Churchill Downs Incorporated

Churchill Downs, Yum! Brands Announce Five-Year Extension of Kentucky Derby Presenting Sponsorship Agreement

Churchill Downs Racetrack and Yum! Brands (NYSE: YUM) today announced a five-year extension of their 2006 agreement that made the world’s largest restaurant company the first named presenting sponsor of the $2 million-guaranteed Kentucky Derby, the historic track’s signature race and one of the country’s  major sports and entertainment events.

Under the agreement negotiated by the two Louisville, Ky.-based companies, the race will again be run as the Kentucky Derby Presented by Yum! Brands when it is renewed for the 137th consecutive year on Saturday, May 7, at Churchill Downs.  It will be the sixth consecutive Kentucky Derby in which Yum! Brands has served as the Kentucky Derby’s presenting sponsor.

Terms of the extended agreement were not released.

The first major Kentucky Derby sponsorship contract between Churchill Downs and Yum! Brands was announced on Feb. 1, 2006, and the agreement announced today will continue the partnership through 2015.  Churchill Downs, which opened with the running of the first Kentucky Derby on May 17, 1875, is the flagship racetrack of Churchill Downs Incorporated (NASDAQ: CHDN). Yum! Brands, a Fortune 500 company that operates more than 37,000 restaurants in 110 countries, is the parent company of KFC, Pizza Hut, Taco Bell and Long John Silver’s.

“Churchill Downs is very pleased to have reached this agreement with Yum! Brands, a great corporate citizen in our hometown, that extends its presenting sponsorship of the Kentucky Derby for five more years,” said Kevin Flanery, president of Churchill Downs Racetrack.  “Our partnership with Yum! Brands has been positive for both companies and good for the Kentucky Derby, an event that is a great American tradition and a springtime sports party known and loved around the world.”

“YUM Brands is pleased to renew our presenting sponsorship of the Kentucky Derby, the greatest two minutes in sports,” said Jonathan Blum, Senior Vice President, YUM Brands, Inc.  “While millions of people know and love our leading restaurant brands, they may not know YUM Brands.  The sponsorship of the Kentucky Derby allows us to build awareness of YUM, the world’s largest restaurant company.”

The Kentucky Derby Presented by Yum! Brands is coming off a very successful renewal on May 1, 2010, when, a crowd of 155,804 braved a daylong rain to witness a victory by WinStar Farm’s homebred Super Saver.  The Derby 136 winner provided Kentucky-based WinStar Farm and trainer Todd Pletcher with their first victories in the “Run for the Roses”, while jockey Calvin Borel won the race for the third time in four years. 

Total wagering on the 2010 Kentucky Derby was $112.7 million, an increase of 7.8 percent from the previous year.  Total wagering from all sources on the 13-race Kentucky Derby Day card at Churchill Downs was $162.7 million, an increase of 4.3 percent from the $156.0 million wagered a year earlier.

The Kentucky Derby is the only race in North America to attract wagering of more than $100 million.   The Derby’s attendance figure for 2010 marked the 10th time – and the sixth consecutive year – that America’s greatest race had attracted a crowd in excess of 150,000.

The presenting sponsorship agreement will not impact the purse of the Kentucky Derby, which stands at $2 million guaranteed.  But, like Churchill Downs’ previous agreement with Yum! Brands, owners and trainers who race their horses at Churchill Downs’ Spring and Fall Meets will benefit as a portion of the sponsorship’s revenues will go to race purses through a formula agreed upon in the most recent agreement between the track and horsemen.

Churchill Downs C.O.O. Bill Carstanjen to be Featured on CBS' 'Undercover Boss' Sunday at 9 p.m. ET

Churchill Downs Incorporated chief operating officer Bill Carstenjen will be the featured subject Sunday night on CBS’s hit reality series “Undercover Boss” at 9 p.m. ET. In turn, Churchill Downs will host an “Undercover Boss” viewing party for its employees to watch the show at the world-famous home of the Kentucky Derby.

“Undercover Boss” follows high-level chief executives as they slip anonymously into the rank and file of their companies. Each week, a different executive leaves the comfort of their corner office for an undercover mission to examine the inner workings of their company. While working alongside their employees, they often see the effects their decisions have on others, where potential problems lie within the organization and get an up-close look at both the good and the bad while discovering the unsung heroes who make their company run.

Last summer, Carstanjen (pronounced car-STAN-jen) traveled to Churchill Downs Incorporated’s Calder Casino and Race Course in Miami and Arlington Park near Chicago to work on a variety of jobs over a 10-day period. He worked with a trainer in the stable area and learned how to care for a horse. Carstanjen also worked in the Jockey’s Quarters, with the track maintenance and housekeeping crews and even shadowed the track bugler.

“Being undercover meant the people I was working with side-by-side could speak frankly about their work,” Carstenjen said. “They talked about their personal sacrifices, health issues and time management, all while showing up every day for work with the same attitudes so many of us feel for this business – the passion, dedication and drive to get more fans to love the sport as much as we do.”

Other than the promotional clips airing on CBS, Carstanjen and other Churchill Downs Incorporated employees have not seen the episode, but plenty of humorous, enjoyable and raw-emotion moments are expected.

Stay tuned. “Undercover Boss” airs Sunday at 9 p.m. ET.

Churchill Downs’ “Undercover Boss” viewing party for employees will take place Sunday in the Triple Crown Room from 8-10 p.m. ET.

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Churchill Downs Incorporated Gives Greenlight to Install Permanent Lighting at Home of Kentucky Derby

Churchill Downs Incorporated (NASDAQ: CHDN) (“CDI” or “Company”) announced today it will install permanent lights at Churchill Downs Racetrack (“CDRT” or “Churchill Downs”), home of the Kentucky Oaks and Kentucky Derby.  This decision follows careful review of the Churchill Downs’ Spring Meet night racing experiment.

Churchill Downs held its first-ever night racing events on June 19, June 26 and July 2, 2009.  The average attendance each of the three nights was 29,705 with 33,481 in attendance the final evening, bringing the total attendance for the three nights of racing to 89,115.

“We found our racing fans loved the experience and Churchill Downs is trying new ideas to bring different types of fans to our iconic track, home of the Kentucky Derby,” said Kevin Flanery, Churchill Downs’ Track President.  “The Company plans to invest in racing’s future despite the troubled economy and reduced handle throughout the industry,” continued Flanery.

Churchill Downs will be soliciting bids from a range of lighting contractors and anticipates installation to be complete in time for the 2010 Spring Meet.  Flanery indicated Churchill Downs will poll fans and horsemen to assist in determining the optimum mix of day and night racing.

Churchill Downs, the world’s most legendary racetrack, has conducted Thoroughbred racing and presented America’s greatest race, the Kentucky Derby, continuously since 1875.  Located in Louisville, the flagship racetrack of Churchill Downs Incorporated (NASDAQ Global Select Market: CHDN) also operates Trackside at Churchill Downs.  Churchill Downs will conduct the 136th running of the Kentucky Derby on May 1, 2010.  The track’s 2009 Fall Meet is scheduled for Nov.1-28.  Churchill Downs has hosted the Breeders’ Cup World Championships a record six times, and will host the international racing championship again on Nov. 5-6, 2010.  Information about Churchill Downs can be found on the Internet at www.ChurchillDowns.com.

Churchill Downs Incorporated (“CDI” or “Company”), headquartered in Louisville, Ky., owns and operates world-renowned horse racing venues throughout the United States.  CDI’s four racetracks in Florida, Illinois, Kentucky and Louisiana host many of North America’s most prestigious races, including the Kentucky Derby and Kentucky Oaks, Arlington Million, Princess Rooney Handicap and Louisiana Derby.  CDI’s racetracks have hosted seven Breeders’ Cup World Championships.  CDI also owns off-track betting facilities and has interests in various advance-deposit wagering, television production, telecommunications and racing services companies including a 50-percent interest in the national cable and satellite network HorseRacing TV, that support the Company’s network of simulcasting and racing operations.  CDI trades on the NASDAQ Global Select Market under the symbol CHDN and can be found on the Internet: www.ChurchillDownsIncorporated.com.

 

CDI, KHBPA, KTA Reach ADW Agreement at Churchill Downs

Officials of Churchill Downs Incorporated and representatives of the Kentucky Horsemen’s Benevolent and Protective Association and the Kentucky Thoroughbred Association have come to an agreement that allows, under specified terms and conditions, Churchill Downs racetrack to offer its live racing signal for distribution to national advance-deposit wagering platforms, including TwinSpires.com.  The agreement covers the 2009 spring meeting at Churchill Downs.

“We are pleased to have reached a mutually acceptable resolution with Kentucky horsemen on this issue,” said Steve Sexton, executive vice president of Churchill Downs Incorporated and president of Churchill Downs racetrack.  “The real winners today are our customers, who finally will be able to enjoy access to Churchill Downs races when live racing resumes in the spring.  We are deeply grateful to our customers for their understanding, loyalty and patience throughout these negotiations.”

“We are pleased to have reached a resolution for the spring 2009 meet at Churchill Downs,” said Rick Hiles, president of the KHBPA.  “We believe the agreement will bring great benefits to our horsemen and will promote Kentucky racing throughout the country.”

“We look forward to moving forward together in an effort to preserve and promote racing in Kentucky and at Churchill Downs,” said David Richardson, president of the KTA.  “This agreement is one step in that important process.”

Churchill Downs’ 52-day Spring Meet opens on Saturday, April 25, 2009.  Wagering will be available through TwinSpires.com beginning on opening day and continuing through the close of racing on July 5, 2009.  The signal will also be offered to certain other national online wagering companies.  Terms for distribution to those ADW companies have not been finalized.   

Churchill Downs Incorporated, headquartered in Louisville, Ky., owns and operates world-renowned horse racing venues throughout the United States. Churchill Downs’ four racetracks in Florida, Illinois, Kentucky and Louisiana host many of North America’s most prestigious races, including the Kentucky Derby and Kentucky Oaks, Arlington Million, Princess Rooney Handicap and Louisiana Derby. Churchill Downs racetracks have hosted seven Breeders’ Cup World Championships.  Churchill Downs also owns off-track betting facilities and has interests in various advance-deposit wagering, television production, telecommunications and racing services companies, including a 50-percent interest in the national cable and satellite network HorseRacing TV™, that support the Company’s network of simulcasting and racing operations. Churchill Downs trades on the NASDAQ Global Select Market under the symbol CHDN and can be found on the Internet at www.churchilldownsincorporated.com.
 
Information set forth in this news release contains various “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The Private Securities Litigation Reform Act of 1995 (the “Act”) provides certain “safe harbor” provisions for forward-looking statements. All forward-looking statements made in this Quarterly Report on Form 10-Q are made pursuant to the Act. The reader is cautioned that such forward-looking statements are based on information available at the time and/or management’s good faith belief with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the statements. Forward-looking statements speak only as of the date the statement was made. We assume no obligation to update forward-looking information to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information. Forward-looking statements are typically identified by the use of terms such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “predict,” “project,” “should,” “will,” and similar words, 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 effect of global economic conditions, including any disruptions in the credit markets; the effect (including possible increases in the cost of doing business) resulting from future war and terrorist activities or political uncertainties; the overall economic environment; the impact of increasing insurance costs; the impact of interest rate fluctuations; the effect of any change in our accounting policies or practices; the financial performance of our racing operations; the impact of gaming competition (including lotteries and riverboat, cruise ship and land-based casinos) and other sports and entertainment options in those markets in which we operate; the impact of live racing day competition with other Florida and Louisiana racetracks within those respective markets; costs associated with our efforts in support of alternative gaming initiatives; costs associated with customer relationship management initiatives; a substantial change in law or regulations affecting pari-mutuel and gaming activities; a substantial change in allocation of live racing days; changes in Illinois law that impact revenues of racing operations in Illinois; the presence of wagering facilities of Indiana racetracks near our operations; our continued ability to effectively compete for the country’s top horses and trainers necessary to field high-quality horse racing; our continued ability to grow our share of the interstate simulcast market and obtain the consents of horsemen’s groups to interstate simulcasting; our ability to execute our acquisition strategy and to complete or successfully operate planned expansion projects; our ability to successfully complete any divestiture transaction; our ability to execute on our permanent slot facility in Louisiana and permanent slot facility in Florida; market reaction to our expansion projects; the loss of our totalisator companies or their inability to provide us assurance of the reliability of their internal control processes through Statement on Auditing Standards No. 70 audits or to keep their technology current; the need for various alternative gaming approvals in Louisiana; our accountability for environmental contamination; the loss of key personnel; the impact of natural disasters on our operations and our ability to adjust the casualty losses through our property and business interruption insurance coverage; any business disruption associated with a natural disaster and/or its aftermath; our ability to integrate businesses we acquire, including our ability to maintain revenues at historic levels and achieve anticipated cost savings; the impact of wagering laws, including changes in laws or enforcement of those laws by regulatory agencies; the outcome of pending or threatened litigation, including the outcome of any counter-suits or claims arising in connection with a pending lawsuit in federal court in the Western District of Kentucky styled Churchill Downs Incorporated, et al v. Thoroughbred Horsemen's Group, LLC, Case #08-CV-225-S; changes in our relationships with horsemen's groups and their memberships; our ability to reach agreement with horsemen's groups on future purse and other agreements (including, without limiting, agreements on the sharing of revenues from gaming and advance deposit wagering); the effect of claims of third parties to intellectual property rights; and the volatility of our stock price.

Churchill Downs Incorporated Approves New Directors

The board of directors of Churchill Downs Incorporated has elected James McDonald and Alex Rankin to the positions of director to serve until the 2010 annual meeting of the Company’s shareholders. The Company’s shareholders will be given an opportunity to vote to ratify the election of McDonald and Rankin at the 2009 annual meeting of the Company’s shareholders.

The additions of McDonald and Rankin fill the vacancy left by Seth Hancock’s departure in June, and increase the current number of directors from 12 to 13.

McDonald served for 12 years as chairman, president and CEO of Scientific Atlanta Inc., which provides a comprehensive array of products, systems and services for cable operators, telecommunication companies, programmers and broadcasters, including digital content distribution systems, transmission networks for home broadband access, and digital interactive set-tops. The company was acquired by Cisco Systems Inc. in February 2006, and McDonald now serves as a senior vice president with that organization. He previously worked as a general partner for J. H. Whitney and has also served as president and CEO of Prime Computer and as president, CEO and chairman of Gould, Inc. He is a graduate of the University of Kentucky, where he played basketball under Coach Adolph Rupp, and holds a bachelor’s and a master’s degree in electrical engineering.

Rankin is the president and co-owner of Sterling G. Thompson Company, an insurance agency and broker in Louisville, as well as the president of Upson Downs Farm in Goshen, Ky. He is also president and CEO of the James Graham Brown Foundation and serves as chairman of the board with The BANCORP, Inc./The Bank in Oldham County, Ky. He holds a bachelor’s degree with honors from the University of North Carolina at Chapel Hill.

“Churchill Downs Incorporated is delighted to welcome this pair of outstanding directors to our company,” said CDI Chairman Carl F. Pollard. “Jim is an experienced telecommunications expert who brings a vast amount of experience and knowledge to CDI’s leadership team. Alex is a highly respected Thoroughbred owner and breeder whose expertise will be a tremendous asset to the board of directors. They are welcome additions and will bring excellent perspective to the team.”

“It is truly an honor to serve on the board of directors for Churchill Downs Incorporated,” said McDonald. “Having grown up in the shadow of the Twin Spires, I understand the importance of Churchill to the community and to the horse racing industry. I’m looking forward to renewing my relationship with Louisville in my new role and lending my expertise and support as the Company continues delivering growth and value to its shareholders.”

“Without a doubt, Churchill Downs Incorporated is an industry leader and at the forefront of innovation in our sport,” said Rankin. “This is an exciting opportunity and I look forward to enhancing the profile of Churchill Downs and Louisville in this industry.”

In addition to their professional accomplishments, McDonald and Rankin hold a variety of board and council positions. McDonald is currently a director of the National Association of Basketball Coaches Foundation and the JDRF International Board, and is a former director of Burlington Resources Inc. and Sprint. Rankin is a past president and director of the Kentucky Derby Museum, the Kentucky Thoroughbred Association and the Kentucky Thoroughbred Owner & Breeders Association. He is a former director of Breeders’ Cup Ltd. and currently serves as a director for the historic Cave Hill Cemetery in Louisville.

Churchill Downs Incorporated (“Churchill Downs”), headquartered in Louisville, Ky., owns and operates world-renowned horse racing venues throughout the United States. Churchill Downs’ four racetracks in Florida, Illinois, Kentucky and Louisiana host many of North America’s most prestigious races, including the Kentucky Derby and Kentucky Oaks, Arlington Million, Princess Rooney Handicap and Louisiana Derby. Churchill Downs racetracks have hosted seven Breeders’ Cup World Championships. Churchill Downs also owns off-track betting facilities and has interests in various advance-deposit wagering, television production, telecommunications and racing services companies, including a 50-percent interest in the national cable and satellite network HorseRacing TV™, that support the Company’s network of simulcasting and racing operations. Churchill Downs trades on the NASDAQ Global Select Market under the symbol CHDN and can be found on the Internet at www.churchilldownsincorporated.com.

Churchill Downs Incorporated, FHBPA Reach Purse and Slots Agreements at Calder Race Course

Officials of Churchill Downs Incorporated (“Company” or “CDI”) (NASDAQ: CHDN) and representatives of the Florida Horsemen’s Benevolent and Protective Association (“FHBPA”) have come to agreements on a 2008 purse contract at Calder Race Course and on a slots contract for when the track begins slots operations on a yet-to-be-determined date.

The agreements pave the way for Calder to resume distributing its signal to the simulcast network throughout the country, including off-track betting (“OTB”) facilities and racetracks, beginning with races on Thursday, July 10.

“As important as these agreements are for the Florida horsemen and Calder, they are most important for our loyal customers who have been inconvenienced by this issue,” said Kevin Flanery, senior vice president of Churchill Downs Incorporated, Calder’s parent company.  “Today’s announcement means that our customers throughout the country will enjoy access to Calder’s races through their local racetrack or simulcast outlet effective Thursday, July 10.  We hope that states who have blocked their signals from entering Florida will re-evaluate those decisions based on today’s announcement.  This is a good day for everyone involved and an important step forward.”

CDI and the FHBPA will continue to work toward a resolution of the remaining outstanding issue, which concerns signal distribution to national account wagering platforms.  “We are happy that our fans who wager through racetracks and OTBs will soon be able to enjoy the Calder product, and we are committed to working with the FHBPA to ensure that our customers will also have the opportunity to wager via TwinSpires.com and other online wagering platforms as soon as possible,” Flanery continued.  “We appreciate the hard work put into these negotiations by the FHBPA on the slots and purses issues and look forward to productive discussions moving forward.”

Under the terms of the slot agreement, Florida horsemen are guaranteed $14.375 million for purses in the first three full years of the slots operation and 6.75 percent of slot revenue for the remainder of the ten-year term.  Additional provisions provide for the horsemen to share in the upside should the Calder slot facility generate specified slot revenue minimums in the second and third full years of operations.

“Over the past few years, our company has invested millions in the various efforts to approve alternative gaming in Florida, including $3.1 million for the 2008 referendum alone,” said Flanery.  “We will also invest tens of millions of dollars in the construction and operation of a slots facility at Calder.  According to the terms announced today, we estimate at this time that horsemen will benefit from CDI’s investments to the tune of approximately $50 million, potentially, over the term of the agreement.  This underscores our company’s commitment to the horse racing industry.”

CDI has also announced that it has agreed to dismiss without prejudice the lawsuit filed on April 24 against the FHBPA and its officers.  The suit, filed in the United States District Court for the Western District of Kentucky, alleged violations under the Sherman Antitrust Act and will continue against the remaining parties, including the Thoroughbred Horsemen’s Group.

Churchill Downs Incorporated (“Churchill Downs”), headquartered in Louisville, Ky., owns and operates world-renowned horse racing venues throughout the United States. Churchill Downs’ four racetracks in Florida, Illinois, Kentucky and Louisiana host many of North America’s most prestigious races, including the Kentucky Derby and Kentucky Oaks, Arlington Million, Princess Rooney Handicap and Louisiana Derby. Churchill Downs racetracks have hosted seven Breeders’ Cup World Championships.  Churchill Downs also owns off-track betting facilities and has interests in various advance-deposit wagering, television production, telecommunications and racing services companies, including a 50-percent interest in the national cable and satellite network HorseRacing TV™, that support the Company’s network of simulcasting and racing operations. Churchill Downs trades on the NASDAQ Global Select Market under the symbol CHDN and can be found on the Internet at www.churchilldownsincorporated.com.

Information set forth in this news release contains various “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.  The Private Securities Litigation Reform Act of 1995 (the “Act”) provides certain “safe harbor” provisions for forward-looking statements.  All forward-looking statements made in this news release are made pursuant to the Act.  The reader is cautioned that such forward-looking statements are based on information available at the time and/or management’s good faith belief with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the statements.  Forward-looking statements speak only as of the date the statement was made. We assume no obligation to update forward-looking information to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information.  Forward-looking statements are typically identified by the use of terms such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “predict,” “project,” “should,” “will,” and similar words, 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 effect of global economic conditions; the effect (including possible increases in the cost of doing business) resulting from future war and terrorist activities or political uncertainties; the economic environment; the impact of increasing insurance costs; the impact of interest rate fluctuations; the effect of any change in our accounting policies or practices; the financial performance of our racing operations; the impact of gaming competition (including lotteries and riverboat, cruise ship and land-based casinos) and other sports and entertainment options in those markets in which we operate; the impact of live racing day competition with other Florida and Louisiana racetracks within those respective markets; costs associated with our efforts in support of alternative gaming initiatives; costs associated with customer relationship management initiatives; a substantial change in law or regulations affecting pari-mutuel and gaming activities; a substantial change in allocation of live racing days; changes in Illinois law that impact revenues of racing operations in Illinois; the presence of wagering facilities of Indiana racetracks near our operations; our continued ability to effectively compete for the country’s top horses and trainers necessary to field high-quality horse racing; our continued ability to grow our share of the interstate simulcast market; our ability to execute our acquisition strategy and to complete or successfully operate planned expansion projects; our ability to successfully complete any divestiture transaction; our ability to execute on our temporary and permanent slot facilities in Louisiana; market reaction to our expansion projects; the loss of our totalisator companies or their inability to provide us assurance of the reliability of their internal control processes through Statement on Auditing Standards No. 70 audits or to keep their technology current; the need for various alternative gaming approvals in Louisiana; our accountability for environmental contamination; the loss of key personnel; the impact of natural disasters, including Hurricanes Katrina, Rita and Wilma on our operations and our ability to adjust the casualty losses through our property and business interruption insurance coverage; any business disruption associated with a natural disaster and/or its aftermath; our ability to integrate businesses we acquire, including our ability to maintain revenues at historic levels and achieve anticipated cost savings; the impact of wagering laws, including changes in laws or enforcement of those laws by regulatory agencies; the effect of claims of third parties to intellectual property rights; and the volatility of our stock price.

Louisville Premiere of Kentucky Derby Documentary The First Saturday in May Set for Sunday, April 13

Directors John and Brad Hennegan and other special guests will be in attendance at the Louisville premiere of the riveting Kentucky Derby documentary, The First Saturday in May, on Sunday, April 13.

The Louisville premiere of the critically-acclaimed film will take place at The Palace Theatre starting at 5 p.m. on Sunday, April 13. General admission tickets are on sale at the theatre and www.ticketmaster.com for $10. A limited VIP package with premium seating and a post-screening reception is also available for $40.

The Hennegan brothers and select stars of the documentary, including trainers Dale Romans and Kiaran McLaughlin, will take part in a special question and answer session after the film with host John Asher, Churchill Downs’ vice president of racing communications.

The First Saturday in May chronicles the journey of a diverse cast of six hard-working trainers as they jockey for position along the 2006 Kentucky Derby trail. In addition to providing and inside look at the amazing people who dedicate their lives to the sport of horse racing, the 97-minute film also features never-before-seen footage of a young Barbaro – the horse who captured the fascination of the world, first as he made history on the racetrack with his 6 ½-length Kentucky Derby triumph, and then as he bravely battled complications from a catastrophic leg injury and laminitis.

Over a 16-month period, the Hennegan brothers, who also co-wrote and produced the film, shot more than 500 hours of footage and traveled more than 150,000 miles from Hot Springs, Ark., to Dubai in the United Arab Emirates to document every major horse race on the road to Kentucky Derby 132.

Following the Louisville premiere, The First Saturday in May will be released nationwide in major markets including New York and Los Angeles on April 18, with expansion on April 25. Distribution was made possible through a partnership between Churchill Downs Incorporated and Truly Indie. A trailer of the movie can be viewed and downloaded from the movie’s website, www.thefirstsaturdayinmay.com.

Churchill Downs Incorporated (“Churchill Downs”), headquartered in Louisville, Ky., owns and operates world-renowned horse racing venues throughout the United States. Churchill Downs’ four racetracks in Florida, Illinois, Kentucky and Louisiana host many of North America’s most prestigious races, including the Kentucky Derby and Kentucky Oaks, Arlington Million, Princess Rooney Handicap and Louisiana Derby. Churchill Downs racetracks have hosted seven Breeders’ Cup World Championships. Churchill Downs also owns off-track betting facilities and has interests in various advance-deposit wagering, television production, telecommunications and racing services companies, including a 50-percent interest in the national cable and satellite network HorseRacing TV™, that support the Company’s network of simulcasting and racing operations. Churchill Downs trades on the NASDAQ Global Select Market under the symbol CHDN and can be found on the Internet at www.churchilldownsincorporated.com.

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