The Subsidy Helped Give the Industry a Boost
There has been much concern expressed from breeders and horse track operators in regards to the profitable times coming to a close. The lucrative subsidy had really helped to provide a boost to this overall industry. This had previously been an industry that has suffered and been in need. This industry had appreciated the better times that followed that the subsidy allowed them to experience.
Out-of State Casino Competition Allow Fears to Surface
This horse industry must now face budget deficits along with out-of-state casino competition. This has allowed the fears and the concerns to surface. It should be known that that there are at least 20 states that have methods that boost the prize money for horse racing. The American Gaming Association has the actual facts. The outcome from the diverting of slot and casino parlors revenue is to draw the high and top level horses in order to encourage and generate more bets on the tracks. There are concerns that this previously popular industry will not be fully revived. There has been so much fear and concerned expressed from many local horsemen’s group. It has been though that the politicians may choose to use money to do with as they please. The concerns stem from the worries to curb casino subsidies.
Rein in a Lucrative Subsidy
There are some states that may intend to control and direct the subsidy that had provided so much help in giving this industry a needed boost. The following lawmakers have been encouraging changes in the local casinos and budget deficits. These states include:
* West Virginia
* others may be included
The entire horse industry has accepted as well as touted the economic impact and the jobs that have been produced. This rein and the possible changes has left a feeling of uncertainty within this entire horse industry.
Loss in Revenue?
The numerous fears and concerns are stemming from the possible loss of revenue that the changes may or may not bring about. There has been so many individuals that have and continue to push for the curb in casino subsidies. This is the big question that many in this industry are asking. Every state must face this question and it is a big question that must be asked. These are subsidies that are vital lifeline for the racing industry. There has been a decline within the industry metrics. This decline has been experienced and noticed in the following areas:
* racing horse births
* the betting activity within the big picture
The Jockey club has provided much data that can provide clear facts surrounding the loss in revenue and the current changes that are occurring.
A Rise in Animal Welfare Activists
The trend appears to point to a rise in the activists who are concerned with welfare of animals. There are many activists who are opposed to subsidies. They claim to dislike them. There are many activists who will claim and they hold the belief that the subsidy may encourage the owners to continue to chase high purses. These activists also hold the strong belief that the horses are also very vulnerable to obtaining injuries. The horse industry has dismissed these claims. There is a clear difference in the opinions of the animal welfare activists versus the horse industry itself.
The Horse Industry Must Display their Commitment
The industry fears and concerns may be eased if the lawmakers will simply allow them to use proceeds from their racing fund to engage in and build on their vision for a new equestrian center and a new racetrack. This is an industry that must display a solid commitment to their own growth. The subsidies in Massachusetts had come to the fore. This is due to the fact that the owners of Suffolk Downs, New England had opted and wanted to redevelop the property. This left that industry homeless.
A Proposal to Redirect Money
Last year Pennsylvania had a state Rep make a proposal to redirect approximately 250 million dollars from that state’s horse racing fund. This proposal was made by Todd Stephens. It had been proposed that the money go toward the funding of public schools.
The Plans to Curb Casino Subsidies
It is a fact that many individuals in the horse industry have valid concerns about the plans to curb casino subsidies. These are changes that many fear will have a financial impact. This is not necessarily a new plan. It ought to be known that there are many factors that will play a role in the possible plans on the subsidies. Each state may opt for their own decision. It also may depend on the overall need of the consumers as to if these subsidies may be cut or not. The general rule of thumb is that racing subsidies have been known to divert a certain percentage of slot machine and table game revenue to their state fund. The entire horse industry would enjoy experiencing a thriving business. This is an industry that values those who participate. The horse industry would love the consumer to enjoy the entire horse industry experience.