Churchill Downs Inc unveils multi-year series of Capital Projects for Churchill Downs Racetrack

Churchill Downs Incorporated has announced a multi-year series of capital projects that will enhance and expand the Kentucky Derby experience across three key areas of Churchill Downs Racetrack.

The series of transformational projects – designed by Populous – are, collectively, the largest expansion and renovation undertaken in the 150-year history of Churchill Downs Incorporated (CDI).

The three projects are:

• The Skye Reconstruction and Expansion Project (“The Skye Project”)
• Conservatory Project
• Infield General Admission Project

Bill Carstanjen, Chief Executive Officer of CDI, said:

“These projects as well as key infrastructure improvements, reflect the Company’s commitment to providing world-class hospitality and premium seating options for guests for many decades to come. We have a proven track record of prudently investing capital in the Kentucky Derby to create once-in-a lifetime experiences for our guests while also creating significant long-term value for our shareholders.” 

The Skye Project

The Skye Project will focus on the section of Churchill Downs that starts just past the finish line and extends to the First Turn Club.

This project will replace 11,500 existing seats that currently consist of uncovered box seats and dated dining areas with 13,300 seats providing a variety of premium hospitality experiences that include improved track views and upgraded amenities.

The existing Skye Terrace structure will be replaced with a new 5-storey structure that will transform the iconic Clubhouse turn. The first three floors of The Skye are expected to be operational for the 153^rd Kentucky Derby in May 2027 and the remaining areas are expected to be completed for the 154^th Kentucky Derby in May 2028.

For the 152^nd Kentucky Derby in May 2026 and throughout the project transition, Churchill Downs will provide ticketed guests in the existing Skye Terrace areas with the opportunity for alternative premium seating to ensure the same extraordinary bucket list experience.

Conservatory Project

The Conservatory Project will replace the temporary suites in the infield which line the homestretch of the racetrack. This project will replace 2,100 temporary seats with new permanent structures providing over 7,000 premium experiences for guests including 36 suites.

Phase One will feature: the Pagoda Club and Terrace that will capture sweeping views of the grandstand and offer unprecedented visibility to the Kentucky Derby Winner’s Circle; the first Conservatory building with 9 upgraded suites as well as covered rooftop dining presenting unparalleled views of the racetrack, frontside, and infield; and the Stargazer Lounge on the first turn of the infield that will provide VIP guests a unique and private area to enjoy all the sights and spectacle.

Phase One of the Conservatory Project is expected to be operational for the 152^nd Kentucky Derby in May 2026.

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Phase Two and Phase Three of the Conservatory Project will involve further construction of Conservatory structures down the homestretch towards the starting gate and are anticipated to be operational for the 153^rd Kentucky Derby in 2027 and the 154^th Kentucky Derby in 2028, respectively.

Infield General Admission Project

The Infield General Admission Project will introduce three new permanent buildings within the infield that will provide guests with enhanced amenities for the Kentucky Derby. This development will improve the overall experience for general admission guests and will also create ticket upgrade opportunities with additional entertainment and rooftop viewing options.

The first building will be open for the 152^nd Kentucky Derby in 2026, followed by the second building for the 153^rd Kentucky Derby in 2027, and the third building for the 154^th Kentucky Derby in 2028.

Infrastructure Projects

CDI is also planning to invest in several infrastructure improvements at Churchill Downs anticipated to include backside improvements for horsemen and trainers as well as a new tunnel to the infield that will facilitate seamless access to and from the front side. The tunnel will serve as an immersive underground journey for guests delivering 150 years of Kentucky Derby storytelling magic and building excitement for the day ahead.

Investment Summary

CDI plans to invest the following capital in each of the projects between 2025 and 2028:

• Skye Terrace Renovation and Expansion Project – $455 to $465 million
• Conservatory Project – $320 to $330 million
• Infield General Admission Project – $60 to $70 million
• Infrastructure Projects – $45 to $55 million

Pending approval of incentives that must be approved first by the City of Louisville and then by the appropriate state agencies including the Kentucky Cabinet for Economic Development, CDI anticipates spending $120 to $130 million of this project capital in 2025 and expects to have all three projects, as well as the necessary infrastructure improvements, completed by the 154^th Kentucky Derby in May 2028.

CDI believes that these investments will lay the foundation for growth over the next decade and create significant shareholder value over the long term.

Source & imagery, courtesy: Churchill Downs

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