Investor Presentaiton

Capital 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

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