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<SEC-DOCUMENT>0000020212-04-000019.txt : 20040630
<SEC-HEADER>0000020212-04-000019.hdr.sgml : 20040630
<ACCEPTANCE-DATETIME>20040630161357
ACCESSION NUMBER:		0000020212-04-000019
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20040625
ITEM INFORMATION:		Financial statements and exhibits
ITEM INFORMATION:		Regulation FD Disclosure
FILED AS OF DATE:		20040630

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:		04891558

	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>f8kpr62504.htm
<DESCRIPTION>PRESS RELEASE DATED JUNE 25, 2004
<TEXT>
<HTML>
<HEAD>
<TITLE>8-K Press Release dated 6-25-04</TITLE>
</HEAD>
<BODY>
<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SECURITIES AND EXCHANGE COMMISSION<BR>
        WASHINGTON, D.C. 20549<BR> <BR>
        <B>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): June 25, 2004</B> </FONT></P>

<P ALIGN="Center"><IMG SRC="smalllogo.gif" ALIGN="MIDDLE"></P>

<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(Exact name of
registrant as specified in its charter)</FONT></P>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 ALIGN=Center WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH="37%" ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Kentucky</U></FONT></TD>
     <TD WIDTH="28%" ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>0-1469</U></FONT></TD>
     <TD WIDTH="35%" ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>61-0156015</U></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(State or other jurisdiction of</FONT></TD>
     <TD ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(Commission File Number)</FONT></TD>
     <TD ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(IRS Employer Identification No.)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>incorporation or organization)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD></TR>
</TABLE>

<!-- MARKER FORMAT-SHEET="Head Center Underline-TNR" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>700 Central Avenue,
Louisville, KY 40208 </U><BR>(Address of principal executive offices)<BR> (Zip Code)<BR><BR> </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Center Underline-TNR" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>(502) 636-4400 </U><BR>
        (Registrant&#146;s telephone number, including area code)<BR><BR> </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Center Underline-TNR" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Not Applicable</U><BR>
        (Former name or former address, if changed since last report) </FONT></P>




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               Page 1</FONT></TD>
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<!-- MARKER FORMAT-SHEET="Head Major Center Bold" FSL="Default" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CHURCHILL DOWNS INCORPORATED<BR><BR>INDEX </FONT></H1>



<TABLE WIDTH=100% BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Item 7.</B></FONT></TD>
     <TD WIDTH="90%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Financial Statements and Exhibits</B><BR><BR></FONT></TD>
</TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibit 99.1 - Press release dated June 25, 2004<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Item 9.</B></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Regulation FD Disclosure</B><BR><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The registrant's press release dated June 25, 2004,
         reporting the registrant's announcement as the opening bidder in the bankruptcy  auction for Fair Grounds Corporation's
racetrack and off-track betting assets, is attached as Exhibit 99.1 to this Form 8-K, and is furnished to the U.S. Securities and
 Exchange Commission pursuant to Regulation FD.<BR><BR></FONT></TD></TR>

</TABLE>
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               Page 2</FONT></TD>
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        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
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<!-- MARKER FORMAT-SHEET="Head Major Center Bold" FSL="Default" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SIGNATURES </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><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 thereunto duly authorized. </FONT></P>

<TABLE WIDTH=100% BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="BOTTOM">
     <TH WIDTH="50%"><FONT SIZE="2"></FONT></TH>
     <TH WIDTH="50%" ALIGN="left"><FONT SIZE="2">CHURCHILL DOWNS INCORPORATED<BR><BR><BR><BR></FONT></TH></TR>
<TR VALIGN="TOP">
     <TD WIDTH="50%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>June 25, 2004</FONT></TD>
     <TD WIDTH="50%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>/s/Michael E. Miller</U><BR>
                                                     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>
<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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</TEXT>
</DOCUMENT>
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<DOCUMENT>
<TYPE>EX-99
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<FILENAME>exhibit9962504.htm
<DESCRIPTION>PRESS RELEASE DATED JUNE 25, 2004
<TEXT>
<HTML>
<HEAD>
<TITLE>Exhibit 99.1 Press Release dated May 10, 2004</TITLE>
</HEAD>
<BODY><TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 ALIGN=Center WIDTH=100%>
<TR VALIGN=top>
     <TD WIDTH=54% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>FOR IMMEDIATE RELEASE</FONT></TD>
     <TD WIDTH=46% ALIGN=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                Contact: Mike Ogburn<BR>
                (502) 636-4415 (office)<BR>
                (502) 262-0224 (cellular)<BR>
                <U>mogburn@kyderby.com</U></FONT></TD></TR>
</TABLE>
<!-- MARKER FORMAT-SHEET="Head Major Center Bold" FSL="Default" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CHURCHILL DOWNS INCORPORATED TO ACT AS "STALKING HORSE" IN<BR>
FAIR GROUNDS CORPORATION'S BANKRUPTCY AUCTION</FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>LOUISVILLE, Ky.&nbsp;&nbsp;(June 25, 2004)</B> -
Churchill Downs Incorporated ("CDI" or the "Company") (Nasdaq: CHDN) today announced that it is the opening bidder or "stalking
horse" in the bankruptcy auction for Fair Grounds Corporation's ("Fair Grounds" or "Debtor") racetrack and off-track betting assets.
The Company's role in the auction process was established as part of the Debtor's plan for reorganization. The opening bid for the
assets will be $45 million.</FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"We are  pleased to be in this  position  and hope  through  the  auction  process  that we will be able to further  build the
Churchill Downs  Incorporated  brand by acquiring this quality  racetrack," said Thomas H. Meeker,  CDI's president and chief executive
officer.  "Fair Grounds offers CDI a winter  Thoroughbred  racing meet and alternative  gaming in a historically  strong racing market.
We believe that should Fair Grounds  become part of our racing  portfolio,  the  racetrack  would  benefit from CDI's  industry-leading
branding, operational expertise and simulcast distribution network.
</FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"We view Fair  Grounds  and CDI
as a good  strategic  fit,"  Meeker  continued.  "In our  meetings  with state and local  officials  in
Louisiana,  we have been made to feel welcome in the community while being  encouraged by the region's  business-friendly  climate.  We
are  hopeful  that we can create the best  outcome for the New Orleans  community,  Fairgrounds'  creditors,  Louisiana  horsemen,  the
racetrack's workers and customers, and our shareholders."
</FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CDI's offer is subject to the
satisfaction  of customary  conditions and Meeker offered no assurances  that the Company would
be the successful bidder in the auction or that any agreement between the parties would be consummated.
</FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Churchill
Downs Incorporated, headquartered in Louisville, Ky., owns and operates world-renowned
horse racing venues throughout the United States. The Company&#146;s racetracks in
California, Florida, Illinois, Indiana and Kentucky host 114 graded-stakes events and many
of North America&#146;s most prestigious races, including the Kentucky Derby and Kentucky
Oaks, Hollywood Gold Cup and Arlington Million. CDI racetracks have hosted nine
Breeders&#146; Cup World Thoroughbred Championships &#150; more than any other North
American racing company. CDI also owns off-track betting facilities and a television
production company and has interests in various telecommunications and racing services
companies that support CDI&#146;s network of simulcasting and racing operations. CDI
trades on the Nasdaq National Market under the symbol CHDN and can be found on the
Internet at <U>www.churchilldownsincorporated.com</U>. </FONT></P>

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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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>This  news  release  contains
 forward-looking  statements  made  pursuant  to the "safe  harbor"  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'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 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  "anticipate,"  "believe,"  "could,"  "estimate,"  "expect,"  "intend,"  "may,"
"might," "plan," "predict,"  "project,"  "should," "will," 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 inherent  uncertainties  in the  bankruptcy  auction  process,  including that we will not be the
successful bidder; 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'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.</I></FONT></P>
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