Churchill Downs CEO says interest in the Kentucky Derby is strong despite global uncertainty
The 151st running of the Kentucky Derby is set for Saturday amid a backdrop of global economic uncertainty, waning consumer confidence and tariffs that could cause construction costs to rise.
Churchill Downs has paused a $900 million capital improvement project at its storied race track in Louisville, Kentucky, the site of the world's most famous horse race.
CEO Bill Carstanjen blamed tariffs for putting construction on hold.
"We weren't sure what things were going to cost. Whenever you build something, you got to be very careful on the cost side, because you need to get a return on your capital," Carstanjen told CNBC.
But where demand and fan enthusiasm is concerned, Carstanjen said it's on pace to match that of last year. International participation at the Derby has never been higher, he said, with the race set to be broadcast in a record 170 territories.
This year also marks a return for famed horse trainer Bob Baffert, following a three-year-suspension from Churchill Downs properties after his horse Medina Spirit won the Derby in 2021 but failed a drug test.
This year Baffert's horses are Rodriguez (12-1) and the juvenile champion, Citizen Bull.
It's a new chapter for the two-time Triple Crown-winning trainer and for the Churchill Downs CEO, who oversaw Baffert's temporary banishment.
"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."
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
3 hours ago
- Yahoo
Gold Surges Amid Global Risks: ETFs to Buy
Gold remains a vital part of an investor's portfolio, driven by growing diversification needs and tariff-driven uncertainty. Central banks' increasing purchases of the precious metal have also boosted gold prices. The Trump administration's chaotic tariff policies and escalating geopolitical tensions in the Middle East are making investors risk-averse and increasing demand for safe-haven assets. Additionally, to safeguard one's portfolio from a potential economic slowdown and capitalize on a weakening greenback, investors can increase their exposure to the precious metal. Here are a few key reasons why investing in gold ETFs could be a smart move. Risk-averse investors are turning to the yellow metal, following President Trump's recent announcement of potential unilateral tariffs. According to CNBC, escalating trade uncertainties and the threat of new tariffs have emerged as the leading concern for global investors, surpassing all other economic risks. According to a survey by British investment firm Schroders, as quoted on CNBC, nearly 63% of institutional investors and wealth managers cited trade levies as the most critical macroeconomic factor influencing their investment strategies. Investor interest in gold intensified after the United States ordered some embassy staff to leave Baghdad and authorized military families to exit the Middle East, following Iran's threat to target U.S. bases if nuclear talks break down. Sustained central bank buying could drive gold prices up. According to the European Central Bank, the yellow metal has surpassed the euro to become the second-most significant reserve asset globally for central banks, as quoted on the Financial Times. Major buyers included India, China, Turkey and Poland, as reported by the World Gold Council, highlighting a broad and sustained appetite for the metal. Bullion made up 20% of global official reserves last year. Per the Financial Times, a 30% surge in gold prices last year contributed significantly to its growing share of global reserves. The yellow metal continues its rally in 2025, climbing 27% year to date. Softer-than-expected U.S. inflation data boosted investor confidence that the Fed could begin cutting interest rates as early as September, with traders pricing in a likelihood of a September rate cut, according to Reuters. Per CME FedWatch tool, markets are anticipating a 72.7% likelihood of a rate cut in September. The value of the greenback is closely related to the Fed's monetary policies. The greenback's value tends to move inversely with interest rate adjustments by the Fed. Interest rate cuts by the Fed make the dollar less attractive to foreign investors as this weakens the U.S. dollar. Per Trading View, U.S. Dollar Index (DXY) has fallen 8.27% over the past six months and 9.58% year to date. Gold prices are inversely related to the value of the U.S. dollar. A weaker U.S. dollar generally leads to higher demand for gold, pushing its price upward as it becomes more affordable for buyers holding other currencies. Amid the current economic and geopolitical climate, investors should adopt a long-term passive investment strategy to weather short-term market storms. Increasing exposure to the yellow metal stands out as a smarter play than attempting to time the market, an approach that many investors may be tempted to employ. Investors can consider SPDR Gold Shares GLD, iShares Gold Trust IAU, SPDR Gold MiniShares Trust GLDM, abrdn Physical Gold Shares ETF SGOL and Goldman Sachs Physical Gold ETF AAAU to increase their exposure to the yellow metal. Each fund currently has a Zacks ETF Rank #3 (Hold). With a one-month average trading volume of about 10.6 million shares, GLD is the most liquid option, ideal for active trading strategies. However, implementing an active strategy in the current landscape may not be the most effective approach. GLD has also gathered an asset base of $99.87 billion, the largest among the other options. Performance across all funds has remained largely consistent. The funds have gained about 15.5% over the past three months and 39% over the past year. Regarding annual fees, GLDM is the cheapest option, charging 0.10%, which makes it more suitable for long-term investing. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report SPDR Gold Shares (GLD): ETF Research Reports iShares Gold Trust (IAU): ETF Research Reports abrdn Physical Gold Shares ETF (SGOL): ETF Research Reports SPDR Gold MiniShares Trust (GLDM): ETF Research Reports This article originally published on Zacks Investment Research ( Zacks Investment Research Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
4 hours ago
- Yahoo
Randy Johnson admits change in personality after legendary career
The post Randy Johnson admits change in personality after legendary career appeared first on ClutchPoints. Randy Johnson, one of baseball's most dominant left-handed pitchers, enjoyed a legendary 22-year career. Nicknamed 'The Big Unit,' he pitched for six teams: the Montreal Expos, Seattle Mariners, Houston Astros, Arizona Diamondbacks, New York Yankees, and San Francisco Giants. Notably, the Diamondbacks named him as one of the first inductees into their franchise Hall of Fame. Advertisement Johnson recently joined Jon Morosi on the Road to Cooperstown podcast. According to Morosi, their conversation stood out. 'Of all the Hall of Famers I've interviewed for the full hour, the Randy Johnson conversation was the one in which I asked the fewest questions,' he said. 'His answers were that in-depth and, in many ways, probably unexpected for fans.' Importantly, Morosi emphasized how much Johnson had changed. Gone is the intense figure who once glared from the mound. Instead, listeners heard a more reflective and candid version of the Hall of Famer. 'If I wasn't that person on the mound at the time, then we probably wouldn't have achieved what we did,' Johnson explained. 'I wouldn't have had the career or the season I did. So, I look at it that way.' He continued, 'You go about your business your way, and I'll go about mine. Do I have some regrets? Yeah, maybe along the way.' Over the course of his career (1988–2009), Johnson compiled an incredible record. He made ten All-Star teams (1990, 1993–1995, 1997, 1999–2002, 2004) and won five Cy Young Awards (1995, 1999–2002). In addition, he led the league in strikeouts nine times and ERA four times. His 2002 season was historic, he captured the pitching Triple Crown with 24 wins, a 2.32 ERA, and 334 strikeouts. Advertisement He also delivered two no-hitters. One came on June 2, 1990, for Seattle, the franchise's first. The other, a perfect game, came on May 18, 2004, when Johnson was 40 years old. At the time, he became the oldest pitcher ever to throw a perfect game. Furthermore, he starred in the 2001 World Series, winning three games and earning co-MVP honors. No pitcher had done that since Mickey Lolich in 1968. Statistically, Johnson's numbers remain staggering. He recorded 303 career wins, a 3.29 ERA, and 4,875 strikeouts, ranking second all-time behind Nolan Ryan. In 1995, he went 18–2 and helped lead Seattle to its first-ever postseason, earning his first Cy Young Award. Despite his dominance, Johnson remains humble. Reflecting on today's game, he admitted he might not thrive in modern MLB because, as he put it, 'everyone throws so hard.' In 2015, Johnson entered the Baseball Hall of Fame with 97.3% of the vote on his first ballot. Looking ahead, the Mariners will retire his iconic No. 51 in 2026 to honor the 35th anniversary of his first no-hitter. Related: 2025 MLB Power Rankings, Vol 13: Trouble brewing at the top Related: Red Sox-Yankees game gets delayed by chicken bucket that fell from stands
CNBC
4 hours ago
- CNBC
India moves to tap its rare earth reserves. Experts say it could become an alternative to China
India, like many countries, is facing China's restrictions on rare earth exports — and it wants to develop its own domestic supplies. Experts say it could become an important alternative to China for partners such as the U.S., but will require much more public and private investment in the sector. In recent weeks, the world has been grappling with a rare earths shortage in light of those curbs from China. Auto manufacturers across India, the U.S., Japan, South Korea, and Germany have been affected. In response, Indian officials are evaluating how India Rare Earths, a government-owned company, can be leveraged to increase rare earth magnet production, sources told CNBC-TV18. The report comes just days after India's Union Minister of Commerce and Industry Piyush Goyal called China's pause in exports of rare earth elements a "wake-up call" for the world and an opportunity for India to provide an alternative. Geoffrey Pyatt, senior managing director of critical minerals at McLarty Associates and former U.S. assistant secretary of state for energy resources from 2022 to 2025, echoed the commerce minister's statements. "This is both a wake-up call and an opportunity for us to deepen U.S.-India collaboration on an issue important to future economic competitiveness," he told CNBC. Beijing recently signaled plans to ease controls, and U.S. President Donald Trump has said that a trade deal with China that includes a resolution on rare earths is "done." But China's control of rare earth elements (REEs) was not a new policy, with gradual restrictions of international sales occurring over the past two years. The recent shortage has further highlighted the dominant position the country has in REEs: It produces roughly 60% of the world's supply of rare earths and processing almost 90%, which includes materials imported from other countries. That gives Beijing considerable leverage over a supply of minerals crucial for various modern technologies, including robotics, clean energy, batteries and military equipment. It's important to note, however, that REEs are not rare in nature. While China has the largest deposits of REEs at 44 million tons, India also has a substantial amount at 6.9 million tons, according to the U.S. Geological Survey. That gives it the world's third-largest share of reserves behind that of Brazil. India also has nearly 35% of the world's beach and sand mineral deposits, which are significant sources of important rare earths, according to a recent report from D. K. Srivastava, India chief policy advisor at EY. Given those considerable reserves, India is "poised to play a key role in building a more diversified global rare earths supply chain," Gracelin Baskaran, director of the Critical Minerals Security Program at the Center for Strategic and International Studies, told CNBC. However, in order to use REE reserves, countries need the ability to mine and extract raw materials, as well as the capacity and technology to process and refine them for final use. In those areas, Indian Rare Earths, which was founded in 1950, could present a good partner for countries such as the United States, Baskaran said, adding that it has no Chinese investment. India also launched the National Critical Mineral Mission in 2025 with the aim of developing an effective framework for REE self-reliance in the face of China's restrictions and other threats posed to the geographically concentrated supply chain. However, experts say that building domestic capabilities quickly is a tall order. "Going forward, substantial additional resources need to be allocated by central and state governments as well as the private sector for research and development in the field of rare earths," EY's Srivastava said in his report. Sources told CNBC-TV18 the Indian government is also considering private sector collaboration with India Rare Earths to speed up domestic capacity. Among the options being considered are government incentive schemes and capital subsidies aimed at encouraging local mining and processing. "India will not be able to replace China's position in the market, but it can certainly play an important role in providing a new source of rare earths," Baskaran said. In the meantime, Minister of Commerce and Industry Piyush Goyal said, India is also searching for alternative sources, and that he hopes Indian companies would receive import approvals from China soon. A delegation of Indian auto industry representatives is also gearing up for a China visit in an attempt to expedite their imports of rare earth magnets, according to local reports citing industry sources.
