Churchill Downs Incorporated (CDI) has revealed a transformative series of capital projects aimed at enhancing the Kentucky Derby experience. This initiative represents the largest expansion and renovation in the track’s 150-year history, focusing on three key areas: The Skye Reconstruction and Expansion Project, the Conservatory Project, and the 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.”

‍The Skye Project

‍The Skye Project aims to renovate the section of Churchill Downs extending from just past the finish line to the First Turn Club. It will replace 11,500 outdated seats with 13,300 new ones, offering a variety of premium hospitality experiences. The existing Skye Terrace structure will be replaced with a 5-story structure to improve track views and amenities. The first three floors of the new Skye will be operational by the 153rd Kentucky Derby in May 2027, with the entire project completed by the 154th Derby in 2028. During the renovation, guests will be provided alternative premium seating for the 152nd Derby in 2026.

The Conservatory Project

‍The Conservatory Project will replace 2,100 temporary suites in the infield with permanent structures offering over 7,000 premium experiences, including 36 suites. Phase One will introduce the Pagoda Club and Terrace, offering sweeping views of the grandstand and Kentucky Derby Winner's Circle. The Stargazer Lounge will also debut on the first turn of the infield, providing a unique VIP experience. Phase One is expected to be completed by the 152nd Kentucky Derby in 2026, with further phases finishing by 2028.

‍Infield General Admission Project

‍This project will create three new permanent buildings in the infield, enhancing amenities for general admission guests while offering ticket upgrade opportunities. These new buildings will be completed in stages, with the first opening in time for the 152nd Kentucky Derby in 2026.

Infrastructure Investments

‍CDI also plans several infrastructure improvements, including backside improvements for horsemen and a new tunnel to the infield that will enrich the Derby experience with a historical journey for guests.

Investment Breakdown

‍CDI plans to invest between $455 to $465 million in the Skye Terrace renovation, $320 to $330 million in the Conservatory Project, $60 to $70 million in the Infield General Admission Project, and $45 to $55 million in infrastructure improvements. The company anticipates investing $120 to $130 million in 2025, with the projects expected to be completed by the 154th Kentucky Derby in May 2028. These developments aim to foster long-term growth and value for shareholders.

Originally reported by Kevin Kerstein/Churchill Downs in Paulick Report.