LOUISVILLE, Ky. (AP) — The home of the Kentucky Derby plans to begin work next month on a $300 million project that will include a hotel, historical racing machines, new stadium seating and a Millionaires Row renovation.

Churchill Downs announced the tentative plans Wednesday in a statement saying it would also create 300 new jobs. The track says it is awaiting state approval.

The project would include a 156-room hotel in the track’s first turn that would offer trackside suites and a gambling floor. The plans would also add about 5,500 new seats at the track.

The Millionaires Row renovation would include private dining spaces, lounges and window dining and would be done before next year’s Derby.

The rest of the project is expected to be completed by the end of 2021.