Churchill Downs, located on Central Avenue in south Louisville, Kentucky, United States, is a Thoroughbred racetrack most famous for hosting the Kentucky Derby annually. It officially opened in 1875, and held the first Kentucky Derby and the first Kentucky Oaks in the same year. Churchill Downs has also hosted the renowned Breeders' Cup on eight occasions, most recently in 2011. It is next scheduled to host the Breeders' Cup in 2018. Churchill Downs Incorporated owns and operates the racetrack. With the infield open for the Kentucky Derby, the capacity of Churchill Downs is roughly 170,000. In 2009, the Horseplayers Association of North America introduced a rating system for 65 Thoroughbred racetracks in North America. Churchill Downs was ranked number 5 on this list. In 2014, prior to the start of their spring meet, Churchill Downs announced an increase in parimutuel takeout rates. As a result of the takeout increase, Churchill Downs was ranked number 22 in the 2014 Horseplayers Association of North America Track Ratings.