Churchill Downs Incorporated Conducts 2007 Annual Meeting

Churchill Downs Incorporated (“Company”) (NASDAQ: CHDN) conducted its annual meeting of shareholders today at Churchill Downs racetrack. During the meeting, Company shareholders conducted an election of directors and approved proposals related to management performance goals and incentives as well as director compensation.

The four Class II directors elected for three-year terms are as follows:

Richard L. Duchossois, chairman, Duchossois Industries Inc.; director, TCMC Inc.; director, Emirates World Series of Racing; director, Thoroughbred Racing Association; chairman emeritus, Arlington Park Racecourse LLC;

J. David Grissom, chairman Mayfair Capital Inc.; chairman, The Glenview Trust Company; director, Yum! Brands Inc.; chairman, board of trustees, Centre College; director, Appriss Inc.; director, United Metro Media Inc.;

Seth W. Hancock, managing partner, Claiborne Farm Ltd.; president, Hancock Farms LLC; director, Hopewell Company; director, Keeneland Association; and

Susan Elizabeth Packard, president, brand outreach, Scripps Networks; former president, affiliate sales and international development, Scripps Networks; former president, Scripps Networks New Ventures; former chief operating officer, Home & Garden Television Network; director, YMCA of East Tennessee; director, National Cable Television Center and Museum; director, Columbus Home; director, Scripps Howard Foundation; director, Webb School of Knoxville.

Following the annual meeting, the Company’s board of directors conducted its quarterly meeting.

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.