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Wagering Up 4.3% at Kentucky Downs

Edited Press Release

The key indicators to measure the success of a race meet were either up or maintained a lofty level at the FanDuel Meet at Kentucky Downs, which came to a close Wednesday.

Purses paid out to horse owners were a record for the 12th straight year. Money wagered was another record, increasing 4.3%. Field sizes remained among the highest in the country with an average of 10.42 starters per race.

“Kentucky Downs' ownership led by Ron Winchell and Marc Falcone continually pushes us to present racing in a different way, to look for ways to innovate and improve,” said Ted Nicholson, Kentucky Downs' Vice President for Racing. “We put a premium on creating a memorable experience for our guests, horsemen and our sponsors. Horse owners put on the show. We want to show our recognition and appreciation for that with our hospitality.”

All-sources wagering on the meet totaled $83,640,261, up from $80,175,928 last year. A total of $25,065,000 was offered in purses for 76 races, including $10,523,750 in purse supplements from the Kentucky Thoroughbred Development Fund. Of the 11 stakes offering $1 million or more in purses, 10 were won by Kentucky-breds.

Total purses paid out this meet is still being verified but is certain to top last year's $17,863,177 for 73 races. Seventy-two different ownership entities won races.

Damon Thayer, Kentucky's Senate Majority Floor Leader, has seen up close the transformation of Kentucky Downs.

“Yes, the financial success is there with the handle being up,” said Thayer, who attended five of the meet's seven days. “But it also has a cool vibe factor going for it. I also think the prestige of the meet is starting to get baked in across North America. It used to be kind of a quirky, novelty track, and there were some people who wouldn't run here. Now everybody is coming. All the jockeys are here, all the trainers, the big outfits. It exemplifies what's going right with Kentucky racing.”

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The Mint Event Center Opened At Kentucky Downs

The Mint Event Center was officially launched Wednesday morning with a ribbon-cutting ceremony attended by local, regional and state civic leaders and officials, including business representatives from Kentucky and Tennessee, The Mint Gaming and Kentucky Downs said in a release.

The Event Center is Simpson County's largest space for events and conventions, which is positioned as the area's newest location for weddings, parties, conferences, corporate meetings and live entertainment. The space can accommodate groups from 12 to 445 people.

“All the economic development you see here is exactly an example of that,” said co-managing partner of The Mint Gaming Hall Ron Winchell. “From our purchase of the property four years ago, we were committed to continuously improving and bringing more amenities to the area.”

Kentucky Senate Majority Floor Leader Damon Thayer added, “It's not just Kentucky Derby week. It's year-round. We have the best year-round racing circuit in the country now, and Kentucky Downs is a big part of that.”

Still under construction is the Summerly Event Lawn, an outdoor, artificial-turf space that can accommodate up to 190 guests. Both the indoor and outdoor areas will be available during the Kentucky Downs meet which will be held Aug. 31 and Sept. 2, 3, 7, 9, 10 and 13.

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Sports Betting Legalized In Kentucky

Just before the Kentucky State Legislature was to adjourn Thursday evening, House Bill 551–legislation to legalize, regulate and tax sports betting in the Commonwealth of Kentucky that seemed a longshot as late as Thursday morning–passed the Kentucky State Senate by a vote of 25-12. Governor Andy Beshear was to sign the legislation, which required 23 votes in favor, into law Friday morning.

“After years of urging lawmakers to legalize sports betting, we finally did it!” Beshear tweeted Thursday evening. “Today's result shows that hard work pays off. Kentuckians will soon be able to place their bets here, and for the first time, we are going to keep those dollars to support our roads and bridges, schools and communities.”

According to a report in the Louisville Courier Journal, the Kentucky Speedway and the state's horse racing tracks could pay a fee to operate as sports betting facilities, with bets allowed on site as well as on licensed websites and phone apps. Wagers placed at tracks would have an excise tax of 9.75%and online wagers 14.25%.

Early Thursday, it appeared that HB 551 was going to be short of the 23 required votes, but according to the Courier Journal, the bill was placed on the orders of the day and was on the House floor half an hour later.

The Kentucky Equine Education Project (KEEP) issued a statement applauding the passage of the bill, which reads, in part:

“KEEP and Kentucky's horse industry have been actively involved for the past several years in advocating for sports wagering legislation that protects the role of Kentucky's signature industry in the landscape of wagering options and provides new revenue for the state.

HB 551 accomplishes this by allowing for sports wagering to be offered in-person at Kentucky's racetracks. Additionally, sports wagering will be governed by the Kentucky Horse Racing Commission, a testament to the trust that wagerers place in Kentucky's horse industry.

Overall, this bill will benefit Kentucky's horse industry and community by offering new revenue sources for the industry, as well as attracting new fans to the sport through the in-person experiences at Kentucky racetracks.”

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Kentucky State Senate Resolution ‘Urges’ Federal HISA Funding Review

Kentucky's state senate adopted a resolution by voice vote Mar. 29 that will “urge” the overseers of the Horseracing Integrity and Safety Act (HISA) and elected federal politicians “to review the funding methodology of HISA and ensure that they provide uniform treatment to all states,” according to a summary of the measure posted on the web page of the Kentucky General Assembly.

Senators Damon Thayer and John Schickel sponsored the resolution, which was both introduced and passed on Wednesday.

The resolution describes itself as a means of “expressing concerns regarding the unintended consequences of the current funding methodology of HISA.”

A phone message left for Thayer on Thursday seeking details about what impact he believes the state resolution might have at the federal level did not yield a return call prior to deadline for this story.

The text of the resolution reads as follows:

“WHEREAS, the Senate recognizes the need for the safety and welfare of horses and jockeys, confidence in the fairness of competition, consistent oversight and regulation, and national uniformity and harmonization in the rules of the horse racing industry; and

“WHEREAS, the Senate believes that HISA, IF implemented properly, can achieve these objectives and enhance the reputation of horse racing in the United States; and

“WHEREAS, the Senate is aware that concerns have been raised by others regarding the unintended consequences that may arise from the current funding methodology, which does not provide uniform treatment to all states and may place undue economic pressure on horsemen and the racing industry in Kentucky; and

“WHEREAS, the Senate acknowledges that it is important to the prosperity of Kentucky horse racing that the safety of the human and equine athletes and the integrity of the sport be paramount;

“NOW, THEREFORE, Be it resolved by the Senate of the General Assembly of the Commonwealth of Kentucky:

“1. The Kentucky Senate urges the Federal Trade Commission and the HISA Authority to review the funding methodology of HISA and ensure that they provide uniform treatment to all states.

“2. The Clerk of the Senate is directed to transmit a copy of this Resolution to the Commissioners of the Federal Trade Commission, the Board of Directors of the HISA Authority, the Speaker of the United States House of Representatives, the Majority Leader of the United States Senate, and Kentucky's Congressional delegation.”

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