Churchill Downs CEO says passion within the Kentucky Derby is powerful regardless of international uncertainty

The 151st operating of the Kentucky Derby is about for Saturday amid a backdrop of worldwide financial uncertainty, waning shopper self belief and price lists that would motive building prices to upward thrust.

Churchill Downs has paused a $900 million capital growth challenge at its storied race observe in Louisville, Kentucky, the web page of the arena’s most famed horse race.

CEO Bill Carstanjen blamed price lists for placing building on cling.

“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 instructed CNBC.

But the place call for and fan enthusiasm is anxious, Carstanjen mentioned it is on tempo to check that of remaining 12 months. International participation on the Derby hasn’t ever been upper, he mentioned, with the race set to be broadcast in a file 170 territories.

This 12 months additionally marks a go back for famed horse instructor Bob Baffert, following a three-year-suspension from Churchill Downs homes after his horse Medina Spirit received the Derby in 2021 however failed a drug take a look at.

This 12 months Baffert’s horses are Rodriguez (12-1) and the juvenile champion, Citizen Bull.

It’s a brand new bankruptcy for the two-time Triple Crown-winning instructor and for the Churchill Downs CEO, who oversaw Baffert’s transient banishment.

“Bob earned his way into this event. He earned his way into this race,” Carstanjen instructed CNBC. “He’s welcomed back. This is America. Everybody gets second chances.”