Investor Presentaiton

Capital Management We have demonstrated M&A is a core discipline of our team Typical M&A Target Screen Regional casino assets with future growth potential Well positioned competitively - existing gaming and future gaming expansion Accretive to free cash flow and earnings per share with returns above cost of capital And, we have shown our ability to be a disciplined seller of assets Land Sales Sold 61 acres of excess Calder land for $26.5 million or $434k per acre' in 2016 Sold 115.7 acres of excess Calder land for $291 million or $2.5 million per acre' in June 2022 Announced agreement to sell 326-acre Arlington property for $197.2 million in 2021 Big Fish Games Purchased for $835 million² Dec. 2014 Sold for $990 million² in Jan. 2018 > 50% levered IRR Saratoga – New York - and Colorado Swapped 25% equity ownership in - Saratoga – New York and Colorado for remaining 50% equity ownership in Ocean Downs Casino in Aug. 2018 Retained rights to online sports betting and iGaming if regulation allows in the future Excluding real estate commissions paid 2 Gross, prior to settlement of working capital adjustments and transaction costs 62 CHURCHILL DOWNS INCORPORATED

View entire presentation