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<TITLE>8-K Conference Call Transcript July 21, 2004</TITLE>
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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SECURITIES AND EXCHANGE COMMISSION
<BR>WASHINGTON, D.C. 20549 </FONT></P>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>FORM 8-K <BR><BR>
CURRENT REPORT<BR>
PURSUANT TO SECTION 13 OR 15(d) OF THE<BR>SECURITIES EXCHANGE
ACT OF 1934 <BR><BR>Date of Report (Date of earliest event reported): July 21, 2004 </FONT></H1>



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     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(Exact name of registrant as specified in its charter)<BR><BR></FONT></TD></TR>

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        <TD ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Kentucky</U><BR>
        (State or other jurisdiction of <BR>incorporation or organization)</FONT></TD>
        <TD ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>0-1469</U><BR>(Commission File Number)</FONT></TD>
        <TD ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>61-0156015 </U><BR>
        (IRS Employer Identification<BR> No.)<BR><BR></FONT></TD>
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<TD COLSPAN="3" ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>700 Central Avenue, Louisville, Kentucky 40208 </U><BR>
         (Address of principal executive offices)<BR>
        (Zip Code)<BR><BR>
        <U>(502)-636-4400</U><BR>
        (Registrant&#146;s telephone number, including area code)<BR><BR>
        <U>Not Applicable</U><BR>
        (Former name or former address, if changed since last report) </FONT></td></TR>
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               Page 1</FONT></TD>
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<H1 ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CHURCHILL DOWNS INCORPORATED<BR><BR>
        INDEX<BR><BR> </FONT></H1>


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     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Item 7.</B></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD colspan=2 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Financial Statements and Exhibits</B><BR><BR></FONT></TD></TR>
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     <TD WIDTH=10% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>.</FONT></TD>
     <TD WIDTH=5% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>(c)</B><BR><BR></FONT></TD>
     <TD WIDTH=80% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> <B>Exhibits (furnished pursuant to Item 12)</B><BR><BR></FONT></TD></TR>
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     <TD colspan=2 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> &nbsp;</FONT></TD>
     <TD colspan=2 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibit 99.1&nbsp;&nbsp;&nbsp;Earnings release conference call transcript,
        dated July 21, 2004.<BR><BR></FONT></TD></TR>
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     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Item 12.</B></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD colspan=2 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Results of Operations and Financial Condition</B><BR><BR></FONT></TD></TR>
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     <TD colspan=2 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> &nbsp;</FONT></TD>
     <TD colspan=2 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Attached and incorporated herein by reference as Exhibit 99.1 is a copy of the earnings press
                  release conference call transcript, dated July 21, 2004, reporting the Registrant's financial
                  results for the second quarter of 2004.<BR><BR></FONT></TD></TR>
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               Page 2</FONT></TD>
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     <TH COLSPAN="2"><FONT SIZE="2">SIGNATURES<BR><BR></FONT></TH></TR>
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     <TD COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Pursuant to the requirements of the
Securities Exchange Act of 1934, the registrant has duly caused this report to be signed
on its behalf by the undersigned hereunto duly authorized.<BR><BR><BR></FONT></TD></TR>
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     <TD WIDTH="50%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD WIDTH="50%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>CHURCHILL DOWNS INCORPORATED</B><BR><BR><BR><BR><BR></FONT></TD></TR>
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     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">July 23, 2004 </FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>/s/Michael E. Miller</U></FONT></TD></TR>
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     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Michael E. Miller<BR>
                                                    Executive Vice President and<BR>
                                                    Chief Financial Officer<BR>
                                                    (Principal Financial and Accounting Officer)</FONT></TD></TR>
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               Page 3</FONT></TD>
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8-K Conference Call Transcript July 21, 2004
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE
ACT OF 1934
Date of Report (Date of earliest event reported): July 21, 2004
(Exact name of registrant as specified in its charter)
Kentucky
(State or other jurisdiction of
incorporation or organization)
0-1469
(Commission File Number)
61-0156015
(IRS Employer Identification
No.)
700 Central Avenue, Louisville, Kentucky 40208
(Address of principal executive offices)
(Zip Code)
(502)-636-4400
(Registrant's telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Page 1
CHURCHILL DOWNS INCORPORATED
INDEX
Item 7.
Financial Statements and Exhibits
.
(c)
Exhibits (furnished pursuant to Item 12)
Exhibit 99.1   Earnings release conference call transcript,
        dated July 21, 2004.
Item 12.
Results of Operations and Financial Condition
Attached and incorporated herein by reference as Exhibit 99.1 is a copy of the earnings press
                  release conference call transcript, dated July 21, 2004, reporting the Registrant's financial
                  results for the second quarter of 2004.
Page 2
SIGNATURES
Pursuant to the requirements of the
Securities Exchange Act of 1934, the registrant has duly caused this report to be signed
on its behalf by the undersigned hereunto duly authorized.
CHURCHILL DOWNS INCORPORATED
July 23, 2004
/s/Michael E. Miller
Michael E. Miller
Executive Vice President and
Chief Financial Officer
(Principal Financial and Accounting Officer)
Page 3