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<SEC-DOCUMENT>0000020212-04-000027.txt : 20040924
<SEC-HEADER>0000020212-04-000027.hdr.sgml : 20040924
<ACCEPTANCE-DATETIME>20040924165151
ACCESSION NUMBER:		0000020212-04-000027
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20040924
ITEM INFORMATION:		Regulation FD Disclosure
FILED AS OF DATE:		20040924
DATE AS OF CHANGE:		20040924

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:		041045398

	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>f8kpr92404.htm
<DESCRIPTION>PRESS RELEASE DATED SEPTEMBER 24, 2004
<TEXT>
<HTML>
<HEAD>
<TITLE>8-K Press Release dated 9-24-04</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): September 24, 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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</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>CHURCHILL DOWNS INCORPORATED<BR><BR>INDEX </FONT></H1>



<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Item 7.01</B></FONT></TD>
     <TD WIDTH="90%"><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 September 24, 2004,
         reporting that the U.S. Bankruptcy Court, Eastern District of Louisiana, approved registrant's acquisition of the Fair Grounds
Race Course, 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>September 24, 2004</FONT></TD>
     <TD WIDTH="50%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>/s/Michael W. Anderson</U><BR>
                                                     Michael W. Anderson<BR>
                                                     Vice President, Finance and Treasurer<BR>
                                                     </FONT></TD></TR>
</TABLE>
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               Page 3</FONT></TD>
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        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
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</TABLE>
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</TEXT>
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<FILENAME>exhibit99092404.htm
<DESCRIPTION>PRESS RELEASE DATED SEPTEMBER 24, 2004
<TEXT>
<HTML>
<HEAD>
<TITLE>Exhibit 99.1 Press Release dated September 24, 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><B>BANKRUPTCY COURT APPROVES CHURCHILL DOWNS INCORPORATED'S<BR>
 ACQUISITION OF FAIR GROUNDS RACE COURSE</B></FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>LOUISVILLE, Ky. (Sept. 24, 2004)</B> - The U.S. Bankruptcy Court, Eastern District of Louisiana, today approved Churchill Downs
Incorporated's (Nasdaq: CHDN) ("CDI" or "Company") $47 million acquisition of the Fair Grounds Race Course ("Fair Grounds"). CDI, the
Fair Grounds Corporation, the Louisiana Horseman's Benevolent and Protective Association and other parties involved are expected to
close the transaction on or before Oct. 15, 2004.</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, called the court's ruling "a welcome ending to a lengthy process and
the advent of a new era for the Fair Grounds, CDI and the New Orleans community."
</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;"The bankruptcy court's ruling
today brought us one step closer to achieving what we believe is an excellent strategic fit between
Fair Grounds and CDI and an ideal entree for our Company into a city and state with such a rich racing heritage," said Meeker. "The
Fair Grounds' tradition, quality racing and winter-race schedule are well complemented by CDI's operational expertise,
industry-leading brand and simulcast 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;"Going forward, we will now turn
 our focus on closing the transaction, immersing ourselves into the New Orleans community and
supporting the Fair Grounds staff in delivering an outstanding 2004-2005 meet," Meeker continued. "We will look to the continued
guidance and involvement of Fair Grounds management as we undertake this important transition process and begin building what we
believe will be a long and prosperous partnership with employees, patrons, horsemen and the community at large."
</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;Should the acquisition  close
successfully on or before Oct. 15, 2004, Fair Grounds and its 10 off-track  betting  facilities
would become the seventh  racetrack  operation owned by CDI. Fair Grounds' upcoming  82-day meet will run from Nov. 25, 2004,  through
March 27, 2005.
</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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        <TD COLSPAN=3 ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" size=2>
               -MORE-</FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Orleans, La.-based Fair Grounds
 Race Course, the nation's third oldest Thoroughbred racetrack, operates one of the top winter
racing circuits in the country.  Its 133rd season, scheduled Nov. 25, 2004 through March 27, 2005, will present 56 stakes races -
including nine graded stakes events - offering more than $6 million in purses.
</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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