Churchill Downs Renovation Projects Look a Billion Dollars
Churchill Downs unveils a further $900 million investment in expansion and renovation projects.
The field rounds the first turn during the 150th running of the Kentucky Derby at Churchill Downs in 2024. © Getty Images
Key Facts:
- A three-year $880 – $920 million Churchill Downs renovation project has been announced.
- Phased work means Derby meetings will not be affected.
- Churchill Downs Incorporated profits are good – buoyed by a $57.2 million increase in racetrack profits.
- Belmont is also on track, but Ruidoso Downs says goodbye to thoroughbreds.
Churchill Downs will soon be able to boast that it looks like a billion dollars. This week, the track, home to the Kentucky Derby, the longest continual-running sporting event in the United States, announced a three-year renovation project predicted to cost between $880 and $920 million.
The investment follows hot on the heels of c$400 million worth of new construction that began in 2022 and will be completed ahead of this year’s Derby scheduled for May 3 . Since 2014, Churchill Downs, which first raced in 1875, has invested roughly $600 million in facility improvements.
A Makeover for Historical Churchill Downs
Nasdaq-listed Churchill Downs Incorporated, owners of the famous Louisville racetrack, say the latest multi-year series of capital projects will “enhance and expand the Kentucky Derby experience across three key areas of Churchill Downs Racetrack.”
The transformational projects, set to be completed in phases ahead of annual Kentucky Derby meetings until 2028, have collectively been described as “the largest expansion and renovation undertaken in the 150-year history of Churchill Downs.” The includes:
The Skye Reconstruction and Expansion 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 seats, currently consisting of uncovered box seats and dining areas, with 13,300 seats providing a variety of premium hospitality experiences. Improved track views and upgraded amenities are promised.
Conservatory Project
The ‘Conservatory Project’ will replace the temporary suites in the track’s infield, which line the homestretch of the racetrack. This scheme will replace 2,100 temporary seats with new permanent structures, providing over 7,000 premium guest experiences, including 36 suites.
Phase one of the project build will feature the Pagoda Club and Terrace, capturing sweeping views of the grandstand and offering unprecedented visibility to the Kentucky Derby Winner’s Circle.
Infield General Admission Project
The ‘Infield General Admission Project’ will introduce three new permanent buildings within the infield, providing guests with enhanced amenities for the Kentucky Derby. It is promised that this development will improve the overall experience for general admission guests and create ticket upgrade opportunities with additional entertainment and rooftop viewing options.
Big changes coming to @ChurchillDowns Over $900 million worth. Including the infield. Here is a current view through the snow to the new look! Yes it is still winter! @WLKY @KentuckyDerby pic.twitter.com/CSqSnyP0IH
— Scott Eckhardt (@S_EckhardtTV) February 20, 2025
World-Class Hospitality on the Downs
“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 Churchill Downs Incorporated, announcing the new plans.
Recent upgrades to Churchill Downs include the $85 million Grandstand Club and Pavilion project – 8,300 new stadium-style seats, a covered outdoor garden with new concessions, bars, and wagering windows – that will debut ahead of the 2025 Kentucky Derby meeting.
The Homestretch Club (2022), First Turn Experience (2023) and Jockey Club Suites (2024) are other parts of the track that have been transformed or renovated since the Covid hit 2020 Kentucky Derby took place before empty grandstands in a bizarre September slot.
Record-Breaking 150th Derby Week Boosted Profits
Churchill Downs Incorporated’s share price has risen fifty percent in the past five years. On Wednesday, the company, with racetracks, casinos and an online betting company among its portfolio of businesses, announced record fourth-quarter financial results. Its net revenue of $624.2 million was up $63.0 million in the corresponding period in 2023.
Reporting its business results for the quarter and full year ended December 31, 2024, Churchill Downs Incorporated said: “We successfully ran the 150th Kentucky Derby on the first Saturday of May generating all-time record all-sources handle and all-time record Derby week adjusted EBITDA (earnings before interest, taxes, depreciation, and amortisation).”
Across the board, full-year 2024 revenue increased by $182.4 million, buoyed by a $57.2 million increase in Churchill Downs Racetrack profits attributed to its record-breaking 150th Derby Week.
New Dawn for New York’s Belmont Park
In New York, the $455 million renovation of Belmont Park continues apace. The demolition of the track’s existing grandstand and clubhouse began in early 2024, and the construction of a new facility started shortly afterwards.
The project is expected to be fully completed by the third quarter of 2026. However, the New York Racing Association is planning on the Belmont Stakes being staged at its traditional home in June 2026.
During the renovation, the Belmont Stakes – the second leg of the Triple Crown following the Kentucky Derby and preceding the Preakness Stakes – has and will be held at Saratoga Racetrack. Belmont Park’s regular race meetings have been staged at New York’s second racetrack, Aqueduct, in Queens.
Quarter Horse Racing Only for Ruidoso Downs
The latest news from New Mexico is not positive for thoroughbred fans. Ruidoso Downs, a track hit with heavy rains and flooding in July 2024 – leading to significant damage and its meetings being transferred to Albuquerque Downs – has announced it is discontinuing thoroughbred racing.
Speaking on Wednesday, Rick Baugh, the track’s general manager, said: “The floods from last summer have left us with having to make decisions that are realistic, timely, and financially responsible.”
“Knowing we would likely be unable to master a full reconstruction of the track that would allow for Thoroughbred racing, we are taking these circumstances that were beyond our control, and we are moving forward with our focus on quarter horse racing.”
Ruidoso Downs, a track that began racing both quarter horses and thoroughbreds nearly 80 years ago, needs only a short straight strip to stage quarter horse racing. It is the home of the world’s richest quarter horse race, the 440-yard All-American Futurity. Boasting a $3 million purse, it is the most valuable race for a two-year-old of any breed in North America.
