Jefferies Non-Deal Roadshow Toronto March 26-27, 2019 Forward-Looking Statements Information set forth in this presentation contains various “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Act”), which provides certain “safe harbor” provisions. All forward-looking statements made in this presentation are made pursuant to the Act. Forward-looking statements are typically identified by the use of terms such as “anticipate,” “believe,” “could,” “should,” “would,” “estimate,” “may,” “project,” and similar words, although some forward-looking statements are expressed differently. The reader is cautioned that such forward-looking statements are based on information available at the time and/or management’s good faith belief with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the statements. Such risks and uncertainties and other factors include, but are not limited to: changes in the regulatory environment that could adversely affect our racing, casino, and online horserace wagering businesses; inability to predict and capitalize on the legalization of online sports betting and iGaming in the United States; economic conditions on discretionary spending; inability to attract people to attend and wager on live horse races; public perceptions or lack of confidence in the integrity of our business; inability to complete acquisitions and divestitures on time, on budget or as planned; online security risk, including cyber-security breaches and loss or misuse of stored information, including customers’ personal information, as a result of such breach; inability to retain key and highly skilled personnel or hire additional personnel; and other risks and uncertainties described in our reports on Form 10-K, Form 10-Q and Form 8-K filed with the Securities and Exchange Commission. We assume no obligation to update forward-looking information to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information. This presentation includes certain “non-GAAP financial measures” as defined in the Securities and Exchange Commission’s Regulation G. A reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measures is included in the appendix of this presentation. 2 Company Overview and the Case for Investing 3 Company Overview The Kentucky Derby The longest continuously held annual sporting event in the United States 4 Company Overview TwinSpires.com BET ANYWHERE, TOP RACING DATA SIMPLE, ANYTIME Leading source of Bet on racetracks all FAST WAGERING online data around the world. Place multiple bets LIVE STREAMING at a time BET LIKE A PRO EARN Get the inside edge CASH with leading Earn cash handicapping bonuses to information bet on the races The largest, legal online horseracing wagering platform in the U.S. 5 Company Overview Regional Casino Properties We are a leader in brick-and-mortar casino gaming with ~11,000 slot machines and VLTs and ~200 table games in eight states after our acquisition of a majority interest in Rivers Casino in Des Plaines, Illinois and the Lady Luck Nemacolin transaction. 6 The Case for Investing Iconic asset - The Kentucky Derby Industry leading, diversified business platforms Organic growth opportunities Ongoing expansion opportunities Strong balance sheet and financial performance Proven management team 7 The Case for Investing Iconic asset - The Kentucky Derby The magic and mystique of The Kentucky Derby is irreplicable – creating once-in-a-lifetime experiences for our guests 8 The Case for Investing Industry leading, diversified business platforms An iconic and irreplaceable asset The Kentucky Four consecutive years of record all source wagering Derby Consistent profitable growth over the past nine years The largest, legal online horseracing wagering platform in TwinSpires the U.S. Multiple brands providing best in class betting experience Industry leading regional casino margins Casino Diverse regional portfolio in eight states providing market Properties access for sports betting and iGaming opportunities 9 The Case for Investing Continuous organic growth opportunities Create and enhance guest experiences to enable greater pricing differentiation Capital investments to convert general admission guests to The Kentucky reserved seating and to upgrade existing reserved seating Derby customers to higher end seating Expand Japan Road to the Derby and European Road to the Derby Best in class racing content access and data driven marketing TwinSpires strategy capitalizes on major race dates, including The Kentucky Derby Casino Modest, disciplined capital investments to expand facilities and Properties optimize return on invested capital 10 The Case for Investing Ongoing expansion opportunities Derby City Gaming – 900 machine facility opened in Louisville, KY on Historical Sept. 14, 2018 Racing Plan to add 100 machines in 2Q 2019; potential to add 1,000+ additional machines at Derby City Gaming or Churchill Downs Machines Oak Grove – Awarded racing license with plans to build up to 1,500 machine facility in Oak Grove, KY (~1 hour north of Nashville, TN) Closed Presque Isle and Nemacolin acquisitions in 1Q’19 M&A Closed investment to acquire 61% of Rivers Casino Des Plaines in Illinois Disciplined buyer of strategic brick-and-mortar gaming assets Retail self service BetAmerica Sportsbooks opened Aug. 2018 at Sports Riverwalk and Harlow’s Casinos in Mississippi Betting and Launched online BetAmerica Sportsbook and iGaming in New Jersey in iGaming 1Q’19 Plan to launch retail and online BetAmerica Sportsbook and iGaming in Pennsylvania in 2019 11 The Case for Investing Strong balance sheet and financial performance Low leverage provides financial flexibility Consistent growth in Adjusted EBITDA from continuing operations Strong free cash flow Disciplined project capital investment to generate industry leading return on invested capital 12 The Case for Investing Proven management team Proven, results driven leadership team focused on creating shareholder value over the long-term CDI team has unique combination of diverse, yet complementary strengths and talents . Average tenure at CDI is ~10 years . Racing site leaders have an average of ~21 years of racing experience . Gaming site leaders have an average of ~19 years of gaming industry experience . Online gaming leaders have an average of ~13 years of mobile and online sports betting and iGaming experience 13 The Kentucky Derby 14 The Kentucky Derby The Kentucky Derby utilizes the mystique and magic of Churchill Downs to create unique experiences for our guests Historic Contagious Sophisticated Luxury Americana Excitement 15 The Kentucky Derby The Kentucky Derby Growth Strategy Leverage unique experiences and make strategic capital investments . Enhance guest experience to enable pricing differentiation for ~60,000 reserved seats . Execute capital investments to enable segmentation of ~110,000 guests who do not have a reserved seat . Expand Derby Week offerings and attractions Attract additional sponsorships Expand European Road to Derby and Japan Road to Derby 16 The Kentucky Derby Nearly $170 million in major capital improvements at Churchill Downs in past nine years Major Capital Improvements at Churchill Downs Since 2010 2010 Permanent Lighting for Track 2013 Paddock Plaza and The Mansion 2014 Big Board and Grandstand Pavilion 2015 Winners Circle Suites and The Courtyard 2016 Stakes Room and Turf Club 2017 Loft at Aristides Lounge and 2nd Floor Clubhouse 2018 Starting Gate Suites and Colonnade, Parking, and Transportation Project 17 The Kentucky Derby Future build-out of facility supports long-term growth of The Kentucky Derby Infield Gate 2019 . Rooftop Lounge . Infield Gate Rooftop Lounge . Colonnade Future Concepts Colonnade . Hotel . Premium renovations . 1st Turn building . Paddock . Grandstand amenities . Infield seating 18 The Kentucky Derby Multi-year sponsorships with staggered renewals support long-term growth strategy 2019 Sponsorship Update . 99% of 2018 sponsorship revenue dollars were contractually committed 6 months in advance of 2019 Derby Week . Building relationships with new sponsors in the pipeline to grow sponsorship revenue for 2019 19 The Kentucky Derby Three unique Roads to the Derby for a horse to qualify in one of 20 coveted Derby starting positions United States Japan European Horses compete for a Started in 2016 Started in 2018 Derby starting position Horses compete for one Horses compete for one through 35 races from Derby starting position Derby starting position September through April through four Japanese through seven European races races Growth Potential New customers for the Derby Additional wagering Provides extended marketing opportunity for sponsors 20 Company Overview – Racing Segment Second Quarter Live Racing is Primary Driver of Annual Racing Growth Racing Segment 5-year CAGR 2Q +9% $ in millions Adjusted EBITDA 2nd Quarter and Total Year $109 TY +13% $99 $91 $92 $85 $85 $78 $80 2Q Live Racing Key $71 $72 Dates $61 $50 Derby Week Adjusted April 27, 2019 - May 4, 2019 EBITDA 145th Kentucky Derby May 4, 2019 Q2 TY 2Q TY 2Q TY 2Q TY 2Q TY 2Q TY 2Q TY 1 Full Year 2013 2014 2015 2016 2017 2018 Adjusted EBITDA 18% 23% 29% 32% 33% 34% Margin % 2Q’18 Racing Segment Adjusted EBITDA of $109 million, up $10 million from 2017 2018 Kentucky Derby Week – Another Record Year of Growth with