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Churchill Downs Board Holds Quarterly Meeting16 November 2000LOUISVILLE, Kentucky – (Press Release) -- Nov. 16, 2000 -- The board of directors for Churchill Downs Incorporated (Nasdaq: CHDN) today declared an annual dividend of 50 cents per share on the Company's common stock, payable Jan. 19, 2001, to stockholders of record on Dec. 31, 2000. The action took place at the board's quarterly meeting. The board also approved the establishment of a non-profit private charitable foundation pursuant to section 501(c)(3) of the Internal Revenue Service code. Thomas H. Meeker, CDI's president and chief executive officer, said the Company's foundation will provide contributions to qualifying charitable, civic and community causes in locations where CDI and its subsidiaries do business. ``Community relations is an integral component in our management philosophy,'' Meeker said. ``Our employees have embraced the idea that improving the quality of life in their community is both the right thing to do and is good for our business. As CDI has grown, we have been exploring how to best meet this objective, and we are convinced that establishing a foundation will benefit both our Company and our communities and allow our corporate giving to be more meaningful.'' In other business, the board approved the Company's 2001 capital plan of $13.3 million for expenditures at CDI's racing operations. |