Churchill Downs Incorporated Opens Marshall Yards Racing & Gaming in Southwestern Kentucky

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About Churchill Downs Incorporated 

Churchill Downs Incorporated (“CDI”) (Nasdaq: CHDN) has been creating extraordinary entertainment experiences for over 150 years, beginning with the company’s most iconic and enduring asset, the Kentucky Derby. Headquartered in Louisville, Kentucky, CDI has expanded through the acquisition, development, and operation of live and historical racing entertainment venues, the growth of online wagering businesses, and the acquisition, development, and operation of regional casino gaming properties. 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,” “scheduled,” and similar words or similar expressions (or negative versions of

such words or expressions), although some forward-looking statements are expressed differently.

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, that could cause actual results to

differ materially from expectations include the following: the occurrence of extraordinary events, such as terrorist

attacks, public health threats, civil unrest, and inclement weather, including as a result of climate change; the effect

of economic conditions on our consumers’ confidence and discretionary spending or our access to credit, including

the impact of inflation; changes in, or new interpretations of, applicable tax laws or rulings that could result in

additional tax liabilities; the impact of any pandemics, epidemics, or outbreaks of infectious diseases, and related

economic matters on our results of operations, financial conditions and prospects; lack of confidence in the integrity

of our core businesses or any deterioration in our reputation; negative shifts in public opinion regarding gambling

that could result in increased regulation of, or new restrictions on, the gaming industry; loss of key or highly skilled

personnel, as well as general disruptions in the general labor market; the impact of significant competition, and the

expectation that competition levels will increase; changes in consumer preferences, attendance, wagering, and

sponsorships; 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

historical racing machine (“HRM”) manufacturing and other technology conditions that could impose additional

costs; failure to enter into or maintain agreements with industry constituents, including horsemen and other

racetracks; cybersecurity risk, including cyber-security breaches, or loss or misuse of our confidential information as

a result of a breach including customers’ personal information, or IT system operational disruptions, could lead to

government enforcement actions or other litigation; costs of compliance with increasingly complex laws and

regulations regarding data privacy and protection of personal information; reliance on our technology services and

catastrophic events, system failures, errors or defects disrupting our operations; inability to identify, complete, or

fully realize the benefits of our proposed acquisitions, divestitures, development of new venues or the expansion of

existing facilities on time, on budget, or as planned; difficulty in integrating recent or future acquisitions into our

operations; cost overruns and other uncertainties associated with the development of new venues and the expansion

of existing facilities; general risks related to real estate ownership and significant expenditures, including risks related

to environmental liabilities; personal injury litigation related to injuries occurring at our racetracks; compliance with

the Foreign Corrupt Practices Act or other similar laws and regulations, or applicable anti-money laundering

regulations; payment-related risks, such as risk associated with fraudulent credit card or debit card use; work

stoppages and labor problems; 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; increases to interest rates, disruption in the credit markets or changes

to our credit ratings may adversely affect our business; increase in our insurance costs, or inability to obtain similar

insurance coverage in the future, and any inability to recover under our insurance policies for damages sustained at

our properties in the event of inclement weather and casualty events; and other factors described under the heading

“Risk Factors” in our most recent Annual Report on Form 10-K and in other filings we make with the Securities and

Exchange Commission.

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.

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