LOUISVILLE, Ky. (Thursday, May 25, 2023) – Churchill Downs is pleased that the Court granted our Motion for Summary Judgement in the Civil Action brought against our company, CEO and Board Chairman by Bob Baffert, resolving in our favor the last remaining claim, just as the Court had ruled in our favor on all of his previous claims. While he may choose to file baseless appeals, this completes the seemingly endless, arduous and unnecessary litigation proceedings instigated by Mr. Baffert.

Our actions to suspend Mr. Baffert following Medina’s Spirit’s confirmed positive for a prohibited race-day substance, coupled with his extensive history of drug violations, was done in the best interest of protecting the integrity of horseracing. Now more than ever, participants and operators in this industry must individually and collectively assume responsibility to take every reasonable measure to protect our equine and human athletes and reject any practice that jeopardizes that mission.

We are encouraged that the Horseracing Integrity and Safety Authority (HISA) Anti-Doping and Medication Control (ADMC) Program has gone into effect this month which will allow uniform rules to govern the industry and expedite both the testing and adjudication process which has historically created confounding delays and threatened the confidence and trust of our fans.

As we stated when we suspended Mr. Baffert in June 2021, we reserve the right to extend his suspension and will communicate our decision at the conclusion of the initial two-year suspension period. This U.S. District Court ruling in our favor is a victory in our ongoing actions and steadfast commitment to protecting the safety of our equine and human athletes.

NBC’s Kentucky Derby Coverage Peaked at 16.6 Million Viewers as Mage Crossed Finish Line

Led by Peacock, 2023 Kentucky Derby is Most Streamed Horse Race Ever – Up 50% From Last Year

The Preakness Stakes is Sat., May 20 at 4:30 p.m. ET on NBC & Peacock

STAMFORD, Conn. – May 8, 2023 – NBC Sports’ presentation of the 149^th Kentucky Derby, won by Mage, averaged a Total Audience Delivery (TAD) of 14.8 million viewers – making it the most-watched sporting event and second most watched show (Academy Awards) since Super Bowl LVII in February.

Additional viewership highlights from Saturday’s Kentucky Derby coverage:

• With 14.8 million viewers, the 2023 Kentucky Derby is NBC Sports’ 14^th consecutive presentation of the “Run for the Roses” to top 14.5 million viewers (excludes 2020 event which was held in Sept.).
• Viewership peaked at 16.6 million viewers from 7-7:15 p.m. ET on NBC, as Mage took the lead in the homestretch and won by a length. Mage is only the third horse to win the Kentucky Derby without racing as a two-year old, joining 2018 Triple Crown winner Justify, and Apollo (1882).
• The TV-only average audience of 14.4 million viewers is NBC’s most-watched program since the NFL Playoffs in January.
• Led by Peacock, the event posted a record Average Minute Audience (AMA) of 371,000 viewers across NBCUniversal streaming platforms – up 50% from last year (247,000).
• The NBC-TV household rating for the broadcast (6:31-7:21 p.m. ET) was a 6.9/24.

Total Audience Delivery is based upon live-plus-same day figures from Nielsen and digital data from Adobe Analytics.

148TH PREAKNESS STAKES ON NBC SPORTS, MAY 20: In two weeks, Kentucky Derby winner Mage attempts the next step in his Triple Crown quest. NBC Sports’ coverage of The 148th Preakness Stakes from Pimlico Racecourse in Baltimore, Md., begins with the Black-Eyed Susan Stakes on Friday, May 19, at 4:30 p.m. ET on Peacock.  NBC Sports presents The Preakness Stakes on Saturday, May 20, at 4:30 p.m. ET on NBC and Peacock, with coverage beginning at 1 p.m. ET on CNBC and Peacock.

TOP METERED MARKETS FOR 2023 KENTUCKY DERBY (Race Portion)

--NBC SPORTS--

Dan Masonson

203-356-2790

[email protected]

LOUISVILLE, Ky. (Saturday, May 6, 2023) – Two horses sustained severe injuries during today’s Churchill Downs race card. Chloe’s Dream suffered a right knee fracture in Race 2 at the top of the first turn. Freezing Point incurred a left front biaxial sesamoid fracture in Race 8 midway down the backstretch. In the interest of pursuing the most humane treatment for each horse, the owner, trainer and private veterinarian, in consultation with a board-certified equine surgeon, made the difficult decision to euthanize. We express our most sincere condolences to those connections who cared for and loved Chloe’s Dream and Freezing Point.

It is with the utmost sadness that we report these tragic fatal injuries. Churchill Downs is unwavering in our commitment to the health and well-being of equine safety. The equine fatalities leading to this year’s Kentucky Derby are a sobering reminder of the urgent need to mobilize our industry in order to explore every avenue possible and effectively minimize any avoidable risk in the sport.

Despite our determination to continually improve upon the highest industry standards, there is more to be done and we will rigorously work to understand what caused these incidents and build upon our existing data, programs and practices to better understand what has been incredibly difficult for us to witness and accept this week.

While each incident reported has been unique, it is important to note that there has been no discernable pattern detected in the injuries sustained. Our track surfaces are closely monitored by industry experts to ensure their integrity. Each horse that participates in racing at Churchill Downs must undergo multiple, comprehensive veterinarian exams and observations to ensure their fitness to race.

From here, we will fully and actively work with the Kentucky Horseracing Commission (KHRC) and the Horseracing Integrity and Safety Authority (HISA) to thoroughly investigate each incident to determine, to the degree possible, any underlying health or environmental causes and apply those learnings to continue to improve the safety of this sport. Together, we all want what is best for the horses.

The team at Churchill Downs works year-round to deliver an inspiring and world-class event to thousands of fans, but also to provide the safest racing environment each and every day. We are proud of the enduring legacy of the Kentucky Derby and these magnificent horses are central to its iconic appeal. While we believe the incidents leading to this year’s Derby are anomalies, they are unacceptable and we remain steadfast in our commitment to safety and integrity.

ABOUT CHURCHILL DOWNS INCORPORATED

Churchill Downs Incorporated (“CDI”, NASDAQ: CHDN) has been creating extraordinary entertainment experiences for nearly 150 years, beginning with the company’s most iconic and enduring asset, the Kentucky Derby. Headquartered in Louisville, Kentucky, CDI has expanded through the development of live and historical racing entertainment venues, the growth of the TwinSpires horse racing online wagering business and the operation and development of regional casino gaming properties. More information is available at www.churchilldownsincorporated.com.

149^th Kentucky Derby Race, the Kentucky Derby Day Program, and Kentucky Derby Week Races All Set New Handle Records 

LOUISVILLE, KY., (May 6, 2023) – Churchill Downs Incorporated (“CDI”) (Nasdaq: CHDN) announced today that a spirited and vibrant crowd of 150,335 Derby fans at Churchill Downs Racetrack (“Churchill Downs”) witnessed Mage claim the Garland of Roses at the 149^th running of the Kentucky Derby presented by Woodford Reserve at 15-1 odds under mostly sunny skies. CDI also announced that wagering from all sources was the highest all-time on the Kentucky Derby race, the Kentucky Derby Day program, and Kentucky Derby Week races.

Mage, owned by OGMA Investments, LLC (Gustavo Delgado), Ramiro Restrepo, Sterling Racing (Sam Herzberg) and Commonwealth Thoroughbred LLC (Brian Doxtator and Chase Chamberlin), bred in Kentucky by Grandview Equine (Robert Clay), trained by Gustavo Delgado, and ridden by Javier Castellano, rallied to win by a length. Mage covered the mile and a quarter in 2.01.57 over a fast track.

Wagering from all sources on the Kentucky Derby Day program set a new record of $288.7 million, beating last year’s record of $273.8 million. All-sources wagering on the Kentucky Derby race was a new record of $188.7 million, beating the previous record of $179.0 million set in 2022. All-sources handle for Derby Week rose to a new record of $412.0 million, beating last year’s record of $391.8 million.

TwinSpires, the official betting partner of the Kentucky Derby, handled a new record of $73.6  million in wagering on Churchill Downs races for the Kentucky Derby Day program, compared to last year’s record of $67.4 million. TwinSpires’ handle on the Kentucky Derby race was a new record of $47.0 million, beating last year’s record of $44.0 million.

 “We were thrilled to debut our new First Turn Experience, a one-of-a-kind premium accommodation with exclusive views of the horses and the racetrack from the rail of the first turn, as we commemorated the 50^th anniversary of Secretariat’s victory in the Run for the Roses,” said Bill Carstanjen, CEO of CDI. “We expect the Kentucky Derby Week Adjusted EBITDA to reflect a new record with $14 to $16 million of growth over the prior record set last year. We will now accelerate our focus on our year-long celebration in preparation for the 150^th Kentucky Derby in May 2024.” 

Use of Non-GAAP Measures

In addition to the results provided in accordance with GAAP, the Company also uses non-GAAP measures, including adjusted net income, adjusted diluted EPS, EBITDA (earnings before interest, taxes, depreciation and amortization), and Adjusted EBITDA.

The Company uses non-GAAP measures as a key performance measure of the results of operations for purposes of evaluating performance internally. These measures facilitate comparison of operating performance between periods and help investors to better understand the operating results of the Company by excluding certain items that may not be indicative of the Company's core business or operating results. The Company believes the use of these measures enables management and investors to evaluate and compare, from period to period, the Company’s operating performance in a meaningful and consistent manner. The non-GAAP measures are a supplemental measure of our performance that is not required by, or presented in accordance with, GAAP, and should not be considered as an alternative to, or more meaningful than, net income or diluted EPS (as determined in accordance with GAAP) as a measure of our operating results.

We use Adjusted EBITDA to evaluate segment performance, develop strategy, and allocate resources. We utilize the Adjusted EBITDA metric to provide a more accurate measure of our core operating results and enable management and investors to evaluate and compare from period to period our operating performance in a meaningful and consistent manner. Adjusted EBITDA should not be considered as an alternative to operating income as an indicator of performance, as an alternative to cash flows from operating activities as a measure of liquidity, or as an alternative to any other measure provided in accordance with GAAP. Our calculation of Adjusted EBITDA may be different from the calculation used by other companies and, therefore, comparability may be limited.

Adjusted net income and adjusted diluted EPS exclude discontinued operations net income or loss; net income or loss attributable to noncontrolling interest; changes in fair value for interest rate swaps related to Rivers Des Plaines; Rivers Des Plaines' legal reserves and transaction costs; transaction expense, which includes acquisition and disposition related charges, as well as legal, accounting, and other deal-related expense; pre-opening expense; and certain other gains, charges, recoveries, and expenses.

Adjusted EBITDA includes our portion of EBITDA from our equity investments.

Adjusted EBITDA excludes:

• Transaction expense, net which includes:
  • Acquisition, disposition, and land sale related charges;
  • Direct online Sports and Casino business exit costs; and
  • Other transaction expense, including legal, accounting, and other deal-related expense;
• Stock-based compensation expense;
• Rivers Des Plaines' impact on our investments in unconsolidated affiliates from:
  • The impact of changes in fair value of interest rate swaps; and
  • Legal reserves and transaction costs;
• Asset impairments;
• Gain on property sales;
• Legal reserves;
• Pre-opening expense; and
• Other charges, recoveries, and expenses

As of December 31, 2021, Arlington ceased racing and simulcast operations and the property was sold on February 15, 2023 to the Chicago Bears. Arlington's results in 2022 and 2023 are treated as an adjustment to EBITDA and are included in Other expenses, net in the Reconciliation of Comprehensive Income to Adjusted EBITDA.

ABOUT CHURCHILL DOWNS INCORPORATED

Churchill Downs Incorporated (“CDI”, NASDAQ: CHDN) has been creating extraordinary entertainment experiences for nearly 150 years, beginning with the company’s most iconic and enduring asset, the Kentucky Derby. Headquartered in Louisville, Kentucky, CDI has expanded through the development of live and historical racing entertainment venues, the growth of the TwinSpires horse racing online wagering business and the operation and development of regional casino gaming properties. More information is available at www.churchilldownsincorporated.com.

This news release contains various “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are typically identified by the use of terms such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “predict,” “project,” “seek,” “should,” “will,” and similar words or similar expressions (or negative versions of such words or expressions).

Although we believe that the expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. Important factors, among others, that may materially affect actual results or outcomes include the following: the receipt of regulatory approvals on terms desired or anticipated, unanticipated difficulties or expenditures relating to the proposed transaction, including, without limitation, difficulties that result in the failure to realize expected synergies, efficiencies and cost savings from the proposed transaction within the expected time period (if at all), our ability to obtain financing on the anticipated terms and schedule, disruptions of our or P2E’s current plans, operations and relationships with customers and suppliers caused by the announcement and pendency of the proposed transaction, our and P2E’s ability to consummate a sale-leaseback transaction with respect to the Hard Rock Sioux City on terms desired or anticipated, the impact of the novel coronavirus (COVID-19) pandemic, including the emergence of variant strains, and related economic matters on our results of operations, financial conditions and prospects; the occurrence of extraordinary events, such as terrorist attacks, public health threats, civil unrest, and inclement weather; the effect of economic conditions on our consumers' confidence and discretionary spending or our access to credit; additional or increased taxes and fees; the impact of significant competition, and the expectation the competition levels will increase; changes in consumer preferences, attendance, wagering, and sponsorships; loss of key or highly skilled personnel; lack of confidence in the integrity of our core businesses or any deterioration in our reputation; risks associated with equity investments, strategic alliances and other third-party agreements; inability to respond to rapid technological changes in a timely manner; concentration and evolution of slot machine and HRM manufacturing and other technology conditions that could impose additional costs; inability to negotiate agreements with industry constituents, including horsemen and other racetracks; inability to successfully focus on market access and retail operations for our TwinSpires Sports and Casino business and effectively compete; inability to identify and / or complete acquisitions, divestitures, development of new venues or the expansion of existing facilities on time, on budget, or as planned; general risks related to real estate ownership and significant expenditures, including fluctuations in market values and environmental regulations; reliance on our technology services and catastrophic events and system failures disrupting our operations; online security risk, including cyber-security breaches, or loss or misuse of our stored information as a result of a breach, including customers’ personal information, could lead to government enforcement actions or other litigation; personal injury litigation related to injuries occurring at our racetracks; compliance with the Foreign Corrupt Practices Act or applicable money-laundering regulations; payment-related risks, such as risk associated with fraudulent credit card and debit card use; work stoppages and labor issues; risks related to pending or future legal proceedings and other actions; highly regulated operations and changes in the regulatory environment could adversely affect our business; restrictions in our debt facilities limiting our flexibility to operate our business; failure to comply with the financial ratios and other covenants in our debt facilities and other indebtedness; and increase in our insurance costs, or obtain similar insurance coverage in the future, and inability to recover under our insurance policies for damages sustained at our properties in the event of inclement weather and casualty events.

We do not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

LOUISVILLE, KY., (May 5, 2023) – Churchill Downs Incorporated (“CDI”) (Nasdaq: CHDN) announced today a new full Kentucky Oaks race card handle record at Churchill Downs Racetrack (“Churchill Downs”) as Pretty Mischievous captured the Lilies in the 149^th running of America’s premier race for 3-year-old fillies in a field of 14 and fast track conditions. Under sunny skies, 106,381 spectators gathered under the historic Twin Spires to watch the race.

Wagering from all sources on the full Kentucky Oaks day race card set a new record of $74.9 million beating last year’s record of $74.6 million. All-sources wagering on the Kentucky Oaks race was $22.4 million compared to the record of $24.3 million set in 2022.

Pretty Mischievous, owned and bred by Godolphin, LLC, trained by Brendan Walsh, and ridden by Tyler Gaffalione, stormed to the finish line to win the Longines Kentucky Oaks by a neck at odds of 10-1 and with a final time of 1.49.77. This was the first time the Kentucky Oaks trophy was won by Godolphin,  Walsh, and Gaffalione. The Kentucky-bred filly was sired by Spendthrift Farm’s stallion Into Mischief and now has lifetime earnings of $1.27 million.

“Congratulations to the connections of Pretty Mischievous on today’s win,” said Churchill Downs President Mike Anderson. “The 149^th Kentucky Oaks will be remembered as a memorable day of racing on a near-perfect Kentucky day. Today’s success should be attributed to our fans, sponsors, horsemen, horseplayers, and all participants of this distinguished racing tradition.”

CDI continued using Kentucky Oaks as a platform to raise money for women’s health initiatives, and welcomed 149 breast and ovarian cancer survivors to walk the historic racetrack prior to the running of Longines Kentucky Oaks for the 15^th Survivors Parade. The 149 participating survivors were chosen for the first time by random selection to ensure greater equity and opportunity among nominees. This year’s moving tradition was emphasized by the first-ever live performance during the Kentucky Oaks Survivors Parade as singer-songwriter Rachel Platten serenaded the survivors with her chart-topping hit “Fight Song,” an uplifting message of hope, courage, and strength.   

Churchill Downs’ Oaks charitable beneficiaries were Derby Divas representing the Norton Cancer Institute and Horses and Hope representing the Kentucky Cancer Program. Since its inception, the Oaks Survivors Parade charitable initiative has raised over $1 million for women’s health advocacy providing preventative access to underserved women throughout Kentucky, including those who work in the equine industry.

ABOUT CHURCHILL DOWNS INCORPORATED

Churchill Downs Incorporated (“CDI”, NASDAQ: CHDN) has been creating extraordinary entertainment experiences for nearly 150 years, beginning with the company’s most iconic and enduring asset, the Kentucky Derby. Headquartered in Louisville, Kentucky, CDI has expanded through the development of live and historical racing entertainment venues, the growth of the TwinSpires horse racing online wagering business and the operation and development of regional casino gaming properties. More information is available at www.churchilldownsincorporated.com.

This news release contains various “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are typically identified by the use of terms such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “predict,” “project,” “seek,” “should,” “will,” and similar words or similar expressions (or negative versions of such words or expressions).

Although we believe that the expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. Important factors, among others, that may materially affect actual results or outcomes include the following: the receipt of regulatory approvals on terms desired or anticipated, unanticipated difficulties or expenditures relating to the proposed transaction, including, without limitation, difficulties that result in the failure to realize expected synergies, efficiencies and cost savings from the proposed transaction within the expected time period (if at all), our ability to obtain financing on the anticipated terms and schedule, disruptions of our or P2E’s current plans, operations and relationships with customers and suppliers caused by the announcement and pendency of the proposed transaction, our and P2E’s ability to consummate a sale-leaseback transaction with respect to the Hard Rock Sioux City on terms desired or anticipated, the impact of the novel coronavirus (COVID-19) pandemic, including the emergence of variant strains, and related economic matters on our results of operations, financial conditions and prospects; the occurrence of extraordinary events, such as terrorist attacks, public health threats, civil unrest, and inclement weather; the effect of economic conditions on our consumers' confidence and discretionary spending or our access to credit; additional or increased taxes and fees; the impact of significant competition, and the expectation the competition levels will increase; changes in consumer preferences, attendance, wagering, and sponsorships; loss of key or highly skilled personnel; lack of confidence in the integrity of our core businesses or any deterioration in our reputation; risks associated with equity investments, strategic alliances and other third-party agreements; inability to respond to rapid technological changes in a timely manner; concentration and evolution of slot machine and HRM manufacturing and other technology conditions that could impose additional costs; inability to negotiate agreements with industry constituents, including horsemen and other racetracks; inability to successfully focus on market access and retail operations for our TwinSpires Sports and Casino business and effectively compete; inability to identify and / or complete acquisitions, divestitures, development of new venues or the expansion of existing facilities on time, on budget, or as planned; general risks related to real estate ownership and significant expenditures, including fluctuations in market values and environmental regulations; reliance on our technology services and catastrophic events and system failures disrupting our operations; online security risk, including cyber-security breaches, or loss or misuse of our stored information as a result of a breach, including customers’ personal information, could lead to government enforcement actions or other litigation; personal injury litigation related to injuries occurring at our racetracks; compliance with the Foreign Corrupt Practices Act or applicable money-laundering regulations; payment-related risks, such as risk associated with fraudulent credit card and debit card use; work stoppages and labor issues; risks related to pending or future legal proceedings and other actions; highly regulated operations and changes in the regulatory environment could adversely affect our business; restrictions in our debt facilities limiting our flexibility to operate our business; failure to comply with the financial ratios and other covenants in our debt facilities and other indebtedness; and increase in our insurance costs, or obtain similar insurance coverage in the future, and inability to recover under our insurance policies for damages sustained at our properties in the event of inclement weather and casualty events.

We do not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

LOUISVILLE, KY., (April 28, 2023) – Churchill Downs Incorporated Foundation announced today it will once again conduct a 50/50 Charitable Gaming Raffle for Kentucky Derby Week. Participants will have the chance to win half of the total raffle sales for the week with the other half of proceeds benefitting the Churchill Downs Incorporated Foundation. The Foundation’s mission is to provide positive stewardship for the horseracing industry by ensuring its continued growth and stability as well as enhance the quality of life for the neighborhoods around Churchill Downs Racetrack.

Tickets for the raffle may be purchased anytime from Opening Night of Derby Week, April 29, 2023, until 4PM on Derby day, May 6^th, 2023, at www.DerbyGives.com. Guests can also purchase raffle tickets in person if attending Oaks or Derby at Churchill Downs Racetrack through onsite volunteers. Raffle tickets start at $5 each and are limited to individuals in the State of Kentucky. For additional information and complete official raffle rules visit www.DerbyGives.com.

Churchill Downs Incorporated Foundation’s charitable gaming license number in the Commonwealth of Kentucky is ORG0002461.

ABOUT CHURCHILL DOWNS INCORPORATED FOUNDATION

The Churchill Downs Foundation is committed to providing positive stewardship for the horseracing industry and is deeply focused on supporting connections to the equine industry and ensuring its continued growth and stability. In addition to industry-related initiatives, the Foundation is committed to funding that will enhance and invigorate the quality of life for the neighborhoods surrounding Churchill Downs Racetrack. CDI and its properties follow a long tradition of corporate social responsibility and have been committed charitable partners for decades. The Churchill Downs Foundation exists separately to protect and improve the industry celebrated as racing fans.

ABOUT CHURCHILL DOWNS INCORPORATED

Churchill Downs Incorporated (“CDI”, NASDAQ: CHDN) has been creating extraordinary entertainment experiences for nearly 150 years, beginning with the company’s most iconic and enduring asset, the Kentucky Derby. Headquartered in Louisville, Kentucky, CDI has expanded through the development of live and historical racing entertainment venues, the growth of the TwinSpires horse racing online wagering business and the operation and development of regional casino gaming properties. More information is available at www.churchilldownsincorporated.com.

This news release contains various “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are typically identified by the use of terms such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “predict,” “project,” “seek,” “should,” “will,” and similar words or similar expressions (or negative versions of such words or expressions).

Although we believe that the expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. Important factors, among others, that may materially affect actual results or outcomes include the following: the receipt of regulatory approvals on terms desired or anticipated, unanticipated difficulties or expenditures relating to the proposed transaction, including, without limitation, difficulties that result in the failure to realize expected synergies, efficiencies and cost savings from the proposed transaction within the expected time period (if at all), our ability to obtain financing on the anticipated terms and schedule, disruptions of our or P2E’s current plans, operations and relationships with customers and suppliers caused by the announcement and pendency of the proposed transaction, our and P2E’s ability to consummate a sale-leaseback transaction with respect to the Hard Rock Sioux City on terms desired or anticipated, the impact of the novel coronavirus (COVID-19) pandemic, including the emergence of variant strains, and related economic matters on our results of operations, financial conditions and prospects; the occurrence of extraordinary events, such as terrorist attacks, public health threats, civil unrest, and inclement weather; the effect of economic conditions on our consumers' confidence and discretionary spending or our access to credit; additional or increased taxes and fees; the impact of significant competition, and the expectation the competition levels will increase; changes in consumer preferences, attendance, wagering, and sponsorships; loss of key or highly skilled personnel; lack of confidence in the integrity of our core businesses or any deterioration in our reputation; risks associated with equity investments, strategic alliances and other third-party agreements; inability to respond to rapid technological changes in a timely manner; concentration and evolution of slot machine and HRM manufacturing and other technology conditions that could impose additional costs; inability to negotiate agreements with industry constituents, including horsemen and other racetracks; inability to successfully focus on market access and retail operations for our TwinSpires Sports and Casino business and effectively compete; inability to identify and / or complete acquisitions, divestitures, development of new venues or the expansion of existing facilities on time, on budget, or as planned; general risks related to real estate ownership and significant expenditures, including fluctuations in market values and environmental regulations; reliance on our technology services and catastrophic events and system failures disrupting our operations; online security risk, including cyber-security breaches, or loss or misuse of our stored information as a result of a breach, including customers’ personal information, could lead to government enforcement actions or other litigation; personal injury litigation related to injuries occurring at our racetracks; compliance with the Foreign Corrupt Practices Act or applicable money-laundering regulations; payment-related risks, such as risk associated with fraudulent credit card and debit card use; work stoppages and labor issues; risks related to pending or future legal proceedings and other actions; highly regulated operations and changes in the regulatory environment could adversely affect our business; restrictions in our debt facilities limiting our flexibility to operate our business; failure to comply with the financial ratios and other covenants in our debt facilities and other indebtedness; and increase in our insurance costs, or obtain similar insurance coverage in the future, and inability to recover under our insurance policies for damages sustained at our properties in the event of inclement weather and casualty events.

We do not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

LOUISVILLE, Ky. (Thursday, April 13, 2023) – Churchill Downs Racetrack is excited to announce a dynamic lineup of partners and licensees for the 149th Kentucky Derby, with new partnerships and renewals including Brown-Forman brands: Woodford Reserve, Old Forester, Finlandia, Tequila Herradura; BMW of North America, White Claw, FanDuel, vineyard vines, AT&T, Third Time Entertainment, Ford’s Garage, Romero Britto, and Paramount Network’s Yellowstone. 

The 149th Kentucky Derby presented by Woodford Reserve will take place on Saturday, May 6. The 149th Longines Kentucky Oaks will take place on Friday, May 5. 

After 149 years, the Kentucky Derby has cemented itself as one of the most sought-after stages for brands to connect with consumers. Outside of being The Most Exciting Two Minutes in Sports®, the Kentucky Derby brings together world-renowned luxury and lifestyle partners to create a thrilling experience for fans around the world. 

“The Kentucky Derby is where global trends meet traditions in authentic, inspiring and impactful ways,” said Casey Ramage, Churchill Downs Racetrack’s Vice President of Marketing and Partnerships. “From spirits to fashion and virtual entertainment to automotive, we’re thrilled to embrace the variety our partnerships bring Kentucky Derby fans for an unbeatably enjoyable experience, no matter where they find themselves on Derby Day – at the track or at home.” 

The 2023 new Kentucky Derby partners, licensees and activations include: 

• Tequila Herradura will serve Derby-inspired tequila cocktails and provide Instagramable moments for guests to capture their Kentucky Derby experiences.
  
• World-renowned artist, Romero Britto, has designed exclusive artwork for this year’s Kentucky Derby that guests can take home to remember their Derby experience and is set to be a featured judge of the Longines Fashion Contest on Kentucky Oaks Day.
  
• AT&T joins as the first preferred Fiber Internet partner of Churchill Downs and the Kentucky Derby.
  
• Game development studio, Third Time Entertainment, will bring the Kentucky Derby to the metaverse with a series of events on the Photo FinishTM LIVE platform allowing players to virtually experience their own Run for the Roses®.
  
• Steeped in history, Royal Ascot – the historic five-day horse racing event held in Ascot, England each year – has held its place as the Crown Jewel of the British summer season for centuries. Making its debut at the Kentucky Derby this year, guests will find exciting fashion elements, an interactive photo experience, and a once-in-lifetime Royal Ascot experience giveaway this May.
  
• Ford’s Garage restaurants, the Official Watch Locations for Kentucky Derby 149, is inviting fans and friends to taste 10 days of excitement with a full program of race coverage, commemorative merchandise, special giveaways, and themed menu items at all locations across the country.
  
• FanDuel is proud to be an official sports wagering partner of the Kentucky Derby with naming rights to the Starting Gate Rooftop Garden.
  
• Todd Snyder, the iconic menswear designer, will curate a selection of Derby-inspired fashions for the modern gentleman available for purchase online.
  
• Paperless Post, the premier destination for online invitations, has created a variety of expressive and imaginative designs inspired by the recognizable Derby-aesthetic, to give all Derby celebrations an authentic touch.
  
• Paramount Network’s YELLOWSTONE, TV’s #1 show, invites fans to celebrate the Blu-ray & DVD release of Season 5 Part 1. Fans can visit the YELLOWSTONE booth to meet one of everyone’s favorite Bunkhouse Boys, Ian Bohen (Ryan), take a commemorative photo, and have a chance to win a Yellowstone gift basket.
  

Building off previous successes, the Kentucky Derby is proud to welcome back a number of valued partners:

• Brown-Forman extends their partnership with a five-year agreement including Woodford Reserve, Old Forester, Finlandia and Herradura.
  • Woodford Reserve will continue as the presenting sponsor of the Kentucky Derby through 2027, and this year will feature their famous $1,000 mint julep featuring Secretariat and a must-see branded activation near the new Woodford Reserve Paddock. 
  • As the Official Drink of the Derby, the Old Forester Mint Julep is excited to debut a brand new mint julep flavor Derby Week. 
  • Longtime partner, Finlandia Vodka, will serve refreshing cocktails including the classic, fan-favorite Oaks Lily. 
• BMW of North America, the luxury auto partner of the Kentucky Derby and Churchill Downs, returns to Derby weekend with an exclusive look at the most powerful luxury sport activity vehicle ever made in BMW history, the BMW XM. Fans can expect to see unique BMW experiences throughout Churchill Downs.
  
• White Claw continues their partnership with a three-year extension, now serving as an Official Sponsor of the Kentucky Derby and remaining the Official Hard Seltzer. They return in 2023 with plans for experiential activations for fans of the Paddock Plaza and the Infield Grounds at Churchill Downs Racetrack.
  
• La Crema, a vineyard of Jackson Family Wines, will bring back its on-site wine-tasting experience.
  
• TwinSpires.com continues their presence as the official betting partner of the Kentucky Derby. The TwinSpires.com activation centers will have handicapping products, runner information and fan-favorite contender buttons. The marquee activation area will be located in the infield, with a unique racebook atmosphere and hospitality amenities.
  
• vineyard vines has curated its 13th Kentucky Derby collection comprised of winning looks and bright styles for the entire family.
  
• In addition to Radley London’s equestrian-inspired feminine line of handbags, wallets and clutches, the London- born accessories brand will connect Louisville to London with a traditional, English-inspired phone booth in the
  
• Fashion-forward boutique fan gear, Lusso Style, will provide a customizable keepsake by pressing commemorative patches onto denim jackets for guests to create their own Derby memorabilia.
  
• Black-owned brand Homme + Femme will blend streetwear style with traditions for its second Kentucky Derby collection.
  
• Red Bull will return to the in-field with their traditional Kombi Bar serving a variety of Red Bull cocktails.
  
• John Deere continues their presence supplying tractors that help maintain the track and will also feature
  equipment on the backside throughout Derby Week.
  
• LG&E returns this year to focus support on the ongoing renewable energy initiatives by Churchill Downs Racetrack as the first green energy partner of the Kentucky Derby.
  
• Sunbelt, the new Official Rental Equipment Supplier, will highlight the sustainability impact of its equipment on- site.
  
• To assist with operational needs, PODS is stepping in this year to provide convenient and secure storage containers throughout the facility. 

Official Kentucky Derby merchandise and accessories are available online at www.KentuckyDerbyStore.com. 

ABOUT CHURCHILL DOWNS RACETRACK

Churchill Downs Racetrack (“CDRT”), the world’s most legendary racetrack, has been the home of The Kentucky Derby,the longest continually held annual sporting event in the United States, since 1875. Located in Louisville, CDRT features a series of themed race days during Derby Week, including the Kentucky Oaks, and conducts Thoroughbred horse racing during three race meets in the Spring, September, and the Fall. CDRT is located on 175 acres and has a one-mile dirt track, a 7/8-mile turf track, a stabling area, and provides seating for approximately 60,000 guests. The stable area has barns sufficient to accommodate 1,400 horses and a 114-room dormitory for backstretch personnel. CDRT also has a year-round simulcast wagering facility. www.ChurchillDowns.com.

ABOUT THE KENTUCKY DERBY

The $3 million Kentucky Derby takes place on the first Saturday in May at historic Churchill Downs in Louisville, Kentucky. Inaugurated in 1875, the legendary 1 1/4-mile race for three-year-olds is the longest continually-held major sporting event in North America and the first leg of horse racing's Triple Crown series. Also known as, "The Run for the Roses®" and "The Most Exciting Two Minutes in Sports®," the Kentucky Derby is the most attended horserace in the nation. This year, the Kentucky Derby will take place on May 6, 2023. For more information, please visitwww.KentuckyDerby.com.