Rain Soaks Kentucky Oaks 134, Contributes to Lower Wagering

Ninth Largest Oaks Day Crowd of 100,046 Watches As Favorite Proud
Spell Captures the Lilies

Churchill Downs Returns $25.5 Million to Bettors Through Oaks Day
Card
LOUISVILLE, Ky.--(Business Wire)--
Near constant rain couldn't dampen the spirits of fans at
Churchill Downs as Proud Spell, the 3-1 favorite, worked her magic in
Kentucky Oaks 134, dominating a field of 10 fillies as a crowd of
100,046 looked on, the ninth largest on-track gathering in Kentucky
Oaks history. The dreary weather, which forced fans from their seats
during repeated downpours, did take its toll on wagering.

Total wagering from all sources on the Kentucky Oaks race,
America's premier race for 3-year-old fillies, was $9,138,950 a
9.6-percent decrease over the $10,112,064 wagered on the Kentucky Oaks
race by patrons in 2007. On-track wagering on the Kentucky Oaks race
totaled $2,540,831 a 14.4-percent decrease over the $2,968,635 wagered
one year ago. Off-track wagering on the Oaks race was $6,032,223, a
6.4-percent decrease over the 2007 off-track total of $7,143,429.

All sources wagering on the 11-race Kentucky Oaks race card was
$31,231,991, a 7.0-percent decrease from the 2007 total of
$33,570,510. On-track wagering on the entire Kentucky Oaks card was
$11,217,756, a decrease of 8.3 percent from the $12,234,128 wagered by
patrons at Churchill Downs during the previous year. Off-track
wagering on the Kentucky Oaks card was $18,142,336, a 4.9-percent
decrease over the 2007 figure of $19,086,056.

"Kentucky Oaks 134 started out spectacularly, with an early
arriving crowd and strong wagering right up until the time it started
pouring," said Churchill Downs President Steve Sexton. "The constant
rain drove our guests under cover, and wagering began to decline after
a seven-horse race scratched down to just five entries. Lower
off-track wagering also contributed to today's declines, as race fans
in major South Florida markets were unable to wager on Churchill
Downs' races, including the Kentucky Oaks, due to an ongoing dispute
with Florida horsemen. Additionally, Kentucky horsemen did not permit
any wagering on the Oaks undercard via two national advanced-deposit
wagering companies, TwinSpires.com and Xpressbet.com, and that also
contributed to lower off-track handle."

Churchill Downs returned $25,460,421 to bettors, which amounts to
82 percent of total wagering. In 2007, bettors pocketed a total of
$27,214,401, or 81 percent of total wagering. The Commonwealth of
Kentucky benefited from $412,312 in revenues generated through the
state's excise tax on pari-mutuel wagering. In 2007, the Kentucky Oaks
Day race card contributed to $450,657 to state coffers through the
pari-mutuel excise tax. The approximate contribution to purses from
wagering on the 2008 Kentucky Oaks Day race card was $1.5 million,
compared to $1.6 million one year ago.

The heavy rains that began at midday caused many fans to leave the
track early. However, 100,046 did brave the wet weather, only a 0.03
percent decrease from the 2007 Kentucky Oaks Day crowd of 100,075,
which also endured periodic showers early in the day.

Churchill Downs' on-track attendance and wagering figures do not
include totals from Churchill Downs' Trackside Louisville off-track
betting facility. A total of 5,967 patrons, a 12.6-percent decrease
from the 2007 Trackside attendance figure of 6,852, wagered $169,936
on the Kentucky Oaks race, a decrease of 19.1 percent as compared to
the $209,966 wagered on the Kentucky Oaks race by Trackside patrons
one year ago. Wagering by Trackside Louisville patrons on the entire
Kentucky Oaks Day race card was $656,357, a decrease of 12.3 percent
from the previous year's total of $748,740.

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 134th running of the Kentucky Derby on May 3,
2008. The track's 2008 Spring Meet runs from April 26 through July 6.
Churchill Downs has hosted the Breeders' Cup World Championships a
record six times. 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 news release
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; 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 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; 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 temporary and permanent
slot facilities in Louisiana; 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, including Hurricanes Katrina, Rita and Wilma 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 effect of claims
of third parties to intellectual property rights; and the volatility
of our stock price.

Churchill Downs Incorporated
Julie Koenig Loignon, 502-636-4502
juliek@kyderby.com

Copyright Business Wire 2008