Potential New Racetrack in Florida Could Support Thoroughbred Industry

A long-held nonprofit license in Ocala, Florida, could be utilized to develop a new racetrack aimed at bolstering the state’s Thoroughbred industry, according to remarks made by a Florida Thoroughbred Breeders’ and Owners’ Association executive. This development comes at a critical time as the industry navigates challenges related to potential decoupling of casinos from racetracks.

Florida Thoroughbred Industry Facing Pressure

The remarks were delivered by Lonny Powell, CEO of the FTBOA, during the “Reinventing Racing’s Business Model” panel at the Global Symposium on Racing in Tucson, Arizona, on December 9th. The industry is currently facing pressure from 1/ST Racing, the operator of Gulfstream Park,Florida’s leading racing venue,which is advocating for the decoupling of casinos from racetracks. Decoupling refers to the separation of casino licenses from racetrack operations, perhaps impacting funding and revenue streams for racing.

What is Decoupling and Why Does it Matter?

Historically, Florida law allowed racetracks to operate casinos, providing a significant revenue source that supported racing purses (prize money for races) and operations. Decoupling would allow casinos to operate independently of racetracks,potentially diverting funds away from the Thoroughbred industry. This could lead to reduced purses, fewer racing days, and ultimately, a decline in the industry’s viability. According to a report by the Florida Senate,the economic impact of the gaming industry in Florida is considerable,and changes to its structure have far-reaching consequences.

The Ocala Nonprofit License: A Potential Solution

Powell’s declaration suggests a potential pathway to mitigate the risks associated with decoupling. The existing nonprofit license in Ocala, held for some time, could be activated to construct a new racetrack.This would provide a dedicated venue for Thoroughbred racing,independent of casino revenue,and potentially attract new investment and participation in the industry. Ocala is a significant hub for Thoroughbred breeding and training in Florida,making it a logical location for a new racing facility.

Benefits of a New Racetrack in Ocala

• Increased Racing Opportunities: A new track would provide more opportunities for Florida-bred Thoroughbreds to race, increasing their visibility and value.
• Economic Impact: The construction and operation of a racetrack would create jobs and stimulate economic activity in the Ocala area.
• Industry Independence: A dedicated racetrack would reduce the industry’s reliance on casino revenue, providing greater financial stability.

Looking Ahead

The development of a new racetrack in Ocala is still in the early stages, and significant hurdles remain, including securing funding and navigating regulatory approvals. However, the possibility offers a glimmer of hope for the future of Thoroughbred racing in Florida. The FTBOA’s exploration of this option demonstrates a proactive approach to addressing the challenges facing the industry and ensuring its long-term sustainability. The outcome of the decoupling debate and the progress of the Ocala racetrack project will be key factors in shaping the future of Florida’s Thoroughbred industry.

Key Takeaways

• Florida’s Thoroughbred industry is facing pressure due to a push to decouple casinos from racetracks.
• A long-held nonprofit license in Ocala could be used to develop a new racetrack.
• A new racetrack could provide increased racing opportunities, economic benefits, and industry independence.
• The future of the industry depends on navigating the decoupling debate and successfully developing the Ocala project.