Presentation given at the National Bar Association, Corporate Leadership Forum (Corporate Briefings Section)

1. Corporate Briefings: Churchill Downs, Inc.
July 2012
E.M. Lysonge, Esq.
VP, Legal Affairs

2. Overview
 Churchill Downs, Inc. (CHDN)
 Business Segments, Issues, and Hot Topics:
 Thoroughbred Horse Racing (KY Derby and Oaks)
 Pari-Mutuel Wagering (TwinSpires.com)
 Casino Gaming (Harlow’s, Calder, and Fair Grounds)
 Technology (United Tote)
 Publishing and Multimedia (Bluff)
 Future Growth Opportunities
 Casino Gaming
 Online Gaming (iPoker and Social Games)
 Large Scale Entertainment Events

3. COMPANY PROFILE
 CHDN: Traded on the NASDAQ Global Select Market
 Founded: 1875 by the Louisville Jockey Club
 Headquartered: Louisville, Kentucky
 Market Cap: Over $1 Billion
 EBITDA (2011): $158.7 Million (almost double from 2010)
 Employees (2011): 4,000 company-wide
 Market Position:
 8% of horse races run in 2011 (3,900 of 45,000)
 7.4% of total US handle bet through TwinSpires ($10B)
 165,000 highest attendance for US horse racing event

6. Total Attendance (2012): 277,859

28.  December 2011: DOJ issued an
opinion reversing its
longstanding interpretation of
the Wire Act
 DOJ opinion states that the Wire
Act of 1961 only applies to
sports betting, and not other
forms of online
gambling, including Poker and
lotteries
 Subsequently, Nevada makes
history by issuing the first
interactive gaming licenses in
United States history to Bally
Technology and International
Gaming Technologies