Churchill Downs, Incorporated

Item 7.01. Regulation FD Disclosure. On July 14, 2025, Churchill Downs Incorporated (the “Company”) announced that it had entered into definitive agreements to acquire 90% of the outstanding equity interests of PPE Casino Resorts NH Holdings, LLC in Salem, New Hampshire (known as “Casino Salem”), for total consideration of $180 million in cash (the “Salem Transaction”), subject to certain purchase price adjustments. Casino Salem is located at The Mall at Rockingham Park which is approximately 30 minutes from downtown Boston. Pursuant to the Salem Transaction, CDI will assume responsibility for the development of a charitable gaming, entertainment and dining destination featuring historical horse racing machines. The Salem Transaction will be comprised of (i) CDI’s purchase of the 51% ownership stake in Casino Salem held by The Cordish Companies and (ii) CDI’s purchase of 39% of the total outstanding equity of Casino Salem from F&L Gaming, LLC, an entity owned by Southern New Hampshire developers and civic leaders, Joe Faro and Sal Lupoli. Following the Salem Transaction, Faro and Lupoli combined will maintain ownership of 10% of Casino Salem, and will continue to provide their local expertise, which is central to the efforts to complete the development of this new venue. A copy of the press release announcing the Salem Transaction is furnished hereto as Exhibit 99.1. The information provided pursuant to this Item 7.01, including Exhibit 99.1, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities under that Section and shall not be deemed incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in any such filing. Item 9.01. Financial Statements and Exhibits. (d) Exhibits Exhibit Number Description 99.1 Press Release, dated July 14, 2025, issued by Churchill Downs Incorporated 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)