----

|                      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|----------------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| CONSOLIDATED RESULTS |

|                                                                              |                |             |                          |  |      |             |      |  |   |               |  |  |   |               |  |  |  |  |  |  |  |  |  |
|------------------------------------------------------------------------------|----------------|-------------|--------------------------|--|------|-------------|------|--|---|---------------|--|--|---|---------------|--|--|--|--|--|--|--|--|--|
|                                                                              | Fourth Quarter |             | Years Ended December 31, |
| (in millions, except per share data)                                         | 2021           |             | 2020                     |  | 2021 |             | 2020 |
|                                                                              |                |             |                          |  |      |             |      |
| Net revenue                                                                  | $              | 364.8  |                          |  | $    | 278.2  |      |  | $ | 1,597.2  |  |  | $ | 1,054.0  |  |
| Net income (loss)(a)                                                         | $              | 43.3   |                          |  | $    | 17.1   |      |  | $ | 249.1    |  |  | $ | (81.9)        |  |
| Diluted EPS(a)                                                               | $              | 1.11   |                          |  | $    | 0.43   |      |  | $ | 6.35     |  |  | $ | (2.08)        |  |
| Adjusted EBITDA(b)                                                           | $              | 127.0  |                          |  | $    | 79.2   |      |  | $ | 627.0    |  |  | $ | 286.5    |  |
|                                                                              |                |             |                          |  |      |             |      |
| (a) Reflects amounts attributable to Churchill Downs Incorporated.           |
| (b) These are non-GAAP measures. See explanation of non-GAAP measures below. |

----

|                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-----------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| SEGMENT RESULTS |

|                 |                |            |                          |            |      |            |             |  |   |             |  |  |   |             |  |  |  |  |  |  |  |  |  |
|-----------------|----------------|------------|--------------------------|------------|------|------------|-------------|--|---|-------------|--|--|---|-------------|--|--|--|--|--|--|--|--|--|
|                 | Fourth Quarter |            | Years Ended December 31, |
| (in millions)   | 2021           |            | 2020                     |            | 2021 |            | 2020        |
|                 |                |            |                          |            |      |            |             |
| Net revenue     | $              | 93.9  |                          |            | $    | 58.3  |             |  | $ | 430.6  |  |  | $ | 188.8  |  |
| Adjusted EBITDA | 30.6      |            |                          | 10.4  |      |            | 175.0  |  |   | 39.1   |  |

----

|                 |                |            |                          |            |      |            |            |  |   |             |  |  |   |             |  |  |  |  |  |  |  |  |  |
|-----------------|----------------|------------|--------------------------|------------|------|------------|------------|--|---|-------------|--|--|---|-------------|--|--|--|--|--|--|--|--|--|
|                 | Fourth Quarter |            | Years Ended December 31, |
| (in millions)   | 2021           |            | 2020                     |            | 2021 |            | 2020       |
|                 |                |            |                          |            |      |            |            |
| Net revenue     | $              | 94.9  |                          |            | $    | 97.3  |            |  | $ | 433.1  |  |  | $ | 416.0  |  |
| Adjusted EBITDA | 11.7      |            |                          | 25.6  |      |            | 78.0  |  |   | 112.9  |  |

|                 |                |             |                          |            |      |             |             |  |   |             |  |  |   |             |  |  |  |  |  |  |  |  |  |
|-----------------|----------------|-------------|--------------------------|------------|------|-------------|-------------|--|---|-------------|--|--|---|-------------|--|--|--|--|--|--|--|--|--|
|                 | Fourth Quarter |             | Years Ended December 31, |
| (in millions)   | 2021           |             | 2020                     |            | 2021 |             | 2020        |
|                 |                |             |                          |            |      |             |             |
| Net revenue     | $              | 172.8  |                          |            | $    | 119.4  |             |  | $ | 698.4  |  |  | $ | 437.8  |  |
| Adjusted EBITDA | 99.0      |             |                          | 52.3  |      |             | 411.9  |  |   | 173.1  |  |

----

|                 |                |            |                          |       |      |            |        |  |   |            |  |  |   |            |  |  |  |  |  |  |  |  |  |
|-----------------|----------------|------------|--------------------------|-------|------|------------|--------|--|---|------------|--|--|---|------------|--|--|--|--|--|--|--|--|--|
|                 | Fourth Quarter |            | Years Ended December 31, |
| (in millions)   | 2021           |            | 2020                     |       | 2021 |            | 2020   |
|                 |                |            |                          |       |      |            |        |
| Net revenue     | $              | 10.5  |                          |       | $    | 11.0  |        |  | $ | 73.9  |  |  | $ | 46.4  |  |
| Adjusted EBITDA | (14.3)         |            |                          | (9.1) |      |            | (37.9) |  |   | (38.6)     |  |

|                    |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|--------------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| CAPITAL MANAGEMENT |

----

----

----

----

|                                                                                                 |                                |               |                         |               |      |            |               |  |   |               |  |  |   |             |  |  |  |  |  |  |  |  |  |
|-------------------------------------------------------------------------------------------------|--------------------------------|---------------|-------------------------|---------------|------|------------|---------------|--|---|---------------|--|--|---|-------------|--|--|--|--|--|--|--|--|--|
|                                                                                                 | Three Months EndedDecember 31, |               | Years EndedDecember 31, |
| (in millions, except per common share data)                                                     | 2021                           |               | 2020                    |               | 2021 |            | 2020          |
| Net revenue:                                                                                |                                |               |                         |               |      |            |               |
| Live and Historical Racing                                                                      | $                              | 90.3     |                         |               | $    | 54.4  |               |  | $ | 409.1    |  |  | $ | 169.6  |  |
| TwinSpires                                                                                      | 94.6                      |               |                         | 97.0     |      |            | 431.7    |  |   | 414.5    |  |
| Gaming                                                                                          | 172.1                     |               |                         | 118.6    |      |            | 695.4    |  |   | 435.3    |  |
| All Other                                                                                       | 7.8                       |               |                         | 8.2      |      |            | 61.0     |  |   | 34.6     |  |
| Total net revenue                                                                               | 364.8                     |               |                         | 278.2    |      |            | 1,597.2  |  |   | 1,054.0  |  |
| Operating expense:                                                                          |                                |               |                         |               |      |            |               |
| Live and Historical Racing                                                                      | 71.6                      |               |                         | 57.1     |      |            | 288.9    |  |   | 179.0    |  |
| TwinSpires                                                                                      | 78.1                      |               |                         | 66.3     |      |            | 325.4    |  |   | 275.8    |  |
| Gaming                                                                                          | 121.3                     |               |                         | 92.1     |      |            | 476.3    |  |   | 357.9    |  |
| All Other                                                                                       | 10.4                      |               |                         | 10.5     |      |            | 60.5     |  |   | 47.8     |  |
| Selling, general and administrative expense                                                     | 38.8                      |               |                         | 29.5     |      |            | 138.5    |  |   | 114.8    |  |
| Asset impairments                                                                               | 4.1                       |               |                         | —  |      |            | 15.3     |  |   | 17.5     |  |
| Transaction expense, net                                                                        | 5.8                       |               |                         | —  |      |            | 7.9      |  |   | 1.0      |  |
| Total operating expense                                                                         | 330.1                     |               |                         | 255.5    |      |            | 1,312.8  |  |   | 993.8    |  |
| Operating income                                                                                | 34.7                      |               |                         | 22.7     |      |            | 284.4    |  |   | 60.2     |  |
| Other income (expense):                                                                     |                                |               |                         |               |      |            |               |
| Interest expense, net                                                                           | (21.6)                         |               |                         | (20.7)        |      |            | (84.7)        |  |   | (80.0)        |  |
| Equity in income of unconsolidated affiliates                                                   | 40.2                      |               |                         | 14.5     |      |            | 143.2    |  |   | 27.7     |  |
| Miscellaneous, net                                                                              | 0.4                       |               |                         | 0.2      |      |            | 0.7      |  |   | 0.1      |  |
| Total other income (expense)                                                                    | 19.0                      |               |                         | (6.0)         |      |            | 59.2     |  |   | (52.2)        |  |
| Income from continuing operations before provision for income taxes                             | 53.7                      |               |                         | 16.7     |      |            | 343.6    |  |   | 8.0      |  |
| Income tax (provision) benefit                                                                  | (10.4)                         |               |                         | (0.3)         |      |            | (94.5)        |  |   | 5.3      |  |
| Income from continuing operations, net of tax                                                   | 43.3                      |               |                         | 16.4     |      |            | 249.1    |  |   | 13.3     |  |
| Income (loss) from discontinued operations, net of tax                                          | —                   |               |                         | 0.7      |      |            | —  |  |   | (95.4)        |  |
| Net income (loss) before noncontrolling interest                                                | 43.3                      |               |                         | 17.1     |      |            | 249.1    |  |   | (82.1)        |  |
| Net loss attributable to noncontrolling interest                                                | —                   |               |                         | —  |      |            | —  |  |   | (0.2)         |  |
| Net income (loss) and comprehensive income (loss)  attributable to Churchill Downs Incorporated | $                              | 43.3     |                         |               | $    | 17.1  |               |  | $ | 249.1    |  |  | $ | (81.9)      |  |
| Net income (loss) per common share data - basic:                                            |                                |               |                         |               |      |            |               |
| Continuing operations                                                                           | $                              | 1.13     |                         |               | $    | 0.41  |               |  | $ | 6.45     |  |  | $ | 0.34   |  |
| Discontinued operations                                                                         | $                              | —  |                         |               | $    | 0.02  |               |  | $ | —  |  |  | $ | (2.41)      |  |
| Net income (loss) per common share - basic                                                      | $                              | 1.13     |                         |               | $    | 0.43  |               |  | $ | 6.45     |  |  | $ | (2.07)      |  |
|                                                                                                 |                                |               |                         |               |      |            |               |
| Net income (loss) per common share data - diluted:                                          |                                |               |                         |               |      |            |               |
| Continuing operations                                                                           | $                              | 1.11     |                         |               | $    | 0.41  |               |  | $ | 6.35     |  |  | $ | 0.33   |  |
| Discontinued operations                                                                         | $                              | —  |                         |               | $    | 0.02  |               |  | $ | —  |  |  | $ | (2.41)      |  |
| Net income (loss) per common share - diluted                                                    | $                              | 1.11     |                         |               | $    | 0.43  |               |  | $ | 6.35     |  |  | $ | (2.08)      |  |
|                                                                                                 |                                |               |                         |               |      |            |               |
| Weighted average shares outstanding:                                                        |                                |               |                         |               |      |            |               |
| Basic                                                                                           | 38.3                      |               |                         | 39.6     |      |            | 38.6     |  |   | 39.6     |  |
| Diluted                                                                                         | 39.0                      |               |                         | 40.2     |      |            | 39.2     |  |   | 40.1     |  |
|                                                                                                 |                                |               |                         |               |      |            |               |
|                                                                                                 |                                |               |                         |               |      |            |               |

----

|                                                                                                                                 |               |               |       |               |   |               |  |  |  |  |  |
|---------------------------------------------------------------------------------------------------------------------------------|---------------|---------------|-------|---------------|---|---------------|--|--|--|--|--|
| (in millions)                                                                                                                   | 2021          |               | 2020  |
| ASSETS                                                                                                                          |               |               |       |
| Current assets:                                                                                                             |               |               |       |
| Cash and cash equivalents                                                                                                       | $             | 291.3    |       |               | $ | 67.4     |  |
| Restricted cash                                                                                                                 | 64.3     |               |       | 53.6     |   |
| Accounts receivable, net of allowance for doubtful accounts of $5.4 in 2021 and $4.9 in 2020                                    | 42.3     |               |       | 36.5     |   |
| Income taxes receivable                                                                                                         | 66.0     |               |       | 49.4     |   |
| Other current assets                                                                                                            | 37.6     |               |       | 28.2     |   |
| Total current assets                                                                                                            | 501.5    |               |       | 235.1    |   |
| Property and equipment, net                                                                                                     | 994.9    |               |       | 1,082.1  |   |
| Investment in and advances to unconsolidated affiliates                                                                         | 663.6    |               |       | 630.6    |   |
| Goodwill                                                                                                                        | 366.8    |               |       | 366.8    |   |
| Other intangible assets, net                                                                                                    | 348.1    |               |       | 350.6    |   |
| Other assets                                                                                                                    | 18.9     |               |       | 21.2     |   |
| Long term assets held for sale                                                                                                  | 87.8     |               |       | —  |   |
| Total assets                                                                                                                    | $             | 2,981.6  |       |               | $ | 2,686.4  |  |
|                                                                                                                                 |               |               |       |
| LIABILITIES AND SHAREHOLDERS' EQUITY                                                                                            |               |               |       |
| Current liabilities:                                                                                                        |               |               |       |
| Accounts payable                                                                                                                | $             | 81.6     |       |               | $ | 70.7     |  |
| Accrued expenses and other current liabilities                                                                                  | 232.6    |               |       | 167.8    |   |
| Current deferred revenue                                                                                                        | 47.7     |               |       | 32.8     |   |
| Current maturities of long-term debt                                                                                            | 7.0      |               |       | 4.0      |   |
| Dividends payable                                                                                                               | 26.1     |               |       | 24.9     |   |
| Current liabilities of discontinued operations                                                                                  | —  |               |       | 124.0    |   |
| Total current liabilities                                                                                                       | 395.0    |               |       | 424.2    |   |
| Long-term debt (net of current maturities and loan origination fees of $6.2 in 2021 and $3.2 in 2020)                           | 668.6    |               |       | 530.5    |   |
| Notes payable (net of debt issuance costs of $7.6 in 2021 and $12.2 in 2020)                                                    | 1,292.4  |               |       | 1,087.8  |   |
| Non-current deferred revenue                                                                                                    | 13.3     |               |       | 17.1     |   |
| Deferred income taxes                                                                                                           | 252.9    |               |       | 213.9    |   |
| Other liabilities                                                                                                               | 52.6     |               |       | 45.8     |   |
| Total liabilities                                                                                                               | 2,674.8  |               |       | 2,319.3  |   |
| Commitments and contingencies                                                                                                   |               |               |       |
| Shareholders' equity:                                                                                                       |               |               |       |
| Preferred stock, no par value; 0.3 shares authorized; no shares issued or outstanding                                   | —  |               |       | —  |   |
| Common stock, no par value; 150.0 shares authorized; 38.1 shares issued and outstanding in 2021 and 39.5 shares in 2020 | —  |               |       | 18.2     |   |
| Retained earnings                                                                                                               | 307.7    |               |       | 349.8    |   |
| Accumulated other comprehensive loss                                                                                            | (0.9)         |               |       | (0.9)         |   |
| Total shareholders' equity                                                                                                      | 306.8         |               | 367.1 |
| Total liabilities and shareholders' equity                                                                                      | $             | 2,981.6  |       |               | $ | 2,686.4  |  |

----

|                                                                                               |               |             |      |             |   |             |  |  |  |  |  |
|-----------------------------------------------------------------------------------------------|---------------|-------------|------|-------------|---|-------------|--|--|--|--|--|
| (in millions)                                                                                 | 2021          |             | 2020 |
| Cash flows from operating activities:                                                     |               |             |      |
| Net income (loss)                                                                             | $             | 249.1  |      |             | $ | (82.1)      |  |
| Loss from discontinued operations, net of tax                                                 | —  |             |      | (95.4)      |   |
| Income from continuing operations, net of tax                                                 | $             | 249.1  |      |             | $ | 13.3   |  |
| Adjustments to reconcile net income to net cash provided by operating activities:         |               |             |      |
| Depreciation and amortization                                                                 | 103.2    |             |      | 92.9   |   |
| Equity in income of unconsolidated affiliates                                                 | (143.2)       |             |      | (27.7)      |   |
| Distributions from unconsolidated affiliates                                                  | 109.4    |             |      | 30.7   |   |
| Stock-based compensation                                                                      | 27.8     |             |      | 23.7   |   |
| Deferred income taxes                                                                         | 9.8      |             |      | 30.1   |   |
| Asset impairments                                                                             | 15.3     |             |      | 17.5   |   |
| Amortization of operating lease assets                                                        | 5.3      |             |      | 5.0    |   |
|                                                                                               |               |             |      |
|                                                                                               |               |             |      |
| Other                                                                                         | 5.3      |             |      | 4.5    |   |
| Changes in operating assets and liabilities, net of businesses acquired and dispositions: |               |             |      |
| Income taxes                                                                                  | 12.9     |             |      | (34.6)      |   |
| Deferred revenue                                                                              | 10.7     |             |      | (8.3)       |   |
|                                                                                               |               |             |      |
| Other assets and liabilities                                                                  | 53.9     |             |      | (3.9)       |   |
| Net cash provided by operating activities                                                     | 459.5    |             |      | 143.2  |   |
| Cash flows from investing activities:                                                     |               |             |      |
| Capital maintenance expenditures                                                              | (39.5)        |             |      | (23.0)      |   |
| Capital project expenditures                                                                  | (52.3)        |             |      | (211.2)     |   |
|                                                                                               |               |             |      |
|                                                                                               |               |             |      |
|                                                                                               |               |             |      |
|                                                                                               |               |             |      |
| Other                                                                                         | (8.6)         |             |      | (5.2)       |   |
| Net cash used in investing activities                                                         | (100.4)       |             |      | (239.4)     |   |
| Cash flows from financing activities:                                                     |               |             |      |
| Proceeds from borrowings under long-term debt obligations                                     | 780.8    |             |      | 726.1  |   |
| Repayments of  borrowings under long-term debt obligations                                    | (430.9)       |             |      | (580.4)     |   |
| Payment of dividends                                                                          | (24.8)        |             |      | (23.4)      |   |
| Repurchase of common stock                                                                    | (297.5)       |             |      | (28.4)      |   |
| Cash settlement of stock awards                                                               | —  |             |      | (12.7)      |   |
| Taxes paid related to net share settlement of stock awards                                    | (12.9)        |             |      | (18.7)      |   |
|                                                                                               |               |             |      |
|                                                                                               |               |             |      |
| Debt issuance costs                                                                           | (6.9)         |             |      | (2.0)       |   |
| Change in bank overdraft                                                                      | (10.5)        |             |      | 13.4   |   |
| Other                                                                                         | 2.2      |             |      | 2.1    |   |
| Net cash (used in) provided by financing activities                                           | (0.5)         |             |      | 76.0   |   |
| Cash flows from discontinued operations:                                                  |               |             |      |
| Operating activities of discontinued operations                                               | (124.0)       |             |      | (1.3)       |   |
| Net increase (decrease) in cash, cash equivalents and restricted cash                         | 234.6    |             |      | (21.5)      |   |
|                                                                                               |               |             |      |
| Cash, cash equivalents and restricted cash, beginning of year                                 | 121.0    |             |      | 142.5  |   |
| Cash, cash equivalents and restricted cash, end of year                                       | $             | 355.6  |      |             | $ | 121.0  |  |

----

|                                                                            |                                 |            |                          |               |      |            |               |  |   |               |  |  |   |            |  |  |  |  |  |  |  |  |  |
|----------------------------------------------------------------------------|---------------------------------|------------|--------------------------|---------------|------|------------|---------------|--|---|---------------|--|--|---|------------|--|--|--|--|--|--|--|--|--|
|                                                                            | Three Months Ended December 31, |            | Years Ended December 31, |
| (in millions)                                                              | 2021                            |            | 2020                     |               | 2021 |            | 2020          |
| GAAP net income (loss) attributable to Churchill Downs Incorporated        | $                               | 43.3  |                          |               | $    | 17.1  |               |  | $ | 249.1    |  |  | $ | (81.9)     |  |
|                                                                            |                                 |            |                          |               |      |            |               |
| Adjustments, continuing operations:                                    |                                 |            |                          |               |      |            |               |
| Changes in fair value of interest rate swaps related to Rivers Des Plaines | (4.9)                           |            |                          | (1.8)         |      |            | (12.9)        |  |   | 12.9     |  |
| Legal reserves and transaction costs related to Rivers Des Plaines         | 1.3                        |            |                          | —  |      |            | 9.9      |  |   | —  |  |
| Transaction, pre-opening and other expense                                 | 7.8                        |            |                          | 1.5      |      |            | 13.9     |  |   | 13.0     |  |
| Asset impairments                                                          | 4.1                        |            |                          | —  |      |            | 15.3     |  |   | 17.5     |  |
| Income tax impact on net income (loss) adjustments(a)                      | (2.2)                           |            |                          | 0.1      |      |            | (7.3)         |  |   | (12.2)        |  |
| NOL Carryback                                                              | —                    |            |                          | (10.4)        |      |            | —  |  |   | (13.3)        |  |
| Re-measurement of net deferred tax liabilities                             | —                    |            |                          | 1.9      |      |            | —  |  |   | 1.9      |  |
| Total adjustments, continuing operations                                   | 6.1                        |            |                          | (8.7)         |      |            | 18.9     |  |   | 19.8     |  |
| Big Fish Games net (income) loss(b)                                        | —                    |            |                          | (0.7)         |      |            | —  |  |   | 95.4     |  |
| Total adjustments                                                          | 6.1                        |            |                          | (9.4)         |      |            | 18.9     |  |   | 115.2    |  |
| Adjusted net income attributable to Churchill Downs Incorporated           | $                               | 49.4  |                          |               | $    | 7.7   |               |  | $ | 268.0    |  |  | $ | 33.3  |  |
|                                                                            |                                 |            |                          |               |      |            |               |
| Adjusted diluted EPS                                                       | $                               | 1.27  |                          |               | $    | 0.19  |               |  | $ | 6.83     |  |  | $ | 0.83  |  |
|                                                                            |                                 |            |                          |               |      |            |               |
| Weighted average shares outstanding - Diluted                              | 39.0                       |            |                          | 40.2     |      |            | 39.2     |  |   | 40.1     |  |

|                            |                                 |             |                          |   |             |             |      |               |   |             |   |               |   |             |  |  |  |  |  |  |  |  |  |
|----------------------------|---------------------------------|-------------|--------------------------|---|-------------|-------------|------|---------------|---|-------------|---|---------------|---|-------------|--|--|--|--|--|--|--|--|--|
|                            | Three Months Ended December 31, |             | Years Ended December 31, |
| (in millions)              | 2021                            |             | 2020                     |   | 2021        |             | 2020 |
| Total Handle               |                                 |             |                          |   |             |             |      |
| Churchill Downs Racetrack  | $                               | 147.5  |                          |   | $           | 134.3  |      |               | $ | 732.0  |   |               | $ | 600.2  |  |
| TwinSpires Horse Racing(a) | 416.4                      |             |                          | $ | 455.5  |             |      | 1,961.8  |   |             | $ | 1,977.4  |   |

----

|                                          |                                 |               |                          |               |      |               |             |  |   |               |  |  |   |               |  |  |  |  |  |  |  |  |  |
|------------------------------------------|---------------------------------|---------------|--------------------------|---------------|------|---------------|-------------|--|---|---------------|--|--|---|---------------|--|--|--|--|--|--|--|--|--|
|                                          | Three Months Ended December 31, |               | Years Ended December 31, |
| (in millions)                            | 2021                            |               | 2020                     |               | 2021 |               | 2020        |
| Net revenue from external customers: |                                 |               |                          |               |      |               |             |
| Live and Historical Racing:          |                                 |               |                          |               |      |               |             |
| Churchill Downs Racetrack                | $                               | 13.5     |                          |               | $    | 10.9     |             |  | $ | 128.1    |  |  | $ | 63.3     |  |
| Derby City Gaming                        | 41.3                       |               |                          | 24.3     |      |               | 154.3  |  |   | 79.5     |  |
| Oak Grove                                | 28.6                       |               |                          | 14.2     |      |               | 100.7  |  |   | 16.6     |  |
| Newport                                  | 4.6                        |               |                          | 3.1      |      |               | 17.9   |  |   | 3.1      |  |
| Turfway Park                             | 2.3                        |               |                          | 1.9      |      |               | 8.1    |  |   | 7.1      |  |
| Total Live and Historical Racing         | 90.3                       |               |                          | 54.4     |      |               | 409.1  |  |   | 169.6    |  |
| TwinSpires:                          |                                 |               |                          |               |      |               |             |
| Horse Racing                             | 83.9                       |               |                          | 92.7     |      |               | 396.9  |  |   | 403.2    |  |
| Sports and Casino                        | 10.7                       |               |                          | 4.3      |      |               | 34.8   |  |   | 11.3     |  |
| Total TwinSpires                         | 94.6                       |               |                          | 97.0     |      |               | 431.7  |  |   | 414.5    |  |
| Gaming:                              |                                 |               |                          |               |      |               |             |
| Oxford Casino                            | 27.7                       |               |                          | 12.5     |      |               | 99.8   |  |   | 44.9     |  |
| Riverwalk Casino                         | 13.9                       |               |                          | 11.7     |      |               | 61.2   |  |   | 46.3     |  |
| Harlow’s Casino                    | 12.2                       |               |                          | 11.0     |      |               | 56.1   |  |   | 40.7     |  |
| Calder                                   | 25.8                       |               |                          | 17.8     |      |               | 100.0  |  |   | 51.8     |  |
| Fair Grounds and VSI                     | 35.4                       |               |                          | 27.0     |      |               | 133.6  |  |   | 97.6     |  |
| Lady Luck Nemacolin                      | 5.8                        |               |                          | 3.9      |      |               | 24.5   |  |   | 20.7     |  |
| Presque Isle                             | 29.4                       |               |                          | 16.7     |      |               | 119.6  |  |   | 73.1     |  |
| Ocean Downs                              | 21.9                       |               |                          | 18.0     |      |               | 100.6  |  |   | 60.2     |  |
| Total Gaming                             | 172.1                      |               |                          | 118.6    |      |               | 695.4  |  |   | 435.3    |  |
| All Other                                | 7.8                        |               |                          | 8.2      |      |               | 61.0   |  |   | 34.6     |  |
| Net revenue from external customers      | $                               | 364.8    |                          |               | $    | 278.2    |             |  | $ | 1,597.2  |  |  | $ | 1,054.0  |  |
|                                          |                                 |               |                          |               |      |               |             |
| Intercompany net revenues:           |                                 |               |                          |               |      |               |             |
| Live and Historical Racing:          |                                 |               |                          |               |      |               |             |
| Churchill Downs Racetrack                | $                               | 3.2      |                          |               | $    | 3.5      |             |  | $ | 19.9     |  |  | $ | 17.8     |  |
| Turfway Park                             | 0.4                        |               |                          | 0.4      |      |               | 1.6    |  |   | 1.4      |  |
| Total Live and Historical                | 3.6                        |               |                          | 3.9      |      |               | 21.5   |  |   | 19.2     |  |
| TwinSpires:                          |                                 |               |                          |               |      |               |             |
| Horse Racing                             | 0.3                        |               |                          | 0.3      |      |               | 1.4    |  |   | 1.5      |  |
| Total TwinSpires                         | 0.3                        |               |                          | 0.3      |      |               | 1.4    |  |   | 1.5      |  |
| Gaming:                              |                                 |               |                          |               |      |               |             |
| Fair Grounds and VSI                     | 0.6                        |               |                          | 0.8      |      |               | 2.6    |  |   | 2.3      |  |
| Presque Isle                             | 0.1                        |               |                          | —  |      |               | 0.3    |  |   | 0.2      |  |
| Calder                                   | —                    |               |                          | —  |      |               | 0.1    |  |   | —  |  |
| Total Gaming                             | 0.7                        |               |                          | 0.8      |      |               | 3.0    |  |   | 2.5      |  |
| All Other                                | 2.7                        |               |                          | 2.8      |      |               | 12.9   |  |   | 11.8     |  |
| Eliminations                             | (7.3)                           |               |                          | (7.8)         |      |               | (38.8)      |  |   | (35.0)        |  |
| Intercompany net revenue                 | $                               | —  |                          |               | $    | —  |             |  | $ | —  |  |  | $ | —  |  |

----

|                                     |                                      |            |            |               |        |            |                |  |           |             |       |  |               |             |  |             |   |           |  |  |   |             |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-------------------------------------|--------------------------------------|------------|------------|---------------|--------|------------|----------------|--|-----------|-------------|-------|--|---------------|-------------|--|-------------|---|-----------|--|--|---|-------------|--|--|--|--|--|--|--|--|--|--|--|--|--|
|                                     | Three Months Ended December 31, 2021 |
| (in millions)                       | Live and Historical Racing           |            | TwinSpires |               | Gaming |            | Total Segments |  | All Other |             | Total |
| Net revenue from external customers |                                      |            |            |               |        |            |                |  |           |             |       |
| Pari-mutuel:                    |                                      |            |            |               |        |            |                |  |           |             |       |
| Live and simulcast racing           | $                                    | 13.1  |            |               | $      | 80.5  |                |  | $         | 7.2    |       |  | $             | 100.8  |  |             | $ | 2.5  |  |  | $ | 103.3  |  |
| Historical racing(a)                | 69.0                            |            |            | —  |        |            | —   |  |           | 69.0   |       |  | —  |             |  | 69.0   |   |
| Racing event-related services       | 3.2                             |            |            | —  |        |            | 0.2       |  |           | 3.4    |       |  | 0.1      |             |  | 3.5    |   |
| Gaming(a)                           | —                         |            |            | 10.7     |        |            | 152.7     |  |           | 163.4  |       |  | —  |             |  | 163.4  |   |
| Other(a)                            | 5.0                             |            |            | 3.4      |        |            | 12.0      |  |           | 20.4   |       |  | 5.2      |             |  | 25.6   |   |
| Total                               | $                                    | 90.3  |            |               | $      | 94.6  |                |  | $         | 172.1  |       |  | $             | 357.0  |  |             | $ | 7.8  |  |  | $ | 364.8  |  |

|                                     |                                      |            |            |               |        |            |                |  |           |             |       |  |               |             |  |             |   |           |  |  |   |             |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-------------------------------------|--------------------------------------|------------|------------|---------------|--------|------------|----------------|--|-----------|-------------|-------|--|---------------|-------------|--|-------------|---|-----------|--|--|---|-------------|--|--|--|--|--|--|--|--|--|--|--|--|--|
|                                     | Three Months Ended December 31, 2020 |
| (in millions)                       | Live and Historical Racing           |            | TwinSpires |               | Gaming |            | Total Segments |  | All Other |             | Total |
| Net revenue from external customers |                                      |            |            |               |        |            |                |  |           |             |       |
| Pari-mutuel:                    |                                      |            |            |               |        |            |                |  |           |             |       |
| Live and simulcast racing           | $                                    | 11.5  |            |               | $      | 89.0  |                |  | $         | 6.7    |       |  | $             | 107.2  |  |             | $ | 3.3  |  |  | $ | 110.5  |  |
| Historical racing(a)                | 38.8                            |            |            | —  |        |            | —   |  |           | 38.8   |       |  | —  |             |  | 38.8   |   |
| Racing event-related services       | 1.4                             |            |            | —  |        |            | 0.7       |  |           | 2.1    |       |  | —  |             |  | 2.1    |   |
| Gaming(a)                           | —                         |            |            | 4.3      |        |            | 106.0     |  |           | 110.3  |       |  | —  |             |  | 110.3  |   |
| Other(a)                            | 2.7                             |            |            | 3.7      |        |            | 5.2       |  |           | 11.6   |       |  | 4.9      |             |  | 16.5   |   |
| Total                               | $                                    | 54.4  |            |               | $      | 97.0  |                |  | $         | 118.6  |       |  | $             | 270.0  |  |             | $ | 8.2  |  |  | $ | 278.2  |  |

----

|                                     |                              |             |            |               |        |             |                |  |           |             |       |  |               |               |  |             |   |            |  |  |   |               |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-------------------------------------|------------------------------|-------------|------------|---------------|--------|-------------|----------------|--|-----------|-------------|-------|--|---------------|---------------|--|-------------|---|------------|--|--|---|---------------|--|--|--|--|--|--|--|--|--|--|--|--|--|
|                                     | Year Ended December 31, 2021 |
| (in millions)                       | Live and Historical Racing   |             | TwinSpires |               | Gaming |             | Total Segments |  | All Other |             | Total |
| Net revenue from external customers |                              |             |            |               |        |             |                |  |           |             |       |
| Pari-mutuel:                    |                              |             |            |               |        |             |                |  |           |             |       |
| Live and simulcast racing           | $                            | 64.0   |            |               | $      | 380.7  |                |  | $         | 28.2   |       |  | $             | 472.9    |  |             | $ | 29.7  |  |  | $ | 502.6    |  |
| Historical racing(b)                | 253.0                   |             |            | —  |        |             | —   |  |           | 253.0  |       |  | —  |               |  | 253.0  |   |
| Racing event-related services       | 68.5                    |             |            | —  |        |             | 1.2       |  |           | 69.7   |       |  | 7.0      |               |  | 76.7   |   |
| Gaming(b)                           | —                 |             |            | 34.8     |        |             | 622.0     |  |           | 656.8  |       |  | —  |               |  | 656.8  |   |
| Other(b)                            | 23.6                    |             |            | 16.2     |        |             | 44.0      |  |           | 83.8   |       |  | 24.3     |               |  | 108.1  |   |
| Total                               | $                            | 409.1  |            |               | $      | 431.7  |                |  | $         | 695.4  |       |  | $             | 1,536.2  |  |             | $ | 61.0  |  |  | $ | 1,597.2  |  |

|                                     |                              |             |            |               |        |             |                |  |           |             |       |  |               |               |  |             |   |            |  |  |   |               |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-------------------------------------|------------------------------|-------------|------------|---------------|--------|-------------|----------------|--|-----------|-------------|-------|--|---------------|---------------|--|-------------|---|------------|--|--|---|---------------|--|--|--|--|--|--|--|--|--|--|--|--|--|
|                                     | Year Ended December 31, 2020 |
| (in millions)                       | Live and Historical Racing   |             | TwinSpires |               | Gaming |             | Total Segments |  | All Other |             | Total |
| Net revenue from external customers |                              |             |            |               |        |             |                |  |           |             |       |
| Pari-mutuel:                    |                              |             |            |               |        |             |                |  |           |             |       |
| Live and simulcast racing           | $                            | 46.5   |            |               | $      | 387.5  |                |  | $         | 22.9   |       |  | $             | 456.9    |  |             | $ | 18.2  |  |  | $ | 475.1    |  |
| Historical racing(b)                | 93.6                    |             |            | —  |        |             | —   |  |           | 93.6   |       |  | —  |               |  | 93.6   |   |
| Racing event-related services       | 21.0                    |             |            | —  |        |             | 3.4       |  |           | 24.4   |       |  | 0.3      |               |  | 24.7   |   |
| Gaming(b)                           | —                 |             |            | 11.3     |        |             | 381.3     |  |           | 392.6  |       |  | —  |               |  | 392.6  |   |
| Other(b)                            | 8.5                     |             |            | 15.7     |        |             | 27.7      |  |           | 51.9   |       |  | 16.1     |               |  | 68.0   |   |
| Total                               | $                            | 169.6  |            |               | $      | 414.5  |                |  | $         | 435.3  |       |  | $             | 1,019.4  |  |             | $ | 34.6  |  |  | $ | 1,054.0  |  |

----

|                                              |                                      |            |            |               |        |            |                |  |           |             |              |  |           |             |  |               |   |            |            |  |   |               |  |  |   |             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|----------------------------------------------|--------------------------------------|------------|------------|---------------|--------|------------|----------------|--|-----------|-------------|--------------|--|-----------|-------------|--|---------------|---|------------|------------|--|---|---------------|--|--|---|-------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
|                                              | Three Months Ended December 31, 2021 |
| (in millions)                                | Live and Historical Racing           |            | TwinSpires |               | Gaming |            | Total Segments |  | All Other |             | Eliminations |  | Total     |
| Net revenue                                  | $                                    | 93.9  |            |               | $      | 94.9  |                |  | $         | 172.8  |              |  | $         | 361.6  |  |               | $ | 10.5  |            |  | $ | (7.3)         |  |  | $ | 364.8  |  |
|                                              |                                      |            |            |               |        |            |                |  |           |             |              |  |           |
| Taxes and purses                             | (30.9)                               |            |            | (7.9)         |        |            | (63.3)         |  |           | (102.1)     |              |  | (1.3)     |             |  | —  |   |            | (103.4)    |  |
| Marketing and advertising                    | (3.0)                                |            |            | (13.6)        |        |            | (4.3)          |  |           | (20.9)      |              |  | (0.1)     |             |  | 0.1      |   |            | (20.9)     |  |
| Salaries and benefits                        | (12.2)                               |            |            | (4.0)         |        |            | (24.1)         |  |           | (40.3)      |              |  | (4.2)     |             |  | —  |   |            | (44.5)     |  |
| Content expenses                             | (0.6)                                |            |            | (44.5)        |        |            | (1.2)          |  |           | (46.3)      |              |  | (1.2)     |             |  | 6.7      |   |            | (40.8)     |  |
| Selling, general, and administrative expense | (3.6)                                |            |            | (2.4)         |        |            | (8.9)          |  |           | (14.9)      |              |  | (15.4)    |             |  | 0.4      |   |            | (29.9)     |  |
| Other operating expense                      | (13.2)                               |            |            | (10.8)        |        |            | (19.4)         |  |           | (43.4)      |              |  | (2.9)     |             |  | 0.2      |   |            | (46.1)     |  |
| Other income                                 | 0.2                             |            |            | —  |        |            | 47.4      |  |           | 47.6   |              |  | 0.3  |             |  | (0.1)         |   |            | 47.8  |  |
| Adjusted EBITDA                              | $                                    | 30.6  |            |               | $      | 11.7  |                |  | $         | 99.0   |              |  | $         | 141.3  |  |               | $ | (14.3)     |            |  | $ | —  |  |  | $ | 127.0  |  |

|                                              |                                      |            |            |               |        |            |                |  |           |             |              |  |               |             |  |               |   |            |        |  |   |               |  |  |   |             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|----------------------------------------------|--------------------------------------|------------|------------|---------------|--------|------------|----------------|--|-----------|-------------|--------------|--|---------------|-------------|--|---------------|---|------------|--------|--|---|---------------|--|--|---|-------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
|                                              | Three Months Ended December 31, 2020 |
| (in millions)                                | Live and Historical Racing           |            | TwinSpires |               | Gaming |            | Total Segments |  | All Other |             | Eliminations |  | Total         |
| Net revenue                                  | $                                    | 58.3  |            |               | $      | 97.3  |                |  | $         | 119.4  |              |  | $             | 275.0  |  |               | $ | 11.0  |        |  | $ | (7.8)         |  |  | $ | 278.2  |  |
|                                              |                                      |            |            |               |        |            |                |  |           |             |              |  |               |
| Taxes & purses                           | (20.2)                               |            |            | (5.9)         |        |            | (47.1)         |  |           | (73.2)      |              |  | (1.7)         |             |  | —  |   |            | (74.9) |  |
| Marketing and advertising                    | (2.0)                                |            |            | (3.2)         |        |            | (1.2)          |  |           | (6.4)       |              |  | —  |             |  | —  |   |            | (6.4)  |  |
| Salaries and benefits                        | (11.2)                               |            |            | (3.4)         |        |            | (18.3)         |  |           | (32.9)      |              |  | (4.1)         |             |  | —  |   |            | (37.0) |  |
| Content expenses                             | (0.5)                                |            |            | (48.3)        |        |            | (0.9)          |  |           | (49.7)      |              |  | (1.4)         |             |  | 7.4      |   |            | (43.7) |  |
| Selling, general, and administrative expense | (3.0)                                |            |            | (1.8)         |        |            | (6.6)          |  |           | (11.4)      |              |  | (11.4)        |             |  | 0.3      |   |            | (22.5) |  |
| Other operating expense                      | (11.1)                               |            |            | (9.1)         |        |            | (14.9)         |  |           | (35.1)      |              |  | (1.7)         |             |  | 0.1      |   |            | (36.7) |  |
| Other income                                 | 0.1                             |            |            | —  |        |            | 21.9      |  |           | 22.0   |              |  | 0.2      |             |  |               |   | 22.2  |        |
| Adjusted EBITDA                              | $                                    | 10.4  |            |               | $      | 25.6  |                |  | $         | 52.3   |              |  | $             | 88.3   |  |               | $ | (9.1)      |        |  | $ | —  |  |  | $ | 79.2   |  |

----

|                                              |                              |             |            |               |        |             |                |  |           |             |              |  |           |               |  |               |   |            |             |  |   |               |  |  |   |               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|----------------------------------------------|------------------------------|-------------|------------|---------------|--------|-------------|----------------|--|-----------|-------------|--------------|--|-----------|---------------|--|---------------|---|------------|-------------|--|---|---------------|--|--|---|---------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
|                                              | Year Ended December 31, 2021 |
| (in millions)                                | Live and Historical Racing   |             | TwinSpires |               | Gaming |             | Total Segments |  | All Other |             | Eliminations |  | Total     |
| Net revenue                                  | $                            | 430.6  |            |               | $      | 433.1  |                |  | $         | 698.4  |              |  | $         | 1,562.1  |  |               | $ | 73.9  |             |  | $ | (38.8)        |  |  | $ | 1,597.2  |  |
|                                              |                              |             |            |               |        |             |                |  |           |             |              |  |           |
| Taxes & purses                           | (126.3)                      |             |            | (30.6)        |        |             | (264.4)        |  |           | (421.3)     |              |  | (13.2)    |               |  | —  |   |            | (434.5)     |  |
| Marketing and advertising                    | (12.9)                       |             |            | (49.4)        |        |             | (11.8)         |  |           | (74.1)      |              |  | (0.5)     |               |  | 0.1      |   |            | (74.5)      |  |
| Salaries and benefits                        | (48.4)                       |             |            | (13.9)        |        |             | (87.1)         |  |           | (149.4)     |              |  | (20.9)    |               |  | —  |   |            | (170.3)     |  |
| Content expenses                             | (2.5)                        |             |            | (206.6)       |        |             | (4.7)          |  |           | (213.8)     |              |  | (5.7)     |               |  | 36.9     |   |            | (182.6)     |  |
| Selling, general, and administrative expense | (12.8)                       |             |            | (9.2)         |        |             | (27.9)         |  |           | (49.9)      |              |  | (57.0)    |               |  | 1.4      |   |            | (105.5)     |  |
| Other operating expense                      | (53.0)                       |             |            | (45.4)        |        |             | (72.3)         |  |           | (170.7)     |              |  | (15.0)    |               |  | 0.4      |   |            | (185.3)     |  |
| Other income                                 | 0.3                     |             |            | —  |        |             | 181.7     |  |           | 182.0  |              |  | 0.5  |               |  | —  |   |            | 182.5  |  |
| Adjusted EBITDA                              | $                            | 175.0  |            |               | $      | 78.0   |                |  | $         | 411.9  |              |  | $         | 664.9    |  |               | $ | (37.9)     |             |  | $ | —  |  |  | $ | 627.0    |  |

|                                              |                              |             |            |           |        |             |                |  |           |             |              |  |               |               |  |               |   |            |            |  |   |               |  |  |   |               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|----------------------------------------------|------------------------------|-------------|------------|-----------|--------|-------------|----------------|--|-----------|-------------|--------------|--|---------------|---------------|--|---------------|---|------------|------------|--|---|---------------|--|--|---|---------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
|                                              | Year Ended December 31, 2020 |
| (in millions)                                | Live and Historical Racing   |             | TwinSpires |           | Gaming |             | Total Segments |  | All Other |             | Eliminations |  | Total         |
| Net revenue                                  | $                            | 188.8  |            |           | $      | 416.0  |                |  | $         | 437.8  |              |  | $             | 1,042.6  |  |               | $ | 46.4  |            |  | $ | (35.0)        |  |  | $ | 1,054.0  |  |
|                                              |                              |             |            |           |        |             |                |  |           |             |              |  |               |
| Taxes & purses                           | (64.1)                       |             |            | (25.1)    |        |             | (171.6)        |  |           | (260.8)     |              |  | (7.5)         |               |  | —  |   |            | (268.3)    |  |
| Marketing and advertising                    | (6.2)                        |             |            | (16.5)    |        |             | (7.5)          |  |           | (30.2)      |              |  | (0.2)         |               |  | 0.2      |   |            | (30.2)     |  |
| Salaries and benefits                        | (32.5)                       |             |            | (13.0)    |        |             | (75.9)         |  |           | (121.4)     |              |  | (17.4)        |               |  | —  |   |            | (138.8)    |  |
| Content expenses                             | (1.5)                        |             |            | (202.7)   |        |             | (3.5)          |  |           | (207.7)     |              |  | (3.7)         |               |  | 33.0     |   |            | (178.4)    |  |
| Selling, general, and administrative expense | (8.7)                        |             |            | (8.8)     |        |             | (25.4)         |  |           | (42.9)      |              |  | (43.9)        |               |  | 1.5      |   |            | (85.3)     |  |
| Other operating expense                      | (36.8)                       |             |            | (37.1)    |        |             | (59.7)         |  |           | (133.6)     |              |  | (12.3)        |               |  | 0.3      |   |            | (145.6)    |  |
| Other income                                 | 0.1                     |             |            | 0.1  |        |             | 78.9      |  |           | 79.1   |              |  | —  |               |  | —  |   |            | 79.1  |  |
| Adjusted EBITDA                              | $                            | 39.1   |            |           | $      | 112.9  |                |  | $         | 173.1  |              |  | $             | 325.1    |  |               | $ | (38.6)     |            |  | $ | —  |  |  | $ | 286.5    |  |

----

|                                                                               |                                |             |                         |               |      |            |               |  |            |               |  |  |   |             |  |  |  |  |  |  |  |  |  |
|-------------------------------------------------------------------------------|--------------------------------|-------------|-------------------------|---------------|------|------------|---------------|--|------------|---------------|--|--|---|-------------|--|--|--|--|--|--|--|--|--|
|                                                                               | Three Months EndedDecember 31, |             | Years EndedDecember 31, |
| (in millions)                                                                 | 2021                           |             | 2020                    |               | 2021 |            | 2020          |
| Reconciliation of Comprehensive Income (Loss) to Adjusted EBITDA:         |                                |             |                         |               |      |            |               |
|                                                                               |                                |             |                         |               |      |            |               |
| Net income (loss) attributable to Churchill Downs Incorporated                | $                              | 43.3   |                         |               | $    | 17.1  |               |  | $          | 249.1    |  |  | $ | (81.9)      |  |
| Net loss attributable to noncontrolling interest                              | —                   |             |                         | —  |      |            | —  |  |            | 0.2      |  |
| Net income (loss) before noncontrolling interest                              | 43.3                      |             |                         | 17.1     |      |            | 249.1    |  |            | (82.1)        |  |
| (Income) loss from discontinued operations, net of tax                        | —                   |             |                         | (0.7)         |      |            | —  |  |            | 95.4     |  |
| Income from continuing operations, net of tax                                 | 43.3                      |             |                         | 16.4     |      |            | 249.1    |  |            | 13.3     |  |
| Additions:                                                                |                                |             |                         |               |      |            |               |
| Depreciation and amortization                                                 | 25.3                      |             |                         | 26.4     |      |            | 103.2         |  | 92.9  |               |
| Interest expense                                                              | 21.6                      |             |                         | 20.7     |      |            | 84.7     |  |            | 80.0     |  |
| Income tax (benefit) provision                                                | 10.4                      |             |                         | 0.3      |      |            | 94.5     |  |            | (5.3)         |  |
| EBITDA                                                                        | $                              | 100.6  |                         |               | $    | 63.8  |               |  | $          | 531.5    |  |  | $ | 180.9  |  |
|                                                                               |                                |             |                         |               |      |            |               |
| Adjustments to EBITDA:                                                    |                                |             |                         |               |      |            |               |
| Selling, general and administrative:                                      |                                |             |                         |               |      |            |               |
| Stock-based compensation expense                                              | $                              | 7.4    |                         |               | $    | 6.4   |               |  | $          | 27.8     |  |  | $ | 23.7   |  |
| Other, net                                                                    | —                   |             |                         | 0.1      |      |            | 0.2      |  |            | 0.8      |  |
| Pre-opening expense and other expense                                         | 2.0                       |             |                         | 1.4      |      |            | 5.8      |  |            | 11.2     |  |
| Transaction expense, net                                                      | 5.8                       |             |                         | —  |      |            | 7.9      |  |            | 1.0      |  |
| Asset impairments                                                             | 4.1                       |             |                         | —  |      |            | 15.3     |  |            | 17.5     |  |
| Other income, expense:                                                    |                                |             |                         |               |      |            |               |
| Interest, depreciation and amortization expense related to equity investments | 10.7                      |             |                         | 9.3      |      |            | 41.5     |  |            | 38.5     |  |
| Changes in fair value of Rivers Des Plaines' interest rate swaps              | (4.9)                          |             |                         | (1.8)         |      |            | (12.9)        |  |            | 12.9     |  |
| Rivers Des Plaines' recapitalization and transaction costs                    | 1.3                       |             |                         | —  |      |            | 9.9      |  |            | —  |  |
| Total adjustments to EBITDA                                                   | 26.4                      |             |                         | 15.4     |      |            | 95.5     |  |            | 105.6    |  |
| Adjusted EBITDA                                                               | $                              | 127.0  |                         |               | $    | 79.2  |               |  | $          | 627.0    |  |  | $ | 286.5  |  |
|                                                                               |                                |             |                         |               |      |            |               |
| Adjusted EBITDA by segment:                                               |                                |             |                         |               |      |            |               |
| Live and Historical Racing                                                    | $                              | 30.6   |                         |               | $    | 10.4  |               |  | $          | 175.0    |  |  | $ | 39.1   |  |
| TwinSpires                                                                    | 11.7                      |             |                         | 25.6     |      |            | 78.0     |  |            | 112.9    |  |
| Gaming                                                                        | 99.0                      |             |                         | 52.3     |      |            | 411.9    |  |            | 173.1    |  |
| Total segment Adjusted EBITDA                                                 | 141.3                     |             |                         | 88.3     |      |            | 664.9    |  |            | 325.1    |  |
| All Other                                                                     | (14.3)                         |             |                         | (9.1)         |      |            | (37.9)        |  |            | (38.6)        |  |
| Total Adjusted EBITDA                                                         | $                              | 127.0  |                         |               | $    | 79.2  |               |  | $          | 627.0    |  |  | $ | 286.5  |  |

----

|                                 |                                 |             |                          |            |      |            |             |  |   |             |  |  |   |             |  |  |  |  |  |  |  |  |  |
|---------------------------------|---------------------------------|-------------|--------------------------|------------|------|------------|-------------|--|---|-------------|--|--|---|-------------|--|--|--|--|--|--|--|--|--|
|                                 | Three Months Ended December 31, |             | Years Ended December 31, |
| (in millions)                   | 2021                            |             | 2020                     |            | 2021 |            | 2020        |
| Net revenue                     | $                               | 201.0  |                          |            | $    | 93.5  |             |  | $ | 740.0  |  |  | $ | 386.3  |  |
| Operating and SG&A expense  | 123.6                      |             |                          | 58.0  |      |            | 434.2  |  |   | 252.1  |  |
| Depreciation and amortization   | 4.5                        |             |                          | 4.4   |      |            | 17.6   |  |   | 17.0   |  |
| Operating income                | 72.9                       |             |                          | 31.1  |      |            | 288.2  |  |   | 117.2  |  |
| Interest and other expense, net | (3.9)                           |             |                          | (4.5)      |      |            | (38.6)      |  |   | (63.1)      |  |
| Net income                      | $                               | 69.0   |                          |            | $    | 26.6  |             |  | $ | 249.6  |  |  | $ | 54.1   |  |

|                                        |              |             |      |             |   |             |  |  |  |  |  |
|----------------------------------------|--------------|-------------|------|-------------|---|-------------|--|--|--|--|--|
|                                        | December 31, |
| (in millions)                          | 2021         |             | 2020 |
| Assets                                 |              |             |      |
| Current assets                         | $            | 96.0   |      |             | $ | 132.8  |  |
| Property and equipment, net            | 312.3   |             |      | 267.5  |   |
| Other assets, net                      | 264.1   |             |      | 244.9  |   |
| Total assets                           | $            | 672.4  |      |             | $ | 645.2  |  |
|                                        |              |             |      |
| Liabilities and Members' Deficit       |              |             |      |
| Current liabilities                    | $            | 95.3   |      |             | $ | 133.5  |  |
| Long-term debt                         | 786.9   |             |      | 753.5  |   |
| Other liabilities                      | 20.6    |             |      | 42.3   |   |
| Members' deficit                       | (230.4)      |             |      | (284.1)     |   |
| Total liabilities and members' deficit | $            | 672.4  |      |             | $ | 645.2  |  |

----

|                                    |                                |                                     |               |  |  |  |  |  |  |  |  |
|------------------------------------|--------------------------------|-------------------------------------|---------------|--|--|--|--|--|--|--|--|
| (in millions)                      | Project                        | Target Completion                   | Planned Spend |
|                                    |                                |                                     |               |
| Live and Historical Racing Segment |                                |                                     |               |
| Churchill Downs Racetrack          | Turf Course                    | Spring 2022                         | $10           |
| Home Stretch Club                  | May 2022                       | $45                                 |
| Turn 1 Experience                  | May 2023                       | $90                                 |
| Paddock / Under the Spires     | May 2024                       | TBD                                 |
| Turfway Park                       | HRM Facility                   | September 2022                      | $148          |
| Derby City Gaming                  | Expansion and Hotel            | Late 2022 / Second Quarter 2023 | $76           |
| Derby City Gaming Downtown         | Property Build Out             | Second Quarter 2023                 | $80           |
| Oak Grove                          | Oak Grove Annex                | TBD                                 | TBD           |
|                                    |                                |                                     |               |
| Gaming Segment                     |                                |                                     |               |
| Managed Properties                 |                                |                                     |               |
| Queen of Terre Haute Casino Resort | Property Build Out             | Late 2023                           | up to $260    |
| Fair Grounds and VSI               | HRMs in OTBs                   | 2022                                | $35           |
| Equity Investments                 |                                |                                     |               |
| Rivers Des Plaines(a)              | Expansion                      | Spring 2022                         | $90           |
| Miami Valley Gaming(a)             | Outdoor Gaming Patio Expansion | Third Quarter 2022                  | $12           |