The proposed Indiana budget bill includes a line item that would
almost cut in half the amount horse racing receives from racetrack slot
machines.
Currently, the industry gets all of the 15% of adjusted gross revenue
from slots at Hoosier Park Racing & Casino and Indiana Downs. The
budget bill offered by Gov. Mitch Daniels would reduce that amount and
shift 43% of the industry’s revenue to the state’s general fund.
Industry representatives said Jan. 13 total impact to horse
racing—Thoroughbred, Standardbred, and Quarter Horse—would be a loss of
about $21 million. Percentage-wise Quarter Horse racing and breed
development would take the biggest hit; rather than getting 8% of
revenue, it would receive 3.2%.
Thoroughbred industry projections suggest purses at Hoosier Park
would drop $3.37 million, while purses at Indiana Downs would fall $2.18
million. Annual breed development funds would drop $2.08 million at
Hoosier Park and $1.26 million at Indiana Downs.
Read More