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Belmont Stakes Races Towards New Date:Top Sports, Business Stories — May 19

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Here are the top stories shaping sports and business on Tuesday, May 19.

The Belmont Stakes Get a New Race Date

In a normal year the Belmont Stakes is the third leg in the prestigious triple crown event—but 2020 is anything but a normal year.

Instead, the thoroughbred horse race will be this year’s first leg for the first time in history with a new scheduled date of June 20.

The race was originally scheduled for June 6, but the coronavirus forced the event to get pushed back. COVID-19 is also the reason the Kentucky Derby, traditionally the first leg of the triple crown, was rescheduled from May 2 to September 5 and the Preakness Stakes, typically the second leg, was rescheduled from May 16 to October 3.

This year’s Belmont race also has a shortened length. Instead of 1.5 miles, the race is 1 and 1/8th miles.

No fans will be permitted to attend the event.

Read more from Sports Illustrated: Belmont Stakes to be Run on June 20 as First Leg of Triple Crown

A Coronavirus Update

There are over 4.8 million confirmed cases of the coronavirus worldwide, and over 318,000 deaths. 1.5 million of those cases are in the United States, and over 90,000 deaths. New York has 352,000 cases and 22,000 deaths.

Federal Reserve chair Jerome Powell and Treasury Secretary Steven Mnuchin testified in front of the Senate on Tuesday. Both Mnuchin and Powell discussed the fragile state of the economy and they both warned that there would be more job losses in the coming months.

But the two had differing opinions on how to aid the economy.

Powell said that more fiscal support to states and economies may be needed in order to prevent permanent economic damage, while Mnuchin said that there needs to be a reopening, and soon, or else the economy may never fully recover.

If states delay reopening, “there is the risk of permanent damage,” Mnuchin said.

Read more from TheStreet: Jim Cramer Says Mnuchin, Powell Have 'Contained the Fire'

MGM Plans on Reopening Some Casinos

Casino powerhouse MGM  (MGM)  plans on opening two of its casinos in Mississippi next week. 

CDC Gaming Reports has a great color-coded map of the United States showcasing the type of casinos open in each state. 

As of May 19, only Arkansas, South Dakota and Louisiana have commercial casinos open. There are seven states including California, Arizona and North Carolina where tribal casinos are open on a case by case basis. Over 20 states including Nevada, New Jersey, New York and Pennsylvania that have casinos closed indefinitely.

MGM is also making headlines on the financial front by adding $700 million to its balance sheet which now puts the company at $5.3 billion in liquid assets.

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