Multi-Year Series of Capital Projects Unveiled for Churchill Downs

[Wandering Eyes]

A multi-year series of capital projects designed to expand the Kentucky Derby experience across three areas of Churchill Downs was announced by Churchill Downs Incorporated Wednesday.

The largest expansion and renovation undertaken in the 150-year history of CDI is highlighted by The Skye Reconstruction and Expansion Project (“The Skye Project”), Conservatory Project, and Infield General Admission Project

“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,” said Bill Carstanjen, Chief Executive Officer of CDI. “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.”

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 by the City of Louisville in addition to 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 154th Kentucky Derby in May 2028.

 

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-story structure. The first three floors of The Skye are expected to be operational for the 153rd Kentucky Derby in May 2027 and the remaining areas are expected to be completed for the 154th Kentucky Derby in May 2028. For the 152nd 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.

 

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 views of the grandstand and offer visibility to the Kentucky Derby winner's circle; the first Conservatory building with nine upgraded suites as well as covered rooftop dining; and the Stargazer Lounge on the first turn of the infield that will provide VIP guests a private area.

Phase One of the Conservatory Project is expected to be operational for the 152nd Kentucky Derby in May 2026. Phase Two and Phase Three of the Conservatory Project are anticipated to be operational for the 153rd Kentucky Derby in 2027 and the 154th 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 also create ticket upgrade opportunities with additional entertainment and rooftop viewing options. The first building will be open for the 152nd Kentucky Derby in 2026, followed by the second building for the 153rd Kentucky Derby in 2027, and the third building for the 154th Kentucky Derby in 2028.

 

Infrastructure Projects
Several infrastructure improvements at Churchill Downs will backside improvements for horsemen and trainers as well as a new tunnel to the infield that will facilitate access to and from the front side.

 

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