Latest news with #ChurchillDownsInc.
Yahoo
03-05-2025
- Sport
- Yahoo
How much money does the winning jockey at the Kentucky Derby get?
(NEXSTAR) — For the 151st time, the gates will open at Churchill Downs on Saturday, promising yet another thrilling Kentucky Derby. While every horse and jockey pairing comes into the Derby with varying odds, they will all be vying for the illustrious blanket of red roses and its accompanying multi-million dollar purse. Journalism, the red-hot California thoroughbred, has carried the best odds in the lead-up to the Kentucky Derby, ranking as a 3-to-1 favorite. Among those with the less-favorable odds is country singer Toby Keith's horse, Render Judgment, who became a late entry after Florida Derby winner Tappan Street suffered an injury to his right foreleg. As of Thursday, Render Judgment's odds stand at 30-to-1. Odds aside, the prizes remain the same: the prestigious Derby trophy, the red roses, an entry into the history books, and, of course, a sizeable payout. How are jockey silks made for Kentucky Derby jockeys? Last year, Churchill Downs Inc., host of the stakes race, announced a guaranteed $5 million Kentucky Derby purse. It was a $2 million increase over the previous purse of $3 million, established in 2019. Unlike the payout at the Masters last month, the purse at the Kentucky Derby is not increasing this year. Like last year, the first-place finisher will get $3.1 million of the purse. The next four will also receive payouts: $1 million for second place, $500,000 for third, $250,000 for fourth, and $150,000 for fifth. But that payout goes to the horse's owner, not the jockey who led the horse to victory in the 2-minute-long race. Like caddies at the Masters, jockeys of top-finishing horses receive a portion of the Kentucky Derby prize their horse lands. Do you believe in luck? Why horseshoes are considered to be lucky in Kentucky Typically, that payout is about 10% of the prize money, multiple reports say. That means the first jockey across the line Saturday could pocket $310,000. However, as CNBC explains, roughly 30% of the jockey's winnings go toward their agent, valet, and taxes. That still outweighs the payouts the second- and third-place jockeys are in line for: $50,000 and $25,000, respectively. The remaining jockeys will profit far less. It's also possible that the winning jockey will be the same jockey as last year: Brian Hernandez Jr. He and Mystik Dan won the 150th Kentucky Derby in a three-horse photo finish, despite their 18-1 odds. This year, Hernandez will be jockeying to get Burnham Square across the line first (with better odds, at 8-1). Should the jockey and their horse go on to complete the Triple Crown — which hasn't happened since 2018 — their winnings could total $550,000, before taxes and fees. Both the Preakness Stakes and Belmont Stakes again have a purse of $2 million (unless increases are announced ahead of the mid-May and June runs, respectively), giving the winner a $1.2 million payout. If the jockey receives 10% of that, they could see a $120,000 prize before taxes and other fees. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Time of India
03-05-2025
- Business
- Time of India
Have Donald Trump's tariffs impacted the Kentucky Derby 2025? All about the economic impact
The 151st running of the Kentucky Derby 2025 promises the usual spectacle on the track, but economic uncertainty driven by President Donald Trump's evolving tariff policies is casting a long shadow off it. #Pahalgam Terrorist Attack Code of war: India and Pakistan take their battle to the (web)front Forex reserves show a pauperised Pakistan, a prospering India Pakistan conducts training launch of surface-to surface ballistic missile From delayed construction to slower ticket sales, stakeholders across the board are feeling the ripple effects of trade tensions. Renovation Plans Halted Amid Cost Concerns Churchill Downs, the iconic venue that hosts the Derby, recently paused a $900 million redevelopment project that had been scheduled to debut next year, as mentioned in a report by NBC. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Duong An Don: Beautiful New Senior Apartments with Two Bedrooms Senior Apartments | Search Ads Search Now Undo The upgrade was expected to bring 20,000 new seats, 36 luxury suites, and major infrastructure enhancements. Bill Carstanjen, CEO of Churchill Downs Inc., cited unpredictability in material costs as a key reason for the halt. 'Uncertainty is a theme out there in the American economy,' Carstanjen remarked, as mentioned in a report by NBC. Live Events 'We did pause our $900 million construction project... because we weren't sure what things were going to cost.' Tariffs have driven up the price of essential construction materials like steel and disrupted supply chains, making cost projections difficult. Churchill Downs officials described this as a "double whammy" — rising prices coupled with logistical delays that have created "unanticipated and currently unquantifiable expected cost increases." Attendance Holds, But Spending Softens While the Kentucky Derby 2025 is still expected to draw crowds consistent with past years, the track has noted some hesitancy in consumer spending. Lower-tier ticket sales have shown signs of lagging, and sports wagering has dipped by over $1 million. Carstanjen attributed the downturn to weakened consumer confidence, adding that despite the event's strong brand, some economic headwinds are being felt. 'There is overall softness in certain parts of the operation, especially where everyday consumers are involved,' he said. Political Backlash Over Tariff Impact Kentucky Governor Andy Beshear has openly criticized the Trump administration's economic strategy, describing the tariffs as 'an attack on the American people.' In a state that is heavily reliant on trade, Beshear warned that both small enterprises and major employers are facing financial strain. 'The president's current tariff plan is causing chaos in our economy,' he said at a recent press briefing. 'UPS has announced layoffs, and mid-sized businesses are being squeezed.' Even Kentucky's two Republican U.S. senators have voiced concern over the ongoing tariff policy. Broader Economic Repercussions in the Region Beyond Churchill Downs, various industries closely tied to Kentucky's identity are feeling the pinch. Experts point to sectors like agriculture, bourbon, energy, and manufacturing, all of which are vital to the state's economic fabric. Bourbon alone has a $9 billion annual impact in Kentucky. Kate Shanks, Vice President of the Kentucky Chamber of Commerce, emphasized the wider consequences of Churchill Downs' decision. 'A billion-dollar investment paused has a regional ripple effect,' she said. 'We were looking at significant job creation across skilled trades and materials suppliers. That's now in limbo.' With an estimated 480,000 Kentucky jobs linked to trade , the Chamber warns that tariffs could cost each resident as much as $1,200 annually. Derby Spirit Endures, But Uncertainty Lingers Despite economic pressures, long-time attendees like Ed Massey of New Jersey remain optimistic. 'Tariffs won't dampen the Derby spirit,' he told NBC News. 'But the question is: can the event grow under these conditions?' As preparations for the Kentucky Derby 2025 continue, the grandeur of the sport remains intact. But behind the scenes, economic realities are forcing the track — and the state — to reckon with new limits. FAQs Why are horses 3 years old in the Kentucky Derby? The English horse owners who first established these races may have also had selfish reasons for instituting the limit. Some racing horses get worn down after they turn 3 * and never race as 4-year-olds; the English horsey set wanted to ensure that their prize thoroughbreds got a chance on the track Is the Kentucky Derby only for male horses? The Derby is for male and female 3-year-olds only.
Newsweek
03-05-2025
- Sport
- Newsweek
TwinSpires Kentucky Derby Promo Code: Get $200 New Player Bonus Before Race
The Twinspires Kentucky Derby promo code will give new users a $200 bonus ahead of today's Run for the Roses. The Twinspires Kentucky Derby promo code will give new users a $200 bonus ahead of today's Run for the Roses. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Register with this TwinSpires Kentucky Derby promo code offer to collect bonus bets for the first Triple Crown race of the year. Start wagering on a full day of racing on Saturday at Churchill Downs. No code is needed, so simply click below to lock in the $200 new player bonus offer. It also has a money-back special for several races this weekend, including the Run for the Roses. Get a bonus refund if your horse happens to finish 2nd or 3rd. Churchill Downs Inc. is the parent company of TwinSpires, making it a great choice for handicappers this weekend. Take advantage of betting guides and a variety of handicapping tools. Best TwinSpires Kentucky Derby Promo Code for Saturday The Triple Crown begins every year on the first Saturday in May in Louisville, Kentucky. The 19-horse field will reach the starting gate for the 151st Kentucky Derby at 6:57 pm ET on Saturday. They'll race for the $5 million purse going 1 ¼ miles around the dirt track. Take the time before the race to check out some of the contenders, like Journalism. The colt coming out of the No. 8 post has been the favorite throughout the week, winning the Santa Anita Derby in his last start. Sandman has been another popular choice. However, he is coming out of the only gate (No. 17) that has never produced a winner in the derby. Other key horses include American Promise, Luxor Café, Tiztastic and Sovereignty. Ways to Bet on the Run for the Roses There are a variety of ways to bet on horse racing. Use this TwinSpires Kentucky Derby promo code to make multiple of the following wagers on Saturday: Win: Bet on the horse you think will win the race Place: Bet on a horse to finish at least 2nd Show: Bet on a horse to finish at least 3rd Across the Board: Placing a win, place and show bet on a single horse Exacta: Picking the top two finishers Trifecta: picking the top three finishers Superfecta: Picking the top four finishers Daily Double: Betting the winner in two consecutive races Pick 3: Betting on the winner in three consecutive races You must get the horses in the correct order when placing an exacta, trifecta or superfecta. But you have the option to box these wagers, so the order won't matter. Keep in mind that the prize of the bet goes up when choosing to box. TwinSpires Kentucky Derby Promo Code: How to Get the $200 Bonus Take these easy steps to start earning bonus bets for horse racing. New customers can create an account within a few minutes. Follow the links on this page to activate the current TwinSpires Kentucky Derby promo code offer. Provide your name, email, date of birth and other basic information to verify your identity. Deposit money into your account with an accepted payment method. Start placing bets. A $100 bonus will be released after placing $400 in bets. Bet $800 over the next 30 days to claim the max $200 bonus, which you can also use for the Preakness Stakes in two weeks. Newsweek may earn an affiliate commission if you sign up through the links in this article. See the sportsbook operator's terms and conditions for important details. Sports betting operators have no influence over newsroom coverage.
New York Times
02-05-2025
- Sport
- New York Times
Bob Baffert returns to the Kentucky Derby on Saturday. Here's what you need to know.
Bob Baffert is among the most decorated and recognizable horse trainers in the world. His horses have won the Kentucky Derby a record-tying six times. The total would be seven, but Baffert's horse Medina Spirit, who crossed the finish line first in the 2021 Derby, was later disqualified for having a banned substance in his system. It is one of only two times in the Derby's long history that a winner was disqualified for a drug-related offense. The incident also resulted in a three-year ban from the race. Advertisement For his return Saturday, Baffert was set to have two horses running in this year's Derby, with Citizen Bull starting at post one and Rodriguez at post four. But on Thursday, Baffert pulled Rodriguez, a top-3 favorite, from the race. He told The Athletic that Rodriguez might compete at The Preakness Stakes in two weeks, but the 3-year-old colt was not ready to run this weekend due to a bruised foot. Here's why Baffert's return to Churchill Downs is so notable. Medina Spirit's disqualification came after the horse tested positive for betamethasone, a corticosteroid, a week after the 2021 Derby. Baffert was adamant the result was a mistake. On May 9, 2021, the day after his lawyer announced the positive test, Baffert appeared on a series of television and radio shows, denying any wrongdoing and saying he had no idea why Medina Spirit tested positive. 'It did not happen. That horse has never been treated with [betamethasone],' Baffert said during a Fox News interview. 'Actually, it's a legal therapeutic medicine, and the amount that was in it wouldn't have any effect on the horse anyway.' He added, 'That horse was never treated with that, and so that's the disturbing part of it.' During his media appearances, Baffert also said he was hiring a private investigator and complained that he was a victim of 'cancel culture' fighting for his reputation. Baffert soon changed his explanation, however. He acknowledged Medina Spirit had dealt with a rash that his team treated with antifungal ointment called Otomax, which contains betamethasone. He said he was not aware at the time that the lotion had the banned substance in it, but he maintained that the testing process did not account for incidental, inconsequential exposures. In a statement following the positive test result, Churchill Downs Inc., which owns the Kentucky Derby, said Baffert had repeatedly fielded horses that later tested positive for banned substances, including in September 2020, when Gamine, Medina Spirit's stablemate, also tested positive for betamethasone after finishing third in the Kentucky Oaks at Churchill Downs. Advertisement Gamine's violation of the Kentucky Horse Racing Commission's drug policies was the 28th of Baffert's career. That count now stands at 30. '(Churchill Downs Inc.) has consistently advocated for strict medication regulations so that we can confidently ensure that horses are fit to race and the races are conducted fairly,' the company's CEO Bill Carstanjen said in June 2021. 'Reckless practices and substance violations that jeopardize the safety of our equine and human athletes or compromise the integrity of our sport are not acceptable and as a company, we must take measures to demonstrate that they will not be tolerated.' When a second test of the same samples confirmed Medina Spirit's positive result a week later, CDI officially suspended Baffert and his trainers from its tracks for two years. Baffert fought the suspension in court, but a federal judge denied his request for an injunction. Criticisms he made during the case, alongside the remarks he made in the immediate aftermath of the first positive test, led Churchill Downs to extend his suspension by another year in 2023. 'Mr. Baffert continues to peddle a false narrative concerning the failed drug test of Medina Spirit … his ongoing conduct reveals his continued disregard for the rules and regulations that ensure horse and jockey safety, as well as the integrity and fairness of the races conducted at our facilities,' CDI said in its announcement of the extension. 'A trainer who is unwilling to accept responsibility for multiple drug test failures in our highest-profile races cannot be trusted to avoid future misconduct.' After several years of back and forths, Baffert ended his appeal of Medina Spirit's disqualification from the 2021 Derby in January 2024. (Medina Spirit died following a workout, five months after the Derby.) In July 2024, he released a statement addressing the situation. Advertisement 'I accept responsibility for Medina Spirit's positive test in the 2021 Kentucky Derby. I am responsible for any substance found in the horses that I train, and I have paid a very steep price with a three-year suspension and the disqualification of Medina Spirit's performance,' Baffert said. 'I understand and appreciate that Churchill Downs and the Kentucky Horse Racing Commission took steps to enforce the rules that they believed were necessary to protect the safety and integrity of horse racing and the reputation of the Kentucky Derby.' CDI rescinded Baffert's suspension the same day. 'We are satisfied that Mr. Baffert has taken responsibility for his actions, completed a substantial penalty and is committed to running in full compliance with the rules and regulations going forward,' it said in a statement. 'All parties agree that it is time to bring this chapter to a close and focus on the future.' Betamethasone is an anti-inflammatory corticosteroid that is legal for trainers to use on horses before the Derby in certain amounts. The topical version of the drug typically treats skin conditions like eczema and fungal infections, and Medina Spirit's trainers used it to treat the horse's dermatitis. Medina Spirit tested positive for 21 picograms of betamethasone in the first post-race analysis of his samples. The legal limit was 10 picograms. Baffert has pushed back on claims his team was 'doping' its animals. He said Medina Spirit was never injected with betamethasone, and that the topical ointment the horse tested positive for had no performance-enhancing effects. The type of ointment Medina Spirit tested positive for is legal to use until race day, but horses must have the steroid fully out of their systems by the time they take their post-race drug tests. As an injection, however, the anti-inflammatory drug can mask pain and injuries that could otherwise prevent a horse from competing. Advertisement Injections of betamethasone, which come in a form called betamethasone acetate, are allowed up to 14 days before a race. If the injection is for a horse's fetlock joint — a joint somewhat analogous to the human ankle — injections cannot happen within 30 days of a race. The sport of horse racing has faced a reckoning in recent years over numerous instances of horses being injured and having to be euthanized, leading some to question in certain cases whether the horses should have been running in the first place. Seven horses died at Churchill Downs during the week of the 2023 Kentucky Derby, including two that ran in races on Derby Day. A few weeks later, one of Baffert's horses was injured and euthanized at Pimlico Race Course in Baltimore hours before another one of the trainer's horses won the Preakness on the same track. Last year, The New York Times, citing data from the California Horse Racing Board, reported that at least 77 horses have died while under Baffert's care since 2000. The federal government created the Horseracing Integrity and Safety Authority (HISA) in 2023 to oversee the sport in response to the recent deaths. In his past criticism of horse racing's drug testing rules, Baffert argued that post-race drug testing picks up therapeutic substances at needlessly small concentrations. But he has since embraced HISA, which is under the Federal Trade Commission's oversight. Lisa Lazarus, the CEO of HISA, told The Athletic that a single positive test for betamethasone would not result in an automatic suspension. First-time violations carry a fine of up to $500, the disqualification of race results and a 1.5 point penalty. 'It is not doping,'' she said. She also noted Baffert's horses have not had any HISA violations since its creation. 'Bob Baffert is one of the few high-profile trainers who has not had a blip under the HISA rules,'' Lazarus said. 'No overages, nothing. He has done an excellent job following the rules.''
Yahoo
01-05-2025
- Business
- Yahoo
Kentucky Derby 2025: Rome before the fall?
A $200 million paddock redesign completed last year caps more than $500 million in capital projects at Churchill Downs over the last two decades. CEO Bill Carstanjen says the changes at the Louisville track 'drove the Derby experience and our financial results to a level we could not have imagined just a few years ago.' (Churchill Downs photo) After ballyhooed changes for its sesquicentennial last year and the 50th anniversary of Secretariat's win the year before, the Kentucky Derby is set to revert to norm Saturday at Churchill Downs in Louisville. It won't be its mid-20th century norm of Whirlaway and Citation, British royals and Hollywood stars, movie newsreels and Time magazine covers, of course, or the half-life reburst of that era epitomized by Secretariat. Or the subsequent coasting on old glories and nostalgic Americana. Those times were based largely around a curated commonality — the sport of horse racing, real and imagined — and are ancient history. The current norm is a lot more corporate and complicated and revolves around an unsought intersectionality of the business and politics of horse racing, broadly defined. Start with Churchill Downs Inc., the track's corporate parent. Formed in 1950, CDI was low-profile for decades but has morphed into a publicly-traded, nationally leading racing, online wagering and gaming company, with some 29 casinos and racing properties across 14 states. It had record net revenue of $2.7 billion last year, up 11% from 2023. Numbers for the Derby last year showed a record $320.5 million wagered from all sources on Derby day and on the Derby race alone a record $210.7 million. Attendance of 156,710 was the highest since 2018 (the record of 170,513 was set in 2015). And the race attracted an average 16.7 million viewers on NBC and Peacock, the most since 1989. Over the past two-plus decades, CDI has spent more than $500 million on capital projects at Churchill, capped by a $200 million paddock redesign completed last year that CEO Bill Carstanjen said 'drove the Derby experience and our financial results to a level we could not have imagined just a few years ago.' In February, CDI announced plans for $920 million in projects to expand and renovate its infield and grandstand and improve its infrastructure. The projects, slated to begin this year and be completed in 2028, were paused last week, CDI said, due to increasing uncertainty surrounding construction costs related to tariffs, trade disputes and current economic conditions. Its completed projects have turned Churchill, a National Historic Landmark site, into a modernized physical plant that dominates what remains of the working-class South Louisville neighborhood around it. (Over recent decades, CDI has acquired numerous properties in the neighborhood to construct grand entrances and add landscaped and parking areas.) Inside its gates, there are a plethora of new and renovated hospitality spaces, suites and rooms at almost every turn, shaping an overall milieu Churchill terms an 'experience.' The track has become an entertainment facility, with racing, including to an increasing extent the Derby, more plotline than raison d'etre. Except for the iconic 1895 twin spires, vestiges of its pre-renovation past — sprawling betting and concession spaces packed with motley crowds, hidden corridors, brick walkways, a crowded paddock, a wide-open and raucous infield, trough urinals in men's rooms, beer on tap — disappear year by year and the environment becomes less soulful and more gentrified and risk-averse. For the Derby, the certainty of Churchill's corporate march is being intersected more and more by the uncertain state of American racing. For decades, the sport has faced predictions of demise, given its aging fan base, marginal TV coverage and competition from lotteries, casinos and online sports betting. Its current troubles include shrinking field sizes, reduced purses and the closing of major tracks, including Hollywood Park in greater Los Angeles (where the first Breeders Cup was held and now the site of SoFi Stadium) and Arlington Park near Chicago. The Derby's attendance, financial and television numbers, which seem to break records each year, belie the demise. But then there are the numerous racing-related drug scandals and on-track horse deaths that have become recurring national news in the past decade. The drug scandals have involved prominent trainers and led to suspensions and federal indictments and convictions. The deaths have forced major tracks to close for investigations of surfaces and training practices. (Nationally, racehorse fatalities have been decreasing, with the rate last year falling to its lowest level in 16 years.) Both drugs and deaths have directly impacted Churchill. In 2021, Medina Spirit, who finished first in the Derby, was disqualified for failing a post-race drug test. That led to a protracted and very public legal battle involving the horse's high-profile trainer, Bob Baffert, owner Amr Zedan and Churchill. The track prevailed and Baffert, whose horses have won a record-tying six Kentucky Derbies, was banned from Churchill for three years. He returns this year and has two horses running in the Derby. Churchill also became a focus of media and public attention when 12 horses died at the track during its 2023 spring meet. Two of the deaths occurred on Derby day. The track suspended racing to investigate the situation and moved the remainder of its meet to Ellis Park (also owned by CDI) in Western Kentucky. Last year, 13 horses died racing or training at Churchill. And just last week, a three-year-old horse was euthanized on the track after fracturing his front legs during a morning workout. The politics of racing have catalyzed around drug and death issues and gained widespread traction. In 2020, after years of lobbying by groups from The Jockey Club to PETA, Congress authorized the Horseracing Integrity and Safety Authority (HISA) to develop and implement a national, uniform set of safety and anti-doping and medication rules. It's now in effect at 47 tracks in 19 states. (PETA continues to push for stricter horse safety standards and investigate and highlight racing's underside.) Racing's most recent political issue is decoupling, which surfaced in Florida early this year when the owners of Gulfstream Park, a leading national track, proposed separating the facility's racetrack from its casino, ending casino revenues supporting racing and closing the track in a few years. Though strongly opposed by Florida horsemen, legislation allowing the decoupling passed the state House and a Senate committee. Gov. Ron DeSantis has indicated his opposition and its outcome is unclear. Many in the industry believe that, if approved in Florida, decoupling would set a precedent and jeopardize racing across the country. Churchill wouldn't be affected by such a scenario since casinos aren't legal in Kentucky. But the track is closely coupled to historical horse racing (HHR), an electronic gambling product where players bet on replays of races on slot machine-like terminals. HHR, along with live racing, accounted for $1.3 billion of CDI's $2.7 billion net revenue last year and it provides significant support for Churchill's racing purses, including the Derby's $5 million one. Despite its success in Kentucky, HHR hasn't become a panacea for American racing. Its legality as pari-mutuel wagering (as opposed to slot machine gambling) has frequently been challenged, and it's allowed in only a handful of states. In March, it was struck down by the Louisiana Supreme Court for operating in the state without voter approval. That decision led CDI to announce a 25% cut in purses at Fair Grounds, the New Orleans racetrack it owns. For CDI and the Derby, HHR and ongoing record profits, popularity and expansion is the bull-market side of its current norm. What to make of the bear-market side — drugs, deaths, track closings and the like — is the question. Is it all much ado about nothing or a portent of the Colosseum and Rome before the fall? So far, the main response seems to be deferral or, every now and then, a muted 'But not yet. … Not yet.' SUBSCRIBE: GET THE MORNING HEADLINES DELIVERED TO YOUR INBOX
