Churchill Downs Incorporated has announced a multi-year capital investment approaching $1 billion that will transform premium hospitality across Churchill Downs Racetrack. The program includes three major guest-facing developments, The Skye, the Conservatory, and new infield amenities, along with infrastructure upgrades designed to support future growth at the home of the Kentucky Derby.  

The centerpiece of the program is The Skye, a new five-story structure replacing the existing Skye Terrace and adjacent seating between the finish line and First Turn Club. The project will replace approximately 11,500 uncovered box seats and dated dining areas with 13,300 premium seats featuring upgraded hospitality experiences, improved sightlines, and enhanced amenities. The first three levels are scheduled to open for the 153rd Kentucky Derby in 2027, with the remaining levels completing in time for the 154th Kentucky Derby in 2028.  

Churchill Downs is also replacing temporary infield suites with the new Conservatory development, creating more than 7,000 premium guest experiences anchored by 36 permanent suites. Phase One includes the Pagoda Club and Terrace overlooking the Winner’s Circle, the first Conservatory building with nine upgraded suites and covered rooftop dining, and the new Stargazer Lounge on the first turn of the infield. Additional Conservatory buildings will be completed in phases through 2028.  

Beyond premium inventory, the company is investing in the broader fan experience with three permanent infield buildings that will provide enhanced amenities for general admission guests while creating new ticket upgrade opportunities through rooftop viewing areas and entertainment spaces. The phased development is scheduled to debut between the 2026 and 2028 editions of the Kentucky Derby.  

Infrastructure improvements will accompany the hospitality expansion, including backside enhancements for horsemen and trainers and a new guest tunnel connecting the front side and infield. Churchill Downs said the tunnel will become an immersive arrival experience featuring more than 150 years of Kentucky Derby storytelling before guests emerge into the infield.  

“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. 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.” – Bill Carstanjen, Chief Executive Officer, Churchill Downs Incorporated  

The capital program allocates approximately $455 million to $465 million for The Skye, $320 million to $330 million for the Conservatory, $60 million to $70 million for the Infield General Admission Project, and $45 million to $55 million for supporting infrastructure. Together, the investments represent the largest hospitality expansion in Churchill Downs’ history and continue the venue’s strategy of growing premium inventory while preserving the Kentucky Derby’s signature traditions.