Ontario Racing is thrilled that the Ontario Government is increasing support to protect agriculture and rural jobs across Ontario by contributing additional funding of $35 million annually for the next five years to the Ontario horse racing industry.
The funding increase will be used to create a more competitive horse racing industry, protect jobs and support the nearly 18,000 Ontarians who earn a living from the horse racing sector. The additional funds will also address inflation that has risen by approximately 25 per cent since the province signed an important long-term funding agreement with the industry eight years ago.
Based on Ontario Lottery and Gaming Corporation (OLG) numbers, the horse racing industry in Ontario annually injects over $1.9 billion to the Ontario economy and provides approximately $330 million in provincial taxes. Horse racing drives economic activity in dozens of communities across the province, particularly in rural areas where economic opportunities may be limited.
The funding increase from the government was accepted by a majority of Ontario Racing’s industry representative Board of Directors with approximately 80 per cent of the additional funds going to support Ontario’s breeding sector and racing participants.
“On behalf of the 10-member Ontario Racing Board of Directors that represents all sectors of the industry, I sincerely thank Premier Ford, the Honorable Stan Cho, Minister of Tourism, Culture and Gaming and our long standing government partners at the Ontario Gaming and Lottery Corporation for supporting the agricultural jobs that are important to rural communities and the provincial economy,” said Andrew Gaughan, Independent Chair, Ontario Racing.
“This funding will support generational family businesses – including thousands of horsepeople, breeders and their staff that have invested personal capital. It will also support rural labour jobs that have increasingly been at risk. Additional funding will help these businesses, operators and the spin off rural industries tackle high inflation and allow the sector to better compete and retain its status as one of the world’s greatest horse racing jurisdictions.
“I would also like to express my appreciation to the senior management team at Ontario Racing Management for assisting the board of directors throughout this process.”
The funding comes through the fifth amendment to the
Amended and Restated Funding Agreement for Live Horse Racing, signed in 2018. The additional funds will position the Ontario horse racing sector to better invest in breeding, capital infrastructure and purses.
The fifth amendment also contains key provisions that rework the funding framework to allow Woodbine Entertainment (WEG) to continue operating premier racetracks at Woodbine Racetrack and Woodbine Mohawk Park, which annually host the largest Canadian horse racing events. WEG additionally operates all wagering for the industry which drives significant revenues to support purses, horse improvement programs as well as other important industry associations and programs.
More details about how the funding will be allocated will be available after July 2.
(Dave Landry photo)
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