Churchill Downs Incorporated Announces New Victory Run Capital Investment at Churchill Downs Racetrack

Rhea-AI Summary

Churchill Downs (Nasdaq: CHDN) announced the Victory Run growth project at Churchill Downs Racetrack, a new four-story premium structure on the first turn to replace uncovered ground-level box seats and dated dining areas.

The company plans to spend $280-$300 million, replace about 6,400 existing seats with premium seating for approximately 7,800 guests, and add private suites, indoor/outdoor dining, and covered box seating. Construction is anticipated to begin after the 2026 Kentucky Derby and to be completed by the 2028 Kentucky Derby, subject to City of Louisville and state incentives approvals; interim temporary seating and enhancements are planned for the 2027 Kentucky Derby.

Positive

• Planned $280-$300 million capital investment
• Replacement of ~6,400 seats with premium seating for ~7,800 guests
• Targeted completion by the 2028 Kentucky Derby

Negative

• Project is pending City and state incentives approval
• Construction scheduled post-2026 Derby through 2028 requires interim temporary seating for 2027 Derby

$280-$300 Million Investment Will Debut for the 2028 Kentucky Derby

LOUSVILLE, Ky., Oct. 22, 2025 (GLOBE NEWSWIRE) -- Churchill Downs Incorporated (“CDI” or “the Company”) (Nasdaq: CHDN) announced today a growth project called Victory Run, an exciting new structure on the first turn of the Churchill Downs Racetrack between the First Turn Club and the Skye Terrace. Victory Run will replace uncovered, ground-level box seats and dated dining areas with a new premium hospitality and seating offering.

This new four-story structure features a variety of premium hospitality experiences with tremendous views of the finish line of the racetrack, and will include private suites, indoor and outdoor dining, and covered box seating. The project will replace approximately 6,400 existing seats with premium seating for approximately 7,800 guests.

Pending incentives that must be approved first by the City of Louisville and then by the appropriate state agencies, including the Kentucky Cabinet for Economic Development, CDI anticipates construction of Victory Run will begin following the 2026 Kentucky Derby and will be completed by the 2028 Kentucky Derby. CDI plans to offer an interim upgraded seating experience in this area with temporary seating and enhanced amenities for the 2027 Kentucky Derby. CDI plans to spend $280-$300 million on the project.

“We are excited to unveil the Victory Run project for Churchill Downs Racetrack,” said Bill Carstanjen, Chief Executive Officer of CDI. “This project will create a greatly improved experience for our guests in an important section of our racetrack while delivering long-term growth and value for our shareholders.”

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

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https://www.globenewswire.com/NewsRoom/AttachmentNg/c45d5a1b-85c2-4f32-8bc0-ba2ecee60fb2

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FAQ

How much will Churchill Downs (CHDN) spend on the Victory Run project?

Churchill Downs plans to spend $280-$300 million on the Victory Run project.

When will Victory Run construction at Churchill Downs (CHDN) begin and finish?

CDI anticipates construction will begin after the 2026 Kentucky Derby and be completed by the 2028 Kentucky Derby, pending approvals.

How many seats will Churchill Downs (CHDN) add with Victory Run?

Victory Run will replace about 6,400 existing seats with premium seating for approximately 7,800 guests.

What premium amenities will Churchill Downs (CHDN) include in Victory Run?

The four-story structure will include private suites, indoor and outdoor dining, and covered box seating with views of the finish line.

Are there any approvals required for Churchill Downs (CHDN) to build Victory Run?

Yes; the project is pending incentives that must be approved by the City of Louisville and appropriate state agencies, including the Kentucky Cabinet for Economic Development.

Will Churchill Downs (CHDN) offer upgraded seating before Victory Run is finished?

Yes; CDI plans an interim upgraded seating experience with temporary seating and enhanced amenities for the 2027 Kentucky Derby.