Play by Play: Churchill Downs (NasdaqGS: CHDN) to Temporarily Suspend Racing at Miami Valley Raceway and Fair Grounds Race Course
Malibu (NasdaqGS: MBUU) Boats Taking Action to Ensure Stakeholder Safety
Tokyo 2020 Olympic Games Postponed Until 2021
Point Roberts, WA and Delta, BC - March 24, 2020 (Investorideas.com Newswire) Investorideas.com, a leader in investor news and research issues today's edition of Play by Play covering what's new in sports headlines and recent news from publicly traded companies in the sector.
Stocks discussed: (NasdaqGS:CHDN) (NasdaqGS:MBUU)
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Play by Play: Churchill Downs (NasdaqGS: $CHDN) to Temporarily Suspend Racing at Miami Valley Raceway and Fair Grounds Race Course
Churchill Downs Incorporated (NasdaqGS:CHDN) has announced the temporary suspension of live racing at Miami Valley Raceway at Miami Valley Gaming in Lebanon, Ohio, and Fair Grounds Race Course in New Orleans, Louisiana in compliance with local authorities to clamp down on risks presented by COVID-19. This news comes after the company had announced the postponement of the 146th Kentucky Derby, one of thoroughbred racing's biggest events, until September 5, 2020.
"We are all navigating uncharted waters, as uncertainty in the broader macro-economic environment has reached unprecedented levels. In this moment, the health and safety of our employees, dealers and customers remain our top priority. As a result, we made the difficult decision to suspend operations at our manufacturing facilities out of an abundance of caution for the communities we serve.
Despite the volatility in the global markets, Malibu remains in an excellent financial position. To ensure we maintain sufficient liquidity, we have drawn just under $100 million on our current revolver to support operations and strategic investments in the event of a prolonged lower demand environment. Further, our historical commitment to operational excellence and vertical integration initiatives will allow us to withstand the downward retail momentum that is beginning to reverberate throughout the world. These strategies will allow us to remain nimble and align our cost structure quickly to lowered retail demand to preserve margins."
Tokyo 2020 Olympic Games Postponed Until 2021
After weeks of speculation a joint statement from the International Olympic Committee and the Tokyo 2020 Organising Committee have confirmed that the Tokyo 2020 Olympic Games have been postponed until summer 2021 as the world battles to contain the Coronavirus. While the games have been canceled during the two world wars (1916, 1940, 1944), this marks the first time the games have been postponed or canceled in peacetime. An excerpt from the statement reads:
The leaders agreed that the Olympic Games in Tokyo could stand as a beacon of hope to the world during these troubled times and that the Olympic flame could become the light at the end of the tunnel in which the world finds itself at present. Therefore, it was agreed that the Olympic flame will stay in Japan. It was also agreed that the Games will keep the name Olympic and Paralympic Games Tokyo 2020.
An article from CNBC, which was written before the announcement was made, quotes Oxford Economics' Stefan Angrick on the "limited" economic impact of delaying the games.
"We think about it this way: The games raise economic activity by triggering construction in the years leading up to the event, and by boosting inbound tourism and associated consumption at the time the Games take place. As construction is complete, that impact is already reflected in past GDP data and won't change."
"In a hypothetical scenario without the coronavirus pandemic, such a step would have a significant impact. But considering the situation we're in, with tourism coming to a virtual standstill and consumption set to decline, the additional impact of postponing the Olympics is fairly modest."
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