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<TITLE>8/K Press Release: 2004 First Quarter Earnings</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<BR> <BR>
        <B>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): May 4, 2004</B> </FONT></P>

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

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     <TD WIDTH="37%" ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Kentucky</U></FONT></TD>
     <TD WIDTH="28%" ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>0-1469</U></FONT></TD>
     <TD WIDTH="35%" ALIGN="Char"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>61-0156015</U></FONT></TD></TR>
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     <TD ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(State or other jurisdiction of</FONT></TD>
     <TD ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(Commission File Number)</FONT></TD>
     <TD ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(IRS Employer Identification No.)</FONT></TD></TR>
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     <TD ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>incorporation or organization)</FONT></TD></TR>
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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>700 Central Avenue,
Louisville, KY 40208 </U><BR>(Address of principal executive offices)<BR> (Zip Code)<BR><BR> </FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>(502) 636-4400 </U><BR>
        (Registrant&#146;s telephone number, including area code)<BR><BR> </FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Not Applicable</U><BR>
        (Former name or former address, if changed since last report) </FONT></P>

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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 </FONT></H1>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>INDEX </FONT></H1>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>  </FONT></H1>

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<TD WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Item 12.</B> </FONT></TD>
<TD WIDTH=85%><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 WIDTH=15%>&nbsp;</TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
The
registrant&#146;s earnings press release dated May 4, 2004, reporting its first quarter
2004 results of operation and financial condition, is attached hereto as Exhibit 99.1 and
incorporated by reference herein. This information is being furnished under Item 12 of
Form 8-K pursuant to the U.S. Securities and Exchange Commission&#146;s filing guidance as
set forth in Release No. 33-8216. </FONT></TD>
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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SIGNATURES </FONT></H1>

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<P><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 thereunto duly authorized. </FONT></P>

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     <TD WIDTH=50% ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>CHURCHILL DOWNS INCORPORATED</B></FONT></TD></TR>
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     <TD WIDTH=50% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>May 4, 2004</FONT></TD>
     <TD WIDTH=50% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>/s/Michael E. Miller</U></FONT></TD></TR>
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     <TD WIDTH=50% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> &nbsp;</FONT></TD>
     <TD WIDTH=50% ALIGN=LEFT><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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8/K Press Release: 2004 First Quarter Earnings
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): May 4, 2004
(Exact name of
registrant as specified in its charter)
Kentucky
0-1469
61-0156015
(State or other jurisdiction of
(Commission File Number)
(IRS Employer Identification No.)
incorporation or organization)
700 Central Avenue,
Louisville, KY 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 12.
Results of Operations and Financial
        Condition
The
registrant's earnings press release dated May 4, 2004, reporting its first quarter
2004 results of operation and financial condition, is attached hereto as Exhibit 99.1 and
incorporated by reference herein. This information is being furnished under Item 12 of
Form 8-K pursuant to the U.S. Securities and Exchange Commission's filing guidance as
set forth in Release No. 33-8216.
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 thereunto duly authorized.
CHURCHILL DOWNS INCORPORATED
May 4, 2004
/s/Michael E. Miller
Michael E. Miller
Executive Vice President and
Chief Financial Officer
(Principal Financial and Accounting Officer)
Page 3