Churchill Downs Incorporated Announces Updates on Capital Projects for Churchill Downs Racetrack
Churchill Downs Incorporated (CHDN) has announced updates to its capital projects at Churchill Downs Racetrack. The company will proceed with renovations of the Finish Line Suites and The Mansion, expected to complete in April 2026, with an estimated investment of $25-30 million.
The Finish Line Suites renovation will modernize 15 suites on the fifth floor, increasing capacity to 750 guests, while the Trophy Room renovation will enhance amenities and add a new feature bar for over 300 guests. The Mansion, built in 2013, will receive updated finishes and enhancements to its exclusive sixth-floor location.
However, CDI has temporarily paused the development of The Skye, Conservatory, and Infield areas due to increasing uncertainty in construction costs related to tariff and trade disputes and current macro-economic conditions. The company will reassess the timing of these projects as economic conditions evolve.
Churchill Downs Incorporated (CHDN) ha annunciato aggiornamenti ai suoi progetti di investimento presso l'ippodromo di Churchill Downs. L'azienda procederà con la ristrutturazione delle Finish Line Suites e de The Mansion, con completamento previsto per aprile 2026 e un investimento stimato tra 25 e 30 milioni di dollari.
La ristrutturazione delle Finish Line Suites modernizzerà 15 suite al quinto piano, aumentando la capacità a 750 ospiti, mentre la ristrutturazione della Trophy Room migliorerà i servizi e aggiungerà un nuovo bar per oltre 300 ospiti. The Mansion, costruita nel 2013, riceverà finiture aggiornate e miglioramenti alla sua esclusiva posizione al sesto piano.
Tuttavia, CDI ha temporaneamente sospeso lo sviluppo delle aree The Skye, Conservatory e Infield a causa dell'incertezza crescente sui costi di costruzione, legata a tariffe, dispute commerciali e condizioni macroeconomiche attuali. L'azienda rivaluterà i tempi di questi progetti con l'evolversi della situazione economica.
Churchill Downs Incorporated (CHDN) ha anunciado actualizaciones en sus proyectos de capital en el Hipódromo Churchill Downs. La compañía continuará con las renovaciones de las Finish Line Suites y The Mansion, que se espera estén terminadas en abril de 2026, con una inversión estimada de 25 a 30 millones de dólares.
La renovación de las Finish Line Suites modernizará 15 suites en el quinto piso, aumentando la capacidad a 750 invitados, mientras que la renovación del Trophy Room mejorará las comodidades y añadirá un nuevo bar para más de 300 invitados. The Mansion, construida en 2013, recibirá acabados actualizados y mejoras en su exclusiva ubicación en el sexto piso.
Sin embargo, CDI ha pausado temporalmente el desarrollo de las áreas The Skye, Conservatory e Infield debido a la creciente incertidumbre en los costos de construcción relacionada con tarifas, disputas comerciales y las condiciones macroeconómicas actuales. La compañía reevaluará el momento de estos proyectos conforme evolucionen las condiciones económicas.
Churchill Downs Incorporated (CHDN)는 처칠 다운스 경마장 자본 프로젝트에 대한 업데이트를 발표했습니다. 회사는 Finish Line Suites와 The Mansion의 리노베이션을 진행할 예정이며, 2026년 4월 완공을 목표로 약 2,500만에서 3,000만 달러의 투자를 계획하고 있습니다.
Finish Line Suites 리노베이션은 5층의 15개 스위트를 현대화하여 수용 인원을 750명으로 늘릴 예정이며, Trophy Room 리노베이션은 편의 시설을 개선하고 300명 이상 수용 가능한 신규 바를 추가할 예정입니다. 2013년에 지어진 The Mansion은 6층의 독점적인 위치에 최신 마감재와 개선 사항을 적용받게 됩니다.
하지만, CDI는 관세 및 무역 분쟁, 현재의 거시경제 상황과 관련된 건설 비용의 불확실성 증가로 인해 The Skye, Conservatory, Infield 지역 개발을 일시 중단했습니다. 회사는 경제 상황 변화에 따라 이들 프로젝트의 시기를 재평가할 예정입니다.
Churchill Downs Incorporated (CHDN) a annoncé des mises à jour concernant ses projets d'investissement au hippodrome de Churchill Downs. La société poursuivra les rénovations des Finish Line Suites et de The Mansion, dont l'achèvement est prévu pour avril 2026, avec un investissement estimé entre 25 et 30 millions de dollars.
La rénovation des Finish Line Suites modernisera 15 suites au cinquième étage, augmentant la capacité à 750 invités, tandis que la rénovation de la Trophy Room améliorera les équipements et ajoutera un nouveau bar pouvant accueillir plus de 300 personnes. The Mansion, construite en 2013, bénéficiera de finitions mises à jour et d'améliorations dans son emplacement exclusif au sixième étage.
Cependant, CDI a temporairement suspendu le développement des zones The Skye, Conservatory et Infield en raison d'une incertitude croissante concernant les coûts de construction liée aux tarifs douaniers, aux différends commerciaux et aux conditions macroéconomiques actuelles. La société réévaluera le calendrier de ces projets au fur et à mesure de l'évolution des conditions économiques.
Churchill Downs Incorporated (CHDN) hat Aktualisierungen zu seinen Investitionsprojekten auf der Rennbahn Churchill Downs bekannt gegeben. Das Unternehmen wird mit den Renovierungen der Finish Line Suites und The Mansion fortfahren, deren Fertigstellung für April 2026 geplant ist, mit einer geschätzten Investition von 25 bis 30 Millionen US-Dollar.
Die Renovierung der Finish Line Suites wird 15 Suiten im fünften Stock modernisieren und die Kapazität auf 750 Gäste erhöhen, während die Renovierung des Trophy Rooms die Ausstattung verbessert und eine neue Bar für über 300 Gäste hinzufügt. The Mansion, erbaut im Jahr 2013, erhält aktualisierte Oberflächen und Verbesserungen an seiner exklusiven Lage im sechsten Stock.
CDI hat jedoch die Entwicklung der Bereiche The Skye, Conservatory und Infield aufgrund zunehmender Unsicherheiten bei den Baukosten infolge von Zöllen, Handelsstreitigkeiten und der aktuellen makroökonomischen Lage vorübergehend ausgesetzt. Das Unternehmen wird den Zeitpunkt dieser Projekte neu bewerten, sobald sich die wirtschaftlichen Bedingungen ändern.
- Investment of $25-30 million in premium venue upgrades
- Expansion of Finish Line Suites capacity to 750 guests
- Enhancement of Trophy Room with new feature bar and 300+ guest capacity
- Strategic cost management through pausing higher-risk projects
- Delay of major development projects (The Skye, Conservatory, and Infield areas)
- Impact of rising construction costs and economic uncertainty on expansion plans
Insights
CDI balances $25-30M premium venue upgrades against paused expansion projects, showing capital discipline during economic uncertainty.
Churchill Downs Incorporated's capital project announcement reveals a strategic reallocation of resources during economic uncertainty. The company's decision to invest
The focus on upgrading premium spaces is particularly noteworthy. The Finish Line Suites renovation will increase capacity to 750 guests while modernizing amenities, and The Mansion renovations will enhance one of the venue's most exclusive areas. These improvements target high-margin customers - a prudent approach during uncertain economic conditions.
Simultaneously, the company's decision to pause The Skye, Conservatory, and Infield development shows appropriate caution regarding rising construction costs linked to tariff disputes and broader macroeconomic challenges. This balanced approach - continuing strategic investments while deferring larger capital commitments - suggests management is carefully navigating the current economic landscape.
The April 2026 completion timeline for the premium venue upgrades provides a measured implementation schedule, allowing for potential adjustments as economic conditions evolve. Management's acknowledgment of disappointment while emphasizing shareholder returns demonstrates appropriate stakeholder balance.
This capital allocation strategy effectively preserves investment in the highest-value customer experiences while maintaining financial flexibility during uncertainty - a textbook example of prudent capital management during challenging economic periods.
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
“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 |
| Sam.Ullrich@kyderby.com | Tonya.Abeln@kyderby.com |
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
FAQ
How much will Churchill Downs (CHDN) spend on the Finish Line Suites and Mansion renovations?
When will the Churchill Downs Racetrack renovation projects be completed?
What is the new capacity of the renovated Finish Line Suites at Churchill Downs?
Why did Churchill Downs (CHDN) pause The Skye and Infield development projects?
