BC Set to Increase Allocations for Horse Racing
With revenues in the local horse racing industry dropping, the BC government announced that it will be channeling more gambling profits back into the sport.
Current agreements have the government hand out allocations to support standardbred and thoroughbred racing.
This support is based on a share of revenues that are generated by racing.
However, since revenue has been dwindling in recent years, the government wants to provide what it calls "stability and certainty" with regard to its support and has therefore announced an increase in its grand.
In a letter sent to the Gaming Policy and Enforcement Branch and the BC Horse Racing Industry Management Committee, the government said that it would grant a fixed amount of $10 million a year.
Derek Sturko, the assistant deputy minister of the Committee said that "difficult financial circumstances in which the industry finds itself and the significant decline in revenue that was experienced in 2010" was the cause of the change in the government's policies.
The news was welcomed across the board by race tracks and operators.
The VP of Great Canadian Corp., the group which operates Fraser Downs, said that they would be "quite creative" in how the money would be put to use.
Howard Blank said that it was a "guaranteed revenue stream".
"We're going to take that tool and work together with the horsemen on providing an outstanding product to the public," he said.
