Nasdaq:CHDN
Churchill Downs Incorporated Unveils Multi-Year Series of Capital Projects for Churchill Downs Racetrack

The Skye, Conservatory and Infield General Admission Projects Will Create World-Class Premium Hospitality for Kentucky Derby Guests
LOUISVILLE, Ky., Feb. 19, 2025 (GLOBE NEWSWIRE) — Churchill Downs Incorporated (“CDI” or “the Company”) (Nasdaq: CHDN) announced today a multi-year series of capital projects that will enhance and expand the Kentucky Derby experience across three key areas of Churchill Downs Racetrack (“Churchill Downs”). 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.”
The Skye Project
Track view rendering of The Skye
Exterior view rendering of The Skye
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 existing seats that currently consist of uncovered box seats and dated dining areas with 13,300 seats providing a variety of premium hospitality experiences that include improved track views and upgraded amenities. The existing Skye Terrace structure will be replaced with a new 5-story structure that will transform the iconic Clubhouse turn. The first three floors of The Skye are expected to be operational for the 153rd Kentucky Derby in May 2027 and the remaining areas are expected to be completed for the 154th Kentucky Derby in May 2028. For the 152nd Kentucky Derby in May 2026 and throughout the project transition, Churchill Downs will provide ticketed guests in the existing Skye Terrace areas with the opportunity for alternative premium seating to ensure the same extraordinary bucket list experience.
Conservatory Project
Aerial view rendering of the Conservatory
The Conservatory Project will replace the temporary suites in the infield which line the homestretch of the racetrack. This project will replace 2,100 temporary seats with new permanent structures providing over 7,000 premium experiences for guests including 36 suites. Phase One will feature: the Pagoda Club and Terrace that will capture sweeping views of the grandstand and offer unprecedented visibility to the Kentucky Derby Winner’s Circle; the first Conservatory building with 9 upgraded suites as well as covered rooftop dining presenting unparalleled views of the racetrack, frontside, and infield; and the Stargazer Lounge on the first turn of the infield that will provide VIP guests a unique and private area to enjoy all the sights and spectacle. Phase One of the Conservatory Project is expected to be operational for the 152nd Kentucky Derby in May 2026. Phase Two and Phase Three of the Conservatory Project will involve further construction of Conservatory structures down the homestretch towards the starting gate and are anticipated to be operational for the 153rd Kentucky Derby in 2027 and the 154th Kentucky Derby in 2028, respectively.
Infield General Admission Project
The Infield General Admission Project will introduce three new permanent buildings within the infield that will provide guests with enhanced amenities for the Kentucky Derby. This development will improve the overall experience for general admission guests and will also create ticket upgrade opportunities with additional entertainment and rooftop viewing options. The first building will be open for the 152nd Kentucky Derby in 2026, followed by the second building for the 153rd Kentucky Derby in 2027, and the third building for the 154th Kentucky Derby in 2028.
Aerial rendering of the three buildings (labeled 1, 2, 3) that make up the Infield General Admission Project
Infrastructure Projects
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.
Investment Summary
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 million
- Conservatory Project – $320 to $330 million
- Infield General Admission Project – $60 to $70 million
- Infrastructure Projects – $45 to $55 million
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 million 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.
About Churchill Downs Incorporated
Churchill Downs Incorporated (“CDI”) (Nasdaq: CHDN) has been creating extraordinary entertainment experiences for over 150 years, beginning with the company’s most iconic and enduring asset, the Kentucky Derby. Headquartered in Louisville, Kentucky, CDI has expanded through the acquisition, development, and operation of live and historical racing entertainment venues, the growth of online wagering businesses, and the acquisition, development, and operation of regional casino gaming properties. www.churchilldownsincorporated.com
This news release contains various “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are typically identified by the use of terms such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “predict,” “project,” “seek,” “should,” “will,” “scheduled,” and similar words or similar expressions (or negative versions of such words or expressions), although some forward-looking statements are expressed differently.
Although we believe that the expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. Important factors, that could cause actual results to differ materially from expectations include the following: the occurrence of extraordinary events, such as terrorist attacks, public health threats, civil unrest, and inclement weather, including as a result of climate change; the effect of economic conditions on our consumers’ confidence and discretionary spending or our access to credit, including the impact of inflation; changes in, or new interpretations of, applicable tax laws or rulings that could result in additional tax liabilities; the impact of any pandemics, epidemics, or outbreaks of infectious diseases, and related economic matters on our results of operations, financial conditions and prospects; lack of confidence in the integrity of our core businesses or any deterioration in our reputation; negative shifts in public opinion regarding gambling that could result in increased regulation of, or new restrictions on, the gaming industry; loss of key or highly skilled personnel, as well as general disruptions in the general labor market; the impact of significant competition, and the expectation that competition levels will increase; changes in consumer preferences, attendance, wagering, and sponsorships; risks associated with equity investments, strategic alliances and other third-party agreements; inability to respond to rapid technological changes in a timely manner; concentration and evolution of slot machine and historical racing machine (HRM) manufacturing and other technology conditions that could impose additional costs; failure to enter into or maintain agreements with industry constituents, including horsemen and other racetracks; inability to successfully focus on market access and retail operations for our sports betting business and effectively compete; online security risk, including cyber-security breaches, or loss or misuse of our stored information as a result of a breach including customers’ personal information could lead to government enforcement actions or other litigation; costs of compliance with increasingly complex laws and regulations regarding data privacy and protection of personal information; reliance on our technology services and catastrophic events and system failures disrupting our operations; inability to identify, complete, or fully realize the benefits of our proposed acquisitions, divestitures, development of new venues or the expansion of existing facilities on time, on budget, or as planned; difficulty in integrating recent or future acquisitions into our operations; cost overruns and other uncertainties associated with the development of new venues and the expansion of existing facilities; general risks related to real estate ownership and significant expenditures, including risks related to environmental liabilities; personal injury litigation related to injuries occurring at our racetracks; compliance with the Foreign Corrupt Practices Act or other similar laws and regulations, or applicable anti-money laundering regulations; payment-related risks, such as risk associated with fraudulent credit card or debit card use; work stoppages and labor problems; risks related to pending or future legal proceedings and other actions; highly regulated operations and changes in the regulatory environment could adversely affect our business; restrictions in our debt facilities limiting our flexibility to operate our business; failure to comply with the financial ratios and other covenants in our debt facilities and other indebtedness; increases to interest rates (due to inflation or otherwise), disruption in the credit markets or changes to our credit ratings may adversely affect our business; increase in our insurance costs, or inability to obtain similar insurance coverage in the future, and any inability to recover under our insurance policies for damages sustained at our properties in the event of inclement weather and casualty events; and other factors described under the heading “Risk Factors” in our most recent Annual Report on Form 10-K and in other filings we make with the Securities and Exchange Commission.
We do not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Investor Contact: Sam Ullrich (502) 638-3906 [email protected] |
Media Contact: Tonya Abeln (502) 386-1742 [email protected] |
Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/319337e5-57ba-415d-8a1c-b238dd9ebf2e
https://www.globenewswire.com/NewsRoom/AttachmentNg/67adc605-4b37-44e3-91ee-c50cad46c9f5
https://www.globenewswire.com/NewsRoom/AttachmentNg/d7e60b6c-ca97-4ae5-9700-ca89e54c0d52
https://www.globenewswire.com/NewsRoom/AttachmentNg/3083c1b9-6f7b-4db7-8e67-552ed984ff77
Nasdaq:CHDN
Sovereignty Wins the 151st Running of the Kentucky Derby Presented by Woodford Reserve

New All-Time Handle Record Set for the Kentucky Derby Race, Kentucky Derby Day Program, and Kentucky Derby Week Races
LOUISVILLE, Ky., May 03, 2025 (GLOBE NEWSWIRE) — Churchill Downs Incorporated (Nasdaq: CHDN) (the “Company”, “CDI”, “we”) announced today that Sovereignty claimed the Garland of Roses at the 151st running of the Kentucky Derby presented by Woodford Reserve under steady rain and the watchful eyes of over 147,000 eager racing fans.
Sovereignty, owned and bred by Godolphin, LLC, trained by William (“Bill”) Mott, and ridden by Junior Alvarado, thundered to the finish to win by a length and a half at 7-1 odds. Sovereignty covered the mile and a quarter in 2:02.31 over a sloppy track. Sired by Into Mischief, Sovereignty now has lifetime earnings of $3.7 million.
Wagering from all sources on the Kentucky Derby Day program set a new record of $349.0 million, beating last year’s record of $320.5 million. All-sources wagering on the Kentucky Derby race was a new record of $234.4 million, beating last year’s record of $210.7 million. All-sources handle for Derby Week rose to a new record of $473.9 million, beating last year’s record of $446.6 million.
TwinSpires, the official betting partner of the Kentucky Derby, handled a new record of $108.0 million in wagering on Churchill Downs races for the Kentucky Derby Day program, compared to last year’s record of $92.1 million, including all settled future wagers and affiliate wagering. TwinSpires’ handle on the Kentucky Derby race was a new record of $73.0 million, beating last year’s record of $60.9 million, including all settled future wagers and affiliate wagering.
The 151st Kentucky Derby follows an all-time record 150th Kentucky Derby last year. The Company expects Adjusted EBITDA for Derby Week to be one of the top two results in the company’s history, albeit $2 to $4 million lower than last year’s marquee 150th running of the Kentucky Derby.
“We congratulate the connections of Sovereignty on an impressive win over a very talented field of horses,” said Bill Carstanjen, CEO of CDI. “We are thrilled with our performance following the 150th milestone year in 2024 and we will grow the Kentucky Derby in the years to come.”
About Churchill Downs Incorporated
Churchill Downs Incorporated (“CDI”) (Nasdaq: CHDN) has been creating extraordinary entertainment experiences for over 150 years, beginning with the company’s most iconic and enduring asset, the Kentucky Derby. Headquartered in Louisville, Kentucky, CDI has expanded through the acquisition, development, and operation of live and historical racing entertainment venues, the growth of online wagering businesses, and the acquisition, development, and operation of regional casino gaming properties. www.churchilldownsincorporated.com
Use of Non-GAAP Measures
In addition to the results provided in accordance with GAAP, the Company also uses non-GAAP measures, including adjusted net income, adjusted diluted EPS, EBITDA (earnings before interest, taxes, depreciation and amortization), and Adjusted EBITDA.
The Company uses non-GAAP measures as a key performance measure of the results of operations for purposes of evaluating performance internally. These measures facilitate comparison of operating performance between periods and help investors to better understand the operating results of the Company by excluding certain items that may not be indicative of the Company’s core business or operating results. The Company believes the use of these measures enables management and investors to evaluate and compare, from period to period, the Company’s operating performance in a meaningful and consistent manner. The non-GAAP measures are a supplemental measure of our performance that is not required by, or presented in accordance with, GAAP, and should not be considered as an alternative to, or more meaningful than, net income or diluted EPS (as determined in accordance with GAAP) as a measure of our operating results.
We use Adjusted EBITDA to evaluate segment performance, develop strategy, and allocate resources. We utilize the Adjusted EBITDA metric to provide a more accurate measure of our core operating results and enable management and investors to evaluate and compare from period to period our operating performance in a meaningful and consistent manner. Adjusted EBITDA should not be considered as an alternative to operating income as an indicator of performance, as an alternative to cash flows from operating activities as a measure of liquidity, or as an alternative to any other measure provided in accordance with GAAP. Our calculation of Adjusted EBITDA may be different from the calculation used by other companies and, therefore, comparability may be limited.
Adjusted net income and adjusted diluted EPS exclude discontinued operations net income or loss; net income or loss attributable to noncontrolling interest; transaction expense, which includes acquisition and disposition related charges, as well as legal, accounting, and other deal-related expense; pre-opening expense; and certain other gains, charges, recoveries, and expenses.
Adjusted EBITDA includes our portion of EBITDA from our equity investments and the portion of EBITDA attributable to noncontrolling interest.
Adjusted EBITDA excludes, as applicable in each period:
- Transaction expense, net which includes:
- Acquisition, disposition, and property sale related charges;
- Other transaction expense, including legal, accounting, and other deal-related expense;
- Stock-based compensation expense;
- Rivers Des Plaines’ impact on our investments in unconsolidated affiliates from legal reserves and transaction costs;
- Asset impairments;
- Gain on property sales;
- Legal reserves;
- Pre-opening expense; and
- Other charges, recoveries, and expenses.
For segment reporting, Adjusted EBITDA includes intercompany revenue and expense totals that are eliminated in the Consolidated Statements of Comprehensive Income. See the Reconciliation of Comprehensive Income to Adjusted EBITDA included herewith for additional information.
This news release contains various “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are typically identified by the use of terms such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “predict,” “project,” “seek,” “should,” “will,” “scheduled,” and similar words or similar expressions (or negative versions of such words or expressions), although some forward-looking statements are expressed differently.
Although we believe that the expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. Important factors, that could cause actual results to differ materially from expectations include the following: the occurrence of extraordinary events, such as terrorist attacks, public health threats, civil unrest, and inclement weather, including as a result of climate change; the effect of economic conditions on our consumers’ confidence and discretionary spending or our access to credit, including the impact of inflation; changes in, or new interpretations of, applicable tax laws or rulings that could result in additional tax liabilities; the impact of any pandemics, epidemics, or outbreaks of infectious diseases, and related economic matters on our results of operations, financial conditions and prospects; lack of confidence in the integrity of our core businesses or any deterioration in our reputation; negative shifts in public opinion regarding gambling that could result in increased regulation of, or new restrictions on, the gaming industry; loss of key or highly skilled personnel, as well as general disruptions in the general labor market; the impact of significant competition, and the expectation that competition levels will increase; changes in consumer preferences, attendance, wagering, and sponsorships; risks associated with equity investments, strategic alliances and other third-party agreements; inability to respond to rapid technological changes in a timely manner; concentration and evolution of slot machine and historical racing machine (“HRM”) manufacturing and other technology conditions that could impose additional costs; failure to enter into or maintain agreements with industry constituents, including horsemen and other racetracks; inability to successfully focus on market access and retail operations for our sports betting business and effectively compete; online security risk, including cyber-security breaches, or loss or misuse of our stored information as a result of a breach including customers’ personal information could lead to government enforcement actions or other litigation; costs of compliance with increasingly complex laws and regulations regarding data privacy and protection of personal information; reliance on our technology services and catastrophic events and system failures disrupting our operations; inability to identify, complete, or fully realize the benefits of our proposed acquisitions, divestitures, development of new venues or the expansion of existing facilities on time, on budget, or as planned; difficulty in integrating recent or future acquisitions into our operations; cost overruns and other uncertainties associated with the development of new venues and the expansion of existing facilities; general risks related to real estate ownership and significant expenditures, including risks related to environmental liabilities; personal injury litigation related to injuries occurring at our racetracks; compliance with the Foreign Corrupt Practices Act or other similar laws and regulations, or applicable anti-money laundering regulations; payment-related risks, such as risk associated with fraudulent credit card or debit card use; work stoppages and labor problems; risks related to pending or future legal proceedings and other actions; highly regulated operations and changes in the regulatory environment could adversely affect our business; restrictions in our debt facilities limiting our flexibility to operate our business; failure to comply with the financial ratios and other covenants in our debt facilities and other indebtedness; increases to interest rates (due to inflation or otherwise); disruption in the credit markets or changes to our credit ratings may adversely affect our business; increase in our insurance costs, or inability to obtain similar insurance coverage in the future, and any inability to recover under our insurance policies for damages sustained at our properties in the event of inclement weather and casualty events; and other factors described under the heading “Risk Factors” in our most recent Annual Report on Form 10-K and in other filings we make with the Securities and Exchange Commission.
We do not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Investor Contact: Sam Ullrich | Media Contact: Tonya Abeln |
(502) 638-3906 | (502) 386-1742 |
[email protected] | [email protected] |
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/094d03f2-19fb-4af9-97f6-38fc8c614d28
Nasdaq:CHDN
Good Cheer Claims the Lilies for the 151st Running of the Longines Kentucky Oaks

LOUISVILLE, Ky., May 02, 2025 (GLOBE NEWSWIRE) — Churchill Downs Incorporated (Nasdaq: CHDN) (the “Company”, “CDI”, “we”) announced Good Cheer captured the Lilies in the 151st running of the Longines Kentucky Oaks in a field of 13 and sloppy track conditions. Under mostly cloudy skies, more than 100,000 excited racegoers gathered to watch America’s premier race for 3-year-old fillies.
Wagering from all sources on the full Kentucky Oaks race day card was $73.9 million. All-sources wagering on the Kentucky Oaks race was $22.7 million, up 4% from last year.
TwinSpires, the official betting partner of the Kentucky Oaks, handled a new record of $20.9 million in wagering on Churchill Downs races for the Kentucky Oaks Day program, compared to last year’s record of $20.3 million, including all settled future wagers and affiliate wagering.
Good Cheer, owned and bred by Godolphin, LLC, trained by Brad Cox and ridden by Luis Saez, covered the 1-1/8th mile and sped to the finish line to win the Longines Kentucky Oaks by 2 1/4 lengths at odds of 6-5 and with a final time of 1:50.15. The Kentucky-bred filly, sired by Medaglia d’Oro, now has lifetime earnings of $1.7 million.
“Today we honor and congratulate the connections of Good Cheer,” said Churchill Downs President Mike Anderson. “We thank our many fans, sponsors, horsemen, and horseplayers who all contributed to making today’s 151st Kentucky Oaks a remarkable celebration.”
CDI continued using Kentucky Oaks as a platform to raise money for women’s health initiatives. We welcomed 150 breast and ovarian cancer survivors to walk the historic racetrack prior to the running of Longines Kentucky Oaks for the 17th annual Survivors Parade.
Churchill Downs’ Oaks charitable beneficiaries were Derby Divas, representing the Norton Cancer Institute, and Horses and Hope, representing the Kentucky Cancer Program. Since its inception, the Oaks Survivors Parade charitable initiative has raised over $1.5 million for women’s health advocacy, providing preventative access to underserved women throughout Kentucky, including those who work in the equine industry.
About Churchill Downs Incorporated
Churchill Downs Incorporated (“CDI”) (Nasdaq: CHDN) has been creating extraordinary entertainment experiences for over 150 years, beginning with the company’s most iconic and enduring asset, the Kentucky Derby. Headquartered in Louisville, Kentucky, CDI has expanded through the acquisition, development, and operation of live and historical racing entertainment venues, the growth of online wagering businesses, and the acquisition, development, and operation of regional casino gaming properties. www.churchilldownsincorporated.com
This news release contains various “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are typically identified by the use of terms such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “predict,” “project,” “seek,” “should,” “will,” “scheduled,” and similar words or similar expressions (or negative versions of such words or expressions), although some forward-looking statements are expressed differently.
Although we believe that the expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. Important factors, that could cause actual results to differ materially from expectations include the following: the occurrence of extraordinary events, such as terrorist attacks, public health threats, civil unrest, and inclement weather, including as a result of climate change; the effect of economic conditions on our consumers’ confidence and discretionary spending or our access to credit, including the impact of inflation; changes in, or new interpretations of, applicable tax laws or rulings that could result in additional tax liabilities; the impact of any pandemics, epidemics, or outbreaks of infectious diseases, and related economic matters on our results of operations, financial conditions and prospects; lack of confidence in the integrity of our core businesses or any deterioration in our reputation; negative shifts in public opinion regarding gambling that could result in increased regulation of, or new restrictions on, the gaming industry; loss of key or highly skilled personnel, as well as general disruptions in the general labor market; the impact of significant competition, and the expectation that competition levels will increase; changes in consumer preferences, attendance, wagering, and sponsorships; risks associated with equity investments, strategic alliances and other third-party agreements; inability to respond to rapid technological changes in a timely manner; concentration and evolution of slot machine and historical racing machine (“HRM”) manufacturing and other technology conditions that could impose additional costs; failure to enter into or maintain agreements with industry constituents, including horsemen and other racetracks; inability to successfully focus on market access and retail operations for our sports betting business and effectively compete; online security risk, including cyber-security breaches, or loss or misuse of our stored information as a result of a breach including customers’ personal information could lead to government enforcement actions or other litigation; costs of compliance with increasingly complex laws and regulations regarding data privacy and protection of personal information; reliance on our technology services and catastrophic events and system failures disrupting our operations; inability to identify, complete, or fully realize the benefits of our proposed acquisitions, divestitures, development of new venues or the expansion of existing facilities on time, on budget, or as planned; difficulty in integrating recent or future acquisitions into our operations; cost overruns and other uncertainties associated with the development of new venues and the expansion of existing facilities; general risks related to real estate ownership and significant expenditures, including risks related to environmental liabilities; personal injury litigation related to injuries occurring at our racetracks; compliance with the Foreign Corrupt Practices Act or other similar laws and regulations, or applicable anti-money laundering regulations; payment-related risks, such as risk associated with fraudulent credit card or debit card use; work stoppages and labor problems; risks related to pending or future legal proceedings and other actions; highly regulated operations and changes in the regulatory environment could adversely affect our business; restrictions in our debt facilities limiting our flexibility to operate our business; failure to comply with the financial ratios and other covenants in our debt facilities and other indebtedness; increases to interest rates (due to inflation or otherwise); disruption in the credit markets or changes to our credit ratings may adversely affect our business; increase in our insurance costs, or inability to obtain similar insurance coverage in the future, and any inability to recover under our insurance policies for damages sustained at our properties in the event of inclement weather and casualty events; and other factors described under the heading “Risk Factors” in our most recent Annual Report on Form 10-K and in other filings we make with the Securities and Exchange Commission.
We do not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Investor Contact: Sam Ullrich | Media Contact: Tonya Abeln | |
(502) 638-3906 | (502) 386-1742 | |
[email protected] | [email protected] |
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/3c390a2c-8af3-4369-9b17-3301f3f3bc
Nasdaq:CHDN
Churchill Downs Incorporated Announces Updates on Capital Projects for Churchill Downs Racetrack

New Renovations for Finish Line Suites and The Mansion; Temporary Pause of The Skye, Conservatory and Infield General Admission Projects
LOUISVILLE, Ky., April 23, 2025 (GLOBE NEWSWIRE) — Churchill Downs Incorporated (“CDI” or “the Company”) (Nasdaq: CHDN) announced today renovations of the existing Finish Line Suites and The Mansion at Churchill Downs Racetrack with expected completion in April 2026. After careful consideration, CDI has decided to pause the multi-year projects to develop The Skye, Conservatory and Infield areas. The decision to delay these construction projects is due to the increasing uncertainty surrounding construction costs related to tariff and trade disputes as well as current macro-economic conditions. In the coming months, CDI will assess the evolving economic landscape and evaluate any changes to the timing and sequencing of these multi-year projects.
The renovation of the Finish Line Suites will update the existing 15 suites on the fifth floor overlooking the finish line at Churchill Downs Racetrack, providing modern interior appointments and amenities while also increasing the capacity to a total of 750 guests. The renovation of the Trophy Room, which sits behind the Finish Line Suites with capacity for over 300 guests, will add updated finishes and a new feature bar. The improvements to these areas will together create a larger, fully integrated hospitality experience with more vibrancy, better guest flow and superior amenities.
The Mansion, built in 2013, is one of the most exclusive areas at Churchill Downs Racetrack. Located on the sixth floor, The Mansion provides an exclusive aerial view of the finish line and an expansive perspective of the entire property. Renovation of The Mansion will introduce updated finishes and other enhancements.
CDI expects to spend approximately $25-30 million on these new capital projects.
“We are pleased to announce these new projects designed to significantly improve the Finish Line Suites and The Mansion which are two of our most exclusive areas of the racetrack,” said Bill Carstanjen, Chief Executive Officer of CDI, “The decision to pause the Skye Terrace and infield projects was a difficult one for us to make because we do not want to disappoint our fans; however, we have a responsibility to be disciplined given the recent changes in the economic environment. We remain committed to growing our iconic flagship asset over the long term with projects that will provide new once-in-a lifetime experiences for our guests and deliver best-in-class shareholder returns.”
About Churchill Downs Incorporated
Churchill Downs Incorporated (“CDI”) (Nasdaq: CHDN) has been creating extraordinary entertainment experiences for over 150 years, beginning with the company’s most iconic and enduring asset, the Kentucky Derby. Headquartered in Louisville, Kentucky, CDI has expanded through the acquisition, development, and operation of live and historical racing entertainment venues, the growth of online wagering businesses, and the acquisition, development, and operation of regional casino gaming properties. www.churchilldownsincorporated.com
This news release contains various “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are typically identified by the use of terms such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “predict,” “project,” “seek,” “should,” “will,” “scheduled,” and similar words or similar expressions (or negative versions of such words or expressions), although some forward-looking statements are expressed differently.
Although we believe that the expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. Important factors, that could cause actual results to differ materially from expectations include the following: the occurrence of extraordinary events, such as terrorist attacks, public health threats, civil unrest, and inclement weather, including as a result of climate change; the effect of economic conditions on our consumers’ confidence and discretionary spending or our access to credit, including the impact of inflation; changes in, or new interpretations of, applicable tax laws or rulings that could result in additional tax liabilities; the impact of any pandemics, epidemics, or outbreaks of infectious diseases, and related economic matters on our results of operations, financial conditions and prospects; lack of confidence in the integrity of our core businesses or any deterioration in our reputation; negative shifts in public opinion regarding gambling that could result in increased regulation of, or new restrictions on, the gaming industry; loss of key or highly skilled personnel, as well as general disruptions in the general labor market; the impact of significant competition, and the expectation that competition levels will increase; changes in consumer preferences, attendance, wagering, and sponsorships; risks associated with equity investments, strategic alliances and other third-party agreements; inability to respond to rapid technological changes in a timely manner; concentration and evolution of slot machine and historical racing machine (HRM) manufacturing and other technology conditions that could impose additional costs; failure to enter into or maintain agreements with industry constituents, including horsemen and other racetracks; inability to successfully focus on market access and retail operations for our sports betting business and effectively compete; online security risk, including cyber-security breaches, or loss or misuse of our stored information as a result of a breach including customers’ personal information could lead to government enforcement actions or other litigation; costs of compliance with increasingly complex laws and regulations regarding data privacy and protection of personal information; reliance on our technology services and catastrophic events and system failures disrupting our operations; inability to identify, complete, or fully realize the benefits of our proposed acquisitions, divestitures, development of new venues or the expansion of existing facilities on time, on budget, or as planned; difficulty in integrating recent or future acquisitions into our operations; cost overruns and other uncertainties associated with the development of new venues and the expansion of existing facilities; general risks related to real estate ownership and significant expenditures, including risks related to environmental liabilities; personal injury litigation related to injuries occurring at our racetracks; compliance with the Foreign Corrupt Practices Act or other similar laws and regulations, or applicable anti-money laundering regulations; payment-related risks, such as risk associated with fraudulent credit card or debit card use; work stoppages and labor problems; risks related to pending or future legal proceedings and other actions; highly regulated operations and changes in the regulatory environment could adversely affect our business; restrictions in our debt facilities limiting our flexibility to operate our business; failure to comply with the financial ratios and other covenants in our debt facilities and other indebtedness; increases to interest rates (due to inflation or otherwise), disruption in the credit markets or changes to our credit ratings may adversely affect our business; increase in our insurance costs, or inability to obtain similar insurance coverage in the future, and any inability to recover under our insurance policies for damages sustained at our properties in the event of inclement weather and casualty events; and other factors described under the heading “Risk Factors” in our most recent Annual Report on Form 10-K and in other filings we make with the Securities and Exchange Commission.
We do not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Investor Contact: Sam Ullrich | Media Contact: Tonya Abeln |
(502) 638-3906 | (502) 386-1742 |
[email protected] | [email protected] |
Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/78b62cd7-0a4a-4a7e-ab2e-eaf57a0db8a5
https://www.globenewswire.com/NewsRoom/AttachmentNg/9373d521-7928-4fd0-a2f5-17c994c9b272
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