.jpg&w=3840&q=100)
Churchill Downs pausing renovations due to Trump tariffs ahead of 2025 KY Derby
Churchill Downs on Wednesday announced that the Kentucky racetrack, soon to host the annual Kentucky Derby, is pausing a major expansion due to President Trump's tariffs and overall economic uncertainty.
The Louisville-based gambling and racing company made the announcement as it released first-quarter earnings, which were overall positive with record net revenue.
But the company said it would pause capital projects released earlier this year 'due to the current economic environment.'
In February, Churchill Downs announced plans for a nearly $1 billion expansion, its largest ever, to begin later this year and extend through 2028. The projects were to revamp the existing Skye Terrace into more premium hospitality experiences; create permanent premium seating in the infield; and add infield structures for the General Admission area as well.
Now, Churchill says, those will be delayed.
'The decision to delay these construction projects is due to the increasing uncertainty surrounding construction costs related to tariff and trade disputes as well as current macro-economic conditions,' Churchill Downs said in a news release. 'In the coming months, CDI will assess the evolving economic landscape and evaluate any changes to the timing and sequencing of these multi-year projects.'
The decision to pause the Skye Terrace and infield projects 'was a difficult one for us to make because we do not want to disappoint our fans,' said Bill Carstanjen, chief executive officer of Churchill Downs Inc., in the release.
'However, we have a responsibility to be disciplined given the recent changes in the economic environment. We remain committed to growing our iconic flagship asset over the long term with projects that will provide new once-in-a lifetime experiences for our guests and deliver best-in-class shareholder returns.'
Churchill also announced two new projects with smaller price tags, geared toward deep-pocketed fans and bettors, that will continue: renovations of the existing Finish Line Suites and The Mansion. The total cost of those two new projects is a more modest $25 million to $30 million, according to the announcement.
'We are pleased to announce these new projects designed to significantly improve the Finish Line Suites and The Mansion, which are two of our most exclusive areas of the racetrack,' Carstanjen said.
Churchill Downs executives will hold a conference call with investors at 9 a.m. ET Thursday to discuss the quarter's results, which do not include the upcoming Kentucky Derby on May 3.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
New York Times
9 minutes ago
- New York Times
‘Golden Share' in U.S. Steel Gives Trump Extraordinary Control
To save its takeover of U.S. Steel, Japan's Nippon Steel agreed to an unusual arrangement, granting the White House a 'golden share' that gives the government an extraordinary amount of influence over a U.S. company. New details of the agreement show that the structure would give President Trump and his successors a permanent stake in U.S. Steel, significant sway over its board and veto power over a wide array of company actions, an arrangement that could change the nature of foreign investment in the United States. The terms of the arrangement were hammered out in meetings that went late into the night on Wednesday and Thursday, according to two people familiar with the details. Representatives from Nippon Steel — which had been trying to acquire the struggling U.S. Steel since December 2023, but had been blocked by the Biden administration over national security concerns — came around to Mr. Trump's desire to take a stake that would give the U.S. government significant control over the company's actions. Nippon had argued that this influence should expire — perhaps after three or four years, the duration of the Trump administration. But in the meetings, which were held at the Commerce Department, Trump officials led by Commerce Secretary Howard Lutnick insisted that the golden share should last in perpetuity, the two people said. Under the terms of the national security pact, which the companies said they signed Friday, the U.S. government would retain a single share of preferred stock, called class G — as in gold. And U.S. Steel's charter will list nearly a dozen activities the company cannot undertake without the approval of the American president or someone he designates in his stead. Want all of The Times? Subscribe.
Newsweek
13 minutes ago
- Newsweek
Israel Says Goal Is Not Iran Regime Change as Trump Vetoes Ayatollah Strike
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Israeli Foreign Minister Gideon Sa'ar said in an interview with CNN on Sunday said that his country's goal is not regime change even as Israel's forces expand their strikes in Iran. The admission follows the revelation that President Donald Trump had vetoed Israel's plan to target Iran's Supreme Leader Ayatollah Ali Khamenei, according to Reuters. Newsweek reached out to the U.S. Department of State for comment outside of normal business hours through submission form. Why It Matters Israel struck Iran with a wave of airstrikes overnight on Thursday U.S. time, which it described as a "preemptive" offensive based on "high-quality intelligence" that Iran was close to developing a nuclear weapon. The strikes hit a variety of Iranian targets, including military personnel and nuclear scientists, in what Israeli leadership has called "Operation Rising Lion." Israel's strikes have killed at least 406 people in Iran and wounded another 654, according to a human rights group that has long tracked the country, Washington-based Human Rights Activists. Iran's government has not offered overall casualty figures. Israel has said 14 people have been killed since Friday and 390 have been wounded, the Associated Press reported. Khamenei condemned the attacks and promised to retaliate, saying Israel had "sealed for itself a bitter and painful destiny." Iran's military vowed a "crushing response," according to the state-run IRNA news agency, and fired salvos of missiles and drones at sites and cities across Israel. Iranian officials have always denied seeking a nuclear weapon. The United States and Iran have held five rounds of negotiations regarding the country's nuclear program, with a sixth round scheduled for Sunday that ultimately did not happen as Israel and Iran each continue to carry out attacks on each other. Rocket trails are seen in the sky above the Israeli coastal city of Netanya amid a fresh barrage of Iranian missile attacks on June 15. Inset: Iranian Supreme leader Ali Khamenei during the Friday prayer... Rocket trails are seen in the sky above the Israeli coastal city of Netanya amid a fresh barrage of Iranian missile attacks on June 15. Inset: Iranian Supreme leader Ali Khamenei during the Friday prayer ceremony on October 4, 2024, in Tehran, Iran. More Jack Guez/AFP via Getty Images // Iranian Leader's Press Office - Handout/Getty Images What To Know Speaking with CNN anchor Bianna Golodryga, Sa'ar insisted that his country's goal is not to force regime change in Iran, saying, "The security Cabinet had decided on the objectives," and that regime change "was not one of the objectives." "This is for the Iranian people to decide," Sa'ar said. "We, Israel, don't see the Iranian people as our enemies. We had great relations with Iran until 1979 until the Islamic Revolution, when a very fanatic and barbaric regime came to power. And these are the people that chant 'Death to America,' 'Death to Israel.' And they put as an objective to eliminate the State of Israel." "It's not for us to decide: That's for the Iranian people to act or to do what they want to do," Sa'ar added. "We took as an objective the nuclear program, the ballistic missiles program, the elimination program. It's all things we must stop and create the conditions for moves afterwards that also will able to achieve these objectives." When asked about what kind of advanced notice the U.S. had about the attack, Sa'ar said Israel had informed the Trump administration that "we are going to act," which occurred after the U.S. and Iran had an opportunity to reach a diplomatic solution. He accused Iran of wanting to just "waste time and continue" pushing forward their nuclear plans "even during negotiations." "Iran is in a situation of non-compliance. They breach everything they were committed to," Sa'ar said, noting that Iran's foreign minister had cancelled his interview with CNN, which would have immediately followed Sa'ar's own. "After all other options are gone, we must take care of our security and of our existence. Of course, we informed the US as friends and allies that we are going to operate," he said. Meanwhile, Trump wrote in a Saturday social media post that the U.S. "had not nothing to do with the attack on Iran, tonight." Iran has said it believes the U.S. is involved. Israeli officials have reportedly asked the Trump administration to join in on efforts to attack Iran, with Iran's nuclear program having long been a focal point of U.S. and Israeli concern. Trump talked to ABC News' Rachel Scott on Sunday about the matter, saying, "We're not involved in it. It's possible we could get involved. But we are not at this moment involved." Trump Rejected Israeli Plan to Kill Khamenei Reports on Sunday from the Wall Street Journal and Reuters revealed that Israel had attempted to execute a plan to take out Khamenei, but that Trump put a stop to it. Both outlets cited unnamed senior U.S. administration officials. One of the sources told Reuters: "Have the Iranians killed an American yet? No. Until they do we're not even talking about going after the political leadership," underscoring the U.S. desire to keep distance from the conflict. An unnamed U.S. official on Sunday told CNN that Trump did indeed reject the plan to assassinate Khamenei. Israel had the chance to kill Khamenei, but Trump opposed the plan, which prevented Israel from pursuing the opportunity. A second source told the outlet that Trump's opposition comes from a desire to avoid another protracted and involved war in the Middle East. However, Israeli Prime Minister Benjamin Netanyahu during an interview on Sunday with Fox News said: "There's so many false reports of conversations that never happened, and I'm not going to get into that." He added: "But I can tell you, I think that we do what we need to do, we'll do what we need to do. And I think the United States knows what is good for the United States." Photo taken after an explosion in downtown Tehran amid Israel's two-day campaign of strikes against Iran on June 15. Photo taken after an explosion in downtown Tehran amid Israel's two-day campaign of strikes against Iran on June 15. Khoshiran/Middle East Images/AFP via Getty Images What People Are Saying President Donald Trump wrote on Truth Social: "Iran and Israel should make a deal, and will make a deal, just like I got India and Pakistan to make, in that case by using TRADE with the United States to bring reason, cohesion, and sanity into the talks with two excellent leaders who were able to quickly make a decision and STOP! Also, during my first term, Serbia and Kosovo were going at it hot and heavy, as they have for many decades, and this long time conflict was ready to break out into WAR. I stopped it (Biden has hurt the longer term prospects with some very stupid decisions, but I will fix it, again!). Another case is Egypt and Ethiopia, and their fight over a massive dam that is having an effect on the magnificent Nile River. There is peace, at least for now, because of my intervention, and it will stay that way! Likewise, we will have PEACE, soon, between Israel and Iran! Many calls and meetings now taking place. I do a lot, and never get credit for anything, but that's OK, the PEOPLE understand. MAKE THE MIDDLE EAST GREAT AGAIN!" Israeli Prime Minister Benjamin Netanyahu said in a video address on Friday: "More is on the [Tehran] regime doesn't know what hit them. They don't know [what] will hit them." What Happens Next? Israel and Iran have shown no indication of decreasing their exchange of missiles, with more to follow as the U.S. seeks de-escalation and an end to the current conflict. This article included reporting by The Associated Press.
Business Upturn
21 minutes ago
- Business Upturn
Intellia Therapeutics Announces Positive Three-Year Data from Phase 1 Trial of Lonvoguran Ziclumeran (lonvo-z) in Patients with Hereditary Angioedema (HAE) at the European Academy of Allergy and Clinical Immunology Congress
With up to three years of follow-up, a single dose of lonvo-z led to a 98% mean reduction in monthly HAE attack rate in all 10 patients All 10 patients were attack-free and treatment-free for a median of 23 months through the latest follow-up, demonstrating the potential of lonvo-z to become the first one-time therapy for most HAE patients Lonvo-z was well tolerated and continues to demonstrate a favorable safety profile The global Phase 3 HAELO trial of lonvo-z has concluded screening ahead of schedule with more than half screened from U.S. sites; Intellia to provide an update on enrollment in the future CAMBRIDGE, Mass., June 15, 2025 (GLOBE NEWSWIRE) — Intellia Therapeutics, Inc. (NASDAQ:NTLA), a leading clinical-stage gene editing company focused on revolutionizing medicine with CRISPR-based therapies, today announced three-year follow-up data from the Phase 1 portion of the ongoing Phase 1/2 study in patients with HAE after receiving a single dose of lonvoguran ziclumeran (lonvo-z, also known as NTLA-2002). Results were shared in an oral presentation at the European Academy of Allergy and Clinical Immunology (EAACI) Congress 2025, held June 13-16 in Glasgow, United Kingdom. 'Today's results underscore the promising potential of Intellia's approach to gene editing therapy – a one-time treatment that was well tolerated and offered a highly differentiated, durable effect for patients suffering from a serious disease,' said Intellia President and Chief Executive Officer John Leonard, M.D. 'Seeing all 10 patients in the Phase 1 portion of this study free from both HAE attacks and chronic therapy at nearly two years of median follow-up is incredibly encouraging. These data fuel our optimism for the outcomes of our ongoing Phase 3 HAELO study, which we expect to report in the first half of 2026, and highlight the strong value we believe it will offer patients, physicians and payers.' 'People living with HAE often report a reduced quality of life because they worry about the likelihood of their next attack, either because they still experience attacks or are reminded of it by their use of chronic therapy,' said Dr. Joshua Jacobs, Medical Director, Allergy and Asthma Clinical Research, Inc. 'Based on the data, it is reasonable to expect lonvo-z could offer patients the potential to be free from both physical HAE attacks and the burden of managing chronic HAE treatment.' In the Phase 1 portion of the study, a one-time dose of 25 mg (N=3), 50 mg (N=4) or 75 mg (N=3) of lonvo-z was administered via intravenous infusion and plasma kallikrein protein levels were measured along with HAE attacks. At the time of the February 12 data cutoff, patients were attack-free and treatment-free for a median of nearly two years. With up to three years of follow-up, a single dose of lonvo-z led to a mean reduction in monthly HAE attack rate of 98% over the study period, compared to pre-treatment baseline. For all 10 patients, deep, dose-dependent and durable reductions in plasma kallikrein protein continued to be observed through the latest assessment. Safety Across all three dose levels, lonvo-z has been well tolerated and continues to demonstrate a favorable safety profile consistent with earlier data presented at EAACI in 2024. The most frequent adverse events during the study period were infusion-related reactions (IRRs). IRRs were mostly Grade 1 and resolved with all patients receiving the full dose. With up to 3 years of follow-up, no treatment-emergent serious adverse events were observed, and no treatment-related adverse events were observed during the period following 28 days after dosing. Clinical Development Plans Intellia's global Phase 3, randomized, double-blind, placebo-controlled HAELO trial is ongoing to assess the safety and efficacy of lonvo-z at the 50 mg dosage. The Company announced today the HAELO trial has successfully completed screening ahead of schedule, with over half of the patients being screened in the United States. The study is no longer recruiting and Intellia will provide an update on enrollment in the future. New and longer-term data from the Phase 2 portion of the ongoing Phase 1/2 study is planned to be presented in the second half of 2025. Intellia expects to submit a biologics license application (BLA) in 2026 to support the Company's plans for a U.S. launch in 2027. For more information on HAELO (NCT06634420), please visit About the Lonvoguran Ziclumeran (lonvo-z, also known as NTLA-2002) Clinical Program Intellia's ongoing Phase 1/2 study is evaluating the safety and efficacy of lonvo-z in adults with Type I or Type II hereditary angioedema (HAE). The Phase 1 portion of the study is an international, open-label study designed to identify the dose level of lonvo-z selected for further evaluation in the Phase 2 portion of the study. Enrollment in both portions of the Phase 1/2 study is complete. Intellia dosed the first patient in the global Phase 3, randomized, double-blind, placebo-controlled HAELO trial in January of 2025. Visit (NCT05120830) for more details. About Lonvo-z Based on Nobel Prize-winning CRISPR/Cas9 technology, lonvo-z has the potential to become the first one-time treatment for hereditary angioedema (HAE). Lonvo-z is an investigational in vivo CRISPR-based gene editing therapy designed to prevent HAE attacks by inactivating the kallikrein B1 ( KLKB1 ) gene, which encodes for prekallikrein, the kallikrein precursor protein. Interim Phase 1/2 clinical data showed dramatic reductions in attack rate, as well as consistent, deep and durable reductions in kallikrein levels. Lonvo-z has received five notable regulatory designations, including Orphan Drug and RMAT Designation by the U.S. Food and Drug Administration (FDA), the Innovation Passport by the U.K. Medicines and Healthcare products Regulatory Agency (MHRA), Priority Medicines (PRIME) Designation by the European Medicines Agency, as well as Orphan Drug Designation (ODD) by the European Commission. About Intellia Therapeutics Intellia Therapeutics, Inc. (NASDAQ:NTLA) is a leading clinical-stage gene editing company focused on revolutionizing medicine with CRISPR-based therapies. Since its inception, Intellia has focused on leveraging gene editing technology to develop novel, first-in-class medicines that address important unmet medical needs and advance the treatment paradigm for patients. Intellia's deep scientific, technical and clinical development experience, along with its people, is helping set the standard for a new class of medicine. To harness the full potential of gene editing, Intellia continues to expand the capabilities of its CRISPR-based platform with novel editing and delivery technologies. Learn more at and follow us @intelliatx. Forward-Looking Statements This press release contains 'forward-looking statements' of Intellia Therapeutics, Inc. ('Intellia' or the 'Company') within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, express or implied statements regarding Intellia's beliefs and expectations concerning: the safety, efficacy, success and advancement of its clinical programs for lonvoguran ziclumeran or 'lonvo-z' (also known as NTLA-2002) for hereditary angioedema ('HAE'), including the ability to successfully complete its global Phase 3 HAELO study; its expectation to present additional data regarding lonvo-z, including reporting outcomes of the Phase 3 HAELO study in the first half of 2026 and presenting new and longer-term data from the Phase 2 portion of the ongoing Phase 1/2 study of lonvo-z in the second half of 2025; and its expectation to be able to support a biologics license application for lonvo-z for the treatment of HAE by 2026 for a U.S. launch in 2027. Any forward-looking statements in this press release are based on management's current expectations and beliefs of future events and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to: risks related to Intellia's ability to protect and maintain its intellectual property position; risks related to Intellia's relationship with third parties, including its contract manufacturers, licensors and licensees; risks related to the ability of its licensors to protect and maintain their intellectual property position; risks related to Intellia's ability to protect and maintain its intellectual property position; risks related to valid third party intellectual property; risks related to Intellia's relationship with third parties, including its licensors and licensees; risks related to the ability of its licensors to protect and maintain their intellectual property position; uncertainties related to regulatory agencies' evaluation of regulatory filings and other information related to our product candidates, including lonvo-z; uncertainties related to the authorization, initiation and conduct of studies and other development requirements for our product candidates, including uncertainties related to regulatory approvals to conduct clinical trials, including our ability to complete the Phase 3 HAELO study for HAE; the risk that any one or more of Intellia's product candidates, including lonvo-z, will not be successfully developed and commercialized; and the risk that the results of preclinical studies or clinical studies will not be predictive of future results in connection with future studies for the same product candidate or Intellia's other product candidates. For a discussion of these and other risks and uncertainties, and other important factors, any of which could cause Intellia's actual results to differ from those contained in the forward-looking statements, see the section entitled 'Risk Factors' in Intellia's most recent annual report of Form 10-K and quarterly report on Form 10-Q, as well as discussions of potential risks, uncertainties, and other important factors in Intellia's other filings with the Securities and Exchange Commission. All information in this press release is as of the date of the release, and Intellia undertakes no duty to update this information unless required by law. Intellia Contacts: Investors:Brittany ChavesSenior Manager, Investor Relations [email protected]
