Investor Presentaiton

Capital 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

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