Churchill Downs Incorporated (CDI) has decided to pause the multi-year projects to develop The Skye, Conservatory and Infield areas “due to the increasing uncertainty surrounding construction costs related to the Trump tariffs and trade disputes as well as current macro-economic conditions,” the company said in a press release on Wednesday afternoon.
During their first quarter earnings call after the market closed, CDI said in the coming months it will assess the evolving economic landscape and evaluate any changes to the timing and sequencing of these multi-year projects.
Chief Executive Officer of CDI Bill Carstanjen said, “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.”
Renovations of the existing Finish Line Suites and The Mansion at Churchill Downs Racetrack are expected to be complete by April 2026. The Trophy Room, which sits behind the Finish Line Suites, will also have its refit move forward. Changes to The Mansion will introduce updated finishes and other enhancements to an area that was built out in 2013.
“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 Carstanjen. “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.”
CDI expects to spend approximately $25-30 million on these new capital projects.
With company's first quarter ending Mar. 31, the earnings call reported a record net revenue of $642.6 million–up $51.7 million or nine percent–compared to the prior year quarter. Also, record adjusted EBITDA of $245.1 million was up $2.6 million or one percent the year over.
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