Supplemental Indenture No. 1 SUPPLEMENTAL INDENTURE NO. 1, (this “Supplemental Indenture”) dated as of May 1, 2023, by and among  the parties that are signatories hereto as Guarantors (each, a “Guaranteeing Subsidiary” and, collectively, the  “Guaranteeing Subsidiaries”), Churchill Downs Incorporated, a Kentucky corporation (the “Issuer”), the other  Guarantors (as defined in the Indenture referred to herein), U.S. Bank Trust Company, National Association, as  Trustee under the Indenture referred to below, Paying Agent, Registrar, Transfer Agent and Authenticating Agent  (the “Agent”). W I T N E S S E T H: WHEREAS, the Issuer, each of the Guarantors, the Trustee and the Agent have heretofore executed and  delivered an indenture dated as of April 25, 2023 (the “Indenture”), providing for the issuance of an aggregate  principal amount of $600,000,000 of 6.750% Senior Notes due 2031 of the Issuer (the “Notes”); WHEREAS, the Indenture provides that under certain circumstances the Guaranteeing Subsidiaries shall  execute and deliver to the Trustee and the Agent a supplemental indenture to which each Guaranteeing Subsidiary  shall unconditionally guarantee, on a joint and several basis with the other Guarantors, all of the Issuer’s Obligations  under the Notes and the Indenture on the terms and conditions set forth herein and under the Indentures’ (the  “Guarantee”); and WHEREAS, pursuant to Section 9.1 of the Indenture, the Issuer, any Guarantor, the Trustee and the Agent  are authorized to execute and deliver a supplemental indenture to add additional Guarantors, without the consent of  any Holder; NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the  receipt of which is hereby acknowledged, the Guaranteeing Subsidiaries, the Issuer, the other Guarantors, the Trustee  and the Agent mutually covenant and agree for the equal and ratable benefit of the Holders of the Notes as follows: ARTICLE I  DEFINITIONS SECTION 1.1. Defined Terms. As used in this Supplemental Indenture, terms defined in the Indenture  or in the preamble or recitals hereto are used herein as therein defined. The words “herein,” “hereof” and “hereby”  and other words of similar import used in this Supplemental Indenture refer to this Supplemental Indenture as a  whole and not to any particular section hereof. ARTICLE II AGREEMENT TO BE BOUND; GUARANTEE SECTION 2.1. Agreement to be Bound. Each Guaranteeing Subsidiary hereby becomes a party to the  Indenture as a Guarantor and as such will have all of the rights and be subject to all of the obligations and  agreements of a Guarantor under the Indenture. SECTION 2.2. Guarantee. Each Guaranteeing Subsidiary agrees, on a joint and several basis with all the  existing Guarantors, to fully, unconditionally and irrevocably Guarantee to each Holder of the Notes and the Trustee  and the Agent the Guaranteed Obligations pursuant to Article X of the Indenture on a senior basis. ARTICLE III  MISCELLANEOUS SECTION 3.1. Notices. All notices and other communications to any Guaranteeing Subsidiary shall be  given as provided in the Indenture to such Guaranteeing Subsidiary, at its address set forth below, with a copy to  the Issuer as provided in the Indenture for notices to the Issuer. Churchill Downs Incorporated 600 North Hurstbourne Parkway, Suite 400 Louisville, Kentucky 40222 Attention: Investor Relations Facsimile: 502-394-1160 With a copy to (which copy shall not constitute notice): Latham & Watkins LLP 10250 Constellation Blvd. Suite 1100 Los Angeles, California 90067 Attention: Steven B. Stokdyk Facsimile: 310-993-9093 SECTION 3.2. Merger and Consolidation. No Guaranteeing Subsidiary shall sell or otherwise dispose of  all or substantially all of its assets to, or consolidate with or merge with or into another Person (other than the Issuer  or any Restricted Subsidiary that is a Guarantor or becomes a Guarantor concurrently with the transaction) except in  accordance with Section 4.1(f) of the Indenture. SECTION 3.3. Release of Guarantee. This Guarantee shall only be released in accordance with  Section 10.2 of the Indenture. SECTION 3.4. Parties. Nothing expressed or mentioned herein is intended or shall be construed to give  any Person, firm or corporation, other than the Holders, the Trustee and the Agent, any legal or equitable right, remedy  or claim under or in respect of this Supplemental Indenture or the Indenture or any provision herein or therein  contained. SECTION 3.5. Governing Law. This Supplemental Indenture shall be governed by, and construed in  accordance with, the laws of the State of New York. SECTION 3.6. Severability. In case any provision in this Supplemental Indenture shall be invalid, illegal  or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected  or impaired thereby and such provision shall be ineffective only to the extent of such invalidity, illegality or  unenforceability. SECTION 3.7. Benefits Acknowledged. Each Guaranteeing Subsidiary’s Guarantee is subject to the  terms and conditions set forth in the Indenture. Each Guaranteeing Subsidiary acknowledges that it will receive direct  and indirect benefits from the financing arrangements contemplated by the Indenture and this Supplemental Indenture  and that the guarantee and waivers made by it pursuant to this Guarantee are knowingly made in contemplation of  such benefits. SECTION 3.8. Ratification of Indenture; Supplemental Indentures Part of Indenture. Except as expressly  amended hereby, the Indenture is in all respects ratified and confirmed and all the terms, conditions and provisions  thereof shall remain in full force and effect. This Supplemental Indenture shall form a part of the Indenture for all  purposes, and every Holder of Notes heretofore or hereafter authenticated and delivered shall be bound hereby. SECTION 3.9. The Trustee and the Agent. Each of the Trustee and the Agent makes no representation  or warranty as to the validity, adequacy or sufficiency of this Supplemental Indenture or with respect to the  statements and recitals contained herein, all of which statements and recitals are made solely by the other parties  hereto. SECTION 3.10. Counterparts. The parties hereto may sign any number of copies of this Supplemental  Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. Signatures  of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes.  Counterparts may be delivered via facsimile, electronic mail (including via www.docusign.com and any other  electronic signature covered by the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act, the  Electronic Signatures and Records Act or other applicable law) or other transmission method and any counterpart so  delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes. SECTION 3.11. Execution and Delivery. Each Guaranteeing Subsidiary agrees that the Guarantee shall  remain in full force and effect notwithstanding any failure to endorse on each Note a notation of any such Guarantee. SECTION 3.12. Headings. The headings of the Articles and the Sections in this Supplemental Indenture  are for convenience of reference only and shall not be deemed to alter or affect the meaning or interpretation of any  provisions hereof. [Signature Pages Follow]