#PlaybyPlay;
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
#Tokyo2020 Olympic Games
Postponed Until 2021
Point Roberts, WA, Delta BC March 24, 2020 -
Investorideas.com, a leader in investor news and research issues today’s
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discussed: (NasdaqGS:CHDN) (NasdaqGS:MBUU)
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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.
Malibu Boats, Inc. (NasdaqGS:MBUU) has taken
actions
to “ensure the health and safety of its key stakeholders.” Malibu CEO Jack
Springer explained:
“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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