Churchill Downs Makes Disappointing Announcement Before Kentucky Derby
The 151st running of the Kentucky Derby is set for Saturday, May 3 with famed horse trainer Bob Baffert making his return from a three-year suspension after his horse Medina Spirit won the Derby in 2021 but failed a drug test.
Churchill Downs CEO Bill Carstanjen made it clear Baffert would be welcomed back this year along with his horses, Rodriguez and the juvenile champion, Citizen Bull. 'Bob earned his way into this event. He earned his way into this race,' Carstanjen told CNBC. 'He's welcomed back. This is America. Everybody gets second chances.'
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Baffert's return isn't the only thing of note ahead of the Kentucky Derby this year, though. Late last month Carstanjen revealed the nearly $1 billion renovation project at the Louisville track was placed on pause amid inflation and ongoing global trade disputes as a result of tariffs handed down by the United States.
"A lot has changed in the world in the past nine weeks since that (February announcement), including increased general economic uncertainty and risk of significant inflation, driven in part by the new tariffs that the U.S. intends to charge on products from almost every country in the world," Carstanjen said, via the Courier Journal. "This has created unanticipated and currently unquantifiable expected cost increases in most materials."
With the main project on pause, Churchill Downs still plans a less costly project of around $30 million to update areas like The Mansion, the Finish Line Suites and the Trophy Room.
Carstanjen made it clear the $1 billion renovation is still planned, but will remained on pause for the rest of the year.
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"We will use the coming months to assess the evolving economic conditions as well as to evaluate any changes that we want to make to the timing and sequencing," Carstanjen said. "This is an opportunity to revisit and to make sure we deliver products that best meet and exceed our customers' expectations."
The 151st running of the Kentucky Derby is set for approximately 6:57 p.m. ET on May 3.
Related: Coca-Cola Makes Big Announcement After Pepsi's Bad News
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