LOUISVILLE, Ky. (WDRB) -- Churchill Downs Inc. said Wednesday it is halting -- for now -- a $920 million series of construction projects at the iconic racetrack due to the "increasing uncertainty" over the pricing impacts of President Trump's tariff and trade actions.
"In the coming months, CDI will assess the evolving economic landscape and evaluate any changes to the timing and sequencing of these multi-year projects," the company said in a news release shortly after announcing its first quarter earnings, which included record net revenue during the January-March period.
The move came less than 48 hours after city leaders, with Churchill's backing, unveiled an ordinance at Metro Council meant to fund the projects through bond proceeds and extend city ownership of the property. That measure also included a controversial deal to shift some racetrack payments to Metro government from Jefferson County Public Schools.
Churchill Downs Inc. did not immediately respond to a reporter's inquiry on Wednesday. But Metro Council member Markus Winkler, D-17 and a co-sponsor of the bond ordinance, said in a text message that the legislation will move forward.
"They want to be ready to build," he said. "It's not a walk away but (a) pause due to federal uncertainty."
The four projects — which were announced in February — had been expected to be completed between 2026 and 2028.
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Portions of the project were scheduled to be ready in time for the 152nd Kentucky Derby in May 2026, but the entirety of the work announced Wednesday wasn't set to be completed until the 154th Kentucky Derby in May 2028, Churchill Downs Incorporated (CDI) said.
In the same announcement, however, the racetrack operator and gambling company unveiled $25 million to $30 million in new projects, updating the Finish Line Suites on the fifth floor, putting in new finishes and a new bar at the Trophy Room and updating The Mansion, one of the most exclusive areas on the property on the sixth floor.
CEO Bill Carstanjen said in a statement that the decision to pause the work reflects "a responsibility to be disciplined given the recent changes in the economic environment."
Below is a rundown of the pause projects announced in February:
The Skye
- Price: $455 million to $465 million
The project will replace 11,500 existing uncovered box seats and dining areas with 13,300 new seats with improved views just past the finish line and upgraded amenities.
In addition, a new five-story structure will fully enclose and transform the south exterior.
The first three floors of the project would open for the 153rd Kentucky Derby in May 2027, with the remaining portions complete by the following year.
From the exterior of the track, The Skye project will also include a new five-story structure to full enclose and transform the south exterior. (Photo courtesy of Churchill Downs Incorporated)
Conservatory Project
- Price: $320 million to $330 million
This project will replace 2,100 temporary seats with new permanent structures, resulting in 7,000 "premium experiences."
Churchill will install a Pagoda Club and Terrace, offering what it calls "unprecedented visibility" of the grandstand and winner's circle.
The first phase would open by May 2026, with the next phase open the following year and the final phase in 2028.
A massive structure that'll stretch the entirety of the infield from top of the backstretch to past the finish line. The Conservatory Project will replace 2,100 temporary seats with new permanent structures providing 7,000 "premium experiences." (Photo courtesy of Churchill Downs Incorporated)
Infield General Admissions Project
- Price: $60 million to $70 million
The eastern edge of the infield would get a significant upgrade, adding permanent structures for general admission patrons where grass is now.
The three buildings would all open by 2028.
CDI plans to install a new tunnel to the infield, adding a second path for fans to go to and from the grandstand near Gate 18 just south of the finish line. (Photo courtesy of Churchill Downs Incorporated)
Infrastructure Projects
- Price: $45 million to $55 million
Other projects include a new infield tunnel, adding a second path for fans to go to and from the grandstand near Gate 18 just south of the finish line. The company calls it an "immersive underground journey for guests delivering 150 years of Kentucky Derby storytelling magic and building excitement for the day ahead."
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Marcus Green contributed reporting.
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