|The Churchill Down Incorporated (CDI) board of directors have advocated an extensive plan to modernize and rebuild Churchill Downs racetrack (“Master Plan”) that will lead to the most radical changers seen at the facility in more than a century. The plan, which consists of two phases, is expected to cost $127 million dollars.|
The board has approved an initial $27 million to complete phase one of the Master Plan. The board are to then review funding for phase two in June 2002. This is to ensure that business and economic conditions are able to support additional capital investment and that adequate financing is available.
Phase one will involve the complete renovation of the Jockey Club, which includes the area under the Twin Spires and portions of the grandstand. Premium suites overlooking the track are to also be created. The new suites are aimed at enhancing Churchill Downs seating capacity and hospitality areas for major racing events.
Chairman of CDI’s board of directors, Carl F. Pollard, said, “It is vital that we invest in Churchill Downs, home of the Kentucky Derby, and one of the nation’s landmark sports facilities. The Master Plan has been carefully developed to ensure that the structural, architectural and aesthetic integrity of the racetrack – including its signature Twin Spires – is preserved, while Churchill Downs is updated to meet the needs of our patrons and horsemen. It is imperative that we develop state-of-the-art facilities and first class amenities comparable to other contemporary sporting and entertainment attractions in our area to ensure that the Kentucky Derby, and its sister race, the Kentucky Oaks, continue to flourish as major sporting events and significant drivers for the regional economy”.