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<SEC-DOCUMENT>0001341004-09-000850.txt : 20090427
<SEC-HEADER>0001341004-09-000850.hdr.sgml : 20090427
<ACCEPTANCE-DATETIME>20090427092734
ACCESSION NUMBER:		0001341004-09-000850
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20090424
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20090427
DATE AS OF CHANGE:		20090427

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:	001-33998
		FILM NUMBER:		09771258

	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>
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<TYPE>8-K
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below if the Form 8-K filing is intended to simultaneously satisfy the filing
obligation of the registrant under any of the following provisions <font style="DISPLAY: inline; FONT-SIZE: 11pt">(</font><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-STYLE: italic">see</font><font style="DISPLAY: inline; FONT-SIZE: 11pt"> General Instruction A.2.
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">A
news article was issued by Reuters on April 24, 2009.&#160;&#160;A copy of the
news article is attached hereto as Exhibit 99.1 and is incorporated by reference
into this Item 7.01 of this Current Report on Form 8-K.</font></div>
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information in this Item 7.01 of this Current Report on Form 8-K, including the
exhibit relating hereto, is furnished pursuant to Item 7.01 and shall not be
deemed &#8220;filed&#8221; under the Securities Exchange Act of 1934, as
amended.</font></div>
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Exhibits.</font></div>
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this Current Report on Form 8-K:</font></div>
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2009.</font></div>
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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></font></div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; COLOR: #000000">&#160;&#160;&#160;&#160;</font><font style="DISPLAY: inline; COLOR: #000000">/s/</font><font style="DISPLAY: inline; COLOR: #000000">&#160;William E.
      Mudd</font></font></div>
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      </font></td>
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    Mudd</font></font></div>
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      </font></td>
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      and</font></font></div>
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            </td>
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    <div>&#160;</div>
    <div>&#160;</div>
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    <div>
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        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
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</font></div>
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INDEX</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">
          <tr>
            <td align="left" valign="top" width="12%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; TEXT-DECORATION: underline">&#160;Exhibit&#160;No.</font></font></div>
            </td>
            <td valign="top" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="60%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Description</font></font></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="12%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">99.1</font></div>
            </td>
            <td valign="top" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="60%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">News
      article issued by Reuters on April 24,
2009.</font></div>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exhibit99-1.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
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  <head>
    <title>exhibit99-1.htm</title>
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    <div>&#160;</div>
    <div>&#160;</div>
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99.1</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 3pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 227.35pt" align="left"><img src="exhibit99-11.jpg" alt=""></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 28.8pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 16pt; FONT-FAMILY: Arial, sans-serif">INTERVIEW-UPDATE
2-Sponsors cautious ahead of Kentucky Derby</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 28.8pt" align="left">
        <div>
          <hr style="COLOR: black" align="left" noshade size="1" width="65%">
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 7pt; COLOR: #666666; FONT-FAMILY: Arial, sans-serif"><font style="DISPLAY: inline; COLOR: #666666">Fri Apr24, 2009</font></font></div>
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sponsorships down</font></font></div>
        <div style="MARGIN-LEFT: 24pt; TEXT-INDENT: 24pt"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #0000ff;" face="Symbol, serif"><font style="DISPLAY: inline; COLOR: #0000ff">*</font></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 3pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #0000ff; FONT-FAMILY: Courier New, monospace"><font style="DISPLAY: inline; COLOR: #0000ff">Online wagering doing
well</font></font></div>
        <div style="MARGIN-LEFT: 24pt; TEXT-INDENT: 24pt"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #0000ff;" face="Symbol, serif"><font style="DISPLAY: inline; COLOR: #0000ff">*</font></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 3pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #0000ff; FONT-FAMILY: Courier New, monospace"><font style="DISPLAY: inline; COLOR: #0000ff">Company has capital that could be used
for acquisitions</font></font></div>
        <div style="MARGIN-LEFT: 24pt; TEXT-INDENT: 24pt">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #0000ff; FONT-FAMILY: Courier New, monospace"><font style="DISPLAY: inline; COLOR: #0000ff">(Recasts, adds comments on economy,
background)</font></font></div>
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        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 24pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Courier New, monospace"><font style="DISPLAY: inline; COLOR: #0000ff">NEW YORK, April 24 (Reuters) - Corporate
demand for tickets </font><font style="DISPLAY: inline; COLOR: #0000ff">and
sponsorships at the Kentucky Derby is down this year, the </font><font style="DISPLAY: inline; COLOR: #0000ff">finance chief of racetrack operator
Churchill Downs Inc </font><font style="DISPLAY: inline; COLOR: #0000ff">said on
Frid</font><font style="DISPLAY: inline; COLOR: #0000ff">ay.</font></font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 24pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 24pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Courier New, monospace"><font style="DISPLAY: inline; COLOR: #0000ff">But the company is seeing strong demand
for reserved seats </font><font style="DISPLAY: inline; COLOR: #0000ff">at its
marquee event, and in online betting, CFO Bill Mudd said </font><font style="DISPLAY: inline; COLOR: #0000ff">in an interview. He also said Churchill
Downs had capital that </font><font style="DISPLAY: inline; COLOR: #0000ff">could be used for
acquisitions.</font></font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 24pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 24pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Courier New, monospace"><font style="DISPLAY: inline; COLOR: #0000ff">"We're doing very well with all
th</font><font style="DISPLAY: inline; COLOR: #0000ff">e reserve </font><font style="DISPLAY: inline; COLOR: #0000ff">seatings</font><font style="DISPLAY: inline; COLOR: #0000ff">, (but) </font><font style="DISPLAY: inline; COLOR: #0000ff">corporate hospitality we're having a
little bit more </font><font style="DISPLAY: inline; COLOR: #0000ff">difficulty," Mudd told Reuters after
ringing the opening bell </font><font style="DISPLAY: inline; COLOR: #0000ff">at
the Nasdaq.</font></font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 24pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 24pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Courier New, monospace"><font style="DISPLAY: inline; COLOR: #0000ff">"We have seen some softness in
sponsorships and some </font><font style="DISPLAY: inline; COLOR: #0000ff">corporate hospitality areas where
companies are</font><font style="DISPLAY: inline; COLOR: #0000ff"> cutting
back," </font><font style="DISPLAY: inline; COLOR: #0000ff">he said. Key revenue
from general admissions will largely </font><font style="DISPLAY: inline; COLOR: #0000ff">depend on the weather during race
weekend, he added.</font></font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 24pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 24pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #0000ff; FONT-FAMILY: Courier New, monospace"><font style="DISPLAY: inline; COLOR: #0000ff">The 135th Kentucky Derby is scheduled
for May 2.</font></font></div>
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softer ticket sales, </font><font style="DISPLAY: inline; COLOR: #0000ff">include less willingnes</font><font style="DISPLAY: inline; COLOR: #0000ff">s to sponsor drinks at the
event.</font></font></div>
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leagues and </font><font style="DISPLAY: inline; COLOR: #0000ff">organizations
as consumers cut spending on tickets and </font><font style="DISPLAY: inline; COLOR: #0000ff">concessions and companies like General
Motors Corp and </font><font style="DISPLAY: inline; COLOR: #0000ff">FedEx Corp
reduce budgets for pricey seats and </font></font><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #0000ff; FONT-FAMILY: Courier New, monospace"><font style="DISPLAY: inline; COLOR: #0000ff">sponsorships.</font></font></div>
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said that for the </font><font style="DISPLAY: inline; COLOR: #0000ff">first
time since 2001 it will allow coolers with food and </font><font style="DISPLAY: inline; COLOR: #0000ff">nonalcoholic drinks in the racetrack
infield on the day of the </font><font style="DISPLAY: inline; COLOR: #0000ff">Kentucky Derby.</font></font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 24pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
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and operate a </font><font style="DISPLAY: inline; COLOR: #0000ff">hospitalit</font><font style="DISPLAY: inline; COLOR: #0000ff">y lounge for customers in premium
seats.</font></font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 24pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 24pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #0000ff; FONT-FAMILY: Courier New, monospace"><font style="DISPLAY: inline; COLOR: #0000ff">NO LONGER
RECESSION-PROOF</font></font></div>
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been considered </font><font style="DISPLAY: inline; COLOR: #0000ff">recession-proof, Mudd said, but that is
changing because of the </font><font style="DISPLAY: inline; COLOR: #0000ff">proliferation of U.S. casinos and the
weak economy.</font></font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 24pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
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</font><font style="DISPLAY: inline; COLOR: #0000ff">industry, just like
everyone else," Mudd said.</font></font></div>
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amount bet, was down </font><font style="DISPLAY: inline; COLOR: #0000ff">about
10 percent in the first quarter and has been dropping </font><font style="DISPLAY: inline; COLOR: #0000ff">since last June, he said. The industry
faces easier</font><font style="DISPLAY: inline; COLOR: #0000ff"> comparisons
</font><font style="DISPLAY: inline; COLOR: #0000ff">in the back half of the
year.</font></font></div>
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        <div style="DISPLAY: block; MARGIN-LEFT: 6pt; TEXT-INDENT: 24pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Courier New, monospace"><font style="DISPLAY: inline; COLOR: #0000ff">Churchill Downs owns horse racing tracks
in Florida, </font><font style="DISPLAY: inline; COLOR: #0000ff">Illinois,
Kentucky and Louisiana that host such high-profile races as the Kentucky Derby
and Kentucky Oaks, the Arlington </font><font style="DISPLAY: inline; COLOR: #0000ff">Million, the Princess Rooney Handicap
</font><font style="DISPLAY: inline; COLOR: #0000ff">and the Louisiana
Derby.</font></font></div>
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        <div style="DISPLAY: block; MARGIN-LEFT: 6pt; TEXT-INDENT: 24pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #0000ff; FONT-FAMILY: Courier New, monospace"><font style="DISPLAY: inline; COLOR: #0000ff">The Louisville, Kentucky-based company
also owns off-track betting facilities and a stake in Horse Racing TV, a 24-hour
TV network available in 13 million homes.</font></font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 6pt; TEXT-INDENT: 24pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Courier New, monospace"><font style="DISPLAY: inline; COLOR: #0000ff">Asked if the company was putting more
emphasis on gaming </font><font style="DISPLAY: inline; COLOR: #0000ff">operations l</font><font style="DISPLAY: inline; COLOR: #0000ff">ike slot machines, Mudd said the gaming
and online </font><font style="DISPLAY: inline; COLOR: #0000ff">segments support
the core racing business by funding the purses </font><font style="DISPLAY: inline; COLOR: #0000ff">that attract top
horses.</font></font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 6pt; TEXT-INDENT: 24pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 6pt; TEXT-INDENT: 24pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Courier New, monospace"><font style="DISPLAY: inline; COLOR: #0000ff">"The online channel is not growing at
the same rate that it </font><font style="DISPLAY: inline; COLOR: #0000ff">used
to, but it's the one channel that is growing," he s</font><font style="DISPLAY: inline; COLOR: #0000ff">aid.</font></font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 6pt; TEXT-INDENT: 24pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 6pt; TEXT-INDENT: 24pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Courier New, monospace"><font style="DISPLAY: inline; COLOR: #0000ff">Separately, he said the company had
reserves that could be </font><font style="DISPLAY: inline; COLOR: #0000ff">used
for acquisitions, but he declined to comment on whether it was eyeing any track
assets.</font></font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 6pt; TEXT-INDENT: 24pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 6pt; TEXT-INDENT: 24pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Courier New, monospace"><font style="DISPLAY: inline; COLOR: #0000ff">"We've got some dry powder. There's a
limited amount of </font><font style="DISPLAY: inline; COLOR: #0000ff">liquidity
in the market today, and we're go</font><font style="DISPLAY: inline; COLOR: #0000ff">ing to be diligent </font><font style="DISPLAY: inline; COLOR: #0000ff">about where we put that capital," Mudd
said.</font></font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 6pt; TEXT-INDENT: 24pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 6pt; TEXT-INDENT: 24pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Courier New, monospace"><font style="DISPLAY: inline; COLOR: #0000ff">Analysts have suggested Churchill Downs
might be interested </font><font style="DISPLAY: inline; COLOR: #0000ff">in
buying some of the racetracks owned by Magna Entertainment </font><font style="DISPLAY: inline; COLOR: #0000ff">Corp , which filed for bankruptcy in
March.</font></font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 6pt; TEXT-INDENT: 24pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 6pt; TEXT-INDENT: 24pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Courier New, monospace"><font style="DISPLAY: inline; COLOR: #0000ff">Magna Entertainment counts</font><font style="DISPLAY: inline; COLOR: #0000ff"> the Santa Anita (California),
</font><font style="DISPLAY: inline; COLOR: #0000ff">Gulfstream (Florida) and
Pimlico (Maryland) racetracks among </font><font style="DISPLAY: inline; COLOR: #0000ff">its holdings. Pimlico is the home of the
Preakness Stakes, the </font><font style="DISPLAY: inline; COLOR: #0000ff">second leg of the Triple
Crown.</font></font></div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
