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Churchill Downs Inc.

Churchill Downs Inc. plans a multi-year series of capital projects that will enhance and expand the Kentucky Derby experience across three key areas of its flagship racetrack in Louisville, Ky.

The series of transformational projects, plus infrastructure improvements,  would cost at least $880 million. Collectively, they are largest expansion and renovation undertaken in the 150-year history of CDI.

The three projects are the reconstruction and expansion of the Skye terrace, which starts just past the finish line and extends to the first turn club; the Conservatory project, which will add permanent seating in the infield; and the infield general admission project, which will add permanent buildings to improve amenities.

All three are expected to be completed in time for Kentucky Derby 2028.

“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 CDI CEO Bill Carstanjen. “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 will replace 11,500 seats that currently consist of uncovered box seats and dated dining areas with 13,300 seats with premium hospitality services,  improved track views and upgraded amenities. The existing Skye Terrace structure will be replaced with a new five-story structure that will transform the iconic Clubhouse turn.

The first three floors of the Skye are expected to be operational for Kentucky Derby 2027, and the remaining areas are expected to be completed for the Kentucky Derby 2028. For Kentucky Derby 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.

The Skye project is expected to cost $455 million to $465 million.

The conservatory project will replace the temporary suites in the infield that line the homestretch of the racetrack. This project will replace 2,100 temporary seats with new permanent structures providing premium seating for more than 7,000 people, including 36 suites. Phase one will feature a pagoda club and terrace that will offer sweeping views of the grandstand and offer unprecedented visibility to the Kentucky Derby winner’s circle. It also will include the first Conservatory building, with nine upgraded suites as well as covered rooftop dining with views of the racetrack, frontside and infield. This phase also will include a lounge on the first turn of the infield that be a private area for VIP guests.

This phase is expected to be operational for Kentucky Derby 2026. The second and third phases will involve construction of Conservatory structures down the homestretch toward the starting gate and are anticipated to be operational for the 2027 and 2028 derbies.

The conservatory project is expected to cost $320 million to $330 million.

The infield general admission project will add three permanent buildings in the infield to provide improved amenities for the Kentucky Derby. It also will create ticket-upgrade opportunities with additional entertainment and rooftop viewing options. The first building will be open for Kentucky Derby 2026, followed by the second building for the 2027 Derby and the third building for the 2028 Derby.

This project is expected to cost $60 million to $70 million.