Churchill Downs Incorporated : CHDN May 2024 Investor Presentation_vF (2024)

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Investor Presentation

May 2024

Forward-Looking Statements

Certain statements made in this presentation contain various "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are typically identified by the use of terms such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "might," "plan," "predict," "project," "seek," "should," "will," "scheduled," and similar words or similar expressions (or negative versions of such words or expressions), although some forward-looking statements are expressed differently. Although we believe that the expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. Important factors that could cause actual results to differ materially from expectations include the following:

• the occurrence of extraordinary events, such as terrorist attacks, public health threats, civil unrest, and inclement weather, including as a result of climate change;
• the effect of economic conditions on our consumers' confidence and discretionary spending or our access to credit, including the impact of inflation;
• additional or increased taxes and fees; the impact of
• the impact of any pandemics, epidemics, or outbreaks of infectious diseases, including possible new variants of COVID-19, and related economic matters on our results of operations, financial conditions and prospects;
• lack of confidence in the integrity of our core businesses or any deterioration in our reputation;
• loss of key or highly skilled personnel, as well as general disruptions in the general labor market;
• the impact of significant competition, and the expectation that competition levels will increase;
• changes in consumer preferences, attendance, wagering, and sponsorships;
• risks associated with equity investments, strategic alliances and other third-party agreements;
• inability to respond to rapid technological changes in a timely manner;
• concentration and evolution of slot machine and historical racing machine (HRM) manufacturing and other technology conditions that could impose additional costs;
• failure to enter into or maintain agreements with industry constituents, including horsem*n and other racetracks; inability to successfully focus on market access and retail operations for our TwinSpires sports betting business and effectively compete;
• online security risk, including cyber-security breaches, or loss or misuse of our stored information as a result of a breach including customers' personal information could lead to government enforcement actions or other litigation;
• reliance on our technology services and catastrophic events and system failures disrupting our operations;
• inability to identify, complete, or fully realize the benefits of, our proposed acquisitions, divestitures, development of new venues or the expansion of existing facilities on time, on budget, or as planned;
• difficulty in integrating recent or future acquisitions into our operations;
• cost overruns and other uncertainties associated with the development of new venues and the expansion of existing facilities;
• general risks related to real estate ownership and significant expenditures, including risks related to environmental liabilities;
• personal injury litigation related to injuries occurring at our racetracks;
• compliance with the Foreign Corrupt Practices Act or other similar laws and regulations, or applicable anti-money laundering regulations;
• payment-relatedrisks, such as risk associated with fraudulent credit card or debit card use;
• work stoppages and labor problems;
• risks related to pending or future legal proceedings and other actions;
• highly regulated operations and changes in the regulatory environment could adversely affect our business;
• restrictions in our debt facilities limiting our flexibility to operate our business;
• failure to comply with the financial ratios and other covenants in our debt facilities and other indebtedness;
• increases to interest rates (due to inflation or otherwise);
• disruption in the credit markets or changes to our credit ratings may adversely affect our business;
• increase in our insurance costs, or any inability to obtain similar insurance coverage in the future, and inability to recover under our insurance policies for damages sustained at our properties in the event of inclement weather and casualty events; and
• other factors described under the heading "Risk Factors" in our most recent Annual Report on Form 10-K and in other filings we make with the Securities and Exchange Commission.

We do not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law

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Table of Contents

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Case for Investing

Kentucky

Case for Investing

Strong 2023 Performance

36% Annual Revenue Growth from 2022 to 2023

$ in millions

All Other &

Eliminations

34% Annual Adj. EBITDA Growth from 2022 to 2023

$ in millions

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Case for Investing

Strong 1Q'24 Performance

6% Quarterly Revenue Growth from 1Q'23 to 1Q'24

$ in millions

All Other &

Eliminations

9% Quarterly Adj. EBITDA Growth from 1Q'23 to 1Q'24

$ in millions

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