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<title>Churchill Downs Incorporated - Form S-8</title>
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					<p class="MsoNormal" align="center" style="text-align:center">&nbsp;</div>
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				<font size="3" face="Times New Roman">SECURITIES AND EXCHANGE
				COMMISSION</font></td>
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				<font size="3" face="Times New Roman">Washington, D.C. 20549</font></td>
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				&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></u></td>
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				<p class="MsoNormal" align="center" style="text-align:center">&nbsp;</td>
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				<font size="4" face="Times New Roman">FORM S-8</font></td>
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				<font size="3" face="Times New Roman">REGISTRATION STATEMENT</font></td>
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				<font size="3" face="Times New Roman">Under</font></td>
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				<font size="3" face="Times New Roman">THE SECURITIES ACT OF 1933</font></td>
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				<u><font size="3" face="Times New Roman">
				&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></u></td>
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				<font size="4" face="Times New Roman">&nbsp;</font></td>
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				<font size="4" face="Times New Roman">CHURCHILL DOWNS
				INCORPORATED</font></td>
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				<font size="2" face="Times New Roman">(Exact name of registrant
				as specified in its charter)</font></td>
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				<font size="3" face="Times New Roman">Kentucky</font></td>
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				<font size="3" face="Times New Roman">61-0156015</font></td>
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				<font size="2" face="Times New Roman">(State or other
				jurisdiction of</font></td>
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				<font size="2" face="Times New Roman">(I.R.S. Employer</font></td>
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				<font size="2" face="Times New Roman">incorporation or
				organization)</font></td>
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				<font size="2" face="Times New Roman">Identification No.)</font></td>
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	&nbsp;</p>
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				<font size="3" face="Times New Roman">700 Central Avenue</font></td>
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				<font size="3" face="Times New Roman">Louisville, Kentucky 40208</font></td>
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				<font size="2" face="Times New Roman">(Address of Principal
				Executive Offices, including Zip Code)</font></td>
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				<u><font size="3" face="Times New Roman">
				&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></u></td>
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				<font size="3" face="Times New Roman">Robert L. Evans Employment
				Agreement, Restricted Stock Agreements,<br>
				Restricted Stock Units Agreement and Stock Option Agreement</font></td>
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				<font size="2" face="Times New Roman">(Full title of the plan)</font></td>
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				<u><font size="3" face="Times New Roman">
				&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></u></td>
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				&nbsp;</td>
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				<p class="MsoNormal" align="center" style="text-align:center; margin-top:0; margin-bottom:0">
				<font size="3" face="Times New Roman">William C. Carstanjen</font></td>
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				<p class="MsoNormal" align="center" style="text-align:center; margin-top:0; margin-bottom:0">
				<font size="3" face="Times New Roman">Executive Vice President
				and Chief Development Officer</font></td>
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				<p class="MsoNormal" align="center" style="text-align:center; margin-top:0; margin-bottom:0">
				<font size="3" face="Times New Roman">Churchill Downs
				Incorporated</font></td>
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				<p class="MsoNormal" align="center" style="text-align:center; margin-top:0; margin-bottom:0">
				<font size="3" face="Times New Roman">700 Central Avenue</font></td>
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				<font size="3" face="Times New Roman">Louisville, Kentucky 40208</font></td>
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				<p class="MsoNormal" align="center" style="text-align:center; margin-top:0; margin-bottom:0">
				<font size="2" face="Times New Roman">(Name and address of agent
				for service)</font></td>
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				<u><font size="3" face="Times New Roman">
				&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></u></td>
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				<p class="MsoNormal" align="center" style="text-align:center">
				<font size="3" face="Times New Roman"></font></td>
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				<p class="MsoNormal" align="center" style="text-align:center">
				<font size="3" face="Times New Roman">(502) 636-4400</font></td>
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				<p class="MsoNormal" align="center" style="text-align:center">
				<font size="2" face="Times New Roman">(Telephone number,
				including area code, of agent for service)</font></td>
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				<td width="696" valign="top" style="width: 7.25in; border-style: none; border-width: medium; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in">
				<p class="MsoNormal" align="center" style="text-align:center">
				<u><font size="3" face="Times New Roman">
				&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></u></td>
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	<p class="MsoNormal" align="center" style="text-align:center; margin-top:0; margin-bottom:0">
	&nbsp;</p>
	<p class="MsoNormal" align="center" style="text-align:center; margin-top:0; margin-bottom:0">
	<font size="3" face="Times New Roman">CALCULATION OF REGISTRATION FEE</font></p>
	<div align="center">
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				<p class="MsoNormal" align="center" style="text-align:center">
				<b><font size="2" face="Times New Roman">Title of securities <br>
				to be registered</font></b></td>
				<td width="108" valign="bottom" style="width: 81.0pt; border-left: medium none; border-right: 1.0pt solid windowtext; border-top: 1.5pt double windowtext; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in">
				<p class="MsoNormal" align="center" style="text-align:center">
				<b><font size="2" face="Times New Roman">Amount to be<br>
				registered</font></b></td>
				<td width="96" valign="bottom" style="width: 1.0in; border-left: medium none; border-right: 1.0pt solid windowtext; border-top: 1.5pt double windowtext; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in">
				<p class="MsoNormal" align="center" style="text-align:center">
				<b><font size="2" face="Times New Roman">Proposed maximum
				offering price per share(1)</font></b></td>
				<td width="96" valign="bottom" style="width: 1.0in; border-left: medium none; border-right: 1.0pt solid windowtext; border-top: 1.5pt double windowtext; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in">
				<p class="MsoNormal" align="center" style="text-align:center">
				<b><font size="2" face="Times New Roman">Proposed maximum
				aggregate offering price(1)</font></b></td>
				<td width="91" valign="bottom" style="width: 68.35pt; border-left: medium none; border-right: medium none; border-top: 1.5pt double windowtext; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in">
				<p class="MsoNormal" align="center" style="text-align:center">
				<b><font size="2" face="Times New Roman">Amount of registration
				fee</font></b></td>
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				<p class="MsoNormal"><font size="3" face="Times New Roman">
				Common Stock, no par value........................ </font></td>
				<td width="108" valign="bottom" style="width: 81.0pt; border-left: medium none; border-right: 1.0pt solid windowtext; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in">
				<p class="MsoNormal" align="center" style="text-align:center">
				<font size="3" face="Times New Roman">350,000 shares(2)(3)</font></td>
				<td width="96" valign="bottom" style="width: 1.0in; border-left: medium none; border-right: 1.0pt solid windowtext; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in">
				<p class="MsoNormal" align="center" style="text-align:center">
				<font size="3" face="Times New Roman">$51.1735</font></td>
				<td width="96" valign="bottom" style="width: 1.0in; border-left: medium none; border-right: 1.0pt solid windowtext; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in">
				<p class="MsoNormal" align="center" style="text-align:center">
				<font size="3" face="Times New Roman">$17,910,725.00</font></td>
				<td width="91" valign="bottom" style="width: 68.35pt; border-left: medium none; border-right: medium none; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in">
				<p class="MsoNormal" align="center" style="text-align:center">
				<font size="3" face="Times New Roman">$549.86</font></td>
			</tr>
			<tr>
				<td width="294" valign="bottom" style="width: 220.5pt; border-left: medium none; border-right: 1.0pt solid windowtext; border-top: medium none; border-bottom: 1.5pt double windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in">
				<p class="MsoNormal"><font size="3" face="Times New Roman">
				Preferred Share Purchase Rights(4)............... </font></td>
				<td width="108" valign="bottom" style="width: 81.0pt; border-left: medium none; border-right: 1.0pt solid windowtext; border-top: medium none; border-bottom: 1.5pt double windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in">
				<p class="MsoNormal" align="center" style="text-align:center">
				<font size="3" face="Times New Roman">None</font></td>
				<td width="96" valign="bottom" style="width: 1.0in; border-left: medium none; border-right: 1.0pt solid windowtext; border-top: medium none; border-bottom: 1.5pt double windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in">
				<p class="MsoNormal" align="center" style="text-align:center">
				<font size="3" face="Times New Roman">None</font></td>
				<td width="96" valign="bottom" style="width: 1.0in; border-left: medium none; border-right: 1.0pt solid windowtext; border-top: medium none; border-bottom: 1.5pt double windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in">
				<p class="MsoNormal" align="center" style="text-align:center">
				<font size="3" face="Times New Roman">None</font></td>
				<td width="91" valign="bottom" style="width: 68.35pt; border-left: medium none; border-right: medium none; border-top: medium none; border-bottom: 1.5pt double windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in">
				<p class="MsoNormal" align="center" style="text-align:center">
				<font size="3" face="Times New Roman">None</font></td>
			</tr>
		</table>
	</div>
	<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0">&nbsp;</p>
	<p class="MsoNormal" style="margin-left:.5in;text-indent:-.5in; margin-top:0; margin-bottom:0">
	<font size="2" face="Times New Roman">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Estimated solely for the
	purpose of calculating the registration fee pursuant to Rule 457(h)(1), and
	based upon the average of the high and low prices of the Common Stock as
	reported on the Nasdaq Global Market on June 26, 2007.</font></p>
	<p class="MsoNormal" style="margin-left:.5in;text-indent:-.5in; margin-top:0; margin-bottom:0">
	<font size="2" face="Times New Roman">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consists of 155,000 shares
	of restricted stock, 65,000 restricted stock units and 130,000 shares
	issuable from time to time upon exercise of stock options, all granted on
	the terms and subject to the conditions set forth in the Employment
	Agreement dated as of July 18, 2006, between Churchill Downs Incorporated
	and Robert L. Evans, and the related Restricted Stock Agreements, Restricted
	Stock Units Agreement and Stock Option Agreement (collectively, the &quot;Equity
	Agreements&quot;).</font></p>
	<p class="MsoNormal" style="margin-left:.5in;text-indent:-.5in; margin-top:0; margin-bottom:0">
	<font size="2" face="Times New Roman">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In accordance with Rule 416
	under the Securities Act of 1933, as amended, this registration statement
	shall be deemed to cover an indeterminate number of additional securities
	that may from time to time be offered or issued to prevent dilution
	resulting from stock splits, stock dividends or similar transactions under
	the terms of the Equity Agreements.</font></p>
	<p class="MsoNormal" style="margin-left:.5in;text-indent:-.5in; margin-top:0; margin-bottom:0">
	<font size="2" face="Times New Roman">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any value attributable to
	the Preferred Share Purchase Rights is reflected in the value of the Common
	Stock.&nbsp; Because no separate consideration is paid for the Preferred Share
	Purchase Rights, the registration fee for such securities is included in the
	fee for the Common Stock.</font></p>
	<div align="center">
		<table class="MsoTableGrid" border="1" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: medium none" id="table5">
			<tr>
				<td width="696" valign="top" style="border-left:medium none; border-right:medium none; border-top:medium none; width:7.25in;border-bottom:medium none windowtext;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in">
				<div style="border-bottom-style: double; border-bottom-width: 3px">
				<p class="MsoNormal">&nbsp;</div>
				</td>
			</tr>
		</table>
	</div>
	<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0">&nbsp;</p>
	<hr>
	<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0">&nbsp;</div>
<div class="Section2">
	<p class="MsoNormal" align="center" style="text-align:center; margin-top:0; margin-bottom:0"><b>
	<font size="3" face="Times New Roman">PART II</font></b></p>
	<p class="MsoNormal" align="center" style="margin-top: 0; margin-bottom: 0">&nbsp;</p>
	<p class="MsoNormal" align="center" style="text-align:center; margin-top:0; margin-bottom:0"><b>
	<font size="3" face="Times New Roman">INFORMATION REQUIRED IN THE
	REGISTRATION STATEMENT </font></b></p>
	<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0">&nbsp;</p>
	<p class="MsoNormal" style="margin-bottom:12.0pt"><b>
	<font size="3" face="Times New Roman">Item 3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	Incorporation of Documents by Reference.</font></b></p>
	<p class="MsoNormal" style="margin-bottom:12.0pt;text-indent:.5in">
	<font size="3" face="Times New Roman">The following documents, which have
	been filed by Churchill Downs Incorporated (the &quot;Registrant&quot;) with the
	Securities and Exchange Commission pursuant to the Securities Exchange Act
	of 1934, as amended (the &quot;Exchange Act&quot;), are incorporated in this
	registration statement by reference and made a part hereof:</font></p>
	<p class="MsoNormal" style="margin-bottom:12.0pt;text-indent:.5in">
	<font size="3" face="Times New Roman">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Registrant's annual
	report on Form 10-K for the fiscal year ended December 31, 2006, and the
	portions of the Registrant's proxy statement for the 2007 Annual
	Shareholders' Meeting incorporated by reference therein.</font></p>
	<p class="MsoNormal" style="margin-bottom:12.0pt;text-indent:.5in">
	<font size="3" face="Times New Roman">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Registrant's quarterly
	report on Form 10-Q for the quarter ended March 31, 2007.</font></p>
	<p class="MsoNormal" style="margin-bottom:12.0pt;text-indent:.5in">
	<font size="3" face="Times New Roman">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Registrant's current
	reports on Form 8-K filed January 17, January 18, February 12, March 7,
	March 20, May 2 and June 12, 2007.</font></p>
	<p class="MsoNormal" style="margin-bottom:12.0pt;text-indent:.5in">
	<font size="3" face="Times New Roman">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The description of the
	Registrant's common stock, no par value (the &quot;Common Stock&quot;), which is
	contained in the Registrant's Current Report on Form 8-K filed December 14,
	1998, and the Registrant's Current Report on Form 8-K filed July 29, 2005,
	pursuant to Section 13 of the Securities Exchange Act of 1934, and any
	amendment or report filed for the purpose of updating such description.</font></p>
	<p class="MsoNormal" style="margin-bottom:12.0pt;text-indent:.5in">
	<font size="3" face="Times New Roman">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The description of the
	Registrant's Preferred Share Purchase Rights contained in the Registrant's
	Registration Statement on Form 8-A filed March 20, 1998, pursuant to Section
	12(g) of the 1934 Act, as amended on Form 8-A/A filed June 30, 2000 and as
	amended on Form 8-A/A filed September 14, 2000.</font></p>
	<p class="MsoNormal" style="margin-bottom:12.0pt;text-indent:.5in">
	<font size="3" face="Times New Roman">All documents filed by the Registrant
	pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act after the
	effective date of this registration statement and prior to the filing of a
	post-effective amendment which indicates that all securities offered hereby
	have been sold or which deregisters all securities then remaining unsold
	shall be deemed to be incorporated by reference in this registration
	statement and to be a part hereof from the date of filing of such
	documents.&nbsp; Any statement contained in a document incorporated by reference
	herein shall be deemed to be modified or superseded for purposes of this
	registration statement to the extent that a statement contained herein
	modifies or supersedes such statement.&nbsp; Any such statement so modified or
	superseded shall not be deemed, except as so modified or superseded, to
	constitute a part of this registration statement.</font></p>
	<p class="MsoNormal" style="margin-bottom:12.0pt"><b>
	<font size="3" face="Times New Roman">Item 4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	Description of Securities.</font></b></p>
	<p class="MsoNormal" style="margin-bottom:12.0pt">
	<font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.</font></p>
	<p class="MsoNormal" style="page-break-after: avoid; margin-bottom: 12.0pt">
	<b><font size="3" face="Times New Roman">Item 5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	Interests of Named Experts and Counsel.</font></b></p>
	<p class="MsoNormal" style="text-indent: .5in; page-break-after: avoid; margin-bottom: 12.0pt">
	<font size="3" face="Times New Roman">Not applicable.</font></p>
	<p class="MsoNormal" style="margin-bottom:12.0pt"><b>
	<font size="3" face="Times New Roman">Item 6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	Indemnification of Directors and Officers.</font></b></p>
	<p class="MsoNormal" style="margin-bottom:12.0pt;text-indent:.5in">
	<font size="3" face="Times New Roman">Section 271B.8-510 of the Kentucky
	Revised Statutes empowers a Kentucky corporation to indemnify an individual
	(including his estate or personal representative) who was, is or is
	threatened to be made a party to a threatened, pending or completed action,
	suit or proceeding, whether civil, criminal, administrative or
	investigative, and whether formal or informal, because he is or was a
	director against liability incurred in the proceeding if: (i) he conducted
	himself in good faith; (ii) he reasonably believed, in the case of conduct
	in his official capacity with the corporation, that his conduct was in its
	best interests and, in all other cases, that his conduct was at least not
	opposed to its best interests; and (iii) in the case of any criminal
	proceeding, he had no reasonable cause to believe his conduct was unlawful.&nbsp;
	Indemnification may be made against the obligation to pay a judgment,
	settlement, penalty, fine or reasonable expenses (including counsel fees)
	incurred with respect to a proceeding, except that if the proceeding was by
	or in the right of the corporation, indemnification may be made only against
	reasonable expenses.&nbsp; Pursuant to Section 271B.8-530, a corporation may pay
	for or reimburse the reasonable expenses incurred by a director in advance
	of final disposition of the proceeding if (i) the director affirms to the
	corporation in writing his good faith belief that he has met the standard of
	conduct required for indemnification; (ii) the director undertakes the
	personal obligation to repay such advance upon an ultimate determination
	that he failed to meet such standard of conduct; and (iii) the corporation
	determines that the facts then known to those making the determination would
	not preclude indemnification.</font></p>
	<p class="MsoNormal" style="margin-bottom:12.0pt;text-indent:.5in">
	<font size="3" face="Times New Roman">A corporation may not indemnify a
	director under KRS 271B.8-510 in connection with a proceeding by or in the
	right of the corporation in which the director was adjudged liable to the
	corporation or in connection with any other proceeding charging improper
	personal benefit to him, whether or not involving action in his official
	capacity, in which he was adjudged liable on the basis that personal benefit
	was improperly received by him.&nbsp; Unless limited by the articles of
	incorporation, a director who has been wholly successful, on the merits or
	otherwise, in the defense of any proceeding to which he was a party because
	he is or was a director of the corporation is entitled to indemnification
	against reasonable expenses incurred by him in connection with the
	proceeding.&nbsp; Unless limited by its articles of incorporation, a Kentucky
	corporation may indemnify and advance expenses to an officer, employee or
	agent of the corporation to the same extent that it may indemnify and
	advance expenses to directors.</font></p>
	<p class="MsoNormal" style="margin-bottom:12.0pt;text-indent:.5in">
	<font size="3" face="Times New Roman">The indemnification provided by or
	granted pursuant to Section 271B.8-510 is not exclusive of any rights to
	which those seeking indemnification may otherwise be entitled.&nbsp; Section
	271B.8-570 empowers a Kentucky corporation to purchase and maintain
	insurance on behalf of its directors, officers, employees or agents of the
	corporation, whether or not the corporation would have the power under
	Sections 271B.8-510 or 271B.8-520 to indemnify them against such liability.&nbsp;
	</font></p>
	<p class="MsoNormal" style="margin-bottom:12.0pt;text-indent:.5in">
	<font size="3" face="Times New Roman">Article XI of the Registrant's Amended
	and Restated Articles of Incorporation, as amended, limits the liability of
	directors of the Registrant pursuant to the Kentucky Business Corporation
	Act.&nbsp; Under this article, directors generally are personally liable to the
	Registrant or its shareholders for monetary damages only in transactions
	involving conflicts of interest or improper personal benefit for a director,
	intentional misconduct, known violations of law, or unlawful distributions.</font></p>
	<p class="MsoNormal" style="margin-bottom:12.0pt;text-indent:.5in">
	<font size="3" face="Times New Roman">The Amended and Restated Bylaws of the
	Registrant require the Registrant to indemnify and hold harmless each
	director and officer and permit the Registrant to indemnify and hold
	harmless any other employee or agent of the Registrant who is, was or is
	threatened to be made a party to any threatened, pending or completed
	action, suit or proceeding, whether civil, criminal, administrative or
	investigative and whether formal or informal, by reason of the fact that he
	is or was a director, officer, employee or agent of the Registrant, or while
	a director, officer, employee or agent of the Registrant, is or was serving
	the Registrant or any other legal entity in any capacity (including, without
	limitation, as a director, officer, partner, manager, trustee, employee or
	agent of another foreign or domestic corporation, partnership, joint
	venture, trust, limited liability company, employee benefit plan or other
	enterprise) at the request of the Registrant, against
	all liability and loss suffered and expenses (including any obligation to
	pay a judgment, settlement, penalty or fine) incurred by such person to the
	fullest extent permitted by law.</font></p>
	<p class="MsoNormal" style="margin-bottom:12.0pt;text-indent:.5in">
	<font size="3" face="Times New Roman">The Amended and Restated Bylaws of the
	Registrant further provide that the Registrant shall pay expenses (including
	attorneys' fees) incurred by an officer or director in defending any
	proceeding in advance of its final disposition, provided, however, that the
	payment of such expenses shall be made only upon receipt of an undertaking
	by the person to repay all amounts advanced if it shall ultimately be
	determined that the person is not entitled to be indemnified.</font></p>
	<p class="MsoNormal" style="margin-bottom:12.0pt;text-indent:.5in">
	<font size="3" face="Times New Roman">In addition, the Registrant maintains
	directors' and officers' liability insurance covering certain liabilities
	which may be incurred by the directors and officers of the Registrant in
	connection with the performance of their duties.</font></p>
	<p class="MsoNormal" style="margin-bottom:12.0pt"><b>
	<font size="3" face="Times New Roman">Item 7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	Exemption from Registration Claimed.</font></b></p>
	<p class="MsoNormal" style="margin-bottom:12.0pt">
	<font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.</font></p>
	<p class="MsoNormal" style="page-break-after: avoid; margin-bottom: 12.0pt">
	<b><font size="3" face="Times New Roman">Item 8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	Exhibits.</font></b></p>
	<p class="MsoNormal" style="page-break-after: avoid; margin-bottom: 12.0pt">
	<font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The following exhibits are
	filed as part of this registration statement:</font></p>
	<div align="center">
		<table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse" id="table6">
				<tr style="page-break-inside: avoid">
					<td width="55" valign="bottom" style="width:41.4pt;padding:0in 0in 0in 0in">&nbsp;</td>
					<td width="72" valign="bottom" style="width:.75in;padding:0in 0in 0in 0in">
					<p class="MsoNormal" align="center" style="text-align: left; page-break-after: avoid">
					<b><font size="2" face="Times New Roman">Exhibit</font><br>
					<u><font size="2" face="Times New Roman">Number</font></u></b></td>
					<td width="48" valign="bottom" style="width:.5in;padding:0in 0in 0in 0in">&nbsp;</td>
					<td width="463" valign="bottom" style="width:347.4pt;padding:0in 0in 0in 0in">
					<p class="MsoNormal" align="center" style="text-align: center; page-break-after: avoid">
					<b><u><font size="2" face="Times New Roman">Description of
					Exhibits</font></u></b></td>
				</tr>
			<tr>
				<td width="55" valign="top" style="width:41.4pt;padding:0in 0in 0in 0in">&nbsp;</td>
				<td width="72" valign="top" style="width:.75in;padding:0in 0in 0in 0in">&nbsp;</td>
				<td width="48" valign="top" style="width:.5in;padding:0in 0in 0in 0in">&nbsp;</td>
				<td width="463" valign="top" style="width:347.4pt;padding:0in 0in 0in 0in">&nbsp;</td>
			</tr>
			<tr>
				<td width="55" valign="top" style="width:41.4pt;padding:0in 0in 0in 0in">&nbsp;</td>
				<td width="72" valign="top" style="width:.75in;padding:0in 0in 0in 0in">
				<p class="MsoNormal"><font size="3" face="Times New Roman">4.1</font></td>
				<td width="48" valign="top" style="width:.5in;padding:0in 0in 0in 0in">
				<p class="MsoNormal" align="center" style="text-align:center">
				<font size="3" face="Times New Roman">--</font></td>
				<td width="463" valign="top" style="width:347.4pt;padding:0in 0in 0in 0in">
				<p class="MsoNormal"><font size="3" face="Times New Roman">
				Articles of Incorporation of the Registrant as amended through
				July 27, 2005 (incorporated herein by reference to Exhibit 4.1
				to the Registrant's Current Report on Form 8-K filed July 29,
				2005) (Commission File No. 0-1469)</font></td>
			</tr>
			<tr>
				<td width="55" valign="top" style="width:41.4pt;padding:0in 0in 0in 0in">&nbsp;</td>
				<td width="72" valign="top" style="width:.75in;padding:0in 0in 0in 0in">&nbsp;</td>
				<td width="48" valign="top" style="width:.5in;padding:0in 0in 0in 0in">&nbsp;</td>
				<td width="463" valign="top" style="width:347.4pt;padding:0in 0in 0in 0in">&nbsp;</td>
			</tr>
			<tr>
				<td width="55" valign="top" style="width:41.4pt;padding:0in 0in 0in 0in">&nbsp;</td>
				<td width="72" valign="top" style="width:.75in;padding:0in 0in 0in 0in">
				<p class="MsoNormal"><font size="3" face="Times New Roman">4.2
				</font></td>
				<td width="48" valign="top" style="width:.5in;padding:0in 0in 0in 0in">
				<p class="MsoNormal" align="center" style="text-align:center">
				<font size="3" face="Times New Roman">--</font></td>
				<td width="463" valign="top" style="width:347.4pt;padding:0in 0in 0in 0in">
				<p class="MsoNormal"><font size="3" face="Times New Roman">
				Amended and Restated Bylaws of the Registrant (incorporated
				herein by reference to Exhibit 3(b) to the Registrant's Annual
				Report on Form 10-K for the fiscal year ended December 31, 2005)
				(Commission File No. 0-1469)</font></td>
			</tr>
			<tr>
				<td width="55" valign="top" style="width:41.4pt;padding:0in 0in 0in 0in">&nbsp;</td>
				<td width="72" valign="top" style="width:.75in;padding:0in 0in 0in 0in">&nbsp;</td>
				<td width="48" valign="top" style="width:.5in;padding:0in 0in 0in 0in">&nbsp;</td>
				<td width="463" valign="top" style="width:347.4pt;padding:0in 0in 0in 0in">&nbsp;</td>
			</tr>
			<tr>
				<td width="55" valign="top" style="width:41.4pt;padding:0in 0in 0in 0in">&nbsp;</td>
				<td width="72" valign="top" style="width:.75in;padding:0in 0in 0in 0in">
				<p class="MsoNormal"><font size="3" face="Times New Roman">4.3</font></td>
				<td width="48" valign="top" style="width:.5in;padding:0in 0in 0in 0in">
				<p class="MsoNormal" align="center" style="text-align:center">
				<font size="3" face="Times New Roman">--</font></td>
				<td width="463" valign="top" style="width:347.4pt;padding:0in 0in 0in 0in">
				<p class="MsoNormal"><font size="3" face="Times New Roman">
				Specimen Stock Certificate (incorporated herein by reference to
				Exhibit 4(d) to the Registrant's Registration Statement on Form
				S-8, File No. 33&#8209;85012)</font></td>
			</tr>
			<tr>
				<td width="55" valign="top" style="width:41.4pt;padding:0in 0in 0in 0in">&nbsp;</td>
				<td width="72" valign="top" style="width:.75in;padding:0in 0in 0in 0in">&nbsp;</td>
				<td width="48" valign="top" style="width:.5in;padding:0in 0in 0in 0in">&nbsp;</td>
				<td width="463" valign="top" style="width:347.4pt;padding:0in 0in 0in 0in">&nbsp;</td>
			</tr>
			<tr>
				<td width="55" valign="top" style="width:41.4pt;padding:0in 0in 0in 0in">&nbsp;</td>
				<td width="72" valign="top" style="width:.75in;padding:0in 0in 0in 0in">
				<p class="MsoNormal"><font size="3" face="Times New Roman">4.4</font></td>
				<td width="48" valign="top" style="width:.5in;padding:0in 0in 0in 0in">
				<p class="MsoNormal" align="center" style="text-align:center">
				<font size="3" face="Times New Roman">--</font></td>
				<td width="463" valign="top" style="width:347.4pt;padding:0in 0in 0in 0in">
				<p class="MsoNormal"><font size="3" face="Times New Roman">
				Rights Agreement dated as of March 19, 1998, between the
				Registrant and Fifth Third Bank as Rights Agent (incorporated
				herein by reference to Exhibit 4.1 to the Registrant's Current
				Report on Form 8-K filed on March 20, 1998, Exhibit 4.1 to the
				Registrant's Registration Statement on Form 8-A/A filed June 30,
				2000 and Exhibit 4.1 to the Registrant's Registration Statement
				on Form 8-A/A filed September 14, 2000) (Commission File No.
				0-1469)</font></td>
			</tr>
			<tr>
				<td width="55" valign="top" style="width:41.4pt;padding:0in 0in 0in 0in">&nbsp;</td>
				<td width="72" valign="top" style="width:.75in;padding:0in 0in 0in 0in">&nbsp;</td>
				<td width="48" valign="top" style="width:.5in;padding:0in 0in 0in 0in">&nbsp;</td>
				<td width="463" valign="top" style="width:347.4pt;padding:0in 0in 0in 0in">&nbsp;</td>
			</tr>
			<tr>
				<td width="55" valign="top" style="width:41.4pt;padding:0in 0in 0in 0in">&nbsp;</td>
				<td width="72" valign="top" style="width:.75in;padding:0in 0in 0in 0in">
				<p class="MsoNormal"><font size="3" face="Times New Roman">4.5</font></td>
				<td width="48" valign="top" style="width:.5in;padding:0in 0in 0in 0in">
				<p class="MsoNormal" align="center" style="text-align:center">
				<font size="3" face="Times New Roman">--</font></td>
				<td width="463" valign="top" style="width:347.4pt;padding:0in 0in 0in 0in">
				<p class="MsoNormal"><font size="3" face="Times New Roman">
				Employment Agreement dated as of July 18, 2006, by and between
				Churchill Downs Incorporated and Robert L. Evans (incorporated
				herein by reference to Exhibit 10(b) to the Registrant's
				Quarterly Report on Form 10-Q for the quarter ended September
				30, 2006) (Commission File No. 0-1469)</font></td>
			</tr>
			<tr>
				<td width="55" valign="top" style="width:41.4pt;padding:0in 0in 0in 0in">&nbsp;</td>
				<td width="72" valign="top" style="width:.75in;padding:0in 0in 0in 0in">&nbsp;</td>
				<td width="48" valign="top" style="width:.5in;padding:0in 0in 0in 0in">&nbsp;</td>
				<td width="463" valign="top" style="width:347.4pt;padding:0in 0in 0in 0in">&nbsp;</td>
			</tr>
			<tr>
				<td width="55" valign="top" style="width:41.4pt;padding:0in 0in 0in 0in">&nbsp;</td>
				<td width="72" valign="top" style="width:.75in;padding:0in 0in 0in 0in">
				<p class="MsoNormal"><font size="3" face="Times New Roman">4.6</font></td>
				<td width="48" valign="top" style="width:.5in;padding:0in 0in 0in 0in">
				<p class="MsoNormal" align="center" style="text-align:center">
				<font size="3" face="Times New Roman">--</font></td>
				<td width="463" valign="top" style="width:347.4pt;padding:0in 0in 0in 0in">
				<p class="MsoNormal"><font size="3" face="Times New Roman">
				Restricted Stock Agreement (65,000 Shares) made as of July 18,
				2006, by and between Robert L. Evans and Churchill Downs
				Incorporated (incorporated herein by reference to Exhibit 10(c)
				to the Registrant's Quarterly Report on Form 10-Q for the
				quarter ended September 30, 2006) (Commission File No. 0-1469)</font></td>
			</tr>
			<tr>
				<td width="55" valign="top" style="width:41.4pt;padding:0in 0in 0in 0in">&nbsp;</td>
				<td width="72" valign="top" style="width:.75in;padding:0in 0in 0in 0in">&nbsp;</td>
				<td width="48" valign="top" style="width:.5in;padding:0in 0in 0in 0in">&nbsp;</td>
				<td width="463" valign="top" style="width:347.4pt;padding:0in 0in 0in 0in">&nbsp;</td>
			</tr>
			<tr>
				<td width="55" valign="top" style="width:41.4pt;padding:0in 0in 0in 0in">&nbsp;</td>
				<td width="72" valign="top" style="width:.75in;padding:0in 0in 0in 0in">
				<p class="MsoNormal"><font size="3" face="Times New Roman">4.7</font></td>
				<td width="48" valign="top" style="width:.5in;padding:0in 0in 0in 0in">
				<p class="MsoNormal" align="center" style="text-align:center">
				<font size="3" face="Times New Roman">--</font></td>
				<td width="463" valign="top" style="width:347.4pt;padding:0in 0in 0in 0in">
				<p class="MsoNormal"><font size="3" face="Times New Roman">
				Restricted Stock Agreement (90,000 Shares) made as of July 18,
				2006, by and between Robert L. Evans and Churchill Downs
				Incorporated (incorporated herein by reference to Exhibit 10(d)
				to the Registrant's Quarterly Report on Form 10-Q for the
				quarter ended September 30, 2006) (Commission File No. 0-1469)</font></td>
			</tr>
			<tr>
				<td width="55" valign="top" style="width:41.4pt;padding:0in 0in 0in 0in">&nbsp;</td>
				<td width="72" valign="top" style="width:.75in;padding:0in 0in 0in 0in">&nbsp;</td>
				<td width="48" valign="top" style="width:.5in;padding:0in 0in 0in 0in">&nbsp;</td>
				<td width="463" valign="top" style="width:347.4pt;padding:0in 0in 0in 0in">&nbsp;</td>
			</tr>
			<tr>
				<td width="55" valign="top" style="width:41.4pt;padding:0in 0in 0in 0in">&nbsp;</td>
				<td width="72" valign="top" style="width:.75in;padding:0in 0in 0in 0in">
				<p class="MsoNormal"><font size="3" face="Times New Roman">4.8</font></td>
				<td width="48" valign="top" style="width:.5in;padding:0in 0in 0in 0in">
				<p class="MsoNormal" align="center" style="text-align:center">
				<font size="3" face="Times New Roman">--</font></td>
				<td width="463" valign="top" style="width:347.4pt;padding:0in 0in 0in 0in">
				<p class="MsoNormal"><font size="3" face="Times New Roman">
				Restricted Stock Units Agreement (65,000 Units) made as of July
				18, 2006, by and between Robert L. Evans and Churchill Downs
				Incorporated (incorporated herein by reference to Exhibit 10(e)
				to the Registrant's Quarterly Report on Form 10-Q for the
				quarter ended September 30, 2006) (Commission File No. 0-1469)</font></td>
			</tr>
			<tr>
				<td width="55" valign="top" style="width:41.4pt;padding:0in 0in 0in 0in">&nbsp;</td>
				<td width="72" valign="top" style="width:.75in;padding:0in 0in 0in 0in">&nbsp;</td>
				<td width="48" valign="top" style="width:.5in;padding:0in 0in 0in 0in">&nbsp;</td>
				<td width="463" valign="top" style="width:347.4pt;padding:0in 0in 0in 0in">&nbsp;</td>
			</tr>
			<tr>
				<td width="55" valign="top" style="width:41.4pt;padding:0in 0in 0in 0in">&nbsp;</td>
				<td width="72" valign="top" style="width:.75in;padding:0in 0in 0in 0in">
				<p class="MsoNormal"><font size="3" face="Times New Roman">4.9</font></td>
				<td width="48" valign="top" style="width:.5in;padding:0in 0in 0in 0in">
				<p class="MsoNormal" align="center" style="text-align:center">
				<font size="3" face="Times New Roman">--</font></td>
				<td width="463" valign="top" style="width:347.4pt;padding:0in 0in 0in 0in">
				<p class="MsoNormal"><font size="3" face="Times New Roman">Stock
				Option Agreement made as of July 18, 2006, by and between
				Churchill Downs Incorporated and Robert L. Evans (incorporated
				herein by reference to Exhibit 10(f) to the Registrant's
				Quarterly Report on Form 10-Q for the quarter ended September
				30, 2006) (Commission File No. 0-1469)</font></td>
			</tr>
			<tr>
				<td width="55" valign="top" style="width:41.4pt;padding:0in 0in 0in 0in">&nbsp;</td>
				<td width="72" valign="top" style="width:.75in;padding:0in 0in 0in 0in">&nbsp;</td>
				<td width="48" valign="top" style="width:.5in;padding:0in 0in 0in 0in">&nbsp;</td>
				<td width="463" valign="top" style="width:347.4pt;padding:0in 0in 0in 0in">&nbsp;</td>
			</tr>
			<tr>
				<td width="55" valign="top" style="width:41.4pt;padding:0in 0in 0in 0in">&nbsp;</td>
				<td width="72" valign="top" style="width:.75in;padding:0in 0in 0in 0in">
				<p class="MsoNormal"><font size="3" face="Times New Roman">5.1</font></td>
				<td width="48" valign="top" style="width:.5in;padding:0in 0in 0in 0in">
				<p class="MsoNormal" align="center" style="text-align:center">
				<font size="3" face="Times New Roman">--</font></td>
				<td width="463" valign="top" style="width:347.4pt;padding:0in 0in 0in 0in">
				<p class="MsoNormal"><font size="3" face="Times New Roman">
				Opinion and consent of Stites &amp; Harbison, PLLC</font></td>
			</tr>
			<tr>
				<td width="55" valign="top" style="width:41.4pt;padding:0in 0in 0in 0in">&nbsp;</td>
				<td width="72" valign="top" style="width:.75in;padding:0in 0in 0in 0in">&nbsp;</td>
				<td width="48" valign="top" style="width:.5in;padding:0in 0in 0in 0in">&nbsp;</td>
				<td width="463" valign="top" style="width:347.4pt;padding:0in 0in 0in 0in">&nbsp;</td>
			</tr>
			<tr>
				<td width="55" valign="top" style="width:41.4pt;padding:0in 0in 0in 0in">&nbsp;</td>
				<td width="72" valign="top" style="width:.75in;padding:0in 0in 0in 0in">
				<p class="MsoNormal"><font size="3" face="Times New Roman">23.1</font></td>
				<td width="48" valign="top" style="width:.5in;padding:0in 0in 0in 0in">
				<p class="MsoNormal" align="center" style="text-align:center">
				<font size="3" face="Times New Roman">--</font></td>
				<td width="463" valign="top" style="width:347.4pt;padding:0in 0in 0in 0in">
				<p class="MsoNormal"><font size="3" face="Times New Roman">
				Consent of Stites &amp; Harbison, PLLC (included in Exhibit 5.1)</font></td>
			</tr>
			<tr>
				<td width="55" valign="top" style="width:41.4pt;padding:0in 0in 0in 0in">&nbsp;</td>
				<td width="72" valign="top" style="width:.75in;padding:0in 0in 0in 0in">&nbsp;</td>
				<td width="48" valign="top" style="width:.5in;padding:0in 0in 0in 0in">&nbsp;</td>
				<td width="463" valign="top" style="width:347.4pt;padding:0in 0in 0in 0in">&nbsp;</td>
			</tr>
			<tr>
				<td width="55" valign="top" style="width:41.4pt;padding:0in 0in 0in 0in">&nbsp;</td>
				<td width="72" valign="top" style="width:.75in;padding:0in 0in 0in 0in">
				<p class="MsoNormal"><font size="3" face="Times New Roman">23.2</font></td>
				<td width="48" valign="top" style="width:.5in;padding:0in 0in 0in 0in">
				<p class="MsoNormal" align="center" style="text-align:center">
				<font size="3" face="Times New Roman">--</font></td>
				<td width="463" valign="top" style="width:347.4pt;padding:0in 0in 0in 0in">
				<p class="MsoNormal"><font size="3" face="Times New Roman">
				Consent of PricewaterhouseCoopers LLP</font></td>
			</tr>
			<tr>
				<td width="55" valign="top" style="width:41.4pt;padding:0in 0in 0in 0in">&nbsp;</td>
				<td width="72" valign="top" style="width:.75in;padding:0in 0in 0in 0in">&nbsp;</td>
				<td width="48" valign="top" style="width:.5in;padding:0in 0in 0in 0in">&nbsp;</td>
				<td width="463" valign="top" style="width:347.4pt;padding:0in 0in 0in 0in">&nbsp;</td>
			</tr>
			<tr>
				<td width="55" valign="top" style="width:41.4pt;padding:0in 0in 0in 0in">&nbsp;</td>
				<td width="72" valign="top" style="width:.75in;padding:0in 0in 0in 0in">
				<p class="MsoNormal" style="page-break-after: avoid">
				<font size="3" face="Times New Roman">24.1</font></td>
				<td width="48" valign="top" style="width:.5in;padding:0in 0in 0in 0in">
				<p class="MsoNormal" align="center" style="text-align: center; page-break-after: avoid">
				<font size="3" face="Times New Roman">--</font></td>
				<td width="463" valign="top" style="width:347.4pt;padding:0in 0in 0in 0in">
				<p class="MsoNormal" style="page-break-after: avoid">
				<font size="3" face="Times New Roman">Powers of attorney
				(included on the signature page of this registration statement)</font></td>
			</tr>
		</table>
	</div>
	<p class="MsoNormal" style="margin-bottom:12.0pt">
	<font size="3" face="Times New Roman"></font></p>
	<p class="MsoNormal" style="margin-bottom:12.0pt"><b>
	<font size="3" face="Times New Roman">Item 9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	Undertakings.</font></b></p>
	<p class="MsoNormal" style="margin-bottom:12.0pt;text-indent:.5in">
	<font size="3" face="Times New Roman">The undersigned Registrant hereby
	undertakes:</font></p>
	<p class="MsoNormal" style="margin-bottom:12.0pt;text-indent:.5in">
	<font size="3" face="Times New Roman">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To file, during any period
	in which offers or sales are being made, a post-effective amendment to this
	registration statement:</font></p>
	<p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-bottom:12.0pt;
margin-left:.5in;text-indent:.5in"><font size="3" face="Times New Roman">
	(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To include any prospectus required by Section 10(a)(3) of the
	Securities Act of 1933, as amended (the &quot;Act&quot;);</font></p>
	<p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-bottom:12.0pt;
margin-left:.5in;text-indent:.5in"><font size="3" face="Times New Roman">
	(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To reflect in the prospectus any facts or events arising after
	the effective date of the registration statement (or the most recent
	post-effective amendment thereof) which, individually or in the aggregate,
	represent a fundamental change in the information set forth in the
	registration statement; and</font></p>
	<p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-bottom:12.0pt;
margin-left:.5in;text-indent:.5in"><font size="3" face="Times New Roman">
	(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To include any material information with respect to the plan of
	distribution not previously disclosed in the registration statement or any
	material change to such information in the registration statement;</font></p>
	<p class="MsoNormal" style="margin-bottom:12.0pt">
	<font size="3" face="Times New Roman">provided, however, that the
	undertakings set forth in paragraphs (a) and (b) above do not apply if the
	information required to be included in a post-effective amendment by those
	paragraphs is contained in periodic reports filed with or furnished to the
	Commission by the Registrant pursuant to Section 13 or Section 15(d) of the
	Exchange Act that are incorporated by reference in this registration
	statement.</font></p>
	<p class="MsoNormal" style="margin-bottom:12.0pt;text-indent:.5in">
	<font size="3" face="Times New Roman">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; That, for the purpose of
	determining any liability under the Act, each such post-effective amendment
	shall be deemed to be a new registration statement relating to the
	securities offered herein, and the offering of such securities at that time
	shall be deemed to be the initial bona fide offering thereof.</font></p>
	<p class="MsoNormal" style="margin-bottom:12.0pt;text-indent:.5in">
	<font size="3" face="Times New Roman">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To remove from registration
	by means of a post-effective amendment any of the securities being
	registered which remain unsold at the termination of the offering.</font></p>
	<p class="MsoNormal" style="margin-bottom:12.0pt;text-indent:.5in">
	<font size="3" face="Times New Roman">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; That, for purposes of
	determining any liability under the Act, each filing of the Registrant's
	annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act
	that is incorporated by reference in this registration statement shall be
	deemed to be a new registration statement relating to the securities offered
	herein, and the offering of such securities at that time shall be deemed to
	be the initial bona fide offering thereof.</font></p>
	<p class="MsoNormal" style="margin-bottom:12.0pt;text-indent:.5in">
	<font size="3" face="Times New Roman">Insofar as indemnification for
	liabilities arising under the Act may be permitted to directors, officers
	and controlling persons of the Registrant, the Registrant has been advised
	that in the opinion of the Securities and Exchange Commission such
	indemnification is against public policy as expressed in the Act and is,
	therefore, unenforceable.&nbsp; In the event that a claim for indemnification
	against such liabilities (other than the payment by the Registrant of
	expenses incurred or paid by a director, officer or controlling person of
	the Registrant in the successful defense of any action, suit or proceeding)
	is asserted by such director, officer or controlling person in connection
	with the securities being registered, the Registrant will, unless in the
	opinion of its counsel the matter has been settled by controlling precedent,
	submit to a court of appropriate jurisdiction the question whether such
	indemnification by it is against public policy as expressed in the Act and
	will be governed by the final adjudication of such issue.</font></p>
	<p class="MsoNormal"><b><font size="3" face="Times New Roman"></font></b>
</div>
&nbsp;<hr>
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</p>
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</p>
<div class="Section3">
	<p class="MsoNormal" align="center" style="margin-bottom:12.0pt;text-align:center">
	<b><font size="3" face="Times New Roman">SIGNATURES</font></b></p>
	<p class="MsoNormal" style="margin-bottom:12.0pt;text-indent:.5in">
	<font size="3" face="Times New Roman">Pursuant to the requirements of the
	Securities Act of 1933, the registrant certifies that it has reasonable
	grounds to believe that it meets all of the requirements for filing on Form
	S-8 and has duly caused this Registration Statement to be signed on its
	behalf by the undersigned, thereunto duly authorized, in the City of
	Louisville, Commonwealth of Kentucky, on the 29th day of June, 2007.</font></p>
	<table border="1" style="border-collapse: collapse; border-width: 0px" width="99%" id="table9">
		<tr>
			<td style="border-style: none; border-width: medium">&nbsp;</td>
			<td width="511" colspan="2" style="border-style: none; border-width: medium">
	<p class="MsoNormal" style="margin-top: -1px; margin-bottom: 0"><font size="3" face="Times New Roman">
	CHURCHILL DOWNS INCORPORATED</font></p>
			</td>
		</tr>
		<tr>
			<td style="border-style: none; border-width: medium">&nbsp;</td>
			<td width="511" colspan="2" style="border-style: none; border-width: medium">
	<p class="MsoNormal" style="margin-top: -1px; margin-bottom: 0">&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="border-style: none; border-width: medium">&nbsp;</td>
			<td width="511" colspan="2" style="border-style: none; border-width: medium">
	<p class="MsoNormal" style="margin-top: -1px; margin-bottom: 0">&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="border-style: none; border-width: medium">&nbsp;</td>
			<td width="511" colspan="2" style="border-style: none; border-width: medium">
	<p class="MsoNormal" style="margin-top: -1px; margin-bottom: 0">&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="border-style: none; border-width: medium">&nbsp;</td>
			<td width="74" style="border-style: none; border-width: medium">
	<p class="MsoNormal" style="margin-top: -1px; margin-bottom: 0"><font size="3" face="Times New Roman">
	By:</font></p>
			</td>
			<td width="437" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1px" bordercolor="#000000">
			/s/ Robert L. Evans</td>
		</tr>
		<tr>
			<td style="border-style: none; border-width: medium">&nbsp;</td>
			<td width="74" style="border-style: none; border-width: medium">&nbsp;</td>
			<td width="437" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium" bordercolor="#000000">
	<p class="MsoNormal" style="margin-top: -1px; margin-bottom: 0"><font size="3" face="Times New Roman">
	Robert L. Evans</font></p>
			</td>
		</tr>
		<tr>
			<td style="border-style: none; border-width: medium">&nbsp;</td>
			<td width="74" style="border-style: none; border-width: medium">&nbsp;</td>
			<td width="437" style="border-style: none; border-width: medium">
	<p class="MsoNormal" style="margin-top: -1px; margin-bottom: 0"><font size="3" face="Times New Roman">
	President and Chief Executive Officer</font></p>
			</td>
		</tr>
	</table>
	<p class="MsoNormal" align="center" style="text-align:center"><b>
	<font size="3" face="Times New Roman">POWERS OF ATTORNEY</font></b></p>
	<p class="MsoNormal" align="center" style="text-align:center">
	<font size="3" face="Times New Roman"></font></p>
	<p class="MsoNormal" style="text-indent:.5in">
	<font size="3" face="Times New Roman">KNOW ALL MEN BY THESE PRESENTS, that
	each person whose signature appears below constitutes and appoints Robert L.
	Evans and Rebecca C. Reed, and each of them, as his or her true and lawful
	attorney-in-fact and agent, with full power of substitution, for him or her
	and in his or her name, place and stead, in any and all capacities, to sign
	any and all amendments and post-effective amendments to this Registration
	Statement, and to file the same with all exhibits thereto, granting unto
	said attorney-in-fact and agent full power and authority to do and perform
	each and every act and thing requisite and necessary to be done, as fully to
	all intents and purposes as he or she might or could do in person, hereby
	ratifying and confirming all that said attorney-in-fact and agent may
	lawfully do or cause to be done by virtue thereof.</font></p>
	<p class="MsoNormal" style="text-indent:.5in">
	<font size="3" face="Times New Roman"></font></p>
	<p class="MsoNormal" style="text-indent:.5in">
	<font size="3" face="Times New Roman">Pursuant to the requirements of the
	Securities Act of 1933, this Registration Statement has been signed by the
	following persons in the capacities and on the dates indicated.</font></p>
	<p class="MsoNormal"><font size="3" face="Times New Roman"></font></p>
	<div align="center">
	<table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse" id="table7">
			<tr>
				<td width="247" valign="top" style="width:185.4pt;padding:0in 5.4pt 0in 5.4pt">
				<p class="MsoNormal" align="center" style="text-align:center; margin-top:0; margin-bottom:0">
				<b><u><font size="2" face="Times New Roman">Signature</font></u></b></td>
				<td width="258" valign="top" style="width:193.5pt;padding:0in 5.4pt 0in 5.4pt">
				<p class="MsoNormal" align="center" style="text-align:center; margin-top:0; margin-bottom:0">
				<b><u><font size="2" face="Times New Roman">Title</font></u></b></td>
				<td width="119" valign="top" style="width:89.1pt;padding:0in 5.4pt 0in 5.4pt">
				<p class="MsoNormal" align="center" style="text-align:center; margin-top:0; margin-bottom:0">
				<b><u><font size="2" face="Times New Roman">Date</font></u></b></td>
			</tr>
			<tr>
				<td width="247" valign="top" style="width:185.4pt;padding:0in 5.4pt 0in 5.4pt">&nbsp;</td>
				<td width="258" valign="top" style="width:193.5pt;padding:0in 5.4pt 0in 5.4pt">&nbsp;</td>
				<td width="119" valign="top" style="width:89.1pt;padding:0in 5.4pt 0in 5.4pt">&nbsp;</td>
			</tr>
		<tr height="19" style="page-break-inside: avoid; height: 13.95pt">
			<td width="247" height="19" valign="top" style="width: 185.4pt; height: 13.95pt; border-left: medium none; border-right: medium none; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in">
			<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0">/s/
			Carl F. Pollard</td>
			<td width="258" rowspan="2" valign="top" style="width:193.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:13.95pt">
			<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0"><font size="3" face="Times New Roman">Chairman
			of the Board (Director)</font></td>
			<td width="119" rowspan="2" valign="top" style="width:89.1pt;padding:0in 5.4pt 0in 5.4pt;
  height:13.95pt">
			<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0"><font size="3" face="Times New Roman">June
			29,
			2007</font></td>
		</tr>
		<tr height="19" style="page-break-inside: avoid; height: 13.95pt">
			<td width="247" height="19" valign="top" style="width: 185.4pt; height: 13.95pt; border: medium none; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in">
			<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0"><font size="3" face="Times New Roman">Carl F.
			Pollard</font></td>
		</tr>
		<tr style="page-break-inside: avoid">
			<td width="247" valign="top" style="width:185.4pt;padding:0in 5.4pt 0in 5.4pt">&nbsp;</td>
			<td width="258" valign="top" style="width:193.5pt;padding:0in 5.4pt 0in 5.4pt">&nbsp;</td>
			<td width="119" valign="top" style="width:89.1pt;padding:0in 5.4pt 0in 5.4pt">&nbsp;</td>
		</tr>
		<tr height="16" style="page-break-inside: avoid; height: 12.15pt">
			<td width="247" height="16" valign="top" style="width: 185.4pt; height: 12.15pt; border-left: medium none; border-right: medium none; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in">
			<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0"><font size="3" face="Times New Roman">
			/s/ Robert L. Evans</font></td>
			<td width="258" rowspan="2" valign="top" style="width:193.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.15pt">
			<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0"><font size="3" face="Times New Roman">President
			and Chief Executive Officer and Director<br>
			(Principal Executive Officer) </font></td>
			<td width="119" rowspan="2" valign="top" style="width:89.1pt;padding:0in 5.4pt 0in 5.4pt;
  height:12.15pt">
			<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0"><font size="3" face="Times New Roman">June
			29,
			2007</font></td>
		</tr>
		<tr height="28" style="page-break-inside: avoid; height: 20.75pt">
			<td width="247" height="28" valign="top" style="width: 185.4pt; height: 20.75pt; border: medium none; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in">
			<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0"><font size="3" face="Times New Roman">Robert L.
			Evans</font></td>
		</tr>
		<tr style="page-break-inside: avoid">
			<td width="247" valign="top" style="width:185.4pt;padding:0in 5.4pt 0in 5.4pt">&nbsp;</td>
			<td width="258" valign="top" style="width:193.5pt;padding:0in 5.4pt 0in 5.4pt">&nbsp;</td>
			<td width="119" valign="top" style="width:89.1pt;padding:0in 5.4pt 0in 5.4pt">&nbsp;</td>
		</tr>
		<tr height="16" style="page-break-inside: avoid; height: 11.7pt">
			<td width="247" height="16" valign="bottom" style="width: 185.4pt; height: 11.7pt; border-left: medium none; border-right: medium none; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in">
			<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0"><font size="3" face="Times New Roman">
			/s/ Michael W. Anderson&nbsp;</font></td>
			<td width="258" rowspan="2" valign="top" style="width:193.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:11.7pt">
			<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0"><font size="3" face="Times New Roman">Vice
			President, Corporate Finance and Treasurer<br>
			(Principal Financial and Accounting Officer)</font></td>
			<td width="119" rowspan="2" valign="top" style="width:89.1pt;padding:0in 5.4pt 0in 5.4pt;
  height:11.7pt">
			<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0"><font size="3" face="Times New Roman">June
			29,
			2007</font></td>
		</tr>
		<tr height="37" style="page-break-inside: avoid; height: 27.55pt">
			<td width="247" height="37" valign="top" style="width: 185.4pt; height: 27.55pt; border: medium none; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in">
			<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0"><font size="3" face="Times New Roman">Michael
			W. Anderson</font></td>
		</tr>
		<tr style="page-break-inside: avoid">
			<td width="247" valign="top" style="width:185.4pt;padding:0in 5.4pt 0in 5.4pt">&nbsp;</td>
			<td width="258" valign="top" style="width:193.5pt;padding:0in 5.4pt 0in 5.4pt">&nbsp;</td>
			<td width="119" valign="top" style="width:89.1pt;padding:0in 5.4pt 0in 5.4pt">&nbsp;</td>
		</tr>
		<tr height="19" style="page-break-inside: avoid; height: 13.95pt">
			<td width="247" height="19" valign="bottom" style="width: 185.4pt; height: 13.95pt; border-left: medium none; border-right: medium none; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in">
			<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0"><font size="3" face="Times New Roman">
			/s/ Leonard S. Coleman, Jr.&nbsp;</font></td>
			<td width="258" rowspan="2" valign="top" style="width:193.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:13.95pt">
			<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0"><font size="3" face="Times New Roman">Director
			</font></td>
			<td width="119" rowspan="2" valign="top" style="width:89.1pt;padding:0in 5.4pt 0in 5.4pt;
  height:13.95pt">
			<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0"><font size="3" face="Times New Roman">June
			29,
			2007</font></td>
		</tr>
		<tr height="19" style="page-break-inside: avoid; height: 13.95pt">
			<td width="247" height="19" valign="top" style="width: 185.4pt; height: 13.95pt; border: medium none; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in">
			<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0"><font size="3" face="Times New Roman">Leonard
			S. Coleman, Jr.</font></td>
		</tr>
		<tr style="page-break-inside: avoid">
			<td width="247" valign="top" style="width:185.4pt;padding:0in 5.4pt 0in 5.4pt">&nbsp;</td>
			<td width="258" valign="top" style="width:193.5pt;padding:0in 5.4pt 0in 5.4pt">&nbsp;</td>
			<td width="119" valign="top" style="width:89.1pt;padding:0in 5.4pt 0in 5.4pt">&nbsp;</td>
		</tr>
		<tr height="19" style="page-break-inside: avoid; height: 13.95pt">
			<td width="247" height="19" valign="top" style="width: 185.4pt; height: 13.95pt; border-left: medium none; border-right: medium none; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in">
			<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0"><font size="3" face="Times New Roman">
			/s/ Craig J. Duchossois&nbsp;</font></td>
			<td width="258" rowspan="2" valign="top" style="width:193.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:13.95pt">
			<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0"><font size="3" face="Times New Roman">Director</font></td>
			<td width="119" rowspan="2" valign="top" style="width:89.1pt;padding:0in 5.4pt 0in 5.4pt;
  height:13.95pt">
			<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0"><font size="3" face="Times New Roman">June
			29,
			2007</font></td>
		</tr>
		<tr height="19" style="page-break-inside: avoid; height: 13.95pt">
			<td width="247" height="19" valign="top" style="width: 185.4pt; height: 13.95pt; border: medium none; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in">
			<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0"><font size="3" face="Times New Roman">Craig J.
			Duchossois</font></td>
		</tr>
		<tr style="page-break-inside: avoid">
			<td width="247" valign="top" style="width:185.4pt;padding:0in 5.4pt 0in 5.4pt">&nbsp;</td>
			<td width="258" valign="top" style="width:193.5pt;padding:0in 5.4pt 0in 5.4pt">&nbsp;</td>
			<td width="119" valign="top" style="width:89.1pt;padding:0in 5.4pt 0in 5.4pt">&nbsp;</td>
		</tr>
		<tr height="19" style="page-break-inside: avoid; height: 13.95pt">
			<td width="247" height="19" valign="top" style="width: 185.4pt; height: 13.95pt; border-left: medium none; border-right: medium none; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in">
			<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0"><font size="3" face="Times New Roman">
			/s/ Richard L. Duchossois&nbsp;</font></td>
			<td width="258" rowspan="2" valign="top" style="width:193.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:13.95pt">
			<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0"><font size="3" face="Times New Roman">Director</font></td>
			<td width="119" rowspan="2" valign="top" style="width:89.1pt;padding:0in 5.4pt 0in 5.4pt;
  height:13.95pt">
			<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0"><font size="3" face="Times New Roman">June
			29,
			2007</font></td>
		</tr>
		<tr height="19" style="page-break-inside: avoid; height: 13.95pt">
			<td width="247" height="19" valign="top" style="width: 185.4pt; height: 13.95pt; border: medium none; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in">
			<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0"><font size="3" face="Times New Roman">Richard
			L. Duchossois</font></td>
		</tr>
		<tr style="page-break-inside: avoid">
			<td width="247" valign="top" style="width:185.4pt;padding:0in 5.4pt 0in 5.4pt">&nbsp;</td>
			<td width="258" valign="top" style="width:193.5pt;padding:0in 5.4pt 0in 5.4pt">&nbsp;</td>
			<td width="119" valign="top" style="width:89.1pt;padding:0in 5.4pt 0in 5.4pt">&nbsp;</td>
		</tr>
		<tr height="19" style="page-break-inside: avoid; height: 13.95pt">
			<td width="247" height="19" valign="top" style="width: 185.4pt; height: 13.95pt; border-left: medium none; border-right: medium none; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in">
			<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0"><font size="3" face="Times New Roman">
			/s/ Robert L. Fealy&nbsp;</font></td>
			<td width="258" rowspan="2" valign="top" style="width:193.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:13.95pt">
			<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0"><font size="3" face="Times New Roman">Director</font></td>
			<td width="119" rowspan="2" valign="top" style="width:89.1pt;padding:0in 5.4pt 0in 5.4pt;
  height:13.95pt">
			<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0"><font size="3" face="Times New Roman">June
			29,
			2007</font></td>
		</tr>
		<tr height="19" style="page-break-inside: avoid; height: 13.95pt">
			<td width="247" height="19" valign="top" style="width: 185.4pt; height: 13.95pt; border: medium none; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in">
			<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0"><font size="3" face="Times New Roman">Robert L.
			Fealy</font></td>
		</tr>
		<tr style="page-break-inside: avoid">
			<td width="247" valign="top" style="width:185.4pt;padding:0in 5.4pt 0in 5.4pt">&nbsp;</td>
			<td width="258" valign="top" style="width:193.5pt;padding:0in 5.4pt 0in 5.4pt">&nbsp;</td>
			<td width="119" valign="top" style="width:89.1pt;padding:0in 5.4pt 0in 5.4pt">&nbsp;</td>
		</tr>
		<tr height="19" style="page-break-inside: avoid; height: 13.95pt">
			<td width="247" height="19" valign="top" style="width: 185.4pt; height: 13.95pt; border-left: medium none; border-right: medium none; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in">
			<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0"><font size="3" face="Times New Roman">
			/s/ J. David Grissom&nbsp;</font></td>
			<td width="258" rowspan="2" valign="top" style="width:193.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:13.95pt">
			<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0"><font size="3" face="Times New Roman">Director</font></td>
			<td width="119" rowspan="2" valign="top" style="width:89.1pt;padding:0in 5.4pt 0in 5.4pt;
  height:13.95pt">
			<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0"><font size="3" face="Times New Roman">June
			29,
			2007</font></td>
		</tr>
		<tr height="19" style="page-break-inside: avoid; height: 13.95pt">
			<td width="247" height="19" valign="top" style="width: 185.4pt; height: 13.95pt; border: medium none; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in">
			<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0"><font size="3" face="Times New Roman">J. David
			Grissom</font></td>
		</tr>
		<tr style="page-break-inside: avoid">
			<td width="247" valign="top" style="width:185.4pt;padding:0in 5.4pt 0in 5.4pt">&nbsp;</td>
			<td width="258" valign="top" style="width:193.5pt;padding:0in 5.4pt 0in 5.4pt">&nbsp;</td>
			<td width="119" valign="top" style="width:89.1pt;padding:0in 5.4pt 0in 5.4pt">&nbsp;</td>
		</tr>
		<tr height="19" style="page-break-inside: avoid; height: 13.95pt">
			<td width="247" height="19" valign="top" style="width: 185.4pt; height: 13.95pt; border-left: medium none; border-right: medium none; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in">
			<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0"><font size="3" face="Times New Roman">
			/s/ Seth W. Hancock&nbsp;</font></td>
			<td width="258" rowspan="2" valign="top" style="width:193.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:13.95pt">
			<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0"><font size="3" face="Times New Roman">Director</font></td>
			<td width="119" rowspan="2" valign="top" style="width:89.1pt;padding:0in 5.4pt 0in 5.4pt;
  height:13.95pt">
			<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0"><font size="3" face="Times New Roman">June
			29,
			2007</font></td>
		</tr>
		<tr height="19" style="page-break-inside: avoid; height: 13.95pt">
			<td width="247" height="19" valign="top" style="width: 185.4pt; height: 13.95pt; border: medium none; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in">
			<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0"><font size="3" face="Times New Roman">Seth W.
			Hancock</font></td>
		</tr>
		<tr style="page-break-inside: avoid">
			<td width="247" valign="top" style="width:185.4pt;padding:0in 5.4pt 0in 5.4pt">&nbsp;</td>
			<td width="258" valign="top" style="width:193.5pt;padding:0in 5.4pt 0in 5.4pt">&nbsp;</td>
			<td width="119" valign="top" style="width:89.1pt;padding:0in 5.4pt 0in 5.4pt">&nbsp;</td>
		</tr>
		<tr height="19" style="page-break-inside: avoid; height: 13.95pt">
			<td width="247" height="19" valign="top" style="width: 185.4pt; height: 13.95pt; border-left: medium none; border-right: medium none; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in">
			<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0"><font size="3" face="Times New Roman">
			/s/ Daniel P. Harrington&nbsp;</font></td>
			<td width="258" rowspan="2" valign="top" style="width:193.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:13.95pt">
			<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0"><font size="3" face="Times New Roman">Director</font></td>
			<td width="119" rowspan="2" valign="top" style="width:89.1pt;padding:0in 5.4pt 0in 5.4pt;
  height:13.95pt">
			<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0"><font size="3" face="Times New Roman">June
			29,
			2007</font></td>
		</tr>
		<tr height="19" style="page-break-inside: avoid; height: 13.95pt">
			<td width="247" height="19" valign="top" style="width: 185.4pt; height: 13.95pt; border: medium none; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in">
			<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0"><font size="3" face="Times New Roman">Daniel P.
			Harrington</font></td>
		</tr>
		<tr style="page-break-inside: avoid">
			<td width="247" valign="top" style="width:185.4pt;padding:0in 5.4pt 0in 5.4pt">&nbsp;</td>
			<td width="258" valign="top" style="width:193.5pt;padding:0in 5.4pt 0in 5.4pt">&nbsp;</td>
			<td width="119" valign="top" style="width:89.1pt;padding:0in 5.4pt 0in 5.4pt">&nbsp;</td>
		</tr>
		<tr height="19" style="page-break-inside: avoid; height: 13.95pt">
			<td width="247" height="19" valign="top" style="width: 185.4pt; height: 13.95pt; border-left: medium none; border-right: medium none; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in">
			<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0"><font size="3" face="Times New Roman">
			/s/ G. Watts Humphrey, Jr.&nbsp;</font></td>
			<td width="258" rowspan="2" valign="top" style="width:193.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:13.95pt">
			<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0"><font size="3" face="Times New Roman">Director</font></td>
			<td width="119" rowspan="2" valign="top" style="width:89.1pt;padding:0in 5.4pt 0in 5.4pt;
  height:13.95pt">
			<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0"><font size="3" face="Times New Roman">June
			29,
			2007</font></td>
		</tr>
		<tr height="19" style="page-break-inside: avoid; height: 13.95pt">
			<td width="247" height="19" valign="top" style="width: 185.4pt; height: 13.95pt; border: medium none; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in">
			<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0"><font size="3" face="Times New Roman">G. Watts
			Humphrey, Jr.</font></td>
		</tr>
		<tr style="page-break-inside: avoid">
			<td width="247" valign="top" style="width:185.4pt;padding:0in 5.4pt 0in 5.4pt">&nbsp;</td>
			<td width="258" valign="top" style="width:193.5pt;padding:0in 5.4pt 0in 5.4pt">&nbsp;</td>
			<td width="119" valign="top" style="width:89.1pt;padding:0in 5.4pt 0in 5.4pt">&nbsp;</td>
		</tr>
		<tr height="19" style="page-break-inside: avoid; height: 13.95pt">
			<td width="247" height="19" valign="top" style="width: 185.4pt; height: 13.95pt; border-left: medium none; border-right: medium none; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in">
			<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0"><font size="3" face="Times New Roman">
			/s/ Susan Elizabeth Packard&nbsp;</font></td>
			<td width="258" rowspan="2" valign="top" style="width:193.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:13.95pt">
			<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0"><font size="3" face="Times New Roman">Director</font></td>
			<td width="119" rowspan="2" valign="top" style="width:89.1pt;padding:0in 5.4pt 0in 5.4pt;
  height:13.95pt">
			<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0"><font size="3" face="Times New Roman">June
			29,
			2007</font></td>
		</tr>
		<tr height="19" style="page-break-inside: avoid; height: 13.95pt">
			<td width="247" height="19" valign="top" style="width: 185.4pt; height: 13.95pt; border: medium none; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in">
			<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0"><font size="3" face="Times New Roman">Susan
			Elizabeth Packard</font></td>
		</tr>
		<tr style="page-break-inside: avoid">
			<td width="247" valign="top" style="width:185.4pt;padding:0in 5.4pt 0in 5.4pt">&nbsp;</td>
			<td width="258" valign="top" style="width:193.5pt;padding:0in 5.4pt 0in 5.4pt">&nbsp;</td>
			<td width="119" valign="top" style="width:89.1pt;padding:0in 5.4pt 0in 5.4pt">&nbsp;</td>
		</tr>
		<tr height="19" style="page-break-inside: avoid; height: 13.95pt">
			<td width="247" height="19" valign="top" style="width: 185.4pt; height: 13.95pt; border-left: medium none; border-right: medium none; border-top: medium none; border-bottom: 1.0pt solid windowtext; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in">
			<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0"><font size="3" face="Times New Roman">
			/s/ Darrell R. Wells&nbsp;</font></td>
			<td width="258" rowspan="2" valign="top" style="width:193.5pt;padding:0in 5.4pt 0in 5.4pt;
  height:13.95pt">
			<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0"><font size="3" face="Times New Roman">Director</font></td>
			<td width="119" rowspan="2" valign="top" style="width:89.1pt;padding:0in 5.4pt 0in 5.4pt;
  height:13.95pt">
			<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0"><font size="3" face="Times New Roman">June
			29,
			2007</font></td>
		</tr>
		<tr height="19" style="page-break-inside: avoid; height: 13.95pt">
			<td width="247" height="19" valign="top" style="width: 185.4pt; height: 13.95pt; border: medium none; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in">
			<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0"><font size="3" face="Times New Roman">Darrell
			R. Wells</font></td>
		</tr>
	</table>
	</div>
</div>
&nbsp;<p style="margin-top: 0; margin-bottom: 0">&nbsp;</p>
<hr>
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</p>
<p class="MsoNormal" align="center" style="text-align:center"><b>
<font size="3" face="Times New Roman">INDEX TO EXHIBITS</font></b></p>
<p class="MsoNormal" style="margin-right:-.4in; margin-top:0; margin-bottom:0">
&nbsp;</p>
<p class="MsoNormal" style="margin-right:-.4in; margin-top:0; margin-bottom:0">
&nbsp;</p>
<div align="center">
	<table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse" id="table8">
			<tr style="page-break-inside: avoid">
				<td width="55" valign="bottom" style="width:41.4pt;padding:0in 0in 0in 0in">&nbsp;</td>
				<td width="72" valign="bottom" style="width:.75in;padding:0in 0in 0in 0in">
				<p class="MsoNormal" align="center" style="text-align: left; page-break-after: avoid">
				<b><font size="2" face="Times New Roman">Exhibit</font><br>
				<u><font size="2" face="Times New Roman">Number</font></u></b></td>
				<td width="48" valign="bottom" style="width:.5in;padding:0in 0in 0in 0in">&nbsp;</td>
				<td width="463" valign="bottom" style="width:347.4pt;padding:0in 0in 0in 0in">
				<p class="MsoNormal" align="center" style="text-align: center; page-break-after: avoid">
				<b><u><font size="2" face="Times New Roman">Description of
				Exhibits</font></u></b></td>
			</tr>
			<tr style="page-break-inside: avoid">
				<td width="55" valign="top" style="width:41.4pt;padding:0in 0in 0in 0in">&nbsp;</td>
				<td width="72" valign="top" style="width:.75in;padding:0in 0in 0in 0in">&nbsp;</td>
				<td width="48" valign="top" style="width:.5in;padding:0in 0in 0in 0in">&nbsp;</td>
				<td width="463" valign="top" style="width:347.4pt;padding:0in 0in 0in 0in">&nbsp;</td>
			</tr>
		<tr style="page-break-inside: avoid">
			<td width="55" valign="top" style="width:41.4pt;padding:0in 0in 0in 0in">&nbsp;</td>
			<td width="72" valign="top" style="width:.75in;padding:0in 0in 0in 0in">
			<p class="MsoNormal"><font size="3" face="Times New Roman">4.1</font></td>
			<td width="48" valign="top" style="width:.5in;padding:0in 0in 0in 0in">
			<p class="MsoNormal" align="center" style="text-align:center">
			<font size="3" face="Times New Roman">--</font></td>
			<td width="463" valign="top" style="width:347.4pt;padding:0in 0in 0in 0in">
			<p class="MsoNormal"><font size="3" face="Times New Roman">Articles
			of Incorporation of the Registrant as amended through July 27, 2005
			(incorporated herein by reference to Exhibit 4.1 to the Registrant's
			Current Report on Form 8-K filed July 29, 2005) (Commission File No.
			0-1469)</font></td>
		</tr>
		<tr style="page-break-inside: avoid">
			<td width="55" valign="top" style="width:41.4pt;padding:0in 0in 0in 0in">&nbsp;</td>
			<td width="72" valign="top" style="width:.75in;padding:0in 0in 0in 0in">&nbsp;</td>
			<td width="48" valign="top" style="width:.5in;padding:0in 0in 0in 0in">&nbsp;</td>
			<td width="463" valign="top" style="width:347.4pt;padding:0in 0in 0in 0in">&nbsp;</td>
		</tr>
		<tr style="page-break-inside: avoid">
			<td width="55" valign="top" style="width:41.4pt;padding:0in 0in 0in 0in">&nbsp;</td>
			<td width="72" valign="top" style="width:.75in;padding:0in 0in 0in 0in">
			<p class="MsoNormal"><font size="3" face="Times New Roman">4.2
			</font></td>
			<td width="48" valign="top" style="width:.5in;padding:0in 0in 0in 0in">
			<p class="MsoNormal" align="center" style="text-align:center">
			<font size="3" face="Times New Roman">--</font></td>
			<td width="463" valign="top" style="width:347.4pt;padding:0in 0in 0in 0in">
			<p class="MsoNormal"><font size="3" face="Times New Roman">Amended
			and Restated Bylaws of the Registrant (incorporated herein by
			reference to Exhibit 3(b) to the Registrant's Annual Report on Form
			10-K for the fiscal year ended December 31, 2005) (Commission File
			No. 0-1469)</font></td>
		</tr>
		<tr style="page-break-inside: avoid">
			<td width="55" valign="top" style="width:41.4pt;padding:0in 0in 0in 0in">&nbsp;</td>
			<td width="72" valign="top" style="width:.75in;padding:0in 0in 0in 0in">&nbsp;</td>
			<td width="48" valign="top" style="width:.5in;padding:0in 0in 0in 0in">&nbsp;</td>
			<td width="463" valign="top" style="width:347.4pt;padding:0in 0in 0in 0in">&nbsp;</td>
		</tr>
		<tr style="page-break-inside: avoid">
			<td width="55" valign="top" style="width:41.4pt;padding:0in 0in 0in 0in">&nbsp;</td>
			<td width="72" valign="top" style="width:.75in;padding:0in 0in 0in 0in">
			<p class="MsoNormal"><font size="3" face="Times New Roman">4.3</font></td>
			<td width="48" valign="top" style="width:.5in;padding:0in 0in 0in 0in">
			<p class="MsoNormal" align="center" style="text-align:center">
			<font size="3" face="Times New Roman">--</font></td>
			<td width="463" valign="top" style="width:347.4pt;padding:0in 0in 0in 0in">
			<p class="MsoNormal"><font size="3" face="Times New Roman">Specimen
			Stock Certificate (incorporated herein by reference to Exhibit 4(d)
			to the Registrant's Registration Statement on Form S-8, File No.
			33&#8209;85012)</font></td>
		</tr>
		<tr style="page-break-inside: avoid">
			<td width="55" valign="top" style="width:41.4pt;padding:0in 0in 0in 0in">&nbsp;</td>
			<td width="72" valign="top" style="width:.75in;padding:0in 0in 0in 0in">&nbsp;</td>
			<td width="48" valign="top" style="width:.5in;padding:0in 0in 0in 0in">&nbsp;</td>
			<td width="463" valign="top" style="width:347.4pt;padding:0in 0in 0in 0in">&nbsp;</td>
		</tr>
		<tr style="page-break-inside: avoid">
			<td width="55" valign="top" style="width:41.4pt;padding:0in 0in 0in 0in">&nbsp;</td>
			<td width="72" valign="top" style="width:.75in;padding:0in 0in 0in 0in">
			<p class="MsoNormal"><font size="3" face="Times New Roman">4.4</font></td>
			<td width="48" valign="top" style="width:.5in;padding:0in 0in 0in 0in">
			<p class="MsoNormal" align="center" style="text-align:center">
			<font size="3" face="Times New Roman">--</font></td>
			<td width="463" valign="top" style="width:347.4pt;padding:0in 0in 0in 0in">
			<p class="MsoNormal"><font size="3" face="Times New Roman">Rights
			Agreement dated as of March 19, 1998, between the Registrant and
			Fifth Third Bank as Rights Agent (incorporated herein by reference
			to Exhibit 4.1 to the Registrant's Current Report on Form 8-K filed
			on March 20, 1998, Exhibit 4.1 to the Registrant's Registration
			Statement on Form 8-A/A filed June 30, 2000 and Exhibit 4.1 to the
			Registrant's Registration Statement on Form 8-A/A filed September
			14, 2000) (Commission File No. 0-1469)</font></td>
		</tr>
		<tr style="page-break-inside: avoid">
			<td width="55" valign="top" style="width:41.4pt;padding:0in 0in 0in 0in">&nbsp;</td>
			<td width="72" valign="top" style="width:.75in;padding:0in 0in 0in 0in">&nbsp;</td>
			<td width="48" valign="top" style="width:.5in;padding:0in 0in 0in 0in">&nbsp;</td>
			<td width="463" valign="top" style="width:347.4pt;padding:0in 0in 0in 0in">&nbsp;</td>
		</tr>
		<tr style="page-break-inside: avoid">
			<td width="55" valign="top" style="width:41.4pt;padding:0in 0in 0in 0in">&nbsp;</td>
			<td width="72" valign="top" style="width:.75in;padding:0in 0in 0in 0in">
			<p class="MsoNormal"><font size="3" face="Times New Roman">4.5</font></td>
			<td width="48" valign="top" style="width:.5in;padding:0in 0in 0in 0in">
			<p class="MsoNormal" align="center" style="text-align:center">
			<font size="3" face="Times New Roman">--</font></td>
			<td width="463" valign="top" style="width:347.4pt;padding:0in 0in 0in 0in">
			<p class="MsoNormal"><font size="3" face="Times New Roman">
			Employment Agreement dated as of July 18, 2006, by and between
			Churchill Downs Incorporated and Robert L. Evans (incorporated
			herein by reference to Exhibit 10(b) to the Registrant's Quarterly
			Report on Form 10-Q for the quarter ended September 30, 2006)
			(Commission File No. 0-1469)</font></td>
		</tr>
		<tr style="page-break-inside: avoid">
			<td width="55" valign="top" style="width:41.4pt;padding:0in 0in 0in 0in">&nbsp;</td>
			<td width="72" valign="top" style="width:.75in;padding:0in 0in 0in 0in">&nbsp;</td>
			<td width="48" valign="top" style="width:.5in;padding:0in 0in 0in 0in">&nbsp;</td>
			<td width="463" valign="top" style="width:347.4pt;padding:0in 0in 0in 0in">&nbsp;</td>
		</tr>
		<tr style="page-break-inside: avoid">
			<td width="55" valign="top" style="width:41.4pt;padding:0in 0in 0in 0in">&nbsp;</td>
			<td width="72" valign="top" style="width:.75in;padding:0in 0in 0in 0in">
			<p class="MsoNormal"><font size="3" face="Times New Roman">4.6</font></td>
			<td width="48" valign="top" style="width:.5in;padding:0in 0in 0in 0in">
			<p class="MsoNormal" align="center" style="text-align:center">
			<font size="3" face="Times New Roman">--</font></td>
			<td width="463" valign="top" style="width:347.4pt;padding:0in 0in 0in 0in">
			<p class="MsoNormal"><font size="3" face="Times New Roman">
			Restricted Stock Agreement (65,000 Shares) made as of July 18, 2006,
			by and between Robert L. Evans and Churchill Downs Incorporated
			(incorporated herein by reference to Exhibit 10(c) to the
			Registrant's Quarterly Report on Form 10-Q for the quarter ended
			September 30, 2006) (Commission File No. 0-1469)</font></td>
		</tr>
		<tr style="page-break-inside: avoid">
			<td width="55" valign="top" style="width:41.4pt;padding:0in 0in 0in 0in">&nbsp;</td>
			<td width="72" valign="top" style="width:.75in;padding:0in 0in 0in 0in">&nbsp;</td>
			<td width="48" valign="top" style="width:.5in;padding:0in 0in 0in 0in">&nbsp;</td>
			<td width="463" valign="top" style="width:347.4pt;padding:0in 0in 0in 0in">&nbsp;</td>
		</tr>
		<tr style="page-break-inside: avoid">
			<td width="55" valign="top" style="width:41.4pt;padding:0in 0in 0in 0in">&nbsp;</td>
			<td width="72" valign="top" style="width:.75in;padding:0in 0in 0in 0in">
			<p class="MsoNormal"><font size="3" face="Times New Roman">4.7</font></td>
			<td width="48" valign="top" style="width:.5in;padding:0in 0in 0in 0in">
			<p class="MsoNormal" align="center" style="text-align:center">
			<font size="3" face="Times New Roman">--</font></td>
			<td width="463" valign="top" style="width:347.4pt;padding:0in 0in 0in 0in">
			<p class="MsoNormal"><font size="3" face="Times New Roman">
			Restricted Stock Agreement (90,000 Shares) made as of July 18, 2006,
			by and between Robert L. Evans and Churchill Downs Incorporated
			(incorporated herein by reference to Exhibit 10(d) to the
			Registrant's Quarterly Report on Form 10-Q for the quarter ended
			September 30, 2006) (Commission File No. 0-1469)</font></td>
		</tr>
		<tr style="page-break-inside: avoid">
			<td width="55" valign="top" style="width:41.4pt;padding:0in 0in 0in 0in">&nbsp;</td>
			<td width="72" valign="top" style="width:.75in;padding:0in 0in 0in 0in">&nbsp;</td>
			<td width="48" valign="top" style="width:.5in;padding:0in 0in 0in 0in">&nbsp;</td>
			<td width="463" valign="top" style="width:347.4pt;padding:0in 0in 0in 0in">&nbsp;</td>
		</tr>
		<tr style="page-break-inside: avoid">
			<td width="55" valign="top" style="width:41.4pt;padding:0in 0in 0in 0in">&nbsp;</td>
			<td width="72" valign="top" style="width:.75in;padding:0in 0in 0in 0in">
			<p class="MsoNormal"><font size="3" face="Times New Roman">4.8</font></td>
			<td width="48" valign="top" style="width:.5in;padding:0in 0in 0in 0in">
			<p class="MsoNormal" align="center" style="text-align:center">
			<font size="3" face="Times New Roman">--</font></td>
			<td width="463" valign="top" style="width:347.4pt;padding:0in 0in 0in 0in">
			<p class="MsoNormal"><font size="3" face="Times New Roman">
			Restricted Stock Units Agreement (65,000 Units) made as of July 18,
			2006, by and between Robert L. Evans and Churchill Downs
			Incorporated (incorporated herein by reference to Exhibit 10(e) to
			the Registrant's Quarterly Report on Form 10-Q for the quarter ended
			September 30, 2006) (Commission File No. 0-1469)</font></td>
		</tr>
		<tr style="page-break-inside: avoid">
			<td width="55" valign="top" style="width:41.4pt;padding:0in 0in 0in 0in">&nbsp;</td>
			<td width="72" valign="top" style="width:.75in;padding:0in 0in 0in 0in">&nbsp;</td>
			<td width="48" valign="top" style="width:.5in;padding:0in 0in 0in 0in">&nbsp;</td>
			<td width="463" valign="top" style="width:347.4pt;padding:0in 0in 0in 0in">&nbsp;</td>
		</tr>
		<tr style="page-break-inside: avoid">
			<td width="55" valign="top" style="width:41.4pt;padding:0in 0in 0in 0in">&nbsp;</td>
			<td width="72" valign="top" style="width:.75in;padding:0in 0in 0in 0in">
			<p class="MsoNormal"><font size="3" face="Times New Roman">4.9</font></td>
			<td width="48" valign="top" style="width:.5in;padding:0in 0in 0in 0in">
			<p class="MsoNormal" align="center" style="text-align:center">
			<font size="3" face="Times New Roman">--</font></td>
			<td width="463" valign="top" style="width:347.4pt;padding:0in 0in 0in 0in">
			<p class="MsoNormal"><font size="3" face="Times New Roman">Stock
			Option Agreement made as of July 18, 2006, by and between Churchill
			Downs Incorporated and Robert L. Evans (incorporated herein by
			reference to Exhibit 10(f) to the Registrant's Quarterly Report on
			Form 10-Q for the quarter ended September 30, 2006) (Commission File
			No. 0-1469)</font></td>
		</tr>
		<tr style="page-break-inside: avoid">
			<td width="55" valign="top" style="width:41.4pt;padding:0in 0in 0in 0in">&nbsp;</td>
			<td width="72" valign="top" style="width:.75in;padding:0in 0in 0in 0in">&nbsp;</td>
			<td width="48" valign="top" style="width:.5in;padding:0in 0in 0in 0in">&nbsp;</td>
			<td width="463" valign="top" style="width:347.4pt;padding:0in 0in 0in 0in">&nbsp;</td>
		</tr>
		<tr style="page-break-inside: avoid">
			<td width="55" valign="top" style="width:41.4pt;padding:0in 0in 0in 0in">&nbsp;</td>
			<td width="72" valign="top" style="width:.75in;padding:0in 0in 0in 0in">
			<p class="MsoNormal"><font size="3" face="Times New Roman">5.1</font></td>
			<td width="48" valign="top" style="width:.5in;padding:0in 0in 0in 0in">
			<p class="MsoNormal" align="center" style="text-align:center">
			<font size="3" face="Times New Roman">--</font></td>
			<td width="463" valign="top" style="width:347.4pt;padding:0in 0in 0in 0in">
			<p class="MsoNormal"><font size="3" face="Times New Roman">Opinion
			and consent of Stites &amp; Harbison, PLLC</font></td>
		</tr>
		<tr style="page-break-inside: avoid">
			<td width="55" valign="top" style="width:41.4pt;padding:0in 0in 0in 0in">&nbsp;</td>
			<td width="72" valign="top" style="width:.75in;padding:0in 0in 0in 0in">&nbsp;</td>
			<td width="48" valign="top" style="width:.5in;padding:0in 0in 0in 0in">&nbsp;</td>
			<td width="463" valign="top" style="width:347.4pt;padding:0in 0in 0in 0in">&nbsp;</td>
		</tr>
		<tr style="page-break-inside: avoid">
			<td width="55" valign="top" style="width:41.4pt;padding:0in 0in 0in 0in">&nbsp;</td>
			<td width="72" valign="top" style="width:.75in;padding:0in 0in 0in 0in">
			<p class="MsoNormal"><font size="3" face="Times New Roman">23.1</font></td>
			<td width="48" valign="top" style="width:.5in;padding:0in 0in 0in 0in">
			<p class="MsoNormal" align="center" style="text-align:center">
			<font size="3" face="Times New Roman">--</font></td>
			<td width="463" valign="top" style="width:347.4pt;padding:0in 0in 0in 0in">
			<p class="MsoNormal"><font size="3" face="Times New Roman">Consent
			of Stites &amp; Harbison, PLLC (included in Exhibit 5.1)</font></td>
		</tr>
		<tr style="page-break-inside: avoid">
			<td width="55" valign="top" style="width:41.4pt;padding:0in 0in 0in 0in">&nbsp;</td>
			<td width="72" valign="top" style="width:.75in;padding:0in 0in 0in 0in">&nbsp;</td>
			<td width="48" valign="top" style="width:.5in;padding:0in 0in 0in 0in">&nbsp;</td>
			<td width="463" valign="top" style="width:347.4pt;padding:0in 0in 0in 0in">&nbsp;</td>
		</tr>
		<tr style="page-break-inside: avoid">
			<td width="55" valign="top" style="width:41.4pt;padding:0in 0in 0in 0in">&nbsp;</td>
			<td width="72" valign="top" style="width:.75in;padding:0in 0in 0in 0in">
			<p class="MsoNormal"><font size="3" face="Times New Roman">23.2</font></td>
			<td width="48" valign="top" style="width:.5in;padding:0in 0in 0in 0in">
			<p class="MsoNormal" align="center" style="text-align:center">
			<font size="3" face="Times New Roman">--</font></td>
			<td width="463" valign="top" style="width:347.4pt;padding:0in 0in 0in 0in">
			<p class="MsoNormal"><font size="3" face="Times New Roman">Consent
			of PricewaterhouseCoopers LLP</font></td>
		</tr>
		<tr style="page-break-inside: avoid">
			<td width="55" valign="top" style="width:41.4pt;padding:0in 0in 0in 0in">&nbsp;</td>
			<td width="72" valign="top" style="width:.75in;padding:0in 0in 0in 0in">&nbsp;</td>
			<td width="48" valign="top" style="width:.5in;padding:0in 0in 0in 0in">&nbsp;</td>
			<td width="463" valign="top" style="width:347.4pt;padding:0in 0in 0in 0in">&nbsp;</td>
		</tr>
		<tr style="page-break-inside: avoid">
			<td width="55" valign="top" style="width:41.4pt;padding:0in 0in 0in 0in">&nbsp;</td>
			<td width="72" valign="top" style="width:.75in;padding:0in 0in 0in 0in">
			<p class="MsoNormal"><font size="3" face="Times New Roman">24.1</font></td>
			<td width="48" valign="top" style="width:.5in;padding:0in 0in 0in 0in">
			<p class="MsoNormal" align="center" style="text-align:center">
			<font size="3" face="Times New Roman">--</font></td>
			<td width="463" valign="top" style="width:347.4pt;padding:0in 0in 0in 0in">
			<p class="MsoNormal"><font size="3" face="Times New Roman">Powers of
			attorney (included on the signature page of this registration
			statement)</font></td>
		</tr>
	</table>
</div>
<p class="MsoNormal" style="margin-top: 0; margin-bottom: 0">&nbsp;</p>
<hr><hr>
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{"company-data": {"conformed-name": "CHURCHILL DOWNS INC", "cik": "0000020212", "assigned-sic": "7948", "irs-number": "610156015", "state-of-incorporation": "KY", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-144182", "film-number": "07949761"}, "business-address": {"street1": "700 CENTRAL AVE", "city": "LOUISVILLE", "state": "KY", "zip": "40208", "phone": "5026364400"}, "mail-address": {"street1": "700 CENTRAL AVENUE", "street2": "700 CENTRAL AVENUE", "city": "LOUIVILLE", "state": "KY", "zip": "40208"}}
Churchill Downs Incorporated - Form S-8
SECURITIES AND EXCHANGE
				COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT
Under
THE SECURITIES ACT OF 1933
CHURCHILL DOWNS
				INCORPORATED
(Exact name of registrant
				as specified in its charter)
Kentucky
61-0156015
(State or other
				jurisdiction of
(I.R.S. Employer
incorporation or
				organization)
Identification No.)
700 Central Avenue
Louisville, Kentucky 40208
(Address of Principal
				Executive Offices, including Zip Code)
Robert L. Evans Employment
				Agreement, Restricted Stock Agreements,
Restricted Stock Units Agreement and Stock Option Agreement
(Full title of the plan)
William C. Carstanjen
Executive Vice President
				and Chief Development Officer
Churchill Downs
				Incorporated
700 Central Avenue
Louisville, Kentucky 40208
(Name and address of agent
				for service)
(502) 636-4400
(Telephone number,
				including area code, of agent for service)
CALCULATION OF REGISTRATION FEE
Title of securities
to be registered
Amount to be
registered
Proposed maximum
				offering price per share(1)
Proposed maximum
				aggregate offering price(1)
Amount of registration
				fee
Common Stock, no par value........................
350,000 shares(2)(3)
$51.1735
$17,910,725.00
$549.86
Preferred Share Purchase Rights(4)...............
None
None
None
None
(1)        Estimated solely for the
	purpose of calculating the registration fee pursuant to Rule 457(h)(1), and
	based upon the average of the high and low prices of the Common Stock as
	reported on the Nasdaq Global Market on June 26, 2007.
(2)        Consists of 155,000 shares
	of restricted stock, 65,000 restricted stock units and 130,000 shares
	issuable from time to time upon exercise of stock options, all granted on
	the terms and subject to the conditions set forth in the Employment
	Agreement dated as of July 18, 2006, between Churchill Downs Incorporated
	and Robert L. Evans, and the related Restricted Stock Agreements, Restricted
	Stock Units Agreement and Stock Option Agreement (collectively, the "Equity
	Agreements").
(3)        In accordance with Rule 416
	under the Securities Act of 1933, as amended, this registration statement
	shall be deemed to cover an indeterminate number of additional securities
	that may from time to time be offered or issued to prevent dilution
	resulting from stock splits, stock dividends or similar transactions under
	the terms of the Equity Agreements.
(4)        Any value attributable to
	the Preferred Share Purchase Rights is reflected in the value of the Common
	Stock.  Because no separate consideration is paid for the Preferred Share
	Purchase Rights, the registration fee for such securities is included in the
	fee for the Common Stock.
PART II
INFORMATION REQUIRED IN THE
	REGISTRATION STATEMENT
Item 3.                       
	Incorporation of Documents by Reference.
The following documents, which have
	been filed by Churchill Downs Incorporated (the "Registrant") with the
	Securities and Exchange Commission pursuant to the Securities Exchange Act
	of 1934, as amended (the "Exchange Act"), are incorporated in this
	registration statement by reference and made a part hereof:
1.         The Registrant's annual
	report on Form 10-K for the fiscal year ended December 31, 2006, and the
	portions of the Registrant's proxy statement for the 2007 Annual
	Shareholders' Meeting incorporated by reference therein.
2.         The Registrant's quarterly
	report on Form 10-Q for the quarter ended March 31, 2007.
3.         The Registrant's current
	reports on Form 8-K filed January 17, January 18, February 12, March 7,
	March 20, May 2 and June 12, 2007.
4.         The description of the
	Registrant's common stock, no par value (the "Common Stock"), which is
	contained in the Registrant's Current Report on Form 8-K filed December 14,
	1998, and the Registrant's Current Report on Form 8-K filed July 29, 2005,
	pursuant to Section 13 of the Securities Exchange Act of 1934, and any
	amendment or report filed for the purpose of updating such description.
5.         The description of the
	Registrant's Preferred Share Purchase Rights contained in the Registrant's
	Registration Statement on Form 8-A filed March 20, 1998, pursuant to Section
	12(g) of the 1934 Act, as amended on Form 8-A/A filed June 30, 2000 and as
	amended on Form 8-A/A filed September 14, 2000.
All documents filed by the Registrant
	pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act after the
	effective date of this registration statement and prior to the filing of a
	post-effective amendment which indicates that all securities offered hereby
	have been sold or which deregisters all securities then remaining unsold
	shall be deemed to be incorporated by reference in this registration
	statement and to be a part hereof from the date of filing of such
	documents.  Any statement contained in a document incorporated by reference
	herein shall be deemed to be modified or superseded for purposes of this
	registration statement to the extent that a statement contained herein
	modifies or supersedes such statement.  Any such statement so modified or
	superseded shall not be deemed, except as so modified or superseded, to
	constitute a part of this registration statement.
Item 4.                       
	Description of Securities.
Not applicable.
Item 5.                       
	Interests of Named Experts and Counsel.
Not applicable.
Item 6.                       
	Indemnification of Directors and Officers.
Section 271B.8-510 of the Kentucky
	Revised Statutes empowers a Kentucky corporation to indemnify an individual
	(including his estate or personal representative) who was, is or is
	threatened to be made a party to a threatened, pending or completed action,
	suit or proceeding, whether civil, criminal, administrative or
	investigative, and whether formal or informal, because he is or was a
	director against liability incurred in the proceeding if: (i) he conducted
	himself in good faith; (ii) he reasonably believed, in the case of conduct
	in his official capacity with the corporation, that his conduct was in its
	best interests and, in all other cases, that his conduct was at least not
	opposed to its best interests; and (iii) in the case of any criminal
	proceeding, he had no reasonable cause to believe his conduct was unlawful. 
	Indemnification may be made against the obligation to pay a judgment,
	settlement, penalty, fine or reasonable expenses (including counsel fees)
	incurred with respect to a proceeding, except that if the proceeding was by
	or in the right of the corporation, indemnification may be made only against
	reasonable expenses.  Pursuant to Section 271B.8-530, a corporation may pay
	for or reimburse the reasonable expenses incurred by a director in advance
	of final disposition of the proceeding if (i) the director affirms to the
	corporation in writing his good faith belief that he has met the standard of
	conduct required for indemnification; (ii) the director undertakes the
	personal obligation to repay such advance upon an ultimate determination
	that he failed to meet such standard of conduct; and (iii) the corporation
	determines that the facts then known to those making the determination would
	not preclude indemnification.
A corporation may not indemnify a
	director under KRS 271B.8-510 in connection with a proceeding by or in the
	right of the corporation in which the director was adjudged liable to the
	corporation or in connection with any other proceeding charging improper
	personal benefit to him, whether or not involving action in his official
	capacity, in which he was adjudged liable on the basis that personal benefit
	was improperly received by him.  Unless limited by the articles of
	incorporation, a director who has been wholly successful, on the merits or
	otherwise, in the defense of any proceeding to which he was a party because
	he is or was a director of the corporation is entitled to indemnification
	against reasonable expenses incurred by him in connection with the
	proceeding.  Unless limited by its articles of incorporation, a Kentucky
	corporation may indemnify and advance expenses to an officer, employee or
	agent of the corporation to the same extent that it may indemnify and
	advance expenses to directors.
The indemnification provided by or
	granted pursuant to Section 271B.8-510 is not exclusive of any rights to
	which those seeking indemnification may otherwise be entitled.  Section
	271B.8-570 empowers a Kentucky corporation to purchase and maintain
	insurance on behalf of its directors, officers, employees or agents of the
	corporation, whether or not the corporation would have the power under
	Sections 271B.8-510 or 271B.8-520 to indemnify them against such liability.
Article XI of the Registrant's Amended
	and Restated Articles of Incorporation, as amended, limits the liability of
	directors of the Registrant pursuant to the Kentucky Business Corporation
	Act.  Under this article, directors generally are personally liable to the
	Registrant or its shareholders for monetary damages only in transactions
	involving conflicts of interest or improper personal benefit for a director,
	intentional misconduct, known violations of law, or unlawful distributions.
The Amended and Restated Bylaws of the
	Registrant require the Registrant to indemnify and hold harmless each
	director and officer and permit the Registrant to indemnify and hold
	harmless any other employee or agent of the Registrant who is, was or is
	threatened to be made a party to any threatened, pending or completed
	action, suit or proceeding, whether civil, criminal, administrative or
	investigative and whether formal or informal, by reason of the fact that he
	is or was a director, officer, employee or agent of the Registrant, or while
	a director, officer, employee or agent of the Registrant, is or was serving
	the Registrant or any other legal entity in any capacity (including, without
	limitation, as a director, officer, partner, manager, trustee, employee or
	agent of another foreign or domestic corporation, partnership, joint
	venture, trust, limited liability company, employee benefit plan or other
	enterprise) at the request of the Registrant, against
	all liability and loss suffered and expenses (including any obligation to
	pay a judgment, settlement, penalty or fine) incurred by such person to the
	fullest extent permitted by law.
The Amended and Restated Bylaws of the
	Registrant further provide that the Registrant shall pay expenses (including
	attorneys' fees) incurred by an officer or director in defending any
	proceeding in advance of its final disposition, provided, however, that the
	payment of such expenses shall be made only upon receipt of an undertaking
	by the person to repay all amounts advanced if it shall ultimately be
	determined that the person is not entitled to be indemnified.
In addition, the Registrant maintains
	directors' and officers' liability insurance covering certain liabilities
	which may be incurred by the directors and officers of the Registrant in
	connection with the performance of their duties.
Item 7.                       
	Exemption from Registration Claimed.
Not applicable.
Item 8.                       
	Exhibits.
The following exhibits are
	filed as part of this registration statement:
Exhibit
Number
Description of
					Exhibits
4.1
--
Articles of Incorporation of the Registrant as amended through
				July 27, 2005 (incorporated herein by reference to Exhibit 4.1
				to the Registrant's Current Report on Form 8-K filed July 29,
				2005) (Commission File No. 0-1469)
4.2
--
Amended and Restated Bylaws of the Registrant (incorporated
				herein by reference to Exhibit 3(b) to the Registrant's Annual
				Report on Form 10-K for the fiscal year ended December 31, 2005)
				(Commission File No. 0-1469)
4.3
--
Specimen Stock Certificate (incorporated herein by reference to
				Exhibit 4(d) to the Registrant's Registration Statement on Form
				S-8, File No. 33‑85012)
4.4
--
Rights Agreement dated as of March 19, 1998, between the
				Registrant and Fifth Third Bank as Rights Agent (incorporated
				herein by reference to Exhibit 4.1 to the Registrant's Current
				Report on Form 8-K filed on March 20, 1998, Exhibit 4.1 to the
				Registrant's Registration Statement on Form 8-A/A filed June 30,
				2000 and Exhibit 4.1 to the Registrant's Registration Statement
				on Form 8-A/A filed September 14, 2000) (Commission File No.
				0-1469)
4.5
--
Employment Agreement dated as of July 18, 2006, by and between
				Churchill Downs Incorporated and Robert L. Evans (incorporated
				herein by reference to Exhibit 10(b) to the Registrant's
				Quarterly Report on Form 10-Q for the quarter ended September
				30, 2006) (Commission File No. 0-1469)
4.6
--
Restricted Stock Agreement (65,000 Shares) made as of July 18,
				2006, by and between Robert L. Evans and Churchill Downs
				Incorporated (incorporated herein by reference to Exhibit 10(c)
				to the Registrant's Quarterly Report on Form 10-Q for the
				quarter ended September 30, 2006) (Commission File No. 0-1469)
4.7
--
Restricted Stock Agreement (90,000 Shares) made as of July 18,
				2006, by and between Robert L. Evans and Churchill Downs
				Incorporated (incorporated herein by reference to Exhibit 10(d)
				to the Registrant's Quarterly Report on Form 10-Q for the
				quarter ended September 30, 2006) (Commission File No. 0-1469)
4.8
--
Restricted Stock Units Agreement (65,000 Units) made as of July
				18, 2006, by and between Robert L. Evans and Churchill Downs
				Incorporated (incorporated herein by reference to Exhibit 10(e)
				to the Registrant's Quarterly Report on Form 10-Q for the
				quarter ended September 30, 2006) (Commission File No. 0-1469)
4.9
--
Stock
				Option Agreement made as of July 18, 2006, by and between
				Churchill Downs Incorporated and Robert L. Evans (incorporated
				herein by reference to Exhibit 10(f) to the Registrant's
				Quarterly Report on Form 10-Q for the quarter ended September
				30, 2006) (Commission File No. 0-1469)
5.1
--
Opinion and consent of Stites & Harbison, PLLC
23.1
--
Consent of Stites & Harbison, PLLC (included in Exhibit 5.1)
23.2
--
Consent of PricewaterhouseCoopers LLP
24.1
--
Powers of attorney
				(included on the signature page of this registration statement)
Item 9.                       
	Undertakings.
The undersigned Registrant hereby
	undertakes:
(1)        To file, during any period
	in which offers or sales are being made, a post-effective amendment to this
	registration statement:
(a)        To include any prospectus required by Section 10(a)(3) of the
	Securities Act of 1933, as amended (the "Act");
(b)        To reflect in the prospectus any facts or events arising after
	the effective date of the registration statement (or the most recent
	post-effective amendment thereof) which, individually or in the aggregate,
	represent a fundamental change in the information set forth in the
	registration statement; and
(c)        To include any material information with respect to the plan of
	distribution not previously disclosed in the registration statement or any
	material change to such information in the registration statement;
provided, however, that the
	undertakings set forth in paragraphs (a) and (b) above do not apply if the
	information required to be included in a post-effective amendment by those
	paragraphs is contained in periodic reports filed with or furnished to the
	Commission by the Registrant pursuant to Section 13 or Section 15(d) of the
	Exchange Act that are incorporated by reference in this registration
	statement.
(2)        That, for the purpose of
	determining any liability under the Act, each such post-effective amendment
	shall be deemed to be a new registration statement relating to the
	securities offered herein, and the offering of such securities at that time
	shall be deemed to be the initial bona fide offering thereof.
(3)        To remove from registration
	by means of a post-effective amendment any of the securities being
	registered which remain unsold at the termination of the offering.
(4)        That, for purposes of
	determining any liability under the Act, each filing of the Registrant's
	annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act
	that is incorporated by reference in this registration statement shall be
	deemed to be a new registration statement relating to the securities offered
	herein, and the offering of such securities at that time shall be deemed to
	be the initial bona fide offering thereof.
Insofar as indemnification for
	liabilities arising under the Act may be permitted to directors, officers
	and controlling persons of the Registrant, the Registrant has been advised
	that in the opinion of the Securities and Exchange Commission such
	indemnification is against public policy as expressed in the Act and is,
	therefore, unenforceable.  In the event that a claim for indemnification
	against such liabilities (other than the payment by the Registrant of
	expenses incurred or paid by a director, officer or controlling person of
	the Registrant in the successful defense of any action, suit or proceeding)
	is asserted by such director, officer or controlling person in connection
	with the securities being registered, the Registrant will, unless in the
	opinion of its counsel the matter has been settled by controlling precedent,
	submit to a court of appropriate jurisdiction the question whether such
	indemnification by it is against public policy as expressed in the Act and
	will be governed by the final adjudication of such issue.
SIGNATURES
Pursuant to the requirements of the
	Securities Act of 1933, the registrant certifies that it has reasonable
	grounds to believe that it meets all of the requirements for filing on Form
	S-8 and has duly caused this Registration Statement to be signed on its
	behalf by the undersigned, thereunto duly authorized, in the City of
	Louisville, Commonwealth of Kentucky, on the 29th day of June, 2007.
CHURCHILL DOWNS INCORPORATED
By:
/s/ Robert L. Evans
Robert L. Evans
President and Chief Executive Officer
POWERS OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS, that
	each person whose signature appears below constitutes and appoints Robert L.
	Evans and Rebecca C. Reed, and each of them, as his or her true and lawful
	attorney-in-fact and agent, with full power of substitution, for him or her
	and in his or her name, place and stead, in any and all capacities, to sign
	any and all amendments and post-effective amendments to this Registration
	Statement, and to file the same with all exhibits thereto, granting unto
	said attorney-in-fact and agent full power and authority to do and perform
	each and every act and thing requisite and necessary to be done, as fully to
	all intents and purposes as he or she might or could do in person, hereby
	ratifying and confirming all that said attorney-in-fact and agent may
	lawfully do or cause to be done by virtue thereof.
Pursuant to the requirements of the
	Securities Act of 1933, this Registration Statement has been signed by the
	following persons in the capacities and on the dates indicated.
Signature
Title
Date
/s/
			Carl F. Pollard
Chairman
			of the Board (Director)
June
			29,
			2007
Carl F.
			Pollard
/s/ Robert L. Evans
President
			and Chief Executive Officer and Director
(Principal Executive Officer)
June
			29,
			2007
Robert L.
			Evans
/s/ Michael W. Anderson
Vice
			President, Corporate Finance and Treasurer
(Principal Financial and Accounting Officer)
June
			29,
			2007
Michael
			W. Anderson
/s/ Leonard S. Coleman, Jr.
Director
June
			29,
			2007
Leonard
			S. Coleman, Jr.
/s/ Craig J. Duchossois
Director
June
			29,
			2007
Craig J.
			Duchossois
/s/ Richard L. Duchossois
Director
June
			29,
			2007
Richard
			L. Duchossois
/s/ Robert L. Fealy
Director
June
			29,
			2007
Robert L.
			Fealy
/s/ J. David Grissom
Director
June
			29,
			2007
J. David
			Grissom
/s/ Seth W. Hancock
Director
June
			29,
			2007
Seth W.
			Hancock
/s/ Daniel P. Harrington
Director
June
			29,
			2007
Daniel P.
			Harrington
/s/ G. Watts Humphrey, Jr.
Director
June
			29,
			2007
G. Watts
			Humphrey, Jr.
/s/ Susan Elizabeth Packard
Director
June
			29,
			2007
Susan
			Elizabeth Packard
/s/ Darrell R. Wells
Director
June
			29,
			2007
Darrell
			R. Wells
INDEX TO EXHIBITS
Exhibit
Number
Description of
				Exhibits
4.1
--
Articles
			of Incorporation of the Registrant as amended through July 27, 2005
			(incorporated herein by reference to Exhibit 4.1 to the Registrant's
			Current Report on Form 8-K filed July 29, 2005) (Commission File No.
			0-1469)
4.2
--
Amended
			and Restated Bylaws of the Registrant (incorporated herein by
			reference to Exhibit 3(b) to the Registrant's Annual Report on Form
			10-K for the fiscal year ended December 31, 2005) (Commission File
			No. 0-1469)
4.3
--
Specimen
			Stock Certificate (incorporated herein by reference to Exhibit 4(d)
			to the Registrant's Registration Statement on Form S-8, File No.
			33‑85012)
4.4
--
Rights
			Agreement dated as of March 19, 1998, between the Registrant and
			Fifth Third Bank as Rights Agent (incorporated herein by reference
			to Exhibit 4.1 to the Registrant's Current Report on Form 8-K filed
			on March 20, 1998, Exhibit 4.1 to the Registrant's Registration
			Statement on Form 8-A/A filed June 30, 2000 and Exhibit 4.1 to the
			Registrant's Registration Statement on Form 8-A/A filed September
			14, 2000) (Commission File No. 0-1469)
4.5
--
Employment Agreement dated as of July 18, 2006, by and between
			Churchill Downs Incorporated and Robert L. Evans (incorporated
			herein by reference to Exhibit 10(b) to the Registrant's Quarterly
			Report on Form 10-Q for the quarter ended September 30, 2006)
			(Commission File No. 0-1469)
4.6
--
Restricted Stock Agreement (65,000 Shares) made as of July 18, 2006,
			by and between Robert L. Evans and Churchill Downs Incorporated
			(incorporated herein by reference to Exhibit 10(c) to the
			Registrant's Quarterly Report on Form 10-Q for the quarter ended
			September 30, 2006) (Commission File No. 0-1469)
4.7
--
Restricted Stock Agreement (90,000 Shares) made as of July 18, 2006,
			by and between Robert L. Evans and Churchill Downs Incorporated
			(incorporated herein by reference to Exhibit 10(d) to the
			Registrant's Quarterly Report on Form 10-Q for the quarter ended
			September 30, 2006) (Commission File No. 0-1469)
4.8
--
Restricted Stock Units Agreement (65,000 Units) made as of July 18,
			2006, by and between Robert L. Evans and Churchill Downs
			Incorporated (incorporated herein by reference to Exhibit 10(e) to
			the Registrant's Quarterly Report on Form 10-Q for the quarter ended
			September 30, 2006) (Commission File No. 0-1469)
4.9
--
Stock
			Option Agreement made as of July 18, 2006, by and between Churchill
			Downs Incorporated and Robert L. Evans (incorporated herein by
			reference to Exhibit 10(f) to the Registrant's Quarterly Report on
			Form 10-Q for the quarter ended September 30, 2006) (Commission File
			No. 0-1469)
5.1
--
Opinion
			and consent of Stites & Harbison, PLLC
23.1
--
Consent
			of Stites & Harbison, PLLC (included in Exhibit 5.1)
23.2
--
Consent
			of PricewaterhouseCoopers LLP
24.1
--
Powers of
			attorney (included on the signature page of this registration
			statement)