Churchill Downs Incorporated Conducts 2006 Annual Meeting

Churchill Downs Incorporated (“CDI” or “Company”) (NASDAQ: CHDN) conducted its annual meeting of shareholders today at Churchill Downs racetrack. During the meeting, CDI shareholders conducted an election of directors and approved amendments to the Company’s 2004 Restricted Stock Plan.

The four Class I directors elected for a term of three years are:

Leonard S. Coleman Jr., senior advisor, Major League Baseball (retired); former president, National League of Professional Baseball Clubs; director, the Omnicom Group, Aramark Corp. (Audit Committee), Electronic Arts Inc., Cedant Corp. and H.J. Heinz Co. (Audit Committee); chairman, The Jackie Robinson Foundation; director, Children’s Defense Fund, Spoleto Festival, Little League Baseball, Metropolitan Opera, The Schuman Fund and Village of Waterloo, Urban America; former chairman, ARENACO Inc.;

Craig J. Duchossois, chief executive officer and director, Duchossois Industries Inc.; chairman, The Chamberlain Group Inc.; chairman, Thrall Car Management Co. Inc.; director, Trinity Industries Inc., LaSalle National Bank, Culver Education Foundation, University of Chicago, University of Chicago Hospitals, Illinois Institute of Technology, Kellogg Graduate School of Management, World Business Chicago and AMX LLC;

G. Watts Humphrey Jr., president GWH Holdings Inc.; chief executive officer, IPEG and Centria; owner, Shawnee Farm; steward, The Jockey Club; vice chairman, The Blood-Horse Inc.; director, American Horse Council, Breeders’ Cup Limited, Keeneland Association, National Thoroughbred Racing Association, Shakertown at Pleasant Hill, Kentucky, Inc. and Smithfield Trust Company; member, board of trustees, Centre College and University of Pittsburgh; and

Thomas H. Meeker, president and chief executive officer, Churchill Downs Incorporated; director, PNC Bank, Kentucky, Inc., and National Thoroughbred Racing Association; member, board of trustees, Centre College.

Following the annual meeting, CDI’s board of directors conducted its quarterly meeting, appointed members to serve on its committees, and elected directors for CDI’s operating companies.

Churchill Downs Incorporated, headquartered in Louisville, Ky., owns and operates world-renowned horse racing venues throughout the United States. CDI’s six racetracks in Florida, Illinois, Indiana, Kentucky and Louisiana host many of North America’s most prestigious races, including the Kentucky Derby and Kentucky Oaks, Arlington Million, Princess Rooney Handicap, Louisiana Derby and Indiana Derby. CDI racetracks have hosted six Breeders’ Cup World Thoroughbred Championships. CDI also owns off-track betting facilities and has interests in various television production, 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 www.churchilldownsincorporated.com.