Churchill Downs Ceases Negotiations to Acquire Fair Grounds

17 Aug 2004

LOUISVILLE, Kentucky – (PRESS RELEASE) -- Churchill Downs Incorporated (Nasdaq: CHDN) today announced that it has ceased negotiations to acquire the Fair Grounds Corporation in New Orleans, La.

Thomas H. Meeker, CDI's president and chief executive officer, stated: "We believe that our offer is fair and exceeds any other offer that the Debtor has received. However, we have been unsuccessful in reaching a satisfactory agreement with the parties involved. We continue to be interested in the asset but the delays we have experienced in this process have brought us to the conclusion that closure is not possible."

Under arrangements set by the U.S. Bankruptcy Court, District of Louisiana, CDI was to participate in an August 16th bankruptcy court auction designed to maximize the value of Fair Grounds assets for creditors and shareholders. However, the Debtor - Fair Grounds majority owner Bryan Krantz - has sought to close a deal outside of bankruptcy court proceedings and was granted a continuance to delay the auction. According to records released August 12th, CDI's preliminary auction bid of $45 million was significantly higher than the only other bid submitted to Mr. Krantz.

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 Ceases Negotiations to Acquire Fair Grounds 17 Aug 2004 LOUISVILLE, Kentucky – (PRESS RELEASE) -- Churchill Downs Incorporated (Nasdaq: CHDN) today announced that it has ceased negotiations to acquire the Fair Grounds Corporation in New Orleans, La. Thomas H. Meeker, CDI's president and chief executive officer, stated: "We believe that our offer is fair and exceeds any other offer that the Debtor has received. However, we have been unsuccessful in reaching a satisfactory agreement with the parties involved. We continue to be interested in the asset but the delays we have experienced in this process have brought us to the conclusion that closure is not possible." Under arrangements set by the U.S. Bankruptcy Court, District of Louisiana, CDI was to participate in an August 16th bankruptcy court auction designed to maximize the value of Fair Grounds assets for creditors and shareholders. However, the Debtor - Fair Grounds majority owner Bryan Krantz - has sought to close a deal outside of bankruptcy court proceedings and was granted a continuance to delay the auction. According to records released August 12th, CDI's preliminary auction bid of $45 million was significantly higher than the only other bid submitted to Mr. Krantz. 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 .