What other industry is as heavily taxpayer subsidized as horse racing?
With declining attendance, is there evidence anywhere that the industry will ever be self-sustaining?
Mar 27, 2013
Slot machines boost state's horse racing industry
- Paul J. Gough
- Digital Producer- Pittsburgh Business Times
Revenue from the state's casinos that benefits horse racing industry fell by about 1 percent in 2012.
Twelve percent of Pennsylvania's 11 casinos' slot-machine revenue by law goes to the Pennsylvania Race Horse Development and Gaming Act. That was $273.7 million in 2012, the majority of which went to breeding programs, live racing development and health and insurance benefits for professional horseriders, among other uses.
"Revenue from legalized slot machine gaming in Pennsylvania is helping to fulfill the legislative objectives by enhancing horse racing and breeding programs, preserving thousands of jobs and providing a positive impact on the state's agricultural economy," Pennsylvania Gaming Control Board Chairman William H. Ryan, Jr. said in a prepared statement. "This report underlines specific areas where the impact is tangible and shows that the horse racing industry continues to benefit from the revenue that casinos generate here in Pennsylvania."
The casinos included Rivers Casino in Pittsburgh, the Meadows Racetrack and Casino in North Strabane and Presque Isle Downs near Erie. Presque Isle Downs is a horse racino and the Meadows is a harness racino.
The $273.7 million to the Pennsylvania Race Horse Development Fund is down from $276.9 million in 2011 but up from the $193.9 million in 2008.
The Pennsylvania Race Horse Development Fund Distributions for 2012 were:
- Purses: $177.3 million.
- PA Breeding Fund: $18.2 million.
- PA Sire Stakes Fund: $8.6 million.
- PA Standardbred Breeders Development Fund: $8.6 million.
- Health & Pension Benefits: $11.4 million.
- General Fund: $45.9 million.
- Farm Products Show Fund: $2.5 million.
http://www.bizjournals.com/pittsburgh/news/2013/03/27/slot-machines-boost-states-horse.html
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