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<SEC-DOCUMENT>0000940397-05-000112.txt : 20050511
<SEC-HEADER>0000940397-05-000112.hdr.sgml : 20050511
<ACCEPTANCE-DATETIME>20050510185532
ACCESSION NUMBER:		0000940397-05-000112
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20050510
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20050511
DATE AS OF CHANGE:		20050510

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:		05818390

	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>cdi8k51005.htm
<DESCRIPTION>PRESS RELEASE FOR FIRST QUARTER RESULTS
<TEXT>
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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>Washington, D.C. 20549</b></font></p>

<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4><b>FORM 8-K</b></FONT></p>

<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3><b>CURRENT REPORT<BR>
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934</b></font></p>

<br>

<p><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Date of Report (Date of earliest
event reported) <u>&nbsp;&nbsp;&nbsp;&nbsp;<b>May 10, 2005</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</u></font></p>

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<TR VALIGN="BOTTOM">
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH></TR>
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     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><b>CHURCHILL DOWNS INCORPORATED</b></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><b><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></b><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(Exact name of registrant as specified in its charter)</FONT></TD></TR>
</table>


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     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH></TR>
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     <TD WIDTH="34%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH="33%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH="33%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>KENTUCKY</B></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>0-1469</B></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>61-0156015</B></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD colspan=3><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></FONT></TD>
     </TR>
<TR VALIGN="TOP">
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(State or other jurisdiction<br>of incorporation)</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(Commission<br>File Number)</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(IRS Employer<br>Identification No.)</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"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD></TR>
</TABLE>


<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="BOTTOM">
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TH></TR>
<TR VALIGN="TOP">
     <TD ALIGN=left WIDTH="75%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>700 Central Avenue<BR>Louisville, Kentucky</b></FONT></TD>
     <TD ALIGN=left WIDTH="25%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><b><BR>40208</b></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</u></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(Address of principal executive offices)</FONT></TD>
     <TD ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(Zip Code)</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"></FONT></TD></TR>
</TABLE>

<br>
<p><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Registrant's telephone number, including area code <u>
&nbsp;&nbsp;&nbsp;&nbsp;<b>(502) 636-4400</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></p>


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     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH></TR>
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     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>N/A</b></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD WIDTH="100%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</u></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(Former name or former address, if changed since last report)</FONT></TD></TR>
</TABLE>

<p align=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligations of the registrant under any of the following provisions (see
General Instruction A.2. below):</font></p>

<p ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE="2">[&nbsp;&nbsp;] Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)</font></p>

<p ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE="2">[&nbsp;&nbsp;] Soliciting material pursuant to Rule 14a-12 under the Exchange
Act (17 CFR 240.14a-12)</font></p>

<p ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE="2">[&nbsp;&nbsp;] Pre-commencement communications pursuant to Rule 14d-2(b)
under the Exchange Act (17 CFR 240.14d-2(b))</font></p>

<p ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE="2">[&nbsp;&nbsp;] Pre-commencement communications pursuant to Rule 13e-4(c)
under the Exchange Act (17 CFR 240.13e-4(c))</font></p>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>ITEM 2.02. RESULTS OF
OPERATIONS AND FINANCIAL CONDITION.</B></FONT></H1>

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<P ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
copy of the news release issued by Churchill Downs Incorporated (the &#147;Company&#148;)
on May 10, 2005 announcing the results of operations and financial condition for the first quarter ended March 31, 2005,
is attached hereto as Exhibit 99.1 and incorporated by reference herein. </FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>ITEM 9.01 FINANCIAL
STATEMENTS AND EXHIBITS.</B> </FONT></H1>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit </FONT></P>


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     <TH WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH>
     <TH WIDTH=95% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH></TR>
<TR VALIGN="TOP">
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">99.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Press release dated May 10, 2005 issued by Churchill Downs Incorporated.</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD></TR>
</TABLE>


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<A NAME=A020></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SIGNATURES </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused
this report to be signed on its behalf by the undersigned hereunto duly authorized. </FONT></P>


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     <TD width=40%><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD width=60%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>CHURCHILL DOWNS INCORPORATED<BR><BR></b></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">May 10, 2005</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><u>&nbsp;/s/ Michael W. Anderson&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><br>
Michael W. Anderson<br>VP Finance and Treasurer</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"></FONT></TD></TR>
</TABLE>


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<TYPE>EX-99.1
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<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>EXHIBIT 99.1</B></FONT></P>
<A NAME=A001></A>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><IMG SRC="cdlogo.jpg"></FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" width=100%>
<TR VALIGN="BOTTOM">
     <TH width=75% align=left><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH>
     <TH width=25% align=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">FOR IMMEDIATE RELEASE</FONT></TD>
     <TD><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>
<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"></FONT></TD></TR>
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     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD></TR>
</TABLE>

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<A NAME=A003></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>CHURCHILL DOWNS
INCORPORATED REPORTS FIRST QUARTER RESULTS</b> </FONT></P>

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<P ALIGN="JUSTIFY"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>LOUISVILLE, Ky. (May 10, 2005)</B> &#151;
Churchill Downs Incorporated (Nasdaq: CHDN) (&#147;CDI&#148; or &#147;Company&#148;) today
reported results for the first quarter ended March 31, 2005. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net
revenues were $56.3 million, up 49.1 percent compared with $37.7 million for the first
quarter of 2004. CDI reported a net loss of $13.9 million, or $1.08 per share, compared
with a net loss of $11.7 million, or $0.89 per share, in the same period one-year prior. </FONT></P>

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<P ALIGN="JUSTIFY"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CDI
historically operates at a loss for the first quarter because it conducts minimal live
racing events during the period. With its acquisition of Fair Grounds Race Course in
October 2004, the Company added 61 race dates in the first quarter of 2005. However, gains
resulting from these additional race dates were offset in part by $2.8 million in
legislative spending related to the March 8 alternative gaming ballot initiative in
Florida, as well as higher corporate expenses, and fewer simulcast dark days at Arlington
Park versus the same period a year ago. </FONT></P>

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<P ALIGN="JUSTIFY"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thomas
H. Meeker, CDI&#146;s president and chief executive officer, said the Company made
important investments in strategic objectives in the quarter that should expand the CDI
brand and deliver returns over the long-term. &#147;We advanced or completed a number of
brand-extending initiatives that required capital in the first quarter and we believe will
impact our top line going forward. We completed our $121 million modernization of
Churchill Downs, as well as the build out of our Customer Relationship Management
(&#147;CRM&#148;) platform. We closed a successful meet at our new Fair Grounds Race
Course operation. We continued to advocate for industry-friendly alternative gaming
legislation in Florida. We announced a five-year Kentucky Derby sponsorship agreement with
Visa USA. Also, we announced the renewal of our Derby broadcast rights with NBC, a network
that has shown it can raise the profile of our great event and industry through its
excellent coverage and marketing. </FONT></P>

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<P ALIGN="JUSTIFY"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;We
expect such efforts to deliver growth over the course of several years and have already
begun to see some of our investments manifest themselves onto our top line,&#148;
continued Meeker. &#147;Our first meet at Fair Grounds Race Course, for example, delivered
positive results for the first quarter, resulted in the first on- and off-track wagering
gains for the track in four years&#146; time, and featured a Louisiana Derby that
generated the highest wagering for a single day in state history. Patrons responded very
favorably to the first Kentucky Derby and Oaks held in our newly renovated Churchill Downs
facility, as demonstrated by the incredible on-track results that included Derby
attendance of 156,435, the second-highest ever; on-track wagering of $22.1 </FONT></P>

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<A NAME=A004></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151; MORE &#151; </FONT></P>

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<P ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>700
CENTRAL AVENUE o LOUISVILLE, KY 40208 o P: (502) 636-4400 o churchilldownsincorporated.com </FONT></P>




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<A NAME=A005></A>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Churchill Downs
Incorporated Reports First Quarter Results<BR>May 10, 2005<BR>Page 2 </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P ALIGN="JUSTIFY"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>million,
a new Derby record; and Oaks attendance of 111,243 and on-track wagering of $12.1 million,
both records. We are equally thrilled with the success of the Derby across the country, as
more than 20 million viewed the race and total wagering on the 131st running amounted to
$156 million, topping the North American, single-day wagering record of $143 million set
during last year&#146;s Derby.&#148; </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P ALIGN="JUSTIFY"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meeker
concluded, &#147;These results, coupled with the roll out of our CRM initiative and
Company-wide customer focus, provide us momentum as we transition into the current quarter
and the heart of our racing season. The experience garnered from the second quarter should
give us a much clearer view of business trends, which we look forward to sharing with you
in our disclosures for that period.&#148; </FONT></P>

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<P ALIGN="JUSTIFY"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
conference call regarding this release is scheduled for Wednesday, May 11, 2005, beginning
at 9&nbsp;a.m. EDT. Investors and other interested parties may listen to the
teleconference by accessing the online, real-time webcast and broadcast of the call at
www.churchilldownsincorporated.com/investor_relations or www.fulldisclosure.com, or by
calling (913) 981-5532 at least 10 minutes before the appointed time. The online replay
will be available at approximately noon and continue for two weeks. A six-day telephonic
replay will be available two hours after the call ends by dialing (719) 457-0820 and
entering 5125401 then prompted for the access code. A copy of the Company&#146;s news
release announcing earnings and relevant financial and statistical information about the
period will be accessible at www.churchilldownsincorporated.com/investor_relations. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P ALIGN="JUSTIFY"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition to the results provided in accordance with U.S. Generally Accepted Accounting
Principles (&#147;GAAP&#148;), the Company has provided a non-GAAP measurement, which
presents a financial measure of Earnings before Interest, Taxes, Depreciation and
Amortization (&#147;EBITDA&#148;). CDI uses EBITDA as a key performance measure of results
of operations for purposes of evaluating performance internally. The Company believes the
use of this measure enables management and investors to evaluate and compare, from period
to period, CDI&#146;s operating performance in a meaningful and consistent manner. This
non-GAAP measurement is not intended to replace the presentation of CDI&#146;s financial
results in accordance with GAAP. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P ALIGN="JUSTIFY"><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 seven racetracks in
California, Florida, Illinois, Indiana, Kentucky and Louisiana host 121 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 has
interests in various television production, 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 www.churchilldownsincorporated.com. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P ALIGN="JUSTIFY"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>This news release 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 </I></FONT></P>

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<A NAME=A006></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151; MORE &#151; </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>700
CENTRAL AVENUE o LOUISVILLE, KY 40208 o P: (502) 636-4400 o churchilldownsincorporated.com </FONT></P>





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<A NAME=A007></A>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Churchill Downs
Incorporated Reports First Quarter Results<BR>May 10, 2005<BR>Page 3 </FONT></P>

<P ALIGN="JUSTIFY"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>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 &#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 effect of any change in the Company&#146;s accounting policies or
practices; 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; the impact of
live racing day competition with other Florida, Louisiana and California racetracks within
those respective markets; costs associated with our efforts in support of alternative
gaming initiatives; costs associated with our Customer Relationship Management
initiatives; a substantial change in law or regulations affecting our pari-mutuel and
gaming 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 provide adequate reliance on their
internal control processes through SAS 70 reports or to keep their technology current; the
need for various alternative gaming approvals in Louisiana; our accountability for
environmental contamination; the loss of key personnel and the volatility of our stock
price.</I> </FONT></P>

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<A NAME=A008></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151; MORE &#151; </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>700
CENTRAL AVENUE o LOUISVILLE, KY 40208 o P: (502) 636-4400 o churchilldownsincorporated.com </FONT></P>





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<A NAME=A009></A>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Churchill Downs
Incorporated Reports First Quarter Results<BR>May 10, 2005<BR>Page 4 </FONT></P>


<!-- MARKER FORMAT-SHEET="Head Minor Center" FSL="Default" -->
<A NAME=A011></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>CHURCHILL DOWNS
INCORPORATED<BR>CONDENSED CONSOLIDATED STATEMENTS OF NET LOSS<BR>for the three months
ended March 31,<BR>(Unaudited)<BR>(In thousands, except per share data)</b> </FONT></P>

<PRE>

                                                                       <U><B>2005</B></u>       <u><B>2004</B></u>

Net revenues                                                        $56,252     $ 37,729
Operating expenses                                                   65,389       47,493
                                                                   --------     --------

     Gross loss                                                      (9,137)      (9,764)

Selling, general and administrative expenses                         14,142        9,078
                                                                   --------     --------

     Operating loss                                                 (23,279)     (18,842)
                                                                   --------     --------

Other income (expense):
          Interest income                                                86          116
          Interest expense                                           (2,647)      (1,384)
          Unrealized gain on derivative instruments                     206            -
          Miscellaneous, net                                            537          336
                                                                   --------     --------
                                                                     (1,818)        (932)
                                                                   --------     --------

Loss before income tax benefit                                      (25,097)     (19,774)


Income tax benefit                                                   11,200        8,028
                                                                   --------     --------

Net loss                                                           $(13,897)    $(11,746)
                                                                   --------     --------

Basic and diluted net loss per common share                          $(1.08)      $(0.89)

Basic and diluted weighted average shares
      outstanding                                                    12,881       13,257

</PRE>


<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Certain financial statement amounts have been reclassified in the prior periods to conform to current period presentation.</FONT></P>

<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151; MORE &#151; </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Churchill Downs
Incorporated Reports First Quarter Results<BR>May 10, 2005<BR>Page 5 </FONT></P>

<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>CHURCHILL DOWNS
INCORPORATED<BR>SUPPLEMENTAL INFORMATION BY OPERATING UNIT<BR>for the three months
ended March 31,<BR>(Unaudited)<BR>(In thousands)</b> </FONT></P>



<PRE>
                                                            <U><B>2005</b></U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><B>2004</B></U>
<B>Net revenues from external customers:</B>
  Kentucky Operations                                      $4,236    $ 4,725
  Hollywood Park                                            4,435      5,099
  Arlington Park                                           11,274     16,044
  Calder Race Course                                        1,628      1,530
  Hoosier Park                                              8,839      9,414
  Louisiana Operations                                     16,941          -
  CDSN                                                      8,766        879
                                                         --------    -------
      Total racing operations                              56,119     37,691
  Other investments                                             -         38
  Corporate                                                   133          -
                                                          -------    -------
                                                          $56,252    $37,729
                                                          =======    =======
<B>Intercompany net revenues:</B>
  Kentucky Operations                                     $   159    $     8
  Hollywood Park                                               90          5
  Arlington Park                                              171         11
  Calder Race Course                                          281        268
  Hoosier Park                                                 71          3
  Louisiana Operations                                      5,962          -
                                                         --------    -------
      Total racing operations                               6,734        295
  Other investments                                           138        145
  Corporate                                                   259        278
  Eliminations                                             (7,131)      (718)
                                                          -------    -------
                                                          $     -    $     -
                                                          =======    =======

<B>EBITDA:</B>
  Kentucky Operations                                     $(6,601)   $(6,176)
  Hollywood Park                                           (3,426)    (3,189)
  Arlington Park                                           (1,651)       404
  Calder Race Course                                       (5,741)    (2,652)
  Hoosier Park                                                414        674
  Louisiana Operations                                      1,660          -
  CDSN                                                      2,133       (133)
                                                         --------   --------
      Total racing operations                             (13,212)   (11,072)
  Other investments                                           178         15
  Corporate                                                (3,509)    (2,087)
                                                         --------   --------
     Total EBITDA                                         (16,543)   (13,144)
  Depreciation and amortization                            (5,993)    (5,362)
  Interest income (expense), net                           (2,561)    (1,268)
  Income tax benefit                                       11,200      8,028
                                                         -------    --------
  Net loss                                               $(13,897)  $(11,746)
                                                         ========   ========
</PRE>


<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Certain financial statement amounts
have been reclassified in the prior periods to conform to current period presentation. </FONT></P>

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<A NAME=A016></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#150;MORE&#150;</FONT></P>


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<!-- MARKER FORMAT-SHEET="Head Left" FSL="Default" -->
<A NAME=A017></A>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Churchill Downs
Incorporated Reports First Quarter Results<BR>May 10, 2005<BR>Page 6 </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Minor Center" FSL="Default" -->
<A NAME=A019></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>CHURCHILL DOWNS
INCORPORATED<BR>CONDENSED CONSOLIDATED
BALANCE SHEETS<BR>(in thousands)
(unaudited)</B> </FONT></P>

<PRE>
                                                             <B>    March 31,         December 31,
                                                                     2005                2004</B>
                                                                     ----                ----
                         <B>ASSETS</B>
      Current assets:
           Cash and cash equivalents                             $  15,097         $  27,712
           Restricted cash                                           3,906             7,267
           Accounts receivable, net                                 21,905            50,523
           Deferred income taxes                                     3,204             3,940
           Income taxes receivable                                  11,305                 -
           Other current assets                                      9,547             3,999
                                                                 ---------         ---------
                Total current assets                                64,964            93,441

      Other assets                                                  18,748            17,196
      Plant and equipment, net                                     473,830           458,644
      Goodwill                                                      53,528            53,528
      Other intangible assets, net                                  18,925            19,149
                                                                  --------         ---------
                                                                  $629,995         $ 641,958
                                                                  ========         =========
<B>      LIABILITIES AND SHAREHOLDERS' EQUITY</B>
      Current liabilities:
           Accounts payable                                      $  18,425         $  34,233
           Purses payable                                           14,271             8,464
           Accrued expenses                                         32,570            37,511
           Dividends payable                                             -             6,430
           Deferred revenue                                         43,229            25,941
                                                                 ---------         ---------
                Total current liabilities                          108,495           112,579

      Long-term debt, due after one year                           246,382           242,770
      Other liabilities                                             20,788            20,424
      Deferred revenue                                              19,327            19,071
      Deferred income taxes                                          8,681             8,686
                                                                 ---------         ---------
                Total liabilities                                  403,673           403,530

      Commitments and contingencies                                      -                 -
      Shareholders' equity:
           Preferred stock, no par value;
                250 shares authorized; no shares issued                  -                 -
           Common stock, no par value; 50,000 shares
                authorized; issued: 12,928 shares March 31,
                2005 and 12,904 shares December 31, 2004           115,578           114,930
           Retained earnings                                       111,716           125,613
           Unearned compensation                                    (1,861)           (1,935)
           Accumulated other comprehensive income (loss)               889              (180)
                                                                  --------         ---------
                                                                   226,322           238,428
                                                                  --------         ---------
                                                                  $629,995         $ 641,958
                                                                  ========         =========

</PRE>
<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Certain financial statement amounts
have been reclassified in the prior periods to conform to current period presentation. </FONT></P>

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<A NAME=A022></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-END- </FONT></P>


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