On Friday, the horse racing industry received an additional allotment of funding designed to ensure the successful revitalization of the industry.
In an announcement from Rich Coleman, Minister of Energy, Mines and Natural Gas and Minister Responsible for Gaming, the increase in the percentage of on-track slot machine revenues from the BC Lottery Corporation gaming proceeds will be allocated directly to horse racing to support B.C.’s horse racing industry and to create stability in this important employment generator in the agricultural and entertainment industries.
The funding increase will be effective for the 2013 racing season and is an increase to 25 per cent from the current 15.5 per cent. The total funding amount is estimated to be approximately $10 million and will go toward ensuring that purse amounts are commensurate with industry standards and providing support for the continued success of the industry.
According to the release, the horse racing industry in B.C. has an estimated economic impact of $350 million and directly employs 3,600 people. More than 7,400 individuals derive an income from racing in full-time, part-time, and casual employment.
The horse racing industry is the only form of gaming that generates business within the agricultural sector, making it economically important throughout the province.
Someone has seen the light.
Someone has seen the light. Why are the Ontario Liberals so blind ?
On the surface this sounds
On the surface this sounds like a good deal but what it actually means is that the government has stepped away from their guarantee of topping up the grant to $10 million when the funding was based on a 15.5% slot contribution. We are now totally dependant on slots maintaining current levels of performance to get close to the $10 million horse racing industry contribution. Concerns lie in the future of Hastings Parks slots which have fell short of expectations and the impact of the planned South Surrey casino (Gateway Casino's) on Fraser Downs slots.....cautiously optimistic as we move forward.