Latest news with #TheMansion
Yahoo
25-04-2025
- Business
- Yahoo
Churchill Downs Incorporated Announces Updates on Capital Projects for Churchill Downs Racetrack
New Renovations for Finish Line Suites and The Mansion; Temporary Pause of The Skye, Conservatory and Infield General Admission Projects LOUISVILLE, Ky., April 23, 2025 (GLOBE NEWSWIRE) -- Churchill Downs Incorporated ('CDI' or 'the Company') (Nasdaq: CHDN) announced today renovations of the existing Finish Line Suites and The Mansion at Churchill Downs Racetrack with expected completion in April 2026. After careful consideration, CDI has decided to pause the multi-year projects to develop The Skye, Conservatory and Infield areas. The decision to delay these construction projects is due to the increasing uncertainty surrounding construction costs related to tariff and trade disputes as well as current macro-economic conditions. 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 renovation of the Finish Line Suites will update the existing 15 suites on the fifth floor overlooking the finish line at Churchill Downs Racetrack, providing modern interior appointments and amenities while also increasing the capacity to a total of 750 guests. The renovation of the Trophy Room, which sits behind the Finish Line Suites with capacity for over 300 guests, will add updated finishes and a new feature bar. The improvements to these areas will together create a larger, fully integrated hospitality experience with more vibrancy, better guest flow and superior amenities. The Mansion, built in 2013, is one of the most exclusive areas at Churchill Downs Racetrack. Located on the sixth floor, The Mansion provides an exclusive aerial view of the finish line and an expansive perspective of the entire property. Renovation of The Mansion will introduce updated finishes and other enhancements. CDI expects to spend approximately $25-30 million on these new capital projects. '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 Bill Carstanjen, Chief Executive Officer of CDI, '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. 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.' 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. 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 Photos accompanying this announcement are available at in to access your portfolio
Forbes
15-04-2025
- Entertainment
- Forbes
Inside Churchill Downs, From Millionaire's Row To The Paddock Club
The paddock area of Churchill Downs is one of the most picturesque sites at the Louisville track. Deep below the 2024-opened Woodford Reserve Paddock Club at Churchill Downs sits a bourbon-stocked speakeasy. It takes a special flick of a latch on a bourbon barrel to even open the door. While this speakeasy is a surprise, it's also reserved for one of the most exclusive spaces across the entire 175-acre Louisville racetrack and host of the Kentucky Derby. But it's just one of three private speakeasies across a stadium that likely has more premium seating than any other sporting venue. Opened with its first race in 1875 and now the longest continuously held sporting event in North America—also one of the largest single-day sporting events in the country—getting to know the unique premium offerings throughout Churchill Downs can be a lifetime endeavor. Mike Anderson, Churchill Downs Racetrack president, tells me he sees a socio-economic cycle occur at the Derby, with college-age fans attending the infield and then slowly moving up in premium amenity seating as they age, always aspiring for the next amenity level. 'As you progress in your profession, you move to that next section,' he says. 'You want to go higher, see the whole track.' Celebrities aplenty find a mixture of trackside seats and tucked-away suites the place to be for the ... More Kentucky Derby. But just where can you go? Each different space features a different amenity level. And a different price point. 'What is your experience quest you want to be on?' Anderson asks. Following a major overhaul that was ready for 2024, which included restoring the paddock back to its former glory, projects continue throughout the site. Let's explore a few of the must-know areas at Churchill Downs. Thanks to a bold move by a 24-year-old draftsman when Churchill Downs added its brick building in 1895, the Derby's home has twin spires, two hexagonal spires that rise as the prominent backdrop of the Derby grandstand. The 2024-ready renovations ahead of the 150th running of the race helped make the spires more visible. Views over both the paddock area and the track are popular spots for suites at Churchill Downs. The 2024-opened Spires Terrace and Suites—at somewhere between $15,000 to $17,000 per seat for a two-day ticket, Sarah Contardo, Churchill Downs senior vice president of sales and strategy, tells me—created outdoor luxury dining with a personal concierge for each guest. Situated under the iconic spires, the terrace has a rare 360-degree view of both the newly revamped paddock and the racetrack. This is the most expensive ticket at the Kentucky Derby ($22,000 face value) and the most private location on site. When opened in 2013 it was named The Mansion since it was designed to look like a southern mansion with expansive rooms (whether you agree with the interpretation is up to you). The Mansion Club is the most private location at Churchill Downs. Elevated over the finish line, The Mansion is about privacy and extravagance for the under 300 guests. Entry is through a nondescript wooden door amidst more general ticket holders, but the space is meant to impress with two show kitchens, made-to-order food all day and incredible views of the track. Considered the second-most premium ticket at the Derby, Contardo says, the Woodford Reserve Paddock Club opened in 2024 for 500 people. The club sits on the ground floor with views into the backside of the paddock and the walkway tunnel the horses take to move between the paddock and the track. One of the newest spaces at Churchill Downs offers views directly onto the paddock and some of the ... More best seats at the track. Guests enjoy those views, prime seats near the finish line and plenty of personal concierge services, including high-end amenities on race day. The area features a bourbon room and when guests go downstairs, they go past the secret speakeasy through a bourbon rickhouse tunnel and emerge into the paddock itself. A tunnel under the Paddock Club includes a speakeasy and access directly to the paddock area. The Paddock opened new 2024 and cleared room for fresh views of the twin spires. Depressing the paddock ring up to eight feet below grade allowed for more seating and more views of the horses and the jockeys meeting before the start of the race. 'It is where you want to be seen, celebrities want to be inside that circle,' Anderson says. 'It is the heartbeat of the track there and we expanded and opened that up.' On the track-facing side of the Woodford Reserve Paddock Club are the special near ground-level suites reserved for the owners of the horses running in the Oaks and the Derby. The owners have their own special seating, but also access those seats through the Paddock Club. A mirror of the Paddock Club situated on the other side of the walkway tunnel the horses take, this club doesn't have quite the level of amenities as the Paddock Club, but with all the same views. Still, this is no space to scoff at, with plenty of special touches reserved for guests. The Jockey Club and the Homestretch Club are two of the premium spaces situated between the Clubhouse and the starting gate. What gives the suites and terraces a special touch in the Homestretch Club is that it features the longest bar in Kentucky. There is also seating that brings guests right up against the track. The longest bar in Kentucky is within the Homestretch Club inside Churchill Downs. Opened in 2016 with an expanded balcony, the Turf Club is where up to 60% of celebrities sit. With seating along the main homestretch on the frontside of the track, the club amenities fall behind the seating. Whether presidents, the Queen of England (Queen Elizabeth II attended five race) or the modern-day celebrities, Anderson admits it is important for celebrities of all walks of life to attend the race and create buzz for the event, helping draw new generations of fans to the Kentucky Derby. 'It brings an excitement level for a new generation of customers,' he says. Located on the fourth floor of the Clubhouse and overlooking the finish line, this is a classic area for the Kentucky Derby. This club holds 850 people with balcony viewing of the track near the finish line, but despite its name it is no longer one of the most exclusive at the Kentucky Derby. Named after a former president of the track from the early 1900s that helped bring Churchill Downs into national prominence, the 320-person club along the main clubhouse space has a steakhouse feel. You can't even buy a ticket to Room 20. One of the three speakeasies on the property, this is an invite-only room near Matt Winn's—Winn had a similar room he'd bring prominent guests to in the early 1900s—that is still reserved for those with a special connection. An invite-only club at Churchill Downs, the door to Room 20 is located in a hallways off a separate ... More entrance. Built in 2016, this is a space dedicated to the horses of the Kentucky Derby. With an over-the-top bar shaped like the oval track as the central point of the space, the seats are near the finish line along the homestretch of the track. One of the oldest clubs at the track—it is scheduled for demolition and a complete rebuild—this 450-person club from the 1950s still boasts excellent views near the start of the first turn. Anderson says that with dozens of premium spaces at the track, guests will often bounce around locations from year to year to create new experiences for themselves. 'People appreciate that they can find what they want here,' he says. 'We do have so many different levels. They can be private, public, see celebrities, see the horses.'
