New First Turn Seating to Greet Kentucky Derby Visitors

After trying a number of approaches to the first turn seating at its flagship track over the years, Churchill Downs Inc. officials expressed confidence Feb. 23 that the reimagined seating being rolled out this year will connect with fans. During a conference call with analysts and shareholders Thursday morning, CDI CEO Bill Carstanjen said the $90 million "First Turn Club" is nearly complete, and ticket sales for the new section have been strong, although the area is not currently sold out. "We have made significant progress on our projects at Churchill Downs racetrack in preparation for the upcoming 149th Kentucky Derby (G1)," Carstanjen said. "Our first turn experience is almost complete. The structure is the size of a typical soccer stadium with more than 7,300 permanent seats located on the first turn of our iconic racetrack." The First Turf Club area is about an eighth of a mile past the finish line. Two-day tickets in that area encompassing Kentucky Oaks Day and Derby Day cost $1,261 for an all-inclusive package that includes food and beverages. Carstanjen is confident that visitors will be impressed. "The scope of this complex is stunning the first time you see it, and it forever changes the personality of this portion of our venue, which historically had been dominated by a series of temporary structures and back-of-house infrastructure," Carstanjen said. "Guests will experience it for the first time at this year's Derby in early May." CDI chief financial officer Marcia Dall confirmed strong interest in the new seating area. "The first turn experience is selling very nicely," Dall said before outlining the company's approach to selling the Kentucky Derby experiences for fans. "We're looking to optimize the pricing for every particular area with a long-term view to not shock the pricing for our customers in any particular year." While the first turn seating will be complete for this year's Derby, Churchill Downs will continue to overhaul its paddock area to have that project completed ahead of the 2024 Derby. "We've also made significant progress on the paddock project. This is a transformative project for Churchill Downs racetrack—the most significant in decades—and will create a variety of new and innovative guest experiences while at the same time improving the views and ambiance for every single guest who enters our historic venue through the front gates," Carstanjen said. "Our goal is to introduce a level of transformation and grandeur that will surpass any facility anywhere in the world. "We remain on course to complete this project for the 150th Derby in May 2024. This effort epitomizes a core strategic initiative of our company to invest and grow the scale and profitability of the Kentucky Derby." Despite the ongoing paddock construction, Carstanjen said the track has a good plan to minimize disruption this year.