Keeneland supports today’s move by the Kentucky Horse Racing Commission

Posted: July 21st, 2010



LEXINGTON, Ky. (July 20, 2010) – Keeneland President and CEO Nick Nicholson issued the following statement today regarding a decision by the Kentucky Horse Racing Commission regarding pari-mutuel wagering on historic races:

“Keeneland supports today’s move by the Kentucky Horse Racing Commission regarding pari-mutuel wagering on historic races. We appreciate the commission’s commitment to Kentucky’s signature industry and Gov. Beshear’s continued leadership on these issues. The reason is simple: this new pari-mutuel wager would be another tool that we could use to help generate additional revenue to boost purses and assist our industry during an extremely challenging period.

That’s the sole reason for our support.

This model – which has proven to be successful for some 10 years at Oaklawn Park in Arkansas through games called Instant Racing – would simply be another pari-mutuel wagering tool. It is connected to a tote. Patrons wager into a common betting pool. And they are given odds and other information regarding performance just like patrons are given during a meet or simulcast at Keeneland or another racetrack. The primary difference is that with historic racing, pari-mutuel wagers are placed on previously run horse races. You simply don’t know the historical race involved.

That’s what pari-mutuel wagering on historic races is. What it is not is a panacea for the challenges confronting our industry. It would not, frankly, generate the revenues for our industry or our Commonwealth that would be created by other forms of expanded gaming – the types of games that are significantly boosting purses in other states and altering the competitive landscape in our industry.

That said, what our industry has always wanted is the ability to help itself – with tools that will allow us to invest more in our businesses and, most importantly, boost the purses that keep our races compelling and competitive with tracks on our borders and across the country.
A new pari-mutuel wager such as historic racing has the potential to be one such tool. I hope we will be allowed to move forward quickly in assessing its viability so that we can make the kinds of investments that will keep Kentucky’s signature industry the world’s capital for Thoroughbred horse racing -- creating jobs and economic growth for our Commonwealth.”
 


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