Tariff concerns halt construction on Churchill Downs projects
LOUISVILLE, Ky. (FOX 56) — Concerns over how tariffs will impact construction costs have led to the venue for the Kentucky Derby putting multi-year projects on pause.
On Wednesday, officials at Churchill Downs Incorporated (CDI) announced in a news release that while renovations to the racetrack itself as well as the existing Finish Line Suites are expected to be completed in April 2026, leadership has decided to pause work on The Skye, Conservatory, and Infield areas.
From incarceration to inspiration: How this woman's journey led to a life of helping her Harrodsburg community
Tariff concerns halt construction on Churchill Downs projects
Lexington nature sanctuary debuts Kentucky's first hiking mobility aid
'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 macroeconomic conditions,' CDI officials said.
Officials said that over the coming months, Churchill Downs will take a look at the economic landscape and see if changes need to be made with the timing and sequencing of multi-year projects.
The full release, as well as information about other upcoming projects at the track, can be found on the Churchill Downs website.
Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
3 days ago
- Yahoo
Judge to decide if Clearwater businessman faces criminal contempt in $100M trust fund case
The Brief A federal judge in Tampa will decide Thursday whether to refer Clearwater businessman Leo Govoni for criminal contempt. Govoni is accused of taking more than $100 million from special needs trust funds. Families relying on the trust money are still trying to recover their losses. TAMPA, Fla. - A high-stakes hearing is set for Thursday morning inside Tampa's federal courthouse – one that could escalate a long-running trust fund scandal into criminal proceedings. The backstory Leo Govoni, a Clearwater businessman, is accused in federal court of taking more than $100 million from medical trust funds managed by the Center for Special Needs Trust Administration, which he founded. The money was intended to cover medical and living expenses for people with disabilities and serious injuries. The trust center filed for bankruptcy in February 2024 after records showed the money was loaned to Govoni's private company, Boston Finance Group, but never repaid. Bankruptcy estate attorneys say Govoni has failed to fully disclose what happened to the funds, including proceeds from roughly $5 million in real estate sales. PREVIOUS: Over 100 businesses seized from Pinellas businessman accused of taking $100M from special needs trusts U.S. Bankruptcy Judge Roberta Colton previously found Govoni in civil contempt in April for failing to turn over financial records. At Thursday's hearing, she could decide whether to refer the case to federal district court for criminal contempt, which could lead to charges and prison time. Court records show Govoni spent lavishly, using trust fund money on a $3.4 million private jet, trips to the Kentucky Derby, large political contributions, and real estate investments. The FBI, IRS, and SEC are also investigating. RELATED: Lawsuit filed against Pinellas County businessman Leo Govoni, Big Storm Brewing's 'Fat Point Brewing' brand Why you should care Many families who relied on the trust funds have been left without critical financial support. Megan Murray, an attorney representing impacted families, told FOX 13 News last month: "It feels like a complete disregard for the victims and welfare and what they've been through over the last decade or so. The victims deserve better, and it was unfortunate to hear some of the things that were testified to because the victims are really at a loss. A lot of them are fully compromised. They don't have alternative resources." Follow FOX 13 on YouTube The Source Details for this report were gathered from federal court records, public bankruptcy filings, and prior FOX 13 News reporting. STAY CONNECTED WITH FOX 13 TAMPA: Download the FOX Local app for your smart TV Download FOX Local mobile app: Apple | Android Download the FOX 13 News app for breaking news alerts, latest headlines Download the SkyTower Radar app Sign up for FOX 13's daily newsletter
Yahoo
3 days ago
- Yahoo
Cynthiana incentivizing businesses to invest revitalizing downtown
CYNTHIANA, Ky. (FOX 56) – Officials in Cynthiana are using a unique program to try and revitalize the city's downtown. It's called the Downtown Incentives Grant Program. Mayor Isaac Dailey said this program is the continuation of the work the city has previously done to bring some new life to downtown. Having had success in the past, the city has grown the program from giving out a maximum of $1,000 in grants to a maximum of $2,500. Recipients are required to match the funding for each project. Every submitted proposal will be scored out of 100 across a number of factors, such as economic impact, readiness, feasibility, and long-term maintenance. 'Shop Local Week' returns to promote Lexington businesses Cynthiana incentivizing businesses to invest revitalizing downtown International tasting event draws crowd in Lexington A total of six businesses will receive grants. These grants aren't just meant for building facelifts but also incentivize businesses to utilize their spaces to the fullest. 'We've expanded this grant to protect and recreate or replace existing rooms,' Dailey said. 'Also, to address other problems like a shortage of housing or short-term rentals.' 'We want to, more or less, use this as a way to plant seeds for change, but also to make it a beautiful place for people to want to visit and to be excited about,' explained tourism director Samantha Lunger. Cynthiana-Downtown-Incentives-Grant-Program-Guidelines-1Download Now this isn't as simple as apply and get the maximum $2,500; these are some of the eligibility requirements for the grants (full list above). Applicant must own commercial property in downtown Cynthiana or have written landlord approval. Property must be able to operate in the city as well as Harrison County and the state of Kentucky. Must be compliant with all zoning, business, and health codes. Recipients are only allowed one facade grant per property. Eligible projects may include: Façade repairs or restorations Window or door replacement New exterior lighting or signage Painting, awnings, or landscaping Outdoor dining or display areas Interior improvements that enhance public access, display areas, or customer experience Dailey and Lunger hope the program will one day increase the total pool of money available to expand downtown Cynthiana from both city government and private funding to leave a lasting legacy. Read more of the latest Kentucky news The mayor said that as city leaders, they have to lead by example, and this program will hopefully help be that example for both current and future residents. 'I think people are excited to see that the city and tourism are sort of upping our ante of doubling down on our investment in downtown and encouraging and supporting the people that are also pouring their money into this community as well,' Dailey detailed.'I think, great that we, they're seeing from us that we don't just expect for them to invest in the community, but we are also investing in the community and giving to it and giving back just as much as we hope and expect for them to,' Lunger said. The deadline to apply for the grants is Monday, June 16. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
3 days ago
- Yahoo
‘Left With No Choice': Churchill Downs Inc. Moves To Relinquish Fair Grounds License In Louisiana
'Left With No Choice': Churchill Downs Inc. Moves To Relinquish Fair Grounds License In Louisiana originally appeared on Paulick Report. Doubling down on statements made last month about not opening Fair Grounds Race & Slots in New Orleans for a live horse racing meet this fall, Churchill Downs Inc.'s chief executive officer informed the Louisiana State Racing Commission the company plans to 'begin the next steps' to relinquish its live racing and OTB license, along with its slots and video poker licenses, at the racing commission's next meeting. In a June 9 letter to racing commission officials – obtained by the Paulick Report – Bill Carstanjen, the chief executive officer of CDI, said the loss of historical horse racing (HHR) revenue, following an adverse state Supreme Court ruling, and newly enacted legislation has forced the company's hand. Advertisement Related: Situation 'Dire': Fair Grounds May Not Run 2025-'26 Race Meet Without Legislative Help 'Given the legislature's ease with which it approved legislation that is directly adverse and harmful to the economic interests of Fair Grounds, the opposition by elected officials to engage in meaningful solutions in collaboration with the Fair Grounds, and the forthcoming adjournment of the legislative session,' Carstanjen wrote, 'CDI is left with no choice but to request an appearance before the LSRC to begin the next steps for voluntarily surrendering the racing license held by the Fair Grounds.' Carstanjen added: "This is not the path CDI wishes to proceed down, but the inaction from elected officials to offer any sort of compromise has made this the only possible outcome. ... Closing one of the nation's oldest racetracks, and the most important track in Louisiana, will be a devastating blow to Louisiana's equine industry and the New Orleans economy. It will also have an immediate detrimental impact on the livelihoods of the hundreds of employees, local vendors, and community surrounding the Fair Grounds." At an emergency meeting of the Louisiana commission on May 13, Ozair Shariff, an attorney for CDI, warned commissioners that without some form of legislative assistance to make up for the loss of HHR revenue, Fair Grounds would not apply for racing dates in the fall, calling the situation 'dire.' Reading from a statement at the May meeting, Shariff said: 'Fair Grounds' overall profitability is dependent on revenue generated from its OTB network, specifically video poker and historical racing – until last week (when the Supreme Court decision on HHR took effect). The elimination of 46 percent of the OTB revenue and an even more significant 74 percent of OTB EBITDA does not allow Fair Grounds to cover its required $9 million average annual maintenance operating capital. Faced with this reality, operating under the current status quo is no longer an option.' Shariff said efforts to engage members of the Louisiana legislature, whose session ends on June 12, was a priority, in hopes of getting some type of relief. Shariff was rebuked at the meeting by Louie Roussel III, a prominent New Orleans businessman who formerly owned Fair Grounds and is a longtime Thoroughbred owner and trainer. Roussel, who said he was speaking on behalf of Gov. Jeff Landry, addressed the commission, telling them, 'Do not allow these people to do this. … If they tell you they don't want to race, fine them $50,000 or $100,000 a day for every day they don't race. 'There will be no state subsidy for this racetrack,' Roussel added. 'None.' Apparently, Roussel was correct. Advertisement Legislators did pass two bills that Carstanjen said would be damaging to CDI's bottom line: the first expands the permitted number of video poker machines at truck stops (from 50 to 60) and bars (from three to four). The second bill would permit fixed odds wagering on horse racing. The legislation created a fund for Louisiana purses, but nothing for track operators. Following is Carstanjen's letter to the Louisiana State Racing Commission, in full: June 9, 2025 Mr. Edward J. Koehl, Jr., Chairman Louisiana State Racing Commission Mr. Stephen Landry, Executive Director Louisiana State Racing Commission 320 N Carrollton Avenue Suite 2-B New Orleans, Louisiana 70119-5100 RE: LSRC Meeting and Fair Grounds' Racing License Dear Chairman Koehl and Executive Director Landry: It is my understanding that soon after the Louisiana Legislature adjourns on June 12, 2025, an emergency meeting of the Louisiana State Racing Commission ("LSRC") will be conducted. This correspondence is Churchill Downs Incorporated's ("CDI") formal request to appear at the meeting to discuss the timeline and next steps concerning the license held by Churchill Downs Louisiana Horseracing Company, L.L.C. d/b/a Fair Grounds Racecourse & Slots ("Fair Grounds"). For the last few months, CDI has attempted to engage in good faith discussions with elected officials and various other industry stakeholders to find a path toward long term economic viability for the Fair Grounds after the recent decision of the Louisiana Supreme Court that resulted in the elimination of historical horse racing ("HHR"), and nearly half of the Fair Grounds' off-track betting ("OTB") revenues. To date, our efforts to engage elected officials have not led to meaningful discussions and, confoundingly, CDI's efforts have been met with a combination of reluctance, indifference, apathy, and even opposition. To make matters worse, the passing of HB 540 and 547 further negatively impacts the Fair Grounds' ability to remain competitive. House Bill 540 will lead to significant cannibalization of revenue from our OTB network in and around greater New Orleans, a network in which the Fair Grounds has heavily invested since 2005 - the only racetrack operator in the state to do so. House Bill 547 will shift wagering handle from current brick and mortar racetracks, OTBs, and advanced deposit wagering platforms, all of which provide revenues to track operators and local horsemen groups, to out-of-state bookmaking operators. Given the legislature's ease with which it approved legislation that is directly adverse and harmful to the economic interests of Fair Grounds, the opposition by elected officials to engage in meaningful solutions in collaboration with the Fair Grounds, and the forthcoming adjournment of the legislative session, CDI is left with no choice but to request an appearance before the LSRC to begin the next steps for voluntarily surrendering the racing license held by the Fair Grounds. The timing of the LSRC's meeting, and the date on which the Fair Grounds ceases its operations for not committing to run a 2025-2026 race meet, necessarily implicates the Louisiana Gaming Control Board ("LGCB") and the Fair Grounds' slot license, the surrender of which may not occur without the prior approval of the LGCB. To be clear, we expect to surrender our slot and video poker licenses. This is not the path CDI wishes to proceed down, but the inaction from elected officials to offer any sort of compromise has made this the only possible outcome. Fair Grounds provides nearly $30 million in taxes to local municipalities and the State of Louisiana, in addition to well over $34 million in purse money for its racing product. Closing one of the nation's oldest racetracks, and the most important track in Louisiana, will be a devasting blow to Louisiana's equine industry and the New Orleans economy. It will also have an immediate detrimental impact on the livelihoods of the hundreds of employees, local vendors, and community surrounding the Fair Grounds. However, the inaction of the legislature and others in a position to save this racetrack have forced us into the current situation. Please provide the details of the meeting at your earliest convenience. William C. Carstanjen Churchill Downs Incorporated, CEO cc: Mr. Jeff Landry, Governor Mr. Cameron Henry, Senate President Mr. Phillip DeVillier, Speaker of the House Mr. Jimmy Harris, Senator Mr. Bernard Chatters, President of the Louisiana HBPA Mr. Patrick Bernard, LSRC Commissioner Mr. Rock Bordelon, LSRC Commissioner Mrs. Leslie Bouie, LSRC Commissioner Mr. Larry Findley, LSRC Commissioner Mr. K.R. Finkelstein, LSRC Commissioner Mr. Nathan Granger, LSRC Commissioner Mr. Earl Landry, LSRC Commissioner Mr. Travis Miller, LSRC Commissioner Mr. Deano Thornton, LSRC Commissioner Mr. Vincent Tuminello, LSRC Commissioner Mrs. Katherine Winters, LSRC Commissioner This story was originally reported by Paulick Report on Jun 10, 2025, where it first appeared.
