Kentucky Derby Arrives With $920M Churchill Downs Expansion Stalled

The biggest week in horse racing is well underway in Louisville, as Churchill Downs welcomes hundreds of thousands of fans around the 151st running of the Kentucky Derby. 

The festivities began with an opening night ceremony this past Saturday, with other events and horse races throughout the week, like the Kentucky Oaks on Friday, leading up to the main attraction Saturday. 

Attendance, revenue, and TV ratings have all been trending up in recent years for the Kentucky Derby, but Churchill Downs hit a snag last week, deciding to pause a $920 million renovation project that was just announced in February.

Churchill Downs was planning to renovate and expand two premium hospitality spaces, the Skye and Conservatory, and construct three new permanent buildings within the infield. The projects were expected to be completed in various phases, finishing ahead of the 2028 Kentucky Derby.

However, Churchill Downs cited the “increasing uncertainty surrounding construction costs related to tariff and trade disputes as well as current macro-economic conditions” in its decision to delay the projects, with no new timelines given.

Along with the delay to the $920 million renovation, Churchill Downs announced smaller renovations to its Finish Line Suites and Mansion spaces that will total $30 million and be completed in 2026.

This all comes a year after Churchill Downs debuted a $200 million paddock, which concluded a separate multiyear renovation project.

By the Numbers

Last year’s Kentucky Derby, the 150th running of the race, drew 156,710 fans to Churchill Downs, the most since 2018. NBC averaged 16.7 million viewers for its broadcast, which was its most-watched since 1989. Last year, NBC extended its Kentucky Derby media-rights deal until 2032.

Churchill Downs Incorporated, the publicly-traded company that operates the Kentucky Derby, reported record revenue of $2.7 billion in 2024, up 11% from 2023.