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<TITLE> Churchill Downs Inc. Registration Satement
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As filed with the Securities and Exchange Commission on June 20, 2003. <BR>
File No. 333-_____________</FONT></P>

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        <B>UNITED STATES<BR>SECURITIES AND EXCHANGE COMMISSION</B><br>WASHINGTON, D.C. 20549
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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>FORM S-8
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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>REGISTRATION STATEMENT<BR>
        UNDER THE SECURITIES ACT OF 1933</B>
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        <TD colspan=2 align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
        <B>CHURCHILL DOWNS INCORPORATED</B></Font></TD>
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        <TD colspan=2 align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                (Exact name of Registrant as specified in its charter)</Font></TD>
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        <TD WIDTH=50% align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                <B>Kentucky</B></Font><HR width=100% align="right"SIZE=1 NOSHADE></TD>
         <TD WIDTH=50% align="center"><FONT FACE="Times New Roman, Times, Serif" size=2>
                <B>61-0156015</B></Font><HR width=100% align="left"SIZE=1 NOSHADE></TD>
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        <TD WIDTH=50% align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                (State or other jurisdiction<BR> of incorporation or
                organization)</Font></TD>
        <TD WIDTH=50% align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                (I.R.S. Employer Identification Number)</Font></TD>
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        <TD colspan=2 align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                <B>700 Central Avenue, Louisville, Kentucky &nbsp;&nbsp;&nbsp;&nbsp; 40208</B></Font></TD>
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        <TD WIDTH=50% align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                (Address of principal executive offices)</Font></TD>
        <TD WIDTH=50% align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                (Zip Code)</Font></TD>
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        <TD colspan=2 align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                <B>Churchill Downs Incorporated 2003 Stock Option Plan</B></Font></TD>
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        <TD COLSPAN=2 ALIGN="center"><HR SIZE=1 NOSHADE></TD>
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        <TD colspan=2 align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                (Full title of plan)</Font></TD>
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        <TD colspan=2 align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Thomas H. Meeker</Font></TD>
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        <TD colspan=2 align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                President and Chief Executive Officer</Font></TD>
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        <TD colspan=2 align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Churchill Downs Incorporated</Font></TD>
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        <TD colspan=2 align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                700 Central Avenue</Font></TD>
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        <TD colspan=2 align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Louisville, Kentucky 40208</Font></TD>
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        <TD colspan=2 align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                (502) 636-4400</Font></TD>
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        <TD COLSPAN=2 ALIGN="center"><HR SIZE=1 NOSHADE></TD>
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        <TD colspan=2 align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                (Name, address and telephone number, including area code, of agent for service)</Font></TD>
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        <TD colspan=2 align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Copy to:</Font></TD>
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        <TD colspan=2 align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Robert A. Heath</Font></TD>
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        <TD colspan=2 align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Wyatt, Tarrant &amp; Combs, LLP </Font></TD>
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        <TD colspan=2 align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                500 W. Jefferson Street, Suite 2800</Font></TD>
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        <TD colspan=2 align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Louisville, Kentucky 40202</Font></TD>
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        <TD colspan=2 align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                (502) 589-5235</Font></TD>
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        <TD colspan=2 align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                <B>CALCULATION OF REGISTRATION FEE</B></Font></TD>
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        <TD WIDTH=20% align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Title of Securities</Font></TD>
        <TD WIDTH=20% align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Amount</Font></TD>
        <TD WIDTH=20% align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Proposed Maximum</Font></TD>
        <TD WIDTH=20% align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Proposed</Font></TD>
        <TD WIDTH=20% align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Amount of</Font></TD>

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        <TD WIDTH=20% align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                to be</Font></TD>
        <TD WIDTH=20% align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                to be</Font></TD>
        <TD WIDTH=20% align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Offering Price</Font></TD>
        <TD WIDTH=20% align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Maximum Aggregate </Font></TD>
        <TD WIDTH=20% align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Registration</Font></TD>
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        <TD WIDTH=20% align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Registered</Font><HR width=100% align="center"SIZE=1 NOSHADE></TD>
        <TD WIDTH=20% align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Registered</Font><HR width=100% align="center"SIZE=1 NOSHADE></TD>
        <TD WIDTH=20% align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                per Share (1)</Font><HR width=100% align="center"SIZE=1 NOSHADE></TD>
        <TD WIDTH=20% align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Offering Price (1) </Font><HR width=100% align="center"SIZE=1 NOSHADE></TD>
        <TD WIDTH=20% align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Fee (1)</Font><HR width=100% align="center"SIZE=1 NOSHADE></TD>
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        <TD WIDTH=20% align="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Common Stock, no par value and associated Preferred
                Share Purchase Rights(2)</Font><HR width=100% SIZE=1 NOSHADE></TD>
        <TD WIDTH=20% align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                451,471 shares(3) </Font><HR width=100% SIZE=1 NOSHADE></TD>
        <TD WIDTH=20% align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                $37.97</Font><HR width=100% SIZE=1 NOSHADE></TD>
        <TD WIDTH=20% align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                $17,142,353.87</Font><HR width=100% SIZE=1 NOSHADE></TD>
        <TD WIDTH=20% align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                $1,386.82</Font><HR width=100% SIZE=1 NOSHADE></TD>
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        <TD COLSPAN=2 ALIGN="center"></TD>
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        <TD WIDTH=10% align="left"><FONT FACE="Times New Roman, Times, Serif"size=1>
                (1)</Font></TD>
        <TD WIDTH=90% align="left"><FONT FACE="Times New Roman, Times, Serif"size=1>
                 Estimated  solely for the purpose of  computing  the  registration  fee  pursuant to Rule 457. The maximum
                 offering  price per share is based on the  average of the high and low sale  price of the Common  Stock as
                 reported by the Nasdaq National Market on June 17, 2003, pursuant to Rule 457(h)(1).</Font></TD>
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        <TD WIDTH=10% align="left"><FONT FACE="Times New Roman, Times, Serif"size=1>
                (2)</Font></TD>
        <TD WIDTH=90% align="left"><FONT FACE="Times New Roman, Times, Serif"size=1>
                 The  Preferred  Share  Purchase  Rights,  prior to the  occurrence  of certain  events,  are not evidenced
                 separately from the Common Stock.</Font></TD>
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        <TD WIDTH=10% align="left"><FONT FACE="Times New Roman, Times, Serif"size=1>
                (3)</Font></TD>
        <TD WIDTH=90% align="left"><FONT FACE="Times New Roman, Times, Serif"size=1>
                The Registrant also registers  hereby such  indeterminate  number of additional  shares as may be required
                to cover antidilutive adjustments under the Churchill Downs Incorporated 2003 Stock Option Plan.</Font></TD>
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        <TD colspan=5 align="right"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Exhibit Index on Page 10.</Font></TD>
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                1</FONT></TD>
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        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
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        <TD colspan=2 align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                <B>PART II.</B></Font></TD>
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        <TD colspan=2 align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                <B>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B></Font></TD>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Item 3.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Incorporation of Documents by Reference.</B></Font></P>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&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;
        The Registrant hereby incorporates the following documents in this Registration Statement:
</FONT></P>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&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;
        (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The  Registrant&#146;s  Annual Report on Form 10-K for the fiscal year ended December 31, 2002 and the portions
        of the Registrant&#146;s Proxy Statement for the 2003 Annual  Shareholders&#146;  Meeting  incorporated by reference therein,
        as amended on Form 10-K/A filed June 18, 2003.
</FONT></P>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&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;
        The  Registrant  uses  revenues  and  EBITDA  (defined  as  earnings  before   interest,   taxes,
        depreciation  and  amortization)  as key  performance  measures of results of operations for purposes of evaluating
        performance  internally.  Furthermore,  management  of the  Registrant  believes  that  the use of  these  measures
        enables  management  and  investors to evaluate  and compare,  from period to period,  the  Registrant&#146;s  operating
        performance  in a  meaningful  and  consistent  manner.  Because the  Registrant  uses EBITDA as a key  performance
        measure of financial  performance,  the Registrant is required by accounting  principles  generally accepted in the
        United  States of America to  provide  the  information  in  footnotes  to its  consolidated  financial  statements
        concerning  EBITDA.  However,  these  measures  should not be considered as an alternative  to, or more  meaningful
        than, net income (as determined in accordance with accounting  principles  generally  accepted in the United States
        of  America)  as a measure  of  operating  results or cash  flows (as  determined  in  accordance  with  accounting
        principles generally accepted in the United States of America) or as a measure of the Registrant&#146;s liquidity.
</FONT></P>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&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;
        (b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Report on Form 10-Q for the fiscal quarter ended March 31, 2003.
</FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&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;
        (c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Registrant&#146;s Current Reports on Form 8-K filed January 6, 2003 and February 12, 2003.
</FONT></P>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&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;
        (d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The description of the Registrant&#146;s  common stock, no par value (the &#147;Common  Stock&#148;),  which is contained
        in the  Registrant&#146;s  Current Report on Form 8-K filed December 14, 1998,  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>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&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;
        (e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The  description  of the  Registrant&#146;s  Preferred  Share  Purchase  Rights  contained in the  Registrant&#146;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>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&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;
        All documents  subsequently  filed by the Registrant  pursuant to Sections  13(a),  13(c), 14 and
        15(d) of the Securities  Exchange Act of 1934,  prior to the filing of a  post-effective  amendment which indicates
        that all of the  shares of the  Common  Stock  offered  have been sold or which  deregisters  all of the  shares of
        Common  Stock then  remaining  unsold,  shall be deemed to be  incorporated  by  reference  herein and to be a part
        hereof from the date of filing of such documents.
</FONT></P>
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                2</FONT></TD>
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        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Item 4.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        <B>Description of Securities.</B>
</Font></P>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&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;
        Not applicable.
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Item 5.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        <B>Interests of Named Experts and Counsel.</B>
</Font></P>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&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;
        Not applicable.
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Item 6.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        <B>Indemnification of Directors and Officers.</B>
</Font></P>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&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;
        Article XI of the  Registrant&#146;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, violations of law, or unlawful distributions.
</FONT></P>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&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;
        The Amended and Restated  Bylaws of the  Registrant  require the  Registrant  to  indemnify,  and
        permit the  advancement  of expenses  to, each  director,  officer,  employee or agent of the  Registrant,  and his
        executors,  administrators  or heirs,  who was or is made, or is threatened to be made a defendant or respondent to
        any  threatened,  pending or completed  action,  suit or proceeding,  whether civil,  criminal,  administrative  or
        investigative  (&#147;Proceeding&#148;),  by reason of the fact that he is or was a director,  officer,  employee or agent of
        the  Registrant,  for the costs of such  Proceeding to the fullest  extent  expressly  permitted or required by the
        statutes of the Commonwealth of Kentucky and all other applicable law.
</FONT></P>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&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;
        The Amended and  Restated  Bylaws of the  Registrant  further  provide  for  indemnification  and
        advancement  of expenses to the  aforementioned  persons by action of the Board of  Directors in such  amounts,  on
        such terms and  conditions,  and based upon such  standards of conduct as the Board of Directors  may deem to be in
        the best interests of the Registrant.
</FONT></P>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&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;
        The  circumstances  under which  Kentucky law requires or permits a corporation  to indemnify its
        directors,  officers,  employees  and/or  agents  are set forth at KRS  271B.8-500,  et seq.  Generally,  under KRS
        271B.8-500 et seq., a corporation may indemnify an individual  made a party to a proceeding  because he is or was a
        director against liability incurred in the proceeding if:
</FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        (1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        he conducted himself in good faith; and
</Font></P>
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                3</FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
</TABLE>

<!-- Indentation 2-A ##################################################################-->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        (2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        he reasonably believed
</Font></P>
 <!-- Indentation 2-A-B ##################################################################-->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&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;
        (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        in the case of conduct in his official  capacity  with the  corporation,
        that his conduct was in its best interests; and
</Font></P>
 <!-- Indentation 2-A-B ##################################################################-->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&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;
        (b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        in all other cases, that his conduct was at least not opposed to its best interests.
</Font></P>
<!-- Indentation 2-A ##################################################################-->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        (3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        in the case of any criminal proceeding, he had no reasonable cause to believe his conduct was unlawful.
</Font></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A corporation may not indemnify a director:
</Font></P>
<!-- Indentation 2-A and return ##################################################################-->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        (1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        in connection  with a proceeding by or in the right of the  corporation in which the director
        was adjudged liable to the <BR>
        &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;
        corporation; or
</Font></P>
<!-- Indentation 2-A and return##################################################################-->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        (2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        in  connection  with any other  proceeding  charging  improper  personal  benefit  to him,  whether or not
                involving  action in his <BR>
        &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;
                official  capacity,  in which he was  adjudged  liable on the basis that
                personal benefit was improperly received by him.
</Font></P>
<!-- Indentation A ##################################################################-->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&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;
        Indemnification  permitted in connection  with a proceeding by or in the right of the corporation
        is limited to reasonable expenses incurred in connection with the proceeding.</Font></P>
<!-- Indentation A ##################################################################-->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&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;
        In addition,  the Registrant  maintains  directors&#146; and officers&#146;  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>
<!-- Indentation 2 ##################################################################-->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Item 7.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        <B>Exemption From Registration Claimed.</B>
</Font></P>
<!-- Indentation A ##################################################################-->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&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;
        Not applicable.
</FONT></P>
<!-- Indentation 2 ##################################################################-->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Item 8.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        <B>Exhibits.</B>
</Font></P>
<!-- Indentation A ##################################################################-->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&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;
        The Exhibits  listed on the Exhibit  Index  appearing on page 10 of this  Registration  Statement
        are hereby incorporated by reference.
</FONT></P>
<!-- Indentation 2 ##################################################################-->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Item 9.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        <B>Undertakings.</B>
</Font></P>
<!-- Indentation A-B ##################################################################-->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&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;
        (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned registrant hereby undertakes:
</Font></P>
<!-- Indentation B-C and return ##################################################################-->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&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;&nbsp;(1)
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To file,  during any period in which  offers or sales are being made, a  post-effective  amendment to this <BR>
        &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        registration statement:
</Font></P>
<!-- Indentation C-D ##################################################################-->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;
</Font></P>
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<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" size=2>
                4</FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
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</TABLE>
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<!-- Indentation C-D and indent##################################################################-->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;
        To reflect in the  prospectus  any facts or events  arising after the effective
        date of the  registration statement<BR>
        &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        (or the most recent post-effective amendment thereof)
        which,  individually  or in  the  aggregate,  represent  a<BR>
        &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        fundamental change in the information set forth in theregistration statement; and
</Font></P>
<!-- Indentation C-D and indent##################################################################-->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        &nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To include any material  information with respect
        to the plan of distribution not previously  disclosed in
        the<BR>
        &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        registration statement or any material change to such information in the registration statement;
</Font></P>
<!-- Indentation A ##################################################################-->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&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;
        provided,  however,  that  paragraphs  (a)(1)(i) and  (a)(1)(ii) 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  Securities  and  Exchange  Commission  by the
        registrant  pursuant  to  Section  13 or 15(d) of the  Securities  Exchange  Act of 1934 that are
        incorporated by reference in the registration statement.
</FONT></P>
<!-- Indentation B-C and return ##################################################################-->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&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;&nbsp;(2)&nbsp;&nbsp;&nbsp;
        That, for the  purpose  of  determining  any  liability  under  the  Securities  Act of 1933,  each  such
        post-effective <BR>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        amendment  shall be deemed to be a new  registration  statement relating  to  the  securities  offered  therein,
        <BR>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        and  the  offering  of  such
        securities  at that time shall be deemed to be the initial  bona fide  offering thereof.
</Font></P>
<!-- Indentation B-C and return ##################################################################-->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&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;&nbsp;(3)&nbsp;&nbsp;&nbsp;
        To  remove  from  registration  by  means  of a  post-effective  amendment  any  of the  securities  being
        registered

        <BR>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        which remain unsold at the termination of the offering.
</Font></P>
<!-- Indentation A-B ##################################################################-->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&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;
        (b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned  registrant  hereby  undertakes  that, for purposes of determining any liability under the
Securities  Act of 1933,  each  filing of the  registrant&#146;s  annual  report  pursuant to
Section  13(a) or Section  15(d) of the  Securities  Exchange  Act of 1934  (and,  where
applicable,  each  filing of an  employee  benefit  plan&#146;s  annual  report  pursuant  to
Section  15(d)  of the  Securities  Exchange  Act  of  1934)  that  is  incorporated  by
reference  in the  registration  statement  shall  be  deemed  to be a new  registration
statement  relating  to the  securities  offered  therein,  and  the  offering  of  such
securities at that time shall be deemed to be the initial bona fide offering thereof.
</Font></P>
<!-- Indentation A-B ##################################################################-->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&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;
        (c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insofar as  indemnification  for liabilities  arising under the Securities Act of 1933 may be permitted to
        directors,   officers  and  controlling  persons  of  the  registrant  pursuant  to  the
        foregoing  provisions,  or  otherwise,  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
</Font></P>
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<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" size=2>
                5</FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
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 <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
         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>
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<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" size=2>
                6</FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
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</TABLE>
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<P align="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
        SIGNATURES
</Font></P>
 <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>The  Registrant</U>.&nbsp;&nbsp;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, State of Kentucky, on the 19th day of June, 2003.
</Font></P>
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 border=0><!-- Table ##############-->
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR VALIGN=TOP>
        <TD WIDTH=50% align="center"><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>
                CHURCHILL DOWNS INCORPORATED</FONT></TD>
</TR>
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<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR VALIGN=TOP>
        <TD WIDTH=50% align="center"><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>
                By:/s/ Thomas H. Meeker</FONT><HR width=80% SIZE=1 NOSHADE></TD>
</TR>

<TR VALIGN=TOP>
        <TD WIDTH=50% align="center"><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>
                Thomas H. Meeker<BR>President and Chief Executive Officer</FONT></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
</TABLE>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 border=0><!-- Table ##############-->
<TR VALIGN=TOP>
        <TD colspan=2 align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                POWERS OF ATTORNEY</FONT></TD>
</TR>
</TABLE>
 <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KNOW ALL MEN BY THESE PRESENTS,  that each person whose signature  appears below  constitutes and
appoints  Thomas H.  Meeker and  Rebecca C. Reed,  and each of them,  as his true and lawful  attorney-in-fact  and
agent,  with full power of substitution,  for him and in his 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 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.<BR>
</Font></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the  requirements  of the Securities  Act of 1933,  this  Registration  Statement has
been signed by the following persons on the 19th day of June, 2003 in the capacities indicated.<BR></Font></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 border=0><!-- Table ##############-->
<TR VALIGN=TOP>
        <TD width=50% align="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                /s/Carl F. Pollard</FONT><HR width=80% align="left"SIZE=1 NOSHADE></TD>
        <TD width=50% align="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Chairman of the Board (Director)</FONT></TD>
</TR><TR VALIGN=TOP>
        <TD width=50% align="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Carl F. Pollard</FONT></TD>
        <TD width=50% align="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                &nbsp;</FONT></TD>
</TR>
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<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" size=2>
                7</FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
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</TABLE>
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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 border=0><!-- Table ##############-->
<TR VALIGN=TOP>
        <TD width=50% align="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                /s/Thomas H. Meeker</FONT><HR width=80% align="left"SIZE=1 NOSHADE></TD>
        <TD width=50% align="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                President and Chief Executive Officer (Director and  Principal Executive Officer)</FONT></TD>
</TR>
<TR VALIGN=bottom>
        <TD width=50% align="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Thomas H. Meeker</FONT></TD>
        <TD width=50% align="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                &nbsp;</FONT></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR VALIGN=TOP>
        <TD width=50% align="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                /s/Michael E. Miller</FONT><HR width=80% align="left"SIZE=1 NOSHADE></TD>
        <TD width=50% align="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Chief Financial Officer (Principal Financial and Accounting Officer)</FONT></TD>
</TR>
<TR VALIGN=bottom>
        <TD width=50% align="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Michael E. Miller</FONT></TD>
        <TD width=50% align="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                &nbsp;</FONT></TD>
</TR>
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        <TD width=50% align="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                /s/Charles W. Bidwill, Jr.</FONT><HR width=80% align="left"SIZE=1 NOSHADE></TD>
        <TD width=50% align="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Director</FONT></TD>
</TR>
<TR VALIGN=bottom>
        <TD width=50% align="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Charles W. Bidwill, Jr.</FONT></TD>
        <TD width=50% align="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                &nbsp;</FONT></TD>
</TR>
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        <TD width=50% align="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                /s/Leonard S. Coleman, Jr.</FONT><HR width=80% align="left"SIZE=1 NOSHADE></TD>
        <TD width=50% align="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Director</FONT></TD>
</TR>
<TR VALIGN=bottom>
        <TD width=50% align="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Leonard S. Coleman, Jr.</FONT></TD>
        <TD width=50% align="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                &nbsp;</FONT></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR VALIGN=TOP>
        <TD width=50% align="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                /s/Craig J. Duchossois</FONT><HR width=80% align="left"SIZE=1 NOSHADE></TD>
        <TD width=50% align="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Director</FONT></TD>
</TR>
<TR VALIGN=bottom>
        <TD width=50% align="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Craig J. Duchossois</FONT></TD>
        <TD width=50% align="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                &nbsp;</FONT></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
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<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
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<TR VALIGN=TOP>
        <TD width=50% align="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                /s/Richard L. Duchossois</FONT><HR width=80% align="left"SIZE=1 NOSHADE></TD>
        <TD width=50% align="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Director</FONT></TD>
</TR>
<TR VALIGN=bottom>
        <TD width=50% align="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Richard L. Duchossois</FONT></TD>
        <TD width=50% align="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                &nbsp;</FONT></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
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<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
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<TR VALIGN=TOP>
        <TD width=50% align="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                /s/Robert  L. Fealy
</FONT><HR width=80% align="left"SIZE=1 NOSHADE></TD>
        <TD width=50% align="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Director</FONT></TD>
</TR>
<TR VALIGN=bottom>
        <TD width=50% align="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Robert  L. Fealy
</FONT></TD>
        <TD width=50% align="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                &nbsp;</FONT></TD>
</TR>

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<TR VALIGN=TOP>
        <TD width=50% align="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                /s/J. David Grissom
</FONT><HR width=80% align="left"SIZE=1 NOSHADE></TD>
        <TD width=50% align="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Director</FONT></TD>
</TR>
<TR VALIGN=bottom>
        <TD width=50% align="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                J. David Grissom
</FONT></TD>
        <TD width=50% align="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                &nbsp;</FONT></TD>
</TR>

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        <TD width=50% align="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                /s/Seth W. Hancock
</FONT><HR width=80% align="left"SIZE=1 NOSHADE></TD>
        <TD width=50% align="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Director</FONT></TD>
</TR>
<TR VALIGN=bottom>
        <TD width=50% align="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Seth W. Hancock
</FONT></TD>
        <TD width=50% align="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                &nbsp;</FONT></TD>
</TR>

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        <TD width=50% align="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                /s/Daniel P. Harrington
</FONT><HR width=80% align="left"SIZE=1 NOSHADE></TD>
        <TD width=50% align="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Director</FONT></TD>
</TR>
<TR VALIGN=bottom>
        <TD width=50% align="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Daniel P. Harrington
</FONT></TD>
        <TD width=50% align="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                &nbsp;</FONT></TD>
</TR>

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        <TD width=50% align="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                /s/Frank B. Hower, Jr.
</FONT><HR width=80% align="left"SIZE=1 NOSHADE></TD>
        <TD width=50% align="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Director</FONT></TD>
</TR>
<TR VALIGN=bottom>
        <TD width=50% align="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Frank B. Hower, Jr.</FONT></TD>
        <TD width=50% align="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                &nbsp;</FONT></TD>
</TR>
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        <TD COLSPAN=3 ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" size=2>
                8</FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
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        <TD width=50% align="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                /s/G. Watts Humphrey, Jr.
</FONT><HR width=80% align="left"SIZE=1 NOSHADE></TD>
        <TD width=50% align="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Director</FONT></TD>
</TR>
<TR VALIGN=bottom>
        <TD width=50% align="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                 G. Watts Humphrey, Jr.</FONT></TD>
        <TD width=50% align="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                &nbsp;</FONT></TD>
</TR>

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<TR VALIGN=TOP>
        <TD width=50% align="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                /s/Dennis D. Swanson
</FONT><HR width=80% align="left"SIZE=1 NOSHADE></TD>
        <TD width=50% align="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Director</FONT></TD>
</TR>

<TR VALIGN=bottom>
        <TD width=50% align="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Dennis D. Swanson</FONT></TD>
        <TD width=50% align="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                &nbsp;</FONT></TD>
</TR>
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<TR VALIGN=TOP>
        <TD width=50% align="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                /s/Darrell R. Wells
</FONT><HR width=80% align="left"SIZE=1 NOSHADE></TD>
        <TD width=50% align="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Director</FONT></TD>
</TR>

<TR VALIGN=bottom>
        <TD width=50% align="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Darrell R. Wells</FONT></TD>
        <TD width=50% align="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                &nbsp;</FONT></TD>
</TR>
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        <TD COLSPAN=3 ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" size=2>
                9</FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
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<TR VALIGN=TOP>
        <TD colspan=5 align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                INDEX TO EXHIBITS</FONT></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR VALIGN=TOP>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=10% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Exhibit</FONT></TD>
        <TD WIDTH=75% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
               &nbsp;</FONT></TD>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN=TOP>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=10% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <U>Number</U></FONT></TD>
        <TD WIDTH=75% align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
               <U>Description of Exhibit</U></FONT></TD>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <U>Page</U></FONT></TD>
</TR>

<TR VALIGN=TOP>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                4(a)</FONT></TD>
        <TD WIDTH=10% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=75% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Articles of  Incorporation of the Registrant as amended through March 25, 2002
                (incorporated  herein by reference to Exhibit 3(a) to the Registrant&#146;s  Annual
                Report on Form 10-K for the fiscal year ended  December 31,  2002,  as amended
                on Form 10-K/A filed June 18, 2003) (Commission File No. 0-1469).</FONT></TD>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>


<TR VALIGN=TOP>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                4(b)</FONT></TD>
        <TD WIDTH=10% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=75% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Restated  Bylaws  of the  Registrant  (incorporated  herein  by  reference  to
                Exhibit 3(a) to the  Registrant&#146;s  Report on Form 10-Q for the fiscal  quarter
                ended March 31, 2003) (Commission File No. 0-1469).
</FONT></TD>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN=TOP>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                4(c)</FONT></TD>
        <TD WIDTH=10% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=75% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Specimen Stock Certificate  (incorporated  herein by reference to Exhibit 4(d)
                to the Registrant&#146;s Registration Statement on Form S-8, File No. 33-85012).</FONT></TD>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                4(d)</FONT></TD>
        <TD WIDTH=10% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=75% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                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&#146;s  Current  Report  on Form 8-K  filed on March  20,  1998,
                Exhibit 4.1 to the  Registrant&#146;s  Registration  Statement  on Form 8-A/A filed
                June 30, 2000 and Exhibit 4.1 to the  Registrant&#146;s  Registration  Statement on
                Form 8-A/A filed September 14, 2000) (Commission File No. 0-1469).
                </FONT></TD>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN=TOP>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                4(e)</FONT></TD>
        <TD WIDTH=10% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=75% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Churchill Downs Incorporated 2003 Stock Option Plan.
                </FONT></TD>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                11</FONT></TD>
</TR>

<TR VALIGN=TOP>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                5</FONT></TD>
        <TD WIDTH=10% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=75% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Opinion and Consent of Wyatt,  Tarrant &amp; Combs,  LLP as to the legality of the shares being registered.
                </FONT></TD>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                16</FONT></TD>
</TR>

<TR VALIGN=TOP>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                23(a)</FONT></TD>
        <TD WIDTH=10% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=75% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Consent of Wyatt, Tarrant &amp; Combs (contained in Exhibit 5).
                </FONT></TD>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN=TOP>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                23(b) </FONT></TD>
        <TD WIDTH=10% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=75% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Consent of PricewaterhouseCoopers LLP.
                </FONT></TD>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                18</FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                24</FONT></TD>
        <TD WIDTH=10% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=75% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Power of Attorney (precedes signatures).
                </FONT></TD>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

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        <TD COLSPAN=3 ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" size=2>
                10</FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
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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": "333-106310", "film-number": "03751403"}, "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 Inc. Registration Satement
As filed with the Securities and Exchange Commission on June 20, 2003.
File No. 333-_____________
UNITED STATES
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 incorporation or
                organization)
(I.R.S. Employer Identification Number)
700 Central Avenue, Louisville, Kentucky      40208
(Address of principal executive offices)
(Zip Code)
Churchill Downs Incorporated 2003 Stock Option Plan
(Full title of plan)
Thomas H. Meeker
President and Chief Executive Officer
Churchill Downs Incorporated
700 Central Avenue
Louisville, Kentucky 40208
(502) 636-4400
(Name, address and telephone number, including area code, of agent for service)
Copy to:
Robert A. Heath
Wyatt, Tarrant & Combs, LLP
500 W. Jefferson Street, Suite 2800
Louisville, Kentucky 40202
(502) 589-5235
CALCULATION OF REGISTRATION FEE
Title of Securities
Amount
Proposed Maximum
Proposed
Amount of
to be
to be
Offering Price
Maximum Aggregate
Registration
Registered
Registered
per Share (1)
Offering Price (1)
Fee (1)
Common Stock, no par value and associated Preferred
                Share Purchase Rights(2)
451,471 shares(3)
$37.97
$17,142,353.87
$1,386.82
(1)
Estimated  solely for the purpose of  computing  the  registration  fee  pursuant to Rule 457. The maximum
                 offering  price per share is based on the  average of the high and low sale  price of the Common  Stock as
                 reported by the Nasdaq National Market on June 17, 2003, pursuant to Rule 457(h)(1).
(2)
The  Preferred  Share  Purchase  Rights,  prior to the  occurrence  of certain  events,  are not evidenced
                 separately from the Common Stock.
(3)
The Registrant also registers  hereby such  indeterminate  number of additional  shares as may be required
                to cover antidilutive adjustments under the Churchill Downs Incorporated 2003 Stock Option Plan.
Exhibit Index on Page 10.
1
PART II.
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3.
Incorporation of Documents by Reference.
The Registrant hereby incorporates the following documents in this Registration Statement:
(a)     The  Registrant's  Annual Report on Form 10-K for the fiscal year ended December 31, 2002 and the portions
        of the Registrant's Proxy Statement for the 2003 Annual  Shareholders'  Meeting  incorporated by reference therein,
        as amended on Form 10-K/A filed June 18, 2003.
The  Registrant  uses  revenues  and  EBITDA  (defined  as  earnings  before   interest,   taxes,
        depreciation  and  amortization)  as key  performance  measures of results of operations for purposes of evaluating
        performance  internally.  Furthermore,  management  of the  Registrant  believes  that  the use of  these  measures
        enables  management  and  investors to evaluate  and compare,  from period to period,  the  Registrant's  operating
        performance  in a  meaningful  and  consistent  manner.  Because the  Registrant  uses EBITDA as a key  performance
        measure of financial  performance,  the Registrant is required by accounting  principles  generally accepted in the
        United  States of America to  provide  the  information  in  footnotes  to its  consolidated  financial  statements
        concerning  EBITDA.  However,  these  measures  should not be considered as an alternative  to, or more  meaningful
        than, net income (as determined in accordance with accounting  principles  generally  accepted in the United States
        of  America)  as a measure  of  operating  results or cash  flows (as  determined  in  accordance  with  accounting
        principles generally accepted in the United States of America) or as a measure of the Registrant's liquidity.
(b)     Report on Form 10-Q for the fiscal quarter ended March 31, 2003.
(c)     The Registrant's Current Reports on Form 8-K filed January 6, 2003 and February 12, 2003.
(d)     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,  pursuant to Section 13 of the Securities
        Exchange Act of 1934, and any amendment or report filed for the purpose of updating such description.
(e)     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  subsequently  filed by the Registrant  pursuant to Sections  13(a),  13(c), 14 and
        15(d) of the Securities  Exchange Act of 1934,  prior to the filing of a  post-effective  amendment which indicates
        that all of the  shares of the  Common  Stock  offered  have been sold or which  deregisters  all of the  shares of
        Common  Stock then  remaining  unsold,  shall be deemed to be  incorporated  by  reference  herein and to be a part
        hereof from the date of filing of such documents.
2
Item 4.
Description of Securities.
Not applicable.
Item 5.
Interests of Named Experts and Counsel.
Not applicable.
Item 6.
Indemnification of Directors and Officers.
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, violations of law, or unlawful distributions.
The Amended and Restated  Bylaws of the  Registrant  require the  Registrant  to  indemnify,  and
        permit the  advancement  of expenses  to, each  director,  officer,  employee or agent of the  Registrant,  and his
        executors,  administrators  or heirs,  who was or is made, or is threatened to be made a defendant or respondent to
        any  threatened,  pending or completed  action,  suit or proceeding,  whether civil,  criminal,  administrative  or
        investigative  ("Proceeding"),  by reason of the fact that he is or was a director,  officer,  employee or agent of
        the  Registrant,  for the costs of such  Proceeding to the fullest  extent  expressly  permitted or required by the
        statutes of the Commonwealth of Kentucky and all other applicable law.
The Amended and  Restated  Bylaws of the  Registrant  further  provide  for  indemnification  and
        advancement  of expenses to the  aforementioned  persons by action of the Board of  Directors in such  amounts,  on
        such terms and  conditions,  and based upon such  standards of conduct as the Board of Directors  may deem to be in
        the best interests of the Registrant.
The  circumstances  under which  Kentucky law requires or permits a corporation  to indemnify its
        directors,  officers,  employees  and/or  agents  are set forth at KRS  271B.8-500,  et seq.  Generally,  under KRS
        271B.8-500 et seq., a corporation may indemnify an individual  made a party to a proceeding  because he is or was a
        director against liability incurred in the proceeding if:
(1)              
        he conducted himself in good faith; and
3
(2)              
        he reasonably believed
(a)       
        in the case of conduct in his official  capacity  with the  corporation,
        that his conduct was in its best interests; and
(b)       
        in all other cases, that his conduct was at least not opposed to its best interests.
(3)              
        in the case of any criminal proceeding, he had no reasonable cause to believe his conduct was unlawful.
A corporation may not indemnify a director:
(1)              
        in connection  with a proceeding by or in the right of the  corporation in which the director
        was adjudged liable to the
corporation; or
(2)              
        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.
Indemnification  permitted in connection  with a proceeding by or in the right of the corporation
        is limited to reasonable expenses incurred in connection with the proceeding.
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 Exhibits  listed on the Exhibit  Index  appearing on page 10 of this  Registration  Statement
        are hereby incorporated by reference.
Item 9.
Undertakings.
(a)     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:
(i)     To include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;
4
(ii)    
        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 theregistration statement; and
(iii)      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  paragraphs  (a)(1)(i) and  (a)(1)(ii) 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  Securities  and  Exchange  Commission  by the
        registrant  pursuant  to  Section  13 or 15(d) of the  Securities  Exchange  Act of 1934 that are
        incorporated by reference in the registration statement.
(2)   
        That, for the  purpose  of  determining  any  liability  under  the  Securities  Act of 1933,  each  such
        post-effective
amendment  shall be deemed to be a new  registration  statement relating  to  the  securities  offered  therein,
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.
(b)     The undersigned  registrant  hereby  undertakes  that, for purposes of determining any liability under the
Securities  Act of 1933,  each  filing of the  registrant's  annual  report  pursuant to
Section  13(a) or Section  15(d) of the  Securities  Exchange  Act of 1934  (and,  where
applicable,  each  filing of an  employee  benefit  plan's  annual  report  pursuant  to
Section  15(d)  of the  Securities  Exchange  Act  of  1934)  that  is  incorporated  by
reference  in the  registration  statement  shall  be  deemed  to be a new  registration
statement  relating  to the  securities  offered  therein,  and  the  offering  of  such
securities at that time shall be deemed to be the initial bona fide offering thereof.
(c)     Insofar as  indemnification  for liabilities  arising under the Securities Act of 1933 may be permitted to
        directors,   officers  and  controlling  persons  of  the  registrant  pursuant  to  the
        foregoing  provisions,  or  otherwise,  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
5
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.
6
SIGNATURES
The  Registrant
.  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, State of Kentucky, on the 19th day of June, 2003.
CHURCHILL DOWNS INCORPORATED
By:/s/ Thomas H. Meeker
Thomas H. Meeker
President and Chief Executive Officer
POWERS OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS,  that each person whose signature  appears below  constitutes and
appoints  Thomas H.  Meeker and  Rebecca C. Reed,  and each of them,  as his true and lawful  attorney-in-fact  and
agent,  with full power of substitution,  for him and in his 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 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 on the 19th day of June, 2003 in the capacities indicated.
/s/Carl F. Pollard
Chairman of the Board (Director)
Carl F. Pollard
7
/s/Thomas H. Meeker
President and Chief Executive Officer (Director and  Principal Executive Officer)
Thomas H. Meeker
/s/Michael E. Miller
Chief Financial Officer (Principal Financial and Accounting Officer)
Michael E. Miller
/s/Charles W. Bidwill, Jr.
Director
Charles W. Bidwill, Jr.
/s/Leonard S. Coleman, Jr.
Director
Leonard S. Coleman, Jr.
/s/Craig J. Duchossois
Director
Craig J. Duchossois
/s/Richard L. Duchossois
Director
Richard L. Duchossois
/s/Robert  L. Fealy
Director
Robert  L. Fealy
/s/J. David Grissom
Director
J. David Grissom
/s/Seth W. Hancock
Director
Seth W. Hancock
/s/Daniel P. Harrington
Director
Daniel P. Harrington
/s/Frank B. Hower, Jr.
Director
Frank B. Hower, Jr.
8
/s/G. Watts Humphrey, Jr.
Director
G. Watts Humphrey, Jr.
/s/Dennis D. Swanson
Director
Dennis D. Swanson
/s/Darrell R. Wells
Director
Darrell R. Wells
9
INDEX TO EXHIBITS
Exhibit
Number
Description of Exhibit
Page
4(a)
Articles of  Incorporation of the Registrant as amended through March 25, 2002
                (incorporated  herein by reference to Exhibit 3(a) to the Registrant's  Annual
                Report on Form 10-K for the fiscal year ended  December 31,  2002,  as amended
                on Form 10-K/A filed June 18, 2003) (Commission File No. 0-1469).
4(b)
Restated  Bylaws  of the  Registrant  (incorporated  herein  by  reference  to
                Exhibit 3(a) to the  Registrant's  Report on Form 10-Q for the fiscal  quarter
                ended March 31, 2003) (Commission File No. 0-1469).
4(c)
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(d)
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(e)
Churchill Downs Incorporated 2003 Stock Option Plan.
11
5
Opinion and Consent of Wyatt,  Tarrant & Combs,  LLP as to the legality of the shares being registered.
16
23(a)
Consent of Wyatt, Tarrant & Combs (contained in Exhibit 5).
23(b)
Consent of PricewaterhouseCoopers LLP.
18
24
Power of Attorney (precedes signatures).
10