<SEC-DOCUMENT>0001193125-20-099272.txt : 20200406
<SEC-HEADER>0001193125-20-099272.hdr.sgml : 20200406
<ACCEPTANCE-DATETIME>20200406123605
ACCESSION NUMBER:		0001193125-20-099272
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20200406
DATE AS OF CHANGE:		20200406
EFFECTIVENESS DATE:		20200406

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:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33998
		FILM NUMBER:		20776437

	BUSINESS ADDRESS:	
		STREET 1:		600 N. HURSTBOURNE PKWY
		STREET 2:		SUITE 400
		CITY:			LOUISVILLE
		STATE:			KY
		ZIP:			40222
		BUSINESS PHONE:		5026364400

	MAIL ADDRESS:	
		STREET 1:		600 N. HURSTBOURNE PKWY
		STREET 2:		SUITE 400
		CITY:			LOUISVILLE
		STATE:			KY
		ZIP:			40222

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CHURCHILL DOWNS INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEFA14A
<SEQUENCE>1
<FILENAME>d912841ddefa14a.htm
<DESCRIPTION>DEFA14A
<TEXT>
<HTML><HEAD>
<TITLE>DEFA14A</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SCHEDULE 14A </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>(Rule
14a-101) </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>INFORMATION REQUIRED IN PROXY STATEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>SCHEDULE 14A INFORMATION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Proxy Statement Pursuant to Section&nbsp;14(a) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>of the Securities Exchange Act of 1934 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>(Amendment No.&nbsp;&nbsp;&nbsp;&nbsp;) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Filed by the Registrant&nbsp;&#9746; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Filed by a Party other
than the Registrant&nbsp;&#9744; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Check the appropriate box: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="2%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="47%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="2%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="46%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#9744;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Preliminary Proxy Statement</TD>
<TD VALIGN="bottom" ROWSPAN="4">&nbsp;</TD>
<TD VALIGN="top" ROWSPAN="4" ALIGN="right">&#9744;</TD>
<TD VALIGN="bottom" ROWSPAN="4">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ROWSPAN="4"><B>Confidential, for Use of the Commission Only&nbsp;(as permitted by Rule <FONT STYLE="white-space:nowrap">14a-6(e)(2))</FONT></B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#9744;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Definitive Proxy Statement</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#9746;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Definitive Additional Materials</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#9744;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Soliciting Material Pursuant to &#167;240.14a-12</TD></TR>
</TABLE> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>CHURCHILL DOWNS INCORPORATED </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Name of Registrant as Specified in its Charter) </B></P>
<P STYLE="margin-top:36pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Name of Person(s) Filing Proxy Statement, if other than the Registrant) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Payment of Filing Fee (Check the appropriate box): </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9746;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">No fee required. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Fee computed on table below per Exchange Act Rules <FONT STYLE="white-space:nowrap">14a-6(i)(1)</FONT> and <FONT
STYLE="white-space:nowrap">0-11.</FONT> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Title of each class of securities to which transaction applies: </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">&nbsp;&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;margin-left:8%;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Aggregate number of securities to which transaction applies: </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">&nbsp;&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;margin-left:8%;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(3)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule <FONT
STYLE="white-space:nowrap">0-11</FONT> (set forth the amount on which the filing fee is calculated and state how it was determined): </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">&nbsp;&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;margin-left:8%;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(4)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Proposed maximum aggregate value of transaction: </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">&nbsp;&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;margin-left:8%;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(5)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Total fee paid: </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">&nbsp;&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;margin-left:8%;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Fee paid previously with preliminary materials. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Check box if any part of the fee is offset as provided by Exchange Act Rule
<FONT STYLE="white-space:nowrap">0-11(a)(2)</FONT> and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Amount Previously Paid: </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">&nbsp;&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;margin-left:8%;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Form, Schedule or Registration Statement No.: </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">&nbsp;&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;margin-left:8%;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(3)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Filing Party: </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">&nbsp;&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;margin-left:8%;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(4)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Date Filed: </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">&nbsp;&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;margin-left:8%;border-bottom:1px solid #000000">&nbsp;</P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g912841snap-churchilldowns.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">600 N. Hurstbourne Parkway, Suite 400 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Louisville, Kentucky 40222 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ADDITIONAL INFORMATION REGARDING THE </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ANNUAL MEETING OF SHAREHOLDERS TO BE HELD ON APRIL&nbsp;21, 2020 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following Notice of Change of Location relates to the proxy statement (the &#147;<U>Proxy Statement</U>&#148;) of Churchill Downs
Incorporated (the &#147;<U>Company</U>&#148;), dated March&nbsp;10, 2020, furnished to shareholders of the Company in connection with the solicitation of proxies by the Board of Directors of the Company for use at the 2020 Annual Meeting of
Shareholders (the &#147;<U>Annual Meeting</U>&#148;) to be held on Tuesday, April&nbsp;21, 2020 at 9:00 a.m. Eastern Time. This supplement is being filed with the Securities and Exchange Commission and is being made available to the shareholders of
the Company on or about April&nbsp;6, 2020. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>THIS NOTICE SHOULD BE READ IN CONJUNCTION WITH THE PROXY STATEMENT. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NOTICE OF CHANGE OF LOCATION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>OF ANNUAL MEETING OF SHAREHOLDERS </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TO BE HELD ON TUESDAY, APRIL&nbsp;21, 2020 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">To the Shareholders of Churchill Downs Incorporated: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Due to
the public health impact of the novel coronavirus outbreak <FONT STYLE="white-space:nowrap">(COVID-19)</FONT> and to support the health and well-being of our management and shareholders, NOTICE IS HEREBY GIVEN that the location of the Annual Meeting
of the Company has been changed to be held in a virtual meeting format only. There is no <FONT STYLE="white-space:nowrap">in-person</FONT> meeting for you to attend. As previously announced, the Annual Meeting will be held on Tuesday, April&nbsp;21,
2020 at 9:00 a.m. Eastern Time. As described in the proxy materials for the Annual Meeting previously distributed, you are entitled to participate in the Annual Meeting if you were a shareholder as of the close of business on March&nbsp;2, 2020, the
record date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">To attend the Annual Meeting, you must register in advance, using your control number and other information, at
<I>www.proxydocs.com/CHDN</I> prior to the deadline of April&nbsp;17, 2020 at 5:00 p.m. Eastern Time. Upon completing your registration, you will receive further instructions via email, including your unique link that will allow you to access the
Annual Meeting and vote online during the meeting. You will also be permitted to submit questions at the time of registration. You may ask questions that are confined to matters properly before the Annual Meeting and of general Company concern. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The meeting will begin promptly at 9:00 a.m. Eastern Time. We encourage you to access the meeting prior to the start time. Online access will open
approximately at 8:45 a.m. Eastern Time, and you should allow ample time to log in to the meeting and test your computer audio system. We recommend that you carefully review the procedures needed to gain admission in advance. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">There will be technicians ready to assist you with any technical difficulties you may have accessing the virtual meeting. If you encounter any difficulties
accessing the virtual meeting during <FONT STYLE="white-space:nowrap">check-in</FONT> or during the meeting, please call the technical support number that will be posted on the virtual shareholder meeting login page. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Whether or not you plan to attend the Annual Meeting, we urge you to vote and submit your proxy in advance of the meeting by one of the methods described in
the proxy materials for the Annual Meeting. The proxy card included with the proxy materials previously distributed will not be updated to reflect the change in location and may continue to be used to vote your shares in connection with the Annual
Meeting. The Company&#146;s Proxy Statement for the Annual Meeting and the Annual Report to Shareholders for the fiscal year ended December&nbsp;31, 2019 are available at <I>www.proxydocs.com/CHDN</I>. </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="10%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="89%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">By Order of the Board of Directors</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>R. ALEX RANKIN</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Chairman</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>BRADLEY K. BLACKWELL</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Senior Vice President,</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">General Counsel and Secretary</P></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Louisville, Kentucky </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">April&nbsp;6, 2020 </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g912841snap-churchilldowns.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman" ALIGN="center"><B>Churchill Downs Incorporated Announces that the </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman" ALIGN="center"><B>2020 Annual Meeting of Shareholders Will be Held in Virtual Format </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>LOUISVILLE, KY. </B>(<B>April</B><B></B><B>&nbsp;6, 2020</B>)<I> </I><B>&#150;</B> Churchill Downs Incorporated (&#147;the Company&#148;) (Nasdaq: CHDN)
announced today that the 2020 Annual Meeting of Shareholders (the &#147;Annual Meeting&#148;) will be held virtually due to the public health impact of the novel coronavirus outbreak <FONT STYLE="white-space:nowrap">(COVID-19)</FONT> and to support
the health and well-being of the Company&#146;s management and shareholders. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Annual Meeting will be held on Tuesday, April&nbsp;21, 2020 at 9:00 a.m.
Eastern Time in a virtual format only. As described in the proxy materials for the Annual Meeting previously distributed, shareholders as of the close of business on March&nbsp;2, 2020, the record date, are entitled to participate in the Annual
Meeting. In order to attend the Annual Meeting, shareholders must register in advance at <I>www.proxydocs.com/CHDN</I> prior to the deadline of April&nbsp;17, 2020 at 5:00 p.m. Eastern Time. During the registration process, shareholders will be able
to submit questions and upon completion, will receive an email with a link to access the virtual meeting site and information regarding voting during the meeting. A notice regarding this change to a virtual meeting format (the &#147;Notice&#148;) is
being filed with the Securities and Exchange Commission together with this press release. Additional information regarding the Annual Meeting, shareholder participation and voting is provided in the Notice. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>About Churchill Downs Incorporated </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Churchill Downs
Incorporated is an industry-leading racing, online wagering and gaming entertainment company anchored by our iconic flagship event <B>&#150;</B> <I>The Kentucky Derby</I>. We own and operate Derby City Gaming, a historical racing machine facility in
Louisville, Kentucky. We also own and operate the largest online horse racing wagering platform in the U.S., TwinSpires.com, and we operate sports betting and iGaming through our BetAmerica platform in multiple states. We are also a leader in <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">brick-and-mortar</FONT></FONT> casino gaming with approximately 11,000 slot machines and video lottery terminals and 200 table games in eight states. Additional information about the
Company can be found online at <U>www.churchilldownsincorporated.com</U>. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="23%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="25%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="25%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="24%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Investor Contact: Nick Zangari</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Media Contact: Tonya Abeln</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">(502) <FONT STYLE="white-space:nowrap">394-1157</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">(502) <FONT STYLE="white-space:nowrap">386-1742</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Nick.Zangari@kyderby.com</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Tonya.Abeln@kyderby.com</TD></TR>
</TABLE>
</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>g912841snap-churchilldowns.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g912841snap-churchilldowns.jpg
M_]C_X  02D9)1@ !  $ 9 !D  #__@ ?3$5!1"!496-H;F]L;V=I97,@26YC
M+B!6,2XP,0#_VP"$  (" @(" @(" @(" @(" @(" @(" @(" @(" @(" @("
M @(" @,# @(# @(" P0# P,#! 0$ @,$! 0$! ,$! ,! @(" @(" @(" @,"
M @(# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,#
M P,# P,# __$ :(   $% 0$! 0$!           ! @,$!08'" D*"P$  P$!
M 0$! 0$! 0        $" P0%!@<("0H+$  " 0,# @0#!04$!    7T! @,
M!!$%$B$Q008346$'(G$4,H&1H0@C0K'!%5+1\"0S8G*""0H6%Q@9&B4F)R@I
M*C0U-C<X.3I#1$5&1TA)2E-455976%E:8V1E9F=H:6IS='5V=WAY>H.$A8:'
MB(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4U=;7
MV-G:X>+CY.7FY^CIZO'R\_3U]O?X^?H1  (! @0$ P0'!00$  $"=P ! @,1
M! 4A,08205$'87$3(C*!"!1"D:&QP0DC,U+P%6)RT0H6)#3A)?$7&!D:)B<H
M*2HU-C<X.3I#1$5&1TA)2E-455976%E:8V1E9F=H:6IS='5V=WAY>H*#A(6&
MAXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&Q\C)RM+3U-76
MU]C9VN+CY.7FY^CIZO+S]/7V]_CY^O_  !$( "P!( ,!$0 "$0$#$0'_V@ ,
M P$  A$#$0 _ /W6\9>,O"WP]\+ZUXT\;:[IWAGPKX=L9-1UG6]5G%O96%I$
M0N^1\%I)7D:.**&-7EFEECBB1Y)%5@-OD?,/@'X^_%GX_:8/%/P/^%^E>'?A
ME=NX\/?$KXU:GJFC3>,+:.1HCJOA7X<>'+&?4KC0I&4M#?:MJNB^>F&BA8 [
M7M\A7?16L<E\3OC%^UC\#]9^'FI^+?!GP:^(?PS\5_$7P7X"\2:[X%?QKX8\
M0^#?^$S\06/AZQU:\TG7=0U>WNM/^V:A!$LT5P<SO%%+'"LZR@T^X-5\C[QI
M#"@ H * "@ H * "@ H * "@ H * "@ H * "@ H H:I_:@TS4/[$%@VL"SN
M?[*75&N$TPZ@(7^QC4&M%:=;,S^7YAA5G";MH+8%&WR#]#\Q]/\ VR_VB-4_
M:NUK]D>V^&GP:@\9:)IC:Q-XLN?&'C5O#$NGKX<TWQ,KQ6L/A@WQN&LM3@B$
M+*BB57S+L 9G:WH3=[=4?3GB'6?VT="LY-3T?P/^SSX\-K&99/#=AXR\=^#]
M9O\ 8"3;:7JNM>'[[31<, %4WAM8\GYG44:?</5=M#G_ -G3]M3P%\=_%/B'
MX6ZQX>\0?"3XX>#WNHO$GPH\;>0NJ V! OY_#^IP!(=?M;=6CD?;%;SB*1;@
M0&V99V+6^0)_*Q]ETAA0 4 % !0 4 % !0 4 % !0!^)?_!4KQ9?^.?C/^RG
M^RM]MN+/PGX]\8^'/$'C.""9XEU2+6?&-GX/T:&<H1NCLX$\1S*C9'G7,$F-
MT"%6E^!+=K+T_KY'[3Z;IUAH^G6&D:5:6^GZ9I=E:Z=IMA:1K!:V-A8P1VUG
M:6T* +#;PV\4<:(H 54 ' I%;?(-0TW3M5MC9:I86>I69GL[HVE_:PW=L;G3
M[R#4+"X,%PCIY]M?VMM<Q/MW1RV\<B$.BD&WE8/T/RH^+_Q]_:C^'7[8GPD_
M9CTCXC> K_0/B]I]KK=MXLU7X7 Z]X9LI;WQ-#=V L[+Q7!9:M<10^&W,,[Q
MP!C=KYD9\LF1Z6[6)UO;L?</QTN/BGX2^"_B+Q7X)^(.D:7XL^'7@GQ!XIU&
M_P!?\&6>KZ1XPF\->'[C4YK6^TZWU*R;0X[J6QD(DLK@^2;C[DBQA2(;T^1\
MN_L7?%+]I#]J7X'W'Q:\0_%'PCX0U#5M7U[P_H.C^'_A;:WNGZ1+H=]8Q?VK
MJ,FJ^)WGU9YMMY&;6.6S14G5A(9%!4T738%?OL<O^P9^T3^T3^TYKOQ1G^('
MB_P1I>A?"+QA8>&)])\+> 'M;OQ9)*VLK<37&K:EXDN_[(M@-+B(CM[5Y"9V
M_>H$ <V^0*Y[E^V1\0?CK\(]'\#^,/A/XK\*V]AXD^)7@'X::OX>\5>#/[=2
MP7QOJQT6'Q'I>H6>M:?.]S;WT]H'LI_,CD63*/$4(D2T^0;'AG[=OQ]_:0_9
M+\%_#[Q1X5\?^"_%9\7>*K;P5?6_B'X:);26MT=&O-1?6K:XTSQ5''B2:QD7
M[(]LRHLJ@2,4)D:7RL)OE7H=G^TW\0OVIOV8?A%<_'"Q^)?P[^*&D^%[OP\/
M%O@WQ'\,'\*F\T_7-5L='-SH.MZ!XP>6UN(;W4+7]Q<07(,;.^]FB$<PK=K6
M!MQ7H>J:E^VI\-/#'[*/A;]JKQA::CHNA>*O#^F7NE^$H6BN]=U'Q/J*W$*>
M%-)=_(CO)OMME?XNY!#&+2SDNY B(5"M^!6Q'\-+G]J?XU>%-&^(7B/Q;X7_
M &?M%\4V-MK?ASP!X8\'VGCGQI8:%J,2W6F2^+O%OC"Y.FIJ\UI)#*]C8>'8
MQ )522;S@\<;T7R%KWMV-#PWX=_:QL/'7CCP9XA^*FC:YX(NO!VAZY\/_BJ?
MAMX=M-8T;Q0NOW%MK?A/Q#X<L=5M[+6%.D10SI<PQ68*72[6BEB97-%TV#5=
M=CYK_8:_:'_:/_:0\=?%_3_B!XQ\#:;X?^"'B^R\+WVF^%_A^]K>^,II[SQ-
M9R32ZGJ'B6[&AVR_\(^LFRWMII&-U@2((\R%K ORL7/^"A7[17[0/[*UGX*\
M9_#CQ5X-U/0/'GBL^$U\*^*? QO9M!N4TC[;'?66NZ=X@LY+Z&62UNB\%S;%
ME,R[9"J[0(3NOET/I3XJ#X\^ _@)XH\9Z9\7= O/'?@/PGXM\<W]Y??#'3T\
M/^(XM%T!M7A\/?V-!X@%QH]LK:?=(EW'?W$V;T-()!$J$_ ;NEO:QX_^P_\
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MS9S7\L\23/-$\0:;=<!!<RR32&WR"WG:QZQX+^!/]D^+].^(WQ%^(/BOXO\
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M96J,[I:P+$OPL"5CZ6H&% !0 4 % !0 4 % !0 4 % !0 4 % !0 4 % !0
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; H * "@ H * "@ H * "@ H * "@ H * /_9

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
