CDI, FL horsemen in Calder Slots Pact

[Kasept]

Churchill, FTBOA Reach Slots Agreement at Calder

LOUISVILLE, Ky. (Sept. 10, 2008) – Officials of Churchill Downs Incorporated (“Company” or “CDI”) (NASDAQ: CHDN) and representatives of the Florida Thoroughbred Breeders’ Association, Inc. d/b/a the Florida Thoroughbred Breeders’ and Owners’ Association (“FTBOA”) have come to agreement on a slots contract for when Calder Race Course (“Calder”) begins slots operations on a yet-to-be-determined date.

Under the terms of the slots agreement, Florida breeders would receive 0.75 percent of slot revenue for the duration of the agreement, which has an initial ten-year term. The Company previously reached an agreement with the Florida Horsemen’s Benevolent and Protective Association (“FHBPA”) on a 2008 purse contract at Calder Race Course and on a slots contract, which also has a ten-year term.

“The agreements we have signed with the FHBPA and the FTBOA allow us to focus on finalizing our plans for the construction and operation of a slots facility at Calder Race Course,” said Kevin Flanery, senior vice president of Churchill Downs Incorporated, Calder’s parent company. “CDI has invested millions in the efforts to approve alternative gaming in Florida, including $3.1 million for the 2008 referendum in Miami-Dade County.

“As we have previously noted, CDI plans to invest tens of millions of dollars in the construction and operation of a slots facility at Calder, which we believe will benefit the horse industry. We estimate at this time that horsemen and breeders should realize approximately $50 million, potentially, from our efforts over the term of the agreement.”