Churchill Downs is Spending Nearly $1 Billion for Kentucky Derby Renovations

The Twin Spires used to tower as obelisks over historic Churchill Downs. When the latest round of renovations is complete, the centerpiece will serve as one small part of the horse racing coliseum in Louisville.

In what appears to be the final stage of a decades-long capital investment, Churchill Downs unveiled on Tuesday a four-year project with a price tag just shy of $1 billion. That’s billion with a B.

The estimated total will likely not reach the billion-dollar threshold, with $920 million on the higher end. Nevertheless, it’s what Churchill Downs Inc. calls its largest project in the 150-year history of the racetrack.

The improvements will target three areas with a focus on providing more premium experiences for the Kentucky Derby. Why? “Premium experiences for the Kentucky Derby” is how CDI makes all of its money. The message is clear. Go premium or go home.

The grandstand, infield, and Skye Terrace will be completed in various phases between now and the 2028 Kentucky Derby. Let’s take a closer look.

[Details about the latest Churchill Downs renovation project.]

The Skye

The Skye Terrace was Churchill Downs’ first premium destination and the last to receive an upgrade. It was inevitably due for a makeover at some point. During my days as a security guard, we referred to it as “Michael Jordan’s wing” because that is where he held court, seemingly in a fortress of solitude.

The new Skye will connect the clubhouse seats with the First Turn to provide a much prettier exterior. Churchill Downs is replacing 11,500 existing uncovered box seats and dining areas with 13,300 new seats.

The first three floors are expected to be ready for the 2027 Derby, with the $460 million project complete for 2028.

Permanent Infield Suites

Churchill Downs has installed temporary suites and bleachers in the Infield facing the finish line for the last decade. It’s a popular destination that will only cost you a finger instead of an arm and a leg. Rather than building them up and tearing them down each spring, CDI is wisely building permanent structures as replacements.

Instead of 2,100 temp seats, the new “conservatory” will expand to 7,000 “premium experiences.” Sensing a theme yet?

The $325 million project will be completed in three phases, opening a new section each year over the next three. The rooftop views look pretty sweet, although I’m disheartened that my shade tree will be torn down to make way for more premium seats.

Churchill Downs Throws a Bone to Folks with General Admission Tickets

The grassy area reserved for debauchery is slowly shrinking to make room for all the fancy new bells and whistles. However, not every upgrade is for the folks who pay a high price to attend the Kentucky Derby.

Churchill Downs is constructing a new infield tunnel to help with traffic flow. The $50 million project will be an “immersive underground journey for guests delivering 150 years of Kentucky Derby storytelling magic and building excitement for the day ahead.” The tunnel will connect the infield to the new $90 million grandstand project, which is expected to be complete for the first Saturday in May.

As for the substantial upgrades, three new buildings will be constructed along the backstretch. Fortunately, they can’t build too much in this area. If they do, you won’t be able to see the horses run around the track.

Churchill Downs is spending $65 million to open the new buildings, opening one apiece over the next three Kentucky Derbies. What are the buildings for? “To improve the overall experience for general admission guests and will also create ticket upgrade opportunities with additional entertainment and rooftop viewing options.”

More premium seating. Who could have guessed? Maybe this is the way we can get them to resume serving $26 mint juleps to infielders in actual Kentucky Derby glasses.

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