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Churchill Downs Opens Bidding for Fair Grounds

LOUISVILLE, Kentucky – (PRESS RELEASE) -- Churchill Downs Incorporated ("CDI" or the "Company") (Nasdaq: CHDN) today announced that it is the opening bidder or "stalking horse" in the bankruptcy auction for Fair Grounds Corporation's ("Fair Grounds" or "Debtor") racetrack and off-track betting assets. The Company's role in the auction process was established as part of the Debtor's plan for reorganization. The opening bid for the assets will be $45 million.

"We are pleased to be in this position and hope through the auction process that we will be able to further build the Churchill Downs Incorporated brand by acquiring this quality racetrack," said Thomas H. Meeker, CDI's president and chief executive officer. "Fair Grounds offers CDI a winter Thoroughbred racing meet and alternative gaming in a historically strong racing market. We believe that should Fair Grounds become part of our racing portfolio, the racetrack would benefit from CDI's industry-leading branding, operational expertise and simulcast distribution network.

"We view Fair Grounds and CDI as a good strategic fit," Meeker continued. "In our meetings with state and local officials in Louisiana, we have been made to feel welcome in the community while being encouraged by the region's business-friendly climate. We are hopeful that we can create the best outcome for the New Orleans community, Fair Grounds' creditors, Louisiana horsemen, the racetrack's workers and customers, and our shareholders."

CDI's offer is subject to the satisfaction of customary conditions and Meeker offered no assurances that the Company would be the successful bidder in the auction or that any agreement between the parties would be consummated.

Churchill Downs Incorporated ("CDI"), headquartered in Louisville, Ky., owns and operates world-renowned horseracing venues throughout the United States. The Company's racetracks in California, Florida, Illinois, Indiana and Kentucky host 114 graded-stakes events and many of North America's most prestigious races, including the Kentucky Derby and Kentucky Oaks, Hollywood Gold Cup and Arlington Million. CDI racetracks have hosted nine Breeders' Cup World Thoroughbred Championships -- more than any other North American racing company. CDI also owns off-track betting facilities and a television production company and has interests in various telecommunications and racing services companies that support CDI's network of simulcasting and racing operations. CDI trades on the Nasdaq National Market under the symbol CHDN and can be found on the Internet at http://www.churchilldownsincorporated.com .

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