31,189</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#ecd872">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>38,491</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>31,782</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends payable</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6,625</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6,578</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#ecd872">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes payable</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,016</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>727</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>18,050</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14,876</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#ecd872">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long-term debt, current portion</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5,740</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>508</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=2></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=Black SIZE=1></TD><TD></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=Black SIZE=1></TD><TD></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>104,388</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>85,660</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#ecd872">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Long-term debt, due after one year</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>121,096</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>122,840</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Other liabilities</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11,719</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12,603</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#ecd872">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Deferred income taxes</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13,327</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13,112</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=2></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=Black SIZE=1></TD><TD></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=Black SIZE=1></TD><TD></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>250,530</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>234,215</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#ecd872">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Commitments and contingencies</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD COLSPAN=6 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Shareholders' equity:</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD COLSPAN=6 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred stock, no par value;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 shares authorized; no shares issued</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#ecd872">
        <TD COLSPAN="6" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock, no par value; 50,000 shares</FONT></TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#ecd872">
     <TD COLSPAN="6" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;authorized;  issued: 13,250 shares in 2003 and</FONT></TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#ecd872">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13,157 shares in 2002</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>128,583</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>126,043</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retained earnings</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>126,754</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>109,241</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#ecd872">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(361</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(222</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Note receivable for common stock</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(65</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>)</FONT></TD></TR>
<TR>
     <TD COLSPAN=2></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=Black SIZE=1></TD><TD></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=Black SIZE=1></TD><TD></TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#ecd872">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total shareholders' equity</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>254,976</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>234,997</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=2></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=Black SIZE=1></TD><TD></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=Black SIZE=1></TD><TD></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and shareholders' equity</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;505,506</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;469,212</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=2></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=Black SIZE=3></TD><TD></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=Black SIZE=3></TD><TD></TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD COLSPAN=6 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of the consolidated financial statements</FONT></TD></TR>
</table>
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        <TD COLSPAN=3 ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" size=2>
                25
       </FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2" COLOR="#1589FF"><U><A HREF="#IndexPage">Return to Index</A></U> </FONT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR><BR><BR> </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>CHURCHILL DOWNS INCORPORATED<BR>
        CONSOLIDATED STATEMENTS OF NET EARNINGS<BR>
AND COMPREHENSIVE EARNINGS <BR>Years ended December 31,<BR>
(in thousands, except per share data)</B> </FONT></P>
<A NAME="SN"></A>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" ALIGN="CENTER" WIDTH="100%">
<TR VALIGN=Bottom>
     <TD COLSPAN="2" ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD COLSPAN="1" ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2003</FONT></TD>
     <TD COLSPAN="1"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD COLSPAN="1" ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2002</FONT></TD>
     <TD COLSPAN="1"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD COLSPAN="1" ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2001</FONT></TD>
     <TD COLSPAN=1><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH="67%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Net  revenues:</FONT></TD>
     <TD WIDTH="2%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="6%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
        <TD WIDTH="5%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="6%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
        <TD WIDTH="5%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="6%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
        <TD WIDTH="2%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN="Bottom" BGCOLOR="#ecd872">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net pari-mutuel wagering</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;327,217</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;332,610</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;328,755</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-wagering</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>97,016</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>106,232</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>98,138</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#ecd872">
     <TD COLSPAN="2"></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR=Black SIZE=1></TD><TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR=Black SIZE=1></TD><TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR=Black SIZE=1></TD><TD></TD></TR>

<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>424,233</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>438,842</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>426,893</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#ecd872">
     <TD COLSPAN="2"></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR=Black SIZE=1></TD><TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR=Black SIZE=1></TD><TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR=Black SIZE=1></TD><TD></TD></TR>
<TR VALIGN=Bottom>
     <TD colspan=8 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Operating expenses:</FONT></TD></TR>
<TR VALIGN="Bottom" BGCOLOR="#ecd872">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purses</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>152,170</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>158,716</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>155,333</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other direct expenses</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>193,763</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>194,821</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>190,193</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#ecd872">
     <TD COLSPAN="2"></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR=Black SIZE=1></TD><TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR=Black SIZE=1></TD><TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR=Black SIZE=1></TD><TD></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>345,933</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>353,537</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>345,526</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#ecd872">
     <TD COLSPAN="2"></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR=Black SIZE=1></TD><TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR=Black SIZE=1></TD><TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR=Black SIZE=1></TD><TD></TD></TR>
<!-- BLANK LINE--><TR><TD COLSPAN=8>&nbsp;</TD></TR>

<TR VALIGN=Bottom BGCOLOR="#ecd872">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross profit</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>78,300</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>85,305</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>81,367</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>

<!-- BLANK LINE--><TR><TD COLSPAN=8>&nbsp;</TD></TR>


<TR VALIGN="Bottom" BGCOLOR="#ecd872">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Selling, general and administrative expenses</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>34,021</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>35,366</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>31,785</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<!-- BLANK LINE--><TR><TD COLSPAN=8>&nbsp;</TD></TR>
<TR VALIGN=Bottom BGCOLOR="#ecd872">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Asset impairment loss</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,500</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
</TR>
<!-- BLANK LINE--><TR><TD COLSPAN=8>&nbsp;</TD></TR>
<TR BGCOLOR="#ecd872">
     <TD COLSPAN="2"></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR=Black SIZE=1></TD><TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR=Black SIZE=1></TD><TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR=Black SIZE=1></TD><TD></TD></TR>
<!-- BLANK LINE--><TR><TD COLSPAN=8>&nbsp;</TD></TR>
<TR VALIGN=Bottom BGCOLOR="#ecd872">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating income</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>44,279</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>45,439</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>49,582</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<!-- BLANK LINE--><TR><TD COLSPAN=8>&nbsp;</TD></TR>
<TR VALIGN="Bottom" BGCOLOR="#ecd872">
     <TD COLSPAN="8" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Other income (expense):</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,316</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>332</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>566</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN="Bottom" BGCOLOR="#ecd872">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(6,221</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(8,830</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(12,602</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous, net</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,074</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1,451</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(342</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>)</FONT></TD></TR>
<TR BGCOLOR="#ecd872">
     <TD COLSPAN="2"></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR=Black SIZE=1></TD><TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR=Black SIZE=1></TD><TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR=Black SIZE=1></TD><TD></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(3,831</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(9,949</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(12,378</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>)</FONT></TD></TR>
<TR BGCOLOR="#ecd872">
     <TD COLSPAN="2"></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR=Black SIZE=1></TD><TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR=Black SIZE=1></TD><TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR=Black SIZE=1></TD><TD></TD></TR>
<!-- BLANK LINE--><TR><TD COLSPAN=8>&nbsp;</TD></TR>
<TR VALIGN=Bottom BGCOLOR="#ecd872">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Earnings before provision for income taxes</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>40,448</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>35,490</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>37,204</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<!-- BLANK LINE--><TR><TD COLSPAN=8>&nbsp;</TD></TR>
<TR VALIGN="Bottom" BGCOLOR="#ecd872">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Provision for income taxes</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(16,310</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(14,521</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(15,128</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>)</FONT></TD></TR>
<TR>
     <TD COLSPAN=2></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=Black SIZE=1></TD><TD></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=Black SIZE=1></TD><TD></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=Black SIZE=1></TD><TD></TD></TR>
<!-- BLANK LINE--><TR BGCOLOR="#ecd872"><TD COLSPAN=8>&nbsp;</TD></TR>
<TR VALIGN="Bottom" >
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Net earnings</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;24,138</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;20,969</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;22,076</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>

<TR BGCOLOR="#ecd872">
     <TD COLSPAN=2></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=Black SIZE=3></TD><TD></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=Black SIZE=3></TD><TD></TD>
     <TD ALIGN=RIGHT><HR NOSHADE COLOR=Black SIZE=3></TD><TD></TD></TR>
<!-- BLANK LINE--><TR><TD COLSPAN=8>&nbsp;</TD></TR>
<TR VALIGN="Bottom" BGCOLOR="#ecd872">
     <TD COLSPAN="8" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive earnings, net of tax:</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<!-- BLANK LINE--><TR><TD COLSPAN=8>&nbsp;</TD></TR>
<TR VALIGN=Bottom BGCOLOR="#ecd872">
     <TD COLSPAN=8 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change related to cash flow hedges:</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>

<TR VALIGN="Bottom" >
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cumulative effect of accounting change</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(341</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>)</FONT></TD></tr>

<!-- BLANK LINE--><TR BGCOLOR="#ecd872"><TD COLSPAN=8>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of cash flow hedges</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(139</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,078</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1,959</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>)</FONT></TD></TR>
<TR BGCOLOR="#ecd872">
     <TD COLSPAN="2"></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR=Black SIZE=1></TD><TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR=Black SIZE=1></TD><TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR=Black SIZE=1></TD><TD></TD></TR>
<!-- BLANK LINE--><TR><TD COLSPAN=8>&nbsp;</TD></TR>
<TR VALIGN=Bottom BGCOLOR="#ecd872">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Comprehensive earnings</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;23,999</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;23,047</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;19,776</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR >
     <TD COLSPAN="2"></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR=Black SIZE=3></TD><TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR=Black SIZE=3></TD><TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR=Black SIZE=3></TD><TD></TD></TR>
<!-- BLANK LINE--><TR BGCOLOR="#ecd872"><TD COLSPAN=8>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Net earnings per common share data:</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN="Bottom" BGCOLOR="#ecd872">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.83</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.60</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.69</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.80</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.57</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.67</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN="Bottom" BGCOLOR="#ecd872">
     <TD colspan=7 ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Weighted average shares outstanding:</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13,189</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13,123</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13,081</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN="Bottom" BGCOLOR="#ecd872">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13,392</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13,359</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13,213</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<!-- BLANK LINE--><TR><TD COLSPAN=8>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD COLSPAN=8 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;The accompanying notes are an integral part of the consolidated financial statements.</FONT></TD>
</tr>
</TABLE>
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                26
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        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2" COLOR="#1589FF"><U><A HREF="#IndexPage">Return to Index</A></U> </FONT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR><BR><BR> </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>CHURCHILL DOWNS
INCORPORATED <BR>CONSOLIDATED STATEMENTS OF SHAREHOLDERS&#146; EQUITY <BR>Years ended December
31, 2003, 2002 and 2001<BR> (in thousands, except
per share data)</B> </FONT></P>
<A NAME="SS"></A>
<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" WIDTH="100%" BORDER="0">
<TR VALIGN=Bottom>
     <TD COLSPAN="2" ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD COLSPAN=1 ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Common<BR><U>Shares</U></FONT></TD>
     <TD COLSPAN=1 ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD COLSPAN=1 ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Stock<BR><U>Amount</U></FONT></TD>
     <TD COLSPAN=1 ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD COLSPAN=1 ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Retained<BR><U>Earnings</U></FONT></TD>
     <TD COLSPAN=1 ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD COLSPAN=1 ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Note<BR>Receivable<BR>Common<BR><U>Stock</U></FONT></TD>
     <TD COLSPAN=1 ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD COLSPAN=1 ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Accumulated<BR>other<BR>Comprehensive<BR><U>Loss</U></FONT></TD>
     <TD COLSPAN=1 ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD COLSPAN=1 ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Total</U></FONT></TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#ecd872">
     <TD WIDTH="32%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Balances December 31, 2000</FONT></TD>
     <TD WIDTH="3%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="8%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13,019</FONT></TD>
        <TD WIDTH="4%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="9%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;123,227</FONT></TD>
        <TD WIDTH="4%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="8%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;79,323</FONT></TD>
        <TD WIDTH="3%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="4%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(65</FONT></TD>
        <TD WIDTH="4%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>)</FONT></TD>
     <TD WIDTH="7%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</FONT></TD>
        <TD WIDTH="4%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="8%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$202,485</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD WIDTH="2%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<!-- BLANK LINE--><TR><TD COLSPAN=14>&nbsp;</TD></TR>
<TR VALIGN=Bottom BGCOLOR="#ecd872">
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net earnings</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>22,076</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>22,076</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<!-- BLANK LINE--><TR><TD COLSPAN=14>&nbsp;</TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#ecd872">
     <TD colspan=13 ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Issuance of common stock for</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#ecd872">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;employee benefit plans</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>79</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,523</FONT></TD>
<TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,523</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<!-- BLANK LINE--><TR><TD COLSPAN=14>&nbsp;</TD></TR>
<TR VALIGN=Bottom BGCOLOR="#ecd872">
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Cash dividends, $.50 per share</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(6,549</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>)</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(6,549</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>)</FONT></TD></TR>
<!-- BLANK LINE--><TR><TD COLSPAN=14>&nbsp;</TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#ecd872">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Comprehensive earnings/(loss)</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2,300</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2,300</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>)</FONT></TD></TR>
<TR>
        <TD COLSPAN=2></TD>
        <TD COLSPAN=1><HR NOSHADE COLOR=Black SIZE=1></TD>
         <TD COLSPAN=1></TD>
        <TD COLSPAN=1><HR NOSHADE COLOR=Black SIZE=1></TD>
         <TD COLSPAN=1></TD>
        <TD COLSPAN=1><HR NOSHADE COLOR=Black SIZE=1></TD>
         <TD COLSPAN=1></TD>
        <TD COLSPAN=1><HR NOSHADE COLOR=Black SIZE=1></TD>
         <TD COLSPAN=1></TD>
        <TD COLSPAN=1><HR NOSHADE COLOR=Black SIZE=1></TD>
         <TD COLSPAN=1></TD>
        <TD COLSPAN=1><HR NOSHADE COLOR=Black SIZE=1></TD>
         <TD COLSPAN=1></TD></TR>
<TR VALIGN=Bottom BGCOLOR="#ecd872">
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Balances December 31, 2001</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13,098</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>124,750</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>94,850</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(65</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2,300</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>217,235</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<!-- BLANK LINE--><TR><TD COLSPAN=14>&nbsp;</TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#ecd872">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net earnings</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>20,969</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>20,969</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<!-- BLANK LINE--><TR><TD COLSPAN=14>&nbsp;</TD></TR>
<TR VALIGN=Bottom BGCOLOR="#ecd872">
     <TD colspan=13 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Issuance of common stock for</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom BGCOLOR="#ecd872">
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;employee benefit plans</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>59</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,293</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
       <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
       <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,293</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<!-- BLANK LINE--><TR><TD COLSPAN=14>&nbsp;</TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#ecd872">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Cash dividends, $.50 per share</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(6,578</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>)</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(6,578</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>)</FONT></TD></TR>
<!-- BLANK LINE--><TR><TD COLSPAN=14>&nbsp;</TD></TR>
<TR VALIGN=Bottom BGCOLOR="#ecd872">
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Comprehensive earnings/(loss)</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,078</FONT></TD>
        <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,078</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
        <TD COLSPAN=2></TD>
        <TD COLSPAN=1><HR NOSHADE COLOR=Black SIZE=1></TD>
         <TD COLSPAN=1></TD>
        <TD COLSPAN=1><HR NOSHADE COLOR=Black SIZE=1></TD>
         <TD COLSPAN=1></TD>
        <TD COLSPAN=1><HR NOSHADE COLOR=Black SIZE=1></TD>
         <TD COLSPAN=1></TD>
        <TD COLSPAN=1><HR NOSHADE COLOR=Black SIZE=1></TD>
         <TD COLSPAN=1></TD>
        <TD COLSPAN=1><HR NOSHADE COLOR=Black SIZE=1></TD>
         <TD COLSPAN=1></TD>
        <TD COLSPAN=1><HR NOSHADE COLOR=Black SIZE=1></TD>
         <TD COLSPAN=1></TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#ecd872">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Balances December 31, 2002</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13,157</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>126,043</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>109,241</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(65</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(222</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>234,997</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<!-- BLANK LINE--><TR><TD COLSPAN=14>&nbsp;</TD></TR>
<TR VALIGN=Bottom BGCOLOR="#ecd872">
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net earnings</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>24,138</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>24,138</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<!-- BLANK LINE--><TR><TD COLSPAN=14>&nbsp;</TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#ecd872">
     <TD colspan=13 ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Issuance of common stock for</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#ecd872">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;employee benefit plans</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>93</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,540</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>

     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,540</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<!-- BLANK LINE--><TR><TD COLSPAN=14>&nbsp;</TD></TR>
<TR VALIGN=Bottom BGCOLOR="#ecd872">
     <TD colspan=13 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Proceeds from note receivable for</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom BGCOLOR="#ecd872">
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;common stock</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>

     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>65</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>

     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>65</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<!-- BLANK LINE--><TR><TD COLSPAN=14>&nbsp;</TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#ecd872">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Cash dividends, $.50 per share</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(6,625</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>)</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>

     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(6,625</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>)</FONT></TD></TR>
<!-- BLANK LINE--><TR><TD COLSPAN=14>&nbsp;</TD></TR>
<TR VALIGN=Bottom BGCOLOR="#ecd872">
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Comprehensive earnings/(loss)</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>

        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>

     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(139</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(139</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>)</FONT></TD></TR>
<TR>
        <TD COLSPAN=2></TD>
        <TD COLSPAN=1><HR NOSHADE COLOR=Black SIZE=1></TD>
         <TD COLSPAN=1></TD>
        <TD COLSPAN=1><HR NOSHADE COLOR=Black SIZE=1></TD>
         <TD COLSPAN=1></TD>
        <TD COLSPAN=1><HR NOSHADE COLOR=Black SIZE=1></TD>
         <TD COLSPAN=1></TD>
        <TD COLSPAN=1><HR NOSHADE COLOR=Black SIZE=1></TD>
         <TD COLSPAN=1></TD>
        <TD COLSPAN=1><HR NOSHADE COLOR=Black SIZE=1></TD>
         <TD COLSPAN=1></TD>
        <TD COLSPAN=1><HR NOSHADE COLOR=Black SIZE=1></TD>
         <TD COLSPAN=1></TD></TR>

<TR VALIGN="BOTTOM" BGCOLOR="#ecd872">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Balance December 31, 2003</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13,250</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;128,583</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$126,754</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(361</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$254,976</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
        <TD COLSPAN=2></TD>
        <TD COLSPAN=1><HR NOSHADE COLOR=Black SIZE=3></TD>
         <TD COLSPAN=1></TD>
        <TD COLSPAN=1><HR NOSHADE COLOR=Black SIZE=3></TD>
         <TD COLSPAN=1></TD>
        <TD COLSPAN=1><HR NOSHADE COLOR=Black SIZE=3></TD>
         <TD COLSPAN=1></TD>
        <TD COLSPAN=1><HR NOSHADE COLOR=Black SIZE=3></TD>
         <TD COLSPAN=1></TD>
        <TD COLSPAN=1><HR NOSHADE COLOR=Black SIZE=3></TD>
         <TD COLSPAN=1></TD>
        <TD COLSPAN=1><HR NOSHADE COLOR=Black SIZE=3></TD>
         <TD COLSPAN=1></TD>
</TR>
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<TR VALIGN=BOTTOM>
        <TD colspan=14 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
        accompanying notes are an integral part of the consolidated financial statements.</FONT></TD></TR>
</TABLE>

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                27
       </FONT></TD>
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        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2" COLOR="#1589FF"><U><A HREF="#IndexPage">Return to Index</A></U> </FONT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR><BR><BR> </FONT></P>
<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>CHURCHILL DOWNS
INCORPORATED<BR> CONSOLIDATED STATEMENTS OF CASH FLOWS<BR>Years ended December 31, <BR>
(in thousands)</B> <BR></FONT></P>
<A NAME="SC"></A>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" ALIGN="CENTER" WIDTH="100%">
<TR VALIGN=Bottom>
     <TD COLSPAN="2" ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD COLSPAN="1" ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>2003</U></FONT></TD>
     <TD COLSPAN=1><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD COLSPAN="1" ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>2002</U></FONT></TD>
     <TD COLSPAN=1><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD COLSPAN="1" ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>2001</U></FONT></TD>
     <TD COLSPAN=1><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD></TR>

<TR VALIGN=Bottom>
     <TD WIDTH="74%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash flows from operating activities:</FONT></TD>
     <TD WIDTH="2%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="6%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
        <TD WIDTH="2%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="6%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
        <TD WIDTH="2%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="6%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
        <TD WIDTH="2%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#ecd872">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net earnings</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;24,138</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;20,969</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;22,076</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD colspan=8 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net earnings to net cash provided by operating activities:</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#ecd872">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>20,483</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>19,627</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>18,589</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of goodwill</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="Right"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="Right"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,404</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#ecd872">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset impairment</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="Right"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,500</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="Right"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of Hoosier Park interest</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(523</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>)</FONT></TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#ecd872">
     <TD COLSPAN="8" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in cash resulting from changes in operating assets and liabilities</FONT></TD></TR>

<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restricted cash</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,634</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7,458</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1,699</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>)</FONT></TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#ecd872">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2,258</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(4,260</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,360</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current assets</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>355</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(4,622</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(442</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>)</FONT></TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#ecd872">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,534</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(13,207</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6,494</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(733</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,252</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(3,806</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>)</FONT></TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#ecd872">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes payable</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>289</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(244</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(120</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,174</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,636</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,888</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#ecd872">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets and liabilities</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(4,576</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>314</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(529</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>)</FONT></TD></TR>
<TR>
        <TD COLSPAN=2></TD>
       <TD COLSPAN=1><HR NOSHADE COLOR=Black SIZE=1></TD>
        <TD COLSPAN=1></TD>
       <TD COLSPAN=1><HR NOSHADE COLOR=Black SIZE=1></TD>
        <TD COLSPAN=1></TD>
       <TD COLSPAN=1><HR NOSHADE COLOR=Black SIZE=1></TD>
        <TD COLSPAN=1></TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#ecd872">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>47,040</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>35,423</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>45,692</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
        <TD COLSPAN=2></TD>
       <TD COLSPAN=1><HR NOSHADE COLOR=Black SIZE=1></TD>
        <TD COLSPAN=1></TD>
       <TD COLSPAN=1><HR NOSHADE COLOR=Black SIZE=1></TD>
        <TD COLSPAN=1></TD>
       <TD COLSPAN=1><HR NOSHADE COLOR=Black SIZE=1></TD>
        <TD COLSPAN=1></TD></TR>
<!-- BLANK LINE--><TR><TD COLSPAN=8>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD COLSPAN=8 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash flows from investing activities:</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#ecd872">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of Hoosier Park interest</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,500</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquisition of additional interest in CBT</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(894</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#ecd872">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additions to plant and equipment, net</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(40,855</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(22,723</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(14,626</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>)</FONT></TD></TR>
<TR>
        <TD COLSPAN=2></TD>
       <TD COLSPAN=1><HR NOSHADE COLOR=Black SIZE=1></TD>
        <TD COLSPAN=1></TD>
       <TD COLSPAN=1><HR NOSHADE COLOR=Black SIZE=1></TD>
        <TD COLSPAN=1></TD>
       <TD COLSPAN=1><HR NOSHADE COLOR=Black SIZE=1></TD>
        <TD COLSPAN=1></TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#ecd872">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(41,749</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(22,723</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(10,126</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>)</FONT></TD></TR>
<TR>
        <TD COLSPAN=2></TD>
       <TD COLSPAN=1><HR NOSHADE COLOR=Black SIZE=1></TD>
        <TD COLSPAN=1></TD>
       <TD COLSPAN=1><HR NOSHADE COLOR=Black SIZE=1></TD>
        <TD COLSPAN=1></TD>
       <TD COLSPAN=1><HR NOSHADE COLOR=Black SIZE=1></TD>
        <TD COLSPAN=1></TD></TR>
<!-- BLANK LINE--><TR><TD COLSPAN=8>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD colspan=8 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash flows from financing activities:</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#ecd872">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrowings on bank line of credit</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>350,014</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>309,217</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>237,394</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repayments of bank line of credit</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(325,085</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(317,959</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(265,778</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>)</FONT></TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#ecd872">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repayments of revolving loan facility for refinancing</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(120,929</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>)</FONT></TD>     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>

<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from senior notes, net of expenses</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>98,229</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#ecd872">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Decrease) increase in other long-term debt, net</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(512</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1,258</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>111</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in book overdraft</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1,257</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>)</FONT></TD>
        <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,656</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,447</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#ecd872">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from note receivable for common stock</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>65</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment of dividends</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(6,578</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(6,549</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(6,508</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>)</FONT></TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#ecd872">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock issued</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,540</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,293</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,523</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
        <TD COLSPAN=2></TD>
       <TD COLSPAN=1><HR NOSHADE COLOR=Black SIZE=1></TD>
        <TD COLSPAN=1></TD>
       <TD COLSPAN=1><HR NOSHADE COLOR=Black SIZE=1></TD>
        <TD COLSPAN=1></TD>
       <TD COLSPAN=1><HR NOSHADE COLOR=Black SIZE=1></TD>
        <TD COLSPAN=1></TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#ecd872">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in financing activities</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(3,513</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(13,600</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(30,811</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>)</FONT></TD></TR>
<TR>
        <TD COLSPAN=2></TD>
       <TD COLSPAN=1><HR NOSHADE COLOR=Black SIZE=1></TD>
        <TD COLSPAN=1></TD>
       <TD COLSPAN=1><HR NOSHADE COLOR=Black SIZE=1></TD>
        <TD COLSPAN=1></TD>
       <TD COLSPAN=1><HR NOSHADE COLOR=Black SIZE=1></TD>
        <TD COLSPAN=1></TD></TR>
<!-- BLANK LINE--><TR><TD COLSPAN=8>&nbsp;</TD></TR>

<TR VALIGN="BOTTOM" BGCOLOR="#ecd872">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in cash and cash equivalents</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,778</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(900</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,755</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents, beginning of period</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14,662</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15,562</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10,807</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#ecd872">
        <TD COLSPAN=2></TD>
       <TD COLSPAN=1><HR NOSHADE COLOR=Black SIZE=1></TD>
        <TD COLSPAN=1></TD>
       <TD COLSPAN=1><HR NOSHADE COLOR=Black SIZE=1></TD>
        <TD COLSPAN=1></TD>
       <TD COLSPAN=1><HR NOSHADE COLOR=Black SIZE=1></TD>
        <TD COLSPAN=1></TD></TR>

<TR VALIGN="BOTTOM" >
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents, end of period</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;16,440</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;14,662</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;15,562</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#ecd872">
        <TD COLSPAN=2></TD>
       <TD COLSPAN=1><HR NOSHADE COLOR=Black SIZE=3></TD>
        <TD COLSPAN=1></TD>
       <TD COLSPAN=1><HR NOSHADE COLOR=Black SIZE=3></TD>
        <TD COLSPAN=1></TD>
       <TD COLSPAN=1><HR NOSHADE COLOR=Black SIZE=3></TD>
        <TD COLSPAN=1></TD></TR>
<!-- BLANK LINE--><TR><TD COLSPAN=8>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD COLSPAN=8 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Supplemental disclosures of cash flow information:</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD COLSPAN=8 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash paid during the period for:</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#ecd872">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,104</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,865</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;11,877</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;17,177</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;17,361</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;13,959</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#ecd872">
     <TD COLSPAN="8" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule of Non-cash Activities:</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assignment of loan to Centaur related to sale of Hoosier Park interest</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,580</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#ecd872">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plant &amp; equipment additions included in accounts payable/accrued expenses</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;7,208</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD COLSPAN=8 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The accompanying notes are an
integral part of the consolidated financial statements. </FONT></TD></TR>

</TABLE>

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        <TD COLSPAN=3 ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" size=2>
                28
       </FONT></TD>
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        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2" COLOR="#1589FF"><U><A HREF="#IndexPage">Return to Index</A></U> </FONT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR><BR><BR> </FONT></P>
<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>CHURCHILL DOWNS
INCORPORATED <BR>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS<BR> (in thousands, except per
share data)</B> </FONT></P>

<A NAME="NC"></A>
<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0" BORDER="0">
<TR VALIGN=TOP>
        <TD WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>1.</B></Font></TD>
        <TD WIDTH="90%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>Basis of Presentation and Summary of Significant Accounting Policies<BR><BR></U></B></FONT></TD>
</TR>

<TR VALIGN=TOP>
        <TD></TD>
        <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2><u>Basis of Presentation</U><BR><BR></FONT></TD>
</TR>

<TR VALIGN=TOP>
        <TD>&nbsp;</TD>
        <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Churchill
Downs Incorporated (the &#147;Company&#148;) conducts pari-mutuel wagering on live race
meetings for Thoroughbred horses and participates in intrastate and interstate simulcast
wagering at its racetracks in Kentucky, California, Florida and Illinois. In addition, the
Company, through its Indiana subsidiary Hoosier Park L.P. (&#147;Hoosier Park&#148;),
conducts pari-mutuel wagering on live Thoroughbred, Quarter Horse and Standardbred horse
races and participates in interstate simulcast wagering. The Company&#146;s Kentucky,
California, Florida, Illinois and Indiana operations are subject to regulation by the
racing commissions of the respective states.<BR><BR></FONT></TD>
</TR>



<TR VALIGN=TOP>
        <TD>&nbsp;</TD>
        <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
accompanying consolidated financial statements include the accounts of the Company, its
wholly owned subsidiaries, Churchill Downs California Company d/b/a Hollywood Park
(&#147;Hollywood Park&#148;), Calder Race Course, Inc. and Tropical Park, Inc. which hold
licenses to conduct horse racing at Calder Race Course (&#147;Calder Race Course&#148;),
Arlington Park Racecourse, LLC and Arlington Management Services, LLC (&#147;Arlington
Park&#148;), Ellis Park Race Course, Inc. (&#147;Ellis Park&#148;), Churchill Downs
Management Company (&#147;CDMC&#148;), Churchill Downs Investment Company
(&#147;CDIC&#148;), Charlson Broadcast Technologies, LLC (&#147;CBT&#148;), now referred
to as Churchill Downs Television Services, Anderson Park Inc. (&#147;Anderson&#148;) and
its majority-owned subsidiary, Hoosier Park. All significant intercompany balances and
transactions have been eliminated in consolidation.<BR><BR></FONT></TD>
</TR>

<TR VALIGN=TOP>
        <TD>&nbsp;</TD>
        <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2> <U><B>A Summary of Significant Accounting Policies Followed</B></U><BR><BR></FONT></TD>
</TR>

<TR VALIGN=TOP>
        <TD>&nbsp;</TD>
        <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2> <U>Cash  Equivalents</U><BR><BR></FONT></TD>
</TR>

<TR VALIGN=TOP>
        <TD>&nbsp;</TD>
        <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Company considers investments with original maturities of three months or less to be cash
equivalents. The Company has, from time to time, cash in the bank in excess of federally
insured limits. Checks issued but not presented to banks frequently result in overdraft
balances for accounting purposes and are classified as a current liability in the
Consolidated Balance Sheets.<BR><BR></FONT></TD>
</TR>

<TR VALIGN=TOP>
        <TD>&nbsp;</TD>
        <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2> <U>Restricted Cash</U><BR><BR></FONT></TD>
</TR>


<TR VALIGN=TOP>
        <TD>&nbsp;</TD>
        <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Restricted
cash represents refundable deposits and amounts due to horsemen for purses, stakes and
awards.<BR><BR></FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD>&nbsp;</TD>
        <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2> <U>Plant and Equipment</U><BR><BR></FONT></TD>
</TR>

<TR VALIGN=TOP>
<TD>&nbsp;</TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Plant
and equipment are recorded at cost. Depreciation is calculated using the straight-line
over the estimated useful lives of the related assets as follows: 10 to 40 years for
grandstands and buildings, 3 to 18 years for equipment, 5 to 10 years for furniture and
fixtures and 10 to 20 years for tracks and other improvements.<BR><BR></FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD>&nbsp;</TD>
        <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2> <U>Intangible Asset</U><BR><BR></FONT></TD>
</TR>

<TR VALIGN=TOP>
<TD>&nbsp;</TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
The
intangible asset relating to the Illinois Horse Race Equity fund is not being amortized,
as revenues relating to the intangible are not yet being recognized. Amortization of the
Indiana racing license is provided over 40 years using the straight-line method. Other
intangible assets are being amortized over five years using the straight-line method.<BR><BR></FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD>&nbsp;</TD>
        <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2> <U> Long-lived Assets</U><BR><BR></FONT></TD>
</TR>
<TR VALIGN=TOP>
<TD>&nbsp;</TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
In
the event that facts and circumstances indicate that the carrying amount of tangible or
intangible long-lived assets or groups of assets may be impaired, an evaluation of
recoverability would be performed. If an evaluation is required, the estimated future
undiscounted cash flows associated with the assets would be compared to the assets&#146;
carrying amount to determine if a write-down to market value or discounted cash flow value
is required. In addition, goodwill is otherwise tested for impairment on an annual basis.<BR><BR></FONT></TD>
</TR>
</TABLE>
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<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=2>
                29
       </FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
</TABLE>
<!-- END OF PAGE BREAK^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^-->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2" COLOR="#1589FF"><U><A HREF="#IndexPage">Return to Index</A></U> </FONT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR><BR><BR> </FONT></P>
<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Notes to Consolidated Financial Statements (Continued)<BR>
 (in thousands, except per share data)</B> </FONT></P>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0" BORDER="0">
<TR VALIGN=TOP>
        <TD WIDTH="10%">&nbsp;</TD>
        <TD WIDTH="90%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Other Assets</U><BR><BR></FONT></TD>
</TR>
<TR VALIGN=TOP>
<TD></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Loan
origination costs on the Company&#146;s line of credit are being amortized under the
straight-line method over the term of the loan, which approximates the effective interest
method.<BR><BR></FONT></TD>
</TR>

<TR VALIGN=TOP>
<TD></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2><u>Interest Rate Swaps</U><BR><BR></FONT></TD>
</TR>

<TR VALIGN=TOP>
<TD></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Company utilizes interest rate swap contracts to hedge exposure to interest rate
fluctuations on its variable rate debt. The fair value of the swaps is recorded on the
balance sheet as an asset or liability with the offset recorded in accumulated other
comprehensive income net of income taxes. Any changes in the market value of the swaps is
adjusted to the asset or liability account and recorded net of the income taxes in other
comprehensive income.<BR><BR></FONT></TD>
</TR>
<TR VALIGN=TOP>
<TD></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2><u>Revenue Recognition
</U><BR><BR></FONT></TD>
</TR>
<TR VALIGN=TOP>
<TD></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Company&#146;s recurring revenues are generated from commissions on pari-mutuel wagering
at the Company&#146;s racetracks and OTBs (net of state pari-mutuel taxes), plus simulcast
host fees and source market fees generated from contracts with in-home wagering providers.
In addition to the commissions earned on pari-mutuel wagering the Company also earns
pari-mutuel related streams of revenues from sources that are not related to the handle
wagered at the Company facilities. These other revenues are primarily derived from
statutory racing regulations in some of the states where the Company facilities are
located and can fluctuate year-to-year. Additional non-wagering revenues are primarily
generated from Indiana riverboat admissions subsidy, admissions, concessions, sponsorship,
licensing rights and broadcast fees, lease income and other sources.<BR><BR></FONT></TD>
</TR>

<TR VALIGN=TOP>
<TD></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2><u>Deferred Revenue</U><BR><BR></FONT></TD>
</TR>

<TR VALIGN=TOP>
<TD></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Deferred
revenue includes primarily advance sales related to the Kentucky Derby and Oaks races in
Kentucky and other advanced billings on racing events. Revenues from these advance
billings is recognized when the related event occurs.<BR><BR></FONT></TD>
</TR>

<TR VALIGN=TOP>
<TD></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2><u>Worker's Compensation and General Liability Self-Insurance
</U><BR><BR></FONT></TD>
</TR>

<TR VALIGN=TOP>
<TD></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Company is substantially self-insured for losses related to workers&#146; compensation and
general liability claims with stop-loss insurance for both coverages. Losses are accrued
based upon the Company&#146;s undiscounted estimates of the aggregate liability for claims
incurred based on Company experience and certain actuarial assumptions.<BR><BR></FONT></TD>
</TR>

<TR VALIGN=TOP>
<TD></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2><u>Advertising</U><BR><BR></FONT></TD>
</TR>
<TR VALIGN=TOP>
<TD></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Company expenses the costs of general advertising, promotion and marketing programs at the
time the costs are incurred.</FONT></TD>
</TR>
</table>
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<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=2>
                30

       </FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
</TABLE>
<!-- END OF PAGE BREAK^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^-->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2" COLOR="#1589FF"><U><A HREF="#IndexPage">Return to Index</A></U> </FONT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR><BR><BR> </FONT></P>
<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Notes to Consolidated Financial Statements (Continued)<BR>
 (in thousands, except per share data)</B> </FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" WIDTH="100%">
<TR VALIGN=TOP>
<TD WIDTH="10%"></TD>
<TD WIDTH="90%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Stock-Based Compensation</U><BR><BR></FONT></TD></TR>

<TR VALIGN=TOP>
<TD></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Company accounts for stock-based compensation in accordance with Accounting Principles
Board Opinion No. 25 &#147;Accounting for Stock Issued to Employees&#148;. Had the
compensation cost for our stock-based compensation plans been determined consistent with
Statement of Financial Accounting Standards (&#147;SFAS&#148;) No. 123 &#147;Accounting
for Stock-based Compensation&#148; the Company&#146;s net earnings and net earnings per
common share for 2003, 2002 and 2001 would approximate the pro forma amounts presented
below:<BR><BR></FONT></TD>
</TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" WIDTH="100%">
<TR VALIGN=Bottom>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
     <TD COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></Td>
     <TD COLSPAN="1" ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;<U>2003</U></FONT></TD>
     <TD COLSPAN="1" ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD COLSPAN="1" ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;<U>2002</U></FONT></TD>
     <TD COLSPAN="1" ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;</FONT></TD>
     <TD COLSPAN="1" ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;<U>2001</U></FONT></TD>
     <TD COLSPAN="1" ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<!-- BLANK LINE--><TR><TD COLSPAN=9>&nbsp;</TD></tr>
<TR VALIGN="BOTTOM" BGCOLOR="#ecd872">
     <TD WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
     <TD WIDTH="36%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net earnings</FONT></TD>
     <TD WIDTH="8%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="6%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$24,138</FONT></TD>
        <TD WIDTH="5%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="6%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$20,969</FONT></TD>
        <TD WIDTH="5%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="6%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$22,076</FONT></TD>
        <TD WIDTH="18%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
     <TD COLSPAN=8 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Pro forma stock-based compensation</FONT></TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#ecd872">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;expense, net of tax benefit</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2,130</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1,963</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1,345</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>)</FONT></TD></TR>
<TR>
        <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
        <TD COLSPAN=2></TD>
       <TD COLSPAN=1><HR NOSHADE COLOR=Black SIZE=1></TD>
        <TD COLSPAN=1></TD>
       <TD COLSPAN=1><HR NOSHADE COLOR=Black SIZE=1></TD>
        <TD COLSPAN=1></TD>
       <TD COLSPAN=1><HR NOSHADE COLOR=Black SIZE=1></TD>
        <TD COLSPAN=1></TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#ecd872">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Pro forma net earnings</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$22,008</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$19,006</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$20,731</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
        <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
        <TD COLSPAN=2></TD>
       <TD COLSPAN=1><HR NOSHADE COLOR=Black SIZE=3></TD>
        <TD COLSPAN=1></TD>
       <TD COLSPAN=1><HR NOSHADE COLOR=Black SIZE=3></TD>
        <TD COLSPAN=1></TD>
       <TD COLSPAN=1><HR NOSHADE COLOR=Black SIZE=3></TD>
        <TD COLSPAN=1></TD></TR>

<TR VALIGN=Bottom>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
     <TD COLSPAN=8 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>Net earnings per common share:</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
     <TD COLSPAN=8 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;As reported</FONT></TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#ecd872">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$1.83</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$1.60</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$1.69</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted</FONT></TD>
<TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$1.80</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$1.57</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$1.67</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#ecd872">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
     <TD COLSPAN="8" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Pro forma</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$1.67</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$1.45</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$1.58</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#ecd872">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$1.64</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$1.42</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$1.57</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD></TR>
<!-- BLANK LINE--><TR><TD COLSPAN=9>&nbsp;</TD></TR>
</TABLE>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN=TOP>
<TD WIDTH="10%"></TD>
<TD WIDTH="90%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
effects of applying SFAS No. 123 in this pro forma disclosure are unlikely to be
representative of the effects on pro forma net income for future years since variables
such as option grants, exercises, and stock price volatility included in the disclosures
may not be indicative of future activity. We anticipate making awards in the future under
stock-based compensation plans.<BR><BR></FONT></TD>
</TR>

<TR VALIGN=TOP>
<TD></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2><u>Use of Estimates and Critical Accounting Policies
</U><BR><BR></FONT></TD>
</TR>


<TR VALIGN=TOP>
<TD></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
preparation of financial statements in conformity with generally accepted accounting
principles requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent assets and liabilities at
the date of the financial statements and the reported amounts of revenues and expenses
during the reporting period. Actual results could differ from those estimates. The
Company&#146;s most significant estimates relate to the valuation of property and
equipment, goodwill and other intangible assets, which may be significantly affected by
changes in the regulatory environment in which the company operates, and to the aggregate
costs for self-insured liability claims.<BR><BR></FONT></TD>
</TR>

<TR VALIGN=TOP>
        <TD></TD>
        <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2><u>Reclassifications</U><BR><BR></FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD></TD>
        <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Certain
        financial statement amounts have been reclassified in the prior years to conform to
        current year presentation.<BR><BR></FONT></TD>
</TR>
 </TABLE>
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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 border=0><!-- Table ##############-->
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<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" size=2>
                31

       </FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
</TABLE>
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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2" COLOR="#1589FF"><U><A HREF="#IndexPage">Return to Index</A></U> </FONT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR><BR><BR> </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Notes to Consolidated Financial Statements (Continued)<BR>
        (in thousands, except per share data)</B><BR></FONT></P>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN=TOP>
<TD WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>2.</B></FONT></TD>
<TD WIDTH="90%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U><B>Acquisitions and Other Transactions</B></U>
        </FONT></TD>
</TR>
<!-- BLANK LINE--><TR><TD colspan=2>&nbsp;</TD></TR>

<TR VALIGN=TOP>
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="90%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
December 3, 2001, we sold a 15% interest in Hoosier Park to Centaur Racing, LLC
(&#147;Centaur&#148;) for a purchase price of $4.5 million, which included an assignment
of an additional $3.6 million of a loan owed to the Company by Hoosier Park. The Company
retains a 62% interest in Hoosier Park and will continue to manage its day-to-day
operations. Centaur now owns 38% of Hoosier Park and, through a Partnership Interest
Purchase Agreement, has options to purchase up to an additional 42% in partnership
interests from the Company through March 2005.</FONT></TD>
</TR>
 <!-- BLANK LINE--><TR><TD colspan=2>&nbsp;</TD></TR>

<TR VALIGN=TOP>
<TD>&nbsp;</TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>During
2003, the Company purchased the remaining 40% minority interest in Charlson Broadcast
Technologies, LLC (&#147;CBT&#148;), now referred to as Churchill Downs Television
Services. The purchase price included $894 in cash and the exchange of certain current
assets and liabilities for the rights to use the software and service existing customers.
Churchill Downs Television Services provides television production and computer graphic
software to the racing industry. The proprietary software used by Churchill Downs
Television Services displays odds, statistical data and other racing information on
television in real-time for customers at racetracks and OTBs.</FONT></TD>
</TR>
  <!-- BLANK LINE--><TR><TD colspan=2>&nbsp;</TD></TR>
<TR VALIGN=TOP>
        <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>3.</B></FONT></TD>
        <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U><B>Plant and Equipment</B></U></FONT></TD>
</TR>
 <!-- BLANK LINE--><TR><TD colspan=2>&nbsp;</TD></TR>
<TR VALIGN=TOP>
        <TD></TD>
        <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Plant and equipment is comprised of the following:</FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD></TD>
        <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
</TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" WIDTH="100%">
<TR VALIGN=Bottom>
     <TD COLSPAN=3></TD>
     <TD align=center COLSPAN="1"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;<U>2003</U></Font></TD>
     <TD COLSPAN=1></TD>
     <TD align=center COLSPAN="1"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;<U>2002</U></Font></TD>
     <TD COLSPAN=1></TD>
        <TD COLSPAN="1"></TD></TR>
<TR VALIGN="Bottom" BGCOLOR="#ecd872">
     <TD WIDTH="20%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
     <TD WIDTH="30%" ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>Land</FONT></TD>
     <TD WIDTH="3%" ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="6%" ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>$&nbsp;136,630</FONT></TD>
        <TD WIDTH="5%" ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="6%" ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>$&nbsp;134,769</FONT></TD>
        <TD WIDTH="12%" ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>Grandstands and buildings</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>221,695</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>197,047</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN="Bottom" BGCOLOR="#ecd872">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>Equipment</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>31,543</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>29,748</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>Furniture and fixtures</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>27,172</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>25,774</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN="Bottom" BGCOLOR="#ecd872">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>Tracks and other improvements</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>44,121</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>42,966</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>Construction in process</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>24,716</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>12,206</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#ecd872">
        <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
        <TD COLSPAN="2"></TD>
       <TD COLSPAN="1"><HR NOSHADE COLOR=Black SIZE=1></TD>
        <TD COLSPAN="1"></TD>
       <TD COLSPAN="1"><HR NOSHADE COLOR=Black SIZE=1></TD>
        <TD COLSPAN="1"></TD>
       <TD COLSPAN="1"></TD></TR>
<TR VALIGN=Bottom>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>485,877</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>442,510</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN="Bottom" BGCOLOR="#ecd872">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>Accumulated depreciation</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>(118,648</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>(104,129</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>)</FONT></TD></TR>
<TR>
        <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
        <TD COLSPAN=2></TD>
       <TD COLSPAN="1"><HR NOSHADE COLOR=Black SIZE=1></TD>
        <TD COLSPAN=1></TD>
       <TD COLSPAN="1"><HR NOSHADE COLOR=Black SIZE=1></TD>
        <TD COLSPAN=1></TD>
       <TD COLSPAN="1"></TD></TR>
<TR VALIGN="Bottom" BGCOLOR="#ecd872">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>$&nbsp;367,229</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>$&nbsp;338,381</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
        <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
        <TD COLSPAN=2></TD>
       <TD COLSPAN="1"><HR NOSHADE COLOR=Black SIZE=3></TD>
        <TD COLSPAN=1></TD>
       <TD COLSPAN="1"><HR NOSHADE COLOR=Black SIZE=3></TD>
        <TD COLSPAN=1></TD>
       <TD COLSPAN="1"></TD></TR>
<TR VALIGN=Bottom>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" WIDTH="100%">

<TR VALIGN=TOP>
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="90%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Depreciation
expense was approximately $20,109, $19,262, and $18,224, for the years ended December 31,
2003, 2002 and 2001. Total interest expense capitalized as a component of the cost of
property, plant and equipment was $479 and $214 in 2003 and 2002, respectively.</FONT></TD>
</TR>
 <!-- BLANK LINE--><TR><TD colspan=2>&nbsp;</TD></TR>

<TR VALIGN=TOP>
<TD>&nbsp;</TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Asset impairment</U></FONT></TD>
</TR>
 <!-- BLANK LINE--><TR><TD colspan=2>&nbsp;</TD></TR>

<TR VALIGN=TOP>
<TD>&nbsp;</TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
decision during the fourth quarter of 2002 to pursue a divestiture of our Ellis Park
facility prompted a review for possible impairment of long-lived assets in accordance with
SFAS No. 144, &#147;Accounting for the Impairment or Disposal of Long-Lived Assets,&#148;
which was adopted by the Company effective January 1, 2002. This review indicated that
estimated future cash flows were insufficient to recover the carrying value of long-lived
assets. Accordingly, we adjusted the carrying value of these long-lived assets, including
grandstands and buildings ($3,660), furniture and fixture ($88), equipment ($224) and
improvements ($528), to their estimated fair value resulting in a non-cash asset
impairment charge of $4.5 million. Management reassessed the carrying value of Ellis Park
as of December 31, 2003 and determined no additional impairment was necessary. The Company
expects to restore Ellis Park&#146;s profitability through reduced expenses and a new
racing schedule for 2004. Should the Company&#146;s plans to meet expected operating
results at Ellis Park not be realized, an additional write down of these assets could
occur.</FONT></TD>
</TR>
 </TABLE>
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<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
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<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" size=2>
                32

       </FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
</TABLE>
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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2" COLOR="#1589FF"><U><A HREF="#IndexPage">Return to Index</A></U> </FONT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR><BR><BR> </FONT></P>
<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Notes to Consolidated Financial Statements (Continued)<BR>
        (in thousands, except per share data)</B><BR></FONT></P>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">

<TR VALIGN=TOP>
<TD WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>4.</B></FONT></TD>
<TD WIDTH="90%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U><B>Goodwill</B></U></FONT></TD>
</TR>
<!-- BLANK LINE--><TR><TD colspan=2>&nbsp;</TD></TR>

<TR VALIGN=TOP>
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="90%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
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;</FONT></TD>
</TR>
 <!-- BLANK LINE--><TR><TD colspan=2>&nbsp;</TD></TR>

<TR VALIGN=TOP>
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="90%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
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
2003, 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 amortization of goodwill.
Amortization expense was reduced by $1.4 million for 2003 and 2002 as a result of the
adoption of SFAS No. 142.</FONT></TD>
</TR>
 <!-- BLANK LINE--><TR><TD colspan=2>&nbsp;</TD></TR>

<TR VALIGN=TOP>
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="90%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Following
are pro forma results for the year ended December 31, 2001 assuming goodwill had not been
amortized prior to January 1, 2002:</FONT></TD>
</TR>

  <!-- BLANK LINE--><TR><TD colspan=2>&nbsp;</TD></TR>

<TR VALIGN=TOP>
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="90%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Year ended December 31, 2001:</U></FONT></TD>
</TR>

</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" ALIGN="CENTER" WIDTH="100%">
<TR VALIGN="BOTTOM">
     <TD WIDTH="10%"> </TD>
     <TD WIDTH="39%" ALIGN="Center"></TD>
     <TD WIDTH="17%" ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net<BR> <U>Earnings</U></FONT></TD>
     <TD WIDTH="17%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Basic earnings<BR><U>per common share</U></FONT></TD>
     <TD WIDTH="17%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Diluted earnings<BR><U>per common share</U></FONT></TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" border=0 WIDTH="100%">

<TR VALIGN="Bottom" BGCOLOR="#ecd872">
     <TD WIDTH="10%"> </TD>
     <TD WIDTH="42%" ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>Reported net earnings</FONT></TD>
     <TD WIDTH="9%" ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>$22,076&nbsp;</FONT></TD>
     <TD WIDTH="7%">&nbsp; </TD>
     <TD WIDTH="8%" ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>$1.69</FONT></TD>
     <TD WIDTH="10%">&nbsp;</TD>
     <TD WIDTH="7%" ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>$1.67</FONT></TD>
     <TD WIDTH="7%"> </TD>
</TR>
<TR VALIGN=Bottom>
     <TD> </TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>Adjustment for amortization of goodwill</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>1,404&nbsp;</FONT></TD>
     <TD> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>0.11</FONT></TD>
     <TD> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>0.11</FONT></TD>
     <TD> </TD>
</TR>
<TR VALIGN="Bottom" BGCOLOR="#ecd872">
        <TD COLSPAN="2"></TD>
        <TD><HR NOSHADE COLOR=Black SIZE=1></TD>
        <TD></TD>
        <TD><HR NOSHADE COLOR=Black SIZE=1></TD>
        <TD></TD>
        <TD><HR NOSHADE COLOR=Black SIZE=1></TD>
        <TD></TD>
</TR>

<TR VALIGN=Bottom>
     <TD> </TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2>Adjusted net earnings</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>$23,480&nbsp;</FONT></TD>
     <TD> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>$1.80</FONT></TD>
     <TD> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE=2>$1.78</FONT></TD>
     <TD> </TD>
</TR>
<TR VALIGN="Bottom" BGCOLOR="#ecd872">
        <TD COLSPAN="2"></TD>
        <TD><HR NOSHADE COLOR=Black SIZE=3></TD>
        <TD></TD>
        <TD><HR NOSHADE COLOR=Black SIZE=3></TD>
        <TD></TD>
        <TD><HR NOSHADE COLOR=Black SIZE=3></TD>
        <TD></TD>
</TR>

<TR VALIGN=Bottom>
     <TD> </TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman" SIZE=2></FONT></TD>
</TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">

<TR VALIGN=TOP>
<TD WIDTH=10%>&nbsp;</TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<BR><BR>There
has been no change to the carrying value of the Company&#146;s net goodwill since January
1, 2002. Net goodwill at December 31, 2003 and 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.<BR><BR></FONT></TD>
</TR>

<TR VALIGN=TOP>
        <TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>5.</B></FONT></TD>
        <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> <U><B>Other Intangible Assets</B></U> </FONT></TD>
</TR>
 <!-- BLANK LINE--><TR><TD colspan=2>&nbsp;</TD></TR>
<TR VALIGN=TOP>
<TD WIDTH=10%>&nbsp;</TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
       The Company's other intangible assets are comprised of the following:</FONT></TD>
</TR>
 </TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" WIDTH="100%">
<TR VALIGN=Bottom>
     <TD> </TD>
     <TD COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD COLSPAN="1" ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;<U>2003</U></FONT></TD>
     <TD COLSPAN=1><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD COLSPAN="1" ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;<U>2002</U></FONT></TD>
     <TD COLSPAN=1><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD></TR>
<TR VALIGN="Bottom" BGCOLOR="#ecd872">
     <TD WIDTH="15%"> </TD>
     <TD WIDTH="51%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois Horse Race Equity fund</FONT></TD>
     <TD WIDTH="4%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="6%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$3,307</FONT></TD>
        <TD WIDTH="7%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="6%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$3,307</FONT></TD>
        <TD WIDTH="11%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD> </TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indiana racing license</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,085</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,085</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN="Bottom" BGCOLOR="#ecd872">
     <TD> </TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other intangible asset</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,133</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,790</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
        <TD> </TD>
        <TD COLSPAN=2></TD>
       <TD COLSPAN="1"><HR NOSHADE COLOR=Black SIZE=1></TD>
        <TD COLSPAN=1></TD>
       <TD COLSPAN="1"><HR NOSHADE COLOR=Black SIZE=1></TD>
        <TD COLSPAN=1></TD>
</TR>
<TR VALIGN="Bottom" BGCOLOR="#ecd872">
     <TD> </TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9,525</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9,182</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>

<TR VALIGN=Bottom>
     <TD> </TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated amortization</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2,061</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1,687</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>)</FONT></TD></TR>
<TR BGCOLOR="#ecd872">
        <TD> </TD>
        <TD COLSPAN="2"></TD>
       <TD COLSPAN="1"><HR NOSHADE COLOR=Black SIZE=1></TD>
        <TD COLSPAN="1"></TD>
       <TD COLSPAN="1"><HR NOSHADE COLOR=Black SIZE=1></TD>
        <TD COLSPAN="1"></TD>
</TR>
<TR VALIGN=Bottom>
     <TD> </TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$7,464</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$7,495</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
        <TD> </TD>
        <TD COLSPAN=2></TD>
       <TD COLSPAN="1"><HR NOSHADE COLOR=Black SIZE=3></TD>
        <TD COLSPAN=1></TD>
       <TD COLSPAN="1"><HR NOSHADE COLOR=Black SIZE=3></TD>
        <TD COLSPAN=1></TD>
</TR>
 <!-- BLANK LINE--><TR><TD colspan=2>&nbsp;</TD></TR>

</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" ALIGN="CENTER" WIDTH="100%">
<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Amortization
expense for other intangibles of approximately $374 for the year ended December 31, 2003
and $365 for the years ended December 31, 2002, and 2001 is classified in operating
expenses. Other intangible assets, which are being amortized, are recorded at
approximately $4.2 million at December 31, 2003 and 2002, which is net of accumulated
amortization of $2.1 million and $1.7 million, respectively.<BR><BR></FONT></TD>
</TR>

<TR VALIGN=TOP>
<TD WIDTH=10%>&nbsp;</TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Other
intangible assets with indefinite useful lives total $3.3 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.</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=2>
                33

       </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=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2" COLOR="#1589FF"><U><A HREF="#IndexPage">Return to Index</A></U> </FONT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR><BR><BR> </FONT></P>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Notes to Consolidated Financial Statements (Continued)<BR>
        (in thousands, except per share data)</B><BR></FONT></P>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN=TOP>
        <TD WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
        <TD WIDTH="90%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Future
        estimated aggregate amortization expense on other intangible assets for each of the five
        fiscal years is as follows:</FONT></TD>
</TR>
<!-- BLANK LINE--><TR><TD colspan=2>&nbsp;</TD></TR>

</TABLE>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 ALIGN=Center WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH="30%"> </TD>
     <TD WIDTH="10%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD WIDTH="30%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Estimated<BR><U>Amortization Expense</U></FONT></TD>
     <TD WIDTH="30%"> </TD>
</TR>
<TR VALIGN=Bottom>
     <TD>&nbsp; </TD>
</TR>
<TR VALIGN=Bottom>
     <TD> </TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2004</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$472&nbsp;</FONT></TD>
     <TD> </TD>
</TR>
<TR VALIGN=Bottom>
     <TD> </TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2005</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$472&nbsp;</FONT></TD>
     <TD> </TD>
</TR>
<TR VALIGN=Bottom>
     <TD> </TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2006</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$472&nbsp;</FONT></TD>
     <TD> </TD>
</TR>
<TR VALIGN=Bottom>
     <TD> </TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2007</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$472&nbsp;</FONT></TD>
     <TD> </TD>
</TR>
<TR VALIGN=Bottom>
     <TD> </TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2008</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$437&nbsp;</FONT></TD>
     <TD> </TD>
</TR>
<TR VALIGN=Bottom>
     <TD>&nbsp; </TD>
</TR>
</TABLE>

<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER">
<TR VALIGN=TOP>
        <TD WIDTH="10%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>6.</B></FONT></TD>
        <TD WIDTH="90%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
        <U><B>Income Taxes</B></U></FONT></TD>
</TR>
<!-- BLANK LINE--><TR><TD colspan=2>&nbsp;</TD></TR>
<TR VALIGN=TOP>
        <TD WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
        <TD WIDTH="90%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Components of the provision for income taxes are as follows:</FONT></TD>
</TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" ALIGN="CENTER" WIDTH="100%">
<TR VALIGN=Bottom>
     <TD COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD COLSPAN="1" ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>2003</U></FONT></TD>
     <TD COLSPAN=1><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD COLSPAN="1" ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>2002</U></FONT></TD>
     <TD COLSPAN=1><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD COLSPAN="1" ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>2001</U></FONT></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#ecd872">
     <TD WIDTH="25%"> </TD>
     <TD WIDTH="20%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Currently payable:</FONT></TD>
     <TD WIDTH="10%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
        <TD WIDTH="8%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="5%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
        <TD WIDTH="8%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="5%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
        <TD colspan=2 WIDTH="8%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
      <TD> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;15,144</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;14,917</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;13,733</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#ecd872">
     <TD> </TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State &amp; local
        </FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,447</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,326</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,154</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR>
        <TD> </TD>
        <TD COLSPAN=2></TD>
       <TD COLSPAN="1"><HR NOSHADE COLOR=Black SIZE=1></TD>
        <TD COLSPAN=1></TD>
       <TD COLSPAN="1"><HR NOSHADE COLOR=Black SIZE=1></TD>
        <TD COLSPAN=1></TD>
       <TD COLSPAN="1"><HR NOSHADE COLOR=Black SIZE=1></TD>
        <TD COLSPAN=1></TD>
</TR>

<TR VALIGN="BOTTOM" BGCOLOR="#ecd872">
     <TD> </TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>17,591</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>17,243</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15,887</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
        <TD> </TD>
        <TD COLSPAN=2></TD>
       <TD COLSPAN="1"><HR NOSHADE COLOR=Black SIZE=1></TD>
        <TD COLSPAN=1></TD>
       <TD COLSPAN="1"><HR NOSHADE COLOR=Black SIZE=1></TD>
        <TD COLSPAN=1></TD>
       <TD COLSPAN="1"><HR NOSHADE COLOR=Black SIZE=1></TD>
        <TD COLSPAN=1></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#ecd872">
     <TD WIDTH="25%"> </TD>
     <TD WIDTH="20%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Deferred:</FONT></TD>
     <TD WIDTH="10%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD WIDTH="8%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="5%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD WIDTH="8%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="5%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD colspan=2 WIDTH="8%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1,095</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2,327</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(663</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>)</FONT></TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#ecd872">
     <TD> </TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State &amp; local</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(186</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(395</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(96</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>)</FONT></TD></TR>
<TR>
        <TD> </TD>
        <TD COLSPAN=2></TD>
       <TD COLSPAN="1"><HR NOSHADE COLOR=Black SIZE=1></TD>
        <TD COLSPAN=1></TD>
       <TD COLSPAN="1"><HR NOSHADE COLOR=Black SIZE=1></TD>
        <TD COLSPAN=1></TD>
       <TD COLSPAN="1"><HR NOSHADE COLOR=Black SIZE=1></TD>
        <TD COLSPAN=1></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#ecd872">
     <TD> </TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1,281</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2,722</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(759</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>)</FONT></TD></TR>
<TR>
        <TD> </TD>
        <TD COLSPAN=2></TD>
       <TD COLSPAN="1"><HR NOSHADE COLOR=Black SIZE=1></TD>
        <TD COLSPAN=1></TD>
       <TD COLSPAN="1"><HR NOSHADE COLOR=Black SIZE=1></TD>
        <TD COLSPAN=1></TD>
       <TD COLSPAN="1"><HR NOSHADE COLOR=Black SIZE=1></TD>
        <TD COLSPAN=1></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#ecd872">
     <TD> </TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;16,310</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;14,521</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;15,128</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
        <TD> </TD>
        <TD COLSPAN=2></TD>
       <TD COLSPAN="1"><HR NOSHADE COLOR=Black SIZE=3></TD>
        <TD COLSPAN=1></TD>
       <TD COLSPAN="1"><HR NOSHADE COLOR=Black SIZE=3></TD>
        <TD COLSPAN=1></TD>
       <TD COLSPAN="1"><HR NOSHADE COLOR=Black SIZE=3></TD>
        <TD COLSPAN=1></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
</TABLE>

<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER">
<TR VALIGN=TOP>
        <TD WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
        <TD WIDTH="90%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Company's
        income tax expense is different  from the amount  computed by applying the statutory  federal
       income tax rate to income before taxes as follows:</FONT></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" ALIGN="CENTER" WIDTH="100%">
<TR VALIGN=Bottom>
     <TD COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD COLSPAN="1" ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>2003</U></FONT></TD>
     <TD COLSPAN=1><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD COLSPAN="1" ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>2002</U></FONT></TD>
     <TD COLSPAN=1><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD COLSPAN="1" ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>2001</U></FONT></TD>
     <TD COLSPAN=1><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#ecd872">
     <TD WIDTH="18%"> </TD>
     <TD WIDTH="34%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal statutory tax on</FONT></TD>
     <TD WIDTH="2%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="8%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
        <TD WIDTH="8%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="5%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
        <TD WIDTH="8%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="5%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
        <TD WIDTH="11%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#ecd872">
     <TD> </TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;earnings before income tax</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$14,157</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$12,422</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$13,021</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State income taxes, net of</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD> </TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;federal income tax benefit</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,591</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,555</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,401</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#ecd872">
     <TD> </TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Permanent differences and other</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>562</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>544</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>706</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
        <TD> </TD>
        <TD COLSPAN=2></TD>
       <TD COLSPAN="1"><HR NOSHADE COLOR=Black SIZE=1></TD>
        <TD COLSPAN=1></TD>
       <TD COLSPAN="1"><HR NOSHADE COLOR=Black SIZE=1></TD>
        <TD COLSPAN=1></TD>
       <TD COLSPAN="1"><HR NOSHADE COLOR=Black SIZE=1></TD>
        <TD COLSPAN=1></TD>
</TR>
<TR VALIGN="BOTTOM" BGCOLOR="#ecd872">
     <TD> </TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$16,310</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$14,521</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$15,128</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
        <TD> </TD>
        <TD COLSPAN=2></TD>
       <TD COLSPAN="1"><HR NOSHADE COLOR=Black SIZE=3></TD>
        <TD COLSPAN=1></TD>
       <TD COLSPAN="1"><HR NOSHADE COLOR=Black SIZE=3></TD>
        <TD COLSPAN=1></TD>
       <TD COLSPAN="1"><HR NOSHADE COLOR=Black SIZE=3></TD>
</TR>
<TR>
        <TD COLSPAN=1></TD>
</TR>
<TR VALIGN=Bottom>
     <TD> </TD>
     <TD></TD></TR>
</TABLE>
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        <TD COLSPAN="3" ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" size=2>
                34

       </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=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2" COLOR="#1589FF"><U><A HREF="#IndexPage">Return to Index</A></U> </FONT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR><BR><BR> </FONT></P>
<p ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Notes to Consolidated Financial Statements (Continued)<BR>
        (in thousands, except per share data)</B><BR></FONT></P>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN=TOP>
        <TD WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
        <TD WIDTH="90%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Components
of the Company&#146;s deferred tax assets and liabilities are as follows:</FONT></TD></TR>

</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" ALIGN="CENTER" WIDTH="100%">
<TR VALIGN=Bottom>
     <TD COLSPAN="3"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD COLSPAN="1" ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>2003</U></FONT></TD>
     <TD COLSPAN="1"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD COLSPAN="1" ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>2002</U></FONT></TD>
     <TD COLSPAN="1"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE="1"></FONT> </TD>
     <TD WIDTH="65%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Deferred tax liabilities:</FONT></TD>
     <TD WIDTH="3%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="8%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
        <TD WIDTH="4%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="8%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
        <TD WIDTH="2%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN="Bottom" BGCOLOR="#ecd872">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="1"></FONT> </TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property &amp;equipment in excess of tax basis</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;13,795</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;13,194</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="1"></FONT> </TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Racing license in excess of tax basis</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>572</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>569</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN="Bottom" BGCOLOR="#ecd872">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="1"></FONT> </TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>753</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>487</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
        <TD COLSPAN=3></TD>
       <TD COLSPAN="1"><HR NOSHADE COLOR=Black SIZE=1></TD>
        <TD COLSPAN=1></TD>
       <TD COLSPAN="1"><HR NOSHADE COLOR=Black SIZE=1></TD>
        <TD COLSPAN=1></TD>
</TR>
<TR VALIGN="Bottom" BGCOLOR="#ecd872">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="1"></FONT> </TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred tax liabilities</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15,120</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14,250</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>

<TR>
        <TD COLSPAN=3></TD>
       <TD COLSPAN="1"><HR NOSHADE COLOR=Black SIZE=1></TD>
        <TD COLSPAN=1></TD>
       <TD COLSPAN="1"><HR NOSHADE COLOR=Black SIZE=1></TD>
        <TD COLSPAN=1></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
        <TD COLSPAN=1></TD>
     <TD COLSPAN=6 ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Deferred tax assets:</FONT></TD></TR>
<TR VALIGN="Bottom" BGCOLOR="#ecd872">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="1"></FONT> </TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred compensation plans</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,465</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>832</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="1"></FONT> </TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allowance for uncollectible receivables</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>443</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>376</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN="Bottom" BGCOLOR="#ecd872">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="1"></FONT> </TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred liabilities</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,682</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,314</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="1"></FONT> </TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>970</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>775</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#ecd872">
        <TD COLSPAN="3"></TD>
       <TD COLSPAN="1"><HR NOSHADE COLOR=Black SIZE=1></TD>
        <TD COLSPAN="1"></TD>
       <TD COLSPAN="1"><HR NOSHADE COLOR=Black SIZE=1></TD>
        <TD COLSPAN="1"></TD>
</TR>

<TR VALIGN=Bottom>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="1"></FONT> </TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred tax assets</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5,560</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,297</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>

<TR BGCOLOR="#ecd872">
        <TD COLSPAN="3"></TD>
       <TD COLSPAN="1"><HR NOSHADE COLOR=Black SIZE=1></TD>
        <TD COLSPAN="1"></TD>
       <TD COLSPAN="1"><HR NOSHADE COLOR=Black SIZE=1></TD>
        <TD COLSPAN="1"></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR VALIGN="Bottom" BGCOLOR="#ecd872">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="1"></FONT> </TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net deferred tax liability</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;9,560</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;10,953</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
        <TD COLSPAN="3"></TD>
       <TD COLSPAN="1"><HR NOSHADE COLOR=Black SIZE=3></TD>
        <TD COLSPAN="1"></TD>
       <TD COLSPAN="1"><HR NOSHADE COLOR=Black SIZE=3></TD>
        <TD COLSPAN="1"></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR VALIGN="Bottom" >
        <TD COLSPAN="1"></TD>
        <TD COLSPAN="6" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Income taxes are classified in the balance sheet as follows:</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR VALIGN="Bottom" BGCOLOR="#ecd872">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="1"></FONT> </TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net non-current deferred tax liability</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;13,327</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;13,112</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="1"></FONT> </TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net current deferred tax asset</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(3,767</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2,159</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>)</FONT></TD></TR>
<TR BGCOLOR="#ecd872">
        <TD COLSPAN="3"></TD>
       <TD COLSPAN="1"><HR NOSHADE COLOR=Black SIZE=1></TD>
        <TD COLSPAN="1"></TD>
       <TD COLSPAN="1"><HR NOSHADE COLOR=Black SIZE=1></TD>
        <TD COLSPAN="1"></TD>
</TR>
<TR VALIGN=Bottom>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="1"></FONT> </TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;9,560</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;10,953</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#ecd872">
        <TD COLSPAN="3"></TD>
       <TD COLSPAN="1"><HR NOSHADE COLOR=Black SIZE=3></TD>
        <TD COLSPAN="1"></TD>
       <TD COLSPAN="1"><HR NOSHADE COLOR=Black SIZE=3></TD>
        <TD COLSPAN="1"></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
</TABLE>



<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN=TOP>
        <TD WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>7.</B></FONT></TD>
        <TD WIDTH="90%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U><B>Shareholders&#146; Equity</B></U></FONT></TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>

<TR VALIGN=TOP>
<TD WIDTH=10%>&nbsp;</TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>On
March 19, 1998, the Company&#146;s Board of Directors approved a shareholder rights plan,
which grants each shareholder the right to purchase a fraction of a share of Series 1998
preferred stock at the rate of one right for each share of the Company&#146;s common
stock. This plan expires on March 19, 2008.</FONT></TD>
</TR>
 <!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>

<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> <B>8.</B></FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> <U><B>Employee Benefit Plans</B></U></FONT></TD>
</TR>
 <!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR VALIGN=TOP>
<TD WIDTH=10%>&nbsp;</TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Company has a profit-sharing plan that covers all employees with one year or more of
service and one thousand or more worked hours. The Company will match contributions made
by the employee up to 3% of the employee&#146;s annual compensation. The Company will also
match at 50%, contributions made by the employee up to an additional 2%. The Company may
also contribute a discretionary amount determined annually by the Board of Directors as
well as a year end discretionary match not to exceed 4%. The Company&#146;s cash
contribution to the plan for the years ended December 31, 2003, 2002 and 2001 was
approximately $971, $1,004, and $934 respectively.</FONT></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR VALIGN=TOP>
<TD WIDTH=10%>&nbsp;</TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Company is a member of a noncontributory defined benefit multi-employer retirement plan
for all members of the Pari-mutuel Clerk&#146;s Union of Kentucky and several other
collectively-bargained retirement plans which are administered by unions. Cash
contributions are made in accordance with negotiated labor contracts. Retirement plan
expense for the years ended December 31, 2003, 2002 and 2001 was approximately $2,141,
$2,100 and $1,869, respectively. The Company&#146;s policy is to fund this expense as
accrued.</FONT></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>

<TR VALIGN=TOP>
<TD WIDTH=10%>&nbsp;</TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
The
estimated present value of future payments under a supplemental benefit plan is charged to
expense over the period of active employment of the employees covered under the plan.
Supplemental benefit plan expense for the years ended December 31, 2003, 2002 and 2001 was
approximately $100, $154 and $290, respectively.</FONT></TD>
</TR>
</TABLE>
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<TR VALIGN=TOP>
        <TD COLSPAN="3" ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" size=2>
                35

       </FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
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</TABLE>
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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2" COLOR="#1589FF"><U><A HREF="#IndexPage">Return to Index</A></U> </FONT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR><BR><BR> </FONT></P>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Notes to Consolidated Financial Statements (Continued)<BR>
        (in thousands, except per share data)</B><BR></FONT></P>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN=TOP>
        <TD WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
        <TD WIDTH="90%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Company provides eligible executives and directors of the Company an opportunity to defer
to a future date the receipt of base and bonus compensation for services as well as
director&#146;s fees through a deferred compensation plan. The Company&#146;s matching
contribution on base compensation deferrals equals the matching contribution of the
Company&#146;s profit-sharing plan with certain limits. The Company&#146;s cash
contribution to the plan for the years ended December 31, 2003, 2002 and 2001 was
approximately $73, $57 and $47 respectively.</FONT></TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>


<TR VALIGN=TOP>
        <TD WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>9.</B></FONT></TD>
        <TD WIDTH="90%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U><B>Long-Term Debt</B></U> </FONT></TD>
</TR>

<TR VALIGN=TOP>
<TD WIDTH=10%>&nbsp;</TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>The
        following table presents our long-term debt, including current portion, outstanding at
        December 31, 2003 and 2002.<BR><BR></FONT></TD>
</TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" BORDER=0 ALIGN="CENTER" WIDTH="100%">

<TR VALIGN=Bottom>
     <TD COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD COLSPAN="3" ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>As of December 31,</U></FONT></TD>
     <TD COLSPAN=1><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
</TR>
<TR VALIGN=Bottom>
     <TD> </TD>
     <TD COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD COLSPAN="1" ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>2003</U></FONT></TD>
     <TD COLSPAN=1><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD COLSPAN="1" ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>2002</U></FONT></TD>
     <TD COLSPAN=1><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
</TR>
<TR VALIGN=Bottom>
     <TD> </TD>
</TR>

<TR VALIGN=Bottom>
     <TD> </TD>
</TR>

<TR VALIGN="Bottom" >
     <TD WIDTH="10%"> </TD>
     <TD WIDTH="58%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long-term debt, current portion:</FONT></TD>
     <TD WIDTH="4%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="8%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
        <TD WIDTH="4%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="8%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
        <TD WIDTH="8%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom BGCOLOR="#ecd872">
     <TD> </TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other notes payable</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;5,740</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR VALIGN=Bottom BGCOLOR="#ecd872">
     <TD> </TD>
     <TD colspan=5 ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long-term debt, due after one year:</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN="Bottom" >
     <TD> </TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$100 million variable rate senior notes</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>100,000</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom BGCOLOR="#ecd872">
     <TD> </TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$200 million revolving credit facility</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>20,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN="Bottom" >
     <TD> </TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$250 million revolving credit facility</FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>116,000</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom BGCOLOR="#ecd872">
     <TD> </TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other notes payable</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,096</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6,840</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR >
        <TD COLSPAN="3"></TD>
       <TD COLSPAN="1"><HR NOSHADE COLOR=Black SIZE=1></TD>
        <TD COLSPAN="1"></TD>
       <TD COLSPAN="1"><HR NOSHADE COLOR=Black SIZE=1></TD>
        <TD COLSPAN="1"></TD>
</TR>

<TR VALIGN=Bottom BGCOLOR="#ecd872">
     <TD> </TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total long-term debt</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$126,836</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$123,348</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR >
        <TD COLSPAN="3"></TD>
       <TD COLSPAN="1"><HR NOSHADE COLOR=Black SIZE=3></TD>
        <TD COLSPAN="1"></TD>
       <TD COLSPAN="1"><HR NOSHADE COLOR=Black SIZE=3></TD>
        <TD COLSPAN="1"></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
</TABLE>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN=TOP>
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="90%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In
April 2003, the Company refinanced its $250 million revolving credit facility to meet
funding needs for working capital, future capital improvements and potential future
acquisitions. The refinancing included a new $200.0 million revolving line of credit
through a syndicate of banks with a five-year term and $100.0 million in variable rate
senior notes issued by the Company with a seven-year term. Both debt facilities are
collateralized by substantially all of the assets of the Company and its wholly owned
subsidiaries. The interest rate on the bank line of credit is based upon LIBOR plus a
spread of 125 to 225 basis points, determined by certain Company financial ratios. The
current interest rate on the Company&#146;s senior notes is equal to three month LIBOR
plus 155 basis points. The weighted average interest rate on outstanding borrowings at
December 31, 2003 was 2.41% and 2.71% for the $200.0 million revolving line of credit and
senior notes, respectively. The weighted average interest rate on the $250.0 million
revolving credit was 2.44% at December 31, 2002. These interest rates are partially hedged
by the interest rate swap contracts entered into by the Company as described in Note 10.
These notes require interest only payments during their term with principal due at
maturity. Both debt facilities contain financial and other covenant requirements,
including specific fixed charge and leverage ratios, as well as minimum levels of net
worth. The Company repaid its previously existing revolving line of credit during the
second quarter of 2003 with proceeds from the new facilities.</FONT></TD>
</TR>
 <!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>

<TR VALIGN=TOP>
<TD>&nbsp;</TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>On
December 2, 2001, the Company consummated a Partnership Interest Purchase Agreement with
Centaur Racing, LLC (&#147;Centaur&#148;) for the sale of 15% of the Company&#146;s
partnership interest in Hoosier Park to Centaur. The transaction also included assignment
to Centaur of an additional portion of the loan owed to the Company by Hoosier Park of
approximately $3.6 million, of which the balance is $5.2 million at December 31, 2003 and
2002. The loan requires interest at prime plus 2% (6.00% and 6.25% at December 31, 2003
and 2002, respectively) payable monthly with principal due November 2004. The note is
secured by 10% of the assets of Hoosier Park.</FONT></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR VALIGN=TOP>
<TD>&nbsp;</TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>During
2001, CBT entered into a 5-year note payable, which expires in January 2007, bears
interest at a fixed rate of 5.85%, and was secured by a general assignment of CBT&#146;s
assets. There was $1.6 million and $2.0 million outstanding on the note payable at
December 31, 2003 and 2002, respectively. This note payable was subsequently paid in its
entirety during January 2004.</FONT></TD>
</TR>
</TABLE>
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<TR VALIGN=TOP>
        <TD COLSPAN="3" ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" size=2>
                36

       </FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
</TABLE>
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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2" COLOR="#1589FF"><U><A HREF="#IndexPage">Return to Index</A></U> </FONT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR><BR><BR> </FONT></P>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Notes to Consolidated Financial Statements (Continued)<BR>
        (in thousands, except per share data)</B><BR></FONT></P>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN=TOP>
        <TD WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
        <TD WIDTH="90%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Future aggregate maturities of
        long-term debt are as follows: </FONT></TD>
</TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" ALIGN="CENTER" WIDTH="100%">
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD width=40%> </TD>
     <TD width=22% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2004</FONT></TD>
     <TD width=8% ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,740&nbsp;</FONT></TD>
     <TD width=30%> </TD></TR>

<TR VALIGN=Bottom>
     <TD width=40%> </TD>
     <TD width=22% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2005</FONT></TD>
     <TD width=8% ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>512&nbsp;</FONT></TD>
     <TD width=30%> </TD></TR>
<TR VALIGN=Bottom>
     <TD> </TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2006</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>544&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD> </TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2007</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>40&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD> </TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2008</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>20,000&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD> </TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Thereafter</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>100,000&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD width=40%> </TD>
     <TD width=22% ></TD>
     <TD width=8% ALIGN="RIGHT"><HR NOSHADE COLOR=Black SIZE=1></TD>
     <TD width=30%> </TD></TR>
<TR VALIGN=Bottom>
     <TD> </TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$126,836&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD width=40%> </TD>
     <TD width=22% ></TD>
     <TD width=8% ALIGN="RIGHT"><HR NOSHADE COLOR=Black SIZE=3></TD>
     <TD width=30%> </TD></TR>

</TABLE>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>10.</B></FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U><B>Financial Instruments</B></U></FONT></TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>

<TR VALIGN=TOP>
<TD WIDTH=10%>&nbsp;</TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
In
order to mitigate a portion of the market risk on variable rate debt, the Company entered
into interest rate swap contracts with major financial institutions in March 2003. Under
terms of these contracts the Company receives a three-month LIBOR-based variable interest
rate and pays a fixed interest rate on notional amounts totaling $60.0 million. As a
result of these contracts, the Company will pay a fixed interest rate of approximately
3.55% on $60.0 million of the variable rate debt described in Note 9. The interest rate
received on the contracts is determined based
on LIBOR at the end of each March, June, September and December, which is consistent with
the variable rate determination on the underlying debt. These contracts mature in March
2008.</FONT></TD>
</TR>

<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR VALIGN=TOP>
<TD WIDTH=10%>&nbsp;</TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
The
Company also had an interest rate swap, which matured in March 2003, on which the Company
received a LIBOR-based variable rate and paid a fixed interest rate of 7.015% on a
notional amount of $35.0 million.</FONT></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR VALIGN=TOP>
<TD WIDTH=10%>&nbsp;</TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Effective
January 1, 2001 the Company adopted SFAS 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><!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR VALIGN=TOP>
<TD WIDTH=10%>&nbsp;</TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
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 over the next twelve months.</FONT></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR VALIGN=TOP>
<TD WIDTH=10%>&nbsp;</TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
The
Company recorded a cumulative-effect-type deferred net loss adjustment of $341 in
accumulated other comprehensive earnings net of related tax benefit of $217 to recognize
the fair value of these swaps upon adoption of SFAS No. 133 on January 1, 2001. The
Company expects to reclassify approximately $760 of the December 31, 2003 net loss (net
of related tax benefit of $519) recorded in accumulated other comprehensive earnings into
net earnings as interest expense, over the term of our current swap contracts.</FONT></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>

<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>11.</B></FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U><B>Operating Leases</B></U></FONT></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR VALIGN=TOP>
<TD WIDTH=10%>&nbsp;</TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
The
Company has a long term operating lease agreement for land in Arlington Heights, Illinois
on which a portion of the backside facilities of Arlington Park is located and two
operating lease agreements for Arlington Park OTBs. The Arlington lease on land expires in
2010 with an option to purchase, one OTB lease expires in 2006 with an option to extend
the lease for an additional five years and another OTB lease expires in 2011, with an
option to purchase.</FONT></TD>
</TR>
</TABLE>
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        <TD COLSPAN="3" ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" size=2>
                37

       </FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
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</TABLE>

<!-- END OF PAGE BREAK^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^-->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2" COLOR="#1589FF"><U><A HREF="#IndexPage">Return to Index</A></U> </FONT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR><BR><BR> </FONT></P>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Notes to Consolidated Financial Statements (Continued)<BR>
        (in thousands, except per share data)</B><BR></FONT></P>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN=TOP>
        <TD WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
        <TD WIDTH="90%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Company also has a long-term operating lease for the land in Anderson, Indiana on which
its Hoosier Park facility is located and an operating lease for the Indianapolis off-track
betting facility (&#147;OTB&#148;). The Anderson lease expires in 2013, with remaining
options to extend the lease for two additional ten year terms. The Indianapolis lease
expires in 2009, with an option to extend the lease for two additional five year terms.
The leases include provisions for minimum lease payments as well as contingent lease
payments based on handle or revenues.</FONT></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR VALIGN=TOP>
<TD WIDTH=10%>&nbsp;</TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
The
Company also leases certain totalisator and audio/visual equipment that are contingent on
handle and race days, respectively. Total annual rent expense for contingent lease
payments, including totalisator, audio/visual equipment, land and facilities, was
approximately $5,712, $5,776 and $6,315 for the years ended December 31, 2003, 2002 and
2001, respectively. The Company&#146;s total rent expense for all operating leases,
including the contingent lease payments, was approximately $7,902, $7,823, and $8,392 for
the years ended December 31, 2003, 2002 and 2001, respectively.</FONT></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>

<TR VALIGN=TOP>
<TD WIDTH=10%>&nbsp;</TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Future
minimum operating lease payments are as follows:</Font></TD></TR>

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

</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" ALIGN="CENTER" WIDTH="100%">
<TR VALIGN=Bottom>
     <Td> </Td>
     <Td colspan=2 ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Minimum Lease Payments</U></FONT></Td>
     <Td><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </Td>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>

<TR VALIGN=Bottom>
     <TD WIDTH="40%"> </TD>
     <TD WIDTH="10%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2004</FONT></TD>
     <TD WIDTH="15%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;1,963&nbsp;</FONT></TD>
     <TD WIDTH="35%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
</TR>
<TR VALIGN=Bottom>
     <TD> </TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2005</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,890&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
</TR>
<TR VALIGN=Bottom>
     <TD> </TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2006</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,736&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
</TR>
<TR VALIGN=Bottom>
     <TD> </TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2007</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,153&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
</TR>
<TR VALIGN=Bottom>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2008</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,197&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
</TR>
<TR VALIGN=Bottom>
     <TD> </TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Thereafter</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,372&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
</TR>
<TR>
     <TD> </TD>
     <TD></TD>
     <TD ><HR COLOR="Black" SIZE="1" WIDTH="40%" ALIGN="Right"> </TD>
        <TD> </TD>
 </TR>

<TR VALIGN=Bottom>
     <TD> </TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$10,311&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
</TR>
<TR>
     <TD> </TD>
     <TD></TD>
     <TD ><HR COLOR="Black" SIZE="3" WIDTH="40%" ALIGN="Right"> </TD>
        <TD> </TD>
 </TR>
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</TABLE>

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<TR VALIGN=TOP>
        <TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>12.</B></FONT></TD>
        <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>Stock-Based Compensation Plans</U></B></FONT></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR VALIGN=TOP>
        <TD WIDTH=10%></TD>
        <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Employee Stock Options:</U></FONT></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR><TR VALIGN=TOP>
<TD WIDTH=10%>&nbsp;</TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
The
Company sponsors the &#147;Churchill Downs Incorporated 2003 Stock Option Plan&#148; (the
&#147;03 Plan&#148;), the &#147;Churchill Downs Incorporated 1997 Stock Option Plan&#148;
(the &#147;97 Plan&#148;), and the &#147;Churchill Downs Incorporated 1993 Stock Option
Plan&#148; (the &#147;93 Plan&#148;), also collectively referred to as &#147;the Stock
Option Plans.&#148; These stock-based incentive compensation plans are described below.
The Company applies APB Opinion 25 and related interpretations in accounting for the Stock
Option Plans. Pro forma disclosures as if the Company adopted the cost recognition
provisions of SFAS No. 123 are described in Note 1.</FONT></TD>
</TR>
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<TD WIDTH=10%>&nbsp;</TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
The
Company is authorized to issue up to 0.5 million shares, 1.2 million shares and 0.4
million shares of common stock under the 03 Plan, 97 Plan and 93 Plan, respectively,
pursuant to &#147;Awards&#148; granted in the form of incentive stock options (intended to
qualify under Section 422 of the Internal Revenue Code of 1986, as amended) and
non-qualified stock options. Awards may be granted to selected employees of the Company or
any subsidiary.</FONT></TD>
</TR>

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<TD WIDTH=10%>&nbsp;</TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
The
Stock Option Plans provide that the exercise price of any incentive stock option may not
be less than the fair market value of the common stock on the date of grant. The exercise
price of any nonqualified stock option is not so limited by the plans. The Company granted
stock options in 2003, 2002 and 2001. The stock options granted in those years have
contractual terms of 10 years and generally vest three years from the date of grant. In
accordance with APB 25, the Company has not recognized any compensation cost for these
stock options.</FONT></TD>
</TR>
</TABLE>
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        <TD COLSPAN="3" ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" size=2>
                38

       </FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2" COLOR="#1589FF"><U><A HREF="#IndexPage">Return to Index</A></U> </FONT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR><BR><BR> </FONT></P>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Notes to Consolidated Financial Statements (Continued)<BR>
        (in thousands, except per share data)</B><BR></FONT></P>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN=TOP>
        <TD WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
        <TD WIDTH="90%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A
summary of the status of the Company&#146;s stock options as of December 31, 2003, 2002
and 2001 and the changes during the year ended on those dates is presented below:</FONT></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
</TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" border=0  ALIGN="CENTER" WIDTH="100%">
<TR VALIGN=Bottom>
     <TH> </TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2># of Shares<BR>Under Option</FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Weighted Average<BR>Exercise Price</FONT></TH></TR>
<TR>
     <TD COLSPAN=3>&nbsp; </TD>
     <TD COLSPAN=4><HR COLOR="Black" SIZE="1"> </TD>
</TR>
<TR VALIGN=Bottom>
     <TD WIDTH="15%"> </TD>
     <TD WIDTH="36%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Balance, December 31, 2000</FONT></TD>
     <TD WIDTH="6%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="9%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>773</FONT></TD>
        <TD WIDTH="9%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="13%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$22.98</FONT></TD>
        <TD WIDTH="2%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD WIDTH="10%"> </TD>
</TR>
<TR VALIGN=Bottom>
     <TD> </TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Granted</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>216</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$27.50</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD> </TD>
</TR>
<TR VALIGN=Bottom>
     <TD> </TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exercised</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(65</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>)</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$19.35</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD> </TD>
</TR>
<TR VALIGN=Bottom>
     <TD> </TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canceled/Forfeited</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(24</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>)</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$27.58</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD> </TD>
</TR>
<TR>
     <TD COLSPAN=3>&nbsp; </TD>
     <TD COLSPAN=4><HR COLOR="Black" SIZE="1"> </TD>
</TR>
<TR VALIGN=Bottom>
     <TD> </TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Balance December 31, 2001</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>900</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$24.20</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD> </TD>
</TR>
<TR VALIGN=Bottom>
     <TD> </TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Granted</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>209</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$38.49</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD> </TD>
</TR>
<TR VALIGN=Bottom>
     <TD> </TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exercised</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(47</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>)</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$21.13</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD> </TD>
</TR>
<TR VALIGN=Bottom>
     <TD> </TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canceled/Forfeited</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(65</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>)</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$30.75</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD> </TD>
</TR>
<TR>
     <TD COLSPAN=3>&nbsp; </TD>
     <TD COLSPAN=4><HR COLOR="Black" SIZE="1"> </TD>
</TR>
<TR VALIGN=Bottom>
     <TD> </TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Balance December 31, 2002</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>997</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$27.01</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD> </TD>
</TR>
<TR VALIGN=Bottom>
     <TD> </TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Granted</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$34.57</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD> </TD>
</TR>
<TR VALIGN=Bottom>
     <TD> </TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exercised</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(79</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>)</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$24.66</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD> </TD>
</TR>
<TR VALIGN=Bottom>
     <TD> </TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canceled/Forfeited</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(45</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>)</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$32.79</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD> </TD>
</TR>
<TR>
     <TD COLSPAN=3>&nbsp; </TD>
     <TD COLSPAN=4><HR COLOR="Black" SIZE="1"> </TD>
</TR>
<TR VALIGN=Bottom>
     <TD> </TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Balance December 31, 2003</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>884</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$26.94</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD> </TD>
</TR>
<TR>
     <TD COLSPAN=3>&nbsp; </TD>
     <TD COLSPAN=4><HR COLOR="Black" SIZE="3"> </TD>
</TR>
</TABLE>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR VALIGN=TOP>
<TD WIDTH=10%>&nbsp;</TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
weighted average fair value of each option granted during 2003, 2002 and 2001 was
estimated on the date of grant using the Black-Scholes pricing model with the following
weighted-average assumptions:</FONT></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" WIDTH="100%">
<TR VALIGN=Bottom>
     <TD WIDTH="10%"> </TD>
     <TD ALIGN="CENTER" WIDTH="54%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN="CENTER" WIDTH="12%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2003</FONT></TD>
     <TD>&nbsp; </TD>
     <TD ALIGN="CENTER" WIDTH="12%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2002</FONT></TD>
     <TD>&nbsp; </TD>
     <TD ALIGN="CENTER" WIDTH="12%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2001</FONT></TD></TR>

<TR VALIGN=Bottom>
     <TD> </TD>
    <TD> </TD>
     <TD><HR NOSHADE COLOR=Black SIZE=1></TD>
     <TD> </TD>
     <TD><HR NOSHADE COLOR=Black SIZE=1></TD>
     <TD> </TD>
     <TD><HR NOSHADE COLOR=Black SIZE=1></TD>
</TR>

<TR VALIGN="Bottom" ALIGN="Center">
     <TD> </TD>
     <TD ALIGN="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weighted average fair value at grant date</FONT></TD>
     <TD WIDTH=12% ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$18.72</FONT></TD>
     <TD> </TD>
     <TD WIDTH=12% ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$20.78</FONT></TD>
     <TD> </TD>
     <TD ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$13.07</FONT></TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD> </TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend yield</FONT></TD>
     <TD ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.29%</FONT></TD>
     <TD> </TD>
     <TD ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.30%</FONT></TD>
     <TD> </TD>
     <TD ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.73%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD> </TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expected volatility</FONT></TD>
     <TD ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>53.54%</FONT></TD>
     <TD> </TD>
     <TD ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>55.10%</FONT></TD>
     <TD> </TD>
     <TD ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>40.12%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD> </TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Risk-free interest rate</FONT></TD>
     <TD ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.54%</FONT></TD>
     <TD> </TD>
     <TD ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.23%</FONT></TD>
     <TD> </TD>
     <TD ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.25%</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD> </TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expected option life (years)</FONT></TD>
     <TD ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.1</FONT></TD>
     <TD> </TD>
     <TD ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.1</FONT></TD>
     <TD> </TD>
     <TD ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.6</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD> </TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
</TABLE>


<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%>&nbsp;</TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
The
following table summarizes information about stock options outstanding and exercisable at
December 31, 2003:</FONT></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD>
</TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN=Bottom>
     <TD> </TD>
     <TD ALIGN="LEFT" WIDTH="24%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD COLSPAN="3" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Stock Options Outstanding</FONT></TD>
     <TD WIDTH="1%"> </TD>
     <TD COLSPAN="2" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Stock Options Exercisable</FONT></TD>
</TR>
<TR VALIGN=Bottom>
        <TD> </TD>
        <TD></TD>
        <TD COLSPAN="3"><HR NOSHADE COLOR=Black SIZE=1></TD>
        <TD></TD>
        <TD colspan=23><HR NOSHADE COLOR=Black SIZE=1></TD>
</TR>

<TR VALIGN=Bottom>
     <TD WIDTH="10%"> </TD>
     <TD ALIGN="LEFT" WIDTH="24%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Range of<BR>Exercise Prices</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="14%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Number<BR>Outstanding<BR>at 12/31/03</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="14%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Weighted Average<BR>Remaining<BR>Contractual Life</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="12%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Weighted<BR>Average<BR>Exercise Price</FONT></TD>
     <TD WIDTH="1%"> </TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Number<BR>Exercisable<BR>at 12/31/03</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2> Weighted<BR>Average<BR>Exercise Price</FONT></TD></TR>
<TR VALIGN=Bottom>
        <TD></TD>
        <TD> <HR NOSHADE COLOR=Black SIZE=1></TD>
        <TD COLSPAN="3"><HR NOSHADE COLOR=Black SIZE=1></TD>
        <TD></TD>
        <TD colspan=23><HR NOSHADE COLOR=Black SIZE=1></TD>
</TR>

<TR VALIGN=Bottom>
     <TD> </TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$12.32 to $16.42</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;14</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.0</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$15.75</FONT></TD>
     <TD> </TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;14</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$15.75</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD> </TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$16.43 to $20.52</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>190&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.5</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$19.00</FONT></TD>
     <TD> </TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>190</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$19.00</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD> </TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$20.53 to $24.63</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>172&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.5</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$22.24</FONT></TD>
     <TD> </TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>172</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$22.24</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD> </TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$24.64 to $28.73</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>262&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.4</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$27.45</FONT></TD>
     <TD> </TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>111</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$27.75</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD> </TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$28.74 to $32.84</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;66</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.7</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$31.49</FONT></TD>
     <TD> </TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;46</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$32.08</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD> </TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$32.85 to $36.94</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;35</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.7</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$35.54</FONT></TD>
     <TD> </TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD> </TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$36.95 to $41.05</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>145&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.9</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$38.94</FONT></TD>
     <TD> </TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
        <TD> </TD>
        <TD></TD>
        <TD><HR COLOR="BLACK" SIZE="1" WIDTH="23%"></TD>
        <TD><HR COLOR="BLACK" SIZE="1" WIDTH="18%"></TD>
        <TD><HR COLOR="BLACK" SIZE="1" WIDTH="35%"></TD>
        <TD></TD>
        <TD><HR COLOR="BLACK" SIZE="1" WIDTH="25%"></TD>
        <TD><HR COLOR="BLACK" SIZE="1" WIDTH="35%"></TD>

</TR>
<TR VALIGN=Bottom>
     <TD> </TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;TOTAL</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>884</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.9</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$26.94</FONT></TD>
     <TD> </TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>533</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$22.91</FONT></TD></TR>
<TR VALIGN=Bottom>
        <TD> </TD>
        <TD></TD>
        <TD><HR COLOR="BLACK" SIZE="3" WIDTH="23%"></TD>
        <TD><HR COLOR="BLACK" SIZE="3" WIDTH="18%"></TD>
        <TD><HR COLOR="BLACK" SIZE="3" WIDTH="35%"></TD>
        <TD></TD>
        <TD><HR COLOR="BLACK" SIZE="3" WIDTH="25%"></TD>
        <TD><HR COLOR="BLACK" SIZE="3" WIDTH="35%"></TD>
</TR>
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     <TD> </TD>
                      <TD>&nbsp;</TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" ALIGN="CENTER" WIDTH="100%">
<TR VALIGN=TOP>
<TD WIDTH=10%>&nbsp;</TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>At
December 31, 2002, there were 476 options exercisable with a weighted average exercisable
price of $21.88. At December 31, 2001, there were 372 options exercisable with a weighted
average exercisable price of $21.01.</FONT></TD>
</TR>
</TABLE>
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        <TD COLSPAN="3" ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" size=2>
                39

       </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=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2" COLOR="#1589FF"><U><A HREF="#IndexPage">Return to Index</A></U> </FONT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR><BR><BR> </FONT></P>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Notes to Consolidated Financial Statements (Continued)<BR>
        (in thousands, except per share data)</B><BR></FONT></P>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN=TOP>
        <TD WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
        <TD WIDTH="90%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Employee Stock Purchase Plan:</U></FONT></TD>
</TR>
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<TR VALIGN=TOP>
<TD WIDTH=10%>&nbsp;</TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Under
the Company&#146;s Employee Stock Purchase Plan (the &#147;Employee Stock Purchase
Plan&#148;), the Company is authorized to sell, pursuant to short-term stock options,
shares of its common stock to its full-time (or part-time for at least 20 hours per week
and at least five months per year) employees at a discount from the common stock&#146;s
fair market value. The Employee Stock Purchase Plan operates on the basis of recurring,
consecutive one-year periods. Each period commences on August 1 and ends on the next
following July 31.<BR><BR></FONT></TD>
</TR>
<TR VALIGN=TOP>
<TD WIDTH=10%>&nbsp;</TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
On
the first day of each 12-month period, August 1, the Company offers to each eligible
employee the opportunity to purchase common stock. Employees who elect to participate for
each period have a designated percentage of their compensation withheld (after-tax) and
applied to the purchase of shares of common stock on the last day of the period, July 31.
The Employee Stock Purchase Plan allows withdrawals, terminations and reductions on the
amounts being deducted. The purchase price for the common stock is 85% of the lesser of
the fair market value of the common stock on (i) the first day of the period, or (ii) the
last day of the period. No employee may purchase common stock under the Employee Stock
Purchase Plan valued at more than $25 thousand for each calendar year.<BR><BR></FONT></TD>
</TR>
<TR VALIGN=TOP>
<TD WIDTH=10%>&nbsp;</TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Under
the Employee Stock Purchase Plan, the Company sold approximately 13 thousand shares of
common stock to two hundred eighty-three employees pursuant to options granted on August
1, 2002, and exercised on July 31, 2003. Because the plan year overlaps the Company&#146;s
fiscal year, the number of shares to be sold pursuant to options granted on August 1,
2003, can only be estimated because the 2003-plan year is not yet complete. The
Company&#146;s estimate of options granted in 2003 under the Plan is based on the number
of shares sold to employees under the Plan for the 2002 plan year, adjusted to reflect the
change in the number of employees participating in the Plan in 2003.<BR><BR></FONT></TD>
</TR>
<TR VALIGN=TOP>
<TD WIDTH=10%>&nbsp;</TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
A
summary of the status of the Company&#146;s stock options under the Employee Stock
Purchase Plan as of December 31, 2003, 2002 and 2001 and the changes during the year ended
on those dates is presented below:</FONT></TD>
</TR>
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</TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="Bottom" ALIGN="Center">
     <TD WIDTH="10%"> </TD>
     <TD WIDTH="34%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD WIDTH="11%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2> # of Shares<BR>Under Option</FONT></TD>
     <TD WIDTH="20%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Weighted Average<BR>Exercise Price</FONT></TD>
     <TD WIDTH="20%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Weighted Average<BR>Fair Value at Grant<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></Td>
     <TD WIDTH="5%"> </TD>
</TR>
<TR VALIGN=Bottom>
        <TD COLSPAN="2"></TD>
        <TD colspan="5"><HR NOSHADE COLOR=Black SIZE=1></TD>
</TR>

<TR VALIGN=Bottom>
     <TD WIDTH="10%"> </TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Balance, December 31, 2000</FONT></TD>
     <TD WIDTH="11%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>16</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$19.60</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD> </TD>
</TR>
<TR VALIGN=Bottom>
     <TD> </TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjustment to prior year</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD> </TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;estimated grants</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;(2)</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$19.60</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD> </TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Granted</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$24.71</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$ 8.62</FONT></TD>
     <TD> </TD>
</TR>
<TR>
        <TD> </TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD COLSPAN="1"><HR NOSHADE COLOR=Black SIZE=3></TD>
     <TD> </TD>

</TR>
<TR VALIGN=Bottom>
     <TD> </TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exercised</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(14)</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$19.60</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD> </TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canceled/Forfeited</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD> </TD>
</TR>

<TR>
        <TD> </TD>
        <TD></TD>
     <TD COLSPAN=2><HR NOSHADE COLOR=Black SIZE=1></TD>
        <TD></TD>
     <TD> </TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD> </TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Balance December 31, 2001</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$24.71</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD> </TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjustment to prior year</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD> </TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;estimated grants</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD> </TD>
</TR>
<TR VALIGN=Bottom>
     <TD> </TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Granted</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$32.19</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$12.63</FONT></TD>
     <TD> </TD>
</TR>
<TR>
        <TD> </TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD COLSPAN="1"><HR NOSHADE COLOR=Black SIZE=3></TD>
     <TD> </TD>
</TR>
<TR VALIGN=Bottom>
     <TD> </TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exercised</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(12)</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$24.70</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD> </TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canceled/Forfeited</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD width=5%> </TD>
</TR>

<TR>
        <TD COLSPAN=2> </TD>
        <TD COLSPAN=2><HR NOSHADE COLOR=Black SIZE=1></TD>
        <TD></TD>
     <TD> </TD>
</TR>

<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD> </TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Balance December 31, 2002</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$32.19</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD> </TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjustment to prior</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD> </TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;year estimated grants</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;(1)</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$23.19</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD> </TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Granted</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$37.31</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$8.09</FONT></TD>
     <TD> </TD>
</TR>

<TR>
        <TD> </TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD COLSPAN="1"><HR NOSHADE COLOR=Black SIZE=3></TD>
     <TD> </TD>

</TR>

 <TR VALIGN=Bottom>
     <TD> </TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exercised</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(12)</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$31.70</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD> </TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canceled/Forfeited</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD> </TD>
</TR>
<TR>
        <TD> </TD>
        <TD></TD>
     <TD COLSPAN=2><HR NOSHADE COLOR=Black SIZE=1></TD>
        <TD></TD>
     <TD> </TD>

</TR>
<TR VALIGN=Bottom>
     <TD> </TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Balance December 31, 2003</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$37.31</FONT></TD></TR>
<TR>
        <TD> </TD>
        <TD></TD>
     <TD COLSPAN=2><HR NOSHADE COLOR=Black SIZE=3></TD>
        <TD></TD>
     <TD> </TD>

</TR>

</TABLE>

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        <TD COLSPAN="3" ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" size=2>
                40

       </FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2" COLOR="#1589FF"><U><A HREF="#IndexPage">Return to Index</A></U> </FONT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR><BR><BR> </FONT></P>

<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Notes to Consolidated Financial Statements (Continued)<BR>
        (in thousands, except per share data)</B><BR></FONT></P>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN=TOP>
        <TD WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>13.</B></FONT></TD>
        <TD WIDTH="90%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U><B>Fair Value of
        Financial Instruments</B></U></FONT></TD>
</TR>
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<TR VALIGN=TOP>
<TD WIDTH=10%>&nbsp;</TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
The
following methods and assumptions were used by the Company in estimating its fair value
disclosures for financial instruments:</FONT></TD>
</TR>

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<TD WIDTH=10%>&nbsp;</TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Cash
and Cash Equivalents - The carrying amount reported in the balance sheet for cash and cash
equivalents approximates its fair value.</FONT></TD>
</TR>

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<TD WIDTH=10%>&nbsp;</TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Long-Term
Debt - The carrying amounts of the Company&#146;s borrowings under its line of credit
agreements and other long-term debt approximates fair value, based upon current interest
rates.</FONT></TD>
</TR>

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<TD WIDTH=10%>&nbsp;</TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Interest
Rate Swaps - The carrying amounts of the Company&#146;s interest rate swaps are a payable
of approximately $608, $374 and $3,764, at December 31, 2003, 2002 and 2001, respectively,
using current interest rates at these dates.</FONT></TD>
</TR>
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<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>14.</B></FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U><B>Commitments and
Contingencies</B></U> </FONT></TD>
</TR>
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<TD WIDTH=10%>&nbsp;</TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
The
septic system at the Ellis Park facility must be replaced with a hook-up to city sewers.
The cost of the hook-up, which Ellis Park has expanded in order to include the stabling
area, is estimated by the city of Henderson, Kentucky to be $1.5 million. The project is
expected to be completed during 2004.</FONT></TD>
</TR>
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<TD WIDTH=10%>&nbsp;</TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
It
is not anticipated that the Company will have any material liability as a result of
compliance with environmental laws with respect to any of the Company&#146;s property.
Except as discussed herein, compliance with environmental laws has not affected the
ability to develop and operate the Company&#146;s properties and the Company is not
otherwise subject to any material compliance costs in connection with federal or state
environmental laws.</FONT></TD>
</TR>

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<TD WIDTH=10%>&nbsp;</TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>

The
Company is also a party to various non-environmental legal proceedings and administrative
actions, all arising from the ordinary course of business. Although it is impossible to
predict the outcome of any legal proceeding, the Company believes any liability that may
finally be determined with respect to such legal proceedings should not have a material
effect on the Company&#146;s consolidated financial position, results of operations or
cash flows.</FONT></TD>
</TR>
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<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>15.</B></Font></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U><B>Earnings Per Common
Share Computations</B></U></FONT></TD>
</TR>
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<TD WIDTH=10%>&nbsp;</TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
The
following is a reconciliation of the numerator and denominator of the earnings per common
share computations:</FONT></TD>
</TR>
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</TABLE>




<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" ALIGN="CENTER" WIDTH="100%">
<TR VALIGN=Bottom>
     <TD WIDTH="10%"> </TD>
     <TD WIDTH="56%"> </TD>
     <TD WIDTH="7%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>2003</U></FONT></TD>
     <TD WIDTH="1%"></TD>
     <TD WIDTH="7%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>2002</U></FONT></TD>
     <TD WIDTH="1%"></TD>
     <TD WIDTH="7%" ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>2001</U></FONT></TD>
     <TD WIDTH="11%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH="10%"> </TD>
     <TD WIDTH="56%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Numerator for basic and diluted per share:</FONT></TD>
     <TD WIDTH="7%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$24,138&nbsp;</FONT></TD>
     <TD> </TD>
     <TD WIDTH="7%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$20,969&nbsp;</FONT></TD>
     <TD> </TD>
     <TD WIDTH="7%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$22,076&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD COLSPAN=2> </TD>
     <TD><HR NOSHADE COLOR=Black SIZE=3></TD>
     <TD> </TD>
     <TD><HR NOSHADE COLOR=Black SIZE=3></TD>
     <TD> </TD>
     <TD><HR NOSHADE COLOR=Black SIZE=3></TD>
     <TD COLSPAN=1> </TD>
</TR>
<TR VALIGN=Bottom>
     <TD> </TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Denominator for weighted average shares of</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD> </TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;common stock outstanding per share:</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD> </TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13,189&nbsp;</FONT></TD>
     <TD> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13,123&nbsp;</FONT></TD>
     <TD> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13,081&nbsp;</FONT></TD></TR>

<TR VALIGN=Bottom>
     <TD> </TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plus dilutive effect of stock options</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>203&nbsp;</FONT></TD>
     <TD> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>236&nbsp;</FONT></TD>
     <TD> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>132&nbsp;</FONT></TD>
     <TD> </TD></TR>

<TR VALIGN=Bottom>
     <TD COLSPAN=2> </TD>
     <TD><HR NOSHADE COLOR=Black SIZE=1></TD>
     <TD> </TD>
     <TD><HR NOSHADE COLOR=Black SIZE=1></TD>
     <TD> </TD>
     <TD><HR NOSHADE COLOR=Black SIZE=1></TD>
     <TD COLSPAN=1> </TD>
</TR>
<TR VALIGN=Bottom>
     <TD> </TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13,392&nbsp;</FONT></TD>
     <TD> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13,359&nbsp;</FONT></TD>
     <TD> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13,213&nbsp;</FONT></TD>
     <TD> </TD></TR>
<TR VALIGN=Bottom>
     <TD COLSPAN=2> </TD>
     <TD><HR NOSHADE COLOR=Black SIZE=3></TD>
     <TD> </TD>
     <TD><HR NOSHADE COLOR=Black SIZE=3></TD>
     <TD> </TD>
     <TD><HR NOSHADE COLOR=Black SIZE=3></TD>
     <TD COLSPAN=1> </TD>
</TR>
<TR VALIGN=Bottom>
     <TD> </TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Earnings per common share:</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD> </TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;1.83&nbsp;</FONT></TD>
     <TD> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;1.60&nbsp;</FONT></TD>
     <TD> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;1.69&nbsp;</FONT></TD>
     <TD> </TD>
</TR>
<TR VALIGN=Bottom>
     <TD> </TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;1.80&nbsp;</FONT></TD>
     <TD> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;1.57&nbsp;</FONT></TD>
     <TD> </TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;1.67&nbsp;</FONT></TD>
     <TD> </TD>
</TR>
<TR VALIGN=Bottom>
     <TD> </TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD></TR>
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<TR VALIGN=TOP>
<TD WIDTH=10%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Options
to purchase approximately 169, 18, and 63 shares for the years ended December 31, 2003,
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>
</TABLE>
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        <TD COLSPAN="3" ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" size=2>
                41

       </FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2" COLOR="#1589FF"><U><A HREF="#IndexPage">Return to Index</A></U> </FONT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR><BR><BR> </FONT></P>

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

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<TR>
      <TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>16.<BR><BR></B></FONT> </TD>
      <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B><U>Segment Information<BR><BR></U></B></FONT> </TD></TR>
<TR VALIGN=TOP>
<TD WIDTH=10%>&nbsp;</TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
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 seven 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 Churchill
Downs Television Services and the Company&#146;s various equity interests which are not
material. Eliminations include the elimination of management fees and other intersegment
transactions, primarily between CDSN and the racetracks.</FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=10%>&nbsp;</TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
The
accounting policies of the segments are the same as those described in the &#147;Summary
of Significant Accounting Policies&#148; for the year ended December 31, 2003. The Company
uses revenues and EBITDA (defined as earnings before interest, taxes, depreciation and
amortization) as key performance measures of results of operations for purposes of
evaluating performance internally. Furthermore, management believes that the use of these
measures enables management and investors to evaluate and compare from period to period,
our operating performance in a meaningful and consistent manner. Because the Company uses
EBITDA as a key performance measure of financial performance, the Company is required by
accounting principles generally accepted in the United States of America to provide the
information in this footnote concerning EBITDA. However, these measures 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>
<BR>

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        <TD COLSPAN=3 ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" size=2>
                42</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=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2" COLOR="#1589FF"><U><A HREF="#IndexPage">Return to Index</A></U> </FONT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR><BR><BR> </FONT></P>



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<TR VALIGN=TOP>
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="90%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
The
table below presents information about reported segments for the years ended December 31,
2003, 2002 and 2001:</FONT></TD>
</TR>
</TABLE>
<BR>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="80%" ALIGN="CENTER">
<TR>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif"></FONT> </TH>
     <TH ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TH>
     <TH ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif"></FONT> </TH>
</TR>
<TR>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD colspan=5 WIDTH=11% ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>December 31,</U></FONT></TD>
     </TR>
<TR>
     <TD ALIGN="LEFT" WIDTH="40%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="center" WIDTH="7%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>2003</U></FONT></TD>
     <TD WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
     <TD ALIGN="center" WIDTH="7%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>2002</U></FONT></TD>
     <TD WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
     <TD ALIGN="center" WIDTH="7%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>2001</U></FONT></TD>
     <TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
</TR>
<TR>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net revenues from external customers:</FONT></TD></TR>
<TR>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;Kentucky Operations</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;84,010&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;84,117&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;85,067&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
</TR>
<TR>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;Hollywood Park</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>75,239&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>81,177&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>83,160&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
</TR>
<TR>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;Arlington Park</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>74,259&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>75,675&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>74,147&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
</TR>
<TR>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;Calder Race Course</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>66,280&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>68,460&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>64,151&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
</TR>
<TR>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;Hoosier Park</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>42,801&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>55,150&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>54,753&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
</TR>
<TR>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;CDSN</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>77,423&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>70,461&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>61,849&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
</TR>
<TR>
     <TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR=Black SIZE=1></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR=Black SIZE=1></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR=Black SIZE=1></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
</TR>
<TR>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total racing operations</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>420,012&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>435,040&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>423,127&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
</TR>
<TR>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;Other investments</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,889&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,692&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,763&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
</TR>
<TR>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;Corporate revenues</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,332&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,110&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,003&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
</TR>
<TR>
     <TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR=Black SIZE=1></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR=Black SIZE=1></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR=Black SIZE=1></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
</TR>
<TR>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;424,233&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;438,842&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;426,893&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
</TR>
<TR>
     <TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR=Black SIZE=3></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR=Black SIZE=3></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR=Black SIZE=3></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
</TR>
<TR>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Intercompany net revenues</FONT></TD></TR>
<TR>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;Kentucky Operations</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;25,531&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;21,131&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;18,860&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
</TR>
<TR>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;Hollywood Park</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12,795&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12,719&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11,444&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
</TR>
<TR>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;Arlington Park</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8,722&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8,426&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6,627&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
</TR>
<TR>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;Calder Race Course</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13,281&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12,783&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11,916&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
</TR>
<TR>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;Hoosier Park</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>210&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>212&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>193&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
</TR>
<TR>
     <TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR=Black SIZE=1></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR=Black SIZE=1></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR=Black SIZE=1></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
</TR>
<TR>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total racing operations</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>60,539&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>55,271&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>49,040&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
</TR>
<TR>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;Other investments</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,171&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,240&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,220&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
</TR>
<TR>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;Corporate</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>984&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,456&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,271&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
</TR>
<TR>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;Eliminations</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(63,694)</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(58,967)</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(52,531)</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
</TR>
<TR>
     <TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR=Black SIZE=1></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR=Black SIZE=1></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR=Black SIZE=1></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
</TR>

<TR ALIGN="Right">
      <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
      <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</FONT> </TD>
      <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
      <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</FONT> </TD>
      <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
      <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</FONT></TD>
      <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD></TR>

<TR>
     <TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR=Black SIZE=3></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR=Black SIZE=3></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR=Black SIZE=3></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
</TR>
<TR>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>EBITDA:</FONT></TD></TR>
<TR>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;Kentucky Operations</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;18,093&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;11,425&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;19,173&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
</TR>
<TR>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;Hollywood Park</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8,268&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12,717&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12,995&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
</TR>
<TR>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;Arlington Park</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9,078&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7,912&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9,218&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
</TR>
<TR>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;Calder Race Course</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14,232&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14,533&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13,482&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
</TR>
<TR>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;Hoosier Park</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,280&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7,699&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6,012&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
</TR>
<TR>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;CDSN</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>18,912&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>16,982&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14,568&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
</TR>
<TR>
     <TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR=Black SIZE=1></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR=Black SIZE=1></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR=Black SIZE=1></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
</TR>
<TR>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Total racing operations</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>70,863&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>71,268&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>75,448&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
</TR>
<TR>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;Other investments</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,457&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(396)</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,315&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
</TR>
<TR>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;Corporate</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(6,484)</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(7,195)</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(7,530)</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
</TR>
<TR>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;Eliminations</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(62)</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
</TR>
<TR>
     <TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR=Black SIZE=1></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR=Black SIZE=1></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR=Black SIZE=1></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
</TR>
<TR>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;65,836&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;63,615&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;69,233&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
</TR>
<TR>
     <TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR=Black SIZE=3></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR=Black SIZE=3></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR=Black SIZE=3></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
</TR>
</TABLE>



<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following
is a reconciliation of total EBITDA to net earnings: </FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="80%" ALIGN="CENTER">
<TR VALIGN=Bottom>
     <TH ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TH>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD colspan=5 WIDTH=11% ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>December 31,</U></FONT></TD>
     </TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT" WIDTH="40%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="center" WIDTH="7%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>2003</U></FONT></TD>
     <TD WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
     <TD ALIGN="center" WIDTH="7%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>2002</U></FONT></TD>
     <TD WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
     <TD ALIGN="center" WIDTH="7%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>2001</U></FONT></TD>
     <TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total EBITDA</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;65,836&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;63,615&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;69,233&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Depreciation and amortization</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(20,483)</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(19,627)</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(19,993)</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Interest income (expense), net</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(4,905)</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(8,498)</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(12,036)</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Provision for income taxes</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(16,310)</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(14,521)</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(15,128)</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
</TR>
<TR>
     <TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR=Black SIZE=1></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR=Black SIZE=1></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR=Black SIZE=1></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
</TR>

<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net earnings</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;24,138&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;20,969&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;22,076&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
</TR>
<TR>
     <TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR=Black SIZE=3></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR=Black SIZE=3></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
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     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
</TR>

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                43</FONT></TD>
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        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2" COLOR="#1589FF"><U><A HREF="#IndexPage">Return to Index</A></U> </FONT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR><BR><BR> </FONT></P>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
table below presents total asset information about reported segments as of December 31,
2003 and 2002: </FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="75%" ALIGN="CENTER" BORDER="0">
<TR VALIGN=Bottom>
     <TH ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD colspan=3 WIDTH="14%" ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>As of December 31,</U></FONT></TD>
     </TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT" WIDTH="45%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="center" WIDTH="7%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>2003</U></FONT></TD>
     <TD WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
     <TD ALIGN="center" WIDTH="7%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>2002</U></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total Assets:</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;Kentucky Operations</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;438,608&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;396,998&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;Hollywood Park</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>148,379&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>150,627&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;Calder Race Course</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>88,675&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>87,498&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;Arlington Park</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>83,725&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>80,766&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;Hoosier Park</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>34,940&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>34,759&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;CDSN</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11,018&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11,018&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;Other investments</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>90,735&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>69,858&nbsp;</FONT></TD></TR>
<TR>
     <TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR=Black SIZE=1></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR=Black SIZE=1></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>896,080&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>831,524&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;Eliminations</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(390,574)</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(362,312)</FONT></TD></TR>
<TR>
     <TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR=Black SIZE=1></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR=Black SIZE=1></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;505,506&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;469,212&nbsp;</FONT></TD></TR>
<TR>
     <TD></TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR=Black SIZE=3></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT> </TD>
     <TD ALIGN="RIGHT"><HR NOSHADE COLOR=Black SIZE=3></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT> </TD></TR>
</TABLE>




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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;  </FONT></P>

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<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>17.</B></FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>Recent Accounting Pronouncements</U></B><BR><BR></FONT></TD>
</TR>

<TR VALIGN=TOP>
<TD WIDTH=10%>&nbsp;</TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In
December 2002, the FASB issued SFAS No. 148 &#147;Accounting for Stock-Based Compensation
&#150;Transition and Disclosure an amendment of FASB Statement No. 123.&#148; This
Statement amends SFAS No. 123, &#147;Accounting for Stock-Based Compensation,&#148; to
provide alternative methods of transition for a voluntary change to the fair value based
method of accounting for stock-based employee compensation. In addition, this Statement
amends the disclosure requirements of Statement 123 to require prominent disclosures in
both annual and interim financial statements about the method of accounting for
stock-based employee compensation and the effect of the method used on reported results.
The Company has adopted the disclosure provisions of SFAS 148, however, management does
not currently expect to change its method of accounting treatment for stock options.</FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=10%>&nbsp;</TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
In
May 2003, the FASB issued SFAS No. 150 &#147;Accounting for Certain Financial Instruments
with Characteristics of both Liabilities and Equity.&#148; This statement established
standards for how an issuer classifies and measures certain financial instruments with
characteristics of both liabilities and equity. It requires that an issuer classify a
financial instrument that is within its scope as a liability (or an asset in some
circumstances). This statement is effective for financial instruments entered into or
modified after May 31, 2003, and otherwise effective at the beginning of the first interim
period beginning after June 15, 2003, except for mandatory redeemable financial
instruments of nonpublic entities which are subject to the provisions of FASB No. 150 for
the first fiscal period beginning after December 15, 2003. Adoption of SFAS No. 150 did
not impact the Company&#146;s results of operations or financial position.</FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=10%>&nbsp;</TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
In
January 2003, the FASB issued FASB Interpretation No. 45, &#147;Guarantor&#146;s
Accounting and Disclosure Requirements for Guarantees, Including Indirect Guarantees of
Indebtedness of Others, and interpretation of SFAS No. 5, 57 and 107 and Rescission of
FASB Interpretation No. 34&#148; (&#147;FIN 45&#148;). FIN 45 requires that upon issuance
of a guarantee, the entity must recognize a liability for the fair value of the obligation
it assumes under that guarantee. FIN 45 requires disclosure about each guarantee even if
the likelihood of the guarantor&#146;s having to make any payments under the guarantee is
remote. The provisions for initial recognition and measurement are effective on a
prospective basis for guarantees that are issued or modified after December 31, 2002.
Adoption of FIN 45 did not impact the Company&#146;s results of operations or financial
position.</FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=10%>&nbsp;</TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
In
January 2003, the FASB issued FASB Interpretation No. 46, &#147;Consolidation of Variable
Interest Entities, an Interpretation of ARB No. 51&#148; (&#147;FIN 46&#148;). This
Interpretation of Accounting Research Bulletin No. 51 &#147;Consolidated Financial
Statements,&#148; requires certain variable interest entities to be consolidated by the
primary beneficiary of the entity if the equity investors in the entity do not have the
characteristics of a controlling financial interest or do not have sufficient equity at
risk for the entity to finance its activities without additional subordinated financial
support from other parties. FIN 46 is effective immediately for all</FONT></TD>
</TR>
</TABLE>

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        <TD COLSPAN=3 ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" size=2>
                44</FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2" COLOR="#1589FF"><U><A HREF="#IndexPage">Return to Index</A></U> </FONT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR><BR><BR> </FONT></P>



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<TR VALIGN=TOP>
<TD WIDTH=10%>&nbsp;</TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
 new variable interest
entities created or acquired after January 31, 2003. For variable interest entities
created or acquired prior to February 1, 2003, the provisions of FIN 46 must be applied
for the first interim or annual period beginning after March 15, 2004. Management
anticipates that the adoption of FIN 46 will not have an effect on the Company&#146;s
results of operations or financial position.</FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" size=2>
                45</FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2" COLOR="#1589FF"><U><A HREF="#IndexPage">Return to Index</A></U> </FONT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR><BR><BR> </FONT></P>




<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN=Bottom>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TD colspan=4 WIDTH="16%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Supplementary Financial Information (Unaudited)</B></FONT></TD>
     <TD WIDTH="14%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="14%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="14%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD colspan=3 ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;(In thousands, except per share data)</FONT></TD>
     <TD WIDTH="14%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD colspan=3 ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Common Stock Information</B></FONT></TD>
     </TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD WIDTH="14%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="14%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="14%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD colspan=3 ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>(Per Share of Common Stock)</B></FONT></TD>
     </TR>
<TR>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD WIDTH="14%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="14%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="14%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD COLSPAN=3><HR NOSHADE COLOR=Black SIZE=1></TD></TR>
<TR VALIGN=Bottom>
          <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
          <TD ALIGN="LEFT" WIDTH="14%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="right" WIDTH="14%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Operating</FONT></TD>
          <TD ALIGN="LEFT" WIDTH="14%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" WIDTH="14%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Basic&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" WIDTH="14%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Diluted&nbsp;&nbsp;</FONT></TD>
          <TD ALIGN="LEFT" WIDTH="14%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN=Bottom>
          <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Income&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net Earnings</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Earnings</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Earnings</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
          <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
        <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Revenues</U></FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>(Loss)</U>&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>(Loss)</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>(Loss)</U>&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>(Loss)</U>&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Dividends</U></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>2003</B></FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;424,233&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;44,279&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24,138&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.83</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.80</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Fourth Quarter</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92,691&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(274)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;(0.02)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Third Quarter</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>117,407&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13,575&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7,883&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.60</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.59</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Second Quarter</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>180,414&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>48,284&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>28,025&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.13</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.09</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>First Quarter</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>33,721&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(17,929)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(11,496)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(0.87)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(0.87)</FONT></TD></TR>
<TR>
     <TD COLSPAN=7><HR NOSHADE COLOR=Black SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>2002</B></FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;438,842&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;45,439&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20,969&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.60</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.57</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Fourth Quarter</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;109,739&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,910&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,987&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Third Quarter</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>125,568&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15,692&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7,909&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.60</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.59</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Second Quarter</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>172,609&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>41,036&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>23,108&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.76</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.73</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>First Quarter</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>30,926&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(17,199)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(12,035)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;(0.92)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(0.92)</FONT></TD></TR>
<TR>
     <TD COLSPAN=7><HR NOSHADE COLOR=Black SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>2001</B></FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;426,893&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;49,582&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22,076&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.69</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.67</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Fourth Quarter</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;110,674&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9,657&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,050&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Third Quarter</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>121,247&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14,824&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,091&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.54</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.54</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Second Quarter</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>163,257&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>40,483&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>21,895&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.67</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.66</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>First Quarter</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>31,715&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(15,382)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(10,960)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;(0.84)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(0.84)</FONT></TD></TR>
<TR>
     <TD COLSPAN=7><HR NOSHADE COLOR=Black SIZE=1></TD></TR>

</TABLE>


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<TD WIDTH=0%>&nbsp;</TD>
<TD WIDTH=100%>
<FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>The
Company&#146;s Common Stock is traded on the Nasdaq National Market under the symbol CHDN.
As of March 9, 2004, there were approximately 3,750 shareholders of record.</I> </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=0%>&nbsp;</TD>
<TD WIDTH=100%>
<FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>Quarterly
earnings (loss) per share figures may not equal total earnings (loss) per share for the
year due in part to the fluctuation of the market price of the stock.</I> </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=100%>
<FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>The
above table sets forth the high and low bid quotations (as reported by Nasdaq) and
dividend payment information for the Company&#146;s Common Stock during its last three
years.</I> </FONT></TD>
</TR>
</TABLE>
<BR>

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                46</FONT></TD>
</TR>
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        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2" COLOR="#1589FF"><U><A HREF="#IndexPage">Return to Index</A></U> </FONT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR><BR><BR> </FONT></P>




<A NAME="Changes"></A>
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>ITEM 9.</B></FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
           <B>CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURES</B>
<BR><BR>None<BR><BR></FONT></TD></TR>
</TABLE>



<A NAME="Controls"></A>
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<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>ITEM 9A.</B></FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>CONTROLS AND PROCEDURES</B><BR><BR></FONT></TD></TR>
</TABLE>


<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>

<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Under
the supervision and with the participation of our management, including our president and
Chief Executive Officer (&#147;CEO&#148;) and Chief Financial Officer (&#147;CFO&#148;),
we have evaluated the effectiveness of the design and operation of our disclosure controls
and procedures as of the end of the period covered by this annual report, and, based on
their evaluation, our CEO and CFO have concluded that these controls and procedures are
effective. There have been no significant changes in our internal controls over financial
reporting that occurred during the quarter ended December 31, 2003, that have materially
affected, or are reasonably likely to materially affect, our internal controls over
financial reporting.</FONT></TD>
</TR>
</TABLE>
<BR>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U><B>PART III</B></U></FONT> </P>

 <A NAME="Directors"></A>
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>ITEM 10.</B></FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT</B><BR><BR></FONT></TD></TR>
</TABLE>

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<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The information required herein is
incorporated by reference from sections of the Company&#146;s Proxy Statement titled
&#147;Section 16(a) Beneficial Ownership Reporting Compliance,&#148; &#147;Election of
Directors,&#148; &#147;Executive Officers of the Company&#148; and &#147;Audit
Committee,&#148; which Proxy Statement will be filed with the Securities and Exchange
Commission pursuant to instruction G(3) of the General Instructions to Form 10-K. <BR><BR></FONT></TD></tr>
</TABLE>

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<TR VALIGN=TOP>
<TD WIDTH=10%>&nbsp;</TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
The
Company has adopted a Code of Ethics that applies to its CEO, CFO and employees performing
similar functions. The Company has made the Code of Ethics available as Exhibit 14 to
Report on Form 10-K for the fiscal year ended December 31, 2003.</FONT></TD>
</TR>
</TABLE>
<BR>

 <A NAME="Executive"></A>
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<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>ITEM 11.</B></FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>EXECUTIVE COMPENSATION</B><BR><BR></FONT></TD></TR>
</TABLE>
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The information required herein is
incorporated by reference from sections of the Company&#146;s Proxy Statement titled
&#147;Election of Directors - Compensation and Committees of the Board of Directors,&#148;
&#147;Compensation Committee Interlocks and Insider Participation,&#148; &#147;Certain
Relationships and Related Transactions&#148; and &#147;Executive Compensation,&#148; which
Proxy Statement will be filed with the Securities and Exchange Commission pursuant to
instruction G(3) of the General Instructions to Form 10-K.</FONT></TD>
</TR>
</TABLE>
<BR>
<A NAME="Security"></A>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>ITEM 12.</B></FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND REALTED STOCKHOLDER
                  MATTERS</B><BR><BR></FONT></TD></TR>
</TABLE>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The information required herein is
incorporated by reference from the sections of the Company&#146;s Proxy Statement titled
&#147;Common Stock Owned by Certain Persons,&#148; &#147;Election of Directors,&#148;
&#147;Executive Officers of the Company&#148; and &#147;Equity Compensation Plan
Information&#148; which Proxy Statement will be filed with the Securities and Exchange
Commission pursuant to instruction G(3) of the General Instructions to Form 10-K. </FONT></TD>
</TR>
</TABLE>
<BR>
<A NAME="Certain"></A>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>ITEM 13.</B></FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS</B><BR><BR></FONT></TD></TR>
</TABLE>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The information required herein is
incorporated by reference from the section of the Company&#146;s Proxy Statement titled
&#147;Certain Relationships and Related Transactions,&#148; which Proxy Statement will be
filed with the Securities and Exchange Commission pursuant to instruction G(3) of the
General Instructions to Form 10-K. </FONT></TD>
</TR>
</TABLE>
<BR>
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        <TD COLSPAN=3 ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" size=2>
                47</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=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2" COLOR="#1589FF"><U><A HREF="#IndexPage">Return to Index</A></U> </FONT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR><BR><BR> </FONT></P>




 <A NAME="Principal"></A>
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>ITEM 14.</B></font></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>PRINCIPAL ACCOUNTANT FEES AND SERVICES</B><BR><BR></FONT></TD></TR>
</TABLE>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
The
information required herein is incorporated by reference from the section of the
Company&#146;s Proxy Statement titled &#147;Independent Public Accountants,&#148; which
Proxy Statement will be filed with the Securities and Exchange Commission pursuant to
instruction G(3) of the General Instructions to Form 10-K.<BR><BR></FONT></TD>
</TR>
</TABLE>
<A NAME="Exhibits"></A>
<TABLE CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="BOTTOM">
     <TH COLSPAN=7 ALIGN="CENTER"><FONT SIZE="2"><B><U>PART IV</U></B><BR><BR></FONT></TH></TR>
<TR VALIGN="BOTTOM" ALIGN="LEFT">
     <TH COLSPAN="2"><FONT SIZE="2"><B>ITEM 15.</B></FONT></TH>
     <TH COLSPAN="3"><FONT SIZE="2"><B>EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K</B></FONT></TH>
     <TH><FONT SIZE="2"></FONT></TH></TR>
<TR VALIGN="TOP">
     <TD WIDTH="5%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD WIDTH="5%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD WIDTH="5%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD WIDTH="5%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD WIDTH="60%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Pages</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(a)</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(1)</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD colspan=2><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Consolidated Financial Statements</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">The following financial statements of Churchill Downs Incorporated
 for the years ended December 31, 2003, 2002 and 2001 are included in Part II, Item 8:</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Report of Independent Auditors</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><A HREF="#Financial">24</A></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Consolidated Balance Sheets</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><A HREF="#BS">25</A></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Consolidated Statements of Net Earnings and Comprehensive Earnings</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><A HREF="#SN">26</A></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Consolidated Statements of Shareholders' Equity</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><A HREF="#SS">27</A></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Consolidated Statements of Cash Flows</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><A HREF="#SC">28</A></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Notes to Consolidated Financial Statements</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><A HREF="#NC">29-45</A></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(2)</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Schedule VIII - Valuation and Qualifying Accounts</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><A HREF="#Schedule">50</A></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">All other schedules are omitted because they are not applicable, not
                  significant or not required, or because the required information is
                  included in the financial statement notes thereto.</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(3)</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">For the list of required exhibits, see exhibit index.</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(b)</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD colspan=2><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Reports on Form 8-K filed or furnished with the Securities and Exchange Commission:</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(1)</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Churchill Downs Incorporated furnished a Current Report on Form 8-K dated October 22,
                  2003, under Item 12, "Results of Operations and Financial Condition," furnishing our
                  third quarter 2003 earnings release dated October 21, 2003.</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(c)</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Exhibits</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">See exhibit index.</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(d)</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD colspan=2><FONT FACE="Times New Roman, Times, Serif" SIZE="2">All financial statements and schedules except those items listed under
             items 15(a)(l) and (2) above are omitted because they are not  applicable,
             or not required, or because the required information is included in the
             financial statements or notes thereto.</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD></TR>
</TABLE>

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        <TD COLSPAN=3 ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" size=2>
                48       </FONT></TD>
</TR>
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        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2" COLOR="#1589FF"><U><A HREF="#IndexPage">Return to Index</A></U> </FONT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR><BR><BR> </FONT></P>
<A NAME="Signayures"></A>
<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SIGNATURES </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Pursuant to the requirements of
Section 13 or 15(d) 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></P>





<!-- MARKER FORMAT-SHEET="Signature (Single)" FSL="Project" -->
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<TR VALIGN="TOP" ALIGN="CENTER">
<TD WIDTH="100%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>CHURCHILL DOWNS INCORPORATED</B><BR><BR>
<BR><U>/s/Thomas H. Meeker</U><BR>
Thomas H. Meeker<BR>President and Chief Executive Officer<BR>March 11, 2004</FONT></TD>
</TR>
</TABLE>
<BR>

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<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> </FONT></P>
<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Pursuant to the requirements of the
Securities Exchange Act of 1934, this report has been signed below by the following
persons on behalf of the registrant and in the capacities and on the dates indicated. </FONT></P>



<TABLE BORDER="0" CELLPADDING="0"  CELLSPACING="0" WIDTH="95%">
<TR VALIGN="BOTTOM">
     <TH ALIGN="LEFT"><FONT SIZE="1"></FONT></TH>
     <TH ALIGN="LEFT"><FONT SIZE="1"></FONT></TH>
     <TH ALIGN="LEFT"><FONT SIZE="1"></FONT></TH>
     <TH ALIGN="LEFT"><FONT SIZE="1"></FONT></TH>
     <TH ALIGN="LEFT"><FONT SIZE="1"></FONT></TH></TR>
<TR VALIGN="TOP">
     <TD WIDTH="32%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>/s/Carl F. Pollard</U></FONT></TD>
     <TD WIDTH="2%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD WIDTH="32%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>/s/Thomas H. Meeker</U></FONT></TD>
     <TD WIDTH="2%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD WIDTH="32%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>/s/Michael E. Miller</U></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Carl F. Pollard<BR>March 11, 2004<BR>(Chairman of the Board)</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Thomas H. Meeker<BR> President and Chief Executive Officer<BR>March 11, 2004<BR>(Director and Principal Executive Officer)</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Michael E. Miller<BR>Executive Vice President and <BR>Chief Financial Officer<BR>March 11, 2004<BR>(Principal Financial and <BR>Accounting Officer)</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD></TR>

<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>/s/Charles W. Bidwill, Jr.</U></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>/s/Leonard S. Coleman, Jr.</U></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Charles W. Bidwill, Jr.</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Leonard S. Coleman, Jr.</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Craig J. Duchossois</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">March 11, 2004</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">March 11, 2004</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">March 11, 2004</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(Director)</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(Director)</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(Director)</FONT></TD></TR>

<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>/s/Richard L. Duchossois</U></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>/s/Robert L. Fealy</U></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>/s/J. David Grissom</U></FONT></TD></tr>

<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Richard L. Duchossois</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Robert L. Fealy</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">J. David Grissom</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">March 11, 2004</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">March 11, 2004</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">March 11, 2004</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(Director)</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(Director)</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(Director)</FONT></TD></TR>

<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>/s/Daniel P. Harrington</U></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>/s/Frank B. Hower, Jr.</U></FONT></TD></TR>

<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Seth W. Hancock</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Daniel P. Harrington</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Frank B. Hower, Jr.</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">March 11, 2004</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">March 11, 2004</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">March 11, 2004</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(Director)</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(Director)</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(Director)</FONT></TD></TR>

<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>/s/G. Watts Humphrey, Jr.</U></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>/s/Dennis D. Swanson</U></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>/s/Darrell R. Wells</U></FONT></TD></TR>

<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">G. Watts Humphrey, Jr.</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Dennis D. Swanson</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Darrell R. Wells</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">March 11, 2004</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">March 11, 2004</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">March 11, 2004</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(Director)</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(Director)</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(Director)</FONT></TD></TR>
</TABLE>


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                49       </FONT></TD>
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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2" COLOR="#1589FF"><U><A HREF="#IndexPage">Return to Index</A></U> </FONT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR><BR><BR> </FONT></P>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>CHURCHILL DOWNS
INCORPORATED </B></FONT></P>
<A NAME="Schedule"></A>
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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>SCHEDULE VIII. -
VALUATION AND QUALIFYING ACCOUNTS </B></FONT></P>

<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(In thousands)</FONT></P>




<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="95%" ALIGN="CENTER">
<TR VALIGN="BOTTOM">
     <TH ALIGN="LEFT"><FONT SIZE="2"><U>Description</U></FONT></TH>
     <TH><FONT SIZE="2"></FONT></TH>
     <TH ALIGN="CENTER" ><FONT SIZE="2">Balance, Beginning <BR><U>of Period</U></FONT></TH>
     <TH><FONT SIZE="2"></FONT></TH>
     <TH ALIGN="CENTER" ><FONT SIZE="2">Charged to <U>Expenses</U></FONT></TH>
     <TH><FONT SIZE="2"></FONT></TH>
     <TH ALIGN="CENTER" ><FONT SIZE="2"><U>Deductions</U></FONT></TH>
     <TH><FONT SIZE="2"></FONT></TH>
     <TH ALIGN="CENTER"><FONT SIZE="2">Balance,<BR> <U>End of Period</U></FONT></TH></TR>
<TR VALIGN="BOTTOM">
     <TD WIDTH="43%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Year ended December 31, 2003</B></FONT></TD>
     <TD WIDTH="4%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD WIDTH="10%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD WIDTH="4%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD WIDTH="10%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD WIDTH="4%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD WIDTH="10%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD WIDTH="4%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD WIDTH="11%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Allowance for doubtful accounts receivable</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="Times New Roman, Times, Serif" SIZE="2">$&nbsp;&nbsp;973</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="Times New Roman, Times, Serif" SIZE="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="Times New Roman, Times, Serif" SIZE="2">$&nbsp;&nbsp;(135)</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">$&nbsp;&nbsp;1,141</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Purse Recapture Allowance *</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</FONT><HR width=60% size=1 noshade color=black></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;1,016</FONT><HR width=60% size=1 noshade color=black></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</FONT><HR width=60% size=1 noshade color=black></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;1,016</FONT><HR width=60% size=1 noshade color=black></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;Total Allowance</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="Times New Roman, Times, Serif" SIZE="2">$&nbsp;&nbsp;973</FONT><HR width=60% size=3 noshade color=black></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="Times New Roman, Times, Serif" SIZE="2">$&nbsp;&nbsp;1,319</FONT><HR width=60% size=3 noshade color=black></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="Times New Roman, Times, Serif" SIZE="2">$&nbsp;&nbsp;(135)</FONT><HR width=60% size=3 noshade color=black></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">$&nbsp;&nbsp;2,157</FONT><HR width=60% size=3 noshade color=black></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR><B>Year ended December 31, 2002</B></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Allowance for doubtful accounts receivable</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="Times New Roman, Times, Serif" SIZE="2">$&nbsp;&nbsp;674</FONT><HR width=60% size=3 noshade color=black></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="Times New Roman, Times, Serif" SIZE="2">$&nbsp;&nbsp;&nbsp;&nbsp;486</FONT><HR width=60% size=3 noshade color=black></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="Times New Roman, Times, Serif" SIZE="2">$&nbsp;&nbsp;(187)</FONT><HR width=60% size=3 noshade color=black></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;973</FONT><HR width=60% size=3 noshade color=black></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR><B>Year ended December 31, 2001</B></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Allowance for doubtful accounts receivable</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="Times New Roman, Times, Serif" SIZE="2">$&nbsp;&nbsp;540</FONT><HR width=60% size=3 noshade color=black></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="Times New Roman, Times, Serif" SIZE="2">$&nbsp;&nbsp;&nbsp;&nbsp;187</FONT><HR width=60% size=3 noshade color=black></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="Times New Roman, Times, Serif" SIZE="2">$&nbsp;&nbsp;&nbsp;&nbsp;(53)</FONT><HR width=60% size=3 noshade color=black></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;674</FONT><HR width=60% size=3 noshade color=black></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="RIGHT" ><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD></TR>
</TABLE>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*
Purse recapture allowance represents estimated impact of recovering a 2002 purse recapture
at Arlington Park. </FONT></P>



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        <TD COLSPAN=3 ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" size=2>
                50       </FONT></TD>
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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2" COLOR="#1589FF"><U><A HREF="#IndexPage">Return to Index</A></U> </FONT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR><BR><BR> </FONT></P>

<A NAME="ExhibitIndex"></A>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="95%" BORDER="0">
<TR VALIGN="BOTTOM">
     <TH COLSPAN="5" ALIGN="CENTER"><FONT SIZE="2">EXHIBIT INDEX</FONT></TH>
     </TR>
<TR VALIGN="TOP">
     <TD WIDTH="5%" ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Numbers<BR><BR></U></FONT></TD>
     <TD WIDTH="5%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD WIDTH="55%" ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Description</U></FONT></TD>
     <TD WIDTH="5%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD WIDTH="30%" ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>By Reference To</U></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">2(a)</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Stock Purchase Agreement and Joint Escrow Instructions
 dated as of January 21, 1999 by and among Churchill Downs Incorporated and KE Acquisition Corp.<BR><BR></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Exhibit 2.1 to Report on Form 8-K dated April 23, 1999</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(b)</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">First Amendment to Stock Purchase Agreement dated as of April 19, 1999
                 by and between Churchill Downs Incorporated, Churchill Downs Management Company and KE Acquisition Corp.<BR><BR></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Exhibit 2.2 to Report on Form 8-K dated April 23, 1999</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(c)</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Agreement and Plan of Merger and Amendment to Stock Purchase Agreement
                 dated as of April 22,1999 by and among Churchill Downs Incorporated,
                 Churchill Downs Management Company, CR Acquisition Corp., TP
                 Acquisition Corp., Calder Race Course, Inc., Tropical Park, Inc. and
                 KE Acquisition Corp.<BR><BR></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Exhibit 2.3 to Report on Form 8-K dated April 23, 1999</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(d)</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Asset Purchase Agreement dated May 5, 1999 between Hollywood Park,
                 Inc., a Delaware Corporation, and Churchill Downs Incorporated.</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Exhibit 2.1 to Registration Statement on Form S-3 filed May 21, 1999 (No.333-79031)<BR><BR></FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(e)</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Amendment No. 1 to Asset Purchase Agreement dated as of August 31,
                 1999 by and among Churchill Downs Incorporated, Churchill Downs
                 California Company and Hollywood Park, Inc.<BR><BR></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Exhibit 2.2 to Report on Form 8-K dated September 10, 1999</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(f)</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Stock Purchase Agreement dated as of March 28, 1998 between Churchill
                 Downs Incorporated and TVI Corp.<BR><BR></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Exhibit 2.1 to Current Report on Form 8-K dated April 21, 1998</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(g) </FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Partnership Interest Purchase Agreement dated as of October 16, 2001
                 by and among Anderson Park, Inc, Churchill Downs Management Company
                 and Centaur Racing, LLC. <BR><BR></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Exhibit 2(a) to report on Form 10-Q for the fiscal quarter ended September 30, 2001</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(h)</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Amended and Restated Agreement and Plan of Merger dated as of June 23,
                2000, as amended as of July 14, 2000, by and among Churchill Downs
                Incorporated, Duchossois Industries, Inc., A. Acquisition Corp., A.
                Management Acquisition Corp., T. Club Acquisition Corp., Arlington
                International Racecourse, Inc., Arlington Management Services, Inc.,
                and Turf Club of Illinois, Inc.<BR><BR></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Annex A of the Proxy Statement for a Special Meeting of Shareholders of Churchill Downs Incorporated held September 8, 2000</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">3(a) </FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Articles of Incorporation of Churchill Downs Incorporated as amended
                through July 18, 2003<BR><BR></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Exhibit 3(b) to Report on Form 10-Q for the fiscal quarter ended June 30, 2003</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(b)</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Amended and Restated Bylaws of Churchill Downs Incorporated<BR><BR></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Exhibit 3(b) to Report on Form 10-K for the year ended December 31, 2003<BR><BR></FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">4(a)</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">$100,000,000 Churchill Downs Incorporated Note Purchase Agreement for
                Floating Rate Senior Secured Notes, dated as of April 3, 2003</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Exhibit 4(a) to Report on Form 10-Q for the fiscal quarter ended March 31, 2003<BR><BR></FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(b)</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Rights Agreement dated as of March 19, 1998 between Churchill Downs,
                Inc. and Bank of Louisville <BR><BR></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Exhibit 4.1 to Current Report on Form 8-K dated March 19, 1998</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(c)</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Amendment No. 2 to Rights Agreement dated as of June 23, 2000, between
                Churchill Downs Incorporated and Fifth Third Bank, as Rights Agent</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Exhibit 4.1 to the Registrant's Registration Statement on Form 8-A/A dated June 30, 2000<BR><BR></FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(d)</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Amendment No. 3 to Rights Agreement dated as of September 8, 2000,
                between Churchill Downs Incorporated and Fifth Third Bank, as Rights
                Agent<BR><BR></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Exhibit 4.1 to the Registrant's Registration Statement on Form 8-A/A dated September 13, 2000</FONT></TD></TR>
</TABLE>
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        <TD COLSPAN=3 ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" size=2>
                51       </FONT></TD>
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        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2" COLOR="#1589FF"><U><A HREF="#IndexPage">Return to Index</A></U> </FONT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR><BR><BR> </FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="95%" BORDER="0">
<TR VALIGN="BOTTOM">
     <TD ALIGN="RIGHT" VALIGN="TOP" WIDTH="5%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">10(a)</FONT></TD>
     <TD WIDTH="5%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" WIDTH="55%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Credit Agreement among Churchill Downs Incorporated, the guarantors
                party thereto, the Lenders party thereto and Bank One, Kentucky, NA, a
                national banking association, as agent, dated April 3, 2003<BR><BR></FONT></TD>
     <TD WIDTH="5%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" WIDTH="30%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Exhibit 10(b) to Report on Form 10-Q for the fiscal quarter ended March 31, 2003</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(b)</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Underwriting agreement for 2,000,000 shares of Churchill Downs
                Incorporated common stock between Churchill Downs Incorporated and CIBC
                World Markets Corporation, Lehman Brothers, Inc., JC Bradford &amp; Co.,
                J.J.B. Hilliard, W.L. Lyons, Inc. on behalf of several underwriters<BR><BR></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Exhibit 1.1 to Registration Statement on Form S-3/A filed July 15, 1999 (No. 333-79031)</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(c)</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Casino Lease Agreement dated as of September 10, 1999 by and between
                Churchill Downs California Company and Hollywood Park, Inc.<BR><BR></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Exhibit 10.1 to Report on Form 8-K dated September 10, 1999</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(d)</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Churchill Downs Incorporated Amended and Restated Supplemental Benefit
                Plan dated December 1, 1998 *<BR><BR></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Exhibit 10(a) to Report on Form 10-K for the year ended December 31, 1998<BR><BR></FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(e)</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Employment Agreement dated as of March 13, 2003, with Thomas H. Meeker,
                President *<BR><BR></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Exhibit 10(m) to Report on Form 10-K for fiscal quarter ended March 31, 2003<BR><BR></FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(f)</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Churchill Downs Incorporated 2003 Stock Option
                Plan *</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Exhibit 4(e) to the Registrant's Registration Statement on Form S-8 dated June 20, 2003 (No. 333-106310)<BR><BR></FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(g)</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Churchill Downs Incorporated Amended and Restated Incentive
                Compensation Plan (1997) * </FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Exhibit 10(g) to Report on Form 10-K for the fiscal quarter ended December 31, 2003<BR><BR></FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(h)</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Churchill Downs Incorporated 1993 Stock Option
                Plan *</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Exhibit 10(h) to Report on Form 10-K for the eleven months ended December 31, 1993<BR><BR></FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(i)</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Amendment No. 1 to Churchill Downs Incorporated 1993 Stock Option Plan *</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Exhibit 10(g) to Report on Form 10-K
                                                                                          for the year ended December 31, 1994<BR><BR></FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(j)</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Amendment No. 2 to Churchill Downs Incorporated 1993 Stock Option Plan *</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Exhibit 10(m) to Report on Form 10-K
                                                                                          for the year ended December 31, 1997<BR><BR></FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(k)</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Fourth Amended and Restated Churchill Downs Incorporated 1997 Stock
                Option Plan * </FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Exhibit 10(a) to Report on Form 10-Q for the fiscal quarter ended June 30, 2002<BR><BR></FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(l)</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Amended and Restated Lease Agreement dated January 31, 1996</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Exhibit 10(i) to Report on Form 10-K
                                                                                          for the year ended December 31, 1995<BR><BR></FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(m)</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Churchill Downs Incorporated, Amended and Restated Deferred
                Compensation Plan for Employees and Directors *</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Exhibit 10(a) to Report on Form 10-Q for the fiscal quarter ended March 31, 2001<BR><BR></FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(n)</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Form of Stockholder's Agreement dated September 8, 2000 among Churchill
                Downs Incorporated and Duchossois Industries, Inc.</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Annex C of the Proxy Statement for a Special Meeting of Shareholders of Churchill Downs Incorporated held September 8, 2000<BR><BR></FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(o)</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Agreement and Plan of Merger dated as of April 17, 1998 by and among
                TVI Corp., Racing Corporation of America, Churchill Downs Incorporated
                and RCA Acquisition Company<BR><BR></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Exhibit 2.2 to Current Report on Form 8-K dated April 21, 1998</FONT></TD></TR>
</TABLE>
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        <TD COLSPAN=3 ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" size=2>
                52       </FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2" COLOR="#1589FF"><U><A HREF="#IndexPage">Return to Index</A></U> </FONT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR><BR><BR> </FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="95%">
<TR VALIGN="BOTTOM">
     <TD ALIGN="RIGHT" VALIGN="TOP" WIDTH="5%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(p)</FONT></TD>
     <TD WIDTH="5%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" WIDTH="55%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Partnership Interest Purchase Agreement dated December 20, 1995 among
                Anderson Park, Inc., Conseco HPLP, LLC, Pegasus Group, Inc. and Hoosier
                Park, L.P.<BR><BR></FONT></TD>
     <TD WIDTH="5%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP" WIDTH="30%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Exhibit 10(k) to Report on Form 10-K for the year ended December 31, 1995</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(q)</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Lease Agreement between the City of Louisville, Kentucky and Churchill
                Downs Incorporated dated January 1, 2003<BR><BR></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Exhibit 2.1 to Current Report on Form 8-K dated January 6, 2003</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(r)</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Retirement Agreement between Churchill Downs Incorporated and Robert L.
                Decker *<BR><BR></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Exhibit 10(y) to Report on Form 10-K for the year ended December 31, 2002<BR><BR></FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(s)</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Churchill Downs Incorporated Executive Severance Policy dated November
                13, 2003 * <BR><BR></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Exhibit 10(s) to Report on Form 10-K for the year ended December 31, 2003<BR><BR></FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">14</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">The Company's Code of Ethics as of December 31, 2003</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Exhibit 14 to Report on Form 10-K for the year ended December 31, 2003<BR><BR></FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">21</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Subsidiaries of the registrant</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Exhibit 21 to Report on Form 10-K for
                                                                                          the year ended December 31, 2002<BR><BR></FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">23</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Consent of PricewaterhouseCoopers LLP Independent Accountants</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Exhibit 23 to Report on Form 10-K for
                                                                                          the year ended December 31, 2003<BR><BR></FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">31(a)</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Certification of Chief Executive Officer Pursuant to Section 302 of the
                Sarbanes-Oxley Act of 2002 </FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Exhibit 31(a) to Report on Form 10-K for the year ended December 31, 2003<BR><BR></FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">31(b)</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley
                Act of 2002<BR><BR></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Exhibit 31(b) to Report on Form 10-K for the year ended December 31, 2003<BR><BR></FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="RIGHT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">32</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">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
                (furnished pursuant to Rule 13a - 14(b))<BR><BR></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Exhibit 32 to Report on Form 10-K for the year ended December 31, 2003</FONT></TD></TR>
</TABLE>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>*Management contract or compensatory
plan or arrangement. </FONT></P>

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                53       </FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
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<DOCUMENT>
<TYPE>EX-3.B
<SEQUENCE>4
<FILENAME>arb03112004.htm
<DESCRIPTION>AMENDED & RESTATED BYLAWS
<TEXT>
<HTML>
<HEAD>
<TITLE>Amended and Restated Bylaws at 9/25/03</TITLE>
</HEAD>
<BODY><!-- MARKER FORMAT-SHEET="Head Right-TNR" FSL="Project" -->
<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AMENDED AND RESTATED
BYLAWS OF </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CHURCHILL DOWNS
INCORPORATED </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>ARTICLE I</U><BR> <U>OFFICE AND SEAL</U> </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
1. OFFICES. The principal office of the Corporation in the State of Kentucky shall be
located at 700 Central Avenue, Louisville, Kentucky. The Corporation may have such other
offices, either within or without the State of Kentucky, as the business of the
Corporation may require from time to time. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
2. THE CORPORATE SEAL. The Seal of the Corporation shall be circular in form, mounted upon
a metal die suitable for impressing same upon paper, and along the upper periphery of the
seal shall appear the word &#147;Churchill Downs&#148; and along the lower periphery
thereof the word &#147;Kentucky&#148;. The center of the seal shall contain the word
&#147;Incorporated&#148;. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>ARTICLE II</U><BR>
<U>STOCKHOLDERS MEETINGS AND RECORD DATES</U> </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
1. ANNUAL MEETING. The date of the annual meeting of the stockholders for the purpose of
electing directors and for the transaction of such other business as may come before the
meeting shall be established by the Board of Directors, but shall not be later than 180
days following the end of the Corporation&#146;s fiscal year. If the election of Directors
shall not be held on the day designated for any annual meeting, or at any adjournment
thereof, the Board of Directors shall cause the election to be held at a special meeting
of the stockholders to be held as soon thereafter as may be convenient. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
2. SPECIAL MEETINGS. Special meetings of the stockholders may be called by holders of not
less than 66% of all shares entitled to vote at the meeting, or by a majority of the
members of the Board of Directors. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
3. PLACE OF MEETING. The Board of Directors may designate any place within or without the
State of Kentucky as the place of meeting for any annual meeting of stockholders, or any
place either within or without the State of Kentucky as the place of meeting for any
special meeting called by the Board of Directors. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
no designation is made, or if a special meeting be called by other than the Board of
Directors, the place of meeting shall be the principal office of the Corporation in the
State of Kentucky. </FONT></P>
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<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=2>
                1</FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
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</TABLE>
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<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
4. NOTICE OF MEETINGS. Written notice stating the place, day and hour of the meeting and,
in case of a special meeting, the purpose or purposes for which the meeting is called,
shall be delivered not less than ten (10) nor more than sixty (60) days before the date of
the meeting, either personally or by mail, by or at the direction of the President, or the
Secretary, or the officer or persons calling the meeting, to each stockholder of record
entitled to vote at such meeting. If mailed, such notice shall be deemed to be delivered
when deposited in the United States mail in a sealed envelope addressed to the stockholder
at his address as it appears on the records of the Corporation, with first class postage
thereon prepaid. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
5. RECORD DATE. The Corporation&#146;s record date shall be fixed by the Board of
Directors for the determination of stockholders entitled to notice of or to vote at a
meeting of stockholders, or stockholders entitled to receive any distribution. When a
determination of stockholders entitled to vote at any meeting of stockholders has been
made as provided herein, such determination shall apply to any adjournment thereof. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
6. VOTING LISTS AND SHARE LEDGER. The Secretary shall prepare a complete list of the
stockholders entitled to vote at any meeting, or any adjournment thereof, arranged in
alphabetical order, with the address of and the number of shares held by each stockholder,
which list shall be produced and kept open at the meeting and shall be subject to the
inspection of any stockholder during the meeting. The original share ledger or stock
transfer book, or a duplicate thereof kept in this State, shall be <U>prima</U>
<U>facie</U> evidence as to the stockholders entitled to examine such list or share ledger
or stock transfer book, or the stockholders entitled to vote at any meeting of
stockholders or to receive any dividend. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
7. QUORUM. A majority of the outstanding shares entitled to vote, represented in person or
by proxy, shall constitute a quorum at any meeting of stockholders. The stockholders
present at a duly organized meeting can continue to do business at any adjourned meeting,
notwithstanding the withdrawal of enough stockholders to leave less than a quorum. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
8. PROXIES. At all meetings of stockholders, a stockholder may vote by proxy. An
appointment of a proxy shall be executed in writing by the stockholder or by his duly
authorized attorney-in-fact and be filed with the Secretary of the Corporation before or
at the time of the meeting. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
9. NATURE OF BUSINESS. At any meeting of stockholders, only such business shall be
conducted as shall have been brought before the meeting by or at the direction of the
Board of Directors or by any stockholder who complies with the procedures set forth in
this Section 9. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
business may be transacted at any meeting of stockholders, other than business that is
either (a) specified in the notice of meeting (or any supplement thereto) given by or at
the direction of the Board of Directors, (b) otherwise properly brought before such
meeting of stockholders by or at the direction of the Board of Directors, or (c) in the
case of any annual meeting of stockholders or a special meeting called for the purpose of
electing directors, otherwise properly brought before such meeting by any stockholder (i)
who is a stockholder of record on the date of the giving of the notice provided for in
this Section 9 and on the record date for the determination of stockholders entitled to
vote at such meeting of stockholders and (ii) who complies with the notice procedures set
forth in this Section 9. </FONT></P>
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<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=2>
                2</FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
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</TABLE>
<!-- END OF PAGE BREAK^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^-->

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition to any other applicable requirements, for business to be properly brought before
any annual meeting of stockholders by a stockholder, or for a nomination of a person to
serve as a Director, to be made by a stockholder, such stockholder must have given timely
notice thereof in proper written form to the Secretary. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
be timely, a stockholder&#146;s notice to the Secretary must be delivered or mailed to and
be received at the principal executive offices of the Corporation (a) in the case of the
annual meeting of stockholders, not less than ninety(90) nor more than one hundred and
twenty (120) days prior to the anniversary date of the immediately preceding annual
meeting of stockholders; <U>provided, however</U>, that in the event that the annual
meeting of stockholders is called for a date that is not within thirty (30) days before or
after such anniversary date, notice by the stockholder, in order to be timely, must be so
received not later than the close of business on the tenth (10th) day following the day on
which notice of the date of the annual meeting of stockholders was mailed or public
disclosure of the date of such meeting was made, whichever first occurs; and (b) in the
case of a special meeting of stockholders called for the purpose of electing directors,
not later than the close of business on the tenth (10th) day following the day on which
notice of the date of the special meeting of stockholders was mailed or public disclosure
of the date of such meeting was made, whichever first occurs. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
be in proper written form, a stockholder&#146;s notice to the Secretary must set forth as
to each matter (including nominations) such stockholder proposes to bring before the
meeting of stockholders (a) a brief description of the business desired to be brought
before the meeting and the reasons for conducting the business at the meeting, (b) the
name and record address of such stockholder, (c) the class or series and number of shares
of capital stock of the Corporation which are owned beneficially or of record by such
stockholder as of the record date for the meeting (if such date shall then have been made
publicly available and shall have occurred) and as of the date of such notice, (d) a
description of all arrangements or understandings between such stockholder and any other
person or persons (including their names) in connection with the proposal of such business
by such stockholder and any material interest of such stockholder in such business, (e) as
to each person whom the stockholder proposes to nominate for election as a director (i)
the name, age, business address and residence address of the person and (ii) the class or
series and number of shares of capital stock of the Corporation which are owned
beneficially or of record by the person as of the record date for the meeting (if such
date shall then have been made publicly available and shall have occurred) and as of the
date of such notice, (f) any other information which would be required to be disclosed in
a proxy statement or other filings required to be made in connection with the
solicitations of proxies for the proposal (including, if applicable, with respect to the
election of directors) pursuant to Section 14 of the Securities Exchange Act of 1934, as
amended, and the rules and regulations promulgated thereunder if such stockholder were
engaged in such solicitation, and (g) a representation that such stockholder intends to
appear in person or by proxy at the meeting to bring such business before the meeting. Any
notice concerning the nomination of a person for election as a director must be
accompanied by a written consent of the proposed nominee to being named as a nominee and
to serve as a director if elected. </FONT></P>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
business shall be conducted and no person shall be eligible for election as a Director at
any annual meeting of stockholders or a special meeting of stockholders called for the
purpose of electing directors except business or nominations brought before such meeting
in accordance with the procedures set forth in this Section 9; <U>provided</U>,
<U>however</U>, that, once business has been properly brought before the meeting in
accordance with such procedures, nothing in this Section 9 shall be deemed to preclude
discussion by any stockholder of any such business. If the chairman of the meeting of
stockholders determines that business was not properly brought before such meeting, or a
nomination was not properly made, as the case may be, in accordance with the foregoing
procedures, the chairman shall declare to the meeting that (a) the business was not
properly brought before the meeting and such business shall not be transacted, or, if
applicable, (b) the nomination was defective and such defective nomination shall be
disregarded. </FONT></P>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>ARTICLE III</U> <BR><U>DIRECTORS</U> </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
1. GENERAL POWERS. The business and affairs of the Corporation shall be managed by a Board
of Directors. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
2. NUMBER AND TENURE. The Board of Directors shall consist of fourteen (14) members but
the number may be increased or decreased by amendment of this Bylaw. The Directors shall
be divided into three classes, consisting of four (4) Class I Directors, five (5) Class II
Directors and five (5) Class III Directors. Each director shall hold office for a term of
three (3) years or until his successor shall have been elected and qualifies for the
office, whichever period is longer. A person shall not be qualified for election as a
Director unless he shall be less than seventy (70) years of age on the date of election.
Each Director shall become a Director Emeritus upon expiration of his current term
following the date the Director is no longer qualified for election as a Director due to
age, unless otherwise provided by Agreement. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
3. REGULAR MEETINGS. A regular meeting of the Board of Directors shall be held without
other notice than this bylaw, immediately after, and at the same place as, the annual
meeting of stockholders. The Board of Directors may provide, by resolution, the time and
place, either within or without the State of Kentucky, for the holding of additional
regular meetings without other notice than such resolution. </FONT></P>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
4. SPECIAL MEETINGS. Special meetings of the Board of Directors may be called by or at the
request of the President, the Chairman of the Board or the majority of the Board of
Directors. The person or persons authorized to call special meetings of the Board of
Directors may fix any place, either within or without the State of Kentucky, as the place
for holding any special meeting of the Board of Directors. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
5. NOTICE. Notice of any special meeting of the Board of Directors shall be given by
notice delivered personally, by mail, by telegraph or by telephone. If mailed, such notice
shall be given at least five (5) days prior thereto and such mailed notice shall be deemed
to have been delivered upon the earlier of receipt or five (5) days after it is deposited
in the United States mail in a sealed envelope so addressed, with first class postage
thereon prepaid. If notice is given by telegram, it shall be delivered at least
twenty-four (24) hours prior to the special meeting and such telegram notice shall be
deemed to have been delivered when the telegram is delivered to the telegraph company.
Personal notice and notice by telephone shall be given at least twenty-four (24) hours
prior to the special meeting and shall be deemed delivered upon receipt. Any Director may
waive notice of any meeting. The attendance of a Director at any meeting shall constitute
a waiver of notice of such meeting, except when a Director attends a meeting for the
express purpose of objecting to the transaction of any business because the meeting is not
lawfully called or convened. Neither the business to be transacted at, nor the purpose of,
any regular or special meeting of the Board of Directors need be specified in the notice
or waiver of notice of such meeting. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
6. QUORUM. A majority of the Board of Directors shall constitute a quorum for the
transaction of business at any meeting of the Board of Directors, provided that if less
than a majority of the Directors are present at said meeting, a majority of the Directors
present may adjourn the meeting from time to time without further notice. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
7. MANNER OF ACTING. The act of the majority of the Directors present at a meeting at
which a quorum is present shall be the act of the Board of Directors. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
8. VACANCIES. Any vacancy occurring in the Board of Directors may be filled by the
affirmative vote of a majority of the remaining Directors though less than a quorum of the
Board of Directors. A Director elected to fill a vacancy shall serve until the next annual
meeting of the stockholders. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
9. INFORMAL ACTION. Any action required or permitted to be taken of the Board of Directors
or of a committee of the Board, may be taken without a meeting if a consent, in writing,
setting forth action so taken shall be signed by all of the Directors, or all of the
members of the committee, as the case may be. Members of the Board of Directors or any
committee designated by the Board may participate in a meeting of such Board or committee
by means of conference telephone or similar communications equipment whereby all persons
participating in the meeting can hear or speak to each other at the same time.
Participation in a meeting pursuant to this section shall constitute presence in person at
the meeting. </FONT></P>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
10. NOMINATION OF DIRECTORS. Only persons who are nominated in accordance with the
procedures set forth in Section 9 of Article II of these Bylaws shall be eligible for
election as Directors of the Corporation, except as may be otherwise provided in the
Restated Articles of Incorporation with respect to the right of holders of preferred stock
of the Corporation to nominate and elect a specified number of Directors in certain
circumstances. </FONT></P>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>ARTICLE IV</U><BR><U>COMMITTEES OF THE BOARD</U> </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
1. COMMITTEES. The Board of Directors shall have authority to establish such committees as
it may consider necessary or convenient for the conduct of its business. All committees so
established shall keep minutes of every meeting thereof and such minutes shall be
submitted at the next regular meeting of the Board of Directors at which a quorum is
present, and any action taken by the Board with respect thereto shall be entered in the
minutes of the Board. Each committee so established shall elect a Chairman of the
committee. On all committees where the Chairman of the Board is not appointed as a voting
member, the Chairman of the Board shall be an ex officio, nonvoting member of that
committee. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
2. THE EXECUTIVE COMMITTEE. The Board of Directors shall appoint and establish an
Executive Committee composed of up to six (6) Directors who shall be appointed by the
Board annually. The Executive Committee shall have and may exercise when the Board of
Directors is not in session, all of the authority of the Board of Directors that may
lawfully be delegated; provided, however, the Executive Committee shall not have the power
to enter into any employment agreement with an officer of the Corporation, without the
specific approval and ratification of the Board of Directors. A majority in membership of
the Executive Committee shall constitute a quorum. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
3. THE AUDIT COMMITTEE. The Board of Directors shall appoint and establish an Audit
Committee composed of up to five (5) Directors, none of whom shall be officers, who shall
be appointed by the Board annually. The Audit Committee shall make an examination every
twelve months into the affairs of the Corporation and report the results of such
examination in writing to the Board of Directors at the next regular meeting thereafter.
Such report shall state whether the Corporation is in sound condition and whether adequate
internal audit controls and procedures are being maintained and shall include
recommendations to the Board of Directors regarding such changes in the manner of doing
business or conducting the affairs of the Corporation as shall be deemed advisable. </FONT></P>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
4. THE COMPENSATION COMMITTEE. The Board of Directors shall appoint and establish a
Compensation Committee to be composed of five (5) Directors who shall be appointed by the
Board annually. Each member of the Compensation Committee shall be a director who is not,
during the one year prior to service or during such service, granted or awarded equity
securities pursuant to any executive compensation plan of the Company. It shall be the
duty of the Compensation Committee to administer the Company&#146;s Supplemental Benefit
Plan[s], the Company&#146;s Incentive Compensation Plan[s], the Company&#146;s Stock
Option Plan[s], any executive compensation plan and any shareholder approved employee
stock purchase or thrift plan, including without limitation, matters relating to the
amendment, administration, interpretation, employee eligibility for and participation in,
and termination of, the foregoing plans. It shall further be the duty of the Compensation
Committee to review annually the salary paid to the President and Chief Executive Officer
of the Company and to exercise any other authorities relating to compensation that the
Board may lawfully delegate to it; provided, however, the Compensation Committee shall not
have the power to enter into any employment agreement with an officer of the Company
without the specific approval and ratification of the Board of Directors. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
5. THE RACING COMMITTEE. The Board of Directors may appoint and establish a Racing
Committee to be composed of up to four (4) Directors who may be appointed by the Board
annually. The Racing Committee shall be responsible for and shall have the authority to
obligate the Corporation with respect to matters concerning the Corporation&#146;s
contracts and relations with horsemen, jockeys and others providing services relating to
the conduct of horse racing, including the authority to approve and cause the Corporation
to enter into contracts with organizations representing horsemen and/or commit to provide
benefits or services by the Corporation to horsemen and others. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
6. NOTICE OF COMMITTEE MEETINGS. Notice of all meetings by the committees established in
this Article shall be given in accordance with the special meeting notice section, Article
III, Section 5, of these Bylaws. </FONT></P>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>ARTICLE V</U> <BR><U>OFFICERS</U> </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
1. CLASSES. The officers of the Corporation shall be a Chairman of the Board, a President,
one or more Vice Presidents, a Secretary, a Treasurer and such other officers and agents
as may be provided by the Board and elected in accordance with the provisions of this
Article. Any of the offices may be combined in one person in accordance with the
provisions of law. The Chairman of the Board of Directors shall be a member of the Board
but none of the other officers is required to be a member of the Board. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
2. ELECTION AND TERM OF OFFICE. The officers of the Corporation shall be elected annually
by the Board of Directors at the first meeting of the Board held after each annual meeting
of stockholders. If the election of officers shall not be held at such meeting, such
election shall be held as soon thereafter as convenient. Vacancies may be filled or new
offices created and filled at any meeting of the Board of Directors. Each officer shall
hold office until his successor shall have been duly elected and shall have qualified or
until his death or until he shall resign or shall have been removed from office in the
manner hereinafter provided. </FONT></P>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
3. REMOVAL. Any officer elected by the Board of Directors may be removed by the President
whenever in his judgment the best interest of the Corporation would be served thereby, but
such removal shall be without prejudice to the contract rights, if any, of the person so
removed and shall be subject always to supervision and control of the Board of Directors.
Election or appointment of an officer or agent shall not of itself create contractual
rights. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
4. CHAIRMAN OF THE BOARD. The Chairman of the Board of Directors shall call to order and
preside at all stockholders&#146; meetings and at all meetings of the Board of Directors.
He shall perform such other duties as he may be authorized to perform by the Board of
Directors. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
5. PRESIDENT. The President shall be the chief executive officer of the Corporation and as
such shall in general supervise and control all of the business operations and affairs of
the Corporation. In the absence of the Chairman of the Board of Directors, or in the event
of the death or incapacity of the Chairman, the President shall perform the duties of the
Chairman until a successor Chairman is elected or until the incapacity of the Chairman
terminates. The President shall have full power to employ and cause to be employed and to
discharge and cause to be discharged all employees of the Corporation, subject always to
supervision and control of the Board of Directors. When authorized so to do by the Board
of Directors, he shall execute contracts and other documents for and in behalf of the
Corporation. Unless otherwise ordered by the Board of Directors, the President shall have
full power and authority on behalf of the Corporation to attend, act and vote at any
meeting of stockholders of any corporation in which this Corporation may hold stock. He
shall perform such other duties as may be specified in the Bylaws and such other duties as
he may be authorized to perform by the Board of Directors. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
6. EXECUTIVE VICE PRESIDENT. In the case of the death of the President or in the event of
his inability to act, the Executive Vice President designated by the Board shall perform
the duties of the President and, when so acting, shall have all the powers of and be
subject to all restrictions upon the President. The Executive Vice President shall perform
such other duties as from time to time may be assigned by the President or by the Board of
Directors. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
7. TREASURER. The Treasurer, subject to the control of the Board of Directors, and
together with the President, shall have general supervision of the finances of the
Corporation. He shall have care and custody of and be responsible for all moneys due and
payable to the Corporation from any source whatsoever and deposit such moneys in the name
of the Corporation in such banks, trust companies or other depositories as shall be
selected in accordance with the provisions of these Bylaws. The Treasurer shall have the
care of, and be responsible for all securities, evidences of value and corporate
instruments of the Corporation, and shall supervise the officers and other persons
authorized to bank, handle and disburse its funds, informing himself as to whether all
deposits are or have been duly made and all expenditures duly authorized and evidenced by
proper receipts and vouchers. He shall cause full and accurate books to be kept, showing
the transactions of the Corporation, its accounts, assets, liabilities and financial
condition, which shall at all times be open to the inspection of any Director, and he
shall make due reports to the Board of Directors and the stockholders, and such statements
and reports as are required of him by law. Subject to the Board of Directors, he shall
have such other powers and duties as are incident to his office and not inconsistent with
the Bylaws, or as may be assigned to him at any time by the Board. </FONT></P>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
8. SECRETARY. The Secretary shall attend all meetings of the Board of Directors, make a
record of the business transacted and record same in one or more books kept for that
purpose. The Secretary shall see that the Stock Transfer Agent of the Corporation keeps
proper records of all transfers, cancellations and reissues of stock of the Corporation
and shall keep a list of the stockholders of the Corporation in alphabetical order,
showing the Post Office address and number of shares owned by each. The Secretary shall
also keep and have custody of the seal of the Corporation and when so directed and
authorized by the Board of Directors shall affix such seal to instruments requiring same.
The Secretary shall be responsible for authenticating records of the Corporation and shall
perform such other duties as may be specified in the Bylaws or as he may be authorized to
perform by the Board of Directors. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
9. VICE PRESIDENTS. There may be additional Vice Presidents elected by the Board of
Directors who shall have such responsibilities, powers and duties as from time to time may
be assigned by the President or by the Board of Directors. </FONT></P>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>ARTICLE VI</U><BR><U>CONTRACTS, LOANS, CHECKS AND DEPOSITS</U> </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
1. CONTRACTS AND AGREEMENTS. The Board of Directors may authorize any officer or officers,
agent or agents, to enter into any contract or agreement or execute and deliver any
instruments in the name of and on behalf of the Corporation, and such authority may be
general or confined to specific instances. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
2. LOANS. No loans shall be contracted on behalf of the Corporation, and no evidences of
indebtedness shall be issued in its name unless authorized by a resolution of the Board of
Directors. Such authority may be general or confined to specific instances. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
3. CHECKS, DRAFTS, ORDERS, ETC. All checks, drafts or other orders for the payment of
money, notes or other evidences of indebtedness issued in the name of the Corporation
shall be signed by such officer or officers, agent or agents, of the Corporation and in
such manner as shall from time to time be determined by resolution of the Board of
Directors. </FONT></P>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
4. DEPOSITS. All funds of the Corporation not otherwise employed shall be deposited from
time to time to the credit of the Corporation in such banks, trust companies, or other
depositories as the Board of Directors may select. </FONT></P>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>ARTICLE VII</U><BR><U>SHARES AND THEIR
TRANSFER</U> </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
1. CERTIFICATES FOR SHARES. The shares of the Corporation may be represented by
certificates or may be uncertificated. Certificates representing shares of the Corporation
shall be in such form as may be determined by the Board of Directors. Such certificates
shall be in the name of the Corporation and signed by the President or Vice President and
by the Secretary or an Assistant Secretary and may be sealed with the seal of the
Corporation or a facsimile thereof. In case any officer who has signed or whose facsimile
signature has been placed upon a certificate shall have ceased to be such officer before
such certificate is issued, it may nevertheless be issued by the Corporation with the same
effect as if the person were such officer at the date of issue. Where any such certificate
is manually countersigned by a transfer agent or registrar (other than the Corporation
itself or an employee of the Corporation), any of the other signatures on the certificate
may be a facsimile. All certificates surrendered to the Corporation for transfer shall be
canceled, and no new certificate shall be issued until the former certificate for all like
number of shares shall have been surrendered and canceled, except that in the case of a
lost, destroyed or mutilated certificate, a new one may be issued therefor upon such terms
and indemnity to the Corporation as the Board of Directors may prescribe. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
2. RECORDS. The Corporation shall keep at its registered office or principal place
of business, or at the office of its transfer agent or registrar, a record of its
shareholders, as required by applicable law. Except as otherwise expressly required by
law, the person in whose name shares stand on the books of the Corporation shall be deemed
the owner thereof for all purposes as regards the Corporation. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
3. TRANSFER OF SHARES. Transfer of shares of the Corporation shall be made only on
the books of the Corporation by the registered shareholder thereof, or by the registered
shareholder&#146;s attorney thereunto duly authorized by written power of attorney duly
executed and filed with the Secretary of the Corporation or with a transfer agent
appointed as provided in Section 4 of this Article, and on the surrender of any
certificate or certificates for such shares properly endorsed. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
4. REGULATIONS. The Board of Directors may make such rules and regulations as it
may deem expedient, not inconsistent with these Bylaws, concerning the issue, transfer and
registration of shares of the Corporation. The Board of Directors may appoint or authorize
any officer or officers to appoint one or more transfer agents and one or more registrars
and may require all certificates for shares to bear the signature or signatures of any of
them. </FONT></P>
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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>ARTICLE VIII</U><BR><U>FISCAL YEAR</U> </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
fiscal year of the Corporation shall begin on the 1st day of January and end on the 31st
day of December. </FONT></P>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>ARTICLE I</U><BR><U>WAIVER OF
NOTICE</U> </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whenever
any notice is required to be given under the provisions of these Bylaws, or under the
provisions of the Articles of Incorporation, or under the provisions of the corporation
laws of the State of Kentucky, waiver thereof in writing, signed by the person, or
persons, entitled to such notice, whether before or after the time stated therein, shall
be deemed equivalent to the giving of such notice. </FONT></P>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>ARTICLE X</U><BR><U>INDEMNIFICATION
OF OFFICERS AND DIRECTORS</U> </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Corporation shall indemnify and may advance expenses to all Directors, officers,
employees, or agents of the Corporation, and their executors, administrators or heirs, who
are, were or are threatened to be made a defendant or respondent to any threatened,
pending or completed action, suit or proceedings (whether civil, criminal, administrative
or investigative) by reason of the fact that he is or was a Director, officer, employee or
agent of the Corporation, or while a Director, officer, employee or agent of the
Corporation, is or was serving the Corporation or any other legal entity in any capacity
at the request of the Corporation (hereafter a &#147;Proceeding&#148;), to the fullest
extent that is expressly permitted or required by the statutes of the Commonwealth of
Kentucky and all other applicable law. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition to the foregoing, the Corporation shall, by action of the Board of Directors,
have the power to indemnify and to advance expenses to all Directors, officers, employees
or agents of the Corporation who are, were or are threatened to be made a defendant or
respondent to any Proceeding, in such amounts, on such terms and conditions, and based
upon such standards of conduct as the Board of Directors may deem to be in the best
interests of the Corporation. </FONT></P>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>ARTICLE XI</U><BR><U>FIDELITY BONDS </U></FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board of Directors shall have authority to require the execution of fidelity bonds by all
or any of the officers, agents and employees of the Corporation in such amount as the
Board may determine. The cost of any such bond shall be paid by the Corporation as an
operating expense. </FONT></P>
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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>ARTICLE XII</U><BR><U>AMENDMENT
OF BYLAWS</U> </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board of Directors may alter, amend or rescind these Bylaws, subject to the right of the
stockholders to repeal or modify such actions. </FONT></P>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.G
<SEQUENCE>5
<FILENAME>aricp4q2003.htm
<DESCRIPTION>AMENDED & RESTATED INCENTIVE COMPENSATION PLAN
<TEXT>
<HTML>
<HEAD>
<TITLE>Amended and Restated Incentive Compensation Plan (1997)</TITLE>
</HEAD>
<BODY>

<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CHURCHILL DOWNS
INCORPORATED<BR>AMENDED AND RESTATED<BR>INCENTIVE COMPENSATION
PLAN (1997) </FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ARTICLE 1 </FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>PURPOSE </U></FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&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>

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

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>DEFINITIONS </U></FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1
<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>

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               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=5%></TD>
               <TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;A.&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. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=5%></TD>
               <TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               <U>Board</U>. The Board of Directors of Churchill Downs Incorporated. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=5%></TD>
               <TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;C.&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. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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               <TD ALIGN=RIGHT WIDTH=5%></TD>
               <TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;D.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               <U>CEO</U>. The Chief Executive Officer of Churchill Downs Incorporated. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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               <TD ALIGN=RIGHT WIDTH=5%></TD>
               <TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;E.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               <U>Company</U>. Churchill Downs Incorporated and its subsidiaries. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=5%></TD>
               <TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;F.&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. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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               <TD ALIGN=RIGHT WIDTH=5%></TD>
               <TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;G.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               <U>Company Performance Goals</U>. The goal defined in Section 6.1.A. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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               <TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;H.&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. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>
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                1</FONT></TD>
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               <TD ALIGN=RIGHT WIDTH=5%></TD>
               <TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;I.&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. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=5%></TD>
               <TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;J.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               <U>Discretionary Performance Goals</U>. The goals defined in Section 6.1.D. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=5%></TD>
               <TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;K.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               <U>Effective Date</U>. January 1, 1997. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=5%></TD>
               <TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;L.&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 &#147;Annual Incentive Compensation Award.&#148; </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=5%></TD>
               <TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;M.&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. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=5%></TD>
               <TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;N.&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. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=5%></TD>
               <TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;O.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               <U>Participation Percentage</U>. The percentages of participation in the Plan as
               defined in Article 6. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=5%></TD>
               <TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;P.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               <U>Performance Goals</U>. The performance goals as defined in Article 6. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=5%></TD>
               <TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Q.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               <U>Plan</U>. The Churchill Downs Incorporated Incentive Compensation Plan
               (1997). </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=5%></TD>
               <TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;R.&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&#146;s fiscal year. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=5%></TD>
               <TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;S.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               <U>Profit Center</U>. Each Churchill Downs Incorporated racing operation,
               Churchill Downs Incorporated Corporate Sales, Churchill Downs Management
               Company, and any other profit centers designated by the CEO. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=5%></TD>
               <TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;T.&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&#146;s independent public accountants. The
               Compensation Committee shall have the discretion to exclude any extraordinary
               revenue or any extraordinary expense from the definition of &#147;Pre-tax
               Income.&#148; </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>
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                2</FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
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               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=5%></TD>
               <TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;U.&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. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=5%></TD>
               <TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;V.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               <U>Profit Center Performance Goals</U>. The goals defined in Section 6.1.B. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=5%></TD>
               <TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;W.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               <U>Salary</U>. The Participant&#146;s base annual salary as set by either the
               Compensation Committee of the Board or the CEO. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=5%></TD>
               <TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;X.&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. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=5%></TD>
               <TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Y.&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. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=5%></TD>
               <TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Z.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               <U>Service Center Performance Goals</U>. The goals defined in Section 6.1.C. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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               <TD ALIGN=RIGHT WIDTH=5%></TD>
               <TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;AA.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               <U>Term</U>. This Plan shall continue, Plan Year to Plan Year, until amended or
               terminated by the Board of Directors upon recommendation of the Compensation
               Committee, or such earlier date as may be determined under Section 9.2. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2
<U>Construction</U>. The masculine gender, where appearing in the Plan, shall be deemed to
include the feminine gender, unless the context clearly indicates to the contrary. </FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ARTICLE 3 </FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>ADMINISTRATION </U></FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1
<U>Committee</U>. The Plan shall be administered by the Compensation Committee of the
Board (hereinafter the &#147;Committee&#148;). </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2
<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 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</FONT></P>
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        <TD COLSPAN=3 ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" size=2>
                3</FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
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>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3
<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>

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

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>EFFECTIVE DATE AND
TERMINATION </U></FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Plan shall be effective as of January 1, 1997. The Plan shall continue, Plan Year to Plan Year,
until amended or terminated by the Board of Directors upon recommendation of the Compensation
Committee, or such earlier date as may be determined under Section 9.2. </FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ARTICLE 5 </FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>ELIGIBILITY AND
PARTICIPATION </U></FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1
<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>
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        <TD COLSPAN=3 ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" size=2>
                4</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><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2
<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 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>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ARTICLE 6 </FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>ANNUAL INCENTIVE
COMPENSATION AWARDS </U></FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1
<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: </FONT></P>

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               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=5%></TD>
               <TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;A.&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></P></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=5%></TD>
               <TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;B.&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 pre-tax net income levels for the
               applicable year: 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></P></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=5%></TD>
               <TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;C.&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></P></TD>
               </TR>
               </TABLE>
               <BR>
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        <TD COLSPAN=3 ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" size=2>
                5</FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=5%></TD>
               <TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;D.&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></P></TD>
               </TR>
               </TABLE>
               <BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2
<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>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3
<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>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4
<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>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5
<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 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. The CEO, in his/her sole discretion, shall
determine whether a Participant has met Discretionary Performance Goals. </FONT></P>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6
<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></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;A.&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&#146;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. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;B.&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. </FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ARTICLE 7 </FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>PAYMENT OF BENEFITS </U></FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1
<U>Method of Payments</U>. 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>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ARTICLE 8 </FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>DESIGNATION OF
BENEFICIARIES </U></FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&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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</TR>
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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ARTICLE 9 </FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>MISCELLANEOUS
PROVISIONS </U></FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1
<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>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2
<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>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3
<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>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4
<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>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5
<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>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.6
<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>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.7
<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-10.S
<SEQUENCE>6
<FILENAME>e10s0403.htm
<DESCRIPTION>EXECUTIVE SEVERANCE POLICY
<TEXT>
<HTML>
<HEAD>
<TITLE>Executive Severance Policy</TITLE>
</HEAD>
<BODY>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CHURCHILL DOWNS
INCORPORATED <BR>EXECUTIVE SEVERANCE
POLICY </FONT></P>

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          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          <U>Purpose</U>. The Churchill Downs Incorporated Severance Policy (&#147;the
          Policy&#148;) is established effective November 13, 2003, to provide Executives
          and Other Key Employees (both as defined below) of Churchill Downs Incorporated
          or its wholly-owned subsidiaries or Hoosier Park, L.P. (collectively, the
          &#147;Company&#148;) who are in a position to contribute materially to the
          success of the Company and its affiliates with severance income while they seek
          alternative employment if they are involuntarily separated from employment due
          to elimination of their positions or duties. &#147;Elimination of their
          positions or duties&#148; means elimination for lack of work, cost containment,
          a general reduction in force, or other reasons unrelated to job performance
          (&#147;Job Elimination&#148;). &#147;Elimination of their positions or
          duties&#148; specifically excludes, without limitation, termination of
          employment for cause or otherwise due to job performance or other job-related
          matters. As a condition for such severance income and other benefits under this
          Policy, the executive or other key employee shall release the Company from any
          and all actions, suits, proceedings, claims and demands related to employment by
          the Company and to the termination by signing a waiver and release document in a
          form provided by the Company. Such document shall include a statement that
          benefits under this Policy are conditioned upon the Company&#146;s receipt of a
          signed release. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          <U>Administration</U>. This Policy is administered by the Chief Executive
          Officer of the Company. The Chief Executive Officer has complete discretion and
          authority with respect to the administration and application of the Policy,
          except as expressly limited by the terms of the Policy. The Chief Executive
          Officer must receive approval from the Compensation Committee of the Board of
          Directors (the &#147;Committee&#148;) in order to authorize severance outside of
          the terms of this Policy to the employees covered by this Policy in the context
          of the elimination of a position or duties. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          <U>Participation</U>. The Committee shall select the Executives and Other Key
          Employees who are eligible for severance under this Policy (the
          &#147;Participants&#148;). An Executive or Other Key Employee who is entitled to
          severance benefits pursuant to a separate written agreement with the Company
          shall not be eligible for severance under this Policy whether or not his or her
          specific position is listed on Exhibit A. Participants who are eligible for
          severance under this Policy are listed by job title on Exhibit A, which is
          attached here and incorporated by reference. A Participant shall not be eligible
          for Severance Pay if a Successor Employer (as defined below) offers him/her a
          job that (a) has a Base Salary that is no more than 10% less than the
          Participant&#146;s then current Base Salary, (b) is located within fifty miles
          of the Participant&#146;s then current place of employment from a Successor
          Employer and (c) commences within thirty days following his or her termination
          of employment by the Company, whether or not the participant accepts the
          employment offer. &#147;Successor Employer&#148; means any business organization
          that acquires (through merger, consolidation, reorganization, transfer of stock
          or assets, or otherwise) either (i) all or substantially all of the business or
          assets of the Company, or a division or subsidiary of the Company, or a business
          unit of the Company, including Hoosier Park, L.P., or (ii) the facility where
          the participant usually works. </FONT></TD>
          </TR>
          </TABLE>
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                1</FONT></TD>
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</TR>
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          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          <U>Definitions</U>. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>a. </FONT></TD>
               <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               &#147;Base salary&#148; means the fixed compensation (excluding bonuses and
               other benefits) paid to an employee regularly each pay period for performing
               assigned job responsibilities. </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>b. </FONT></TD>
               <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               &#147;Executive&#148; means an employee of the Company with the title of vice
               president or higher. </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>c. </FONT></TD>
               <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               &#147;Other Key Employee&#148; means an employee who is not an Executive but is
               determined by the Committee to be in a position to contribute materially to the
               success of the Company. </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>d. </FONT></TD>
               <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               &#147;Severance Benefits&#148; means the benefits set forth in Section 6 of this
               Policy. </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>e. </FONT></TD>
               <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               &#147;Severance Period&#148; means the period commencing on the date of the
               Participant&#146;s last day of employment with the Company and continuing for a
               period equal to the number of weeks of Severance Pay the Participant will
               receive pursuant to the Policy. </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>f. </FONT></TD>
               <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               &#147;Years of Service&#148; means the total of all full years of service and
               any partial years of service in which the Participant worked at least 6 months
               beginning with the Participant&#146;s first day of employment with the Company. </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          <U>Severance Pay</U>. Any Participant whose employment with the Company is
          terminated by the Company due to Job Elimination shall be eligible for Severance
          Pay hereunder provided the Participant has been employed by the Company for a
          minimum of 12 months and provided the Participant has returned a signed Release
          to the Committee within the time period requested by the Committee and has not
          revoked the Release within the time permitted under applicable state and federal
          laws. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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               <TR VALIGN=TOP>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>a. </FONT></TD>
               <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               <U>Amount of Severance Pay</U>. The amount of Severance Pay for which a
               Participant is eligible hereunder shall be determined in accordance with his or
               her status as an executive or key employee and his or her length of service with
               the Company. Severance Pay under this Policy means base pay and any pro-rata
               earned incentive bonus under the Company&#146;s Incentive Compensation Plan. </FONT></TD>
               </TR>
               </TABLE>
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                2</FONT></TD>
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</TR>
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<TD WIDTH=10%>&nbsp;</TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<U>Chief
Executive Officer</U>: The Chief Executive Officer of the Company is entitled to severance
benefits pursuant to a separate written agreement between the Company and the Chief
Executive Officer and shall not be eligible for severance under this Policy. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=10%>&nbsp;</TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<U>Executive
Vice President</U>:<B> </B>An executive vice president shall be eligible for Severance Pay
equal to four (4) weeks of base salary for each year of service with the Company. The
minimum Severance Pay for an executive vice president shall be sixteen (16) weeks of base
salary and the maximum severance for an executive vice president shall be fifty-two (52)
weeks<B> </B>of base salary. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=10%>&nbsp;</TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<U>Corporate
Senior Vice Presidents or Track President</U>: A corporate senior vice president or track
president shall be eligible for Severance Pay equal to three (3) weeks of base salary for
each year of service with the Company. The minimum Severance Pay for a corporate senior
vice president or track president shall be twelve (12) weeks of base pay and the maximum
severance for a corporate senior vice president shall be twenty-six (26) weeks of base
salary. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=10%>&nbsp;</TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<U>Corporate
or Unit Vice President or Other Key Employee</U>:<B> </B>A corporate or unit vice
president or other key employee shall be eligible for Severance Pay equal to two (2) weeks
of base salary for each year of service with the Company. The minimum severance pay for
corporate or unit vice presidents or other key employees shall be two (2) weeks of base
salary and the maximum severance for a corporate or unit vice president shall be
twenty-six (26) weeks of base salary. </FONT></TD>
</TR>
</TABLE>
<BR>

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               <TR VALIGN=TOP>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>b. </FONT></TD>
               <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               <U>Method of Payment</U>. Severance Pay shall be paid to an eligible Participant
               pro rata by checks issued in accordance with the Company&#146;s regular payroll
               schedule, commencing with the pay period following the expiration of the 7-day
               revocation period following the signing of the release or the business day
               following the Participant&#146;s last day of employment, whichever is later. </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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               <TR VALIGN=TOP>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>c. </FONT></TD>
               <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               <U>Death of Participant</U>. If a Participant dies after signing the release and
               prior to receiving Severance Pay to which he or she is entitled pursuant to the
               Policy, payment shall be made to the beneficiary designated by the Participant
               to the Company or, in the event of no designation of beneficiary, then to the
               estate of the deceased Participant. </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          <U>Outplacement Services</U>. The Company shall provide standard outplacement
          services at the expense of the Company, but not to exceed in total an amount
          equal to $8,000, from an established outplacement firm selected by the Company.
          In order to receive outplacement services, the Participant must begin utilizing
          the services within 30 days of his or her date of termination. </FONT></TD>
          </TR>
          </TABLE>
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        <TD COLSPAN=3 ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" size=2>
                3</FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
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          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          <U>Perquisites</U>. The Participant&#146;s right to use a Company automobile and
          any automobile allowance that the Participant was receiving in accordance with
          the arrangement in effect at the time of termination of the Participant&#146;s
          employment will cease at the time of termination of the Participant&#146;s
          employment. Any reimbursement for fringe benefits such as dues and expenses
          related to club memberships and expenses for professional services will cease at
          the time of termination of the Participant&#146;s employment. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          <U>Funding</U>. The Policy shall at all times be entirely unfunded and no
          provision shall at any time be made with respect to segregating assets of the
          Company for payment of any Severance Pay or Severance Benefits hereunder. No
          Participant or other person shall have any interest in any particular assets of
          the Company by reason of the right to receive Severance Pay or Severance
          Benefits under the Policy and any such Participant or any other person shall
          have only the rights of a general unsecured creditor of the Company with respect
          to any rights under the Policy. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          <U>Taxation</U>. All Severance Pay and Severance Benefits shall be subject to
          federal, state and local tax deductions and withholding for the same. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          <U>Non-Exclusivity of Rights</U>. The terms of the Policy shall not prevent or
          limit the right of a Participant to receive any base annual salary, pension or
          welfare benefit, perquisite, bonus or other payment provided by the Company to
          the Participant, except for such rights as the Participant may have specifically
          waived in writing. Amounts that are vested benefits or which the Participant is
          otherwise entitled to receive under any benefit policy or program provided by
          the Company shall be payable in accordance with the terms of such policy or
          program. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11.</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          <U>Amendment and Termination</U>. This Policy may be amended or terminated by
          the Committee acting in its sole discretion at any time. In addition,
          Participants may be added and deleted by the Committee acting in its sole
          discretion at any time. No such termination or amendment shall affect the rights
          of any individual who is then entitled to receive Severance Pay at the time of
          such amendment or termination. Severance Pay is not intended to be a vested
          right. The Chief Executive Officer reserves the right in his sole discretion to
          interpret the Policy, prescribe, amend and rescind rules and regulations
          relating to it, determine the terms and provisions of the severance payments and
          make all other determinations he deems necessary or advisable for the
          administration of the Policy, subject to the appeals procedure in paragraph 16.
          The determination of the Chief Executive Officer on all matters regarding the
          Policy shall be conclusive. Copies of this Policy and any amendments shall be
          provided to each constituent entity of the Company and, in the absence of any
          written notice to the contrary, shall be deemed adopted by each such
          constituent. </FONT></TD>
          </TR>
          </TABLE>
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<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" size=2>
                4</FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
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          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12.</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          <U>Non-Assignability</U>. Severance Pay and Severance Benefits pursuant to the
          Policy shall not be subject in any manner to anticipation, alienation, sale,
          transfer, assignment, pledge, encumbrance or charge prior to actual receipt
          thereof by a Participant; and any attempt to so anticipate, alienate, sell,
          transfer, assign, pledge, encumber or charge prior to such receipt shall be
          void; and the Company shall not be liable in any manner for, or subject to, the
          debts, contracts, liabilities, engagements or torts of any person entitled to
          any Severance Pay or Severance Benefits under this Policy. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13.</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          <U>Termination of Employment</U>. Nothing in the Policy shall be deemed to
          entitle a Participant to continued employment with the Company, and the rights
          of the Company to terminate the employment of a Participant shall continue as
          though the Policy were not in effect. Nothing in the Policy shall be deemed to
          vest any rights in the Participant until the occurrence of a Job Elimination. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14.</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          <U>Confidential Information</U>. As a condition of receiving Severance Pay,
          Participants shall agree to hold, in a fiduciary capacity for the benefit of the
          Company, all confidential information regarding the Company acquired by the
          Participant while employed by the Company. This confidential information may
          include, but is not limited to, information regarding the Company&#146;s
          business practices, trade secrets, policies, customer lists, contracts,
          financial and market data, marketing reports, pricing, business opportunities
          and other information of a confidential nature. In consideration of the
          Severance Pay and Benefits received by a Participant pursuant to this Policy,
          Participant shall agree and covenant that he or she (i) shall not use to the
          Company&#146;s detriment and (ii) shall not divulge, publicly or privately, any
          specified or other such confidential information regarding any aspect of the
          Company&#146;s business acquired during or as a result of his or her employment
          with the Company. Furthermore, to the extent that disclosure of any such
          information is controlled by statute, regulation or other law, Participant shall
          agree that he or she is bound by such laws and that this Policy does not operate
          as a waiver of any such non-disclosure requirement. In the event of any breach
          of confidentiality, the Company shall be entitled to injunctive relief, in
          addition to all other rights it may have at law or in equity. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15.</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          <U>Governing Law</U>. The terms of the Policy shall be governed by and construed
          and enforced in accordance with the laws of the Commonwealth of Kentucky
          including all matters of construction, validity and performance. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>16.</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          <U>Claims Procedure</U>. Generally, benefits will be paid under the Policy
          (also, referred to as the &#147;Plan&#148;) without the necessity of filing a
          claim. If you believe you are being denied benefits under the Plan, you may file
          a written claim with the Chief Executive Officer. If a claim for a Plan benefits
          is denied in whole or in part, you will receive a written notice of the denial.
          This notice must be provided to you within a reasonable period of time, but not
          later than 90 days after receipt of the claim by the Chief Executive Officer,
          unless the Chief Executive Officer determines that special circumstances require
          an extension of time for processing your claim. If the Chief Executive Officer
          determines that an extension is necessary, notice of the extension will be
          furnished to you prior to the termination of the initial 90-day period. In no
          event will such extension exceed a period of 90 days from the end of the initial
          90-day period. The extension notice will indicate the special circumstances
          requiring an extension of time and when you can expect the benefit
          determination. </FONT></TD>
          </TR>
          </TABLE>
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<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" size=2>
               5</FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
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<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
The
Chief Executive Officer&#146;s notice of denial of your claim will contain the following
information: (a) The specific reason or reasons for the adverse determination; (b)
references to specific Plan provisions on which the determination is based; (c) a
description of any additional material or information necessary for you to perfect the
claim and an explanation of why such material or information is necessary; and (d)
appropriate information as to the steps to be taken if you want to submit your claim for
review, including a statement of your right to bring a civil action under ERISA following
an adverse benefit determination on review. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
If
a claim is denied, you may appeal the adverse determination by filing a written request
for a review of the claim with the Compensation Committee of the Board of Directors. The
request for review must be made within 60 days of the date you receive the denial (or, if
no written denial is received, within 60 days of the date when the denial was due). Send
your written request for review to the Committee. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
You
may submit written comments, documents, records, and other information relating to your
claim for benefits. You will be provided, upon request and free of charge, reasonable
access to, and copies of, all documents, records, and other information relevant to your
claim for benefits. The review will take into account all comments, documents, records,
and other information submitted by you relating to your claim, without regard to whether
such information was submitted or considered in the initial benefit determination. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
The
Committee will provide you with a written notice of its decision on review within 60 days
after the Committee&#146;s receipt of your written claim for review, unless the Committee
determines that special circumstances require an extension of time for processing your
claim. If the Committee determines that an extension of time is required, written notice
of the extension will be furnished to you prior to the end of the initial 60-day period.
The extension notice will indicate the special circumstances requiring an extension of the
time and the date by which the Committee expects to render its determination on review.
The extension will not exceed a period of 60 days from the end of the initial 60-day
period. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
In
the case of an adverse benefit determination on review, the notice will set forth: (a) The
specific reason or reasons for the adverse determination; (b) references to the specific
Plan provisions on which the determination is based; and (c) a statement that you are
entitled to receive, upon request and free of charge, reasonable access to, and copies of,
all documents, records, and other information relevant to your claim for benefits. </FONT></TD>
</TR>
</TABLE>
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<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" size=2>
                6</FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
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<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
By
participating in the Plan, you agree that (a) the Plan will not pay any benefit for a
claim filed more than one year from the date you terminate employment, and (b) no legal or
equitable action may be filed against the Plan or any Plan fiduciary more than 90 days
after exhaustion of the your rights under the above claims procedure. You must exhaust all
levels of the appeal procedure before you can bring an action at law or equity. The power
and authority of the Chief Executive Officer and the Committee shall be discretionary with
respect to all matters arising before each of them under this claims procedure. </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 0-TNR" FSL="Project" -->
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          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>17.</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          <U>Your Rights Under ERISA</U>. As a Participant in the Plan, you are entitled
          to certain rights and protections under the Employee Retirement Income Security
          Act of 1974 (ERISA). ERISA provides that all plan participants are entitled to:
          examine, without charge, at the Plan Administrator&#146;s office and at other
          specified locations (such as worksites), all documents governing the Plan,
          including insurance contracts, if any; and obtain copies of documents governing
          the operation of the Plan, including insurance contracts, if any, and updated
          summary plan description upon written request to the Plan Administrator. The
          Plan Administrator may make a reasonable charge for the copies; and </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
In
addition to creating rights for plan participants, ERISA imposes duties upon the people
who are responsible for the operation of the Plan. The people who operate the Plan, called
&#147;fiduciaries&#148; of the Plan, have a duty to do so prudently and in the interest of
you and other plan participants and beneficiaries. No one, including your employer or any
other person, may fire you or otherwise discriminate against you in any way to prevent you
from obtaining a benefit or exercising your rights under ERISA. </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 1-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
If
your claim for a pension or welfare benefit is denied in whole or in part, you have a
right to know why this was done, to obtain copies of documents relating to the decision
without charge and to appeal the denial, all under certain time schedules. Under ERISA,
there are steps you can take to enforce these rights. For instance, if you request
materials from the plan and do not receive them within 30 days, you may file suit in a
federal court. In such a case, the court may require the plan administrator to provide the
materials and pay you up to $110 a day until you receive them, unless the materials were
not sent because of reasons beyond the control of the plan administrator. If you have a
claim for benefits which is denied or ignored, in whole or in part, you may file suit in a
state or federal court. In addition, if you disagree with the Plan&#146;s decision, or
lack thereof, concerning the qualified status of a domestic relations order, you may file
suit in federal court. If it should happen that plan fiduciaries misuse the plan&#146;s
money, or if you are discriminated against for asserting your rights, you may seek
assistance from the U. S. Department of Labor, or you may file suit in a federal court.
The court will decide who should pay court costs and legal fees. If you are successful,
the court may order the person you have sued to pay these costs and fees. However, if you
lose, the court may order you to pay the costs and fees; for example, if it finds your
claim is frivolous. </FONT></TD>
</TR>
</TABLE>
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<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" size=2>
                7</FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
If
you have any questions about the Plan, you should call or write the plan administrator. If
you have any questions about this statement or about your rights under ERISA, or if you
need assistance in obtaining documents from the Plan Administrator, you should contact the
nearest office of the Employee Benefits Security Administration, U.S. Department of Labor
listed in your telephone directory or the Division of Technical Assistance and Inquiries,
Employee Benefits Security Administration, U.S. Department of Labor, 200 Constitution
Avenue N.W., Washington, D.C. 20210. You may also obtain certain publications about your
rights and responsibilities under ERISA by calling the publications hotline of the
Employee Benefits Security Administration. </FONT></TD>
</TR>
</TABLE>
<BR>

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     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>18.</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          <U>Plan Information</U>. This is a welfare plan and this document serves as the
          Plan&#146;s official plan document and as the summary plan description. The
          Company is the plan administrator for ERISA reporting and disclosure purposes.
          The Company&#146;s address is 700 Central Avenue, Louisville, Kentucky 40208,
          and service of process may be made on the Company at this address. The
          Company&#146;s employer identification number is 35-1930820, and the telephone
          number is 502-636-4400. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>IN WITNESS WHEREOF, the Company has
caused this Policy to be executed in its name by its duly authorized officer as of the
13<SUP>th</SUP> day of November, 2003. </FONT></P>


<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER">
<TR><TD WIDTH="40%"></TD> </TR>
<TR VALIGN="BOTTOM">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT>Churchill Downs
        Incorporated<BR><BR></TD>
</TR>


<TR VALIGN="BOTTOM">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">By:
<U>/s/Thomas H. Meeker</U></FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thomas H. Meeker<BR><BR></FONT></TD>
</TR>


<TR VALIGN="top">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Title: President &amp; Chief Executive Officer</FONT></TD></TR>
</TABLE>

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        <TD COLSPAN=3 ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" size=2>
                8</FONT></TD>
</TR>
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        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>EXHIBIT A <BR><BR>
CHURCHILL DOWNS INCORPORATED <BR><BR></FONT></H1>
<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Corporate Executive Vice President and Chief Financial Officer <BR>
Corporate Executive Vice President and Chief Operating Officer<BR>
Senior Vice President, General Counsel and Secretary <BR>
Senior Vice President, Sales and Marketing <BR>
Senior Vice President, Public Affairs<BR>
Vice President, Finance and Treasurer <BR>
Vice President, New Media<BR>
Vice President, Development <BR>
Vice President, Community Relations<BR>
Vice President, Sales <BR>
Vice President, Marketing <BR>
Assistant Secretary <BR>
President, Churchill Downs Simulcast Network <BR>
Vice President, Churchill Downs Simulcast Network <BR>
Senior Vice President, Racing (CDMC)<BR>
 Vice President, Finance and Administration, and Treasurer (CDMC)<BR><BR> </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CHURCHILL DOWNS <BR></FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Default" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>President<BR>
Vice President, Administration<BR>
Vice President, Racing Communications<BR>
Vice President, Track Superintendent<BR>
Vice President, Marketing and Group Sales<BR>
Vice President, Guest Services<BR>
Vice President, Operations<BR>
Controller </FONT></P>


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<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" size=2>
                9</FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
</TABLE>
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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ARLINGTON PARK<BR><BR> </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Project" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>President<BR>
Executive Vice President, Racing and Racing Secretary<BR>
Vice President, Administration <BR>
Vice President, Finance<BR>
VicePresident, Marketing<BR>
Vice President, Legislative Affairs<BR><BR> </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>HOLLYWOOD PARK <BR><BR></FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Project" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>President <BR>
General Manager <BR>
Vice President, Finance<BR>
Vice President, Marketing <BR><BR></FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CALDER RACE COURSE <BR><BR></FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Project" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>President<BR>
General Manager<BR>
Vice President, Finance <BR>
Vice President, Marketing </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>HOOSIER PARK  <BR><BR></FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Project" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>President <BR>
Vice President, Finance <BR>
Vice President, Marketing <BR>
Vice President, Communications </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ELLIS PARK <BR><BR></FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Default" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>General Manager </FONT></P>

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        <TD COLSPAN=3 ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" size=2>
                10</FONT></TD>
</TR>
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        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-14
<SEQUENCE>7
<FILENAME>ex140403.htm
<DESCRIPTION>CODE OF ETHICS
<TEXT>
<html>
<head>
<title>codeofethics.htm</title>
</head>


<body>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold 1-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Churchill Downs
Incorporated<BR>Code of Ethics<BR>Principal Financial Officers </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In my role as a financial executive
of Churchill Downs Incorporated, I certify to you that I adhere to and advocate the
following principles and responsibilities governing my professional and ethical conduct. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>To the best of my knowledge and
ability: </FONT></P>

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     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          I act with honesty and integrity, avoiding actual or apparent conflicts of
          interest in personal and professional relationships. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 0-TNR" FSL="Project" -->
     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          I provide constituents with information that is accurate, complete, objective,
          relevant, timely and understandable. All information included in financial
          statements with which I have responsibility is supported by corroborative
          evidence. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          I comply with rules and regulations of federal, state, provincial and local
          governments, and other appropriate private and public regulatory agencies. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 0-TNR" FSL="Project" -->
     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          I act in good faith, responsibly, with due care, competence and diligence,
          without misrepresenting material facts or allowing my independent judgment to be
          subordinated. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          I respect the confidentiality of information acquired in the course of my work
          except when authorized or otherwise legally obligated to disclose. Confidential
          information acquired in the course of my work is not used for personal
          advantage. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          I share knowledge and maintain skills important and relevant to my
          constituents&#146; needs. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          I proactively promote ethical behavior as a responsible partner among peers in
          my work environment. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          I achieve responsible use of and control over all assets and resources employed
          or entrusted to me. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          I understand the need to promptly report to the appropriate person or persons
          violations of this Code of Ethics of which I become aware. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 0-TNR" FSL="Default" -->
     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          I understand and accept the consequences of my failure to adhere to this Code of
          Ethics. </FONT></TD>
          </TR>
          </TABLE>
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<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
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<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" size=2>
                1       </FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
</TABLE>
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</body>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23
<SEQUENCE>8
<FILENAME>ex230403.htm
<DESCRIPTION>CONSENT OF PRICEWATERHOUSECOOPERS LLP
<TEXT>
<HTML>
<HEAD>
<TITLE>Consent of Independent Accountants</title>
</head>
<body>
<!-- MARKER FORMAT-SHEET="Head Center Underline-TNR" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>CONSENT OF
INDEPENDENT ACCOUNTANTS </U></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>We hereby consent to the
incorporation by reference in the Registration Statement on Form S-8 (Nos. 33-85012,
333-62013, 33-61111, 333-41376, 333-43486, and 333-1000574) of Churchill Downs
Incorporated of our report dated December 31, 2003 relating to the financial statements
and financial statement schedules, which appears in this Form 10-K. </FONT></P>



<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Project" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>/s/ PricewaterhouseCoopers LLP</U><BR>
PricewaterhouseCoopers LLP </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Default" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Louisville, Kentucky<BR>March
11, 2004 </FONT></P>
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<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" size=2>
                1       </FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
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</TABLE>
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</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.A
<SEQUENCE>9
<FILENAME>e31a0403.htm
<DESCRIPTION>CERTIFICATION OF CHIEF EXECUTIVE OFFICER
<TEXT>
<HTML>
<HEAD>
<TITLE>Exhibit 31a -- Certification of Chief Executive Officer</TITLE>
</HEAD>
<BODY>
<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CERTIFICATION OF CHIEF
EXECUTIVE OFFICER </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>I, Thomas H. Meeker, certify that: </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 0-TNR" FSL="Project" -->
     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          I have reviewed this annual report on Form 10-K of Churchill Downs
          Incorporated; </FONT></TD>
          </TR>
          </TABLE>
          <BR>

<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 0-TNR" FSL="Project" -->
     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          Based on my knowledge, this 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 report; </FONT></TD>
          </TR>
          </TABLE>
          <BR>

<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 0-TNR" FSL="Project" -->
     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          Based on my knowledge, the financial statements, and other financial information
          included in this 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 report. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 0-TNR" FSL="Project" -->
     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          The registrant&#146;s other certifying officer and I are responsible for
          establishing and maintaining disclosure controls and procedures (as defined in
          Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and we have: </FONT></TD>
          </TR>
          </TABLE>
  <!-- MARKER FORMAT-SHEET="Para Hang Level 2" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> </FONT></TD>
</TR>
</TABLE>
<BR>
<!-- MARKER FORMAT-SHEET="Para Hang Level 2" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>a. </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Designed
such disclosure controls and procedures, or caused such disclosure           controls and
procedures to be designed under our supervision, 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 report is being prepared;  </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang Level 2" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>b. </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Evaluated
the effectiveness of the registrant&#146;s disclosure controls and           procedures
and presented in this report our conclusions about the effectiveness           of the
disclosure controls and procedures, as of the end of the period covered           by this
report based on such evaluation; and  </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang Level 2" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>c. </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Disclosed
in this report any change in the registrant&#146;s internal control           over
financial reporting that occurred during the registrant&#146;s most recent
          fiscal quarter (the registrant&#146;s fourth fiscal quarter in the case of an
          annual report) that has materially affected, or is reasonably likely to
          materially affect, the registrant&#146;s internal control over financial
          reporting; and  </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 0-TNR" FSL="Project" -->
     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          The registrant&#146;s other certifying officer and I have disclosed, based on
          our most recent evaluation of internal control over financial reporting, to the
          registrant&#146;s auditors and the audit committee of the registrant&#146;s
          board of directors (or persons performing the equivalent functions): </FONT></TD>
          </TR>
          </TABLE>
          <BR>

<!-- MARKER FORMAT-SHEET="Para Hang Level 2" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>a. </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>All
significant deficiencies and material weaknesses in the design or operation           of
internal control over financial reporting which are reasonably likely to
          adversely affect the registrant&#146;s ability to record, process, summarize
and           report financial information; and  </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang Level 2" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>b. </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Any
fraud, whether or not material, that involves management or other employees           who
have a significant role in the registrant&#146;s internal control over
          financial reporting.  </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Signature (Single)" FSL="Project" -->
<TABLE WIDTH="100%" CELLSPACING="0" CELLPADDING="0" BORDER="0">
<TR VALIGN=TOP>
<TD WIDTH="65%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Date: March 11, 2004 </FONT></TD>
<TD WIDTH="35%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>/s/ Thomas H. Meeker</U><BR>Thomas H. Meeker<BR>President and Chief Executive Officer</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=2>
                1       </FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
</TABLE>
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</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.B
<SEQUENCE>10
<FILENAME>e31b0403.htm
<DESCRIPTION>CERTIFICATION OF CHIEF FINANCIAL OFFICER
<TEXT>
<HTML>
<HEAD>
<TITLE>Exhibit 31b</TITLE>
</HEAD>
<BODY>
<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CERTIFICATION OF CHIEF
FINANCIAL OFFICER </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>I, Michael E. Miller, certify that: </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 0-TNR" FSL="Project" -->
     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          I have reviewed this annual report on Form 10-K of Churchill Downs
          Incorporated; </FONT></TD>
          </TR>
          </TABLE>

          <BR>

<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 0-TNR" FSL="Project" -->
     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          Based on my knowledge, this 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 report; </FONT></TD>
          </TR>
          </TABLE>
          <BR>

<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 0-TNR" FSL="Project" -->
     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          Based on my knowledge, the financial statements, and other financial information
          included in this 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 report. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 0-TNR" FSL="Project" -->
     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          The registrant&#146;s other certifying officer and I are responsible for
          establishing and maintaining disclosure controls and procedures (as defined in
          Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and we have: </FONT></TD>
          </TR>
          </TABLE>
          <BR>
<!-- MARKER FORMAT-SHEET="Para Hang Level 2" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> </FONT></TD>
</TR>
</TABLE>
<!-- MARKER FORMAT-SHEET="Para Hang Level 2" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>a. </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Designed
such disclosure controls and procedures, or caused such disclosure           controls and
procedures to be designed under our supervision, 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 report is being prepared;  </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang Level 2" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>b. </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Evaluated
the effectiveness of the registrant&#146;s disclosure controls and           procedures
and presented in this report our conclusions about the effectiveness           of the
disclosure controls and procedures, as of the end of the period covered           by this
report based on such evaluation; and  </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang Level 2" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>c. </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Disclosed
in this report any change in the registrant&#146;s internal control           over
financial reporting that occurred during the registrant&#146;s most recent
          fiscal quarter (the registrant&#146;s fourth fiscal quarter in the case of an
          annual report) that has materially affected, or is reasonably likely to
          materially affect, the registrant&#146;s internal control over financial
          reporting; and  </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 0-TNR" FSL="Project" -->
     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.</FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          The registrant&#146;s other certifying officer and I have disclosed, based on
          our most recent evaluation of internal control over financial reporting, to the
          registrant&#146;s auditors and the audit committee of the registrant&#146;s
          board of directors (or persons performing the equivalent functions): </FONT></TD>
          </TR>
          </TABLE>
          <BR>

<!-- MARKER FORMAT-SHEET="Para Hang Level 2" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>a. </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>All
significant deficiencies and material weaknesses in the design or operation           of
internal control over financial reporting which are reasonably likely to
          adversely affect the registrant&#146;s ability to record, process, summarize
and           report financial information; and  </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang Level 2" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>b. </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Any
fraud, whether or not material, that involves management or other employees           who
have a significant role in the registrant&#146;s internal control over
          financial reporting.  </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Signature (Single)" FSL="Project" -->
<TABLE WIDTH=100% CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH="65%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Date: March 11, 2004</FONT></TD>
<TD WIDTH=35%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
        <U>/s/ Michael E. Miller&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>Michael E. Miller<BR>Executive Vice President and<BR> Chief Financial Officer</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=2>
                1       </FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
</TABLE>
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</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32
<SEQUENCE>11
<FILENAME>e320403.htm
<DESCRIPTION>CERTIFICATION OF CEO AND CFO
<TEXT>
<HTML>
<HEAD>
<TITLE>Exhibit 32 Certification of CEO and CFO</TITLE>
</HEAD>
<BODY><!-- MARKER FORMAT-SHEET="Head Minor Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In connection with the Annual
Report on Form 10-K of Churchill Downs Incorporated (the &#147;Company&#148;) for the
fiscal year ended December 31, 2003 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 Michael E. Miller, as Executive Vice President
and Chief Financial Officer of the Company, each hereby certifies, pursuant to 18 U.S.C.
&sect; 1350, as adopted pursuant to &sect; 906 of the Sarbanes-Oxley Act of 2002, to the
best of his knowledge, that: </FONT></P>
<!-- MARKER FORMAT-SHEET="Para Flush Level 2" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
(1)&nbsp;&nbsp;&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>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Flush Level 2" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
(2)&nbsp;&nbsp;&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.<BR><BR>  </FONT></TD>
</TR>
</TABLE>


<!-- MARKER FORMAT-SHEET="Signature (Single)" FSL="Project" -->
<TABLE WIDTH=100% CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=100%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<u>/s/Thomas H. Meeker&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>Thomas H. Meeker<BR>
President and Chief Executive Officer <BR>
March 11, 2004<BR><BR></FONT></TD></TR>

<TR VALIGN=TOP>
<TD WIDTH=100%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<U>/s/ Michael E. Miller&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>Michael E. Miller<BR>
Executive Vice President and Chief Financial Officer<BR>
March 11, 2004</FONT></TD></TR>
</TABLE>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>This certification is being furnished
to the Securities and Exchange Commission as an exhibit to the Report and shall not be
deemed filed by the Company for purposes of &sect; 18 of the Securities Exchange Act of
1934, as amended. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A signed original of this written
statement required by Section 906, or other document authenticating, acknowledging, or
otherwise adopting the signature that appears in typed form within the electronic version
of this written statement required by Section 906, has been provided to Churchill Downs
Incorporated and will be retained by Churchill Downs Incorporated and furnished to the
Securities and Exchange Commission or its staff upon request. </FONT></P>

<!-- 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=2>
                1       </FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
</TABLE>
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</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.B
<SEQUENCE>13
<FILENAME>arb03112004.pdf
<DESCRIPTION>COMPLIMENTARY COPY
<TEXT>
<PDF>
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