CDI unveils $920M Churchill Downs Racetrack expansion plan, to be wrapped up by 154th Kentucky Derby 

Churchill Downs Incorporated has announced an expansion and renovation plan for its historic Louisville racetrack, aiming to transform the Kentucky Derby experience over the next four years. The $920 million investment, set to be completed by the 154th Kentucky Derby in 2028, includes new seating, hospitality suites, and major infrastructure improvements.

Coming off the success of the 150th Kentucky Derby, which generated an estimated $434 million in economic impact, Churchill Downs is positioning itself for long-term growth. The development will be rolled out in multiple phases from 2025 to 2028, pending approval of financial incentives from the city and state. The company plans to allocate approximately $130 million toward these projects in 2025.

Exterior view rendering of The Skye

The Skye Project will be a central component of the expansion, replacing 11,500 uncovered box seats with 13,300 premium seating options. A new five-story structure will replace the existing Skye Terrace, extending from just past the finish line to the First Turn Club. The initial phases are expected to be ready by the 153rd Kentucky Derby in 2027, with full completion scheduled for 2028. During the transition, guests in the existing Skye Terrace will be provided with alternative premium seating options.

A notable transformation is also planned for the infield area. The Conservatory Project will introduce permanent structures to replace temporary suites along the homestretch, increasing premium hospitality seating from 2,100 to 7,000. 

Aerial view rendering of the Conservatory

Phase one, debuting in May 2026, will feature a Pagoda Club and Terrace overlooking the grandstand and Winner’s Circle, a new Conservatory building with upgraded suites and rooftop dining, and the Stargazer Lounge on the first turn of the infield. Phases two and three will continue expansion along the homestretch, with completion expected by 2028.

Enhancements to the infield general admission area will add three new permanent structures, improving guest amenities and creating upgraded ticket options, including rooftop viewing areas. The first building will open in 2026, followed by additional structures in 2027 and 2028.

Infrastructure improvements are also part of the plan, including a new tunnel to the infield designed to enhance guest accessibility while offering a storytelling experience highlighting 150 years of Kentucky Derby history. Improvements to the backside will also be made for horsemen and trainers.

Aerial rendering of the three buildings (labeled 1, 2, 3) 

Churchill Downs CEO Bill Carstanjen noted the long-term vision behind these projects. “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,” he said. 

“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.”

Alongside these new projects, Churchill Downs is also moving forward with its previously announced $90 million Grandstand renovation, set for completion ahead of the 2025 Kentucky Derby. With final approvals pending, Churchill Downs expects these investments to lay the foundation for the Kentucky Derby’s continued growth.