Churchill Downs Incorporated Board of Directors Increases Annual Dividend for Shareholders

Dividend Increases 20 Percent to 60 Cents per Share on CDI’s Common Stock

The board of directors of Churchill Downs Incorporated (“CDI”) (NASDAQ: CHDN) today declared an annual dividend of 60 cents per share on CDI’s common stock, payable Jan. 23, 2012, to shareholders of record on Dec. 30, 2011.

CDI Chairman and Chief Executive Officer Robert L. Evans said, “The board of directors elected to increase this year’s annual dividend payment to 60 cents per share of common stock, from the 50 cents per share in recent years based on the company’s year-to-date performance. On behalf of our board of directors and management team, I would like to thank our shareholders for their investment and commitment to our company.”

Churchill Downs Incorporated (“CDI”) (NASDAQ:  CHDN), headquartered in Louisville, Ky., owns and operates the world-renowned Churchill Downs Racetrack, home of the Kentucky Derby and Kentucky Oaks, as well as racetrack and casino operations and a poker room in Miami Gardens, Fla.; racetrack, casino and video poker operations in New Orleans, La.; racetrack operations in Arlington Heights, Ill.; and a casino resort in Greenville, Miss. CDI also owns the country’s premier account-wagering company, TwinSpires.com, and other advance-deposit wagering providers; the totalisator company, United Tote; and a collection of racing-related telecommunications and data companies. Information about CDI can be found online at www.churchilldownsincorporated.com