Investor Presentaiton

Capital Projects Capital Management Capital Maintenance Project Projected Capital Investments 2021 Actuals $40 million $52 million ■ Oak Grove ■ Newport ■ Turfway Park 2022 Forecast $60-70 million $300 350 million ■ Churchill Downs ■ Churchill Downs ◉ ■ Turfway Park Derby City Gaming ◉ Queen of Terre Haute ■ DCG Downtown ■ Louisiana HRMS Capacity for Future Investments ■ 2.3x TTM Bank Net Leverage as of June 30, 2022 ■ Significant balance sheet flexibility ◉ $1.2 billion undrawn credit facility' ▪ Demonstrated ability to access debt markets with attractive rates/terms 1 $1.195 billion available, net of $5 million outstanding letters of credit 60 60 CHURCHILL DOWNS INCORPORATED

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