Churchill Downs Agrees to Terms with Fair Grounds Corp., Horsemen

2 Sep 2004

LOUISVILLE, Kentucky – (PRESS RELEASE) -- Churchill Downs Incorporated (Nasdaq: CHDN) today announced that it has agreed to terms with Fair Grounds Corporation ("Fair Grounds") and other parties to acquire Fair Grounds Race Course for $47 million, pending approval of the U.S. Bankruptcy Court, Eastern District of Louisiana.

Thomas H. Meeker, CDI's president and chief executive officer, stated: "We are excited to have agreed on terms that will inure to the benefit of all parties involved. From the outset, we have endeavored to reach an agreement with the horsemen and to maximize the value of the asset for the racetrack's creditors and shareholders. We believe the agreement accomplishes this, and we are satisfied that all constituents now share a common goal. It is paramount to all parties to bring the deal to closure as quickly as possible, well in advance of the upcoming race meet."

"Fair Grounds, with its rich tradition and winter-race schedule, is an excellent strategic fit for CDI and will benefit greatly from our operational expertise, industry-leading brand and simulcast network," Meeker added. "We look forward to working with racetrack President Bryan Krantz and the Louisiana horsemen to deliver an outstanding meet in November and in the years to come. We are eager to become a part of the New Orleans community."

Before the agreement is consummated, the bankruptcy court must confirm the terms of the deal in the form of an amended bankruptcy plan. The parties anticipate the court will hold a final confirmation hearing to consider approval of the amended plan on Sept. 24.

Churchill Downs Incorporated ("CDI"), headquartered in Louisville, Ky., owns and operates world-renowned horseracing venues throughout the United States. The Company's racetracks in California, Florida, Illinois, Indiana and Kentucky host 114 graded-stakes events and many of North America's most prestigious races, including the Kentucky Derby and Kentucky Oaks, Hollywood Gold Cup and Arlington Million. CDI racetracks have hosted nine Breeders' Cup World Thoroughbred Championships -- more than any other North American racing company. 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 http://www.churchilldownsincorporated.com .

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	Churchill Downs Agrees to Terms with Fair Grounds Corp., Horsemen 2 Sep 2004 LOUISVILLE, Kentucky – (PRESS RELEASE) -- Churchill Downs Incorporated (Nasdaq: CHDN) today announced that it has agreed to terms with Fair Grounds Corporation ("Fair Grounds") and other parties to acquire Fair Grounds Race Course for $47 million, pending approval of the U.S. Bankruptcy Court, Eastern District of Louisiana. Thomas H. Meeker, CDI's president and chief executive officer, stated: "We are excited to have agreed on terms that will inure to the benefit of all parties involved. From the outset, we have endeavored to reach an agreement with the horsemen and to maximize the value of the asset for the racetrack's creditors and shareholders. We believe the agreement accomplishes this, and we are satisfied that all constituents now share a common goal. It is paramount to all parties to bring the deal to closure as quickly as possible, well in advance of the upcoming race meet." "Fair Grounds, with its rich tradition and winter-race schedule, is an excellent strategic fit for CDI and will benefit greatly from our operational expertise, industry-leading brand and simulcast network," Meeker added. "We look forward to working with racetrack President Bryan Krantz and the Louisiana horsemen to deliver an outstanding meet in November and in the years to come. We are eager to become a part of the New Orleans community." Before the agreement is consummated, the bankruptcy court must confirm the terms of the deal in the form of an amended bankruptcy plan. The parties anticipate the court will hold a final confirmation hearing to consider approval of the amended plan on Sept. 24. Churchill Downs Incorporated ("CDI"), headquartered in Louisville, Ky., owns and operates world-renowned horseracing venues throughout the United States. The Company's racetracks in California, Florida, Illinois, Indiana and Kentucky host 114 graded-stakes events and many of North America's most prestigious races, including the Kentucky Derby and Kentucky Oaks, Hollywood Gold Cup and Arlington Million. CDI racetracks have hosted nine Breeders' Cup World Thoroughbred Championships -- more than any other North American racing company. 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 http://www.churchilldownsincorporated.com .