Churchill Downs Incorporated announced Feb. 19 a multiyear series of capital projects that it says will "enhance and expand the Kentucky Derby experience across three key areas of Churchill Downs."
CDI is calling these projects, collectively, the largest expansion and renovation undertaken in the company's 150-year history.
"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 in a statement. "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 renovation includes three projects at Churchill Downs: The Skye Reconstruction and Expansion Project, or "The Skye Project"; the Conservatory Project; and the Infield General Admission Project.
The Skye Project will see 11,500 existing seats—uncovered box seats and dated dining areas just past the finish line and extending to the First Turn Club—replaced with 13,300 seats "providing a variety of premium hospitality experiences that include improved track views and upgraded amenities," according to CDI. The existing Skye Terrace structure will be replaced with a new five-story structure.
The first three floors are expected to be operational for the 2027 Kentucky Derby (G1), with project completion anticipated for the following edition. Beginning with the 2026 Derby through project completion, ticketed guests in the existing Skye Terrace will be provided with the opportunity for alternative premium seating.
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The Conservatory Project will replace 2,100 temporary suites in the infield which line the homestretch of the racetrack with new permanent structures providing more than 7,000 premium experiences for guests including 36 suites.
The first phase will include the Pagoda Club and Terrace, which will offer views of the grandstand and the Kentucky Derby winner's circle.
The first Conservatory building will feature nine upgraded suites and covered rooftop dining with views of the racetrack, frontside, and infield. The Stargazer Lounge on the first turn of the infield will provide VIP guests with a "unique and private area to enjoy all the sights and spectacle." CDI said that the first phase will be ready for the 2026 Derby while the second and third phases should be operational for the 2027 and 2028 Derby, respectively.
Finally, the Infield General Admission Project will see the building of three new permanent structures within the infield. Not only is the plan to improve the general admission experience, but it will allow CDI to "create ticket upgrade opportunities with additional entertainment and rooftop viewing options." One building will open in time for each successive Kentucky Derby beginning with the 2026 Run for the Roses.
In addition to the aforementioned efforts, CDI is planning to invest in infrastructure improvements at the track including those on the backstretch benefiting horsemen and trainers as well as a new tunnel to the infield that will simplify access to and from the front side of the facility.
All of these improvements are estimated to cost $880 million to $920 million.
CDI in its release said that "pending approval of incentives that must be approved" first by the city of Louisville, Ky., and then by the appropriate state agencies including the Kentucky Cabinet for Economic Development, it expects to spend $120 million-$130 million this year. CDI anticipates having all improvements done for the 2028 Kentucky Derby.
