Province gives more money to horse racing industry

The Ontario government is giving more money to the horse racing in Ontario through a “Long-Term Funding Agreement,” but doesn’t say how much in a recent media release.

The release states the province needs to “support a strong and stable horse racing industry during these challenging times.”

Amendments have been made to the LTFA for the horse racing industry in order to assist in the recovery from the COVID-19 pandemic. the release reads. These amendments will also ensure continued support for local employment and for Ontario’s 15 racetracks until 2026, including Kawartha Downs, it states.

“Our government’s commitment to building and supporting a sustainable racing industry is crucial during these uncertain times,” said Laurie Scott, local MPP. “The horse racing industry is an important part of our rural economies and that is why we will continue to focus on recovery by providing financial support through the LTFA.”

The LTFA came into effect last year and is providing stable financial support for racetracks, horse people and breeders over a 19-year period, says the release. The amendments to the LTFA recognize the impact of the pandemic on the industry and will maintain support for all 15 racetracks in communities across the province until 2026.

However, no dollar amounts were listed in the media release.

Changes to the LTFA for horse racing will give the industry time to recover from the pandemic, preserve local employment, and work towards a new 3-year strategic plan, the release states.

The amendments to the LTFA were approved by all four parties to the LTFA – OLG, Ontario Racing (OR), Ontario Racing Management and Woodbine Entertainment Group.

*Pictured: Local MPP Laurie Scott at Kawartha Downs, pre-pandemic.