LOUISVILLE, Ky. — Churchill Downs is holding off on expansions at the racetrack due to the COVID-19 outbreak.
Last year, the company announced a $300 million investment which would add a hotel, gaming facility and permanent seating on the First Turn of the track.
The economic impact of COVID-19 has halted the plans. It comes after the company fell short of analyst expectations on its last earnings report.
CEO Bill Carstanjen said, “We feel that it is prudent at this time to pause this investment until we have greater clarity on timing for a return on economic stability.”
The project won’t resume until after the Kentucky Derby in May 2021.
Kentucky Derby 146 would have been this week, but due to the pandemic, it has been pushed back to September. According to the first phase of Kentucky’s Healthy at Work initiative, horse racing may begin again on May 11 without spectators and with the implementation of additional guidelines from the state.
RELATED: Business owners excited to reopen after Beshear gives outline for first phase of Healthy at Work
RELATED: Phase 1: Here's when you can get your dog groomed and when other businesses could open in Kentucky
►Make it easy to keep up-to-date with more stories like this. Download the WHAS11 News app now. For Apple or Android users.
Have a news tip? Email assign@whas11.com, visit our Facebook page or Twitter feed.