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<SEC-DOCUMENT>0000020212-04-000017.txt : 20040622
<SEC-HEADER>0000020212-04-000017.hdr.sgml : 20040622
<ACCEPTANCE-DATETIME>20040622162519
ACCESSION NUMBER:		0000020212-04-000017
CONFORMED SUBMISSION TYPE:	S-8
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20040622
EFFECTIVENESS DATE:		20040622

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:		S-8
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-116734
		FILM NUMBER:		04875136

	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>S-8
<SEQUENCE>1
<FILENAME>fs8rsp.htm
<DESCRIPTION>REGISTRATION STATEMENT FOR RSP
<TEXT>
<HTML>
<HEAD>
<TITLE> Churchill Downs Inc. Registration Statement
</TITLE>
</HEAD>
<BODY>

<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        SECURITIES AND EXCHANGE COMMISSION<br></font><FONT FACE="Times New Roman, Times, Serif" SIZE=2>WASHINGTON, D.C. 20549
<BR><BR>
<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
</FONT></P>


<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>FORM S-8<BR>REGISTRATION STATEMENT<BR>
        Under<BR>THE SECURITIES ACT OF 1933
<BR><BR></font><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
</FONT></P>




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

<TR VALIGN=TOP>
        <TD colspan=2 align="center"><FONT FACE="Times New Roman, Times, Serif"size=3>
        CHURCHILL DOWNS INCORPORATED</Font></TD>
</TR>

<TR VALIGN=TOP>
        <TD colspan=2 align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                (Exact name of registrant as specified in its charter)<BR><BR></Font></TD>
</TR>

<TR VALIGN=TOP>
        <TD WIDTH=50% align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Kentucky</Font></TD>
         <TD WIDTH=50% align="center"><FONT FACE="Times New Roman, Times, Serif" size=2>
                61-0156015</Font></TD>
</TR>

<TR VALIGN=TOP>
        <TD WIDTH=50% align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                (State or other jurisdiction of<BR>incorporation or organization)</Font></TD>
        <TD WIDTH=50% align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                (I.R.S. Employer<BR>Identification Number)<BR><BR></Font></TD>
</TR>

<TR VALIGN=TOP>
        <TD colspan=2 align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                700 Central Avenue<BR>Louisville, Kentucky 40208</Font></TD>
</TR>

<TR VALIGN=TOP>
        <TD colspan=2 align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                (Address of Principal Executive Offices, including Zip Code)<BR><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
<BR><BR></Font></TD>
</TR>



<TR VALIGN=TOP>
        <TD colspan=2 align="center"><FONT FACE="Times New Roman, Times, Serif"size=3>
                Churchill Downs Incorporated 2004 Restricted Stock Plan</Font></TD>
</TR>

<TR VALIGN=TOP>
        <TD colspan=2 align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                (Full title of the plan)<BR><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></Font></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>

<TR VALIGN=TOP>
        <TD colspan=2 align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Thomas H. Meeker</Font></TD>
</TR>

<TR VALIGN=TOP>
        <TD colspan=2 align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                President and Chief Executive Officer</Font></TD>
</TR>

<TR VALIGN=TOP>
        <TD colspan=2 align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Churchill Downs Incorporated</Font></TD>
</TR>

<TR VALIGN=TOP>
        <TD colspan=2 align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                700 Central Avenue</Font></TD>
</TR>

<TR VALIGN=TOP>
        <TD colspan=2 align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Louisville, Kentucky 40208</Font></TD>
</TR>

<TR VALIGN=TOP>
        <TD colspan=2 align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                (Name and address of agent for service)<BR><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><BR><BR></Font></TD>
</TR>

<TR VALIGN=TOP>
        <TD colspan=2 align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                (502) 636-4400</Font></TD>
</TR>

<TR VALIGN=TOP>
        <TD colspan=2 align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                (Telephone number, including area code, of agent for service)<BR><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><BR><BR></Font></TD>
</TR>


<TR VALIGN=TOP>
        <TD colspan=2 align="center"><FONT FACE="Times New Roman, Times, Serif"size=3>
                CALCULATION OF REGISTRATION FEE</Font></TD>
</TR>
<TR VALIGN=TOP>
<TD colspan=2 align="center"><HR width=100% SIZE=1 NOSHADE></TD></TR>
</Table>
<!-- Table ##################################################################-->

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

<TR VALIGN=TOP>
        <TD WIDTH="32%" ALIGN="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                </Font></TD>
        <TD WIDTH="17%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"size=2>
                </Font></TD>
        <TD WIDTH="17%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"size=2>
                <B></B></Font></TD>
        <TD WIDTH="17%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"size=2>
                <B>Proposed</B></Font></TD>
        <TD WIDTH="17%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"size=2>
                <B></B></Font></TD>

</TR>

<TR VALIGN=TOP>
        <TD ALIGN="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                </Font></TD>
        <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"size=2>
                </Font></TD>
        <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"size=2>
                <B>Proposed</B></Font></TD>
        <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"size=2>
                <B>maximum</B></Font></TD>
        <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"size=2>
                <B></B></Font></TD>

</TR>

<TR VALIGN=TOP>
        <TD ALIGN="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                </Font></TD>
        <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"size=2>
                </Font></TD>
        <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"size=2>
                <B>maximum</B></Font></TD>
        <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"size=2>
                <B>aggregate</B></Font></TD>
        <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"size=2>
                <B>Amount of</B></Font></TD>

</TR>
<TR VALIGN=TOP>
        <TD ALIGN="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                <B>Title of Securities</B></Font></TD>
        <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"size=2>
                <B>Amount to be</B></Font></TD>
        <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"size=2>
                <B>offering price</B></Font></TD>
        <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"size=2>
                <B>offering</B></Font></TD>
        <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"size=2>
                <B>registration</B></Font></TD>

</TR>

<TR VALIGN=TOP>
        <TD ALIGN="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                <B>to be registered</B></Font></TD>
        <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"size=2>
                <B>registered</B></Font></TD>
        <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"size=2>
                <B>per share(1)</B></Font></TD>
        <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"size=2>
                <B>price(1)</B></Font></TD>
        <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"size=2>
                <B>fee</B></Font></TD>
</TR>

<TR VALIGN=TOP>
        <TD ALIGN="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                </Font><HR width=100% align="center"SIZE=1 NOSHADE></TD>
        <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"size=2>
                </Font><HR width=100% align="center"SIZE=1 NOSHADE></TD>
        <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"size=2>
                </Font><HR width=100% align="center"SIZE=1 NOSHADE></TD>
        <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"size=2>
                 </Font><HR width=100% align="center"SIZE=1 NOSHADE></TD>
        <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"size=2>
                </Font><HR width=100% align="center"SIZE=1 NOSHADE></TD>
</TR>

<TR VALIGN=bottom>
        <TD ALIGN="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Common Stock, no par value </Font><HR width=100% SIZE=1 NOSHADE></TD>
        <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"size=2>
                195,000 shares</Font><HR width=100% SIZE=1 NOSHADE></TD>
        <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"size=2>
                $39.66</Font><HR width=100% SIZE=1 NOSHADE></TD>
        <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"size=2>
                $7,733,700</Font><HR width=100% SIZE=1 NOSHADE></TD>
        <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"size=2>
                $979.86</Font><HR width=100% SIZE=1 NOSHADE></TD>
</TR>

<TR VALIGN=bottom>
        <TD ALIGN="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Preferred Share Purchase Rights(2)</Font><HR width=100% SIZE=1 NOSHADE></TD>
        <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"size=2>
                None </Font><HR width=100% SIZE=1 NOSHADE></TD>
        <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"size=2>
                None</Font><HR width=100% SIZE=1 NOSHADE></TD>
        <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"size=2>
                None</Font><HR width=100% SIZE=1 NOSHADE></TD>
        <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"size=2>
                None</Font><HR width=100% SIZE=1 NOSHADE></TD>
</TR>
</TABLE>
<!-- Table ##################################################################-->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 border=0>

<TR VALIGN=TOP>
        <TD WIDTH=10% align="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                (1)</Font></TD>
        <TD WIDTH=90% align="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                 Estimated solely for the purpose of calculating the  registration  fee  pursuant to Rule 457(h)(1), based upon the  average of the high and low prices of the Common  Stock as
                 reported on The Nasdaq Stock Market on June 17, 2004.</Font></TD>
</TR>
<TR VALIGN=TOP>
        <TD WIDTH=10% align="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                (2)</Font></TD>
        <TD WIDTH=90% align="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                 Any value attributable to the Preferred Share Purchase Rights is reflected in the value of the Common Stock.  Because no
separate consideration is paid for the Preferred Share Purchase Rights, the registration fee for such securities is
included in the fee for the Common Stock.</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>
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</TABLE>
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<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<A NAME=A001></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>PART II </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<A NAME=A002></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>INFORMATION REQUIRED
IN THE REGISTRATION STATEMENT </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<A NAME=A003></A>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Incorporation of Documents
by Reference. </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following documents, which have been filed by Churchill Downs Incorporated (the
&#147;Registrant&#148;) with the Securities and Exchange Commission pursuant to the
Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;), are
incorporated in this registration statement by reference and made a part hereof: </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 0- TNR" FSL="Project" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          The Registrant&#146;s annual report on Form 10-K for the fiscal year ended
          December 31, 2003, as amended by Form 10-K/A filed on May 11, 2004. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Registrant 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 of the Registrant
believes that the use of these measures enables management and investors to evaluate and
compare, from period to period, the Registrant&#146;s operating performance in a
meaningful and consistent manner. Because the Registrant uses EBITDA as a key performance
measure of financial performance, the Registrant is required by accounting principles
generally accepted in the United States of America to provide the information in footnotes
to its consolidated financial statements 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 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 the Registrant&#146;s liquidity. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 0- TNR" FSL="Project" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          The Registrant&#146;s quarterly report on Form 10-Q for the quarter ended March
          31, 2004. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 0- TNR" FSL="Project" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          The description of the Registrant&#146;s common stock, no par value (the
          &#147;Common Stock&#148;), which is contained in the Registrant&#146;s Current
          Report on Form 8-K filed December 14, 1998, pursuant to Section 13 of the
          Securities Exchange Act of 1934, and any amendment or report filed for the
          purpose of updating such description. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 0- TNR" FSL="Project" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          The description of the Registrant&#146;s Preferred Share Purchase Rights
          contained in the Registrant&#146;s Registration Statement on Form 8-A filed
          March 20, 1998, pursuant to Section 12(g) of the 1934 Act, as amended on Form
          8-A/A filed June 30, 2000 and as amended on Form 8-A/A filed September 14, 2000. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
documents filed by the Registrant pursuant to Sections 13(a), 13(c), 14 or 15(d) of the
Exchange Act after the effective date of this registration statement and prior to the
filing of a post-effective amendment which indicates that all securities offered hereby
have been sold or which deregisters all securities then remaining unsold shall be deemed
to be incorporated by reference in this registration statement and to be a part hereof
from the date of filing of such documents. Any statement contained in a document
incorporated by reference herein shall </FONT></P>

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<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" size=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>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
</TABLE>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2> be deemed to be modified or superseded for purposes
of this registration statement to the extent that a statement contained herein modifies or
supersedes such statement. Any such statement so modified or superseded shall not be
deemed, except as so modified or superseded, to constitute a part of this registration
statement. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<A NAME=A004></A>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 4. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Description of
Securities. </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Sub 2 Left-TNR" FSL="Project" -->
<A NAME=A005></A>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not
applicable.</FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<A NAME=A006></A>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 5. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interests of
Named Experts and Counsel. </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Sub 2 Left-TNR" FSL="Project" -->
<A NAME=A007></A>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not
applicable.</FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<A NAME=A008></A>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 6. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indemnification
of Directors and Officers. </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para 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
271B.8-510 of the Kentucky Revised Statutes empowers a Kentucky corporation to indemnify
an individual (including his estate or personal representative) who was, is or is
threatened to be made a party to a threatened, pending or completed action, suit or
proceeding, whether civil, criminal, administrative or investigative, and whether formal
or informal, because he is or was a director against liability incurred in the proceeding
if: (i) he conducted himself in good faith; (ii) he reasonably believed, in the case of
conduct in his official capacity with the corporation, that his conduct was in its best
interests and, in all other cases, that his conduct was at least not opposed to its best
interests; and (iii) in the case of any criminal proceeding, he had no reasonable cause to
believe his conduct was unlawful. Indemnification may be made against the obligation to
pay a judgment, settlement, penalty, fine or reasonable expenses (including counsel fees)
incurred with respect to a proceeding, except that if the proceeding was by or in the
right of the corporation, indemnification may be made only against reasonable expenses.
Pursuant to Section 271B.8-530, a corporation may pay for or reimburse the reasonable
expenses incurred by a director in advance of final disposition of the proceeding if (i)
the director affirms to the corporation in writing his good faith belief that he has met
the standard of conduct required for indemnification; (ii) the director undertakes the
personal obligation to repay such advance upon an ultimate determination that he failed to
meet such standard of conduct; and (iii) the corporation determines that the facts then
known to those making the determination would not preclude indemnification. </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
corporation may not indemnify a director under KRS 271B.8-510 in connection with a
proceeding by or in the right of the corporation in which the director was adjudged liable
to the corporation or in connection with any other proceeding charging improper personal
benefit to him, whether or not involving action in his official capacity, in which he was
adjudged liable on the basis that personal benefit was improperly received by him. Unless
limited by the articles of incorporation, a director who has been wholly successful, on
the merits or otherwise, in the defense of any proceeding to which he was a party because
he is or was a director of the corporation is entitled to indemnification against
reasonable expenses incurred by him in connection with the proceeding. Unless limited by
its articles of incorporation, a Kentucky corporation may indemnify and advance expenses
to an officer, employee or agent of the corporation to the same extent that it may
indemnify and advance expenses to directors. </FONT></P>

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               3</FONT></TD>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
indemnification provided by or granted pursuant to Section 271B.8-510 is not exclusive of
any rights to which those seeking indemnification may otherwise be entitled. Section
271B.8-570 empowers a Kentucky corporation to purchase and maintain insurance on behalf of
its directors, officers, employees or agents of the corporation, whether or not the
corporation would have the power under Sections 271B.8-510 or 271B.8-520 to indemnify them
against such liability. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article
XI of the Registrant&#146;s Amended and Restated Articles of Incorporation, as amended,
limits the liability of directors of the Registrant pursuant to the Kentucky Business
Corporation Act. Under this article, directors generally are personally liable to the
Registrant or its shareholders for monetary damages only in transactions involving
conflicts of interest or improper personal benefit for a director, intentional misconduct,
violations of law, or unlawful distributions. </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
Amended and Restated Bylaws of the Registrant require the Registrant to indemnify, and
permit the advancement of expenses to, each director, officer, employee or agent of the
Registrant, and his executors, administrators or heirs, who was or is made, or is
threatened to be made a defendant or respondent to any threatened, pending or completed
action, suit or proceeding, whether civil, criminal, administrative or investigative
(&#147;Proceeding&#148;), by reason of the fact that he is or was a director, officer,
employee or agent of the Registrant, for the costs of such Proceeding to the fullest
extent 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;The
Amended and Restated Bylaws of the Registrant further provide for indemnification and
advancement of expenses to the aforementioned persons by action of the Board of Directors
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 Registrant. </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, the Registrant maintains directors&#146; and officers&#146; liability insurance
covering certain liabilities which may be incurred by the directors and officers of the
Registrant in connection with the performance of their duties. </FONT></P>

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<A NAME=A009></A>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 7. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exemption from
Registration Claimed. </FONT></H1>

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<A NAME=A010></A>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not
applicable.</FONT></P>

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<A NAME=A011></A>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 8. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibits. </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
following exhibits are filed as part of this registration statement: </FONT></P>


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     <TH ALIGN="CENTER"><FONT SIZE="2"></FONT></TH>
     <TH ALIGN="CENTER"><FONT SIZE="2"></FONT></TH>
     <TH ALIGN="LEFT"><FONT SIZE="2"></FONT></TH></TR>
<TR VALIGN="TOP">
     <TD WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><b>Exhibit<BR><u>Number</u></b></FONT></TD>
     <TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD WIDTH="60%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><b><u><BR>Description of Exhibits</u></b><BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">4.1</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">-</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Articles of Incorporation of the Registrant as amended through July 18, 2003<BR>
(incorporated herein by reference to Exhibit 3(b) to the Registrant's Quarterly<BR>
Report on Form 10-Q for the fiscal quarter ended June 30, 2003) (Commission File<BR>
No. 0-1469)<BR><BR></FONT></TD></TR>
</TABLE>

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               4</FONT></TD>
</TR>
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        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
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<TABLE CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="CENTER" WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">4.2</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">-</FONT></TD>
     <TD ALIGN="LEFT" WIDTH="60%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Amended and Restated Bylaws of the Registrant
 (incorporated herein by reference to Exhibit 3(b) to the Registrant's Annual Report on Form 10-K for the fiscal year
ended December 31, 2003) (Commission File No. 0-1469)<BR><BR></FONT></TD></TR>


<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">4.3</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">-</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Specimen Stock Certificate (incorporated herein by reference to Exhibit 4(d) to the Registrant's Registration Statement on Form S-8, File No. 33-85012)<BR><BR></FONT></TD></TR>

<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">4.4</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">-</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Rights Agreement dated as of March 19, 1998, between the Registrant and Fifth Third
Bank as Rights Agent (incorporated herein by reference to Exhibit 4.1 to the
Registrant's Current Report on Form 8-K filed on March 20, 1998, Exhibit 4.1 to the
Registrant's Registration Statement on Form 8-A/A filed June 30, 2000 and Exhibit
4.1 to the Registrant's Registration Statement on Form 8-A/A filed September 14,
2000) (Commission File No. 0-1469)<BR><BR></FONT></TD></TR>

<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></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">-</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Churchill Downs Incorporated 2004 Restricted Stock Plan<BR><BR></FONT></TD></TR>

<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">5.1</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">-</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Opinion and consent of Stites &amp; Harbison, PLLC<BR><BR></FONT></TD></TR>

<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">23.1</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">-</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Consent of Stites &amp; Harbison, PLLC (included in Exhibit 5.1)<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">23.2</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">-</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Consent of PricewaterhouseCoopers LLP<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">24.1</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">-</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Power of attorney (included on signature page)<BR><BR></FONT></TD></TR>
</TABLE>

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<A NAME=A012></A>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 9. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Undertakings. </FONT></H1>

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<A NAME=A013></A>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned Registrant hereby undertakes:</FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          To file, during any period in which offers or sales are being made, a
          post-effective amendment to this registration statement: </FONT></P>

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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;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               To include any prospectus required by Section 10(a)(3) of the Securities Act of
               1933, as amended (the &#147;Act&#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;
               To reflect in the prospectus any facts or events arising after the effective
               date of the registration statement (or the most recent post-effective amendment
               thereof) which, individually or in the aggregate, represent a fundamental change
               in the information set forth in the registration statement; and </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;
               To include any material information with respect to the plan of distribution not
               previously disclosed in the registration statement or any material change to
               such information in the registration statement; </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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               5</FONT></TD>
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        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>provided, however, that the
undertakings set forth in paragraphs (a) and (b) above do not apply if the information
required to be included in a post-effective amendment by those paragraphs is contained in
periodic reports filed by the Registrant pursuant to Section 13 or 15(d) of the Exchange
Act that are incorporated by reference in this registration statement. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          That, for the purpose of determining any liability under the Act, each such
          post-effective amendment shall be deemed to be a new registration statement
          relating to the securities offered herein, and the offering of such securities
          at that time shall be deemed to be the initial bona fide offering thereof. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          To remove from registration by means of a post-effective amendment any of the
          securities being registered which remain unsold at the termination of the
          offering. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          That, for purposes of determining any liability under the Act, each filing of
          the Registrant&#146;s annual report pursuant to Section 13(a) or Section 15(d)
          of the Exchange Act that is incorporated by reference in this registration
          statement shall be deemed to be a new registration statement relating to the
          securities offered herein, and the offering of such securities at that time
          shall be deemed to be the initial bona fide offering thereof. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insofar
as indemnification for liabilities arising under the Act may be permitted to directors,
officers and controlling persons of the Registrant, the Registrant has been advised that
in the opinion of the Securities and Exchange Commission such indemnification is against
public policy as expressed in the Act and is, therefore, unenforceable. In the event that
a claim for indemnification against such liabilities (other than the payment by the
Registrant of expenses incurred or paid by a director, officer or controlling person of
the Registrant in the successful defense of any action, suit or proceeding) is asserted by
such director, officer or controlling person in connection with the securities being
registered, the Registrant will, unless in the opinion of its counsel the matter has been
settled by controlling precedent, submit to a court of appropriate jurisdiction the
question whether such indemnification by it is against public policy as expressed in the
Act and will be governed by the final adjudication of such issue. </FONT></P>

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        <TD COLSPAN=3 ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" size=2>
               6</FONT></TD>
</TR>
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        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
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<A NAME=A014></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SIGNATURES </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the requirements of the Securities Act of 1933, the registrant certifies that it has
reasonable grounds to believe that it meets all of the requirements for filing on Form S-8
and has duly caused this Registration Statement to be signed on its behalf by the
undersigned, thereunto duly authorized, in the City of Louisville, Commonwealth of
Kentucky, on the 17 day of June, 2004. </FONT></P>

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        <TD WIDTH=50% align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                &nbsp;</FONT></TD>
         <TD WIDTH=50% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                CHURCHILL DOWNS INCORPORATED</FONT></TD>
</TR>
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        <TD WIDTH=50% align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                &nbsp;</FONT></TD>
         <TD WIDTH=50% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                By:/s/ Thomas H. Meeker</FONT><HR width=80% SIZE=1 NOSHADE></TD>
</TR>

<TR VALIGN=TOP>
        <TD WIDTH=50% align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                &nbsp;</FONT></TD>
         <TD WIDTH=50% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                Thomas H. Meeker<BR>President and Chief Executive Officer</FONT></TD>
</TR>
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</TABLE>
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<A NAME=A015></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>POWERS OF ATTORNEY </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KNOW
ALL MEN BY THESE PRESENTS, that each person whose signature appears below constitutes and
appoints Thomas H. Meeker and Rebecca C. Reed, and each of them, as his or her true and
lawful attorney-in-fact and agent, with full power of substitution, for him or her and in
his or her name, place and stead, in any and all capacities, to sign any and all
amendments and post-effective amendments to this Registration Statement, and to file the
same with all exhibits thereto, granting unto said attorney-in-fact and agent full power
and authority to do and perform each and every act and thing requisite and necessary to be
done, as fully to all intents and purposes as he or she might or could do in person,
hereby ratifying and confirming all that said attorney-in-fact and agent may lawfully do
or cause to be done by virtue thereof. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the requirements of the Securities Act of 1933, this Registration Statement has been
signed by the following persons in the capacities and on the dates indicated. </FONT></P>

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<TR VALIGN=TOP>
        <TD WIDTH="30%" ALIGN="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Signature</u></b></FONT></TD>
        <TD WIDTH="10%" ALIGN="center"><FONT FACE="Times New Roman, Times, Serif"size=2></FONT></TD>
        <TD WIDTH="30%" ALIGN="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Title</u></b></FONT></TD>
        <TD WIDTH="10%" ALIGN="center"><FONT FACE="Times New Roman, Times, Serif"size=2></FONT></TD>
        <TD WIDTH="20%" ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><b><u>Date</u></b><BR><BR></FONT></TD>
</TR>
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<TR VALIGN=TOP>
        <TD WIDTH="30%" ALIGN="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                /s/Carl F. Pollard</FONT><HR width=80% align="left"SIZE=1 NOSHADE></TD>
        <TD WIDTH="10%" ALIGN="center"><FONT FACE="Times New Roman, Times, Serif"size=2></FONT></TD>
        <TD WIDTH="30%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Chairman of the Board (Director)</FONT></TD>
        <TD WIDTH="10%" ALIGN="center"><FONT FACE="Times New Roman, Times, Serif"size=2></FONT></TD>
     <TD WIDTH="20%" ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">June 17, 2004</FONT></TD>
</TR>

<TR VALIGN=TOP>
        <TD ALIGN="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Carl F. Pollard</FONT></TD>
        <TD> </TD>
        <TD> </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>

</TR>
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<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
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<TR VALIGN=TOP>
        <TD WIDTH="30%" ALIGN="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                /s/Thomas H. Meeker</FONT><HR width=80% align="left"SIZE=1 NOSHADE></TD>
        <TD WIDTH="10%" ALIGN="center"></TD>
        <TD WIDTH="30%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"size=2>
                President and Chief Executive Officer<BR>and Director (Principal Executive Officer)</FONT></TD>
        <TD WIDTH="10%" ALIGN="center"></TD>
     <TD WIDTH="20%" ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">June 17, 2004</FONT></TD>
</TR>

<TR VALIGN=TOP>
        <TD ALIGN="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Thomas H. Meeker</FONT></TD>
        <TD> </TD>
        <TD> </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>

</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
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<TR VALIGN=TOP>
        <TD WIDTH="30%" ALIGN="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                /s/Michael E. Miller</FONT><HR width=80% align="left"SIZE=1 NOSHADE></TD>
        <TD WIDTH="10%" ALIGN="center"></TD>
        <TD WIDTH="30%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Executive Vice President and Chief<BR>Financial Officer (Principal Financial<BR>and Accounting Officer)</FONT></TD>
        <TD WIDTH="10%" ALIGN="center"></TD>
     <TD WIDTH="20%" ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">June 17, 2004</FONT></TD>
</TR>

<TR VALIGN=TOP>
        <TD ALIGN="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Michael E. Miller</FONT></TD>
        <TD> </TD>
        <TD> </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>

</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR VALIGN=TOP>
        <TD WIDTH="30%" ALIGN="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                /s/Charles W. Bidwill, Jr.</FONT><HR width=80% align="left"SIZE=1 NOSHADE></TD>
        <TD WIDTH="10%" ALIGN="center"></TD>
        <TD WIDTH="30%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Director</FONT></TD>
        <TD WIDTH="10%" ALIGN="center"></TD>
     <TD WIDTH="20%" ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">June 17, 2004</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> </TD>
        <TD> </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>

</TR>
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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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<TR VALIGN=TOP>
        <TD WIDTH="30%" ALIGN="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Signature</u></b></FONT></TD>
        <TD WIDTH="10%" ALIGN="center"></TD>
        <TD WIDTH="30%" ALIGN="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>Title</u></b></FONT></TD>
        <TD WIDTH="10%" ALIGN="center"></TD>
        <TD WIDTH="20%" ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><b><u>Date</u></b><BR><BR></FONT></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR VALIGN=TOP>
        <TD WIDTH="30%" ALIGN="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                /s/Leonard S. Coleman, Jr.</FONT><HR width=80% align="left"SIZE=1 NOSHADE></TD>
        <TD WIDTH="10%" ALIGN="center"></TD>
        <TD WIDTH="30%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Director</FONT></TD>
        <TD WIDTH="10%" ALIGN="center"></TD>
     <TD WIDTH="20%" ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">June 17, 2004</FONT></TD>
</TR>

<TR VALIGN=TOP>
        <TD ALIGN="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Leonard S. Coleman, Jr.</FONT></TD>
        <TD> </TD>
        <TD> </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>

</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR VALIGN=TOP>
        <TD WIDTH="30%" ALIGN="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                /s/Craig J. Duchossois</FONT><HR width=80% align="left"SIZE=1 NOSHADE></TD>
        <TD WIDTH="10%" ALIGN="center"></TD>
        <TD WIDTH="30%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Director</FONT></TD>
        <TD WIDTH="10%" ALIGN="center"></TD>
     <TD WIDTH="20%" ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">June 17, 2004</FONT></TD>
</TR>

<TR VALIGN=TOP>
        <TD ALIGN="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Craig J. Duchossois</FONT></TD>
        <TD> </TD>
        <TD> </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>

</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR VALIGN=TOP>
        <TD WIDTH="30%" ALIGN="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                /s/Richard L. Duchossois</FONT><HR width=80% align="left"SIZE=1 NOSHADE></TD>
        <TD WIDTH="10%" ALIGN="center"></TD>
        <TD WIDTH="30%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Director</FONT></TD>
        <TD WIDTH="10%" ALIGN="center"></TD>
     <TD WIDTH="20%" ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">June 17, 2004</FONT></TD>
</TR>

<TR VALIGN=TOP>
        <TD ALIGN="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Richard L. Duchossois</FONT></TD>
        <TD> </TD>
        <TD> </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>

</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR VALIGN=TOP>
        <TD WIDTH="30%" ALIGN="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                /s/Robert L. Fealy</FONT><HR width=80% align="left"SIZE=1 NOSHADE></TD>
        <TD WIDTH="10%" ALIGN="center"></TD>
        <TD WIDTH="30%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Director</FONT></TD>
        <TD WIDTH="10%" ALIGN="center"></TD>
     <TD WIDTH="20%" ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">June 17, 2004</FONT></TD>
</TR>

<TR VALIGN=TOP>
        <TD ALIGN="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Robert L. Fealy</FONT></TD>
        <TD> </TD>
        <TD> </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>

</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR VALIGN=TOP>
        <TD WIDTH="30%" ALIGN="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                /s/J. David Grissom</FONT><HR width=80% align="left"SIZE=1 NOSHADE></TD>
        <TD WIDTH="10%" ALIGN="center"></TD>
        <TD WIDTH="30%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Director</FONT></TD>
        <TD WIDTH="10%" ALIGN="center"></TD>
     <TD WIDTH="20%" ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">June 17, 2004</FONT></TD>
</TR>

<TR VALIGN=TOP>
        <TD ALIGN="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                J. David Grissom</FONT></TD>
        <TD> </TD>
        <TD> </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>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR VALIGN=TOP>
        <TD WIDTH="30%" ALIGN="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                /s/Seth W. Hancock</FONT><HR width=80% align="left"SIZE=1 NOSHADE></TD>
        <TD WIDTH="10%" ALIGN="center"></TD>
        <TD WIDTH="30%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Director</FONT></TD>
        <TD WIDTH="10%" ALIGN="center"></TD>
     <TD WIDTH="20%" ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">June 17, 2004</FONT></TD>
</TR>

<TR VALIGN=TOP>
        <TD ALIGN="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Seth W. Hancock</FONT></TD>
        <TD> </TD>
        <TD> </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>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR VALIGN=TOP>
        <TD WIDTH="30%" ALIGN="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                /s/Daniel P. Harrington</FONT><HR width=80% align="left"SIZE=1 NOSHADE></TD>
        <TD WIDTH="10%" ALIGN="center"></TD>
        <TD WIDTH="30%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Director</FONT></TD>
        <TD WIDTH="10%" ALIGN="center"></TD>
     <TD WIDTH="20%" ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">June 17, 2004</FONT></TD>
</TR>

<TR VALIGN=TOP>
        <TD ALIGN="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Daniel P. Harrington</FONT></TD>
        <TD> </TD>
        <TD> </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>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR VALIGN=TOP>
        <TD WIDTH="30%" ALIGN="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                /s/G. Watts Humphrey, Jr.</FONT><HR width=80% align="left"SIZE=1 NOSHADE></TD>
        <TD WIDTH="10%" ALIGN="center"></TD>
        <TD WIDTH="30%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Director</FONT></TD>
        <TD WIDTH="10%" ALIGN="center"></TD>
     <TD WIDTH="20%" ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">June 17, 2004</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> </TD>
        <TD> </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>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR VALIGN=TOP>
        <TD WIDTH="30%" ALIGN="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                /s/Susan Elizabeth Packard</FONT><HR width=80% align="left"SIZE=1 NOSHADE></TD>
        <TD WIDTH="10%" ALIGN="center"></TD>
        <TD WIDTH="30%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Director</FONT></TD>
        <TD WIDTH="10%" ALIGN="center"></TD>
     <TD WIDTH="20%" ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">June 17, 2004</FONT></TD>
</TR>

<TR VALIGN=TOP>
        <TD ALIGN="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Susan Elizabeth Packard</FONT></TD>
        <TD> </TD>
        <TD> </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>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR VALIGN=TOP>
        <TD WIDTH="30%" ALIGN="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                </FONT><HR width=80% align="left"SIZE=1 NOSHADE></TD>
        <TD WIDTH="10%" ALIGN="center"></TD>
        <TD WIDTH="30%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Director</FONT></TD>
        <TD WIDTH="10%" ALIGN="center"></TD>
     <TD WIDTH="20%" ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">June 17, 2004</FONT></TD>
</TR>

<TR VALIGN=TOP>
        <TD ALIGN="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Dennis D. Swanson</FONT></TD>
        <TD> </TD>
        <TD> </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>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>

<TR VALIGN=TOP>
        <TD WIDTH="30%" ALIGN="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                /s/Darrell R. Wells</FONT><HR width=80% align="left"SIZE=1 NOSHADE></TD>
        <TD WIDTH="10%" ALIGN="center"></TD>
        <TD WIDTH="30%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Director</FONT></TD>
        <TD WIDTH="10%" ALIGN="center"></TD>
     <TD WIDTH="20%" ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">June 17, 2004</FONT></TD>
</TR>

<TR VALIGN=TOP>
        <TD ALIGN="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Darrell R. Wells</FONT></TD>
        <TD> </TD>
        <TD> </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>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</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>
               8</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>
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<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0"><!-- Table ##############-->

<TR VALIGN=TOP>
        <TD colspan=5 align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                INDEX TO EXHIBITS</FONT></TD>
</TR>
<!-- BLANK LINE--><TR><TD WIDTH="5%">&nbsp;</TD></TR>
<TR VALIGN=TOP>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=10% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                Exhibit</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=TOP>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=10% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                <U>Number</U></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>
               <U>Description of Exhibits</U><BR><BR></FONT></TD>
</TR>

<TR VALIGN=TOP>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=10% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                4.1</FONT></TD>
        <TD WIDTH=10% ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                -</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Articles of Incorporation of the Registrant as amended through July 18, 2003
(incorporated herein by reference to Exhibit 3(b) to the Registrant's Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2003) (Commission File
No. 0-1469)<BR><BR></FONT></TD>
</TR>

<TR VALIGN=TOP>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=10% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                4.2</FONT></TD>
        <TD WIDTH=10% ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                -</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Amended and Restated Bylaws of the Registrant (incorporated herein by reference to
Exhibit 3(b) to the Registrant's Annual Report on Form 10-K for the fiscal year
ended December 31, 2003) (Commission File No. 0-1469)<BR><BR></FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=10% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                4.3</FONT></TD>
        <TD WIDTH=10% ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                -</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Specimen Stock Certificate (incorporated herein by reference to Exhibit 4(d) to the
Registrant's Registration Statement on Form S-8, File No. 33-85012)<BR><BR></FONT></TD>
</TR>

<TR VALIGN=TOP>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=10% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                4.4</FONT></TD>
        <TD WIDTH=10% ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                -</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Rights Agreement dated as of March 19, 1998, between the Registrant and Fifth Third
Bank as Rights Agent (incorporated herein by reference to Exhibit 4.1 to the Registrant's Current Report on Form 8-K filed on March 20, 1998, Exhibit 4.1 to the
Registrant's Registration Statement on Form 8-A/A filed June 30, 2000 and Exhibit 4.1 to the Registrant's Registration Statement on Form 8-A/A filed September 14,
2000) (Commission File No. 0-1469)<BR><BR></FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=10% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                4.5</FONT></TD>
        <TD WIDTH=10% ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                -</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Churchill Downs Incorporated 2004 Restricted Stock Plan<BR><BR></FONT></TD>
</TR>

<TR VALIGN=TOP>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=10% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                5.1</FONT></TD>
        <TD WIDTH=10% ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                -</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Opinion and consent of Stites &amp; Harbison, PLLC<BR><BR></FONT></TD>
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                &nbsp;</FONT></TD>
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                23.1</FONT></TD>
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                -</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Consent of Stites &amp; Harbison, PLLC (included in Exhibit 5.1)<BR><BR></FONT></TD>
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                23.2</FONT></TD>
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                -</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Consent of PricewaterhouseCoopers LLP<BR><BR></FONT></TD>
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                24.1</FONT></TD>
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                -</FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Power of attorney (included on signature page)<BR><BR></FONT></TD>
</TR>
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<DOCUMENT>
<TYPE>EX-4
<SEQUENCE>2
<FILENAME>fex45.htm
<DESCRIPTION>2004 RESTRICTED STOCK PLAN
<TEXT>
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<P ALIGN="CENTER"><FONT SIZE=2><B> CHURCHILL DOWNS INCORPORATED<BR>
2004 RESTRICTED STOCK PLAN  </B></FONT></P>

<P><FONT SIZE=2>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>PURPOSE OF PLAN  </I></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Churchill Downs Incorporated 2004 Restricted Stock Plan (the "Plan") is established by Churchill Downs Incorporated (the "Company") to aid the Company and its
subsidiaries in securing and retaining directors and key employees of outstanding ability and to provide additional motivation to such directors and employees to exert their best efforts on behalf of
the Company and its subsidiaries. The Company expects that it will benefit from the added interest that such directors and employees will have in the welfare of the Company as a result of their
ownership or increased ownership of the Company's Common Stock. </FONT></P>

<P><FONT SIZE=2>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>STOCK SUBJECT TO THE PLAN  </I></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The shares that may be awarded under the Plan shall be the Common Stock, no par value, of the Company. The maximum number of shares of Common Stock that may be
awarded hereunder (subject to any adjustments as provided below) shall not in the aggregate exceed one hundred ninety-five thousand (195,000) shares. Shares that are forfeited as a result
of a participant's termination of employment or service as a director or withheld to satisfy applicable tax requirements shall again become available for award under the Plan. </FONT></P>

<P><FONT SIZE=2>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>ADMINISTRATION  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Plan shall be administered by those members, not less than two, of the Compensation Committee of the Board of Directors, each of whom is a
"non-employee director" as defined in Rule&nbsp;16b-3 of the General Rules and Regulations under the Securities Exchange Act of 1934, as amended (the "Committee"). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Committee shall have full power and authority, in its sole discretion subject to the provisions of the Plan, and the sole authority, to (i)&nbsp;award shares under the Plan;
(ii)&nbsp;consistent with the Plan, determine the provisions of the shares to be awarded and the restrictions and other terms and conditions applicable to each award of shares under the Plan;
(iii)&nbsp;construe and interpret the Plan and the instruments evidencing the restrictions imposed upon stock awarded under the Plan and the shares awarded under the Plan; (iv)&nbsp;adopt, amend
and rescind rules and regulations for the administration of the Plan; and (v)&nbsp;generally administer the Plan and make all determinations in connection therewith that may be necessary or
advisable in the Committee's sole discretion, and all such actions of the Committee shall be binding upon all participants. Committee decisions and selections shall be made by a majority of its
members present at a meeting at which a quorum is present, and shall be final, binding and conclusive upon all persons. Any decision or selection reduced to writing and signed by all of the members of
the Committee shall be as fully effective as if it had been made at a meeting duly held. The officers of the Company shall cause the Company to perform its obligations under the Plan in accordance
with the determinations of the Committee. The Committee's construction, interpretation and administration of the Plan, including the terms and conditions of shares awarded under the Plan, its
determinations with respect to such awards and its selection of eligible directors and employees to whom such awards are made, need not be uniform and may be made selectively among participants under
the Plan and directors and employees (whether or not such persons are similarly situated). </FONT></P>

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<P><FONT SIZE=2>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>ELIGIBILITY  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Directors and key employees, including officers, of the Company and its subsidiaries who are from time to time responsible for the management, growth and
protection of the business of the Company and its
subsidiaries shall be eligible for awards of stock under the Plan. The directors and employees who shall receive awards under the Plan shall be selected from time to time by the Committee, in its
sole discretion, from among those eligible, and the Committee shall determine, in its sole discretion, the number of shares to be awarded to each such director and employee selected. Members of the
Committee shall not be precluded from receiving awards under the Plan during their service on the Committee. Directors and employees selected by the Committee to receive awards of stock hereunder are
hereinafter referred to as "Eligible Recipients." </FONT></P>

<P><FONT SIZE=2>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>RIGHTS WITH RESPECT TO SHARES  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the terms, conditions and restrictions contained in the Plan and in the instrument under which an award is made by the Committee, an Eligible Recipient
to whom an award of Common Stock is made hereunder shall have, after delivery to the Company or its designee of a certificate or certificates for such stock to be held in escrow on such Eligible
Recipient's behalf, all rights of ownership with respect to such stock, including, without limitation, the right to vote the same, receive any dividends paid thereon and purchase any securities
pursuant to that certain Rights Agreement dated as of March&nbsp;19, 1998, between the Company and The Fifth Third Bank (as successor Rights Agent to Bank of Louisville), as amended, and as the same
may be amended, modified or supplemented from time to time. </FONT></P>

<P><FONT SIZE=2>6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>INVESTMENT REPRESENTATION  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the shares of Common Stock that have been awarded to an Eligible Recipient pursuant to the terms of the Plan are not registered under the Securities Act of
1933, as amended, pursuant to an effective registration statement, such Eligible Recipient, if the Committee shall deem it advisable, may be required to represent and agree in writing (i)&nbsp;that
any shares of Common Stock acquired by employee pursuant to the Plan will not be sold except pursuant to an effective registration statement under the Securities Act of 1933, as amended, or pursuant
to an exemption from registration under such Act, and (ii)&nbsp;that such director or employee has acquired such shares of Common Stock for the participant's own account and not with a view to the
distribution thereof. </FONT></P>

<P><FONT SIZE=2>7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>CASH BONUSES  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Committee so determines in its sole and exclusive discretion, the Company may make a cash payment or payments to an Eligible Recipient in connection with
an award of Common Stock hereunder, the lapse of restrictions imposed thereon or the payment by the Eligible Recipient of any taxes related thereto. </FONT></P>

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<P><FONT SIZE=2>8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>RESTRICTIONS  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Terms, Conditions and Restrictions.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;In addition to such other terms, conditions and restrictions as may be
imposed by the Committee and contained in the instrument under which awards of Common Stock are made pursuant to the Plan, (i)&nbsp;no Common Stock so awarded shall be restricted for a period (the
"Restriction Period") of less than six months or more than ten years unless otherwise specified by the Committee; and (ii)&nbsp;except as provided in paragraph&nbsp;(e) below, an Eligible
Recipient of the award who is
an employee of the Company shall remain in the employ of the Company or its subsidiaries during the Restriction Period or otherwise forfeit all right, title and interest in and to the shares subject
to such restrictions. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Transferability Restriction.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;No share awarded under the Plan shall be sold, assigned, transferred, pledged,
hypothecated or otherwise disposed of during the Restriction Period applicable thereto. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Agreements; Stock Legend.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;As a condition to the grant of an award under the Plan, each Eligible Recipient
shall execute and deliver to the Company an agreement in form and substance satisfactory to the Committee reflecting the conditions and restrictions imposed upon the Common Stock awarded.
Certificates for shares of Common Stock delivered pursuant to such awards may, if the Committee so determines, bear a legend referring to the restrictions and the instruments to which such
awards are subject. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Additional Conditions.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;In the agreement evidencing awards or otherwise, the Committee may impose such other
and additional terms, conditions and restrictions upon the award as it, in its sole discretion, deems appropriate, including, without limitation: (i)&nbsp;that the Company shall have the right to
deduct from payments of any kind due to the Eligible Recipient any federal, state or local taxes of any kind required by law to be withheld with respect to the shares awarded or the payment of related
cash bonuses; and (ii)&nbsp;that the Eligible Recipient enter into a covenant not to compete with the business of the Company and its subsidiaries during the period of the Eligible Recipient's
employment or service as a director, as the case may be, and for a reasonable time thereafter. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Lapse of Restrictions.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The restrictions imposed under paragraph&nbsp;(a) above shall terminate with
respect to the shares of Common Stock to which they apply on the earliest to occur of the following, except no restrictions shall lapse less than six months from the date of award in the event of (i),
(ii), (iii)&nbsp;and (iv)&nbsp;below, unless otherwise specified by the Committee: </FONT></P>



<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;The
expiration of the Restriction Period; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;The
retirement of an Eligible Recipient who is an employee at or after age 60; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;The
Eligible Recipient's total and permanent disability; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;The
Eligible Recipient's death; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;A
Change in Control (as defined below) of the Company; or </FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;The
acceleration of the termination of such restrictions on such terms and conditions as the Committee may establish in its sole discretion. </FONT></P>



<P><FONT SIZE=2>Certificates
for shares of Common Stock with respect to which restrictions have lapsed as provided above shall, upon lapse thereof, be released from escrow and delivered to the Eligible Recipient, or,
in the event of the Eligible Recipient's death, to the Eligible Recipients' personal representative. Any stock legend referring to the restrictions imposed hereunder shall thereupon be removed. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Change in Control.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;For purposes of the Plan, a "Change of Control" shall mean the first to occur of the
following events: </FONT></P>



<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;the
acquisition by any individual, entity or group (within the meaning of Section&nbsp;13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the
"Exchange Act")) (a "Person") of beneficial ownership (within the meaning of Rule&nbsp;13d-3 promulgated under the Exchange Act) of 20% or more of either the then-outstanding
voting securities of the Company (the "Outstanding Company Common Stock") or the combined voting power of the then-outstanding voting securities of the Company entitled to vote generally
in the election of directors (the "Outstanding Company Voting Securities"); </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;individuals
who, as of the date of adoption of the Plan, constitute the Board of Directors of the Company (the "Incumbent Board") cease for any reason to constitute at
least a majority of the Board of Directors; provided, however, that any individual becoming a director subsequent to the date of adoption of the Plan whose election, or nomination for election by the
Company's shareholders, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent
Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election or removal of
directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board of Directors; or </FONT></P>



<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;consummation
of a reorganization, merger or consolidation or sale or other disposition of all or substantially all of the assets of the Company or the acquisition of
assets of another entity (a "Corporate Transaction"), in each case, unless, immediately following such Corporate Transaction, (i)&nbsp;all or substantially all of the individuals and entities who
were the beneficial owners, respectively, of the Outstanding Company Common Stock and Outstanding Company Voting Securities immediately prior to such Corporate Transaction beneficially own, directly
or indirectly, more than 60% of, respectively, the then-outstanding shares of Common Stock and the combined voting power of the then-outstanding voting securities entitled to
vote generally in the election of directors, as the case may be, of the Company resulting from such Corporate Transaction (including, without limitation, an entity which as a result of such
transaction owns the Company or all or substantially all of the Company's assets either directly or through one or more subsidiaries) in substantially the same proportions as their ownership,
immediately prior to such Corporate Transaction, of the Outstanding Company Common Stock and Outstanding Company Voting Securities, as the case may be, (ii)&nbsp;no Person (excluding any employee
benefit plan (or related trust) of the Company or such entity resulting from such Corporate Transaction) beneficially owns, directly or indirectly, 20% or more of, respectively, the then Outstanding
Company Common Stock resulting from such Corporate Transaction or the Outstanding Company Voting Securities resulting from such Corporate Transaction, except to the extent that such ownership existed
prior to the Corporate Transaction, and (iii)&nbsp;at least a majority of the members of the Board of Directors of the Company resulting from the Corporate Transaction were members of the Incumbent
Board at the time of the execution of the initial plan or action of the Board of Directors providing for such Corporate Transaction; or </FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;approval
by the shareholders of the Company of a complete liquidation or dissolution of the Company. </FONT></P>



<P><FONT SIZE=2>Notwithstanding
the foregoing, actions taken in compliance with that certain Stockholder's Agreement dated as of September&nbsp;8, 2000, among the Company, Duchossois Industries,&nbsp;Inc. and
subsequent signatories thereto, as amended, modified or supplemented from time to time, shall not be deemed a Change in Control. </FONT></P>

<P><FONT SIZE=2>In
addition, if the Company enters into an agreement or series of agreements or the Board of Directors of the Company adopts a resolution that results in the occurrence of any of the foregoing events,
and the employment of an Eligible Recipient who is an employee or the service of an Eligible Recipient who is a director is terminated after the entering into of such agreement or series of agreements
or the adoption of such resolution, then, upon the termination of such Eligible Recipient's employment or service as a director, as the case may be, a Change of Control shall be deemed to have
retroactively occurred on the date of entering into of the earliest of such agreements or the adoption of such resolution. </FONT></P>

<P><FONT SIZE=2>9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>CHANGES IN CAPITAL  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the outstanding Common Stock of the Company subject to the Plan shall at any time be changed or exchanged by declaration of a stock dividend, stock split,
combination of shares, recapitalization,
merger, consolidation or other corporate reorganization, an appropriate adjustment shall be made in the number and kind of shares that have been awarded pursuant to the Plan and are subject to
restrictions imposed by the Plan and that may thereafter be awarded hereunder. </FONT></P>

<P><FONT SIZE=2>10.&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>MISCELLANEOUS  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;No Right to Receive Award.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Nothing in the Plan shall be construed to give any director or employee of the
Company or a subsidiary of the Company any right to receive an award under the Plan. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Additional Shares Received with Respect to Restricted Stock.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Any shares of Common Stock or other securities
of the Company received by an Eligible Recipient as a stock dividend on, or as a result of stock splits, combinations, exchanges of shares, reorganizations, mergers, consolidations or otherwise with respect
to, shares of Common Stock received pursuant to an award hereunder shall have the same status, be subject to the same restrictions and bear the same legend, if any, as the shares received
pursuant to the original award. </FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;No Effect on Employment Rights, Etc.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Nothing in the Plan or in the instruments evidencing the grant of an
award hereunder shall in any manner be construed to limit in any way the right of the Company or a subsidiary of the Company to terminate any person's employment or the right of the shareholders to
remove any director at any time, or give any right to any person to be or remain employed by, or to serve as a director of, the Company or a subsidiary of the Company. </FONT></P>


<P><FONT SIZE=2>11.&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>EFFECTIVE DATE OF PLAN  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Plan shall become effective when approved by the Board of Directors of the Company, subject to approval by the shareholders of the Company at its 2004 annual
shareholders' meeting or a special meeting duly called and held. </FONT></P>

<P><FONT SIZE=2>12.&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>AMENDMENTS  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Plan may be amended at any time or from time to time by the Committee; </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, however, that no such
amendment shall, without the further approval of the Board of Directors: </FONT></P>



<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;Except
as provided in paragraph&nbsp;9 of the Plan, increase the maximum number of shares reserved for purposes of the Plan; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;Extend
the duration of the Plan; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;Materially
increase the benefits accruing to participants under the Plan; or </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;Modify
the eligibility requirements of paragraph&nbsp;4 of the Plan. </FONT></P>



<P><FONT SIZE=2>Neither
shall any amendment or alteration impair the rights of any participant during the Restriction Period without such participant's consent. Amendments to the Plan may be subject to approval by
the shareholders of the Company pursuant to applicable federal or state securities laws or rules adopted by NASDAQ or any other stock exchange on which shares of the Company's Common Stock may be
listed from time to time. </FONT></P>

<P><FONT SIZE=2>13.&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>DURATION, SUSPENSION AND TERMINATION  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Plan shall terminate and no further stock shall be awarded hereunder after January&nbsp;1, 2014. In addition, the Committee may suspend or terminate the
Plan at any time prior thereto. The suspension or termination of the Plan shall not, however, affect any restriction previously imposed or restricted stock awarded pursuant to the Plan. </FONT></P>

<P><FONT SIZE=2>14.&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>COMPLIANCE WITH SECTION 16(B)  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Plan is intended to comply with all applicable conditions of Rule&nbsp;16b-3 of the General Rules and Regulations under the Securities Exchange
Act of 1934, as amended. All transactions
involving the Company's executive officers are subject to such conditions, regardless of whether the conditions are expressly set forth in the Plan. Any provision of the Plan that is contrary to a
condition of Rule&nbsp;16b-3 shall not apply to executive officers of the Company. </FONT></P>

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<P><FONT SIZE=2>15.&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>SEVERABILITY  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The invalidity or unenforceability of any provision of the Plan or any stock awarded hereunder shall not affect the validity and enforceability of the remaining
provisions of the Plan and any stock awarded hereunder. The invalid or unenforceable provision shall be stricken to the extent necessary to preserve the validity and enforceability of the Plan and the
stock awarded hereunder. </FONT></P>

<P><FONT SIZE=2>16.&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>GOVERNING LAW  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Plan shall be governed by the laws of the Commonwealth of Kentucky. </FONT></P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5
<SEQUENCE>3
<FILENAME>fex51.htm
<DESCRIPTION>OPINION & CONSENT OF STITES & HARBISON
<TEXT>
<HTML>
<HEAD>
<TITLE>Opinion and Consent of Stites &amp; Harbison, PLLC</TITLE>
</HEAD>
<BODY>
<P ALIGN=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibit 5.1</FONT></P>
<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<A NAME=A001></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>STITES &amp; HARBISON, PLLC</FONT></H1>
<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>400 West Market Street,
Suite 1800<BR> Louisville, Kentucky 40202-3352<BR> Telephone: (502) 587-3400<BR>  Facsimile: (502)
587-6391 </FONT></P>


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<A NAME=A006></A>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>June 21, 2004 </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Project" -->
<A NAME=A007></A>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Churchill Downs Incorporated<BR>
700 Central Avenue<BR>Louisville, Kentucky 40208 </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Project" -->
<A NAME=A008></A>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Re:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2004 Restricted Stock
Plan<BR> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Registration
Statement on Form S-8</u></FONT></P>

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<A NAME=A010></A>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Ladies and Gentlemen: </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>We have acted as counsel for
Churchill Downs Incorporated (the &#147;Company&#148;) in connection with the preparation
and filing of a registration statement on Form S-8 (the &#147;Registration
Statement&#148;), relating to the registration by the Company under the Securities Act of
1933, as amended (the &#147;Act&#148;), of up to 195,000 shares of the Company&#146;s
common stock, no par value (the &#147;Common Stock&#148;), and the related Preferred Share
Purchase Rights to be issued by the Company from time to time pursuant to the
Company&#146;s 2004 Restricted Stock Plan (the &#147;Plan&#148;). </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In connection with this opinion, we
have considered such matters of law and examined the originals or copies, certified or
otherwise identified to our satisfaction, of such documents and corporate and other
records and have obtained such certificates, letters, representations and information from
the officers, directors and employees of the Company and from others as we have deemed
necessary or appropriate to enable us to render the opinions expressed herein. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Based upon and in reliance upon the
foregoing, and subject to the qualifications and assumptions set forth below, it is our
opinion that, when (a) the Registration Statement has become effective in accordance with
the Act and the Rules and Regulations thereunder and the provisions of such state
securities or &#147;blue sky&#148; laws as may be applicable have been complied with, and
(b) the Common Stock has been duly issued and delivered in accordance with the terms and
conditions of the Plan, the Common Stock to be issued by the Company will be legally
issued, fully paid and nonassessable. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Our opinion is limited by and subject
to the following: </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 rendering our opinion we have assumed that, at the time of each issuance and
          sale of the Common Stock, the Company will be a corporation validly existing
          under the laws of the Commonwealth of Kentucky. </FONT></P>
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               17</FONT></TD>
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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 our examination of all documents, certificates and records, we have assumed
          without investigation the authenticity and completeness of all documents
          submitted to us as originals, the conformity to the originals of all documents
          submitted to us as copies and the authenticity and completeness of the originals
          of all documents submitted to us as copies. We have also assumed the genuineness
          of all signatures, the legal capacity of natural persons, the authority of all
          persons executing documents on behalf of the parties thereto other than the
          Company, and the due authorization, execution and delivery of all documents by
          the parties thereto other than the Company. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 0- TNR" FSL="Project" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          Our opinion is based solely on and limited to the laws of the Commonwealth of
          Kentucky and the federal laws of the United States of America. We express no
          opinion as to the laws of any other jurisdiction. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>We hereby consent to the filing of
this opinion as an exhibit to the Registration Statement. </FONT></P>

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                &nbsp;</FONT></TD>
        <TD width=40% ALIGN="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                Sincerely,
</FONT></TD>
</TR>
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                &nbsp;</FONT></TD>
        <TD width=40% ALIGN="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                /s/Stites &amp; Harbison, PLLC</FONT><HR SIZE=1 width=85% NOSHADE></TD>
</TR>

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        <TD width=60% ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=40% ALIGN="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                Stites &amp; Harbison, PLLC</FONT></TD>
</TR>
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                18</FONT></TD>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23
<SEQUENCE>4
<FILENAME>fex232.htm
<DESCRIPTION>CONSENT OF PRICEWATERHOUSECOOPERS LLP
<TEXT>
<HTML>
<HEAD>
<TITLE> CONSENT OF INDEPENDENT AUDITORS
</TITLE>
</HEAD>
<BODY>
<P ALIGN=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibit 23.2</FONT></P>

<P ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>CONSENT OF INDEPENDENT ACCOUNTANTS</U></B></FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We hereby  consent to the  incorporation  by reference in this  Registration  Statement on Form S-8 of our
report dated March 3, 2004 (except for the matters  disclosed  in the first two  paragraphs  of Note 1, as
to which the date is May 10, 2004) relating to the financial  statements and financial  statement schedule
of Churchill Downs  Incorporated,  which appears in Churchill Downs  Incorporated's  Annual Report on Form
10-K/A for the year ended December 31, 2003.</FONT></P>

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

 <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>PricewaterhouseCoopers LLP<BR>
Louisville, Kentucky<BR>June 17, 2004</FONT></P>
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                19</FONT></TD>
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