By Dori Modney (@Dori_Modney on Twitter)

New Horse Racing Agreement Maintains Industry on Solid Hooves

Mar 21, 2016 | 3:57 PM

EDMONTON: Horse Racing Alberta (HRA) has entered into a new 10-year funding agreement with the Province which will help maintain the viability of the industry in Alberta . However, the amount of money flowing to the horse racing industry will be gradually reduced from the previous agreement.

The agreement will directly impact five race tracks, including the Rocky Mountain Turf Club in Lethbridge, and will support rural communities and the agriculture sector, in terms of horse breeding.

The new agreement is being seen as a lifesaver for an industry that is a private, not-for-profit corporation.

The agreement replaces a previous 10-year funding arrangement which was set expire at the end of the month. That agreement augmented Horse Racing Alberta finances with a portion of slot machine revenues from Racing Entertainment Centres (RECs) located at the various locations around the province.

HRA received flow-through funding from the Alberta Lottery Fund equivalent to 51-and-two-thirds per cent of the net revenue from slot machines at RECs. The new agreement will gradually reduce that percentage over three years to 40 per cent, (50 per cent in 2016-17, 45 per cent in 2017-18 and 40 per cent beginning in 2018-19 and for the remainder of the 10 year term ending in 2026).

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No tax dollars are used within this funding arrangement, which is expected to directly support 1,600 Alberta jobs and result in significant additional indirect economic benefits for rural communities and businesses.