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Monday, November 22, 2010

Salvation for Kentucky's horse industry?

Kentucky can't allow itself to be 20 years behind when it comes to saving it's ailing horse industry.

In Pennsylvania things are humming along:

"The racehorse sector (Thoroughbred and harness) of the overall equine industry in Pennsylvania had an estimated total economic impact of $344.5 million in 2001 and $1.6 billion in 2008. These figures included the direct dollar contribution of racing businesses in addition to indirect contributions from feed suppliers, veterinarians, and the like. The number of employees rose from 6,430 in 2001 to 23,028 in 2008. Racing produced $6.9 million in taxes for federal, state, and local coffers in 2001 and $78.3 million in 2008.
Interestingly, Act 71 also apparently boosted the overall equine industry in Pennsylvania of which racing is a component. The total economic impact from all equine activity jumped from $780 million in 2001 to $3 billion in 2008.

Under the provisions of Act 71, racing’s share of slot machine revenues is divided as follows: 80% to purses, 16% to breeders, and 4% to a health and pension fund. Tripp Umbach wrote: “For the first time in the history of the sport, members are receiving basic health insurance that includes eye and dental.” Moreover, “an overall impact of investment in new farm facilities and bloodstock helps a slumping economy.” Todd Mostoller, the Executive Director of the Pennsylvania HBPA, tells of prominent out-of-state racing interests looking for farms to buy in Pennsylvania. The state had a 22 percent increase in live foals for 2010, the sole venue to show a positive."

(h/t) Blueinthebluegrass

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