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<TITLE> Churchill Downs Inc. Registration Statement
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As filed with the Securities and Exchange Commission on July 29, 2005. <BR>
File No. 333-_____________</FONT></P>

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        <B>UNITED STATES<BR>SECURITIES AND EXCHANGE COMMISSION</B><br>WASHINGTON, D.C. 20549<BR><BR><B>FORM S-8</B>
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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"><HR SIZE=1 NOSHADE></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 COLSPAN=2 ALIGN="center"><HR SIZE=1 NOSHADE></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>2005 Churchill Downs Incorporated Deferred Compensation Plan</B></Font></TD>
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        <TD COLSPAN=2 ALIGN="center"><HR SIZE=1 NOSHADE></TD>
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<TR VALIGN=TOP>
        <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, Esq.</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><HR width=100% align="center"SIZE=1 NOSHADE></TD>
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<TR VALIGN=TOP>
        <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 <SUP>&nbsp;</SUP></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 <SUP>&nbsp;</SUP></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 <SUP>(1)</SUP></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 <SUP>(1)</SUP> </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 <SUP>(1)</SUP></Font><HR width=100% align="center"SIZE=1 NOSHADE></TD>
</TR>

<TR VALIGN=bottom>
        <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<SUP>(2)</SUP></Font><HR width=100% SIZE=1 NOSHADE></TD>
        <TD WIDTH=20% align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                5,000 shares<SUP>(3)</SUP> </Font><HR width=100% SIZE=1 NOSHADE></TD>
        <TD WIDTH=20% align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                $45.38</Font><HR width=100% SIZE=1 NOSHADE></TD>
        <TD WIDTH=20% align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                $226,900</Font><HR width=100% SIZE=1 NOSHADE></TD>
        <TD WIDTH=20% align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                $26.71</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 July 28, 2005, 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 2005 Churchill Downs Incorporated  Deferred
         Compensation Plan.</Font></TD>
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<TR VALIGN=bottom>
        <TD colspan=5 align="right"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Exhibit Index on Page 8.</Font></TD>
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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>PART II </FONT></H1>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>INFORMATION REQUIRED
IN THE REGISTRATION STATEMENT </FONT></H1>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 3.&nbsp;&nbsp; Incorporation of Documents
by Reference. </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&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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<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          The
registrant&#146;s Annual Report on Form 10-K for the fiscal year ended           December
31, 2004 and the portions of the registrant&#146;s Proxy Statement for           the 2005
Annual Shareholders&#146; Meeting incorporated by reference therein.  </FONT></P></TD>
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<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          Report
on Form 10-Q for the fiscal quarter ended March 31, 2005.  </FONT></P></TD>
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<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          The
registrant&#146;s Current Reports on Form 8-K filed March 11, 2005, March           17,
2005, June 21, 2005, July 12, 2005 (as amended on Form 8-K/A filed July 18,
          2005), and July 29, 2005.  </FONT></P></TD>
</TR>
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<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 and the registrant&#146;s Current           Report on
Form 8-K filed July 29, 2005, pursuant to Section 13 of the Securities           Exchange
Act of 1934, and any amendment or report filed for the purpose of           updating such
description.  </FONT></P></TD>
</TR>
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<BR>

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<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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></TD>
</TR>
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<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&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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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 4.&nbsp;&nbsp; Description of
Securities. </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable. </FONT></P>



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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 5.&nbsp;&nbsp; Interests of
Named Experts and Counsel. </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable. </FONT></P>


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        <TD COLSPAN=3 ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" size=2>
                2</FONT></TD>
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        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 6.&nbsp;&nbsp; Indemnification
of Directors and Officers. </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&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;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, by
reason of the fact that he is or was a director, officer, employee or agent of the
registrant, 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;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;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;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          he conducted himself in good faith; and </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          he reasonably believed </FONT></P>

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<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(a)  </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>in
the case of conduct in his official capacity with the corporation, that his
               conduct was in its best interests; and  </FONT></TD>
</TR>
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<BR>

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<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(b)  </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          in
all other cases, that his conduct was at least not opposed to its best
          interests.  </FONT></TD>
</TR>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(3) &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>

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                3</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>A corporation may not indemnify a
director: </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(1) &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 corporation; or  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(2) &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 official capacity, in which he
was                adjudged liable on the basis that personal benefit was improperly
received by                him.  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&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>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&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>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 7.&nbsp;&nbsp; Exemption From
Registration Claimed. </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not
applicable. </FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 8.&nbsp;&nbsp; Exhibits. </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Exhibits listed on the Exhibit Index appearing on page 8 of this Registration Statement
are hereby incorporated by reference. </FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 9.&nbsp;&nbsp; Undertakings. </FONT></H1>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          The undersigned registrant hereby undertakes: </FONT></P>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1)  </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>To
file, during any period in which offers or sales are being made, a
               post-effective amendment to this registration statement:  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=20%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(i)  </FONT></TD>
<TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>To include any prospectus required by Section 10(a)(3) of the Securities Act of
          1933; </FONT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=20%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(ii)  </FONT></TD>
<TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>To reflect in the prospectus any facts or events arising after the effective
          date of the registration statement (or the most recent post-effective amendment
          thereof) which, individually or in the aggregate, represent a fundamental change
          in the information set forth in the registration statement; and </FONT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=20%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(iii)  </FONT></TD>
<TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>To include any material information with respect to the plan of distribution
          not previously disclosed in the registration statement or any material change to
          such information in the registration statement; </FONT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
</TR>
</TABLE>
<BR>

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        <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>
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</TABLE>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2)  </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=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.  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(3)  </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>To
remove from registration by means of a post-effective amendment any of the
               securities being registered which remain unsold at the termination of the
               offering.  </FONT></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(b) &nbsp;&nbsp;&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>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(c) &nbsp;&nbsp;&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 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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        <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 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SIGNATURES </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U> The
Registrant</U></B>. 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 16<SUP>th</SUP> day of June, 2005.  </FONT></P>


<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" width=100%>
<TR VALIGN="BOTTOM">
     <Td ALIGN="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> &nbsp;</FONT></Td>
     <Td ALIGN="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">CHURCHILL DOWNS
INCORPORATED <BR><BR><BR><BR><BR></FONT></Td></TR>
<TR VALIGN="TOP">
     <TD WIDTH="50%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH="50%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> By:<U>/s/Thomas H. Meeker&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thomas H. Meeker<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;President and Chief Executive Officer
</font></TD></TR>
</TABLE>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>POWERS OF ATTORNEY </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&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 or her true and
lawful attorney-in-fact and agent, with full power of substitution, for him and her and in
his or her name, place and stead, in any and all capacities, to sign any and all
amendments and post-effective amendments to this Registration Statement, and to file the
same with all exhibits thereto, granting unto said attorney-in-fact and agent full power
and authority to do and perform each and every act and thing requisite and necessary to be
done, as fully to all intents and purposes as he or she might or could do in person,
hereby ratifying and confirming all that said attorney-in-fact and agent may lawfully do
or cause to be done by virtue thereof. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&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 16<SUP>th</SUP> day of June, 2005 in the capacities
indicated. </FONT></P>



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<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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</TABLE>
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<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>
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<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>
</table>
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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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<TR VALIGN=TOP>
        <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>
</table>
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<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>
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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>
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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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<TR VALIGN=TOP>
        <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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<TR VALIGN=TOP>
        <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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<TR VALIGN=TOP>
        <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/Susan Elizabeth Packard
</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>
                Susan Elizabeth Packard</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/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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                7</FONT></TD>
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<TR VALIGN=TOP>
        <TD colspan=5 align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                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=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=10% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                Exhibit</FONT></TD>
        <TD WIDTH=75% 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>
                &nbsp;</FONT></TD>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                &nbsp;</FONT></TD>
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                &nbsp;</FONT></TD>
        <TD WIDTH=10% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                <U>Number</U></FONT></TD>
        <TD WIDTH=75% align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               <U>Description of Exhibit</U></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>
                <U>Page</U><BR><BR></FONT></TD>
</TR>

<TR VALIGN=TOP>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=10% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                4(a)</FONT></TD>
        <TD WIDTH=75% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                Articles of  Incorporation of the registrant as amended through July 27, 2005
                (incorporated  herein by reference to Exhibit 4.1 to the registrant&#146;s  Current Report on Form
                  8-K filed July 29, 2005 (Commission File No. 0-1469)).<BR><BR></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>
                &nbsp;</FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=10% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                4(b)</FONT></TD>
        <TD WIDTH=75% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                Restated Bylaws of the registrant (incorporated herein by reference to
                  Exhibit 3(b) to the registrant's Report on Form 10-K for the fiscal year ended
                  December 31, 2004) (Commission File No. 0-1469).<BR><BR></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>
                &nbsp;</FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=10% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                4(c)</FONT></TD>
        <TD WIDTH=75% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                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).<BR><BR></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>
                &nbsp;</FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=10% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                4(d)</FONT></TD>
        <TD WIDTH=75% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                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).<BR><BR></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>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN=TOP>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=10% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                4(e)</FONT></TD>
        <TD WIDTH=75% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                2005 Churchill Downs  Incorporated  Deferred  Compensation Plan  (incorporated
                          herein by  reference to Exhibit  10.1 to the  registrant's  Report on Form 8-K
                          filed June 21, 2005) (Commission File No. 0-1469).<BR><BR></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>
                &nbsp;</FONT></TD>
</TR>


<TR VALIGN=TOP>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=10% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                5 </FONT></TD>
        <TD WIDTH=75% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                Opinion and Consent of Wyatt, Tarrant &amp; Combs, LLP as to the legality of the shares
                  being registered.<BR><BR></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>
                 9&nbsp;</FONT></TD>
</TR>

<TR VALIGN=TOP>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=10% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                23(a) </FONT></TD>
        <TD WIDTH=75% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                Consent of Wyatt, Tarrant &amp; Combs, LLP (contained in Exhibit 5).<BR><BR></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>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN=TOP>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=10% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                23(b) </FONT></TD>
        <TD WIDTH=75% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                Consent of PricewaterhouseCoopers LLP.<BR><BR></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>
                11&nbsp;</FONT></TD>
</TR>

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                &nbsp;</FONT></TD>
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                24  </FONT></TD>
        <TD WIDTH=75% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                Power of Attorney (precedes signatures).<BR><BR></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>
                &nbsp;</FONT></TD>
</TR>
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                8</FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
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Churchill Downs Inc. Registration Statement
As filed with the Securities and Exchange Commission on July 29, 2005.
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)
2005 Churchill Downs Incorporated Deferred Compensation 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, Esq.
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)
5,000 shares
(3)
$45.38
$226,900
$26.71
(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 July 28, 2005, 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 2005 Churchill Downs Incorporated  Deferred
         Compensation Plan.
Exhibit Index on Page 8.
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, 2004 and the portions of the registrant's Proxy Statement for           the 2005
Annual Shareholders' Meeting incorporated by reference therein.
(b)                        Report
on Form 10-Q for the fiscal quarter ended March 31, 2005.
(c)                        The
registrant's Current Reports on Form 8-K filed March 11, 2005, March           17,
2005, June 21, 2005, July 12, 2005 (as amended on Form 8-K/A filed July 18,
          2005), and July 29, 2005.
(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 and the registrant's Current           Report on
Form 8-K filed July 29, 2005, pursuant to Section 13 of the Securities           Exchange
Act of 1934, and any amendment or report filed for the purpose of           updating such
description.
(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.
Item 4.   Description of
Securities.
Not applicable.
Item 5.   Interests of
Named Experts and Counsel.
Not applicable.
2
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, by
reason of the fact that he is or was a director, officer, employee or agent of the
registrant, 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
(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.
3
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 8 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;
(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 the registration 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;
4
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 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.
5
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 16
th
day of June, 2005.
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 or her true and
lawful attorney-in-fact and agent, with full power of substitution, for him and her and in
his or her name, place and stead, in any and all capacities, to sign any and all
amendments and post-effective amendments to this Registration Statement, and to file the
same with all exhibits thereto, granting unto said attorney-in-fact and agent full power
and authority to do and perform each and every act and thing requisite and necessary to be
done, as fully to all intents and purposes as he or she might or could do in person,
hereby ratifying and confirming all that said attorney-in-fact and agent may lawfully do
or cause to be done by virtue thereof.
Pursuant
to the requirements of the Securities Act of 1933, this Registration Statement has been
signed by the following persons on the 16
th
day of June, 2005 in the capacities
indicated.
/s/Carl F. Pollard
Chairman of the Board (Director)
Carl F. Pollard
/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
6
/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/G. Watts Humphrey, Jr.
Director
G. Watts Humphrey, Jr.
/s/Susan Elizabeth Packard
Director
Susan Elizabeth Packard
/s/Darrell R. Wells
Director
Darrell R. Wells
7
INDEX TO EXHIBITS
Exhibit
Number
Description of Exhibit
Page
4(a)
Articles of  Incorporation of the registrant as amended through July 27, 2005
                (incorporated  herein by reference to Exhibit 4.1 to the registrant's  Current Report on Form
                  8-K filed July 29, 2005 (Commission File No. 0-1469)).
4(b)
Restated Bylaws of the registrant (incorporated herein by reference to
                  Exhibit 3(b) to the registrant's Report on Form 10-K for the fiscal year ended
                  December 31, 2004) (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)
2005 Churchill Downs  Incorporated  Deferred  Compensation Plan  (incorporated
                          herein by  reference to Exhibit  10.1 to the  registrant's  Report on Form 8-K
                          filed June 21, 2005) (Commission File No. 0-1469).
5
Opinion and Consent of Wyatt, Tarrant & Combs, LLP as to the legality of the shares
                  being registered.
9
23(a)
Consent of Wyatt, Tarrant & Combs, LLP (contained in Exhibit 5).
23(b)
Consent of PricewaterhouseCoopers LLP.
11
24
Power of Attorney (precedes signatures).
8