Churchill Downs' Victory Run: A $300 Million Renovation Project for the 2028 Kentucky Derby
Churchill Downs is set to undergo a significant renovation project named "Victory Run" in preparation for the 2028 Kentucky Derby. The project will cost between $280 million and $300 million and will involve the construction of a four-story structure to replace existing ground-level box seats and dining areas. The new structure will add 1,400 seats, increasing the total seating capacity by about 2% to 7,800 seats. The project will also include private suites, indoor and outdoor dining, and covered box seats with views of the finish line.
The Victory Run project is part of a larger plan to update seating around the track, which was initially announced as the Skye Terrace renovation. However, due to delays related to tariffs, the Skye Terrace upgrade was postponed, and Churchill Downs embarked on a $30 million project to upgrade its exclusive offerings. The Victory Run project is expected to start construction after the 2026 Derby and be completed in time for the 2028 Derby, pending incentives from the Louisville Metro government and the Kentucky Cabinet for Economic Development.
Churchill Downs CEO Bill Carstanjen expressed excitement about the Victory Run project, highlighting the improved experience it will provide for guests and the long-term growth and value it will bring to shareholders. The company's third-quarter financial results showed a 9% increase year-over-year in net revenue, reaching $683 million. Operating profits are projected to increase next year, driven by agreements with NBC and Peacock to broadcast the Kentucky Oaks during prime time on May 1.
In addition to the Victory Run project, Churchill Downs has been expanding its gaming venues and acquiring new properties to increase revenue across its portfolio. The company's focus on enhancing ticketing revenue, along with the completion of previous renovation projects like the Grandstand Club and Pavilion and the Paddock, is expected to drive growth in the coming years. The company's commitment to improving the overall guest experience and expanding its offerings underscores its dedication to maintaining its position as a premier destination for horse racing enthusiasts.