Faced with the prospect of running the Kentucky Derby without spectators, mint juleps or fancy hats, Churchill Downs has postponed the legendary race, moving it from May 2 to September 5.
It’s only the second time the Run for the Roses has been moved—the other time was at end of World War II.
“Our team is united in holding the best Kentucky Derby ever and certainly the most unique in any of our lifetimes,” said Churchill Downs Inc. CEO Bill Carstanjen. “It had to be done. We own it and will make it a really special day.”
Like the rest of the gaming sector, Churchill Downs shares have suffered record declines during the spreading COVID-19 coronavirus outbreak, according to CDC Gaming Reports.
“The postponement of the Derby should provide some relief for the shares, given concerns that the event could be canceled and its magnitude in the earnings stream,” Jefferies gaming analyst David Katz told investors. “We presume there should be some cost impact related to the change, but modest compared with other outcomes and likely contemplated in current stock price levels.”
Ryan Dickey of Horse Racing Nation says the rescheduling will not take away any of the luster.
“The Derby will still be the same premier race restricted to three-year-olds going a mile and a quarter on the dirt, as it is every year, regardless of when it’s run. The date does not diminish the accomplishment.”
Jack Knowlton, principal of Sackatoga Stable, which campaigns one of the early Kentucky Derby favorites Tiz the Law, also won the 2003 Derby with Funny Cide.
“Everybody who has ever participated in the game at any role, that’s the race they want to win,” Knowlton said. “Whether it’s the first Saturday in May or the first Saturday in September, I don’t think it matters.”
