2009 Annual Meeting of Shareholders Presentation

Churchill Downs Incorporated

Building a Growth-Based Company

Annual Shareholders Meeting

Bob Evans, President & CEO

June 18, 2009

Louisville, Kentucky

Exhibit 99.1

In addition to historical facts or statements of current conditions, this presentation contains forward-

looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-

looking statements are statements that include projections, expectations or beliefs about future

events

results,

otherwise

are

not

statements

historical

fact.

The

actual

performance

the

Company may differ materially from what is projected in such forward-looking statements.

Investors should refer to statements included in reports filed by the Company with the Securities

and

Exchange

Commission

for

discussion

additional

information

concerning

factors

that

could

cause our actual results of operation to differ materially from the forward-looking statements made

in this presentation.

The information being provided today is as of this date only, and Churchill Downs Incorporated

expressly disclaims any obligation to release publicly any updates or revisions to these forward-

looking statements to reflect any changes in expectations.

Forward-Looking Statements

The Kentucky Derby: Expanding The Reach Of Our Most Treasured Asset

First Sports Illustrated cover since

Smarty Jones in 2004. Before that,

Sunny’s Halo in 1983

TV ratings up 11% in 2009

16.3 million Derby viewers;

Most in 20 years

Undated logo will support year-

round introduction of “Derby

Lifestyle”

branded merchandise

New line of licensed, upscale

merchandise

60 min.

30 min.

Access Hollywood @ The Derby

60 min.

Race

3 hours

2 hrs. 45 min.

2 hours

Total

30 min.

45 min.

30 min.

Pre-Race

30 min.

Red Carpet

2009

2008

2007

Expanded Network Coverage

Undated logo provides new year-round licensing opportunities

Presenting the Kentucky Oaks as much more than just the “day

before the Derby”

Focus on women and their interests

Generated $100,000 charitable contribution to the Komen

Foundation and $30,000 for Kentucky First Lady Jane Beshear’s

“Horses

Hope”

breast

cancer

awareness

initiative

Same number of viewers as previously with ESPN, but better

viewer demographics to create future growth in racing:

–

Median age dropped from 58.1 to 49.1

–

Teens increased from 1% to 10% of audience

–

Female viewers increased from 21% to 49% of audience

The Kentucky Oaks: The Fourth Race in the Triple Crown?

Returns to Churchill

Downs in 2010 for

Record 7

Time

First Track Accredited by NTRA Safety Alliance

Arlington’s Terrace Café

A Historical First: Night Racing at Churchill Downs

The Innovation Leader in Growing Thoroughbred Racing

A New Twist on a Derby Tradition

Technology innovation

leader in Internet wagering

First Internet Protocol TV Network Devoted to Thoroughbred Racing

First High-Definition 16:9 aspect ratio signal sent to simulcast outlets

Twinspires.com Headquarters

Mountain View, CA

5-times

1.2 mil.

0.2 mil.

KY Derby Race Replay on YouTube

+21%

+22%

2.2 mil.

16.6 mil.

1.8 mil.

13.6 mil.

KY Derby and KY Oaks Websites

Unique Visitors

Pageviews

+39%

46,500

33.500

KentuckyDerbyParty.com Partygoers

% Change

2009

2008

Growth in Online Properties

Using Technology to Grow Thoroughbred Racing

Fair Grounds Slots

Opened November 2008

Calder Casino

Opens January/February 2010

Growing our Gaming Business

The Rolling Stones at Churchill Downs

Growing Our Sports & Entertainment Offerings

The Police at Churchill Downs

JazzFest Hosted at Fair Grounds

JazzFest Host

$0 mil.

758

238,499

$174 mil.

1.2%

Arlington

Calder

Churchill

Ellis

Fair Grounds

Hollywood

Hoosier

2004

JazzFest Host

$234 mil.

1,340

257,816

$196 mil.

1.4%

Arlington

Calder

Churchill

Fair Grounds

2008

JazzFest Host

The Police at

Churchill

JazzFest Host

The Rolling

Stones at

Churchill

JazzFest Host

Sports & Entertainment

Up 26% thru

May 2009

$87 mil.

(Approx. 6 months)

$0 mil.

Online

–

Twinspires.com Handle

2,798

(Effective With Early

2010 Calder Opening)

863

701

404

(Hurricane Katrina

Effect)

Gaming

–

Number of Video Poker

and Slot Machines

258,430

$186 mil.

1.5%

(est.)

256,710

$202 mil.

1.4%

265,601

$208 mil.

1.4%

266,678

$187 mil.

1.3%

Oaks & Derby

–

Attendance

–

Handle

–

% of Industry Handle

Arlington

Calder

Churchill

Fair Grounds

Arlington

Calder

Churchill

Fair Grounds

Arlington

Calder

Churchill

Fair Grounds

Hoosier

Arlington

Calder

Churchill

Ellis

Fair Grounds

Hoosier

Race Tracks

(At End of Year)

2009

2007

2006

2005

A Changing Company

Racing

–

Purse Contributions

–

New Racing Customers

–

Profit Growth

–

Content

–

Brands

–

Customers

–

Purse Contributions

–

New Racing Customers

–

Profit Growth

–

Gaming Licenses

–

Brands

–

Physical Assets

–

Brands

–

Operations Staff

–

Venues

–

Fixed Asset Utilization

–

New Racing Customers

–

Profit Growth

Gaming

Sports &

Entertainment

Online

Racing Remains Our Core Business

Growth Drivers: 2009 and 2010

–

To Be Announced

–

Group formed under Steve Sexton’s

leadership

Sports &

Entertainment

–

Further channel switching to ADW

expected

–

Opportunity may exist to expand into

Internet gaming beyond pari-mutuel

wagering

–

Full content availability

–

Industry ADW handle growing 13%

–

Twinspires.com gaining share in

ADW market with innovation,

convenience, lower cost-to-play and

BRIS data

Online

ADW: Advance

Deposit Wagering

–

Calder slot facility opens in early 2010

–

First full year of Fair Ground slots

Gaming

–

Handle recovery depends on

employment growth, economic recovery

and racing customer growth

–

Fair Grounds and Calder purses should

improve with slots at those tracks

–

Churchill and Arlington will struggle

without slots

–

Industry handle off 9% so far after 7%

decline in 2008

–

We’re doing better than the industry,

but that’s a small victory

–

Tracks without slot-supported purses

struggling to attract horses to fill races

–

Tracks distributed on TVG and

YouBet

Racing

2010

2009

Building the Foundation for Growth

People

The best team in racing

Building new competencies:

–

Gaming (at Fair Grounds, Calder and in

Louisville)

–

Online (in Mountain View, CA, and in

Lexington)

–

Sports & Entertainment (in Louisville)

Racing

Gaming

Sports &

Entertainment

Online

Reality-Based Strategy

Careful Management of Costs

Strong Balance Sheet

–

Currently no debt

–

Backstopped by valuable real

estate assets

Annual Performance Rank: Annual Share Price Increase

126

153

136

125

117

S&P 500

100

121

139

112

111

107

CHDN

101

145

178

163

142

128

Russell 2000

Cumulative Performance Rank: 2003 Index = 100

S&P 500

-30.8%

Russell 2000

-18.5%

Russell 2000

+9.4%

CDI

+1.3%

CDI

+4.1

CDI

+6.5%

Bottom

Russell 2000

-30.4%

S&P 500

-17.4%

S&P 500

+12.7%

S&P 500

+8.6%

S&P 500

+6.8%

S&P 500

+17.1%

Middle

CDI

-17.2%

CDI

-12.7%

CDI

+23.9%

Russell 2000

+14.7%

Russell 2000

+10.5%

Russell 2000

+28.3%

Top

2009

(Thru June 12th)

2008

2007

2006

2005

2004

S&P 500 Index

500 large-cap U.S. companies (Symbol: ^GSPC).

Median market cap: $13.1 billion

Russell

2000

Index

2,000

small-cap

U.S.

companies

(Symbol:

^RUT). Includes Churchill Downs Inc. Median market cap: $325

million

CDI

–

Churchill Downs Inc. Common Stock as traded on NASDAQ

Chart utilizes average daily adjusted closing prices for each year

from 2003 through June 12, 2009; Excludes dividends. Source:

Yahoo! Finance

Generating Competitive Returns For Our Investors

(Symbol:

CHDN).

Market

cap

June

2009:

$524

million

Questions?