-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 EgNF2BVonZexzePWubXgEUds+rHBK2HMrzG1+oQ0BxUiHuCLfb+ikEg0cCmA2eH+
 f9vYb23al2BNFML6oevPPQ==

<SEC-DOCUMENT>0000941418-04-000002.txt : 20041025
<SEC-HEADER>0000941418-04-000002.hdr.sgml : 20041025
<ACCEPTANCE-DATETIME>20041025102238
ACCESSION NUMBER:		0000941418-04-000002
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20041022
FILED AS OF DATE:		20041025
DATE AS OF CHANGE:		20041025

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			GRISSOM J DAVID
		CENTRAL INDEX KEY:			0000941418

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-01469
		FILM NUMBER:		041093091

	BUSINESS ADDRESS:	
		STREET 1:		MAYFAIR CAPITAL INC CAPITAL HOLDINGS CTR
		STREET 2:		400 MARKET STREET SUITE 2510
		CITY:			LOUISVILLE
		STATE:			KY
		ZIP:			40202

	MAIL ADDRESS:	
		STREET 1:		MAYFAIR CAPITAL INC CAPITAL HOLDINGS CTR
		STREET 2:		400 MARKET STREET SUITE 2510
		CITY:			LOUISVILLE
		STATE:			KY
		ZIP:			40202

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CHURCHILL DOWNS INC
		CENTRAL INDEX KEY:			0000020212
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-RACING, INCLUDING TRACK OPERATION [7948]
		IRS NUMBER:				610156015
		STATE OF INCORPORATION:			KY
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		700 CENTRAL AVE
		CITY:			LOUISVILLE
		STATE:			KY
		ZIP:			40208
		BUSINESS PHONE:		5026364400

	MAIL ADDRESS:	
		STREET 1:		700 CENTRAL AVENUE
		STREET 2:		700 CENTRAL AVENUE
		CITY:			LOUIVILLE
		STATE:			KY
		ZIP:			40208
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>october22form4_ex.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2004-10-22</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0000020212</issuerCik>
        <issuerName>CHURCHILL DOWNS INC</issuerName>
        <issuerTradingSymbol>CHDN</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0000941418</rptOwnerCik>
            <rptOwnerName>GRISSOM J DAVID</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>MAYFAIR CAPITAL</rptOwnerStreet1>
            <rptOwnerStreet2>4969 US HIGHWAY 42, SUITE 2000</rptOwnerStreet2>
            <rptOwnerCity>LOUISVILLE</rptOwnerCity>
            <rptOwnerState>KY</rptOwnerState>
            <rptOwnerZipCode>40222</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock, no par value</value>
            </securityTitle>
            <transactionDate>
                <value>2004-10-22</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>65900</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>37.00</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>150000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <ownerSignature>
        <signatureName>/s/ J. David Grissom</signatureName>
        <signatureDate>2004-10-25</signatureDate>
    </ownerSignature>
</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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