This year’s Kentucky Derby will be the most luxurious ever – part of a nearly $1 billion investment plan to fortify horseracing’s marquee event as the sport faces declining interest.
Churchill Downs Inc., the publicly traded owner of the Derby and other racetracks, is offering ever more lavish experiences for deep-pocketed fans, including $400,000 suites at the finish line.
“The demand is extremely strong for our luxury and high-end segment,” said Sarah Contardo, senior vice president for sales and strategy at Churchill Downs.
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The company aims to keep boosting that supply after announcing a strategy in early 2025 to add more premium experiences over the next few years. That includes a revamped five-story terraced structure on the first turn and adding suites on the home stretch. Even the infield, the general admission section known for drunken and mud-soaked partying, is getting upgraded with pricier amenities such as rooftop views.
The horseracing industry has been under pressure for years, facing increased competition for gambling spending with the legalizing of online sportsbooks. It’s also faced bad press after several high-profile horse injuries and fatalities. On top of that, the sport has an aging fanbase.
Even the Derby, scheduled to start its 152nd running at about 7 p.m. New York time on Saturday, hasn’t been immune. Attendance fell about 6% to 147,000 last year. Churchill Downs stock hit an all-time high in 2023 and has declined by about a third since then.
Source: Drudge Report
