Steering A Legacy: A Conversation With Bill Carstanjen, CEO Of Churchill Downs

By VOICE-TRIBUNE • Photos By Matt Johnson 

As the CEO of Churchill Downs, Bill Carstanjen oversees one of the most iconic brands in sports and entertainment, leading its evolution while maintaining the traditions that define the Kentucky Derby. Under his leadership, Churchill Downs has expanded its reach, investing in major renovations, enhancing guest experiences, and solidifying its position as a premier destination for racing and hospitality. In this conversation, Carstanjen discusses the business strategy behind preserving a 151-year legacy, the economic impact of Churchill Downs, and the forward-thinking investments shaping the future of the Derby. 

VT: Churchill Downs has such a rich history. How do you balance preserving its traditions while innovating for the future? 

BC: Balancing the rich traditions of Churchill Downs with the innovative spirit required for the future can be a delicate dance but it’s one that we try to carefully choreograph. It’s important to draw inspiration from the past and the lessons learned to guide us forward while at the same time remaining committed to change in order to always offer our guests a contemporary world-class experience. 

The Kentucky Derby stands as a testament to the enduring power of tradition, but embracing change is imperative if we expect to live up to those legendary standards. An event simply cannot thrive for a century and a half without a commitment to innovation. As we commemorated last year’s special milestone with the debut of the new Paddock, we noted that it was not the culmination of our work, but rather a steppingstone that propels us into the next chapter of the Kentucky Derby, where we plan for this legacy to endure for generations to come. 

VT: With the Kentucky Derby being the most famous horse race in the world, what goes on behind the scenes to ensure its continued success? 

BC: A tremendous amount of dedication and effort goes into making it the most famous horse race in the world. Our team members recognize the responsibility they carry as stewards of this iconic event. However, we recognize that the endearing success is not a credit to our team members alone. It can be attributed to the tireless work of countless individuals who play crucial roles behind the scenes: trainers, jockeys and owners who commit themselves to making their mark on this rich history. It’s also, in large part, thanks to the fans and our entire community who infuse the Most Exciting Two Minutes in Sports with passion, pride and enthusiasm that make this event more than just a success but something that feels truly special year after year. 

VT: Churchill Downs has been investing in major renovations and improvements—what can guests expect to see in the coming years? 

BC: We have a series of major projects to unveil in the coming years that will result in a significantly enhanced experience for our guests. This year, we will debut the Starting Gate Courtyard and Pavilion project which will transform lower-end bleacher seats into around 8,500 premium stadium and trackside box seats while greatly improving the amenities for those ticket holders. Last month, we announced one of the most ambitious projects in the history of the property that reflects our commitment to world-class hospitality for many decades to come. What has been known as the Skye Terrace will be transformed and expanded into what will become The Skye with improved track views and upgraded amenities. 

We revealed a new concept called the Conservatory Project that will replace the temporary suites that are installed each year for Derby weekin the infield with new permanent structures that will provide a premium experience and truly unprecedented vantage points alongside the Kentucky Derby winner’s circle. We also announced our intention to introduce three new permanent buildings within the infield that will improve amenities for those general admission guests and create ticket upgrade opportunities to include exclusive entertainment and rooftop viewing options.

Along with those major developments, we are investing in several infrastructure projects both on the backside for horsemen and on the frontside. For example, we plan to construct a new tunnel to the infield that will not just facilitate seamless access for our guests, but will also serve as an immersive underground experience with storytelling platforms that will serve to build excitement for those guests as they move throughout.

VT: The Derby is known for its spectacle and pageantry. Do you have a favorite Derby tradition or moment?

BC: My favorite Derby tradition is a bit of a personal one. It’s not unusual for me to spend early mornings on the backside Derby week which has a very special energy, but I always enjoy getting to the track early on Derby morning to walk the frontside and backside long before the gates open. There is a sense of quiet and calm that will escalate quickly to the spectacle that we all know and enjoy. I like to take those early hours to interact with the team, thank them for their hard work and hopefully help motivate and energize them as they are up against a long day of challenges and hopefully rewarding triumphs. Many of our team members work the entire year to make this day possible; it’s important to be there with them as we amp up to start the day.

VT: What’s been the most rewarding part of your tenure as CEO? Any standout moments or personal highlights?

BC: I find my job as CEO of Churchill Downs rewarding in so many ways. I’m personally proud of what our investments as a company do in terms of job creation for the communities in which we operate, especially here in Louisville, Kentucky. Our developments have a significant economic impact on our local communities and create opportunities for people to start meaningful careers. At the Kentucky Derby each year, the reality is that I need to always be ready to deal with what comes up during the day, so there aren’t moments where I let my guard down and enjoy the day like a fan. Being ready to meet those responsibilities and challenges is something I take very seriously. There is never a time when I walk into Churchill Downs without feeling a direct and personal commitment to making sure everything goes well for the approximately 150,000 guests in attendance. I guess you could say that in and of itself is incredibly rewarding.

VT: If you could give one piece of advice to someone attending their first Kentucky Derby, what would it be?

BC: Most people know that the actual race itself is a mile and a quarter, but for a first-time guest I would tell them that the day is a marathon and not a sprint. They know there is going to be a very exciting two-minute horse race, and perhaps they know to wear a hat, but they often aren’t prepared for the full day of pageantry and the extent to which people plan their activities, traditions and, last but not least, outfits. I would also encourage them to enjoy as much of the venue as possible. Over the last few years, our partner activations have become an experience unto themselves. 

Whether you are testing products or capturing a memory at one of the photo stations, it can feel like a theme park atmosphere between races. Then of course the newly designed Paddock now provides an opportunity for everyone to enjoy watching the horses from multiple perspectives before they compete. 

VT: How do you see the role of Churchill Downs evolving within the broader entertainment and hospitality industry? 

BC: Our recently announced series of capital projects as well as the hospitality spaces we have unveiled over the last three years really demonstrate our commitment to exceeding the ever-changing expectations of our guests who seek to celebrate tradition while enjoying modern amenities. As we work toward our goal of being a world-class entertainment destination, we have several guiding principles that we adhere to and let guide our decisions: create once-in-a-lifetime experiences for our guests; encourage innovation within our team to create new options for our guests at all ticketing price points; remain focused on the time-honored traditions and history of Churchill Downs; and minimize construction impact from our projects on the current year’s running of the Kentucky Derby to ensure that our guests can have a bucket list experience every year. 

VT: With the continued evolution of gaming and entertainment, how do you envision the future of Churchill Downs in 10 years? 

BC: Churchill Downs Incorporated as a company and Churchill Downs Racetrack as an event venue have both evolved a great deal in the last 10 years and there is a lot of continued growth on the horizon. In the last 7 years, we’ve been able to develop a solid infrastructure for the horse racing industry in Kentucky, unlike anywhere else in the country. We like to say we keep Kentucky running strong. It’s a winning model that supports and protects the entire ecosystem of Kentucky horseracing. As customer habits and expectations continue to change around gaming and wagering, we are poised as a company to stay nimble and respond to what’s next. It’s exciting to think about what the future holds for us if we continue to work hard and take smart chances. No one is allowed to rest on the laurels of the past here. It’s all about what we do moving forward. 

VT: How do you personally prepare for Derby Day, and do you have any superstitions or Traditions? 

BC: I am not personally superstitious, but it’s important for me to get as much rest as possible and to stay healthy leading to the busy Derby season. Because of the demands of my job during Derby week, I like to prioritize time with my family as much as I can in the weeks ahead. I also absolutely do not look at or discuss “long-range weather forecasts.” We hope for the best but prepare for the worst… and there is no point fretting over things you can’t control.