LOUISVILLE, Ky. – Churchill Downs Inc. (CDI) announced on Wednesday that it is halting a series of major construction projects valued at $920 million, citing “increasing uncertainty” surrounding the economic impact of President Trump’s trade policies, particularly tariffs. The projects, which had been slated to reshape the iconic racetrack over the next several years, are now on hold as the company reassesses the evolving financial landscape.
In a statement issued alongside its first-quarter earnings report, which showed record net revenues for the January-March period, CDI noted that it would evaluate potential changes to the timing and sequencing of the multi-year projects. The announcement came less than two days after city leaders, with backing from Churchill Downs, introduced an ordinance at the Metro Council aimed at funding the developments through bond proceeds and extending city ownership of the property.
The proposed legislation, which also included a controversial provision shifting certain racetrack payments from Jefferson County Public Schools to Metro government, is expected to move forward despite the construction pause. Metro Council member Markus Winkler, a co-sponsor of the bond ordinance, reassured the public that the decision to halt the projects was not permanent but merely a “pause due to federal uncertainty.”
The $920 million in planned upgrades were initially expected to be completed between 2026 and 2028, with portions of the project targeted for completion in time for the 152nd Kentucky Derby in May 2026. However, the full scope of work, which includes enhancements to key areas of the racetrack, was not set to be finalized until the 154th Kentucky Derby in May 2028.
Despite the temporary halt on the large-scale projects, Churchill Downs unveiled plans for smaller, more immediate upgrades totaling between $25 million and $30 million. These projects will focus on enhancing the racetrack’s premium areas, including the Finish Line Suites, Trophy Room, and The Mansion, which are among the venue’s most exclusive spaces.
Bill Carstanjen, CEO of Churchill Downs Inc., emphasized the company’s commitment to responsible financial planning in light of recent economic changes. “This decision reflects our responsibility to be disciplined given the recent changes in the economic environment,” Carstanjen said in the statement.
As the economic situation continues to evolve, CDI will closely monitor the impact of tariffs and trade policies before moving forward with its ambitious plans. In the meantime, the racetrack’s smaller renovations are expected to enhance the fan experience at upcoming events, including the highly anticipated Kentucky Derby.
Churchill Downs’ decision underscores the broader economic uncertainty that has affected industries nationwide, with major companies recalibrating their investment strategies in response to shifting trade policies. The company’s ability to navigate these challenges will be closely watched as it continues to play a key role in the Louisville economy and the global horse racing scene.
The future of the larger $920 million redevelopment plan remains uncertain, but one thing is clear: Churchill Downs Inc. will continue to evolve, whether through smaller-scale upgrades or, eventually, the resumption of its multi-million-dollar vision for the historic racetrack.
