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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0000020212-04-000023.txt : 20040819
<SEC-HEADER>0000020212-04-000023.hdr.sgml : 20040819
<ACCEPTANCE-DATETIME>20040819170058
ACCESSION NUMBER:		0000020212-04-000023
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20040816
ITEM INFORMATION:		Regulation FD Disclosure
FILED AS OF DATE:		20040819

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:		04986900

	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>f8kpr81604.htm
<DESCRIPTION>PRESS RELEASE DATED 8-16-04
<TEXT>
<HTML>
<HEAD>
<TITLE>8-K Press Release dated 8-16-04</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): August 16, 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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<!-- 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 August 16, 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 August 16, 2004,
         reporting that the registrant has ceased negotiations to acquire Fair Grounds Corporation, is
attached hereto as Exhibit 99.1 to this Form 8-K and is incorporated by reference herein.  This information is
being 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>August 19, 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>
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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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</BODY>
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</TEXT>
</DOCUMENT>
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<DOCUMENT>
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<FILENAME>exhibit9981604.htm
<DESCRIPTION>PRESS RELEASE DATED AUGUST 16, 2004
<TEXT>
<HTML>
<HEAD>
<TITLE>Exhibit 99.1 Press Release dated August 16, 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 CEASES NEGOTIATIONS TO ACQUIRE<BR>
 FAIR GROUNDS CORPORATION</FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>LOUISVILLE, Ky.&nbsp;&nbsp;(August 16, 2004)</B> -
Churchill Downs Incorporated (Nasdaq: CHDN) ("CDI" or the "Company")  today announced that it has ceased
negotiations to acquire the Fair Grounds Corporation in New Orleans, La.</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;Thomas H. Meeker,  CDI's president
 and chief  executive  officer,  stated:  "We believe that our offer is fair and exceeds any
other offer that the Debtor has received.  However,  we have been  unsuccessful in reaching a satisfactory  agreement with the parties
involved.  We continue  to be  interested  in the asset but the delays we have  experienced  in this  process  have  brought us to the
conclusion that closure is not possible."
</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;Under  arrangements  set by
the U.S.  Bankruptcy  Court,  District  of  Louisiana,  CDI was to  participate  in an August 16th
bankruptcy court auction designed to maximize the value of Fair Grounds assets for creditors and  shareholders.  However,  the Debtor -
Fair Grounds  majority  owner Bryan  Krantz - has sought to close a deal  outside of  bankruptcy  court  proceedings  and was granted a
continuance  to delay the  auction.  According  to records  released  August  12th,  CDI's  preliminary  auction bid of $45 million was
significantly higher than the only other bid submitted to Mr. Krantz.
</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 ("CDI"),
  headquartered in Louisville,  Ky., owns and operates world-renowned  horseracing venues
throughout the United States. The Company's racetracks in California,  Florida,  Illinois,  Indiana and Kentucky host 114 graded-stakes
events and many of North  America's most  prestigious  races,  including the Kentucky  Derby and Kentucky Oaks,  Hollywood Gold Cup and
Arlington  Million.  CDI  racetracks  have hosted  nine  Breeders'  Cup World  Thoroughbred  Championships  - more than any other North
American  racing  company.  CDI  also  owns  off-track  betting  facilities  and  has  interests  in  various  television   production,
telecommunications  and racing services companies that support CDI's network of simulcasting and racing  operations.  CDI trades on the
Nasdaq National Market under the symbol CHDN and can be found on the Internet at <U>www.churchilldownsincorporated.com</U>.
</FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<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 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;  costs
associated with our efforts in support of alternative gaming initiatives;  costs associated with our Customer  Relationship  Management
initiative;  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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