#1CHURCHILL DOWNS INCORPORATED Investor Presentation February 2024#2Forward-Looking Statements Certain statements made in this presentation contain various "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are typically identified by the use of terms such as "anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “predict," "project,' "seek," "should," "will," and similar words or similar expressions (or negative versions of such words or expressions). Although we believe that the expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. Important factors, among others, that may materially affect actual results or outcomes include the following: • • the occurrence of extraordinary events, such as terrorist attacks, public health threats, civil unrest, and inclement weather, including as a result of climate change; the effect of economic conditions on our consumers' confidence and discretionary spending or our access to credit, including the impact of inflation; additional or increased taxes and fees; the impact of any pandemics, epidemics, or outbreaks of infectious diseases, including the impact of any future developments related to COVID-19, and related economic matters on our results of operations, financial conditions and prospects; lack of confidence in the integrity of our core businesses or any deterioration in our reputation; • loss of key or highly skilled personnel, as well as general disruptions in the general labor market; • • • cyber security risk, including breaches, or loss or misuse of our stored information as a result of a breach, including customers' personal information, could lead to government enforcement actions or other litigation; the impact of significant competition, and the expectation the competition levels will increase; changes in consumer preferences, attendance, wagering, and sponsorships; risks associated with equity investments, strategic alliances and other third-party agreements; • • • • • • • • inability to respond to rapid technological changes in a timely manner; concentration and evolution of slot machine and historical racing machine ("HRM") manufacturing and other technology conditions that could impose additional costs; failure to enter into or maintain agreements with industry constituents, including horsemen and other racetracks; inability to successfully focus on market access and retail operations for our TwinSpires Sports and Casino business and effectively compete; reliance on our technology services and catastrophic events and system failures disrupting our operations; inability to identify, complete, or fully realize the benefits of, our proposed acquisitions, divestitures, development of new venues or the expansion of existing facilities on time, on budget, or as planned; difficulty in integrating recent or future acquisitions into our operations; cost overruns and other uncertainties associated with the development of new venues and the expansion of existing facilities; general risks related to real estate ownership and significant expenditures, including risks related to environmental liabilities; personal injury litigation related to injuries occurring at our racetracks; compliance with the Foreign Corrupt Practices Act or applicable money-laundering regulations; payment-related risks, such as risk associated with fraudulent credit card and debit card use; work stoppages and labor issues; risks related to pending or future legal proceedings and other actions; highly regulated operations and changes in the regulatory environment could adversely affect our business; restrictions in our debt facilities limiting our flexibility to operate our business; failure to comply with the financial ratios and other covenants in our debt facilities and other indebtedness; • increase to interest rates (due to inflation or otherwise); • • disruptions in the credit markets or changes to our credit ratings may adversely affect our business; increase in our insurance costs, or inability to obtain similar insurance coverage in the future, and inability to recover under our insurance policies for damages sustained at our properties in the event of inclement weather and casualty events; and other factors described in our most recent Annual Report on Form 10-K and in other filings we make with the Securities and Exchange Commission. We do not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law 2 CHURCHILL DOWNS INCORPORATED#3Table of Contents Business Overview and Case for Investing Segment Overviews: - - Live and Historical Racing TwinSpires Gaming Capital Management ESG Appendix 3 CHURCHILL DOWNS INCORPORATED#4Business Overview and Case for Investing 4 CHURCHILL DOWNS INCORPORATED#5Business Overview Churchill Downs Incorporated ("CDI") Overview We have a unique and diverse collection of entertainment assets that generate high margins with significant Adjusted EBITDA and Free Cash Flow Churchill Downs Racetrack ("CDRT") Hosts the longest continuously held annual sporting event in the U.S., the Kentucky Derby KENTUCKY DERBY Historical Racing Machines ("HRMS") Kentucky Six gaming entertainment venues with ~4,600 HRMS and one HRM expansion project underway Virginia Seven HRM properties with 2,760 HRMS and one HRM expansion project underway New Hampshire Chasers Poker Room in Salem with significant HRM and table game expansion opportunity TwinSpires One of the largest and most profitable U.S. online wagering platforms for horse racing Expanding pari-mutuel content and technology services to B2C sports betting platforms Exacta provides HRM technology to third parties and reduces internal HRM costs in Virginia & Kentucky twinspires Casino Gaming Eleven casinos' with ~14,000 slot machines and video lottery terminals and 300 table games in ten states Building a new casino in Terre Haute, Indiana Includes Miami Valley Gaming, 50% owned Ohio joint venture, and Rivers Casino Des Plaines, 61% owned Illinois joint venture 5 CHURCHILL DOWNS INCORPORATED#6Case for Investing Case for Investing The Kentucky Derby ▪ Iconic and irreplaceable asset ■Consistent high margin growth and significant free cash flow over the long-term from marquee asset Growing international engagement through Japan and European Roads to the Derby Diverse Organic Growth Expansion of HRM properties in Kentucky, Virginia, New Hampshire, Louisiana, and other states ■ Provider of HRM technology to existing and future HRM businesses ■ One of the most profitable, industry-leading online wagering platforms for horse racing driven by access to best-in-class racing content and linkage to the Kentucky Derby ■ Diverse portfolio of wholly-owned regional gaming properties and strategic equity investments Strong Financial Profile Strong free cash flow generation with disciplined maintenance capital spending ■ Ability to pursue strategic reinvestment in organic growth, M&A, dividends, and share repurchases to maximize shareholder returns ■ Conservative balance sheet with financial flexibility and significant access to capital With a Proven Management Team and Organizational Depth for Execution ■ Proven record of disciplined capital allocation and earnings growth ■ Successful track record of integrating new businesses and execution of organic growth projects ■ Diverse backgrounds with multi-industry, technology, and international experience 6 CHURCHILL DOWNS INCORPORATED#7Live and Historical Racing Case for Investing Gaming The Kentucky Derby is Only the Beginning Hard Rock HOTEL & CASINO SIOUX CITY RIVERS CASINO DES PLAINES TERRE HAUTE Miami Valley GAMING CL del LAGO CASINO RESORT RESORT CASINO OXFORD CASINO HOTEL & EVENT CENTER Kentucky CHURCHILL DOWNS DERBY CITY DERBY CITY GAMING HOTEL TURFWAY =Park: RACING & GAMING Downtown NEWPORT RACING & GAMING OWENSBORO RACING & GAMING OAK GROVE RACING GAMING HOTEL ELLIS PARK RACING & GAMING Harlow's Casino Resort & Spa RIVERWALK CASINO HOTEL ROSIE'S 777 CHASERS POKER ROOM PRESQUE ISLE DOWNS CASINO OCEAN DOWNS CASINO Virginia DOWNAL ROSIE'S GAME ROOM. Collinsville Colonial Downs/New Kent Emporia 4 FAIR GROUNDS RACE COURSE SLOTS OTB & CASINOS 777 FRIENDS. FUN. FAIR GROUNDS. ROSIE'S ROSIE'S ROSIE'S ROSIE'S Vinton Hampton Dumfries Richmond CALDER CASINO BIGGER. BETTER. CALDER. Notes: Indiana based Terre Haute Casino Resort and Virginia based The Rose Gaming Resort (Dumfries replacement) are expected to open in 2Q'24. Kentucky based Owensboro Racing & Gaming is expected to open in IQ'25. 7 CHURCHILL DOWNS INCORPORATED#8Consistent Double-Digit Net Revenue Growth 13% Annual Revenue Growth from 2021 to 2022 $ in millions $216 $1,597 2021 Live & Historical $ in millions $(16) Sports & Casino Exit(1) TwinSpires $63 Gaming Case for Investing $(50) Arlington $1,810 All Other & Eliminations 2022 49% Quarterly Net Revenue Growth from 3Q'22 to 3Q'23 $123 $383 $59 $5 Sports & Casino Exit(1) 3Q'22 Live & Historical TwinSpires | CDI exited the direct online Sports and Casino business in IQ'22 $2 Gaming 8 All Other & Eliminations $572 3Q'23 CHURCHILL DOWNS INCORPORATED#9Consistent Double-Digit Adjusted EBITDA Growth 22% Annual Adj. EBITDA Growth from 2021 to 2022 $ in millions $627 $113 $31 Sports & Casino Exit(1) 2021 Live & Historical $ in millions $163 TwinSpires $10 Gaming $(17) Arlington All Other Case for Investing 34% Quarterly Adj. EBITDA Growth from 3Q'22 to 3Q'23 $46 $3 $11 ($5) 3Q'22 Live & Historical TwinSpires Gaming All Other 9 | CDI exited the direct online Sports and Casino business in IQ'22 $764 2022 $218 3Q'23 CHURCHILL DOWNS INCORPORATED#10Summary of Project Capital Investments Project Capital Investments Project The Kentucky Derby Paddock Project Jockey Club Suites Renovation Target Completion Planned Spend ($ Millions) May 2024 $185-$200 May 2024 $14 Northern Virginia - The Rose Gaming Resort Late 20'24 $400 Historical Racing Machines - Kentucky Owensboro Racing & Gaming New Hampshire HRM Facility IQ'25 $100-$110 TBD TBD Gaming Indiana - Terre Haute Casino Resort 10 Casino: April 2024 Hotel: May 2024 Up to $290 CHURCHILL DOWNS INCORPORATED#11Announced Project Capital Investments Multi-Year Capital Investments at Churchill Downs Racetrack First Turn Skye Terrace Infield General Admission Turf Turf Suites Infield Bleachers || Club Mansion & Matt Winn's Infield Upgrade Paddock / Under the Spires May 2024 Jockey Club Homestretch Club Starting Gate Suites Jockey Club Suites May 2024 Potential Major Future Projects: ■ ◉ Renovate additional reserved seating areas Hotel Infield seating CHURCHILL DOWNS INCORPORATED#12Announced Project Capital Investments Paddock Project at Churchill Downs Racetrack Enhancing the Paddock experience for nearly every guest for the 150 th Kentucky Derby in May 2024 ◉ $185 $200 million with a payback period of < 8 y years ■ 3,025 new premium reserved seats and 3,250 new standing room only premium tickets Upgrading over 3,700 existing premium reserved seats ■ Vision for redesign will improve the flow of guests throughout the Paddock - - - Larger paddock walking ring for viewing the horses prior to the races New Paddock Club in the area on the first floor under the Twin Spires that will provide views of the paddock and views of the tunnel that the horses walk through New hospitality and other amenities for guests in certain areas of the 3rd floor clubhouse seats New terraces including a new Turf Club balcony overlooking the Paddock CHURCHILL DOWNS 12 CHURCHILL DOWNS INCORPORATED#13Virginia Development Rights Announced Project Capital Investments The Rose Gaming Resort ■ The Rose Gaming Resort is located ~30 miles south ☐ of Washington DC off I-95 $400 million investment ■ HRM entertainment venue with hotel - Phase I: (Late 2Q'24): 1,150 HRMS, 102-room hotel, and 2,530 space parking garage Phase II: 650 additional HRMs and hotel expansion ROSE RÖSE Future HRM Expansion ■ Evaluating opportunity for further expansion throughout the Commonwealth of Virginia Existing HRMs: ~2,750 The Rose Gaming Resort(1) Existing locations - New locations Phase I 1,000 Phase II 650 May reallocate HRMs from existing locations to new locations Current Plans 4,400 Remaining to be Allocated (2) ~600 The Rose Gaming Resort Phase I will replace the existing Dumfries facility which currently has 150 HRMs. Total Current Authorization: 5,000 2 Does not include HRMs that can be reallocated from existing locations. 13 CHURCHILL DOWNS INCORPORATED#14Announced Project Capital Investments Western Kentucky Strategy Ellis Park Racing & Gaming ■ Ellis Park, located in Henderson, Kentucky, serves the Western Kentucky market and is approximately 10 minutes from downtown Evansville, Indiana ■ CDI has enhanced Ellis Park racing: Improved customer racing experience Safety and environmental compliance - Increased purse money Added stakes races ■ Ellis Park traditionally runs a ~25-day Thoroughbred race meet from early July to late August and has ~300 HRMs in its grandstand facility Owensboro Racing & Gaming ■ Owensboro Racing & Gaming will be located with convenient access to Highway 60 and approximately 6 miles from the Owensboro city center ■ CDI plans to open a new HRM facility in IQ'25 with a target total spend of $100 to $110 million ~25 miles Ohio River ELLIS PARK RACING & GAMING 331 Indiana 2120 Owensboro Ohio River 2830 OWENSBORO RACING & GAMING ELLIS PARK RACING & GAMING 14 Kentucky 2155 CHURCHILL DOWNS INCORPORATED#15New Hampshire HRM Strategy Chasers Announced Project Capital Investments ■Located in Salem, New Hampshire - Approximately 30 minutes from downtown Boston - The Boston Metro Area (Boston-Cambridge-Newton) has a population of ~4.9 million people ■ Chasers is one of the leading New Hampshire charitable gaming operators - · Under New Hampshire law, a portion of revenue from charitable gaming operations is allocated to nonprofit organizations licensed in the state ■ CDI plans to construct a new HRM venue with HRMS and table games Until the opening of the new Salem facility, CDI can add HRMS to the existing Chasers location Exacta Opportunity in New Hampshire ■ CDI owns 1 of 14 HRM licenses in New Hampshire ■New Hampshire statute requires every HRM property to utilize two HRM technology system providers ▪ Exacta is a provider of HRM technology that can be marketed to other HRM license holders in New Hampshire 15 CHURCHILL DOWNS INCORPORATED#16Terre Haute Casino Resort Building the new Terre Haute Casino Resort ■ Located ~70 miles southwest of ■ Indianapolis, Indiana Up to $290 million investment ■ Entertainment amenities include: - Up to 1,000 slot machines 34 table games - High-limit gaming lounge - 122-room luxury hotel - ― Signature sports bar with TwinSpires retail sports betting offering - Several food and beverage offerings ■ Grand opening plans: - Casino: April 5, 2024 - Hotel: May 15,2024 Announced Project Capital Investments 16 CHURCHILL DOWNS INCORPORATED#17Live and Historical Racing Segment 17 CHURCHILL DOWNS INCORPORATED#18Live and Historical Racing Segment Kentucky Live and Historical Racing Overview Four racetracks in Kentucky with six HRM facilities Live Racing Churchill Downs Derby City Gaming KY Historical Racing Facilities $ in millions 2022 Total Segment Key Metrics 3Q'23 Home of the Kentucky Derby Derby City Gaming Downtown Turfway Park Racing & Gaming Revenue $646 $226 Turfway Park Newport Racing & Gaming VPYTVPQ +50% +120% Oak Grove Racing, Gaming & Hotel Oak Grove Future Annex Oppy. Adjusted EBITDA $288 $81 Ellis Park Racing & Gaming Ellis Park Owensboro Racing & Gaming (IQ'25) VPY VPQ +64% +134% Properties in red italics are not yet open. Four racetracks in Kentucky with ~4,600 HRMs at six properties currently with approval for up to 9,000 HRMS 18 CHURCHILL DOWNS INCORPORATED#19M The Kentucky Derby The Kentucky Derby Overview The Kentucky Derby utilizes the magic and mystique of Churchill Downs to create unique experiences for our guests Historic Americana Contagious Excitement Sophisticated Luxury Living Traditions 19 CHURCHILL DOWNS INCORPORATED#20The Kentucky Derby The Kentucky Derby - By The Numbers Broad ranging in-person appeal and significant broadcast interest creates long-term support for iconic entertainment event NBC's Most Watched Program Since Super Bowl LVII ■16.6 million peak viewership ■ 14.8 million average viewership ■ Lead-up coverage included: TODAY Show, Access, E! News, The Kelly Clarkson Show, Universal Pictures' Fast X Promos, The Players, WWE Raw World Appeals to all ages' Age Range of Derby Attendees 18 to 34 29% 35 to 54 31% 55 to 64 20% 65+ 20% Comparable Viewership 2023 Date Network Avg. Viewers' 149th Kentucky Derby May 6th NBC 14.8 Masters Final Round Apr 9th CBS Appeals to all income levels! Average Annual Income of Ticket Buyer 12.1 <$100K 28% Daytona 500 Feb 19th ABC/ESPN 8.2 $100K to $249K 50% Indy 500 May 28th NBC 4.9 >$250K 22% Formula One Miami Grand Prix May 7th ABC/ESPN 2.0 $1.64 million Average Net Worth 'Viewership in millions peacock NBC 20 Demographic data from 2023 CHURCHILL DOWNS INCORPORATED#21The Kentucky Derby - By The Numbers $ in millions Derby Week All-Sources Wagering 6% Average Annual Growth Rate $311.2 $285.1 $254.2 $263.3 $266.8 $343.0 $175.3 The Kentucky Derby $412.0 $391.9 $314.6 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Kentucky Oaks & Kentucky Derby Purses $ in millions $2MM increase over 149th Kentucky Derby $5 $250K increase over 149th Kentucky Oaks $1.5 150th Kentucky Oaks 150th Kentucky Derby $6 $4 $2 $1.5 Preakness Stakes Belmont Stakes Breeders' Cup Turf Breeders' Cup Classic 21 CHURCHILL DOWNS INCORPORATED#22The Kentucky Derby The 150 Days of Celebration Leading Up to the 150th Kentucky Derby On December 6, 2023, we will kick off 150 days of events with various non-affiliated organizations celebrating the 150th Kentucky Derby December 6, 2023 Kentucky Derby Museum An all-day party to kick off the countdown to the 150th SULLAIR chi Group Company Run for the Roses April 13, 2024 Fillies Derby Ball An evening of dinner, dancing, and live entertainment START LINE April 20, 2024 Thunder Over Louisville The largest annual fireworks display in North America INGDOM BeLine Courier Service April 26, 2024 Great Balloon Race A beloved family tradition where color fills the Louisville sky to signal that Derby is near April 27, 2024 Kentucky Derby Festival Marathon A Boston Marathon qualifying race which runs through Churchill Downs April 28, 2024 Pegasus Parade A family-friendly parade through Downtown Louisville featuring marching bands & floats Economic Impact to Louisville... over $400 million' 'According to most recent local reports following 2023 Derby and economic impact study conducted by Reuters in 2022 22 CHURCHILL DOWNS INCORPORATED#23The Lead Up to the Kentucky Derby ARNSTARD BROWN GALA THE BARNSTABLE BROWN GAL The Kentucky Derby RESERVE D RESERVE E AR BE G BA CHIOT E TABLI WN A Opening Night CELEBRITY GALAS FASHION SHOWS aturday ENTERTAINMENT & NIGHT RACING UNDER THE LIGHTS DAWN at the DOWNS Friday Wednesday WATCH TOP CONTENDERS TRAIN FOR THE BIG RACES 502 SDAY LANE SAVER Tuesday APPRECIATE & HONOR THE LONGINES Kentucky Oaks BEST OF LOUISVILLE LO CHAMPIONS THURBY TO DAY Wednesday KENTUCKY OAKS INES Friday BOURBON & HORSE TOURS CONCERT PERFORMANCES CELEBRATE THE THOROUGHBRED INDUSTRY ENJOY KENTUCKY HERITAGE, BOURBON & BLUEGRASS PREMIERE RACE FOR FILLIES, FASHION AND FUNDRAISING TUAL CULINARY EVENTS INDUSTRY PARTIES KENTUCKY DERBY Saturday THE MOST PRESTIGIOUS EVENT IN RACING 23 CHURCHILL DOWNS INCORPORATED#24A Premier International Sporting & Entertainment Event Derby Week Revenue License/ Sponsorship Broadcast Other Pari-Mutuel Ticketing Premium tickets are largest contributor to revenue ■ Over a third of reserved seats are under non- cancellable contracts with staggered 3-7 year expirations through personal seat licenses, suite contracts, and other agreements Remaining reserved seats are sold in advance of the event ■ Demand for premium tickets continues to exceed supply The Kentucky Derby Kentucky Derby Growth Strategy Leverage unique experiences and make strategic capital investments ■ Enhance guest experience to enable pricing differentiation for reserved seats ■ Expand Derby Week offerings and attractions ■ Execute capital investments to enable segmentation of guests who do not have a reserved seat Attract additional sponsorships Expand European Road to Derby and Japan Road to Derby الا FIRST TURN AT CHURCHILL DOWNS 24 CHURCHILL DOWNS INCORPORATED#25Investing Capital in Unique Experiences Enhance Guest Experience Enable Price Differentiation 2021 Conversion to all-inclusive experience for all reserved seating 2022 Homestretch Club 2023 First Turn Experience 2024 Paddock Project Enhances Long-Term Shareholder Value 25 The Kentucky Derby Capital Investments to Enable Segmentation CHURCHILL DOWNS INCORPORATED#26The Kentucky Derby Sponsorship Strategy Building relationships with sponsors targeting luxury, lifestyle and technology categories for both onsite experiences and Derby parties around the globe ■ Official partners include Woodford Reserve, Longines, Ford, and FanDuel ■ Majority of sponsorship revenue dollars are multi-year deals that include Kentucky Derby, Kentucky Oaks, and Churchill Downs assets ■ Woodford Reserve will be the presenting sponsor of the Kentucky Derby through 2027 Longines EXIT LA CREMA THE TASTING ROOM LONGINES LA CRE LONGINES LONGINES WOODFORD RESERVE KYDERBY TASTE WITH KENTUCKY DERBY Ford Fo KENTUC DERB For FORE Ford KENTUC DERB For 26 FORESTER CHURCHILL DOWNS INCORPORATED#27The Kentucky Derby International Growth Strategy Three unique Roads to the Derby for a horse to qualify in one of 20 coveted Derby starting positions United States Horses compete for a Derby starting position through 37 races from September through April Japan Horses compete for one Derby starting position through four Japanese races starting in November Europe Horses compete for one Derby starting position through seven European races from September to March TOKY ミックイン ルッジェー OKYO OURSE The 37 Growth Potential New international customers for the Derby ■ Additional wagering ☐ Provides extended marketing opportunity for sponsors 27 22 John Hoy/Newmarket Racecourse CHURCHILL DOWNS INCORPORATED#28Historical Racing Machines Historical Racing Machine Overview A historical horse racing machine is a gaming device that uses the results of previously run horse races to approximate the gaming experience of Class II and Class III machines ◉ Top game titles / themes are from Aristocrat, Light and Wonder, International Game Technology, Konami Gaming, Ainsworth Game Technology, AGS, and Everi Unique early stage growth model ■ CDI's HRM business is still in relatively early days, with recently opened properties ramping up and new properties yet to open ■ Consumer education on HRMs is still developing in all of our markets ◉ Opportunity remains for innovation in HRM products that can be offered to consumers ■ CDI has the opportunity to expand into other states RAND 1149 03-16-06 $10.089.10 $100 BUTERLO TRIPLE POW RISING GOLD 10 BUCKS 99 10 1948 CITATION FLEE FIRE LINK FIRE LINK FIRE UN STOKSER 28 CHURCHILL DOWNS INCORPORATED#29Historical Racing Machines Historical Racing Machine Overview In Virginia, Colonial Downs is the only entity eligible to operate HRMs in the state and is permitted to operate HRMS at up to 10 "satellite facilities" with a statewide limit of 5,000 HRMS ■ Seven facilities acquired in the P2E transaction currently with ~2,750 HRMS ■ Purse contributions from HRM facilities support horse racing at Colonial Downs and the agricultural industry in Virginia In New Hampshire, each of the existing 14 charitable gaming operators is allowed to offer HRMS at its facility and may relocate its facility within its current city of operation ■New Hampshire is the first state to allow the combination of HRMS and table games at facilities ■ A portion of gross gaming revenue is donated to local charities In Louisiana, each racing license operator is allowed to offer up to 50 HRMs at each of its OTBs ■ CDI currently has ~500 HRMs at 13 of its Fair Grounds OTBs' ■ Purse contributions from HRM revenue support horse racing at Fair Grounds and the horse racing industry in Louisiana Future expansion opportunities exist in other states 29 Results of HRMS at Fair Grounds OTBs are reported in the Gaming segment CHURCHILL DOWNS INCORPORATED#30Historical Racing Machines Historical Racing Machine Overview - Kentucky Nine racing licenses have been awarded by the Kentucky Horse Racing Commission and are each allowed to have a main facility and one "annex" facility within a 60 mile radius of the licensed racetrack ■ CDI holds four racing licenses - Churchill Downs Racetrack, Oak Grove, Turfway Park, and Ellis Park Churchill Downs Racetrack is permitted to have Derby City Gaming and Derby City Gaming Downtown as an - - annex Turfway Park has Newport Racing and Gaming as an annex CDI has announced an annex for Ellis Park in the Owensboro, Kentucky area CDI has the option to pursue an additional annex under the Oak Grove license in Kentucky ■ Purse contributions from the HRM facilities attract more and better-quality horses resulting in better- quality racing content which strengthens the foundation of the entire horse industry in Kentucky and benefits TwinSpires Keeping Kentucky Strong Quack His RICHES Louisville's Own DERBY CITY GAMING 4520 POPLAR LEVEL ROAD lassMutual MRAM LONGINES WOODFO P&C MAN BODER Purses Paid to Horse Owners at CDRT 17% Average Annual Growth Rate $ in millions Derby City Gaming opens $85.0 $86.2 $67.7 $58.6 $46.1 $38.8 CHURCHILL DOWNS CHERCHEL GOWNS DERBY CITY GAMING 'Derby City Gaming operates at Churchill Downs Racetrack's ancillary training facility in Louisville, Kentucky 2018 2019 2020 2021 2022 50 30 2023 CHURCHILL DOWNS INCORPORATED#31Churchill Downs Racetrack and Derby City Gaming DERBY CITY GAMING HOTEL DERBY CITY GAMING Downtown CHURCHILL DOWNS Opened Sep. 2018 Dec. 2023 Total investment $78' $902 ($ millions) 8 mi. to Proximity to Downtown major market Future Organic Growth Downtown Opportunity Louisville Louisville Retail sports Sept. 2023 betting Dec. 2023 Sept. 2023 Win/Unit/Day³ $4404 $1875 Historical Racing Machines Derby City Gaming & Hotel ■ Operates at Churchill Downs Racetrack's ancillary training facility in Louisville, Kentucky - Décor pays homage to our deep history in horse racing Center bar with large format televisions, two food venues, and outdoor gaming patio on the north side of the facility ■ Opened expanded gaming floor late 2022 and a new hotel and Restaurant Oliver's Chop House & Bourbon Bar in June 2023 ■ Supports purse funding for Churchill Downs Racetrack meets ■ Retail sports betting began September 7, 2023 Derby City Gaming Downtown Opened a new $90 million HRM entertainment venue in Downtown Louisville in December 2023 ■ Supports purse funding for Churchill Downs Racetrack meets HRMS 1,303 490 HRM capacity approval to date Reflects total investment for completed project 2 Reflects total anticipated investment for project 3,000 3 Based on the pari-mutuel wagering data from the Kentucky Horse Racing Commission 4 Based on average of 1,284 operational HRMs for twelve months ended December 31, 2023 5 Derby City Gaming Downtown opened December 6, 2023; Win/Unit/Day reflects the average of 415 operational HRMs for December 6, 2023 through December 31, 2023 DERBY CITY GAMING HOTEL 31 CHURCHILL DOWNS INCORPORATED#32Historical Racing Machines Derby City Gaming Downtown Opened Derby City Gaming in Downtown Louisville on December 6, 2023 ☐ $90 million, 43,000 square-foot entertainment venue ■ Annex of Churchill Downs Racetrack ■ Located in the heart of Downtown Louisville, diagonal from the Kentucky International Convention Center ☐ Kentucky Derby themed interior and exterior of the building ■ Entertainment amenities include: - 500 HRMs initially Fresh-air gaming area – 208 onsite parking spaces - Three unique bar concepts: a main-level sports bar with stage for live music and entertainment, a premium bourbon library, and an elegant wine and charcuterie lounge ■ Downtown Louisville target market includes: Tourism & "Bourbonism" Convention attendees Live music & sporting event attendees featuring TRASH 32 FIRE LIN CITY FIRST TURN SPORTS BAR CHURCHILL DOWNS INCORPORATED#33Historical Racing Machines Oak Grove Racing, Gaming & Hotel OAK GROVE Annex RACING GAMING HOTEL Opened Total investment Sep. 2020 $200' ($ millions) Proximity to major market ~55 mi. to Nashville Retail sports Sept. 2023 betting Future Organic Growth Opportunity Win/Unit/Day2 $3423 Located off of Hwy 24 on the KY / TN border ■ ~55 miles from Nashville, Tennessee (MSA pop. ~1.3 million) ■ Across the street from Fort Campbell, the second largest military base in the U.S. (MSA pop. ~200,000) ■ ~|| miles from Clarksville, Tennessee (MSA pop. ~150,000) Facility includes: ■ Harness racetrack opened Oct. 2019 ■ HRM facility opened Sept. 2020 ■ 128-room hotel with event center and dining areas opened October 2020 ■ 3,000 person capacity amphitheater, RV park, and equestrian center opened late spring 2021 ■ Retail sports betting began September 7, 2023 HRMS 1,230 HRM capacity approval to date T Reflects total investment for completed project 1,500 2 Based on the pari-mutuel wagering data from the Kentucky Horse Racing Commission 3 Based on average of 1,227 operational HRMS for twelve months ended December 31, 2023 33 CHURCHILL DOWNS INCORPORATED#34Historical Racing Machines Turfway Park Racing & Gaming and Newport Racing & Gaming Opened TURFWAY Park= RACING & GAMING NEWPORT RACING & GAMING $372 ~3 mi. to Cincinnati Sept. 2022 Oct. 2020 Total investment ($ millions) $200' Proximity to major market ~10 mi. to Cincinnati Retail sports betting Sept. 2023 Sept. 2023 Win/Unit/Day³ $1994 $1855 HRMS 848 463 Turfway Park Racing & Gaming Renovation ■ Located in Northern Kentucky (~10 miles to Cincinnati, OH) ■ Opened September 1, 2022 ■ Supports purse funding for Turfway Park race meets ■ Retail sports betting began September 7, 2023 Newport Racing & Gaming ■Located in Newport, Kentucky ■ $37 million total investment including $6 million expansion in November 2021 Supports purse funding for Turfway Park race meets ■ Retail sports betting began September 7, 2023 HRM capacity approval to date 2,500 'Reflects total investment for completed project and inclusive of $46 million purchase price 2 Reflects total investment for completed project 3 Based on the pari-mutuel wagering data from the Kentucky Horse Racing Commission 4 Based on average of 842 operational HRMs for twelve months ended December 31, 2023; can expand up to 1,200 HRMS 5 Based on average of 459 operational HRMS for twelve months ended December 31, 34 2023 for Newport TURFWAY Park RACING & GAMING NEWPORT RAGING & GAMING 'Total investment of $200 million, inclusive of $46 million purchase price and $6 million Tapeta track CHURCHILL DOWNS INCORPORATED#35Ellis Park Racing & Gaming and Future HRM Facility Opened ELLIS PARK OWENSBORO RACING & GAMING RACING & GAMING IQ'25 $100-$110 ~6 miles to Owensboro, KY 1922 Total investment $154' ($ millions) Proximity to major market ~5 mi. to Evansville, IN Retail sports Sept. 2023 betting $221³ 300 ~6004 Win/Unit/Day² HRMS Historical Racing Machines Ellis Park located off of Interstate 69 on the KY IN border ■ ~5 miles from Evansville, Indiana (MSA pop. ~315,000) ■ ~30 miles from Owensboro, Kentucky (MSA pop. ~125,000) ■ Owensboro, Kentucky is the 4th largest city in Kentucky ■ Retail sports betting began September 7, 2023 Owensboro Racing & Gaming will include: ■ ~600 HRMS ■ A simulcast wagering area ■ Multiple food and beverage offerings ■ Will support purse funding for Ellis Park race meets Ellis Park 8 7 6 5 4 3 21 2 HRM capacity approval to date 2,500 'Reflects total anticipated investment for Ellis Park and future annex projects and inclusive of $79 million purchase price Based on the pari-mutuel wagering data from the Kentucky Horse Racing Commission 3 Based on average of 299 operational HRMS for twelve months ended December 31, 2023 4 Expected number of HRMS at opening 35 CHURCHILL DOWNS INCORPORATED#36Existing Virginia Assets Historical Racing Machines ROSIE'S ROSIE'S ROSIE'S ROSIE'S ROSIE'S 777 GAME ROOM. ROSIE'S Region Northern Virginia Central Virginia Southern Virginia Western Virginia Location Dumfries Richmond Colonial Downs (New Kent) Hampton Emporia Collinsville Vinton Opened Jan. 2021 1 Jun. 2019 Apr. 2019 Oct. 2019 Sept. 2023 Jul. 2021 May 2019 Win/Unit/Day' $732 $486 $260 $361 $3392 $425 $283 HRMS 156 700 574 700 150 37 452 Colonial Downs Racetrack ■Located in New Kent, Virginia COLONIAL DOWNS COLONIAL DOWNS 12928217266514 132 RACETRACK ■ Colonial Downs will race 27 days per year (I race day per 100 HRM machines) in 2023 ■ The number of race days will increase as the number of HRMs deployed in Virginia increases Based on the historical horse racing reports from the Virginia Racing Commission using the average number of operational HRMs at each facility for the twelve months ended December 31, 2023 2 Emporia opened September 26, 2023; Win/Unit/Day reflects the average of 150 operational HRMs for September 26, 2023 through December 31, 2023 36 CHURCHILL DOWNS INCORPORATED#37TwinSpires Segment 37 CHURCHILL DOWNS INCORPORATED#38TwinSpires TwinSpires Growth Strategy Grow core TwinSpires horse racing customers Leverage linkage to Kentucky Derby to efficiently acquire customers ■ Utilize in-house development team to continue to enhance superior technology platform ■ Utilize analytics on customer behavior to drive efficient customer acquisition, retention, and activation Expand pari-mutuel content and technology services to B2C sports betting platforms ■ Seamless delivery of casual betting pari-mutuel platform with single wallet integration ■ Provide technology interfaces and ancillary services necessary to accept and settle pari-mutuel wagers via CDI's United Tote ■ Provide services necessary to acquire pari-mutuel racing content ■ Potential for sports wagering sponsorships of the Kentucky Derby Key Metrics $ in millions 2022 3Q'23 Revenue $442 $112 ■ Will generate incremental content fees for CDI racetracks VPY I VPQ (4)% +5% Regarding sports betting, CDI plans to ■ Maintain its retail sportsbooks Adjusted $114 $34 EBITDA ■ Continue its exit of B2C online sports betting and casino business VPYL VPQ +38% +9% ■ Monetize online sports betting market access rights TwinSpires is the premier pari-mutuel content and online technology provider 38 CHURCHILL DOWNS INCORPORATED#39Acquisition of Exacta Systems Acquisition of Exacta Systems CDI acquired Exacta Systems on August 22, 2023 for $250 million ■ Business overview - Provider of technology to support historical horse racing ("HRM") operations: • CDI HRM operations in Virginia, Kentucky, and New Hampshire • Third-party HRM clients in Kentucky, Wyoming, and New Hampshire - Integrated a diverse set of leading HRM gaming manufacturers into its HRM platform, including: AGS, IGT, Light & Wonder, Everi, Konami, and Incredible Technologies ■ Transaction benefits to CDI - - - Vertical integration of Exacta HRM operations with CDI HRM operations in Virginia provides significant and immediate cost saving synergies - Ability to drive diversification of game content available on the Exacta HRM system and at our Virginia HRM properties will improve top-line performance in both the TwinSpires and Live and Historical segments Enables CDI to drive HRM product innovation and capture portion of third-party B2B state expansion economics For tax purposes, the acquisition will be treated as an asset purchase allowing CDI to realize incremental tax benefits, which will provide additional cash flow and synergy benefits ■ Financial overview of transaction <~6.5x acquisition multiple prior to synergies Economics of the deal will flow through two segments of CDI's P&L: . • • TwinSpires segment will operate Exacta and continue to service third-party clients in Kentucky, Wyoming, New Hampshire, and new states as well as the intercompany properties in Virginia, Kentucky, and New Hampshire Live and Historical segment will reflect the technology cost savings and incremental top-line performance benefit from diversification of games for Virginia and other HRM properties Intercompany revenues and expenses will be eliminated on a consolidated basis 39 CHURCHILL DOWNS INCORPORATED#40TwinSpires Horse Racing Horse Racing Industry Handle and Online Wagering Online wagering on horse racing has grown significantly since 2020 Annual Growth U.S.Thoroughbred Horse Racing Handle! Quarterly Growth U.S.Thoroughbred Horse Racing Handle' $ in billions $12.2 $12.1 $10.9 $6.7 61% $6.7 54% $6.4 53% $ in billions 2% $11.7 CAGR $2.6 (2)% $2.5 2020 2021 2022 2023³ 4Q'223 4Q'23³ U.S. Online Wagering²,3 All Other Horse Racing Wagering I Represents wagering on U.S. Thoroughbred Horse Racing as reported by Equibase 2 U.S. Online Wagering as reported by the Oregon Racing Commission 40 3 As of the publication of this presentation, the Oregon Racing Commission has yet to publish U.S. Online Wagering for 2023 CHURCHILL DOWNS INCORPORATED#41TwinSpires Horse Racing TwinSpires Horse Racing TwinSpires Horse Racing business is a well-proven, profitable, and growing platform built on pari-mutuel wagering economics Strategic Advantages Linkage to the Kentucky Derby Inexpensively acquire new customers each year with an affinity for horse racing ■ Access to premier content because of ownership of the Kentucky Derby Customer relationships Highly engaged and growing database ■ Differentiate VIP relationships to build loyalty and retention ■ Unique ability to create once in a lifetime experiences at the Kentucky Derby Technology platform and analytics ■ Own technology platform with in-house development team ■ Utilize analytics on customer behavior to drive efficient customer acquisition, retention, and activation Management team 24/7/365 Wagering in 16 Countries with ~165,000 Races at 360 Racetracks TRIPLE CROWN KENTUCKY DERBY BELMONT STAKES PREAKNESS. SARATOGA COLONIAL DOWNS RACETRACK TM ☐ Significant online wagering and technology experience 41 BREEDERS' CUP KEENELAND. CHURCHILL DOWNS INCORPORATED#42TwinSpires TwinSpires B2B Growth Strategy - FanDuel and DraftKings Agreements FanDuel Agreement began in January 2023 ■ FanDuel created a fully integrated and seamless wagering experience with a single wallet for their customers who want to bet on sports and on horse racing with FanDuel TV driving ongoing engagement Key components of agreement: - - - Non-exclusive Kentucky Derby sponsorship rights for sports wagering Content fees for wagers that FanDuel accepts on CDI's owned or controlled horse racing content, including the Kentucky Derby Exclusive TV rights to racing content at all CDI Thoroughbred racetracks excluding specified content such as Kentucky Derby Week Utilization of CDI's United Tote business to facilitate pari-mutuel wagering on its platforms in the U.S. including FanDuel Sportsbook and TVG FANDUEL 42 DraftKings DraftKings launched DK HORSE in March 2023 ahead of the 149th running of the Kentucky Derby in May 2023 ■ DK HORSE allows DraftKings' eligible customers to bet on horse racing using a standalone branded app ◉ Key components of agreement: - - TwinSpires provides advanced deposit wagering ("ADW") technology to DraftKings for a full end- to-end label ADW solution CDI provides DraftKings pari-mutuel wagering rights to horse racing content owned or controlled by CDI, including the Kentucky Oaks and Kentucky Derby CDI also secures, on behalf of DraftKings, additional horse racing content for use on DK HORSE DRAFT KINGS DKC HORSE CHURCHILL DOWNS INCORPORATED#43TwinSpires Sports and Casino TwinSpires Sports and Casino Strategy CDI will maintain its retail sportsbooks and monetize online market access rights Jurisdiction Illinois Indiana Iowa Kentucky Louisiana Maine Maryland Mississippi New York Ohio Pennsylvania Virginia CDI Property Rivers Des Plaines Equity Investment' Terre Haute Casino Resort² Hard Rock Hotel and Casino Sioux City³ Churchill Downs Racetrack, Derby City Gaming, Turfway Park, Newport Racing & Gaming, Oak Grove, Ellis Park Fair Grounds Slots/VSI and Race Course Oxford Casino and Hotel4 The Casino at Ocean Downs Harlow's and Riverwalk Casinos del Lago Resort & Casino Miami Valley Gaming Equity Investment' Presque Isle Downs & Casino in Erie, PA Colonial Downs Racetrack5 Rivers Des Plaines and Miami Valley Gaming operate retail and online sports betting and their results are recorded in the Gaming segment 2 Terre Haute Casino Resort is scheduled for 2Q'23 completion and will include a retail sportsbook with two additional online skins that will be monetized 3 Hard Rock Hotel and Casino Sioux City discontinued online sports betting in 4Q'23 and continues to provide retail sports betting 4 Retail sports wagering only which is not operational yet 5 Online market access partner only 43 CHURCHILL DOWNS INCORPORATED#44Gaming Segment 44 CHURCHILL DOWNS INCORPORATED#45Gaming Segment Regional Gaming Properties Diverse portfolio of gaming properties Strategic Advantages Local approach Unique brands and marketing strategies ■ Menus and offerings reflect local tastes ■ Promotions catered to local customer base Loyal player base Business intelligence analytics ■ Utilize analytics on customer behavior to optimize customer trips and casino / food and beverage offerings Key Metrics $ in millions 2022 3Q'23 Revenue' $762 $245 VPY I VPQ +9% +32% Leverage corporate gaming expertise ◉ Adjusted Return on invested capital focused $422 $122 Gaming floor layout and game mix optimization focus EBITDA² ■ Centralized slot purchasing to leverage size ■ Centralized marketing resources facilitate shared best practices Regional property gaming leaders Significant overall gaming experience ■ Stable executive leadership maintains local market focus Revenue does not include revenue from our equity investments 2 Adjusted EBITDA includes our portion of EBITDA from our equity investments VPYI VPQ +2% +10% 45 CHURCHILL DOWNS INCORPORATED#46Wholly-Owned Gaming Properties Nine wholly-owned regional gaming properties Gaming Properties Slots' & Video State Property Acres Tables' Racetrack Poker/ Hotel Retail Rooms Sportsbook VLTs' FL Calder Casino 54 1,090 6 Hard Rock Hotel & Casino ΙΑ 15 660 20 54 Sioux City LA Fair Grounds Slots and VSI² 145 1,6203 ME Oxford Casino and Hotel4 97 960 28 100 MD The Casino at Ocean Downs 167 850 18 MS Harlow's Casino Resort & Spa 855 670 18 105 MS Riverwalk Casino Hotel 22 600 || 80 NY del Lago Resort & Casino 83 1,670 76 PA Presque Isle Casino 270 1,550 35 ✓ 205 ✓ ! Units as of December 31, 2022 2 Fair Grounds operates 15 OTBs across southeast Louisiana 3 Excludes 341 HRM units as of December 2022 4 Oxford retail sportsbook is approved but pending final regulations 5 Leased land 46 46 CHURCHILL DOWNS INCORPORATED#47Gaming Properties Equity Investments Rivers Casino Des Plaines (61% Ownership) Property ■ Premier location on 21 acres in Des Plaines, IL (~17 mi. from Chicago) ■ ~2,000 positions 1,2 (1,516 slot machines and 120 table games) ■ ■ Eight food and beverage outlets plus a VIP lounge Retail and online BetRivers sportsbook Completed $90MM investment³ in 78,000 sq-ft expansion in 2022 ☐ First phase of expansion added ~725 gaming positions and new restaurant in January 2022 ■ Second phase of expansion added poker room, new casino bar, and expanded gaming floor in April 2022 ■ 10,000 sq-ft ballroom added in May 2022 Miami Valley Gaming (50% Ownership) Property Located on 120 acres in Lebanon, OH (North of Cincinnati, south of Dayton) ■ ~2,250 video lottery terminals' and four dining facilities Joint venture (50/50) with Delaware North Completed two growth projects in 2022 Expanded the outdoor gaming patio in June 2022 to allow for 196 more machines and to add an outdoor bar Converted existing buffet space into two new food venues and added incremental gaming space in July 2022 RIVERS CASINO Miami Valley GAMING Units as of December 31, 2022 2 For purposes of statutory requirements, slot machines are counted as 0.9 positions and table games are determined based on type of game (Craps tables have 10 positions, all others have 5 positions). 3 Investment funded from Rivers Des Plaines operating cash flow and debt facilities for joint venture and not funded by CDI 47 CHURCHILL DOWNS INCORPORATED#48Capital Management 48 CHURCHILL DOWNS INCORPORATED#49Capital Management Capital management philosophy based on creating long-term shareholder value Maintain broad and expedient access to the capital markets ■ Ideal target is 3.0x-4.0x bank covenant net leverage - willing to go higher for a strategic investment Engage in open and active dialogue with rating agencies and institutional investors Investments focused on creating long-term shareholder value ■ Invest in organic investments to expand offerings in high growth areas with returns above cost of capital ■ Pursue strategic acquisitions ■ Dividends are considered annually by the Board of Directors based on the health of the Company Opportunistic share repurchases dependent upon free cash flow generation, leverage levels, and other investment opportunities to grow the business 49 CHURCHILL DOWNS INCORPORATED#50Capital Projects Capital Management Capital Maintenance Projects Projected Capital Investments 2023 Forecast $75 85 million $575 675 million ■ Churchill Downs ■ DCG ■ DCG Downtown ■ Ellis Park - ■ Louisiana HRMS ■New Hampshire ■ Terre Haute ☐ Virginia 2024 Outlook TBD TBD ■ Churchill Downs ■ Ellis / Owensboro ■ New Hampshire ■ Terre Haute " Virginia ■ Owensboro Capacity for Future Investments ▪ 4.1xTTM Bank Net Leverage as of September 30, 2023 ■ Significant balance sheet flexibility ■ $1.2 billion revolving credit facility ■ Demonstrated ability to access debt markets with attractive rates/terms 50 CHURCHILL DOWNS INCORPORATED#51Capital Management M&A and Organic Capital Investments are a Core Discipline of Our Team Disciplined M&A ■ Rivers Casino Des Plaines P2E: ~7.8x multiple including tax benefits, < 7.8x after realizing synergies from the Exacta transaction " Provides substantial scale and expands historical racing geographic diversification Future development rights and opportunities Focused Capital Investments Target unique, high cash generating assets ■ Churchill Downs Racetrack ■ Homestretch Club ■ First Turn Experience ■ Paddock Project Kentucky HRMS Strategic Seller of Assets Big Fish Games ☐ Purchased for $835 million' Dec. 2014 Sold for $990 million' in Jan. 2018 > 50% levered IRR ■ Calder land sales in 2016 and 2022 176.7 total acres, $317.5 million² total Virginia and New Hampshire HRMs ◉ Arlington property sale in 2023 ■ 326 acres, $197.2 million² total Gross, prior to settlement of working capital adjustments and transaction costs 2 Gross, prior to real estate commissions 51 CHURCHILL DOWNS INCORPORATED#52Capital Management CDI has returned nearly $1.7 billion of capital to shareholders since 2015 Dividends ■ January 2024 will be the 13th consecutive increase in the dividend per share Nearly $205 million paid to shareholders in dividends since 2015' Share Repurchases ▪ Returned $1.5 billion to shareholders through share repurchases since 2015' ◉ - Repurchased ~33.3 million shares at an average price of $45 per share1,2 $232.9 million remaining under the 2021 Stock Repurchase Plan on September 30, 2023 Reflects our long-term commitment to effectively return capital to shareholders unless there are more attractive growth opportunities 'Through September 30, 2023 2 Split adjusted shares 52 CHURCHILL DOWNS INCORPORATED#53Capital Management Churchill Downs Incorporated vs. S&P 500 10-Year Relative Growth Jan-19 5-Year Relative Growth CAGR 5-Year 10-Year CHDN 22% 24% +171% S&P 500 13% 11% +773% +82% Jan-20 Jan-21 Jan-22 Jan-23 Jan-24 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 -CHDN 53 ми +176% As of January 30, 2024 Jan-20 Jan-21 Jan-22 Jan-23 Jan-24 -S&P 500 CHURCHILL DOWNS INCORPORATED#54Environmental, Social, and Governance 54 54 CHURCHILL DOWNS INCORPORATED#55CDI Approach to Environment, Social and Governance ("ESG") ESG Committee established to lead ESG initiatives ■ Cross-functional team led by CFO ■ CDI's Nominating & Governance Committee provides oversight to the Committee and CDI leadership regarding CDI's ESG strategy ◉ Oversight of CDI's responsible gaming, compliance, environmental, health and safety, sustainability, corporate social responsibility, corporate governance, and other efforts regarding public policy matters and commitments Responsible Gaming ▪■ CDI only operates in regulated gaming markets ■ CDI promotes responsible gaming at all of our properties and online, for all of our products and services ■ CDI's leadership team and CDI's Audit Committee of the Board of Directors provide oversight Environment ■ CDI is committed to environmental responsibility in the communities in which we operate ■ CDI initiatives at properties to lessen energy and water usage, to decrease carbon emissions, and to responsibly manage waste are ongoing Social ■ CDI is investing in the communities in which we operate ■ CDI supports its team members by assisting with funding of continuing education and pursuit of professional licenses and designations, various leadership programs, and programs to help those in need Governance ■ We strive to attract a Board with diversity of race and gender, as well as general diversity of background and experiences including financial, industry, and risk experience ■ Each member of the Board brings unique skills and experiences to the team and plays a vital role in the direction of CDI 55 ESG CHURCHILL DOWNS INCORPORATED#56CDI Approach to Responsible Gaming CDI is committed to promoting responsible gaming at all of our properties and online, for all of our products and services Team Members We provide the knowledge and skills regarding: Importance of responsible gaming ☐ ■ CDI policies related to responsible gaming ■ CDI policies regarding advertising and direct marketing ■ How to actively recognize and respond to requests for information and to incidents Customers and Guests We provide information regarding: ■ Self-restriction and self-exclusion programs to not receive direct marketing and to be denied access to any CDI property ■ Education on how the games work, tips on how to play responsibly, and to provide referrals and support for problem gambling treatment Monitoring CDI's Audit Committee oversees compliance with responsible gaming regulations: ■ Quarterly self reporting of property incidents by CDI Leadership Team ■ Periodic internal audits reported to CDI's Audit Committee and state gaming regulators Periodic state gaming regulator audits 56 ESG CHURCHILL DOWNS INCORPORATED#57CDI Approach to Equine and Jockey Health and Safety CDI is committed to protecting and furthering equine and jockey health and safety at all of our racetracks Horseracing Integrity and Safety Act (HISA) ■ Independent body responsible for implementing national standards for medication usage and racetrack safety ■ The Anti-Doping and Medication Control (ADMC) Program was implemented in May 2023 and the Racetrack Safety Program was implemented in July 2022 - _ The ADMC creates a national set of rules and standards for the treatment of horses This is a welcome change from the prior model where states had their own independent medication programs HISA contracted veterinarians perform pre-race veterinary examinations of each horse competing prior to each and every race Equine Safety and Welfare ■ "Safety from Start to Finish" Program ■ All horses competing undergo veterinary reviews before each race or timed high-speed workout ☐ Equine medical center and on-site equine PET scan at CDRT to help detect and prevent injuries ■ CDI is investing in new technologies to monitor and assess equine athletes (e.g., StrideSAFE) Racing Integrity ■ Barn security and contact logs ■ Escorts and horse identification prior to races ■ Increased out-of-competition testing ■ HISA has hired a 23-year FBI veteran as their Director of Intelligence and Strategy with an extensive team that will use intelligence gathering, data analysis, and investigations to further strengthen the integrity of the industry Jockey Health and Safety ■ CDI tracks have numerous emergency medical technicians onsite during racing and training to provide care to jockeys HISA 57 ESG CHURCHILL DOWNS INCORPORATED#58CDI Approach to the Environment We have ongoing initiatives at our properties: ■ To lessen energy and water usage ■ To decrease our carbon emissions ■ To responsibly manage waste Examples of these initiatives include: ■ We are committed to installing LED lighting in all of our newly constructed properties and converting to LED lighting at our existing properties ■ Our properties are implementing a wide range of recycling initiatives ■ Our teams have enhanced the efficiency of our heating and cooling systems, including nightly setbacks, high efficiency compressors on HVAC equipment, and demand controlled ventilation at our properties ■ We installed large pipes at Churchill Downs Racetrack to act as storage basins during heavy rainfalls, reducing an estimated 12 million gallons of wastewater overflows into the neighboring communities ■ Eight of our properties have worked with Restaurant Technologies to utilize cooking oil recycling, reducing used cooking oil by 90,624 pounds annually We are committed to reducing our impact on the environment in the communities in which we operate 58 ESG CHURCHILL DOWNS INCORPORATED#59CDI Approach to Social CDI is investing in the communities in which we operate ☐ CDI contributes over $6.3 million annually via grants and in-kind donations to over 750 organizations Each year, CDI donates Derby Week tickets and experiences to nonprofit fundraising auctions, resulting in > $2.5 million raised to benefit various charitable causes Our team members demonstrate their commitment to our communities through toy and food drives, preparation of meals for those in need, and assisting nonprofits with a variety of volunteer initiatives like our School to Work Mentorship Program with Big Brothers Big Sisters of Kentuckiana ■ Our Kentucky Oaks charitable initiative fundraises for women's health advocacy, primarily focused on breast and ovarian cancer - More than $1 million raised for women's health advocacy since its inception BO KENTUCKY ES ESG Partnerships with Norton Cancer Institute and Horse & Hope help to provide preventative access to underserved women, including those that work in the equine industry Attendees are encouraged to incorporate pink or teal into their outfit and nearly 150 breast and ovarian cancer survivors march in the Survivors Parade CDI supports its team members by assisting with funding of continuing education and pursuit of professional licenses and designations, various leadership programs, and programs to help those in need ■ Our Business & Technology Rotational Program is a 2-year development track that provides a unique ☐ professional development and mentorship opportunity for young professionals to work with senior- level leaders CDI supports and encourages its team members to continue their academic growth by offering tuition reimbursement following one year of service ■ The Helping Others Receive Support in Emergencies (HORSE) Program is a nonprofit charitable organization established by CDI to provide confidential emergency financial assistance to team members and their families in situations caused by unforeseeable and uncontrolled hardships 59 CHURCHILL DOWNS INCORPORATED#60ESG CDI Approach to Governance Strong Board of Directors - nine highly qualified members that play a vital role in the direction of CDI ■ 8 of 9 directors are independent Fully independent Audit and Compensation committees ■ 3 of 8 independent directors are a woman or diverse ▪ Board includes financial, industry and risk management experts Oversight by Board of Directors regarding critical governance responsibilities ■ Risk Management ■ Sustainability Responsible Gaming ◉ Cyber Security ■ Code of Conduct Single-class capital structure protects investor rights Mandatory Board of Director retirement age of 72 Significant shareholder engagement throughout the year Policies and practices in place to protect the integrity of our business Anti-money laundering policy ■ Anti-corruption policy Mandatory ethics and cybersecurity training for all full-time employees 60 60 CHURCHILL DOWNS INCORPORATED#61Appendix 61 CHURCHILL DOWNS INCORPORATED#62Management Team Bill Carstanjen Chief Executive Officer Appendix ■ Chief Executive Officer since Aug. 2014; Director since 2015 ■ President and COO, Mar. 2011-Aug. 2014; COO, Jan. 2009 - Mar. 2011 ■ EVP, General Counsel & Chief Development Officer, July 2005 - Dec. 2008 Former Executive of GE ◉ Began career as attorney with Cravath, Swaine, & Moore LLP in NYC ■ Columbia Law School Bill Mudd President and Chief Operating Officer ■ Chief Operating Officer since Oct. 2015 President and Chief Financial Officer, Aug. 2014 - Oct. 2015 ■ Chief Financial Officer from Oct. 2007 to Aug. 2014 ■ 15-year multi-industry, multi-business background with GE ■ Former Captain in the U.S. Army Reserves B.A. in Mathematics from Bellarmine University; MBA Marcia Dall Executive Vice President and Chief Financial Officer ■ Chief Financial Officer since Oct. 2015 ■ Public company Chief Financial Officer for Erie Insurance Group / Erie Indemnity (Nasdaq: ERIE), Mar. 2009 to Oct. 2015 ■ 20+ year tenure with GE / GE Capital in finance / operational / executive roles - B.S. in Accounting – Indiana University; MBA – Kellogg School of Management at Northwestern University; CPA 62 CHURCHILL DOWNS INCORPORATED#63Board of Directors Alex Rankin Chairman of the Board ■ Independent Chairman since 2018 ■ Director since 2008 ■ Chairman of the Board of Sterling G. Thompson Company, LLC ■ President of Upson Downs Farm, Inc. ■ Chairman of James Graham Brown Foundation Bill Carstanjen ■ CEO since 2014; Director since 2015 CDI President and COO, 2011 - 2014; COO, 2009 - 2011 ■ CDI EVP, General Counsel & Chief Development Officer, 2005 - 2008 Former Executive of GE ◉ ■ Began career as attorney with Cravath, Swaine, & Moore LLP in NYC Appendix Ulysses Bridgeman, Jr. ■ Director since 2012 ■ Owner and CEO of Heartland Coca-Cola Bottling Company ■ Previously owner & CEO of various companies operating over 450 restaurants in 20 states ■ From 1975 - 1987 played professional basketball for the Milwaukee Bucks and Los Angeles Clippers 63 CHURCHILL DOWNS INCORPORATED#64Appendix Board of Directors (continued) Andréa Carter Director since 2022 ■ Senior Executive Vice President and Chief Human Resources Officer for Global Payments, Inc. in Atlanta ■ Extensive human resources executive experience with Habitat for Humanity, Ralph Lauren, Newell Rubbermaid, and The Home Depot Robert Fealy ■ Director since 2000 ■ Chair of Nominating and Governance Committee ◉ ◉ Managing Director of Limerick Investments, LLC Previously President, COO, and Director of The Duchossois Group Doug Grissom ■ Director since 2017 - Managing Director of Madison Dearborn Partners' Business & Government Software and Services team Previously with Bain Capital, McKinsey & Company and Goldman Sachs 64 CHURCHILL DOWNS INCORPORATED#65Board of Directors (continued) Daniel Harrington ■ Director since 1998 ■ Chair of Compensation Committee ■ President and CEO of HTV Industries, Inc. ■ Extensive financial, accounting, and Chief Executive experience Appendix Karole Lloyd ■ Director since 2018 ■ Chair of Audit Committee and serves on the Nominating & Governance Committee ■ Former Vice Chair and Southeast Regional Managing Partner for Ernst & Young LLP ■ Serves on the Board of Directors of Aflac Inc. ■ Handled mergers, IPOs, acquisitions, and divestures for EY Paul Varga ■ Director since 2020 ■ Former Chairman and CEO of Brown-Forman Corporation ■ Serves on the Board of Directors of Macy's Inc. ■ Considerable experience and expertise in corporate finance, building brand awareness, product development, marketing, and sales 65 CHURCHILL DOWNS INCORPORATED#66CDI Racetrack Overview Appendix Racetrack Churchill Downs Ellis Park Colonial Downs Presque Isle Downs Turfway Park Fair Grounds Miami Valley Gaming Oak Grove Ocean Downs Location Louisville, Kentucky Henderson, Kentucky New Kent, Virginia Erie, Florence, Pennsylvania Kentucky New Orleans, Louisiana Lebanon, Ohio Oak Grove, Kentucky Berlin, Maryland Race Season May-Jul. & Sept. & Nov. Jul.-Aug. Jul.-Sept. May-Oct. Nov.-Apr. Nov.-Mar. Jan.-May Apr.-Jul. May-Sept. Type of Racing Thoroughbred Thoroughbred Thoroughbred Thoroughbred Thoroughbred Thoroughbred Standardbred Standardbred Standardbred (Harness) (Harness) (Harness) 66 66 CHURCHILL DOWNS INCORPORATED#67Definition of Non-GAAP Financial Measures Churchill Downs Incorporated (the “Company”, “we”, “our”) uses non-GAAP measures as a key performance measure of the results of operations for purposes of evaluating performance internally. These measures facilitate comparison of operating performance between periods and help investors to better understand the operating results of the Company by excluding certain items that may not be indicative of the Company's core business or operating results. The Company believes the use of these measures enables management and investors to evaluate and compare, from period to period, the Company's operating performance in a meaningful and consistent manner. The non-GAAP measures are a supplemental measure of our performance that is not required by, or presented in accordance with, GAAP, and should not be considered as an alternative to, or more meaningful than, net income or diluted EPS (as determined in accordance with GAAP) as a measure of our operating results. We use Adjusted EBITDA to evaluate segment performance, develop strategy and allocate resources. We utilize the Adjusted EBITDA metric to provide a more accurate measure of our core operating results and enable management and investors to evaluate and compare from period to period our operating performance in a meaningful and consistent manner. Adjusted EBITDA should not be considered as an alternative to operating income as an indicator of performance, as an alternative to cash flows from operating activities as a measure of liquidity, or as an alternative to any other measure provided in accordance with GAAP. Our calculation of Adjusted EBITDA may be different from the calculation used by other companies and, therefore, comparability may be limited. Adjusted EBITDA is defined as earnings before interest, taxes, depreciation and amortization, adjusted for the following: Adjusted EBITDA includes our portion of the EBITDA from our equity investments. Adjusted EBITDA excludes: • Transaction expense, net which includes: • Acquisition, disposition, and land sale related charges; Direct online Sports and Casino business exit costs; and Other transaction expense, including legal, accounting, and other deal-related expense; Stock-based compensation expense; Rivers Des Plaines' impact on our investments in unconsolidated affiliates from: The impact of changes in fair value of interest rate swaps; and Legal reserves and transaction costs; Asset impairments; Gain on property and asset sales; Legal reserves; Pre-opening expense; and Other charges, recoveries and expenses 67 CHURCHILL DOWNS INCORPORATED#68Reconciliation from GAAP to Non-GAAP Financial Measures Reconciliation of Comprehensive Income to Adjusted EBITDA (in millions) Three Months Ended September 30, 2023 2022 Years Ended December 31, 2022 2021 Net income (loss) attributable to CDI 61.0 57.0 439.4 249.1 Net loss attributable to noncontrolling interest Net Income (loss) before noncontrolling interest 61.0 57.0 439.4 249.1 (Income) Loss from discontinued operations, net of tax Income from continuing operations, net of tax 61.0 57.0 439.4 249.1 Additions: Depreciation and amortization Interest expense Income tax provision (benefit) EBITDA Adjustments to EBITDA: 42.1 27.5 113.7 103.2 67.9 36.2 147.3 84.7 20.8 16.4 169.4 94.5 $ 191.8 $ 137.1 $ 869.8 $ 531.5 Stock-based compensation expense Legal reserves - Pre-opening expense and other expense 4.2 Arlington exit costs Other expenses, net Transaction expense, net Asset Impairments $ 8.1 $ 9.1 $ 31.8 $ 3.8 5.0 13.2 5.8 0.1 1.4 7.2 5.3 0.7 - 0.2 0.2 1.5 1.2 42.1 2.6 38.3 15.3 69 27.8 Other income, expense: Interest, depreciation and amortization expense related to 10.1 10.1 42.8 41.5 equity investments Changes in hair value of Rivers Des Plaines interest rate (12.6) (12.9) Swans Rivers Des Plaines' recapitalization and transactions costs 0.1 0.6 9.9 Other charges and recoveries, net 0.9 1.0 Gain on sale of assets (274.6) Total adjustments to EBITDA 26.4 26.1 (106.2) 95.5 Adjusted EBITDA $ 218.2 $ 163.2 $ 763.6 $ 627.0 Adjusted EBITDA by segment: Live and Historical Racing $ 80.9 $ 34.5 $ 287.5 $ 175.0 TwinSpires 33.9 31.1 114.1 82.7 Gaming 122.3 111.6 421.9 411.9 Total segment Adjusted EBITDA 237.1 177.2 823.5 669.6 All Other (18.9) (14.0) (59.9) (42.6) Total Adjusted EBITDA $ 218.2 $ 163.2 $ 763.6 $ 627.0 68 CHURCHILL DOWNS INCORPORATED