“Md. bill aims to help horse track operating costs” plus 2 more |
- Md. bill aims to help horse track operating costs
- Kiwi racing expands to Singapore market
- Governor to seek horse racing subsidies, oversight
| Md. bill aims to help horse track operating costs Posted: 27 Jan 2011 06:49 AM PST , On Thursday January 27, 2011, 9:49 am EST ANNAPOLIS, Md. (AP) -- Upcoming legislation would allow horse racing tracks to continue defraying their operating costs with slot-machine proceeds instead of using the money for infrastructure improvements as originally intended, an aide to Gov. Martin O'Malley said Wednesday. The measure, which also will include provisions to help jump start the reopening of Rosecroft Raceway in Prince George's County, would extend the plan that raised $3.6 million last month to allow a full calendar of 146 racing days in the state, Joseph Bryce, O'Malley's chief legislative officer said. Bryce said it's unclear how long the measure would allow money to be redirected, but he noted it would be for several years. The measure is needed so the industry will not come to the brink of collapse in future years as it did last month, Bryce told the Senate Budget and Taxation Committee. "It's steering a big ship and trying to turn it around, and the challenges are years in the making and it's going to take some time to get out of them," Bryce told reporters after a committee hearing. Last month, Bryce brokered a last-minute agreement with a $3.6 million loan from the Maryland Economic Development Corporation, a private corporation established by the state to promote economic development. Bryce said repayment will be included in budget legislation this year and paid for by redirecting slot machine proceeds. Some lawmakers on the panel expressed concerns about the arrangement. Sen. James DeGrange, D-Anne Arundel, asked whether the Maryland Jockey Club, which is owned jointly by MI Developments and Penn National Gaming, has a long-term plan to reach operating costs without tapping into funds designated for capital improvements at aging Laurel Park and Pimlico Race Course, which is home of racing's triple crown race, the Preakness Stakes. Bryce said a big part of the problem is that Laurel Park was unable to get a slot machine license at the track. "There's no doubt, and we have had talks with them and we will continue to have talks with them, that there needs to be a long-term plan for how we're going to sustain racing with the reality that there are not slots at Laurel Park," Bryce said. Sen. Nathaniel McFadden, D-Baltimore, questioned whether management disputes between Penn National and MI Developments are clouding progress on creating a sustainable business plan. "We have to have one voice speaking for the industry," McFadden said. Bryce said the two sides ended up coming together to embrace the plan in December, but he also noted the difficulties. "That dynamic was very difficult to deal with, and I expect that unless either there's a meeting of the minds or something changes it will continue to be a dynamic that we need to deal with as we consider racing issues," Bryce said. The measure also will contain provisions to help jump start reopening the shuttered Rosecroft track, which is scheduled for auction on Friday. One part would allow harness racing tracks, like Rosecroft and Ocean Downs near Ocean City, to use up to $1.2 million each in racing purse supplements to defray operating costs, with approval of the Maryland Department of Labor, Licensing and Regulation. A second part would authorize MEDCO to loan up to $4 million to Rosecroft to have a 40-day racing schedule. The money would be paid out of purse supplements. The loan would require the track owner to hire back former employees, recognize previous collective bargaining agreements and require the track operator to reinvest revenue in either operating or capital spending to benefit the track. Follow Yahoo! Finance on ; become a fan on Facebook. This entry passed through the Full-Text RSS service — if this is your content and you're reading it on someone else's site, please read our FAQ page at fivefilters.org/content-only/faq.php | |||||
| Kiwi racing expands to Singapore market Posted: 27 Jan 2011 07:29 PM PST
Kiwi racing expands to Singapore market28 January 2011 Horse racing in New Zealand is stepping further onto the global stage with the announcement that a number of Group 1 thoroughbred races are to be broadcast in Singapore including the Karaka Million from Ellerslie this Sunday. Andrew Brown, NZ Racing Board CEO, says: "This is an exciting development and one that will strengthen New Zealand's reputation for high quality racing. Last season the Karaka Million was broadcast into Singapore and this season we're extending further into international markets to boost betting on New Zealand racing and attract more international dollars to the New Zealand racing industry." To be carried by Sky Racing Australia, a total of six Group 1 races will be broadcast in Singapore over the summer including some of New Zealand's most prestigious races such as the Telecom NZ Derby and the SkyCity NZ Stakes. The agreement with the Singapore Turf Club and TabCorp to carry these races is conditional on final race times being confirmed. Mr Brown also said that showcasing some of the finest racing New Zealand has to offer should see some positive spin-off benefits for New Zealand's breeding industry. "During 2009/10, $167 million was generated in export revenue for New Zealand with auction sales alone boosting the economy by more than $57 million. Singapore is an increasingly important and growing market for the industry – 37% of all winners in Singapore this season were from New Zealand while Singapore buyers spent $4.5 million on 46 horses at last year's yearling sales alone," he says. Petrea Vela, Managing Director Sales and Marketing at NZ Bloodstock, welcomed the news: "It's hugely positive to see more New Zealand races get exported into a market as important to us as Singapore. The more familiar Singapore owners and trainers are with our horses, the greater the interest and benefits that can flow - both in terms of investment in our horses as I'm sure in wagering. "The participation by Singapore buyers at our sales is increasing year upon year and our horses are very well regarded in the region. We opened an office there last year, which reflects what an important market it is for us, and having produced a fortnightly tv show into Singapore over the past year we know that the Singapore owners and trainers have enjoyed learning more about New Zealand racing and breeding. Getting more New Zealand racing product shown up there is another positive step towards fostering relations between our industries." Tabcorp General Manager - International, Brett Gorman, says: "It's great to see New Zealand racing recognised in Asia. It's a tough market to crack. "The long-term deal struck by Tabcorp and Singapore Turf Club is now paying off for our partners as well. When the deal was signed in 2009, one of the mandates was the introduction of NZ racing - now that is a reality. While it's a modest start, our experience is that Singapore punters quickly develop an appetite for new, quality racing, so I'm confident that the export programme will quickly grow." As with betting on all racing through the TAB, profits from betting on these races will be invested back into the New Zealand racing industry. In the 2009/10 year racing received $125 million in funding from the NZ Racing Board, and the industry generated $1.6 billion in activity for the New Zealand economy. The full schedule of races to be broadcast in Singapore, pending final race time confirmation, is: • The Karaka Million , Ellerslie 30 January 2011.
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| Governor to seek horse racing subsidies, oversight Posted: 27 Jan 2011 04:28 PM PST Gov. Martin O'Malley is developing a plan to share millions of dollars in slot machine revenue every year if Maryland's private horse racing tracks can convince state officials that they need the money to stay profitable. In legislative briefings this week, O'Malley's aides said the proposal would essentially standardize the emergency deal the governor struck at the end of the year, when the Maryland Jockey Club, which owns Laurel Park in Anne Arundel County and Pimlico Race Course in Baltimore, said it did not have enough money to stage a full, 146-day racing calendar this year. The state allowed the Jockey Club, operated by MI Developments and Penn National Gaming, to use $3.6 million in slots revenue to keep the tracks open. Before the deal, the money had been intended for track improvements. Joseph Bryce, O'Malley's top legislative aide, said the administration is crafting bills that would give track owners continuing access to slots money for operations. The arrangement, Bryce said, would last "a couple of years." Sen. David Brinkley, a Frederick County Republican, praised the governor's intentions but called the proposal "a Band-Aid on an arterial wound." The administration and lawmakers have wrestled for years with how to save the struggling horse racing industry — and the jobs and land preservation that it brings to Maryland. Under current law, 2.5 percent of slots money goes into a fund that tracks are supposed to use for improvements. The fund is split 80-20 between the Jockey Club and the two harness tracks, Ocean Downs on the Eastern Shore and Rosecroft in Prince George's County. A bankruptcy court judge has approved an auction of Rosecroft on Friday. Orioles owner Peter G. Angelos has bid $9 million in cash, plus $5 million if officials and voters agree to allow slots at the racetrack by the end of 2012. The O'Malley legislation will enable track owners to use that money for operations if they can show the state that they need it, as they did this year. Owners would be required to share financial documents with the state; Bryce said the state Department of Labor Licensing and Regulation would be charged with reviewing the books. The legislation also will contain provisions for monthly communication between the owners and the labor secretary and require auditing when necessary, Bryce said. The Jockey Club could receive about as much money as it did this year, Bryce said. The harness tracks could not draw more than $1.2 million for operations per year. But Bryce said the governor wants the state to lend Rosecroft's new owners several million dollars right away to restart live racing. With just two of the five casinos open — and both of them only recently — the slots-funded track improvement account had very little money to shift to Jockey Club operations this year. O'Malley secured a loan from the Maryland Economic Development Corp. to help fund the bailout. The governor is seeking legislative approval to repay the agency from the track improvement fund. Some senators said they were skeptical that any amount of state aid can save horse racing. Others question the wisdom of subsidizing the Jockey Club, given its long and costly battle against the state's largest slots project, at Arundel Mills mall. "It's not a perfect confluence of events," Bryce said. "But they own the stadiums, and no one can race without them." twitter.com/bykowicz This entry passed through the Full-Text RSS service — if this is your content and you're reading it on someone else's site, please read our FAQ page at fivefilters.org/content-only/faq.php | |||||
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