UPDATE ON SLOTS-AT-TRACKS Posted On:Nov 07, 2011 | Posted By:Glen
ENTIRE HORSE RACING INDUSTRY REACHES AGREEMENT ON MINIMUM LIVE RACING GUARANTEES AND ALL OTHER OPEN ISSUES
All horsemen’s groups and all race tracks have come to an agreement for SB 1849, which will be the omnibus gaming expansion bill this veto session to include slots-at-tracks language.This bill will be heard before the House Executive Committee tomorrow, November 8, 2011.
Most of the language changes from SB 744 involved additional regulatory authority and modifying racing guarantees.The horsemen’s rates did not change.The end of recapture did not change.A last-minute proposal to reduce the Adjusted Gross Receipts (“AGR”) for purse calculation purposes by track marketing costs in the form of “free play” did not make it into the bill.
At Cook County thoroughbred tracks, racing opportunities will start at a minimum of 1,950 for the first year.Each year’s minimum racing opportunities will be based upon the previous year’s combined AGR.Those numbers are as follows: a minimum of 2,050 races for combined AGR in excess of $200 million; 2,125 races at over $250 million; 2,200 races at over $300 million; 2,300 races at over $350 million; 2,375 races at over $400 million; 2,450 races at over $450 million; and at least 2,550 races for AGR in excess of $500 million.
It is incumbent on all horsemen to get behind SB 1849.Please call all of your local legislators to support SB 1849 to ensure the continued viability of the Illinois horse racing and breeding industries and the related agri-business associated with those industries.