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CHURCHILL DOWNS BOARD APPROVES ADDITIONAL MONEY FOR CAPITAL IMPROVEMENTS, DECLARES ANNUAL DIVIDEND

 LOUISVILLE, Ky., Nov. 18 /PRNewswire/ -- The Churchill Downs (NASDAQ SmallCap: CHDN) board of directors today approved $1.8 million for capital improvements at Churchill Downs and declared an annual dividend of $.50 per share. Both actions took place at a regularly scheduled quarterly board meeting.
 Included in the $1.8 million will be extensive general maintenance of the backside stable area, such as painting, stall refurbishing and roof repairs for the barns, further improvements to the Churchill Downs grandstand, and updating of the track's fire protection system.
 The company's declared annual dividend of $.50 per share will be payable on Jan. 14, 1994, to the stockholders of record as of Dec. 31, 1993. The board also approved changing the company's Jan. 31 fiscal year end to a Dec. 31 calendar year end.
 In other action, the board approved the election of the following officers for the Churchill Downs Management Company: Thomas H. Meeker, chairman; Jeffrey M. Smith, president; Alexander M. Waldrop, secretary, and Vicki L. Baumgardner, treasurer. The Management Company is a wholly owned subsidiary of Churchill Downs which pursues business and management opportunities within the racing and gaming industries. Churchill Downs is currently involved in the construction of Hoosier Park in Anderson, Ind., one of two horse racing permit holders in that state. The company is also pursuing a racetrack license in Virginia. The company in no longer pursuing a riverboat gaming license in Clark County, Ind., due to the failure of the Nov. 2 referendum, but the company is considering other sites for riverboats in the state.
 Finally, Meeker reported that Churchill Downs has joined with other horse racetracks in Kentucky to form "Kentucky to the Front." The newly formed association is studying the issue of casino gaming at racetracks in Kentucky and hopes to make recommendations in early 1994.
 Churchill Downs, the world's most legendary racetrack, is a publicly held company that conducts Thoroughbred racing. The track was established in 1874 and is home of the Kentucky Derby. The 120th running of the Derby will be held on May 7, 1994. Churchill Downs trades on the NASDAQ SmallCap Market under the symbol CHDN.
 -0- 11/18/93
 /CONTACT: Communications Dept., Churchill Downs, 502-636-4460/
 (CHDN)


CO: Churchill Downs Incorporated ST: Kentucky IN: LEI CNO SU: DIV PER

MM -- CH007 -- 6083 11/18/93 13:40 EST
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Publication:PR Newswire
Date:Nov 18, 1993
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