LOUISVILLE, Ky. (WDRB) – Fresh off the legislative victory for slot-like historical horse racing, Churchill Downs Inc. is considering expanding its Derby City Gaming venue in Louisville, executives said during an earnings call Thursday.
The company is also “reimagining” its $300 million plan to add a hotel, gaming facility and more permanent seating to its iconic racetrack at 700 Central Avenue, a project that was paused last year amid the pandemic.
CEO Bill Carstanjen called Derby City Gaming “a juggernaut” for the company. Consumers have placed nearly $2.4 billion into the slot-like machines since the venue off Poplar Level Road opened in September 2018, according to regulatory reports.
The venue took in $118 million in wagers in January, up 11% from a year earlier despite cutting its available gaming machines from 1,000 to 750 because of COVID-19 capacity restrictions.
“This facility has really performed well since opening and in particular showed its growth potential throughout last year,” Carstanjen said the earnings call.
Churchill Downs executives didn’t elaborate on their plans for Derby City Gaming and a company spokesperson didn’t immediately respond to questions.
Meanwhile, the company is “revisiting” its plan for a hotel, expanded seating and a Derby City Gaming-like facility at the racetrack.
Carstanjen said the company spent $15 million on preliminary site work, such as underground utilities, before pausing the project.
“We believe we can and should do the project more cost-effectively,” he said.
The “revised plans” will be “just as impactful and exciting for our customers and the community,” Carstanjen said, though he said it’s too soon to detail changes.
