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Churchill Downs Incorporated Reports 2012 Fourth-Quarter And Year-End Results

Net earnings from continuing operations for the fourth-quarter of 2012 were $2.4 million, or $0.14 per diluted common share, versus $4.3 million, or $0.25 per diluted common share, during the final quarter of 2011.

CDI's fourth-quarter EBITDA (earnings before interest, taxes, depreciation and amortization) decreased to $17.6 million from the record $19.6 million reported during the same period last year.

Gaming EBITDA improved $2.4 million due to the acquisition of Riverwalk. Racing EBITDA declined $1.5 million primarily due to Churchill Downs Racetrack not hosting the Breeders' Cup in 2012, as they did in 2011. In addition, Corporate EBITDA decreased $2.1 million during the fourth-quarter of 2012 due to increases in equity compensation expenses related to the successful performance of the Company during 2012. Finally, Online Business EBITDA declined $0.7 million as expenditures related to the Company's new real money gaming site, Luckity.com, offset incremental EBITDA generated by growth in the segment's core operations.

2012 YEAR-END BUSINESS RESULTS

Net revenues from continuing operations for 2012 climbed to an all-time record $732.4 million, up from $696.9 million in 2011, a 5 percent increase. The growth in net revenues was due largely to the continued expansion of the Company's Online Business, a record Kentucky Oaks and Derby week performance and incremental net revenues from the October 2012 acquisition of Riverwalk. 

Net revenues from the Company's Gaming segment increased $10.5 million, primarily due to $10.3 million of net revenues generated by Riverwalk.  In addition, Gaming revenues increased $3.4 million at Harlow's Casino Resort & Spa (Harlow's) during the year ended December 31, 2012, which was closed for 25 days during the same period of 2011, as a result of damage sustained from the Mississippi River flooding. These increases were partially offset by a $5.0 million decline in net revenues at Calder Casino during the year ended December 31, 2012, due to increased regional competitive pressure from the opening of a new casino in Miami during January 2012, along with what we believe to be a weak South Florida economy. 

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