CDI has revealed plans to renovate both its Grandstand Club and Pavilion at Churchill Downs Racetrack.
The $80m to $90m project will involve updating ticked seating options, as well as adding other amenities to the space. CDI plans to change the existing outdoor aluminum seating into 8,300 new comfortable seating options that include both uncovered and covered stadium-style seats.
The Grandstand Club will welcome updated and permanent bars, concessions and betting windows.
CDI said that it will kick off construction next month. The company expects to wrap up the project by next May, in time for next year’s Kentucky Derby.
Churchill Downs President Mike Anderson commented, “Like all of our recent enhancements at Churchill Downs, the renovation of the grandstands represents our commitment to providing unique guest seating options while honoring the historic significance of the property to achieve a world-class sports and entertainment experience for our guests.”
CDI currently operates historical racing machines in Kentucky and was recently issued customary approving licenses by the Virginia Racing Commission, the New York State Gaming Commission and the Iowa Racing and Gaming Commission.
The company recently closed an amendment of its senior secured credit agreement. This will allow the company to “extend the maturity date of its revolving credit facility and term loan A facility from 2027 to 2029 and to make certain other changes to its existing credit agreement.”
In addition to the company’s recent announcement, CDI has also published its second-quarter financial and business results.
The company reported hitting an all-time high in net revenue during the second quarter, with the total reaching $890.7m. Net revenue during Q2 surpassed last year’s total by more than $125m.
During the second quarter, net income reached $209.3m, reflecting a year-over-year boost of close to $65m.
CDI reported another all-time high with regards to its adjusted EBITDA total, which climbed to $444.8m during the second quarter.