Alberta Racing Gets New Funding Deal
Description:
Horse Racing Alberta and the government of Alberta have signed a new 10-year agreement that will continue to support the province's horse racing industry.
The agreement replaces a previous 10-year funding arrangement expiring at the end of March that supported the industry using a portion of slot machine revenues from Racing Entertainment Centres located in a number of locations around the province.
In announcing the agreement, Alberta's Minister of Finance and the president of the treasury board stated: "Horse racing is an important cultural and sporting industry in this province and this agreement builds a foundation for a long-term sustainable future."
In the past, HRA, a private not-for-profit corporation, received flow-through funding from the Alberta Lottery Fund equivalent to 52% of the net revenue from slot machines at RECs.
Under the new agreement, HRA's percentage will be gradually reduced over three years to 40%: 50% in 2016-17, 45% in 2017-18, and 40% beginning in 2018-19 and for the remainder of the 10-year term ending in 2026. No tax dollars are used within this funding arrangement.
"Alberta's horse racing and breeding industry is optimistic the government of Alberta has provided our industry with the means to successfully manage and develop the future of horse racing and breeding in the province," said HRA chairman Rick Lelacheur.