Churchill Downs Incorporated Completes Sale of Remaining Interest in Hoosier Park LP to Centaur Inc.

Churchill Downs Incorporated (NASDAQ: CHDN) ("CDI" or "Company") today announced that it has completed the sale of the Company's remaining 62-percent ownership interest in Hoosier Park LP to Centaur, a privately held, Indiana-based company. Terms of the sale were not disclosed.

Hoosier Park LP ("Hoosier Park") owns and operates the Anderson, Ind., racetrack and its Indiana off-track betting ("OTB") parlors located in Merrillville and Fort Wayne. Hoosier Park also operates an OTB parlor in Indianapolis. Centaur has owned 38 percent of Hoosier Park since December 2001 and has held options to purchase a greater stake in the track and its OTBs.

Per terms of the sale, Centaur will assume management responsibility for Hoosier Park and its off-track betting network. The transaction was approved by the Indiana Horse Racing Commission on Feb. 27, and by the City of Anderson Department of Parks and Recreation on Feb. 20.

Churchill Downs Incorporated ("Churchill Downs"), headquartered in Louisville, Ky., owns and operates world-renowned horse racing venues throughout the United States. Churchill Downs' four racetracks in Florida, Illinois, Kentucky and Louisiana host many of North America's most prestigious races, including the Kentucky Derby and Kentucky Oaks, Arlington Million, Princess Rooney Handicap and Louisiana Derby. Churchill Downs racetracks have hosted seven Breeders' Cup World Championships. Churchill Downs also owns off-track betting facilities and has interests in various advance deposit wagering, television production, telecommunications and racing services companies, including a 50-percent interest in the national cable and satellite network HorseRacing TV™, that support the Company's network of simulcasting and racing operations. Churchill Downs trades on the NASDAQ Global Select Market under the symbol CHDN and can be found on the Internet at www.churchilldownsincorporated.com.