The Kentucky Derby is on but $1B Churchill Downs renovation is on hold
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“Price Hors”, the original “of the” roses “in Kentucky Derby on Saturday in Churchill Downs, Kentucky. However, the renewal of facilities valued at about one billion dollars in the race track that hosts “more exciting minutes in sport” is currently hanging.
Churchill Download Inc. revealed. About huge capital projects about 10 weeks ago were aimed at “strengthening and expanding” certain areas of the race track in Kentucky Derby for several years. Collectively, the projects amounted to up to 920 million dollars.
Under the plans, the company wanted to install 13300 seats and new “excellent hospitality experiences” in the 11500 -seat area after the finish line through “First Turn Club” in addition to building the larger and larger sky balcony.
Churchill Downs (Jeff Moreland/ICON SPORTSWIRE via Getty Images/File)
It was also aimed at adding “new permanent structures” in distinguished ticket holders as part of capital projects. Three of the permanent buildings of the General Admission Department of The Infield also were planned.
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Then, last week, Churchill Downs said it had made the decision to stop these projects temporarily.
The company said at that time: “The decision to delay these construction projects is due to the increased uncertainty surrounding the construction costs related to identifying customs tariffs and commercial conflicts as well as the current total economic conditions.”
president Donald Trump has imposed an import tariff against many countries since he took office, including mutual definitions. Some industry fees, such as one for aluminum and the next steel to the United States from other countries.
Executive President Bill Carkentine told analysts and investors during the company’s profit call last week that “a lot has changed” since it unveiled those projects that have now been removed, including “the risk of great inflation, which is partially led by the new definitions that the United States intends to impose on products from almost every country in the world.”
The field enters its 1 turn during 150 Kentucky Dereby on May 4, 2024, in Churchill Downs in Luisville, Kentucky. (Joe Robbins/Sports icon via Getty Images)
The definitions were created “the expected expected cost currently and currently not expected [increases] In most materials, “Caristine said.
Churchill Downs will evaluate the advanced economic scene and evaluate any changes to the timing and sequence of these multi -year projects in the coming months, according to the company.
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The company is still “completely committed to the development of Kentucky Dereby [term]Caristin said.
He also said that a temporary stop “an opportunity to reconsider and ensure that we offer better products and overcome our customers ‘expectations, as well as to our shareholders’ expectations.”
| index | protection | last | Changing | % Change |
|---|---|---|---|---|
| CHDN | Churchill Downs. | 90.95 | +0.54 |
+0.60 % |
“When the total environment concerns are better understood, we will move forward with deliberate decisions about the best ways to invest capital amounts in this iconic assets,” added Caristin.
Although the renewal of nearly a billion dollars was temporarily stopped, this does not mean that Churchill Downs is rising in capital projects for the race to race completely.
Meanwhile, it announced the temporary seizure of projects worth about one billion dollars, as Churchill Downs revealed planned renovations of the finish line and the cup and frankness room, all known from the race track.
This re -formation will cost $ 25 million to $ 30 million, according to the company.
(Piotr Swat/SOPA Images/Lightrocknet via Getty Images)
Churchill Downs has hosted Kentucky Derby since 1875, when the first state of the race occurred.
This year’s race, the first series of Triple Crown series, will celebrate running 151. Press, Sovereignty, Sandman, Grande and Bourneham Midan are among some horses that work, according to Downs.
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Kentucky Derby is a blessing for the local economy every year, as the Ministry of Agriculture in Kentucky has linked the economic impact of last year’s race with $ 400 million.
2025-05-02 11:00:00
