Photo Release -- Miami Valley Gaming & Racing Completes Purchase of Racing Licenses From Lebanon Trotting Club Inc., Miami

Photo Release -- Miami Valley Gaming & Racing Completes Purchase of Racing
Licenses From Lebanon Trotting Club Inc., Miami Valley Trotting Inc.

New, World-Class Gaming and Racing Facility Will Open in Early 2014 With up to
2,500 Video Lottery Terminals

BUFFALO, N.Y. and LOUISVILLE, Ky., Dec. 21, 2012 (GLOBE NEWSWIRE) -- Miami
Valley Gaming & Racing, a joint venture of Delaware North Companies Gaming &
Entertainment and Churchill Downs Incorporated (CDI), today completed its
purchase of the harness racing licenses and certain assets held by Lebanon
Trotting Club Inc. and Miami Valley Trotting Inc.

Miami Valley Gaming and Racing New
Facility Rendering
 Rendering of new, world-class gaming
 and racing facility with up to 2,500
 video lottery terminals. The closing on
 the purchase and recent state and local
 approvals pave the way for construction
 to begin on a new gaming and racing
 facility located near exit 29 off of
 Interstate 75 between Cincinnati and
 Dayton. The new facility is expected to
 open in the first quarter of 2014.

A photo accompanying this release is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=16414

The closing on the purchase and recent state and local approvals pave the way
for construction to begin on a new gaming and racing facility located near
exit 29 off of Interstate 75 between Cincinnati and Dayton. The new facility
is expected to open in the first quarter of 2014.

"We are pleased to be moving forward with this significant economic
development project that is expected to add $24 million a year to the local
economy and create 1,000 construction jobs and 700 permanent jobs in
southwestern Ohio," said William Bissett, President of Delaware North
Companies Gaming & Entertainment.

Bill Carstanjen, CDI's President and Chief Operating Officer, added, "We
appreciate the hard work of everyone involved, including the Ohio State Racing
Commission and the Ohio Lottery Commission, to complete the necessary steps
for us to build this new, world-class gaming and racing facility that we
expect will be another great entertainment destination in Ohio."

When construction of the new venue is completed, harness racing and simulcast
operations will move from the current location at the Warren County
Fairgrounds to the new gaming and racing complex on the northeast corner of
Union Road and State Route 63 in Turtle Creek Township in Warren County. The
joint venture finalized the acquisition of this land with the Ohio Department
of Administrative Services on Dec. 20, 2012.

The new facility will include a 5/8-mile harness racing track and a
186,000-square-foot gaming facility, featuring up to 2,500 video lottery
terminals (VLTs), on the 120-acre site. The Warren County Board of
Commissioners approved the planned use development for the new facility in
October. Miami Valley Gaming & Racing will invest approximately $215 million,
including the $50 million license fee payable to the Ohio Lottery Commission.

The purchase was contingent upon the approval of the partnership's respective
applications to the Ohio Lottery Commission and the Ohio State Racing
Commission. The Ohio State Racing Commission approved the joint venture's
racing license and application to relocate the raceway on Dec. 13, 2012. The
Ohio Lottery Commission conditionally approved Miami Valley Gaming & Racing's
application for its video lottery sales agent license on Dec. 19, 2012.

Racing and simulcasting will continue at the Warren County Fairgrounds
facility until construction of the new facility is complete.

About Delaware North Companies Gaming & Entertainment

Delaware North Companies Gaming & Entertainment is one of the most innovative
gaming and racing operators in the country, owning and/or operating several
successful regional destination casinos and specializing in racing venues with
added amenities such as table games, video gaming machines, poker rooms,
full-service restaurants, retail shops and lodging. The company operates
gaming and hospitality services at locations in New York, Illinois, Florida,
West Virginia, Arkansas and Oklahoma. Delaware North Companies Gaming &
Entertainment is a subsidiary of Delaware North Companies.

Delaware North Companies is one of the largest privately held hospitality
companies in the world. Founded and owned by the Jacobs family for nearly 100
years, it is a global leader in hospitality and food service. Its family of
companies includes Delaware North Companies Parks & Resorts, Delaware North
Companies Gaming & Entertainment, Delaware North Companies Travel Hospitality
Services, Delaware North Companies Sportservice, Delaware North Companies
International and Delaware North Companies Boston, owner of TD Garden.
Delaware North Companies has revenue exceeding $2.6 billion annually and
55,000 associates serving half a billion customers in the United States,
Canada, the United Kingdom, Australia and New Zealand. For more information,
visit www.DelawareNorth.com.

Delaware North Companies has operated in Ohio for more than 50 years,
employing more than 3,200 Ohioans in 2011 and serving in excess of 10 million
guests annually at venues across the state. Ohio is one of the company's top
three states in terms of the number of locations, revenue and taxes paid.
Delaware North Companies operates all food and retail services at the Great
American Ball Park in Cincinnati and Nationwide Arena in Columbus, as well as
food concessions at Progressive Field and Cleveland Browns Stadium. Delaware
North Companies also manages The Lodge at Geneva-on-the-Lake in the heart of
Ohio's wine country along Lake Erie.

About Churchill Downs Incorporated

Churchill Downs Incorporated (CDI) (Nasdaq:CHDN), headquartered in Louisville,
Ky., owns and operates the world-renowned Churchill Downs Racetrack, home of
the Kentucky Derby and Kentucky Oaks, as well as racetrack and casino
operations and a poker room in Miami Gardens, Fla.; racetrack, casino and
video poker operations in New Orleans, La.; racetrack operations in Arlington
Heights, Ill.; a casino resort in Greenville, Miss.; as well as a casino hotel
in Vicksburg, Miss.; CDI also owns the country's premier online wagering
company, TwinSpires.com; the totalisator company, United Tote; Luckity.com,
offering fun games online for a chance to win cash prizes; Bluff Media, an
Atlanta-based multimedia poker company; and a collection of racing-related
telecommunications and data companies. Information about CDI can be found
online at www.churchilldownsincorporated.com.

Information set forth in this news release contains various "forward-looking
statements" within the meaning of Section 27A of the Securities Act of 1933
and Section 21E of the Securities Exchange Act of 1934. The Private Securities
Litigation Reform Act of 1995 (the "Act") provides certain "safe harbor"
provisions for forward-looking statements.

The reader is cautioned that such forward-looking statements are based on
information available at the time and/or management's good faith belief with
respect to future events, and are subject to risks and uncertainties that
could cause actual performance or results to differ materially from those
expressed in the statements. Forward-looking statements speak only as of the
date the statement was made. We assume no obligation to update forward-looking
information to reflect actual results, changes in assumptions or changes in
other factors affecting forward-looking information. Forward-looking
statements are typically identified by the use of terms such as "anticipate,"
"believe," "could," "estimate," "expect," "intend," "may," "might," "plan,"
"predict," "project," "hope," "should," "will," and similar words, although
some forward-looking statements are expressed differently. Although we believe
that the expectations reflected in such forward-looking statements are
reasonable, we can give no assurance that such expectations will prove to be
correct. Important factors that could cause actual results to differ
materially from expectations include: the effect of global economic
conditions, including any disruptions in the credit markets; a decrease in
consumers' discretionary income; the effect (including possible increases in
the cost of doing business) resulting from future war and terrorist activities
or political uncertainties; the overall economic environment; the impact of
increasing insurance costs; the impact of interest rate fluctuations; the
effect of any change in our accounting policies or practices; the financial
performance of our racing operations; the impact of gaming competition
(including lotteries, online gaming and riverboat, cruise ship and land-based
casinos) and other sports and entertainment options in the markets in which we
operate; our ability to maintain racing and gaming licenses to conduct our
businesses; the impact of live racing day competition with other Florida,
Illinois and Louisiana racetracks within those respective markets; the impact
of higher purses and other incentives in states that compete with our
racetracks; costs associated with our efforts in support of alternative gaming
initiatives; costs associated with customer relationship management
initiatives; a substantial change in law or regulations affecting pari-mutuel
and gaming activities; a substantial change in allocation of live racing days;
changes in Kentucky, Florida, Illinois or Louisiana law or regulations that
impact revenues or costs of racing operations in those states; the presence of
wagering and gaming operations at other states' racetracks and casinos near
our operations; our continued ability to effectively compete for the country's
horses and trainers necessary to achieve full field horse races; our continued
ability to grow our share of the interstate simulcast market and obtain the
consents of horsemen's groups to interstate simulcasting; our ability to enter
into agreements with other industry constituents for the purchase and sale of
racing content for wagering purposes; our ability to execute our acquisition
strategy and to complete or successfully operate planned expansion projects;
our ability to successfully complete any divestiture transaction; market
reaction to our expansion projects; the inability of our totalisator company,
United Tote, to maintain its processes accurately or keep its technology
current; our accountability for environmental contamination; the ability of
our online business to prevent security breaches within its online
technologies; the loss of key personnel; the impact of natural and other
disasters on our operations and our ability to obtain insurance recoveries in
respect of such losses (including losses related to business interruption);
our ability to integrate any businesses we acquire into our existing
operations, including our ability to maintain revenues at historic levels and
achieve anticipated cost savings; the impact of wagering laws, including
changes in laws or enforcement of those laws by regulatory agencies; the
outcome of pending or threatened litigation; changes in our relationships with
horsemen's groups and their memberships; our ability to reach agreement with
horsemen's groups on future purse and other agreements (including, without
limiting, agreements on sharing of revenues from gaming and advance deposit
wagering); the effect of claims of third parties to intellectual property
rights; and the volatility of our stock price.

CONTACT: Media Contact: Amanda Wurst
         Paul Werth Associates
         (614) 224-8114 (office)
         (614) 832-7512 (mobile)
         awurst@paulwerth.com
 
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