Churchill Downs withdraws from bid for New York racing franchise

LOUISVILLE, Kentucky -- (PRESS RELEASE) -- Churchill Downs Incorporated (NASDAQ: CHDN ) today announced that it is withdrawing from Empire Racing Associates' ("Empire Racing") bid to operate the New York racing franchise.

Churchill Downs Incorporated was one of several business entities that joined in Empire Racing's bid to operate the three New York Thoroughbred racetracks. Empire Racing responded to the formal request for proposal ("RFP") issued by the State of New York seeking outside parties to bid on the New York franchise.

"When our Company took a position in Empire Racing in August 2006, we were joining a very diverse, accomplished, resourceful and highly motivated group of business partners, including New York horsemen, whose common goal was creating a framework that would ensure the success of New York horse racing," said Robert L. Evans, president and chief executive officer of Churchill Downs Incorporated. "Since that time, the make-up of Empire Racing has changed significantly, and the bidding and selection process is now undefined. We continue to believe that Thoroughbred racing's success in the United States requires that New York racing be economically viable. Churchill Downs Incorporated simply wants what's best for New York horse racing, regardless of whether our Company plays a role in the ultimate solution. Remaining part of Empire Racing is not serving that goal, so we've ended our participation in Empire Racing."