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Churchill Downs Completes Sale of Ellis Park

LOUISVILLE, Kentucky -- (PRESS RELEASE) -- Churchill Downs Incorporated ("CDI" or "Company") (NASDAQ: CHDN) today announced that it has completed the sale of Ellis Park racetrack in Henderson, Ky., to a company owned by Kentucky businessman Ron Geary. Terms of the sale were not disclosed.

Geary oversaw operations at Ellis Park during its 2006 race meet under a management agreement with CDI. CDI will continue to offer the Ellis Park signal through its Churchill Downs Simulcast Network. On Sept. 25, the Kentucky Horse Racing Authority approved 46 live race dates for Ellis Park's 2007 racing season, from July 4 through Sept. 3, including five dates around the July 4 holiday that will overlap with Churchill Downs racetrack per the sales agreement. CDI acquired Ellis Park in 1998 from Racing Corporation of America.

"This is a thrilling day for me and the beginning of a new and vibrant future for Ellis Park," said Geary. "I am looking forward to a continued close working relationship with the Ellis Park team as we welcome the 2007 Claiming Crown and guide the track's ongoing growth and success. We were all pleased with fan reaction to our 2006 meet, and we plan to carry that momentum forward into 2007 and beyond."

Ellis Park, located in Henderson, Ky., offers Thoroughbred racing and wholecard simulcasting. Home of the Grade III Gardenia Stakes, Ellis Park conducts its live race meet from July through Labor Day.

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