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<SEC-DOCUMENT>0001180706-04-000012.txt : 20040514
<SEC-HEADER>0001180706-04-000012.hdr.sgml : 20040514
<ACCEPTANCE-DATETIME>20040514154546
ACCESSION NUMBER:		0001180706-04-000012
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20040331
ITEM INFORMATION:		
ITEM INFORMATION:		Financial statements and exhibits
FILED AS OF DATE:		20040514

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:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-01469
		FILM NUMBER:		04807609

	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>8-K
<SEQUENCE>1
<FILENAME>t8ke1q04.htm
<DESCRIPTION>CONFERENCE CALL TRANSCRIPT MAY 5, 2004
<TEXT>
<HTML>
<HEAD>
<TITLE>8-K</TITLE>
</HEAD>
<BODY>
<!-- MARKER FORMAT-SHEET="Head Minor Center" FSL="Default" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SECURITIES AND EXCHANGE COMMISSION
<BR>WASHINGTON, D.C. 20549 </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold" FSL="Default" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>FORM 8-K <BR><BR>
CURRENT REPORT<BR>
PURSUANT TO SECTION 13 OR 15(d) OF THE<BR>SECURITIES EXCHANGE
ACT OF 1934 <BR><BR>Date of Report (Date of earliest event reported): May 5, 2004 </FONT></H1>



<p align=center> <IMG SRC="smalllogo.gif"> </P>


<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 ALIGN=Center WIDTH=100%>
<TR VALIGN=Bottom>
     <TD 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>

</table>
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<TR VALIGN="Top" ALIGN="Center">
        <TD ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Kentucky</U><BR>
        (State or other jurisdiction of <BR>incorporation or organization)</FONT></TD>
        <TD ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>0-1469</U><BR>(Commission File Number)</FONT></TD>
        <TD ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>61-0156015 </U><BR>
        (IRS Employer Identification<BR> No.)<BR><BR></FONT></TD>
</TR></TABLE>

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<TR VALIGN="Top" ALIGN="Center">
<TD COLSPAN="3" ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>700 Central Avenue, Louisville, Kentucky 40208 </U><BR>
         (Address of principal executive offices)<BR>
        (Zip Code)<BR><BR>
        <U>(502)-636-4400</U><BR>
        (Registrant&#146;s telephone number, including area code)<BR><BR>
        <U>Not Applicable</U><BR>
        (Former name or former address, if changed since last report) </FONT></td></TR>
</TABLE>
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        <TD COLSPAN=3 ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" size=2>
               Page 1</FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
</TABLE>
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<!-- MARKER FORMAT-SHEET="Head Sub 2 Left" FSL="Default" -->
<H1 ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CHURCHILL DOWNS INCORPORATED<BR><BR>
        INDEX<BR><BR> </FONT></H1>


<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 ALIGN=Center WIDTH=100%>
<TR VALIGN=top>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Item 7.</B></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD colspan=2 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Financial Statements and Exhibits</B><BR><BR></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=10% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>.</FONT></TD>
     <TD WIDTH=5% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>(c)</B><BR><BR></FONT></TD>
     <TD WIDTH=80% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> <B>Exhibits (furnished pursuant to Item 12)</B><BR><BR></FONT></TD></TR>
<TR VALIGN=top>
     <TD colspan=2 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> &nbsp;</FONT></TD>
     <TD colspan=2 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibit 99.1&nbsp;&nbsp;&nbsp;Earnings release conference call transcript,
        dated May 5, 2004.<BR><BR></FONT></TD></TR>
<TR VALIGN=top>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Item 12.</B></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD colspan=2 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Results of Operations and Financial Condition</B><BR><BR></FONT></TD></TR>
<TR VALIGN=top>
     <TD colspan=2 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> &nbsp;</FONT></TD>
     <TD colspan=2 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Attached and incorporated herein by reference as Exhibit 99.1 is a copy of the earnings press
                  release conference call transcript, dated May 5, 2004, reporting the Registrant's financial
                  results for the first quarter of 2004.<BR><BR></FONT></TD></TR>
</TABLE>
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        <TD COLSPAN=3 ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" size=2>
               Page 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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<TABLE CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="BOTTOM">
     <TH COLSPAN="2"><FONT SIZE="2">SIGNATURES<BR><BR></FONT></TH></TR>
<TR VALIGN="TOP">
     <TD COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Pursuant to the requirements of the
Securities Exchange Act of 1934, the registrant has duly caused this report to be signed
on its behalf by the undersigned hereunto duly authorized.<BR><BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD WIDTH="50%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD WIDTH="50%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>CHURCHILL DOWNS INCORPORATED</B><BR><BR><BR><BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">May 14, 2004 </FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>/s/Michael E. Miller</U></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Michael E. Miller<BR>
                                                    Executive Vice President and<BR>
                                                    Chief Financial Officer<BR>
                                                    (Principal Financial and Accounting Officer)</FONT></TD></TR>
</TABLE>
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        <TD COLSPAN=3 ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" size=2>
               Page 3</FONT></TD>
</TR>
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        <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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<SEQUENCE>2
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<FILENAME>tex9911q04.htm
<DESCRIPTION>CONFERENCE CALL TRANSCRIPT: MAY 5, 2004
<TEXT>
<HTML>
<HEAD>
<TITLE>Conference Call Transcript: May 5, 2004</TITLE>
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<!-- MARKER FORMAT-SHEET="Head Right" FSL="Default" -->
<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CHURCHILL DOWNS, INC.<BR>
                Moderator: Mike Ogburn<BR>
                05-05-04/10:00 a.m. CT<BR>
                 Confirmation # 548094<BR>
                Page 1 </FONT></P>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>CHURCHILL DOWNS, INC. </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold 1" FSL="Default" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Moderator: Mike Ogburn <BR>
              May 5, 2004<BR>
              10:00 a.m. CT </FONT></H1>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif">Operator:</FONT></TD>
     <TD WIDTH="85%"><FONT FACE="Times New Roman, Times, Serif">Good day, and welcome to the Churchill Downs Incorporated conference call.<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif">At this time for opening remarks and introductions, I would like to turn the call over to Mr. Mike
Ogburn.  Please go ahead, sir.<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif">Mike Ogburn:</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif">Good morning, and welcome to this Churchill Downs Incorporated conference call to review the
 Company's results for the first quarter of 2004.  The results were released yesterday afternoon in a
 press release that has been covered by the financial media.<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif">             A copy of this release, announcing earnings and any other financial and statistical information
         about the period to be presented in this conference call, including the information required by
         Regulation G, is available at the section of the Company's Web site entitled Investor Relations at
         www.churchilldownsincorporated.com.<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif">             Let me also note that a release has been issued advising of the accessibility of this conference
         call on a listen-only basis over the Internet.  As we start, let me express that some statements made in
         this call will be forward-looking statements as defined in the Private Securities Litigation Reform Act
         of 1995.<BR><BR></FONT></TD></TR>
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<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CHURCHILL DOWNS, INC.<BR>
                Moderator: Mike Ogburn<BR>
                05-05-04/10:00 a.m. CT<BR>
                 Confirmation # 548094<BR>
                Page 2 </FONT></P>


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<TR VALIGN="TOP">

     <TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif"></FONT></TD>
     <TD WIDTH="85%"><FONT FACE="Times New Roman, Times, Serif">             Forward-looking statements are statements that include projections, expectations or beliefs about
         future events or results or otherwise are known statements of historical fact.  Actual performance of
         the Company may differ materially from that projected in such statements.<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif">             Investors should refer to statements included in reports filed by the Company with the Securities
         and Exchange Commission for a discussion of additional information concerning factors that could cause
         our actual results of operations to differ materially from the forward-looking statements made in this
         call.<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif">The information being provided today is of this date only, and Churchill Downs Incorporated
         expressly disclaims any obligation to release publicly any updates or revisions to these forward-looking
         statements to reflect any changes in expectation.<BR><BR></FONT></TD></TR>
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     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif"> I'll now turn the call to Tom Meeker, president and chief executive officer.<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif">Tom Meeker:</FONT></TD>
        <TD><FONT FACE="Times New Roman, Times, Serif">Good morning, everyone, and thanks for joining us on the call this morning to discuss the first
         quarter results.<BR><BR></FONT></TD></TR>

<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT></TD>
        <TD><FONT FACE="Times New Roman, Times, Serif">Let me outline briefly how the call will be conducted this morning.  First, I'll provide you some
         brief comments concerning the first quarter.  I'll also give you some comments and preliminary numbers
         relating to the Kentucky Derby weekend, and then I'll outline some of the key areas of focus that we
         have got as we move forward during the remaining parts of this year.<BR><BR></FONT></TD></TR>

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     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT></TD>
        <TD><FONT FACE="Times New Roman, Times, Serif">             Thereafter, I thought it would be important that we give you a briefing on some of our CRM efforts.
         And so, I've invited Andy Skehan, our chief marketing officer, to briefly outline some of the things
         that are going on in that arena - in the CRM arena - which is a clear, strategic focus of ours as we
         move forward.
<BR><BR></FONT></TD></TR>
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<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CHURCHILL DOWNS, INC.<BR>
                Moderator: Mike Ogburn<BR>
                05-05-04/10:00 a.m. CT<BR>
                 Confirmation # 548094<BR>
                Page 3 </FONT></P>
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        <TD><FONT FACE="Times New Roman, Times, Serif">And then, finally, Mike Miller, our CFO, will go over the numbers in detail and provide you a little
         guidance as to the next quarter.  Following that, of course, we'll stand ready to answer any questions
         you might have.<BR><BR></FONT></TD></TR>
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     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT></TD>
        <TD><FONT FACE="Times New Roman, Times, Serif">As it relates to the first quarter, on balance I was pleased with the first quarter results.  As you
         know, historically we operate at a loss during the quarter, and this is due primarily to the absence of
         any live racing.<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT></TD>
        <TD><FONT FACE="Times New Roman, Times, Serif">And this quarter was no different.  Even with additional costs that we incurred related to both the
         legislative efforts that are going on throughout our system, as well as our CRM initiatives, we were
         able to increase our EBITDA year over year.<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT></TD>
        <TD><FONT FACE="Times New Roman, Times, Serif">The results also were better than expected internally and three cents better than the guidance that
         we afforded the Street.  The Derby numbers are not all in, obviously, in particular our revenues and
         expenses.  But the preliminary data that we've seen relative to the Derby weekend is very encouraging
         and portends good things for both the Company and the entire racing industry.<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT></TD>
        <TD><FONT FACE="Times New Roman, Times, Serif"> This year's event provided our President Steve Sexton and his crew at the Churchill Downs racetrack
         with a number of new challenges that were directly related to the Master Plan development, as you know,
         that is ongoing here at Churchill Downs.<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT></TD>
        <TD><FONT FACE="Times New Roman, Times, Serif">Beginning last summer, the clubhouse was razed to the ground and, by this year's Derby, only two of
         the six floors were available for use.  And those floors were largely unfinished.  We just had drywall,
         on the floors concrete, no ceiling, et cetera, but they were critical in accommodating the crowds that
         attended both Oaks and Derby.<BR><BR></FONT></TD></TR>
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<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CHURCHILL DOWNS, INC.<BR>
                Moderator: Mike Ogburn<BR>
                05-05-04/10:00 a.m. CT<BR>
                 Confirmation # 548094<BR>
                Page 4 </FONT></P>
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     <TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif"></FONT></TD>
        <TD><FONT FACE="Times New Roman, Times, Serif">The Churchill Downs racetrack team developed a complex plan that addressed a myriad of different
         things, including moving the Marquis Village, which comprises over 55 corporate suites and marquis.
         They had to move that to a new location on the first turn.<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT></TD>
        <TD><FONT FACE="Times New Roman, Times, Serif">They constructed a new, temporary Infield facility to host some 3,500 patrons who would otherwise
         have occupied seats on the fourth, fifth and sixth floors of the clubhouse Millionaire's Row.  They
         constructed a new temporary press facility to house the almost 2,000 members of the credentialed press.<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT></TD>
        <TD><FONT FACE="Times New Roman, Times, Serif">And they also had to move the television media compound that housed all the electronic media.  In
         short, the logistics associated with this Derby weekend were by far the toughest that I've seen in my 20
         years here at the track.<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT></TD>
        <TD><FONT FACE="Times New Roman, Times, Serif">Construction was not the least of their challenges.  Starting on Friday morning, the rain began to
         fall in Kentucky, and by four o'clock on Derby day, a monsoon-like storm entered the picture and dropped
         almost an inch of water on the track.<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT></TD>
        <TD><FONT FACE="Times New Roman, Times, Serif">It resulted in a washout of the track but through the efforts of our track superintendent and his
         crew, we had the track ready and by 6:10, the race was ready to go.  And as you all know, Smarty Jones
         came across the finish line first.<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif"></FONT></TD>
        <TD><FONT FACE="Times New Roman, Times, Serif">Smarty also is going to be pictured on the front page of Sports Illustrated this week, the first
         time since 1983 that horse racing has had that prominent position.  We're all reading stories attending
         this horse - including the Pennsylvania breeding connection, ailing owner and rookie jockey and trainer
         - that clearly rival the dream-come-true story that we experienced last year with Funny Cide.<BR><BR></FONT></TD></TR>

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<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CHURCHILL DOWNS, INC.<BR>
                Moderator: Mike Ogburn<BR>
                05-05-04/10:00 a.m. CT<BR>
                 Confirmation # 548094<BR>
                Page 5 </FONT></P>
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     <TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif"></FONT></TD>
        <TD width="85%"><FONT FACE="Times New Roman, Times, Serif">And, without question, this horse will provide racing, and indeed the entire Triple Crown series,
         with a genuine star and hopefully he proceeds well as he goes through the Preakness and hopefully on to
         Belmont with the Triple Crown win.<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif"></FONT></TD>
        <TD width="85%"><FONT FACE="Times New Roman, Times, Serif">Now, the numbers associated with the Derby weekend were fairly impressive.  First of all, attendance
         was down 2.5 percent for the two-day event.  Last year, we had about 262,000 people [including attendees
         at Trackside Louisville].  This year, we had 256,000 [including Trackside].<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif"></FONT></TD>
        <TD width="85%"><FONT FACE="Times New Roman, Times, Serif">Despite poor weather condition and the construction, this number was well above the anticipated
         five-percent loss that we had programmed into our plan.  The real surprise, though, was total wagering.<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif"></FONT></TD>
        <TD width="85%"><FONT FACE="Times New Roman, Times, Serif">Overall wagering on both days was up almost two percent, with total handle of both days of $174
         million compared to $171 million in 2003.  Wagering on Derby day was at $143 million, which is a North
         American record for a single day.<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif"></FONT></TD>
        <TD width="85%"><FONT FACE="Times New Roman, Times, Serif">And on the individual races, wagering on the Derby was up some 13 percent and the Oaks was up some
         14 percent.  Growth in account wagering was also impressive.  During Derby week, our three, primary
         account-wagering partners - TVG, Youbet and AmericaTab - were up 26 percent, 46 percent and 46 percent,
         respectively.<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif"></FONT></TD>
        <TD width="85%"><FONT FACE="Times New Roman, Times, Serif">So, that was a good showing there.  Television ratings associated with the NBC telecast were equally
         impressive.  NBC delivered a 9.3 rating with a 22 share for the 5:45 to 6:45 p.m. period, compared to a
         7.6 and 20 percent share in 2003, a 22 percent increase and the best since 1992.<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif"></FONT></TD>
        <TD width="85%"><FONT FACE="Times New Roman, Times, Serif">The rating peaked at 10.8 and at 26 share, a 27-percent higher peak than the 8.5 and 21 share when Funny
         Cide ran last year and won the Derby.  The ESPN numbers ratings were also very good, with a 17-percent
         increase during the 2:30 to 5:00 p.m. period. And they achieved a 1.4 rating during that period.<BR><BR></FONT></TD></TR>
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<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CHURCHILL DOWNS, INC.<BR>
                Moderator: Mike Ogburn<BR>
                05-05-04/10:00 a.m. CT<BR>
                 Confirmation # 548094<BR>
                Page 6 </FONT></P>
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     <TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif"></FONT></TD>
        <TD width="85%"><FONT FACE="Times New Roman, Times, Serif">But by far the most impressive number posted came from kentuckyderby.com, our special event Internet
         site. The 2.5 million unique visitors to that site on Thursday, Friday and Saturday of Derby week were
         70 percent higher than last year. The results were directly attributable to new and unique elements
         contained on the site, advance coverage in the national media and various promotional relationships that
         we had with NBC, ESPN and FOX.<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif"></FONT></TD>
        <TD width="85%"><FONT FACE="Times New Roman, Times, Serif">And one of the most successful promotions was the "Pay Day" Sweepstakes. That alone produced some
         250,000 sign-ups, each containing full fields of customer information.  And again, as you know,
         collecting data on our customers is a critical element of our overall CRM effort as it expands our
         database of new potential customers.<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif"></FONT></TD>
        <TD width="85%"><FONT FACE="Times New Roman, Times, Serif">Again, while we've not reconciled all of the revenue and expense numbers associated with the Derby
         weekend, the preliminary data we have seen suggests that this was a year that was at or near what we
         expected, and in some areas, such as overall wagering and TV ratings, it far exceeded what we'd expected.<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif"></FONT></TD>
        <TD width="85%"><FONT FACE="Times New Roman, Times, Serif">Now, let me turn to a couple of other matters.  Construction at Churchill Downs racetrack is on
         schedule and on budget.  We will be closing the floors that we used during the Derby weekend, those two
         floors that I mentioned before, and restarting the construction process next week.<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif"></FONT></TD>
        <TD width="85%"><FONT FACE="Times New Roman, Times, Serif">Again, as we saw last year, the construction that will be ongoing will significantly impact the rest
         of the Spring Meet and the Fall Meet in 2004 here at Churchill Downs racetrack.  The overall project
         will be completed in the early spring of 2005, shortly before the opening of the 2005 Spring Meet.<BR><BR></FONT></TD></TR>
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<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CHURCHILL DOWNS, INC.<BR>
                Moderator: Mike Ogburn<BR>
                05-05-04/10:00 a.m. CT<BR>
                 Confirmation # 548094<BR>
                Page 7 </FONT></P>
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     <TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif"></FONT></TD>
        <TD width="85%"><FONT FACE="Times New Roman, Times, Serif"> At Calder, we will be opening a new card room around the middle of the year, and this will provide a
         new revenue channel for that operation.
<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif"></FONT></TD>
        <TD width="85%"><FONT FACE="Times New Roman, Times, Serif">Now, turning our attention to the legislative front, we are actively pursuing alternative gaming
         legislation in a number of the states, including California where, together with Magna and various card
         clubs, we are supporting a statewide referendum. Legislative bodies will be meeting this year in
         Illinois and in Pennsylvania where we will be working to secure favorable legislation in those states.
         There's also a possibility of a statewide referendum in the state of Florida, and we are developing
         plans, obviously, for new efforts in both Indiana and Kentucky.<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif"></FONT></TD>
        <TD width="85%"><FONT FACE="Times New Roman, Times, Serif">Depending on the events that unfold and the opportunities that may spring forth, we will
         aggressively pursue alternative gaming legislation as a part of our overall strategic plan for growth.<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif"></FONT></TD>
        <TD width="85%"><FONT FACE="Times New Roman, Times, Serif">This summer, three of our tracks, Hollywood, Churchill and Arlington, will participate in the NTRA
         Summer Racing Series.  This series involves five weekends where the races will be broadcast over ABC
         and/or ESPN.<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif"></FONT></TD>
        <TD width="85%"><FONT FACE="Times New Roman, Times, Serif">Three of the five weekends will emanate from our locations.  This is a significant move towards creating
         a "bridge" television property extending from the Triple Crown races in the spring to the Breeder's Cup
         races in the fall, something that we believe is sorely needed by the industry and we're fully supportive
         of it. Moreover, this series will provide our Company an opportunity to showcase and strengthen our
         quality racing content.<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif"></FONT></TD>
        <TD width="85%"><FONT FACE="Times New Roman, Times, Serif">Finally, to prevent any questions regarding development activities, in particular articles relating to
         activities in both California and Louisiana, let me reiterate our policy. We do not comment on
         development activities unless and until such time as they reach a point of substantial completion.  In
         short, we have not, nor will we, make any announcements about such matters until such a time as we know
         we can deliver on the promise.<BR><BR></FONT></TD></TR>
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<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CHURCHILL DOWNS, INC.<BR>
                Moderator: Mike Ogburn<BR>
                05-05-04/10:00 a.m. CT<BR>
                 Confirmation # 548094<BR>
                Page 8 </FONT></P>
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     <TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif"></FONT></TD>
        <TD width="85%"><FONT FACE="Times New Roman, Times, Serif">I can state, however, that we will continue to look for additional racing content, particularly
         racing content in the first quarter.  Second, we will continue to explore any and all opportunities that
         will allow us to maximize asset utilization, and in the appropriate case, monetize our land or other
         assets not needed in our core operations.<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif"></FONT></TD>
        <TD width="85%"><FONT FACE="Times New Roman, Times, Serif">Now, as I mentioned, let me turn the call over to Andy Skehan, our chief marketing officer, and
         he'll give you a CRM update.
<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif">Andy Skehan:</FONT></TD>
        <TD width="85%"><FONT FACE="Times New Roman, Times, Serif">Thank you, Tom.  I'd like to take the next few minutes to review why Customer Relationship
         Management, or CRM as it is typically referred to, is an appropriate strategy for Churchill Downs, what
         steps we are taking to effect this strategy, and then briefly touch on where we are in the process.
<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif"></FONT></TD>
        <TD width="85%"><FONT FACE="Times New Roman, Times, Serif">The strategy began to take shape more than two years ago when we realized that we could no longer
         conduct business as we had in the past.  The challenges presented by our rapid growth, escalating media
         costs, increased competition and expanded distribution necessitated that we explore new and more
         effective ways of communicating with and serving our customers.<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif"></FONT></TD>
        <TD width="85%"><FONT FACE="Times New Roman, Times, Serif">In particular, the trend toward more convenient off-track channels of distribution, while promoting
         increased handle, complicates our ability to maintain a relationship with many of our customers.<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif"></FONT></TD>
        <TD width="85%"><FONT FACE="Times New Roman, Times, Serif">Today, nearly 85 percent of handle is generated at locations away from the track where the actual
         race is taking place.  While the lack of direct contact with so many of our customers presented a
         challenge, it also presented an opportunity.<BR><BR></FONT></TD></TR>
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<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CHURCHILL DOWNS, INC.<BR>
                Moderator: Mike Ogburn<BR>
                05-05-04/10:00 a.m. CT<BR>
                 Confirmation # 548094<BR>
                Page 9 </FONT></P>
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     <TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif"></FONT></TD>
        <TD width="85%"><FONT FACE="Times New Roman, Times, Serif">As Tom briefly referenced in his remarks, by leveraging the Kentucky Derby through our online Pay
         Day promotion, we were able to capture information on more than 250,000 unique racing customers from
         around the world.<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif"></FONT></TD>
        <TD width="85%"><FONT FACE="Times New Roman, Times, Serif"> By implementing systems that enable us to efficiently collect, store and analyze customer
         information, we can then design and deliver personalized products, services and communications to create
         a true customer-centric organization.<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif"></FONT></TD>
        <TD width="85%"><FONT FACE="Times New Roman, Times, Serif">When we speak of CRM at Churchill Downs, we are speaking about the systems and processes that will
         enable us to deliver superior customer service no matter where you are located or how you interact with
         us.<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif"></FONT></TD>
        <TD width="85%"><FONT FACE="Times New Roman, Times, Serif">To that effect, we have already installed new admissions and sales and catering applications at
         Churchill Downs Racetrack in Arlington Park.  These systems will enable us to market and utilize our
         group hospitality services much more effectively.<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif"></FONT></TD>
        <TD width="85%"><FONT FACE="Times New Roman, Times, Serif">This is both a source of increased revenue, and perhaps more importantly, the most effective means
         available to us for introducing new fans to the sport of Thoroughbred racing.  We have also selected our
         CRM solutions providers and have begun installing the data management systems that will enable us to
         execute our plan.<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif"></FONT></TD>
        <TD width="85%"><FONT FACE="Times New Roman, Times, Serif">We have augmented our staff with accomplished CRM professionals to guide the process.  We have added
         Atique Shah to our team as the technical leader of our CRM implementation.  Atique came to us from GSI
         Commerce, where he was responsible for a CRM implementation that was recognized by Gartner as the top
         CRM implementation in North America last year. Prior to that, Atique led a full-scale CRM implementation
         at the NBA.<BR><BR></FONT></TD></TR>
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<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CHURCHILL DOWNS, INC.<BR>
                Moderator: Mike Ogburn<BR>
                05-05-04/10:00 a.m. CT<BR>
                 Confirmation # 548094<BR>
                Page 10 </FONT></P>
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     <TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif"></FONT></TD>
        <TD width="85%"><FONT FACE="Times New Roman, Times, Serif">Technology alone does not lead to improved results.  To ensure success, we are addressing the people and
         processes associated with the systems and strategy.<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif"></FONT></TD>
        <TD width="85%"><FONT FACE="Times New Roman, Times, Serif">We intend to instill a culture that places the customer at the center of every decision and
         recognizes that change is an essential and welcome element of creating that culture.  We have initiated
         a parallel effort to our CRM strategy focused on change management.<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif"></FONT></TD>
        <TD width="85%"><FONT FACE="Times New Roman, Times, Serif">Specifically, we are looking at the people systems we employ to ensure they promote and reward the
         behaviors necessary to attain our strategic objectives.  We are revamping our performance management
         process at every level and evaluating ways to improve communications and promote a culture that
         recognizes customer-centric behavior.
<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif"></FONT></TD>
        <TD width="85%"><FONT FACE="Times New Roman, Times, Serif">While it's still relatively early in the process, there are substantial indications that our efforts
         are making a difference.  Through our Twin Spires Affinity program, we have achieved unprecedented
         success using basic database marketing techniques.<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif"></FONT></TD>
        <TD width="85%"><FONT FACE="Times New Roman, Times, Serif">The new systems will enable us to dramatically increase the frequency and sophistication of these
         efforts.  We have also seen encouraging success with respect to customer satisfaction in areas where we
         have begun to implement systems and measurements that promote these behaviors.<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif"> </FONT></TD>
        <TD width="85%"><FONT FACE="Times New Roman, Times, Serif">We expect to see more progress as the year unfolds but do not plan to complete the system
         implementation until early next year.  Now, I'd like to turn things over to our CFO Mike Miller to
         review our first quarter financial performance.<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif">Mike Miller:</FONT></TD>
        <TD width="85%"><FONT FACE="Times New Roman, Times, Serif">Thank you, Andy, and good morning to everyone.  My comments will be directed to our results and our
         financial position for the first quarter and then to provide earnings guidance for the second quarter as
         well as for the full year.<BR><BR></FONT></TD></TR>
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<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CHURCHILL DOWNS, INC.<BR>
                Moderator: Mike Ogburn<BR>
                05-05-04/10:00 a.m. CT<BR>
                 Confirmation # 548094<BR>
                Page 11 </FONT></P>
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     <TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif"></FONT></TD>
        <TD width="85%"><FONT FACE="Times New Roman, Times, Serif">First, I want to ask that you turn your attention to the supplemental schedule revenues and EBITDA
         of our revenue segment.  With regard to revenues, our pari-mutuel activity for the first quarter was
         predictably flat from year to year, given our lack of racing product and the results for the overall
         industry for the first quarter.<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif"></FONT></TD>
        <TD width="85%"><FONT FACE="Times New Roman, Times, Serif">We did enjoy a revenue increase at Arlington, being awarded a greater share of the dark-day host fee
         money in 2004 from the Illinois Racing Board.  The de minimus revenues for CDSN for both years reflects
         our having virtually no live racing during the quarter, CDSN again being responsible for all of our
         export simulcasting.<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif"></FONT></TD>
        <TD width="85%"><FONT FACE="Times New Roman, Times, Serif">Our EBITDA for the quarter was a negative $13.1 million, an increase in our cash flow loss of nearly
         three quarter million dollars over 2003.  The positive swing, which may have been anticipated from the
         increased revenues, was more than offset by increased expenses incurred in connection with CRM, as Andy
         has just discussed, our legislative efforts, and temporary venue expenses, which we incurred to get
         ready for Oaks and Derby.<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif"></FONT></TD>
        <TD width="85%"><FONT FACE="Times New Roman, Times, Serif">Our normal operating, as well as SG&amp;A, expenses, if I may use such a term as normal, were relatively
         flat from first quarter 2003 to 2004.  Turning now to the full income statement, the discussion of
         revenues and EBITDA generally explains the change in our overall operating loss from year to year, an
         increase of approximately $900,000.<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif"></FONT></TD>
        <TD width="85%"><FONT FACE="Times New Roman, Times, Serif">I will let you know that the depreciation expense included in the first quarter loss was $5.2
         million, up approximately $250,000 from 2003 levels, the result of our Jockey Club suites being placed
         in service.<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif"></FONT></TD>
        <TD width="85%"><FONT FACE="Times New Roman, Times, Serif">In the Other Income category, you will note a $400,000 decrease in interest expense year to year, in
         spite of increased debt balances.  During the first quarter of 2003, we included in our interest expense
         approximately $600,000 of un-amortized loan issuance costs that we wrote off as a result of refinancing
         of our credit facilities in the spring of last year.<BR><BR></FONT></TD></TR>
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<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CHURCHILL DOWNS, INC.<BR>
                Moderator: Mike Ogburn<BR>
                05-05-04/10:00 a.m. CT<BR>
                 Confirmation # 548094<BR>
                Page 12 </FONT></P>
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     <TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif"></FONT></TD>
        <TD width="85%"><FONT FACE="Times New Roman, Times, Serif">Aside from that write-off, our expense for 2004 would have slightly exceeded 2003, consistent with
         the increased debt balance.  Our diluted earnings per share of 89 cents is two cents worse than in 2003.
<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif"></FONT></TD>
        <TD width="85%"><FONT FACE="Times New Roman, Times, Serif">The number of diluted shares is virtually the same, so the increase is directly attributable to the
         increased net loss for the period.  The 89 cents is three cents better than the guidance previously
         given, and this variance is largely due to the timing of anticipated expenses.<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif"></FONT></TD>
        <TD width="85%"><FONT FACE="Times New Roman, Times, Serif">    Next I'll speak to balance sheet fluctuations, focusing at this time only on March-to-March
         fluctuations.  The $6.1 million increase in current assets is a combination of several factors:
         increased cash balances, which are function of the timing of pari-mutuel settlements; increased deferred
         taxes, which arise from differences between GAAP and tax accounting; and increased receivables related
         to the Arlington property tax refund recorded in the fall of 2003.<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif"></FONT></TD>
        <TD width="85%"><FONT FACE="Times New Roman, Times, Serif">Our Other Asset category increased as a result of loan issuance costs from the spring 2003
         refinancing I previously mentioned, as well as the recording of the long-term portion of the Arlington
         property tax refund.<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif"></FONT></TD>
        <TD width="85%"><FONT FACE="Times New Roman, Times, Serif">Net plant and equipment grew by nearly $44 million, which is roughly equal to the amount spent on
         the Master Plan during this timeframe.  I might add that at this time we expect our Master Plan to be
         completed on time next spring, and as Tom mentioned, on budget at the $121 million level.<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif"></FONT></TD>
        <TD width="85%"><FONT FACE="Times New Roman, Times, Serif">Our goodwill balances are unchanged for the period.  We have performed the obligatory impairment
         tests on all facets of the goodwill balance and are comfortable that no impairment exists at any of the
         related facilities.<BR><BR></FONT></TD></TR>
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<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CHURCHILL DOWNS, INC.<BR>
                Moderator: Mike Ogburn<BR>
                05-05-04/10:00 a.m. CT<BR>
                 Confirmation # 548094<BR>
                Page 13 </FONT></P>
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     <TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif"></FONT></TD>
        <TD width="85%"><FONT FACE="Times New Roman, Times, Serif">Accounts payable on accrued expenses have both increased as a result of our Master Plan activity.
         In addition, part of the increase in accounts payable is due to an increased purse payable related to
         Arlington's position in 2004 as the host track for the "dark day" monies.
<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif"></FONT></TD>
        <TD width="85%"><FONT FACE="Times New Roman, Times, Serif">The increase in deferred revenue stems from increased Derby and Oaks billings, primarily related to
         the Jockey Club suites.  Our total debt, both current and long-term, increased by $14 million to $142
         million, which is the net of our Master Plan and other capital spending, offset by use of our free cash
         flows to reduce our debt.<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif"></FONT></TD>
        <TD width="85%"><FONT FACE="Times New Roman, Times, Serif">From March to March, the use of our credit facilities to finance net assets other than plant and
         equipment actually decreased.  The increase in equity from March 2003 to March 2004 results from our net
         income for the period, a slight increase in shares outstanding and then reduced by our normal dividend.<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif"></FONT></TD>
        <TD width="85%"><FONT FACE="Times New Roman, Times, Serif">Turning now to the guidance, we included in the release, guidance for the second quarter in a range
         of $2.10 to $2.15, which includes anticipated expenditures for legislative initiatives in all
         jurisdictions, but with emphasis on California, as well as for CRM expenses.<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif"></FONT></TD>
        <TD width="85%"><FONT FACE="Times New Roman, Times, Serif">We are still in the process of finalizing just how successful how Derby and Oaks were, given the
         increased expenses incurred to put on these events, but are cautiously optimistic that earnings will
         fall into this range that is several cents greater than the $2.09 reported last year.
<BR><BR></FONT></TD></TR>
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     <TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif"></FONT></TD>
        <TD width="85%"><FONT FACE="Times New Roman, Times, Serif">At the same time, we are reaffirming our full-year guidance of about $1.70.  Both of these estimates
         will take on greater certainty as our recently convened race meets continue for a few weeks, allowing us
         to better assess business trends. We know from the past that Derby and Oaks business levels are not
         necessarily indicative of what we might expect for the regular race meets.<BR><BR></FONT></TD></TR>

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<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CHURCHILL DOWNS, INC.<BR>
                Moderator: Mike Ogburn<BR>
                05-05-04/10:00 a.m. CT<BR>
                 Confirmation # 548094<BR>
                Page 14 </FONT></P>
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     <TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif"></FONT></TD>
        <TD width="85%"><FONT FACE="Times New Roman, Times, Serif">That concludes my remarks.  I will now turn it back to the operator to open it up for questions.<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif">Operator:</FONT></TD>
        <TD width="85%"><FONT FACE="Times New Roman, Times, Serif">Thank you.  The question and answer session will be conducted electronically.  If you would like to
         ask a question, please press the "star" key, followed by the digit "one" on your touch-tone telephone.
<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif"></FONT></TD>
        <TD width="85%"><FONT FACE="Times New Roman, Times, Serif">Once again, it "star, one" if you do have a question.<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif"></FONT></TD>
        <TD width="85%"><FONT FACE="Times New Roman, Times, Serif">And we'll go first to Amy Marcell, Jefferies &amp; Company.<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif">Amy Marcell:</FONT></TD>
        <TD width="85%"><FONT FACE="Times New Roman, Times, Serif">Thank you.  I was actually wondering if you guys could give us the cap ex for the quarter and maybe
         cap ex guidance for the rest of the year?<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif">Mike Miller:</FONT></TD>
        <TD width="85%"><FONT FACE="Times New Roman, Times, Serif">Well, in the call that we've had in February, we gave guidance for cap ex for the full year at $94
         million, and that's still the number - still a good number to use for the year.<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif"></FONT></TD>
        <TD width="85%"><FONT FACE="Times New Roman, Times, Serif">Let me see if I have some - oh, yes, I do.  For the quarter, for the Master Plan for the first
         quarter, the cap ex was approximately $19.5 million, and for all other cap ex, including both CRM and
         then our regular maintenance cap ex, it was approximately $6.3 million.<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif">Amy Marcell: </FONT></TD>
        <TD width="85%"><FONT FACE="Times New Roman, Times, Serif"> OK.  And could you quantify the construction disruption from this past quarter?<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif">Mike Miller:</FONT></TD>
        <TD width="85%"><FONT FACE="Times New Roman, Times, Serif">  Well, no.  Not really.  I mean, we've reported before that we have incurred additional expenses to
         put on the Derby and the Oaks with respect to temporary venues.  And we've reported that number was
         about a million dollars.
<BR><BR></FONT></TD></TR>
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     <TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif"></FONT></TD>
        <TD width="85%"><FONT FACE="Times New Roman, Times, Serif">But at this time, we're still determining all the financial results for Oaks and Derby, so it's very
         difficult to try to quantify that.<BR><BR></FONT></TD></TR>
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<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CHURCHILL DOWNS, INC.<BR>
                Moderator: Mike Ogburn<BR>
                05-05-04/10:00 a.m. CT<BR>
                 Confirmation # 548094<BR>
                Page 15 </FONT></P>

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     <TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif">Amy Marcell:</FONT></TD>
        <TD width="85%"><FONT FACE="Times New Roman, Times, Serif">OK.  Thank you very much.
<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif">Mike Miller:</FONT></TD>
        <TD width="85%"><FONT FACE="Times New Roman, Times, Serif">  Thank you.<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif">Operator:</FONT></TD>
        <TD width="85%"><FONT FACE="Times New Roman, Times, Serif">And we'll go next to Ryan Worst, C.L. King.<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif">Ryan Worst:</FONT></TD>
        <TD width="85%"><FONT FACE="Times New Roman, Times, Serif">Morning.
<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif">Tom Meeker:</FONT></TD>
        <TD width="85%"><FONT FACE="Times New Roman, Times, Serif">  Morning, Ryan.<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif">Mike Miller: </FONT></TD>
        <TD width="85%"><FONT FACE="Times New Roman, Times, Serif">Morning, Ryan.<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif">Ryan Worst: </FONT></TD>
        <TD width="85%"><FONT FACE="Times New Roman, Times, Serif">A couple questions.  Mike, in your guidance, does that include everything you expect to spend on the
         initiative in California?<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif">Mike Miller:</FONT></TD>
        <TD width="85%"><FONT FACE="Times New Roman, Times, Serif">During the - yes, it does indeed.<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif">Ryan Worst: </FONT></TD>
        <TD width="85%"><FONT FACE="Times New Roman, Times, Serif">Sure.  So, that's all included?<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif">Mike Miller:</FONT></TD>
        <TD width="85%"><FONT FACE="Times New Roman, Times, Serif">Yes.<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif">Ryan Worst:</FONT></TD>
        <TD width="85%"><FONT FACE="Times New Roman, Times, Serif">OK.  And Tom, have you guys seen an impact on the off-track betting wagering due to the new OTB in
         Indiana across from Churchill?<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif">Tom Meeker: </FONT></TD>
        <TD width="85%"><FONT FACE="Times New Roman, Times, Serif">Yes.  We can't quantify it, first of all - well, in one respect we can.  We had about, I think it
         was about a 10 percent decline in the Trackside operation here in Louisville.  In terms of the meet,
         we're just one week into the meet so it's pretty hard for us to determine what's going to happen.<BR><BR></FONT></TD></TR>
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<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CHURCHILL DOWNS, INC.<BR>
                Moderator: Mike Ogburn<BR>
                05-05-04/10:00 a.m. CT<BR>
                 Confirmation # 548094<BR>
                Page 16 </FONT></P>
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     <TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif"></FONT></TD>
        <TD width="85%"><FONT FACE="Times New Roman, Times, Serif">Parenthetically, you know, they have not concluded, the Indiana Horse Racing Commission has not made
         a final determination as to what's going to happen with the Kentucky signals going into Indiana.<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif"></FONT></TD>
        <TD width="85%"><FONT FACE="Times New Roman, Times, Serif">Currently the Kentucky signals do not go into the Clarksville operation.<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif">Mike Miller: </FONT></TD>
        <TD width="85%"><FONT FACE="Times New Roman, Times, Serif">Well, let me clarify something, too, with respect to the guidance.  We do have included in the
         second quarter guidance what we expect to incur in California.  The full-year amount that may be spent
         there is still yet to be determined, and it will depend on just how the process unfolds.<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif">Ryan Worst:</FONT></TD>
        <TD width="85%"><FONT FACE="Times New Roman, Times, Serif">OK.  But you assume some spending there, I would guess, in your guidance but it could be more or
         less than that, depending on what happens?<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif">Male:</FONT></TD>
        <TD width="85%"><FONT FACE="Times New Roman, Times, Serif">Indeed.  Indeed.<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif">Ryan Worst:</FONT></TD>
        <TD width="85%"><FONT FACE="Times New Roman, Times, Serif">OK.  And then, the other OTBs in Indiana are getting the Kentucky signals.  It's just the
         Clarksville one that is not?<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif">Tom Meeker: </FONT></TD>
        <TD width="85%"><FONT FACE="Times New Roman, Times, Serif"> That's correct.<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif">Andy Skehan: </FONT></TD>
        <TD width="85%"><FONT FACE="Times New Roman, Times, Serif"> And Evansville.<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif">Ryan Worst:</FONT></TD>
        <TD width="85%"><FONT FACE="Times New Roman, Times, Serif">  And when did that...<BR><BR></FONT></TD></TR>
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<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CHURCHILL DOWNS, INC.<BR>
                Moderator: Mike Ogburn<BR>
                05-05-04/10:00 a.m. CT<BR>
                 Confirmation # 548094<BR>
                Page 17 </FONT></P>
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     <TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif">Tom Meeker:</FONT></TD>
        <TD width="85%"><FONT FACE="Times New Roman, Times, Serif">I'm sorry, in terms of our operations, all of our operations are getting the signal.  Evansville and
         Clarksville are not.<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif">Ryan Worst:</FONT></TD>
        <TD width="85%"><FONT FACE="Times New Roman, Times, Serif">OK.  And when did the Clarksville OTB open?<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif">Tom Meeker:</FONT></TD>
        <TD width="85%"><FONT FACE="Times New Roman, Times, Serif">February - I can't give you...<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif">Mike Miller: </FONT></TD>
        <TD width="85%"><FONT FACE="Times New Roman, Times, Serif">I think it didn't open until March finally.<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif">Mike Miller:  </FONT></TD>
        <TD width="85%"><FONT FACE="Times New Roman, Times, Serif">It was delayed just a little.<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif">Tom Meeker: </FONT></TD>
        <TD width="85%"><FONT FACE="Times New Roman, Times, Serif">Yes, late February, early March.  Somewhere right in that area.<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif">Ryan Worst:</FONT></TD>
        <TD width="85%"><FONT FACE="Times New Roman, Times, Serif">OK.  And then also, Tom, I was wondering if you thought there was going to be an industry-wide
         impact or maybe something that might impact your strategy for account wagering going forward in that TVG
         did not exercise their warrants over Youbet.  Does that change your strategy or outlook for account
         wagering for the industry?<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif">Tom Meeker:</FONT></TD>
        <TD width="85%"><FONT FACE="Times New Roman, Times, Serif"> No.<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif"> Ryan Worst:</FONT></TD>
        <TD width="85%"><FONT FACE="Times New Roman, Times, Serif">OK.  And then on the "dark days" in Arlington Park?<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif">Tom Meeker:</FONT></TD>
        <TD width="85%"><FONT FACE="Times New Roman, Times, Serif">  Yes.<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif">Ryan Worst:</FONT></TD>
        <TD width="85%"><FONT FACE="Times New Roman, Times, Serif">Is that going to be the same next year as it is this year?<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif">Tom Meeker:</FONT></TD>
        <TD width="85%"><FONT FACE="Times New Roman, Times, Serif">It's to be determined.<BR><BR></FONT></TD></TR>
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<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CHURCHILL DOWNS, INC.<BR>
                Moderator: Mike Ogburn<BR>
                05-05-04/10:00 a.m. CT<BR>
                 Confirmation # 548094<BR>
                Page 18 </FONT></P>

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     <TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif">Ryan Worst: </FONT></TD>
        <TD width="85%"><FONT FACE="Times New Roman, Times, Serif"> OK.  Thanks.<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif">Mike Miller:</FONT></TD>
        <TD width="85%"><FONT FACE="Times New Roman, Times, Serif"> Thank you, Ryan.<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif">Operator:</FONT></TD>
        <TD width="85%"><FONT FACE="Times New Roman, Times, Serif">And just a reminder, if you do have a question, please press the "star" key, followed by the digit
"one." And we'll go next to Tim Rice.<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif">Tim Rice:</FONT></TD>
        <TD width="85%"><FONT FACE="Times New Roman, Times, Serif">Good morning.  I know you get tired of me asking this and I get a little tired of asking it myself but
         can you...<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif">Tom Meeker:</FONT></TD>
        <TD width="85%"><FONT FACE="Times New Roman, Times, Serif">Let's see if we'll get tired of answering it.<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif">Tim Rice: </FONT></TD>
        <TD width="85%"><FONT FACE="Times New Roman, Times, Serif"> But could you provide again your opinion as to whether there's any progress being made towards either
         a unified betting platform or unified television signal for the industry in this country?<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif">Tom Meeker: </FONT></TD>
        <TD width="85%"><FONT FACE="Times New Roman, Times, Serif">I can only speak for our Company and as I reported in the opening statement, we are doing as much as
         we possibly can to broaden the reach of our account wagering platforms.  We are now involved with
         AmericaTab and Youbet, coincident to the activities at TVG. TVG, in terms of providing more ubiquitous
         distribution, is alive and well.  According to the latest figures, in the first quarter they are now
         reaching 12 million-plus homes on a full-time basis and some 17 million homes if you add in the top
         sports net simulcast that they do, which is about a 40-plus percent increase year over year.<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif"></FONT></TD>
        <TD width="85%"><FONT FACE="Times New Roman, Times, Serif">So, on that front, there is more ubiquitous distribution, particularly in the areas of Comcast.
         They announced earlier a new relationship with Comcast, which will provide them greater coverage
         nationwide.<BR><BR></FONT></TD></TR>
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<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CHURCHILL DOWNS, INC.<BR>
                Moderator: Mike Ogburn<BR>
                05-05-04/10:00 a.m. CT<BR>
                 Confirmation # 548094<BR>
                Page 18 </FONT></P>

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     <TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif"></FONT></TD>
        <TD width="85%"><FONT FACE="Times New Roman, Times, Serif"> I think it continues to be our belief that, in conjunction with our efforts to improve the overall tote
         system, that:  one, we need a much larger television exposure for racing; two, we need to establish a
         unified account for our patrons regardless of what platform they go over; and three, that the point of
         competition should be at the level of choosing what platform you want to pass over, not necessarily what
         signal you want or what video transmission you want to watch.<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif"></FONT></TD>
        <TD width="85%"><FONT FACE="Times New Roman, Times, Serif">And I think as we move forward, hopefully, the industry will adopt such a paradigm.  But in the end,
         right now I think from a customer standpoint, clearly the customers are demanding a unified account.
         Clearly, the customers are demanding a full range of products, and hopefully calm, cool heads will
         prevail and we'll be able to achieve that objective.<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif">Tim Rice: </FONT></TD>
        <TD width="85%"><FONT FACE="Times New Roman, Times, Serif">Are you satisfied with your current arrangement with the rebaters?<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif">Tom Meeker:</FONT></TD>
        <TD width="85%"><FONT FACE="Times New Roman, Times, Serif">No.  I mean, obviously I think everyone would like to get more from the rebate operation, I think,
         as we move forward. We have seen significant improvement in our relationships in terms of the pricing of
         our products with the rebaters.<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif"></FONT></TD>
        <TD width="85%"> <FONT FACE="Times New Roman, Times, Serif">As we move forward hopefully we'll be able to achieve even greater results.<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif">Tim Rice:</FONT></TD>
        <TD width="85%"><FONT FACE="Times New Roman, Times, Serif">  Thanks very much.<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif">Tom Meeker:</FONT></TD>
        <TD width="85%"><FONT FACE="Times New Roman, Times, Serif"> Yes.<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif">Operator:</FONT></TD>
        <TD width="85%"><FONT FACE="Times New Roman, Times, Serif">And there are no further questions at this time.  Gentlemen, I'll turn the conference back to you for
         any closing remarks.<BR><BR></FONT></TD></TR>
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<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CHURCHILL DOWNS, INC.<BR>
                Moderator: Mike Ogburn<BR>
                05-05-04/10:00 a.m. CT<BR>
                 Confirmation # 548094<BR>
                Page 20 </FONT></P>
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     <TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif">Tom Meeker: </FONT></TD>
        <TD width="85%"><FONT FACE="Times New Roman, Times, Serif">Well, thank you.  As I mentioned in our last call, this will be a critical year for the Company as
         we reposition the Company in order to meet the new competitive challenges brought about by competition,
         the change in the distribution paradigm, et cetera.<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif"></FONT></TD>
        <TD width="85%"><FONT FACE="Times New Roman, Times, Serif">Our legislative and CRM initiatives will continue to be our primary focus as we move forward for the
         remaining part of this year.  However, we will also continue to seek new ways to strengthen our core
         racing products, such as the summer racing series that we're about to embark upon here shortly.
<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif"></FONT></TD>
        <TD width="85%"><FONT FACE="Times New Roman, Times, Serif">We'll continue to expand our distribution of in-home gaming products.  We'll continue to improve our
         overall tote system and, today, we are leading the initiative to improve the overall tote system - and
         in particular, to improve the customer interfaces available to us in our respective things, be they new
         self-serve machines and/or PDA operations, et cetera, and obviously improve the security of the overall
         tote system.  And finally, we will continue to focus on not only cost management but on new ways to
         improve our overall asset utilization.<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif"></FONT></TD>
        <TD width="85%"><FONT FACE="Times New Roman, Times, Serif">We are well on our way to accomplishing these tasks and, in the end, as we have done in the past, we
         believe these efforts will afford us an opportunity to continue to grow the Company and, in particular,
         produce greater shareholder value for our investors.<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif"></FONT></TD>
        <TD width="85%"><FONT FACE="Times New Roman, Times, Serif">And with that, I'll close today.  And again, thank you for joining us this morning.  Look forward to
         talking to you next quarter.<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif">Operator: </FONT></TD>
        <TD width="85%"><FONT FACE="Times New Roman, Times, Serif">That concludes today's conference.  Thank you for your participation.<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif"></FONT></TD>
        <TD width="85%"><FONT FACE="Times New Roman, Times, Serif">This
transcript contains forward-looking statements made pursuant to the &#147;safe
harbor&#148; provisions of the Private Securities Litigation Reform Act of 1995. The
reader is cautioned that such forward-looking statements are based on information
available at the time and/or management&#146;s good faith belief with respect to future
events, and are subject to risks and uncertainties that could cause actual performance or
results to differ materially from those expressed in the statements. Forward-looking
statements speak only as of the date the statement was made. We assume no obligation to
update forward-looking information to<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD COLSPAN="2" ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif">END</FONT></TD></TR>

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<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CHURCHILL DOWNS, INC.<BR>
                Moderator: Mike Ogburn<BR>
                05-05-04/10:00 a.m. CT<BR>
                 Confirmation # 548094<BR>
                Page 21 </FONT></P>
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     <TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif"></FONT></TD>
        <TD width="85%"><FONT FACE="Times New Roman, Times, Serif">reflect actual results., changes in assumptions or
changes in other factors affecting forward-looking information.. Forward-looking
statements are typically identified by the use of terms such as &#147;anticipate,&#148;
&#147;believe,&#148; &#147;could,&#148; &#147;estimate,&#148; &#147;expect,&#148;
&#147;intend,&#148; &#147;may,&#148; &#147;might,&#148; &#147;plan,&#148;
&#147;predict,&#148; &#147;project,&#148; &#147;should,&#148; &#147;will,&#148; and
similar words, although some forward-looking statements are expressed differently.
Although we believe that the expectations reflected in such forward-looking statements are
reasonable we can give no assurance that such expectations will prove to be correct.
Important factors that could cause actual results to differ materially from our
expectations include: the effect of global economic conditions; the effect (including
possible increases in the cost of doing business) resulting from future war and terrorist
activities or political uncertainties; the economic environment; the impact of increasing
insurance costs; the impact of interest rate fluctuations; the financial performance of
our racing operations; the impact of gaming competition (including lotteries and
riverboat, cruise ship and land-based casinos) and other sports and entertainment options
in those markets in which we operate; a substantial change in law or regulations affecting
our pari-mutuel activities; a substantial change in allocation of live racing days;
litigation surrounding the Rosemont, Illinois, riverboat casino; changes in Illinois law
that impact revenues of racing operations in Illinois; a decrease in riverboat admissions
subsidy revenue from our Indiana operations; the impact of an additional Indiana racetrack
and its wagering facilities near our operations; our continued ability to effectively
compete for the country&#146;s top horses and trainers necessary to field high-quality
horse racing; our continued ability to grow our share of the interstate simulcast market;
our ability to execute our acquisition strategy and to complete or successfully operate
planned expansion projects; our ability to adequately integrate acquired businesses;
market reaction to our expansion projects; any business disruption associated with our
facility renovations; the loss of our totalisator companies or their inability to keep
their technology current; our accountability for environmental contamination; the loss of
key personnel and the volatility of our stock price.<BR><BR></FONT></TD></TR>
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