Churchill Downs to Request Reduced Racing Dates, Stakes Purses for 2009 Spring Meet

LOUISVILLE, Ky.--(Business Wire)--
Due to a reduced number of entries and a decline in purse money earned from all
wagering sources during its ongoing 2009 Spring Meet, Churchill Downs Racetrack
("Churchill") will request permission from the Kentucky Horse Racing Commission
("KHRC") to eliminate seven race days from its 2009 Spring Meet, which had been
scheduled for 52 racing days between Saturday, April 25, and Sunday, July 5. The
request, which will be made at the KHRC`s regularly scheduled meeting on
Tuesday, May 12, comes on the heels of four consecutive race days in which at
least one race was canceled due to small field sizes.

"With this announcement, we are now clearly seeing the impact of competing with
Thoroughbred racetracks that supplement their purses with revenue from
additional gaming options, such as slots and video lottery terminals," said Bill
Carstanjen, chief operating officer of Churchill Downs Incorporated. "Our
analysis shows that tracks with these enhanced purses are attracting more horses
to their races. Meanwhile, Kentucky, the cradle of our industry, is seeing a
decline in field size. Until we address this inequity, Kentucky`s horse industry
will continue to suffer."

Churchill will request that six Wednesdays (May 20; June 3, 10, 17 and 24; and
July 1) and one Thursday (May 28) be eliminated from its 2009 Spring Meet
schedule.

"We are disappointed that we have to make this request after a successful
Kentucky Derby week," said Carstanjen. "The crowds we enjoyed for the Kentucky
Derby and Kentucky Oaks, as well as Mother`s Day, illustrate clearly the passion
and appreciation that Louisville has for us, and leave no doubt that Louisville
is a major-league city that supports this track. Unfortunately, we have not been
able to draw enough horses to fill our race cards and remain competitive in the
national wagering market, which accounts for almost 90 percent of our handle. As
a result, our wagering handle, which funds purses, has been down 20 percent
outside of Oaks and Derby Days."

Churchill will also reduce purses by $425,000 on six stakes races to help offset
the lower than expected wagering levels. Those races, including their original
and revised purses, are the June 6 Early Times Mint Julep Handicap (Grade III),
from $150,000 to $100,000; the June 13 Jefferson Cup (GII), from $200,000 to
$150,000; the June 13 Northern Dancer (GIII), from $150,000 to $100,000; the
June 13 Fleur de Lis Handicap (GII), from $300,000 to $200,000; the June 13
Stephen Foster Handicap (GI), from $750,000 to $600,000; and the July 4
Firecracker Handicap (GII), from $175,000 to $150,000. The reductions in purses
will not affect the grade of any of the races listed.

"Although we regret that current business conditions have forced the reduction
of purses for six of our most popular and historic stakes events, we took care
to avoid cutting overnight purses in an effort to soften the impact upon our
Kentucky horsemen," Carstanjen added. "We have worked with Kentucky`s horsemen
and they understand the need for these unfortunate changes. We hope that this
will assist their stables and we appreciate their continued support of Churchill
Downs and Kentucky racing."

Churchill Downs, the world`s most legendary racetrack, has conducted
Thoroughbred racing and presented America`s greatest race, the Kentucky Derby,
continuously since 1875. Located in Louisville, the flagship racetrack of
Churchill Downs Incorporated (NASDAQ Global Select Market: CHDN) also operates
Trackside at Churchill Downs, which offers year-round simulcast wagering at the
historic track. Churchill Downs will conduct the 136th running of the Kentucky
Derby on May 1, 2010. The track`s 2009 Spring Meet is underway and continues
through July 5. Churchill Downs is scheduled to host the Breeders` Cup World
Championships for a record seventh time on November 5 and 6, 2010. Information
about Churchill Downs can be found on the Internet at www.churchilldowns.com.

Information set forth in this news release contains various "forward-looking
statements" within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. The Private Securities
Litigation Reform Act of 1995 (the "Act") provides certain "safe harbor"
provisions for forward-looking statements. All forward-looking statements made
in this Quarterly Report on Form 10-Q are made pursuant to the Act. The reader
is cautioned that such forward-looking statements are based on information
available at the time and/or management`s good faith belief with respect to
future events, and are subject to risks and uncertainties that could cause
actual performance or results to differ materially from those expressed in the
statements. Forward-looking statements speak only as of the date the statement
was made. We assume no obligation to update forward-looking information to
reflect actual results, changes in assumptions or changes in other factors
affecting forward-looking information. Forward-looking statements are typically
identified by the use of terms such as "anticipate," "believe," "could,"
"estimate," "expect," "intend," "may," "might," "plan," "predict," "project,"
"should," "will," and similar words, although some forward-looking statements
are expressed differently. Although we believe that the expectations reflected
in such forward-looking statements are reasonable, we can give no assurance that
such expectations will prove to be correct. Important factors that could cause
actual results to differ materially from expectations include: the effect of
global economic conditions, including any disruptions in the credit markets; the
effect (including possible increases in the cost of doing business) resulting
from future war and terrorist activities or political uncertainties; the overall
economic environment; the impact of increasing insurance costs; the impact of
interest rate fluctuations; the effect of any change in our 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 and Louisiana racetracks within those respective markets; costs
associated with our efforts in support of alternative gaming initiatives; costs
associated with customer relationship management initiatives; a substantial
change in law or regulations affecting pari-mutuel and gaming activities; a
substantial change in allocation of live racing days; changes in Illinois law
that impact revenues of racing operations in Illinois; the presence of wagering
facilities of Indiana racetracks near our operations; our continued ability to
effectively compete for the country`s top horses and trainers necessary to field
high-quality horse racing; our continued ability to grow our share of the
interstate simulcast market and obtain the consents of horsemens` groups to
interstate simulcasting; our ability to execute our acquisition strategy and to
complete or successfully operate planned expansion projects; our ability to
successfully complete any divestiture transaction; our ability to execute on our
permanent slot facility in Florida; market reaction to our expansion projects;
the loss of our totalisator companies or their inability to provide us assurance
of the reliability of their internal control processes through Statement on
Auditing Standards No. 70 audits 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; the impact of natural
disasters on our operations and our ability to adjust the casualty losses
through our property and business interruption insurance coverage; any business
disruption associated with a natural disaster and/or its aftermath; our ability
to integrate businesses we acquire, including our ability to maintain revenues
at historic levels and achieve anticipated cost savings; the impact of wagering
laws, including changes in laws or enforcement of those laws by regulatory
agencies; the outcome of pending or threatened litigation, including the outcome
of any counter-suits or claims arising in connection with a pending lawsuit in
federal court in the Western District of Kentucky styled Churchill Downs
Incorporated, et al v. Thoroughbred Horsemen`s Group, LLC, Case #08-CV-225-S;
changes in our relationships with horsemen`s groups and their memberships; our
ability to reach agreement with horsemen`s groups on future purse and other
agreements (including, without limiting, agreements on sharing of revenues from
gaming and advance deposit wagering); the effect of claims of third parties to
intellectual property rights; and the volatility of our stock price.

Churchill Downs Incorporated
Kevin Flanery, 502-636-4859
kevin.flanery@kyderby.com

Copyright Business Wire 2009