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Estimates Reduced Due to Alternative Gambling

Churchill Downs Incorporated ("CDI" or the "Company") today announced that it is revising its earnings outlook for the third quarter of 2004 and further lowering its outlook for the full year to reflect increased spending on alternative gambling efforts and special, non-cash impairment charges for Ellis Park due to softness in business at that racetrack. The Company now expects results for the third quarter to be a loss of $0.29 per share, below the earnings range of $0.33 to $0.38 per share estimated during the second quarter earnings call in July. Earnings for the year, factoring in the third quarter charges of $0.34 at Ellis Park, are projected to be approximately $1.00 to $1.05 per share, compared to the previously revised year-end range of $1.44 to $1.53 per share.

"As we advised in July, strategic initiatives such as our alternative gaming efforts might require additional, non-deductible legislative expenses, the extent of which continues to be contingent upon the efforts’ prospects and need," said Thomas H. Meeker, CDI’s president and chief executive officer. "The ballot initiatives in California and Florida, which are key growth opportunities for the Company, required higher than projected spending levels, some of which were moved forward into the third quarter versus the fourth. Our decision to increase our investment, a possibility we discussed publicly in July, is one of two key factors that triggered our third quarter loss.

"The second factor, the impairment charges that total $6.2 million for Ellis Park, reflects our reassessment of that operation following the completion of its disappointing meet in September," continued Meeker. "After careful review, we determined that we needed to adjust the carrying value of the asset. We will continue to evaluate viable options that offer the racetrack the greatest opportunity for long-term success.

Read the entire article at: Yahoo Finance 

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