LOUISVILLE, Ky., Oct. 30, 2019 (GLOBE NEWSWIRE) — Churchill Downs Incorporated (“CDI”) (Nasdaq: CHDN) announced plans to invest $300million to build a hotel and historical racing machine (“HRM”) facility and permanent stadium seating at Churchill Downs Racetrack (“ChurchillDowns”), the home of The Kentucky Derby.
Pending final approval of a Kentucky Tourism Development Act incentive, construction would begin in December 2019 and is targeted to be completed in November 2021. A Media Snippet accompanying this announcement is available by clicking on the image or link below:Churchill Downs Incorporated – Oct. 30: Media Snippet The development will transform the area alongside the track at the first turn providing unparalleled VIP guest experiences.
The new 156-room 7-storyone-of-a-kind hotel will provide a spectacular new opportunity to celebrate with a variety of once-in-a-lifetime guest experiences.
Features include:1st floor grand entry into the hotel and a 900-machine state-of-the-art HRM gaming floor, sports bar, VIP lounge and multiple year-round dining venues that will also provide new hospitality for 3,400 guests in existing Section 111 of the racetrack for Kentucky Derby and Oaks 2nd floor 27,000-square-foot ballroom and adjacent party deck with a tiered covered balcony facing the track with collective capacity for more than 1,700 guests 2nd floor meeting rooms providing desirable event space throughout the year, including a track-facing dining room for 150 guests 3rd floor balcony for 250 guests 3rd – 6th Floors to include 156 total hotel rooms of the following types: – 92 trackside suites with private balconies, covered panoramic views and 12 access passes per suite for entertaining guests during the race day – 60 suites that will offer 8 access passes to the 2nd floor party deck – 4 track-facing presidential suites with private balconies for entertaining up to 20 guests at the Derby that will offer the ultimate and most exclusive guest experience 7th floor penthouse banquet area for 320 guests with balconies that stretch the length of the building Permanent outdoor stadium seating for 4,700 guests as well as all-inclusive hospitality that will replace 3,300 temporary grandstand seats.In total, the project will provide approximately 5,500 new reserved seating options for the Kentucky Derby and Oaks.
Additionally, 6,700 existing customers will have access to upgraded amenities.“Derby Week guests can wake up to the sun rising as horses breeze around the track and then have their Kentucky Derby party in their suite,” said Kevin Flanery, President of Churchill Downs Racetrack. “Our goal is to create a one-of-a-kind experience that will honor the history of the Derby and provide a venue for our guests, the community and visitors of Louisville to enjoy throughout the year.”
The combined project will provide for an estimated 600 construction jobs while it is being built and ultimately create approximately 300 new permanent jobs upon completion. CDI has received preliminary approval for Tourism Development Act incentives that will enable this project to move forward and is awaiting final approval from the Kentucky Tourism Development Finance Authority in November