Churchill Downs plans $300M first turn seating renovation and expansion
AI-generated summary reviewed by our newsroom.
- Churchill Downs will spend up to $300M to build Victory Run.
- Victory Run replaces 6,400 seats with about 7,800, adds suites and covered dining.
- Project starts in 2026 and targets Derby 2028 completion, pending government incentives.
Churchill Downs is planning to add 1,400 additional seats in time for the 2028 Kentucky Derby, in another large-scale renovation for the racetrack.
Following the 2026 running of the Derby, Churchill Downs Inc. will begin work on a project expected to cost between $280 million and $300 million that will replace uncovered, ground-level box seats and dated dining areas with a four-story structure.
Dubbed “Victory Run,” the project will replace 6,400 existing seats with new ones, increasing the track’s total seating capacity by about 2% for a total of 7,800 seats. It will also include private suites, indoor and outdoor dining and covered box seats with views of the finish line, according to a news release from the company.
Parts of the project resemble a renovation of the Skye Terrace, which would have replaced the existing structure with a five-story one, swapping 11,500 uncovered box seats for 13,300 premium seats just beyond the finish line and at the First Turn Club.
Plans for that $465 million overhaul were announced in February as part of a $1 billion multi-year plan to update seating around the track. Just two months later and a week before the Derby, Churchill Downs delayed the Skye Terrace upgrade and an infield project due to tariffs.
Instead, the company started a $30 million project upgrading many of its exclusive offerings, with an anticipated completion of April 2026.
The Victory Run project’s construction start next year and completion by Derby 2028 are contingent upon pending incentives through Louisville Metro government and the Kentucky Cabinet for Economic Development. Temporary seating will be in place for Derby in 2027.
“We are excited to unveil the Victory Run project for Churchill Downs Racetrack,” said Churchill Downs CEO Bill Carstanjen in the release. “This project will create a greatly improved experience for our guests in an important section of our racetrack while delivering long-term frowth and value for our shareholders.”
Company sets record revenue in third quarter
During the year’s third quarter, including the months of July, August and September, the company posted a 9% increase year-over-year in net revenue of $683 million.
The company projects its operating profits will increase next year thanks to an agreement with NBC and Peacock to broadcast Kentucky Oaks during prime time on May 1. .
During the third quarter, the company expanded a horse racing machine gaming venue in Virginia and opened another location in the same state. Churchill Downs also acquired almost all of a casino in New Hampshire and began operating it in September.
In the third quarter, revenue from the company’s live and historical racing reached more than $305 million. From its gaming segment, the company made $265 million in revenue during the quarter.
On an earnings call Wednesday afternoon, Carstanjen said the company is looking to increase revenue across its portfolio, but especially from ticketing revenue, once the ongoing series of improvements are made to its racetrack.
For the 2025 Derby, the company unveiled its completed $90 million renovation of the Grandstand Club and Pavilion and the Starting Gate Suites. In 2024, the $200 million upgrade to the Paddock at Churchill Downs was completed just in time for the Run for the Roses.
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