Churchill Downs debuts multi-year series of capital projects for racetrack

Churchill Downs (CHDN) announced a multi-year series of capital projects that will enhance and expand the Kentucky Derby experience across three key areas of Churchill Downs Racetrack . The series of transformational projects are, collectively, the largest expansion and renovation undertaken in the 150-year history of CDI. The three projects are: The Skye Reconstruction and Expansion Project “The Skye Project” ,Conservatory Project, and 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.”…CDI is also planning to invest in several infrastructure improvements at Churchill Downs anticipated to include backside improvements for horsemen and trainers as well as a new tunnel to the infield that will facilitate seamless access to and from the front side. The tunnel will serve as an immersive underground journey for guests delivering 150 years of Kentucky Derby storytelling magic and building excitement for the day ahead. CDI plans to invest the following capital in each of the projects between 2025 and 2028: Skye Terrace Renovation and Expansion Project – $455 to $465 M..Pending approval of incentives that must be approved first by the City of Louisville and then by the appropriate state agencies including the Kentucky Cabinet for Economic Development, CDI anticipates spending $120 to $130 M of this project capital in 2025 and expects to have all three projects as well as the necessary infrastructure improvements completed by the 154th Kentucky Derby in May 2028. CDI believes that these investments will lay the foundation for growth over the next decade and create significant shareholder value over the long term.