CHURCHILL DOWNS INC
10-K/A, 1995-04-27
RACING, INCLUDING TRACK OPERATION
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                                  FORM 10-K/A

                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

[X]             ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF
                    THE SECURITIES EXCHANGE ACT OF 1934 [FEE REQUIRED] 
                  For the fiscal year ended December 31, 1994

                                       or

[ ]        TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
               SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
        For the transition period from _______________ to_______________

                         Commission File Number 0-1469

                          CHURCHILL DOWNS INCORPORATED
                           (Exact name of Registrant
                          as specified in its charter)

KENTUCKY                                                           61-0156015
(State of Incorporation)                                       (I.R.S. Employer
                                                             Identification No.)

                 700 CENTRAL AVENUE, LOUISVILLE, KENTUCKY 40208
               (Address of principal executive offices)(Zip Code)

        Registrant's telephone number, including area code: 502/636-4400

Securities registered pursuant to Section 12(b) of the Act:    NONE

Securities registered pursuant to Section 12(g) of the Act:
                           COMMON STOCK, NO PAR VALUE
                                (Title of Class)

Indicate by check mark whether the Registrant (1) has filed all reports required
to be filed by  Sections  13 or 15(d)  of the  Securities  Exchange  Act of 1934
during  the  preceding  12  months  and  (2) has  been  subject  to such  filing
requirements for the past 90 days. Yes X No

Indicate by check mark if disclosure of delinquent  filers  pursuant to Item 405
of Regulation S-K is not contained herein and will not be contained, to the best
of the Registrant's  knowledge,  in definitive  proxy or information  statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K. [ ]

As of March 27, 1995, the estimated  aggregate market value of the shares of the
Registrant's   Common  Stock  held  by  non-affiliates  of  the  Registrant  was
approximately $113,000,000.

As of March 27, 1995,  3,783,318  shares of the  Registrant's  Common Stock were
outstanding.



                  This Report consists of 22 consecutively numbered pages.

                  The date of this Report is April 27, 1995.






<PAGE>




                                    CONTENTS


                                                                     PAGE



                                    PART III

ITEM 10.          DIRECTORS AND EXECUTIVE OFFICERS OF THE
                    REGISTRANT                                        3

ITEM 11.          EXECUTIVE COMPENSATION                              9

ITEM 12.          SECURITY OWNERSHIP OF CERTAIN BENEFICIAL
                    OWNERS AND MANAGEMENT                            19

ITEM 13.          CERTAIN RELATIONSHIPS AND RELATED
                    TRANSACTIONS                                     20



<PAGE>






                                    PART III

                             ITEM 10. DIRECTORS AND
                      EXECUTIVE OFFICERS OF THE REGISTRANT



                  The  following  table sets forth  information  relating to the
Class I, Class II and Class III directors of the Company,  the Directors Emeriti
and nominees for election as directors  who  are  not currently directors of the
Company,  and  the  beneficial  ownership of  Common Stock by such directors and
nominees. 
<TABLE> 
<CAPTION>

                                                                                   Common Stock of the Company
                                                                                     Beneficially Owned as of
                                                                                        APRIL 1, 1995 (3)(4)
           Name, Age and                   Principal Occupation (1) and
      POSITIONS WITH COMPANY                CERTAIN DIRECTORSHIPS (2)                    AMOUNT      % OF CLASS

<S>                                  <C>                                              <C>               <C>

                                         CLASS I - TERMS EXPIRING IN 1997

William S. Farish                    President, W.S. Farish & Company (Trust            25,280(5)        .7%
56                                   management company) and Owner, Lane's
Director since 1985; Chairman        End Farm; Director, Breeder's Cup
since 1992                           Limited and Keeneland Association,
                                     Incorporated; Vice Chairman and Steward
                                     of Jockey Club; Advisory Director,
                                     Galveston-Houston Company, Inc. and
                                     Post Oak Bank; President, Ephraim
                                     McDowell Cancer Research Foundation

Daniel M. Galbreath                  Chairman and Chief Executive Officer,             122,150          3.2%
66                                   The Galbreath Company (Realtor and
Director since 1979                  builder); Director, Breeder's Cup
                                     Limited, Keeneland Association,
                                     Incorporated and BCF Management, Inc.;
                                     General Partner of Bordon Chemicals &
                                     Plastics, Limited Partnership; Owner,
                                     Darby Dan Farms

Arthur B. Modell                     President and Director, Cleveland                   1,000           *
69                                   Browns Football Company, Inc.
Director since 1985                  (Professional football team); Board of
                                     Trustees and President, Cleveland
                                     Clinic Foundation; Director, Lake Erie
                                     Radio Co.


</TABLE>

<PAGE>


<TABLE>

<CAPTION>

                                        CLASS II - TERMS EXPIRING IN 1995
<S>                                  <C>                                             <C>                <C>

Catesby W. Clay                      Chairman, Kentucky River Coal                    46,630(5)         1.2%
71                                   Corporation (Coal land lessor);
Director since 1953                  President, Runnymede Farm, Inc.
                                     (Thoroughbred breeding); Director,
                                     National Council of Coal Lessors
                                     (Executive Committee), Kentucky Coal
                                     Association, University of Kentucky
                                     Mining Engineering Foundation; Director
                                     and President, Foundation for Drug-Free
                                     Youth

J. David Grissom                     Chairman, Mayfair Capital (Private               10,050(5)          .3%
56                                   investment firm); Chairman and Chief
Director since 1979                  Executive Officer, PNC Bank, Kentucky,
                                     Inc. and Vice Chairman, PNC Financial
                                     Corp. (until April, 1989); Director,
                                     Transco Energy Company, Providian
                                     Corporation, Columbia/HCA Healthcare
                                     Corporation, LG&E Energy Corporation,
                                     Regal Cinemas, Inc. and Sphere Drake
                                     Holdings Limited; Chairman, Centre
                                     College Board of Trustees

Seth W. Hancock                      Partner and Manager, Claiborne Farm and         142,825(5)         3.8%
45                                   President, Hancock Farms, Inc.
Director since 1973                  (Thoroughbred breeding and farming);
                                     Vice President and Director, Clay Ward
                                     Agency, Inc. (Equine insurance);
                                     Director, Hopewell Company and
                                     Keeneland Association, Incorporated and
                                     Breeder's Cup Limited (Executive
                                     Committee)

Frank B. Hower, Jr.                  Retired; Former Chairman, Liberty                  1,040(5)         *
66                                   National Bancorp, Inc. (Bank holding
Director since 1979                  company) and Liberty National Bank &
                                     Trust Company of Louisville (until
                                     February, 1990); Director, Liberty
                                     National Bancorp, Inc., American Life
                                     and Accident Insurance Company, The
                                     Associated Group, Regional Airport
                                     Authority of Louisville and Jefferson
                                     County and Kentucky Historical Society;
                                     Member, Board of Trustees, Centre
                                     College, J. Graham Brown Foundation and
                                     University of Louisville
</TABLE>

<PAGE>
<TABLE>

                                        CLASS III - TERMS EXPIRING IN 1996
<S>                                  <C>                                             <C>                <C>

Charles W. Bidwill, Jr.              President and General Manager, National         221,259(5)         5.8%
66                                   Jockey Club (Operator of Sportsman's
Director since 1982                  Park Racetrack); Director, Orange Park
                                     Kennel Club, Associated Outdoor Clubs
                                     (Tampa Greyhound Track), Bayard
                                     Raceways and Caterers of North Florida,
                                     Jacksonville Kennel Club, Big Shoulders
                                     Fund, Archdiocese of Chicago, Link
                                     Unlimited

Carl F. Pollard                      Owner, Hermitage Farm beginning in 1994          73,040(5)         1.9%
56                                   (Thoroughbred breeding); Director and
Director since 1985                  Chairman of the Executive Committee,
                                     Columbia/HCA Healthcare Corporation;
                                     Former Chairman of the Board, Columbia
                                     Healthcare Corporation; President and
                                     Chief Operating Officer (1991-March
                                     1993) and Senior Executive Vice
                                     President (1984-1991), Humana Inc.
                                     (Hospitals and health services);
                                     Director, National City Bank, Kentucky
                                     and Vestar, Inc.; President and
                                     Director, Kentucky Derby Museum
                                     Corporation

Darrell R. Wells (6)                 General Partner, Security Management            232,930(5)         6.2%
51                                   Company (Investments); Director, First
Director since 1985                  Security Trust Company, Shelby County
                                     Trust Bank, Commonwealth Bancshares,
                                     Citizens Financial Corporation,
                                     Commonwealth Bank & Trust Company and
                                     Jundt Growth Fund

                                               DIRECTORS EMERITI (7)

Louis J. Herrmann, Jr.               Owner, Louis Herrmann Auto Consultant            50,265(5)         1.3%
75                                   Incorporated (Automobile sales);
Director since 1968; Secretary-      Director, Kentucky Mutual Life
Treasurer from 1985 to 1986;         Insurance Company
Director Emeritus since 1994

John W. Barr, III                    Retired; Former Chairman, National City           2,000(5)          .1%
74                                   Bank, Kentucky (Bank holding company);
Director from 1979 to 1993;          Director, Kitchen Kompact Company;
Director Emeritus since 1993         Director, Speed Museum, Cave Hill
                                     Cemetery, Boy Scouts and American
                                     Printing House for the Blind

Stanley F. Hugenberg, Jr.            President, Jackantom Sales Company                3,670(5)          .1%
77                                   (Manufacturers' representative);
Director from 1982 to 1992;          Member, Board of Trustees, J. Graham
Director Emeritus since 1992         Brown Foundation; Director, Kentucky
                                     Derby Museum Corporation

William T. Young                     Chairman, W.T. Young, Inc. (Warehousing         114,660(5)         3.0%
77                                   and thoroughbred horses); Director,
Director from 1985 to 1992;          Columbia/HCA Healthcare Corporation
Director Emeritus since 1992

Y. Peyton Wells, Jr. (6)             Retired; Former President and Director,           17,650            .5%
84                                   Shelby County Trust Bank
Director from 1967 to 1985;
Vice President from 1980 to 1985;  
Director Emeritus ince 1985 
</TABLE> 
<PAGE>


<TABLE>
<CAPTION>

                                        NOMINEES FOR ELECTION AS DIRECTORS
                                            NOT CURRENTLY DIRECTORS
<S>                                  <C>                                            <C>                <C>
                                        CLASS I - TERM EXPIRING IN 1997

G. Watts Humphrey, Jr.               President, GWH Holdings (Private                    -0-             *
50                                   investment company); Chief Executive
Nominee for Director                 Officer, The Conair Group, Inc.,
                                     Metaltech, Nextech and Smith-Steelite;
                                     Deputy Chairman - Fourth District,
                                     Federal Reserve Bank Board of
                                     Cleveland; Chairman, The Society of
                                     Plastics Industry, Inc. and The
                                     Blood-Horse, Inc.; Director, Keeneland
                                     Association, Incorporated

                                         CLASS II - TERM EXPIRING IN 1998

W. Bruce Lunsford                    Chairman, President and Chief Executive        100,030(5)         2.6%
47                                   Officer, Vencor, Inc. (Intensive care
Nominee for Director                 hospitals and nursing homes); Director,
                                     ResCare, Inc., National City Bank,
                                     Kentucky (Executive Committee),
                                     Kentucky Economic Development
                                     Corporation and Kentucky Country Day
                                     School; Member, Board of Trustees,
                                     Bellarmine College and Centre College

                                        CLASS III - TERM EXPIRING IN 1996

Thomas H. Meeker                     President and Chief Executive Officer            29,437(5)(8)       .8%
51                                   of the Company; Director, Thoroughbred
Nominee for Director                 Racing Association of North America,
                                     Inc. (Executive Committee), Equibase
                                     Company, PNC Bank, Kentucky, Inc.
                                     (Chairman, Audit Committee), Bell South
                                     Telecommunications, Inc. (Vice
                                     Chairman, Executive Committee) and
                                     Alliant Health Systems, Inc. (Executive
                                     Committee)
<FN>
*Less than 0.1%

(1)      Except as  otherwise  indicated,  there has been no change in principal
         occupation or employment during the past five years.

(2)      Directorships  in  companies  registered  pursuant  to  the  Securities
         Exchange Act of 1934 or the Investment  Company Act of 1940 and, in the
         case of certain directors,  other directorships  considered significant
         by them.

(3)      No director or nominee shares voting or investment power of his
         beneficially   owned  shares,  except   that   Messrs.  Bidwill,  Clay,
         Galbreath, Hancock, Herrmann and Wells share with others the voting and
         investment power with respect to 2,919, 43,630, 27,377, 106,325, 10,200
         and 232,930 shares, respectively,  and Mr.  Lunsford shares  investment
         power with respect to 10,000 shares.  Of the total shares listed above,
         Mr. Clay specifically disclaims beneficial ownership of  10,950  shares
         owned by the Agnes Clay  Pringle  Trust of which he is the trustee, and
         Mr.  Hancock  specifically  disclaims  beneficial  ownership  of 79,200
         shares owned by the A.B. Hancock, Jr. Marital  Trust  of which  is  the
         trustee, of 9,030 shares owned by the Nancy Clay Hancock Trust of which
         he is a trustee and of 6,043.33  shares held by the ABC  Partnership of
         which he  is a general  partner, and  Mr. Wells  disclaims  beneficial
         ownership of 22,400 shares held by The Wells Foundation,  Inc. of which
         he is a  trustee  and of 135,791.90  shares  held  by The  Wells Family
         Partnership of which he is the Managing General Partner.

(4)      Does not include  shares held by certain  adult members of the families
         of certain  directors,  or in some cases by fiduciaries for the benefit
         of family  members,  as to which  such  directors  disclaim  beneficial
         ownership.

(5)      Messrs.  Farish,  Clay,  Grissom,  Hancock,  Hower,  Bidwill,  Pollard,
         Darrell Wells,    Herrmann, Barr, Hugenberg, Young, Lunsford and Meeker
         are  signatories  to the Stockholder Agreement with  respect to 25,280,
         46,630,  10,050,  142,825,  1,040, 222,259 (including  shares  acquired
         after April 1, 1995), 73,040, 232,930, 40,065, 2,000,  3,670,  114,660,
         100,030 and  29,437  shares,  respectively.  See  Item   12.  "Security
         Ownership  of  Certain   Beneficial  Owners and Management."

(6)      Darrell R. Wells is the nephew of Y. Peyton Wells, Jr.

(7)      Directors  Emeriti  are  entitled  to attend  meetings of the Board  of
         Directors but do not have a vote on matters  presented to the Board.
         The Bylaws  provide  that  once a  director  is 72  years  of  age,  he
         may  not  stand  for  re-election  but  shall assume  Director  Emeriti
         status as of the annual meeting  following  his current term of service
         as  a director.  The  Chairman of the  Board may continue to serve as a
         director notwithstanding this provision.

(8)      Includes 717 shares issuable under the Company's Incentive Compensation
         Plan and 16,900 shares issuable under currently exercisable options.
</FN>
</TABLE>

                       EXECUTIVE OFFICERS OF THE COMPANY

                  The Company's executive officers, as listed below, are elected
annually to their  executive  offices and serve at the  pleasure of the Board of
Directors.
<TABLE>
<CAPTION>

                                                                                                Common Stock of
                                                                                                  the Company
                                                                                              Beneficially Owned
                                                                                          AS OF APRIL 1, 1995(1)(2)

                                    Position(s) With Company                                              % of
  NAME AND AGE                         AND TERM OF OFFICE                                  AMOUNT        CLASS
<S>                                  <C>                                                <C>                <C>

William S. Farish (3)                Director since 1985;                               25,280(4)          .7%
56                                   Chairman of the Board
                                     since 1992

Thomas H. Meeker                     President and Chief Executive                      29,437(4)(5)       .8%
51                                   Officer since 1984

Jeffrey M. Smith                     Senior Vice President of Planning                   3,349(6)          .1%
42                                   and Development since February 1993;
                                     Senior Vice President of Finance from 1991
                                     to 1993; Treasurer from 1986 to 1993; Vice
                                     President of Finance from 1990 to 1991;
                                     Secretary from 1986 to 1990

Dan L. Parkerson                     Senior Vice President of Operations                 2,450(7)          .1%
52                                   since February 1991 and General
                                     Manager since June 1991; Vice President of
                                     Operations from 1990 to 1991; Director of
                                     Operations from 1986 to 1990

David E. Carrico                     Senior Vice President of Administration             2,310(8)          .1%
44                                   since June 1994; Vice President of
                                     Marketing from 1990 to June 1994;
                                     Director of Marketing from 1984 to 1990
<PAGE>
Alexander M. Waldrop                 Senior Vice President since June 1994;              3,104(9)          .1%
38                                   General Counsel and Secretary since
                                     August 1992

Vicki L. Baumgardner                 Vice President of Finance and                       1,653(10)          *
43                                   Treasurer since to February 1993;
                                     Controller from 1989
<FN>
* Less than 0.1%

(1)     See the Table on  Options/SAR  Grants in Last Fiscal Year under Item 11.
        "Executive  Compensation"  for a discussion of stock options  granted by
        the Board of Directors to executive officers during 1994 and 1995.

(2)     No executive  officer shares voting or investment  power with respect to
        his or her beneficially owned shares.

(3)     Mr. Farish does not serve  full-time as an executive  officer of the
        Company and is not  compensated  as an officer of the Company.

(4)     All shares  owned by Mr.  Farish and Mr.  Meeker are  subject to the
        Stockholder  Agreement.  See  Item  12.  "Security  Ownership of Certain
        Beneficial Owners and Management."

(5)     Includes 717 shares issuable under the Company's Incentive  Compensation
        Plan and 16,900 shares issuable under currently exercisable options.

(6)     Includes 108 shares issuable under the Company's Incentive  Compensation
        Plan and 3,000 shares issuable under currently exercisable options.

(7)     Includes 109 shares issuable under the Company's Incentive  Compensation
        Plan and 2,000 shares issuable under currently exercisable options.

(8)     Includes 104 shares issuable under the Company's Incentive  Compensation
        Plan and 2,000 shares issuable under currently exercisable options.

(9)     Includes 104 shares issuable under the Company's Incentive  Compensation
        Plan and 3,000 shares issuable under currently exercisable options.

(10)    Includes 27 shares issuable under the Company's  Incentive  Compensation
        Plan and 1,500 shares issuable under currently exercisable options.
</FN>
</TABLE>

                  Mr.  Waldrop was employed as an attorney  with the  Louisville
law firm of Wyatt, Tarrant & Combs, which firm serves as primary outside counsel
to the Company, from August 1985 until his employment by the Company.
<PAGE>
                  Section 16(a) of the Securities  Exchange Act of 1934 requires
that the Company's  executive  officers,  directors and persons who beneficially
own more than ten  percent  (10%) of the  Company's  Common  Stock file  certain
reports with the Securities and Exchange Commission ("SEC") with regard to their
beneficial   ownership  of  such  Common  Stock.   Pursuant  to  applicable  SEC
regulations,   the  signatories  to  the  Stockholder  Agreement  (and  a  prior
stockholder agreement) are (or were) also required to file such reports with the
SEC.  The Company is required to disclose any failure to file or late filings of
such reports.  See Item 12. "Security Ownership of Certain Beneficial Owners and
Management" for a discussion of the terms of the Stockholder  Agreement.  During
the  Company's  prior  fiscal  year,  James W.  Phillips  and the  Wells  Family
Partnership  each made a single late filing of one (1) report,  covering one (1)
transaction.  The Estate of Warner L. Jones,  Jr. and Edna  Veeneman  Lewis each
made late filings of two (2) reports,  each covering one (1) transaction.  These
persons were  obligated  to make  filings with the SEC solely  because they were
signatories  to a  stockholder  agreement  no longer in  effect  similar  to the
Stockholder  Agreement;  none of them is an  officer  or  director  nor are they
individually  a beneficial  owner of ten percent  (10%) or more of the Company's
Common Stock. In addition,  one (1) late filing covering one (1) transaction was
made by Seth W. Hancock, a director of the Company,  and by Kevin Marie Nuss, an
officer of the Company who previously was subject to the filing  requirements of
Section 16(a).  The required  reports were  subsequently  filed for each person.
Based solely on its review of the forms filed with the SEC, the Company believes
that all  other  filing  requirements  applicable  to its  directors,  executive
officers and ten percent (10%) beneficial owners were satisfied.


                        ITEM 11. EXECUTIVE COMPENSATION

                  The following  table sets forth the  remuneration  paid during
the last three (3) fiscal years by the Company to [i] Mr. Meeker,  the President
and CEO of the  Company,  and [ii] each of the  Company's  four (4) most  highly
compensated  executive  officers  whose total annual  salary and bonus  exceeded
$100,000 in fiscal year 1994 (collectively the "named executive officers").

<PAGE>
<TABLE>
<CAPTION>

                           SUMMARY COMPENSATION TABLE
                              ANNUAL COMPENSATION

                                                                                            All
                         Name &                                                          Long Term         Other
                        Principal                                                       Compensation     Compensation
                        Position           Year                                                              (4)

                                                                              Other      Securities
                                                   Salary(1)   Bonus(2)      Annual       Underlying
                                                                            Compensa-    Options/SARs
                                                                           tion(3)           (#)
                 <S>                      <C>      <C>          <C>          <C>            <C>            <C>

                 Thomas H. Meeker,        1994     $245,000     $73,868      $49,463        10,000         $12,711
                 President and CEO
                                          1993      217,250     101,673       43,645        50,700          20,088
                                          1992      230,000        -0-        52,456          -0-           17,672

                 David E. Carrico,        1994       86,607      21,574         -0-          1,750           7,867
                 Senior Vice
                 President-Administration
                                          1993       68,000      18,471         -0-          6,000           6,304
                                          1992       60,000        -0-          -0-           -0-            5,516

                 Dan L. Parkerson,        1994       94,108      22,512         -0-          1,750           9,188
                 Senior Vice
                 President-Operations
                 and General Manager
                                          1993       78,883      28,695         -0-          6,000           7,061
                                          1992       76,000        -0-          -0-           -0-            7,586

                 Jeffrey M. Smith,        1994       93,581      22,278         -0-          2,000           9,171
                 Senior Vice President
                 -  Planning and
                 Development
                                          1993       76,083      27,694         -0-          9,000           8,133
                                          1992      100,000        -0-          -0-           -0-            7,009

                 Alexander M. Waldrop,    1994       88,821      21,574         -0-          2,000           8,113
                 Senior Vice President,
                 General Counsel and
                 Secretary(5)
                                          1993       75,167      19,543         -0-          9,000             132
                                          1992       34,375        -0-          -0-           -0-               44

<FN>
- - ------------------

(1)      On November 18, 1993, the Company amended its Articles of Incorporation
         to change  its  fiscal  year from  January 31 to  December  31.  Annual
         compensation  for 1993 is based upon  actual  compensation  paid by the
         Company to the named  executive  officers  for the eleven  months ended
         December 1993. Annual compensation  figures for 1992 and 1994 include a
         twelve month period.

(2)      Bonus awards were paid in cash and/or stock pursuant to the Company's
         Incentive Compensation Plan or otherwise.  See "Compensation  Committee
         Report on Executive Compensation."

(3)      Includes  above-market  earnings  on  compensation  deferred  under the
         Company's Incentive Compensation Plan and the expense of a Supplemental
         Benefit Plan of which Mr. Meeker is currently the only participant. See
         the discussion regarding the Supplemental Benefit Plan below.

(4)      Consists of life insurance premiums paid by the Company with respect to
         certain  term  life  insurance   payable  on  the  officer's  death  to
         beneficiaries   designated  by  him  and  further,   includes   amounts
         contributed by the Company to the officer's account under the Company's
         Profit Sharing Plan.  Amounts  attributable to such term life insurance
         are as follows:
</FN>
</TABLE>
<PAGE>

<TABLE>
<CAPTION>

                         MR. MEEKER         MR. CARRICO       MR. PARKERSON        MR. SMITH         MR. WALDROP
        <S>                <C>                 <C>                <C>                <C>                <C>

        1994               $2,864              $247               $791               $278               $167
        1993                2,909               247                812                288                132
        1992                2,047               175                588                135                44
</TABLE>

         Pursuant to the  Company's  Profit  Sharing Plan,  the Company  matches
         employees'   contributions   (which  are   limited  to  10%  of  annual
         compensation up to $9,240 for calendar year 1994) up to 2% of quarterly
         contributions  and  also  makes  discretionary  contributions.  Amounts
         contributed  by the Company on behalf of the named  executive  officers
         are as follows:
<TABLE>
<CAPTION>

                         MR. MEEKER         MR. CARRICO       MR. PARKERSON        MR. SMITH         MR. WALDROP
        <S>                <C>                <C>                <C>                <C>                <C>

        1994               $9,847             $7,620             $8,397             $8,893             $7,946
        1993               17,179              6,057              6,249              7,845                0
        1992               15,935              5,341              6,998              6,874                0

<FN>
(5)      Mr. Waldrop was employed by the Company in August, 1992 and his compen-
         sation for 1992 reflects less than six months of service.
</FN>
</TABLE>
<PAGE>

         The  following  table  provides  information  with respect to the named
executive officers concerning options granted during 1994:
<TABLE>
<CAPTION>


                     OPTIONS/SAR GRANTS IN LAST FISCAL YEAR

                                          INDIVIDUAL GRANTS                                                   GRANT
                                                                                                          DATE VALUE(3)


                             Number of     % of Total
                            Securities       Options
                            Underlying      Granted to      Exercise       Market                         Grant Date
                              Options       Employees       or Base        Price                            Present
                              Granted       in Fiscal        Price         on Date      Expiration            Value
          Name                  (1)           Year         ($/sh)(2)       of Grant        Date                ($)
<S>                                <C>              <C>          <C>         <C>         <C>                   <C>

Thomas H. Meeker                   2,272            11%          $44         $44          3/15/2004            $58,686
                                   2,728            13%           44          44          3/15/2004             70,464
                                   2,352            11%           42.50       42.50      12/15/2004             57,412
                                   2,648            13%           42.50       42.50      12/15/2004             64,638
David E. Carrico                     750             4%           44          44          3/15/2004             19,373
                                   1,000             5%           42.50       42.50      12/15/2004             24,410
Dan L. Parkerson                     750             4%           44          44          3/15/2004             19,373
                                   1,000             5%           42.50       42.50      12/15/2004             24,410
Jeffrey M. Smith                   1,000             5%           44          44          3/15/2004             25,830
                                   1,000             5%           42.50       42.50      12/15/2004             24,410
Alexander M. Waldrop               1,000             5%           44          44          3/15/2004             25,830
                                   1,000             5%           42.50       42.50      12/15/2004             24,410

<FN>
- - -------------------------
(1) 8,500 options are exercisable beginning 3/15/97.  9,000 options are exercis-
 able beginning 12/15/97.

(2) The 2,272  options and 2,352  options  granted to Mr. Meeker are intended to
 qualify as incentive stock options under the Internal  Revenue Code of 1986, as
 amended,  and  accordingly,  the  exercise  price of these  options is the fair
 market  value of the shares as of the date of their  grant.  The 1,000  options
 granted to each of Messrs.  Carrico,  Parkerson,  Smith and Waldrop on December
 15, 1994 are also  intended to qualify as  incentive  stock  options  under the
 Internal Revenue Code of 1986, as amended.  All other options are non-qualified
 stock options. 8,500 options and 9,000 options, respectively, have been granted
 at an  exercise  price  equal to the  closing  high bid price of the  Company's
 Common Stock as of March 15, 1994 and December 15, 1994, respectively.

(3) The options are valued using the Cox-Ross-Rubinstein Binomial option pricing
 model,  which is a variation of the  Black-Scholes  option pricing model.  This
 calculation is based on the following assumptions:  (i) an expected option term
 of eight  years,  (ii) an interest  rate of 6.27% and 7.81% (March 15, 1994 and
 December 15,  1994,  respectively)  based on the quoted yield of U.S.  Treasury
 Bonds on the date of grant  maturing in eight years,  (iii) a dividend yield of
 .92% and 1.04% (March 15, 1994 and December 15, 1994,  respectively) per share,
 and (iv) a stock  price  volatility  of 26.49% and 21.25%  (March 15,  1994 and
 December 15, 1994,  respectively)  based upon the average  closing price of the
 250-day period preceding the grant date. Based on these assumptions,  the value
 of the nonqualifying  options was determined to be $25.83 and $24.41 (March 15,
 1994 and  December  15,  1994,  respectively)  per  share  and the value of the
 incentive  stock options was determined to be $25.83 and $24.41 (March 15, 1994
 and December 15, 1994, respectively) per share.

</FN>
</TABLE>

<PAGE>


         The  following  table  provides  information  with respect to the named
executive officers concerning unexercised options held as of December 31, 1994:

         AGGREGATE OPTION EXERCISES IN 1994 AND YEAR-END OPTION VALUES

<TABLE>
<CAPTION>

                                                                                         Value of unexercised in-the-money
                                                     Number of unexercised options at         OPTIONS AT YEAR END (1)
                                                                 YEAR END                          Exercisable/
                                                                Exercisable/                       UNEXERCISABLE
                             NAME                              UNEXERCISABLE
           <S>                                                           <C>                                       <C>

           Thomas H. Meeker                                              16,900/43,800                             $0/7,500
           David E. Carrico                                                2,000/5,750                              0/1,500
           Dan L. Parkerson                                                2,000/5,750                              0/1,500
           Jeffrey M. Smith                                                3,000/8,000                              0/1,500
           Alexander M. Waldrop                                            3,000/8,000                              0/1,500


<FN>
- - -------------------


(1)      Closing high bid as of the last trading day of 1994 (December 30, 1994)
         minus the exercise price.
</FN>

         The Company maintains a Supplemental  Benefit Plan (the "Plan) in which
Mr.  Meeker is  currently  the only  participant.  The Plan  provides  that if a
participant remains in the employ of the Company until age 55 or becomes totally
and permanently  disabled,  the participant will be paid a monthly benefit equal
to 45% of the "highest average monthly earnings",  as defined in the Plan, prior
to the time of  disability or age 55,  reduced by certain other  benefits as set
forth in the Plan, commencing on retirement(or  attainment of age 55 if disabil-
ity occurs prior to said age) and continuing for life.(1) The  benefit  payable 
under  the  Plan  is  increased  by  1% for  each  year the  participant remains
employed by the Company after age 55, to a maximum of 55% of the highest average
monthly  earnings at age 65. Due to the reductions set forth  in footnote 1, the
estimated annual benefit payable upon retirement at age 65 to  Mr. Meeker  under
the Plan is $50,486.
<FN>
- - -------------
1 The Plan provides that the monthly  benefit will be reduced by [i] 100% of the
primary  insurance  amount  under  social  security  payable  to  a  participant
determined as of the later of the participant's retirement date or attainment of
age 62; [ii] 100% of the participant's monthly benefit calculated in the form of
a life annuity under the terminated  Churchill Downs Pension Plan; [iii] 100% of
the monthly  income option  calculated as a life annuity from the cash surrender
value of all life  insurance  policies  listed  on a  schedule  attached  to the
participant's  plan agreement;  and [iv] 100% of the employer  contributions and
any employee  contributions  up to a maximum of $2,000 per year allocated to the
participant's  accounts under the Churchill  Downs  Incorporated  Profit Sharing
Plan, calculated in the form of a life annuity payable on his retirement date.
</FN>
</TABLE>

<PAGE>

         EMPLOYMENT AGREEMENT AND CHANGE IN CONTROL AGREEMENT

         Mr. Meeker was employed as President and Chief Executive Officer of the
Company in October  1984 under an annually  renewing  three-year  contract.  Mr.
Meeker's  compensation  for 1995  includes a base salary of  $245,000  per year,
reimbursement for travel and entertainment expenses (including his wife's travel
expenses on Company business),  provision of an automobile,  payment of dues for
one (1) country club and any other professional or business associations,  and a
$250,000 life insurance policy. Mr. Meeker's employment may be terminated by the
Company prior to the expiration of his employment agreement only if he willfully
fails to perform his duties under his employment  agreement or otherwise engages
in  misconduct  that injures the Company.  Pursuant to Mr.  Meeker's  employment
agreement, in the event of both a "change in control" of the Company and, within
one (1) year of such "change in control,"  either  termination  of Mr.  Meeker's
employment by the Company without "just cause" or his  resignation,  the Company
will pay to Mr.  Meeker an amount  equal to three (3) times his  average  annual
base  salary  over the prior five (5) years.  A "change in  control"  is defined
generally to include the sale by the Company of all or substantially  all of its
assets, a consolidation or merger involving the Company, the acquisition of over
30% of the Common  Stock in a tender offer or any other change in control of the
type which would be required to be reported under the Federal  securities  laws;
however,  a "change in control"  will not be deemed to have occurred in the case
of a tender offer or change reportable under the Federal securities laws, unless
it is coupled  with or  followed  by the  election  of at least  one-half of the
directors  of the Company to be elected at any one (1) election and the election
of such directors has not been previously approved by at least two-thirds of the
directors in office prior to such change in control. 
<PAGE>

            COMPENSATION COMMITTEE REPORT ON EXECUTIVE COMPENSATION

          Under rules established by the SEC, the Compensation  Committee of the
Board  of  Directors  (the  "Committee")  is  required  to  disclose:   (1)  the
Committee's   compensation   policies  applicable  to  the  Company's  executive
officers; (2) the relationship of executive compensation to Company performance;
and (3) the Committee's  bases for determining the compensation of the Company's
Chief  Executive  Officer  ("CEO"),  Thomas  H.  Meeker,  for the most  recently
completed  fiscal  year.  Pursuant  to these  requirements,  the  Committee  has
prepared this report.
         The Committee consists of five (5) independent Directors,  none of whom
has ever been employed by the Company.  The Committee annually reviews executive
officer compensation and makes  recommendations to the Board of Directors on all
matters  related  to  executive  compensation.  The  Committee's  authority  and
oversight extend to total compensation,  including base salary, annual incentive
compensation and stock options for the Company's  executive  officers as well as
the Company's Profit Sharing Plan. The Committee also administers the employment
contract and  Supplemental  Benefit Plan of the Company's CEO, Thomas H. Meeker.
The Committee makes its compensation  recommendations  to the Board of Directors
after considering the  recommendations  of the CEO (on all but CEO compensation)
and  other  qualified  compensation  consultants.  The  Committee  also  reviews
compensation  data from comparable  companies  including those found in the peer
group performance graph (the "Peer Graph") which follows this report.
         The  fundamental  philosophy  of the  Committee  is to assure  that the
Company's  compensation  program for  executive  officers  links pay to business
strategy  and  performance  in  a  manner  which  is  effective  in  attracting,
motivating  and  retaining  key  executives  while  also  providing  performance
incentives   which  will  inure  to  the  benefit  of  executive   officers  and
shareholders alike. The objective is to provide total compensation  commensurate
with Company  performance  by combining  salaries  that are  competitive  in the
marketplace with incentive pay opportunities  established by the Committee which
are competitive with median levels of competitors' incentive compensation.
<PAGE>
         There  are  three  (3)  basic  elements  of  the  Company's   executive
compensation program,  each determined by individual and corporate  performance:
(i)  base  salary  compensation,  (ii)  annual  variable  performance  incentive
compensation earned under the Company's Incentive Compensation Plan ("ICP"), and
(iii) stock option grants made under the Company's 1993 Stock Option Plan.
         Base salaries are targeted to be competitive with comparable  positions
in comparable companies.  In determining base salaries, the Committee also takes
into  account   individual   experience  and  performance  and  specific  issues
particular to the Company.
         The ICP  provides a direct  financial  incentive  in the form of annual
cash  and/or  stock  bonuses.  The  amount of each  bonus is  determined  by the
Company's  achievement of certain  target  earnings per share  (computed  before
taxes but  after  recognition  of  awards  made  under  the ICP)  ("EPS")  goals
established annually by the Committee. The ICP provides for the award of a bonus
based upon the Company's achievement of EPS goals and the 5-year total return to
shareholders  in the form of  dividends  and  increases in the  Company's  stock
price,  compared to the Wilshire 5000 stock index. These goals are weighted with
achievement  of EPS goals having a factor of two-thirds  and  comparative  total
return to shareholders having a factor of one-third.
         The  Committee  has  determined   that  as  an  executive's   level  of
responsibility  increases,  a greater  portion of his or her total  compensation
should be performance  based.  Not only do awards increase as an executive rises
in the Company but also his or her ICP award is composed of a higher  percentage
of stock  which  means the  compensation  shifts to reliance on the value of the
Company's stock.
         For the Company's  year ended  December 31, 1994, the Committee set the
ICP  minimum  performance  goal at EPS equal to the  Company's  budget and total
return to  shareholders  equal to the Wilshire 5000 and the Company met both the
EPS goal and total  return to  shareholders  goal.  As a  result,  bonuses  were
awarded  under the ICP for the  Company's  year ended  December 31, 1994.  These
bonuses are reflected in the Summary  Compensation  Table. For fiscal year 1995,
the Committee  once again set the ICP minimum  performance  goal at EPS equal to
the  Company's  budget and total  return to  shareholders  equal to the Wilshire
5000. 
<PAGE>
         At the  Annual  Meeting  of  Shareholders  held on June 16,  1994,  the
shareholders of the Company approved the Churchill Downs Incorporated 1993 Stock
Option Plan (the "Option  Plan").  The  Committee  believes that the granting of
options  pursuant to the Option Plan to officers of the Company,  including  Mr.
Meeker, will further the Company's goals of attracting, motivating and retaining
employees  while also  providing  compensation  which links pay to  performance.
During 1994,  awards under the Option Plan were as follows:  (1) Mr.  Meeker was
granted  5,376  nonqualified  stock  options and 4,624  incentive  stock options
("ISOs")  and (2) all other  officers  were  granted  4,800  nonqualified  stock
options and 5,750 ISOs.  The options are  exercisable  in 1997.  The Option Plan
provides for cashless exercises through broker's transactions.
         The  Committee   believes  that  the  Option  Plan  is  integral  to  a
performance based compensation package. Although the ICP reflects certain levels
of increases in stock price,  the ICP is also heavily  weighted  toward earnings
per share goals established by the Committee. The Option Plan allows the Company
to further tie  compensation to performance of the Company with a possibility of
greatly increasing the total  compensation  package of its executives without an
equivalent cash outlay by the Company.
         Mr. Meeker was employed as President and Chief Executive Officer of the
Company in October 1984 under an annually  renewing  three-year  contract.  Each
year, Mr.  Meeker's base salary is set by the Committee  after  considering  the
Company's  overall  financial  performance  in light of the Company's  strategic
development  initiatives.  In April of 1994, Mr. Meeker's annual base salary was
increased to $245,000.  This  relatively  small increase in base salary reflects
the fact  that the  Committee  has  decided  to shift a greater  portion  of Mr.
Meeker's overall  compensation to performance  based sources such as the ICP and
the Option Plan. 


                                                          COMPENSATION COMMITTEE

                                                          Frank B. Hower, Jr.
                                                          William S. Farish
                                                          Catesby W. Clay
                                                          Arthur B. Modell
                                                          Darrell R. Wells


<PAGE>

          COMPENSATION COMMITTEE INTERLOCKS AND INSIDER PARTICIPATION

         The  Company is unaware of any  relationships  among its  officers  and
directors which would require disclosure under this caption.

                               PERFORMANCE GRAPH
         Set forth below is a line graph comparing the yearly  percentage change
in the cumulative total shareholder return on the Company's Common Stock against
the cumulative  total return of each of a peer group index and the Wilshire 5000
index for the period of approximately  five (5) fiscal years commencing  January
31, 1990,  and ending  December 31, 1994.  The period  ending  December 31, 1993
represents an eleven (11) month period due to the change in the Company's fiscal
year.  The  companies  used in the  peer  group  index  consist  of Bay  Meadows
Operating Co., Fair Grounds Corp.,  Hollywood Park Operating Co.,  International
Thoroughbred Breeders,  Inc. and Santa Anita Operating Co., which are all of the
publicly  traded  companies  known to the  Company  to be engaged  primarily  in
thoroughbred  racing in the continental United States.  Turf Paradise,  Inc. was
previously  included in the peer group index but was acquired by Hollywood  Park
Operating Co. in 1994. The Wilshire 5000 equity index  measures the  performance
of all United States  headquartered  equity  securities  with readily  available
price  data.  The  graph  depicts  the  result of an  investment  of $100 in the
Company, the Wilshire 5000 index and the peer group companies. Since the Company
has  historically  paid  dividends on an annual  basis,  the  performance  graph
assumes that dividends were reinvested annually. 
<PAGE> 
<TABLE> 
<CAPTION>











                      1/31/90       1/31/91       1/31/92       1/31/93       12/31/93        12/31/94
<S>                     <C>          <C>           <C>            <C>           <C>             <C>

Churchill Downs         $100         $111          $174           $219          $261            $213
Wilshire 5000           $100         $106          $136           $150          $165            $165
Peer Group              $100         $104          $ 89           $ 89          $139            $ 81

</TABLE>

               ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL
                             OWNERS AND MANAGEMENT

         The following  table sets forth  information  concerning the beneficial
ownership  of the  Common  Stock  as of  April  1,  1995  (except  as  otherwise
indicated),  by [i] the only  persons  known by the  Board of  Directors  to own
beneficially  more  than  five  percent  (5%) of the  Common  Stock and [ii] the
Company's directors, nominees for election as directors and  executive  officers
as a group.  Except as  otherwise indicated, the persons named in the table have
sole  voting  and investment power with respect to all  shares of  Common  Stock
shown as beneficially owned by them.


<PAGE>

<TABLE>
<CAPTION>

                                                                          Shares
        Name and Address                                              Beneficially         Percent
        OF BENEFICIAL OWNER                                               OWNED           OF CLASS

<S>                                                                  <C>                    <C>
28 parties to a Third Supplemental
Stockholder Agreement
c/o Thomas H. Meeker, Stockholder Representative
700 Central Avenue
Louisville, Kentucky  40208                                          1,196,146(1)(5)        31.5%

National City Corporation
National City Center
1900 East Ninth Street
Cleveland, Ohio 44114                                                  196,485(2)            5.2%

Darrell R. Wells
4350 Brownsboro Road
Suite 310
Louisville, Kentucky  40207                                            232,930(3)(4)(5)      6.2%

Charles W. Bidwill, Jr.
911 Sunset Road
Winnetka, Illinois  60093                                              221,259(3)(4)(5)      5.8%

23 Directors, Nominees for Director
and Executive Officers as a Group                                    1,206,782(3)(4)(5)(6)  31.7%


<FN>
(1)      Information  provided as of April 18, 1995. Pursuant to certain federal
         securities  laws,  the  parties to the Third  Supplemental  Stockholder
         Agreement (the "Stockholder  Agreement") may collectively be considered
         a "group" and therefore may be deemed a "person" known by management of
         the  Company to own  beneficially  more than 5% of the shares of Common
         Stock of the  Company.  The names and  addresses  of the parties to the
         Stockholder  Agreement  are set forth in the Schedule 13D filed by such
         parties with the  Securities and Exchange  Commission  ("SEC") on April
         25,  1995,  which  filing is  incorporated  herein by  reference.  Each
         shareholder who is a party to the Stockholder Agreement has agreed that
         until April 15, 1997, such shareholder will not sell, transfer,  assign
         or otherwise  dispose of shares of Common Stock  beneficially  owned or
         acquired by such shareholder without first offering to sell such Common
         Stock to the Company and to all other  signatories  to the  Stockholder
         Agreement on the same terms and conditions as in an offer received from
         a third party by such shareholder.  The Stockholder  Agreement provides
         for proration of the shares  offered by the selling  shareholder in the
         event  that  more  than  one of  the  signatories  to  the  Stockholder
         Agreement  desires  to  purchase  the shares  offered  by such  selling
         shareholder.  The Stockholder  Agreement provides that Common Stock may
         be transferred by the parties to the Agreement, without compliance with
         the Agreement [i] pursuant to an offer to purchase not less than all of
         the outstanding  shares of the Common Stock that the Board of Directors
         has recommended and that an independent  financial  advisor retained by
         the Company has determined is fair to the Company's shareholders from a
         financial  point of view; [ii] by gift, will or pursuant to the laws of
         descent and distribution;  [iii] by pledge to a financial  institution;
         [iv]  if the  transfer  is by  operation  of  law;  or  [v] in a  small
         transaction  which is defined to be a transfer  in any single  calendar
         month of 3,000  shares or less of the  Common  Stock.  The  Stockholder
         Agreement  does not  restrict  the rights of any  shareholder  who is a
         party  thereto  to vote the  Common  Stock,  to  receive  cash or stock
         dividends,  to receive  shares of Common Stock in a stock split,  or to
         sell or dispose of shares of Common Stock,  except as specifically  set
         forth in such  Stockholder  Agreement.  The  Company has  approved  and
         become a third party beneficiary of the Stockholder Agreement.

(2)      National City  Corporation and its  wholly-owned  subsidiary,  National
         City Bank,  Kentucky  ("National City"), have informed the Company that
         on February 10, 1995,  National City held a total of 196,485  shares in
         fiduciary  accounts for others.  National City has further informed the
         Company  that it has sole  power to vote or direct the voting of 53,610
         shares;  sole power to dispose or to direct the  disposition of 173,120
         shares;  shared  power to vote or direct the  voting of no shares;  and
         shared power to dispose or direct the disposition of 22,215 shares.

(3)      Of the total  shares  listed  above,  Mr.  Wells  disclaims  beneficial
         ownership of 22,400 shares held by The Wells Foundation, Inc., of which
         he is a trustee  and of  135,791.90  shares  held by The  Wells  Family
         Partnership  of which he is the  Managing  General  Partner.  Mr. Wells
         shares  voting  and  investment   power  with  respect  to  all  shares
         attributed  to him in the above table.  Mr.  Bidwill  shares voting and
         investment  power with  respect to 2,919 shares  beneficially  owned by
         him.

(4)      See Item 10. "Directors and Executive Officers of the Registrant."

(5)      The 232,930  shares  beneficially  owned  by  Mr.  Wells  and   222,259
         shares (including  shares  acquired after  April 1, 1995)  beneficially 
         owned by  Mr. Bidwill  are  subject to  the  Stockholder Agreement.  An
         additional 588,727 shares  owned by  certain other  directors, nominees
         for election  as  directors  and  executive officers of the Company are
         subject to the Stockholder Agreement.

(6)      Includes   1,169  shares   issuable   under  the  Company's   Incentive
         Compensation   Plan  and  28,400  shares   issuable  under   currently
         exercisable options.
</FN>
</TABLE>
<PAGE>


                  Information   concerning  the  beneficial   ownership  of  the
Company's stock by each of the directors and executive officers  individually is
set forth under Item 10.  "Directors and Executive  Officers of the  Registrant"
which is incorporated herein by reference.

            ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

                  During the past fiscal year, the Company did not engage in any
transactions  in which any  director or officer of the Company had any  material
interest, except as described below.
                  Directors  of the  Company  may from  time to time own or have
interests  in  horses  racing  at the  Company's  tracks.  All  such  races  are
conducted,  as  applicable,   under  the  regulations  of  the  Kentucky  Racing
Commission or the Indiana Horse Racing Commission,  and no director receives any
extra or special  benefit with regard to having their horses  selected to run in
races or in connection with the actual running of races.
                  One or more  directors  of the  Company  have an  interest  in
business   entities   which  contract  with  the  Company  for  the  purpose  of
simulcasting the Kentucky Derby and other races and the acceptance of interstate
wagers on such races.  In such case,  no extra or special  benefit not shared by
all others so contracting with the Company is received by any director or entity
owned or controlled by a director.  Mr. Charles W. Bidwill,  Jr., a director and
five percent (5%) owner of the Company, is the President and General Manager and
part owner of  National  Jockey  Club.  In 1994,  National  Jockey  Club and the
Company were parties to a simulcasting contract whereby National Jockey Club was
granted the right to simulcast the Company's  Derby Trial - Grade III race,  The
Kentucky  Oaks -  Grade  I race  and the  Kentucky  Derby  -  Grade  I race.  In
consideration for these rights, National Jockey Club paid to the Company 5.6% of
its  gross  handle  on the  simulcast  races.  For  purposes  of this and  other
simulcast  contracts,  gross  handle is defined as the total  amount  wagered by
patrons on the races at the National  Jockey Club facility less any money <PAGE>
returned to the  patrons by cancels  and  refunds.  This  simulcast  contract is
uniform  throughout  the industry and the rates charged were  substantially  the
same as rates  charged to other  parties who  contracted  to simulcast  the same
races. In 1994, the Company simulcast the Kentucky Derby to 576 locations in the
United States and selected international sites. National Jockey Club received no
extra or special  benefit  as a result of the  Company's  relationship  with Mr.
Bidwill.

                  Thomas H. Meeker, President and Chief Executive Officer of the
Company,  is  currently  indebted  to the  Company  in the  principal  amount of
$65,000,  represented  by his  demand  note  bearing  interest  at 8% per  annum
(payable  quarterly)  and  payable  in full  upon  termination  of Mr.  Meeker's
employment  with  the  Company  for  any  reason.  This  indebtedness  arose  in
connection with Mr. Meeker's initial employment,  pursuant to the terms of which
he was granted a loan by the Company for the purpose of purchasing the Company's
stock. 
<PAGE>

                                   SIGNATURE

                  Pursuant  to the  requirements  of  Section 13 or 15(d) of the
Securities  Exchange Act of 1934, the registrant has caused this amendment to be
signed on its behalf by the undersigned, thereunto duly authorized.
        
                                          CHURCHILL DOWNS INCORPORATED


April 27, 1995                            /S/VICKI L. BAUMGARDNER
                                          --------------------------------------
                                          Vicki L. Baumgardner, Vice President,
                                          Finance/Treasurer
                                          (Principal Financial Officer)









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