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Q & A With Breeders’ Cup President and CEO Drew Fleming

This past year was a good one for the Breeders' Cup. Returning to Keeneland for the first time since the pandemic year of 2020, the event generated a global wagering total of $189.1 million, which set a record, 3.4% higher than the previous mark. The Breeders' Cup also produced big numbers when it came to the total economic impact for Keeneland, Lexington and the surrounding community. It was announced Friday that a survey conducted by University of Louisville Economics Professor Thomas E. Lambert, Ph.D., showed that the Breeders' Cup was responsible for a total estimated economic impact of $81,846,897. It was the second-highest economic impact recorded in Breeders' Cup history, following the record set in 2017 at Del Mar. On the track, it was a spectacular two days of racing, highlighted by a memorable win by Flightline (Tapit) in the Breeders' Cup Classic.

How is it that the Breeders' Cup's momentum never seems to wane and what's ahead for racing's championship event? We posed those questions and more to Breeders' Cup President and CEO Drew Fleming.

TDN: The handle figures are particularly impressive as the Friday card yielded a record $66.1 million in handle and the Saturday card produced $122.9 million in handle, also a record. What has caused the growth in handle and what needs to be done to see that it continues to grow?

DF: We are very grateful to the horseplayers that have been supporting us and our Thoroughbred industry for a long time. At the Breeders' Cup, we take pride in the fact that we have the best horses in the world competing, which equates to really great betting races. Additionally, the Breeders' Cup, for many years, has been conducting its own global pool and we had 27 countries last year bet into the common pool. We had an additional six countries betting separately. One of the things that the company continues to invest in, not only in time but capital, is in the awareness of the Breeders' Cup as a whole. We felt we ran an effective awareness campaign last year, which caused an increased consumption of content as well as generating additional wagering dollars.

TDN: As they are proud of saying, Lexington is the horse capital of the world. There are racing fans all over the country, but it's just different in Lexington. How does that factor into the success of the 2022 Breeders' Cup?

DF: The moment you get off the plane in Lexington, Kentucky, horse racing is in the air. You go to a restaurant, a bar, a coffee shop, people are talking breeding, training, owning race horses. It's a way of life. The city was so welcoming. Unfortunately, in 2020 we weren't able to have fans due to the pandemic. We told the city we would be back as soon as we could. We were able to come two years later and deliver on that promise and they could not have been more thankful. The hospitality was everywhere. People were thrilled to have fans back and were also very thrilled to have the World Championships back in Lexington and to be able to showcase our industry.

TDN: The 2020 numbers aren't applicable because of the pandemic. Before that, the last Breeders' Cup at Keeneland was in 2015. The economic impact numbers from 2015 to 2022 increased by 27.8%. What was different about 2022 versus 2015 that the number increased the way that it did?

DF: A couple of things played a role. The brand and the demand for the Breeders' Cup continues to grow. Last year, we had people from all 50 states purchase tickets as well as 18 countries. Because the brand continues to grow we continue to see investment not only in the Breeders' Cup but in the surrounding areas when we are there.

TDN: It's not just Lexington. The entire state of Kentucky is horse-crazy and Louisville is also a great racing town. We haven't seen the Breeders' Cup at Churchill Downs since 2018 and it is not scheduled for there either this year or next. Is there any reason for that and what is the status of the event returning to Churchill Downs?

DF: Churchill is a great partner and we enjoy working with them and had a very successful Breeders' Cup there in 2018. Normally, we don't talk about future host sites until we have made a host site announcement. With the impact and the success of the past few times we have been in Kentucky, I anticipate that shortly in the future we will be back in Kentucky.

TDN: You had a superstar in the Breeders' Cup this year in Flightline. What impact did he have and can you address both the business aspects of the event and the excitement level that he brought to the event. Fifty years from now, people will still be talking about his win in the Classic.

DF: NBC compared Flightline's performance to Secretariat. Any time you have a horse like that there will be increased interest, not only for the Breeders' Cup but for the sport as a whole. It was amazing to see him deliver in the horse capital of the world. Being a hometown boy, seeing him come around the turn and the energy he generated was just amazing. It's something I will remember for the rest of my life. One thing about the Breeders' Cup that we are so proud of is that we know we're going to have the best horses in the world competing. In 2015, we had American Pharoah, who was the first 'grand slam' winner. That was also amazing. You feel humbled to be a part of that. As far as a monetary impact, that's hard to quantify. But we knew with him there would be increased interest and that was evident when he came into the paddock. It was like the Beatles were coming on stage.

TDN: Flightline aside, what were some of your favorite moments from this Breeders' Cup?

DF: There was not a dry eye in the house when Cody's Wish won. That was such a tremendous and compelling story. It's great when racing can tell feel-good stories like that. It was also great just having the fans come back after we couldn't have fans in 2020.

The horses break from the gate in the Dirt Mile | Coady

TDN: The Breeders' Cup Festival has become a big part of the whole experience. It's not just two days anymore. You have several events leading up to race day. Can you tell us a little bit of the history of this and how much has the Festival helped when it comes to things like economic impact?

DF: In addition to having the two best days of racing, the Breeders' Cup is a celebration of equestrian life. Like most major sporting events across the globe, it's important to have a festival component so that fans can come and see what a beautiful area the event is taking place in, be welcomed, have great hospitality and celebrate the equestrian lifestyle. We want them to walk away and say, 'Wow, not only was that two great days of racing, but it was a wonderful vacation, a wonderful experience and I want to come back.' In any of the cities that we are in, we work with the locals to develop that festival and to highlight key aspects of the region to our visiting guests.

TDN: NYRA is trying to get a loan from the state so that it can refurbish Belmont Park. You are on the record saying that if this gets done the Breeders' Cup would love to come back there. Your thoughts on a return to New York?

DF: We're incredibly supportive of NYRA and we will support any redevelopment at Belmont. We have a great relationship with the executive team at NYRA. I am having dinner Wednesday night in New York with (NYRA CEO) David O'Rourke. We wrote him a letter several months ago with the title, 'If you build it we will come.' The Breeders' Cup sticks to its word.

TDN: The Breeders' Cup has not been to Belmont since 2005, understandable because the current track is not a good fit when it comes to hosting an event like this. How much has the Breeders' Cup missed New York?

DF: We very much miss New York. There's so much energy up there and they are large investors in the game. We look forward to coming back. If they build it we will be there.

TDN: What can you tell us so far about what's in store for this year's Breeders' Cup at Santa Anita when it comes to new initiatives and things you can do to maintain the momentum?

DF: One of the challenging but also fun things when it comes to working for a company like the Breeders' Cup is that we are always innovating. We are continuing to move the ball forward on technological advancements in viewing and look forward to working with NBC, FanDuel and some other partners to continue to make sure that those who are watching have many different angles and experiences when it comes to watching the sport. Along with having great views of the San Gabriel mountains, we want to make sure that they have a world-class time when it comes to hospitality. We will continue to work to advance the culinary offerings and will have some exciting things to announce in the near future. We will also have some new ticket packages that we are putting the final touches on to make sure, again, that everyone has the best experience possible.

TDN: You brought up FanDuel. It's obvious that racing needs to find a way to attract the sports bettor and we need to have the FanDuels of the world offering betting on the Breeders' Cup and all racing on their sports betting platforms. Where do things stand when it comes to getting the sports bettors to follow and bet on the Breeders' Cup?

DF: Hats off to FanDuel for advancing the technology so there can be an aggregated wallet experience for the sports bettor. It's a tremendous marketing opportunity for our sport to be on the same bookshelf as the NFL, the NBA and MLB. Horse racing will be able to be cross-marketed from a wagering standpoint to those who are already wagering on other sports. This is one of the largest marketing opportunities we have had in a long time.

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This Side Up: Tapping At That Derby Door Again

We had the Forte (Violence) bit last week. Now for the piano. The champion juvenile resumed his sonata in virtuoso fashion, reprising themes established in its first movement with familiar verve. From his barnmate Tapit Trice, in contrast, we have so far only had a couple of experimental arpeggios–but even those have sufficed for their trainer to remove the local trial winner from his path in the GIII Lambholm South Tampa Bay Derby on Saturday.

Now there are perfectly coherent grounds within his own game plan for evicting Litigate (Blame) to New Orleans, where he can open the final cycle of higher-graded qualifiers by contesting more starting points, and more money, over more real estate. Litigate having already sampled stakes competition, it's Tapit Trice who would seem more likely to remain in need of experience before the first Saturday in May. (Four of Todd Pletcher's five previous Tampa Bay Derby winners took in either the Wood Memorial or Blue Grass en route to Churchill.)

Even as things stand, however, a lot of people feel that the gray has the potential to wind in the geographical spread that typically makes the Kentucky Derby what it is–a showdown, on neutral ground, between the emerging leaders of their various local packs. While the center of gravity for the hibernating crop has arguably tilted away from Florida in recent times, with Oaklawn and the Fair Grounds offering a strengthening foil to the Californian talent pool, this time the two key protagonists could conceivably be strolling the same shedrow at Palm Meadows.

Listen to this week's edition of This Side Up here.

Tapit Trice has explored different dimensions of his talent despite a brief career to date, having set up his flamboyant allowance display with a gutsy maiden defeat of a colt who underscored his own talent when second in the GIII Gotham S. last week.

In that context, I can't omit to complain that Raise Cain (Violence) surely merits rather more respect than he has been receiving for a visually quite staggering exhibition at Aqueduct. You only have to think back to last year's Derby to see what can sometimes happen when a horse switches from synthetics to dirt, while hindsight discloses in Raise Cain's earlier races a pretty cogent foundation for what he did last Saturday.

Even switching from grass to synthetic prompted a barely less revelatory performance from Congruent (Tapit) in the John Battaglia Memorial S. (Both Raise Cain and Congruent, incidentally, graduate from the mystery tour that gave us Rich Strike (Keen Ice) last year). For now, however, Congruent is primarily a reinforcement for a sire whose admirers are rooting for Tapit Trice largely because it would be a travesty for the Derby to remain the single glaring omission on a glorious resume.

At 22, Tapit is in the evening of his career and his books will increasingly be curated with all the prudence you would expect of the Gainesway team who have managed his career so superbly. (And who also, by the way, bred and co-own Tapit Trice.) As such, his remaining shots at the Derby are clearly finite. It was looking pretty promising two winters ago, when he had Essential Quality playing the Forte hand, with Greatest Honour and Proxy coming through pianissimo. In the event, Essential Quality instead made Tapit the only modern stallion to produce four winners of the GI Belmont S.

Essential Quality | Sarah Andrew

To put that record in its epoch-making context, it is shared with a 19th century stallion whose stock was adapting exceptionally well to the novel demands of what–relative to the punishing four-mile heats contested by Lexington himself–was almost a form of sprint racing. (For instance, Lexington also produced nine of the first 15 winners of the Travers, then over 14 furlongs.) The idea of showcasing the speed of younger horses, in a single dash, had gained prestige through the Classics introduced in Britain the previous century. For many of us, however, that arc has since been followed too steeply–to the point that the Belmont is now a unique test of the American sophomore's stamina.

I've often remarked on the dilution of the Kentucky Derby tempo since the willful exclusion of sprint speed by the points system, and conceivably this has also contributed Tapit's wait for the winner he so deserves. Setting aside last year's aberration, the race is no longer making the same demands that formerly identified the kind of speed-carrying genes we should be looking to replicate. Essential Quality, for instance, found himself in a procession of a race, the protagonists maintaining their relative positions virtually throughout.

Unluckily, moreover, the colossus who bestrides even all Tapit's other work was only able to explore a second turn as an older horse. Otherwise, of course, Flightline offers the perfect template for anyone who spends seven figures on a Tapit yearling, such as the one now hot favorite for the Tampa Bay Derby. Whether Flightline should command a higher fee than his sire is another matter: it will be 2026 before he can sire the winner of a maiden claimer, while Tapit has 30 Grade I winners and counting.

Flightline | Horsephotos

Not that we can ever neglect the bottom half of the equation. The Fappiano mare Jeano, for instance, appears not only as third dam of Essential Quality but also as fourth dam of none other than Forte. This branch of the La Troienne dynasty has already produced a Derby winner in Smarty Jones. But while Tapit finished midfield that day, covered in slop, he now stands on the brink of a fresh series of landmarks in his second career.

Tapit Trice is bidding to become Tapit's 99th graded stakes scorer and (through Thursday, at any rate) his 991st individual winner. The earnings of his stock, already unprecedented, have just tipped $195 million. Moreover these tallies have been achieved at an exceptional clip, underpinned by equally outstanding ratios for starters (84 percent of named foals) and winners (63 percent).

And that's what I adore about the legacy he has been putting together: Tapit has not allowed the huge books of the commercial age to distort his efficacy, instead maintaining a dependability poignantly at odds with the extraneous frustrations that hindered his own fulfilment on the racetrack. How apt that Tapit claimed the earnings record from one whose ferrous qualities earned him celebrity as “The Iron Horse”. Of what, then, must he be made? Tungsten? Whatever it may be, he's worth his weight in it–no less than that first Derby, as and when it finally comes, will absolutely feel worth the wait.

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2023 Mating Plans, Presented by Spendthrift: Woodford Thoroughbreds

With the breeding season underway, the TDN staff is continuing the '2023 Mating Plans' series, presented by Spendthrift Farm, to find out what stallions breeders have chosen for their mares this year, and why. Here Woodford Thoroughbreds shares their plans for the breeding season.

As a commercial breeding farm, Woodford Thoroughbreds operates with two principals in mind when choosing our matings. 1) We are producing racehorses. In 2023, Woodford is the breeder of Mimi Kakushi (City of Light), a Group 3 winner on the Oaks trail; Rocket Can (Into Mischief), the winner of the GIII Holy Bull S. who was recently second in the GII Fountain of Youth S. on the Derby trail; SW Drew's Gold (Violence) and 'TDN Rising Star' Sunday Shoes (Pioneerof The Nile). 2) We are bringing a horse to the market that the buyer's bench is excited to purchase based on pedigree and conformation.

With these goals in mind, here are a few of the matings we have picked out for 2023.

HOT CASH (m, 8, Ghostzapper – Collect the Cash, by Dynaformer) and MESSAGE (m, 7, Warrior's Reward – Song'n Dance, by Carson City) to be bred to Flightline.

When you are playing at the upper level, you have to breed to a horse like Flightline although it goes against two of our basic rules. First, he's very expensive at $200,000 which means the fall could be steep if the resulting foal doesn't hit the commercial mark. Second, we are breeding two young mares to him when we would rather breed to a more established horse.

However, we think Grade III-placed Hot Cash will benefit from Flightline's leg and scope. The mare has also already proven her first two efforts, a Curlin filly and Quality Road filly, to be standouts.

Woodford only purchased Message at Keeneland this past November. She was wicked quick on the racetrack, but she's also a scopey mare with a lot of length, leg, power and class to her. We think she'll fit the stallion nicely in a like-to-like way. Her first foal by Charlatan was born in January and he's an exceptional package already.

LASKARINA (m, 9, Distorted Humor – General Jeanne, by Honour and Glory) to be bred to Tapit.

This is really a no-brainer breeding. Besides being by a top broodmare sire, she's a half-sister to the prolific producer Justwhistledixie (Dixie Union), the dam of three sons of Tapit–multiple Grade II winner Mohaymen, Grade III winner Kingly and Grade III winner Enforceable. Laskarina's best-looking individual so far is a Tapit filly that Woodford sold at Fasig-Tipton in Saratoga in 2022. We don't mind going back to the well.

MACHA (m, 13, Majestic Warrior – Giant Leap, by Giant's Causeway) to be bred to Good Magic.

This mare who finished third in the GII Honeymoon H. as a 3-year-old has produced a stakes winner. We also hear some great things about her 3-year-old Dime (Curlin), but that filly has yet to make a start. We're still hopeful!

Her 2-year-old was purchased from the 2022 Keeneland September Sale by Amy Moore, who is the breeder of champion 2-year-old colt and leading Kentucky Derby favorite Forte (Violence). We know the filly now named Wayward (Into Mischief) will get a great start with Amy.

We have been terribly impressed by Good Magic's start to stud and think he's great value. He has better numbers than some other higher-priced horses that started his same year at stud.

PROJECT WHISKEY (m, 6, Tapizar – Over the Moon, by Malibu Moon) to be bred to Uncle Mo.

You can't look at this mare without the thought “pretty” crossing your mind. She's a beautiful mare that won the GIII Delaware Oaks as a 3-year-old and the Parx Juvenile Fillies S. as a 2-year-old. We love that she had speed and class early on.

Uncle Mo is a horse that consistently gets a top racehorse prospect and we think he is ready for another upswing in the market. At $150,000 he's expensive, but he gets you that Saturday afternoon horse and that's what we're looking for. The cross of Uncle Mo with the A.P. Indy line is a strong one.

MAEVE THE BRAVE (IRE) (m, 4, Invincible Spirit {Ire} – Liscune {Ire}, by King's Best) to be bred to Oscar Performance.

You may be wondering how we acquired this particular broodmare. In 2019, Woodford purchased five weanlings at Tattersalls. We re-sold three, retained one who is a stakes winner still running in the U.K. and brought this filly to the U.S. She was bought for nearly $600,000 U.S. dollars, being a full-sister to three black-type horses including Music Box (IRE), whose race earnings total $1.19 million.

Oscar Performance was the clear choice when looking at the stallions standing in Kentucky who are unequivocally grass horses.

LUCY N ETHEL (m, 10, During – Kid Silver, by Silver Ghost) to be bred to Life Is Good.

“Lucy” has one of the strongest race records in our broodmare band having won the GII Prioress S. at Saratoga and the GIII Old Hat S. at Gulfstream Park. She bankrolled nearly $400,000 on the track and she is an athletic and supremely balanced mare.

Lucy gave us a beautiful foal right off the bat, a Quality Road filly that brought $600,000 at the 2021 Fasig-Tipton Saratoga Sale. Lucy is currently pregnant to Into Mischief. Breeding to his son Life Is Good will be the same cross.

We're excited to be breeding to Life Is Good. His speed was his weapon and he was much the best when winning the GI Breeders' Cup Dirt Mile as a 3-year-old. He continued his winning ways with three Grade I races at four.

VIVA VEGAS (m, 9, The Factor – Viva Vega, by Cobra King) to be bred to Munnings.

The Factor is one of those conundrums where he has the ability to get a quality racehorse, but his commercial appeal is underrated. Viva Vegas is a big, scopey mare and you can imagine how lovely she is knowing she brought $190,000 at OBS as a short yearling. On the racetrack she won a stakes race and is multiple graded stakes placed.

Munnings will make a nice physical compliment, giving her a little substance and some additional speed. He also has a liking for the turf which will benefit this mare's sire line.

Cedar Hall will visit Woodford-bred Independence Hall in 2023 | photo courtesy Woodford Thoroughbreds

DON'T LEAVE ME (m, 11, Lemon Drop Kid – See How She Runs, by Maria's Mon) to be bred to Not This Time.

Don't Leave Me is a multiple Grade III winner and is out of a Grade I-winning dam. Woodford is proud to have purchased this mare out of the Pin Oak Dispersal in 2021 carrying an Authentic colt and she's currently pregnant to Into Mischief. We were very impressed with the year Not This Time had in 2022 and when looking for proven stallions, he has become a standout. We think he'll be a nice physical match for the mare.

CEDAR HALL (m, 6, Bayern – Dahteste, by Majestic Warrior) to be bred to Independence Hall.

In hindsight, Cedar Hall might have been a value play, being stakes placed, when we purchased her pregnant to Volatile for $95,000 in 2021. She probably would have brought twice that this past November! This is a really pretty mare and we actually purchased her with the purpose of breeding her to Independence Hall.

Woodford bred Independence Hall, sold him as a yearling, bought back into him during his race career and now owns a considerable number of shares in the horse, which means we will support him. His first crop of foals are hitting the ground now and from photos we have seen, they look to be very racey individuals.

RITE MOMENT (m, 19, Vicar – Moments of Joy, by Lost Code) to be bred to City of Light.

Rite Moment is one of the oldest and most proven mares in the band. She herself was a multiple Grade II winner and has produced two previous black-type horses, but her standout produce is current graded stakes winner Mimi Kakushi (City of Light). Mimi Kakushi won a stakes race and then followed that up with a win in the G3 U.A.E. Oaks. She is potentially being pointed to the GI Kentucky Oaks. It only makes sense to go back to the well and should the mare have a filly, we'll likely retain her as a broodmare prospect.

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First Mare in Foal to Flightline

The 2022 Horse of the Year and World's Best Racehorse Flightline (Tapit) is represented by his first in-foal mare, four-year-old Lady Scarlet (Union Rags–Exclude {GB} by Include). Winner of last season's Cicada S. and GIII Miss Preakness S. for owners Paradise Farms Corp and David Staudacher. She was a recent purchase by Glendalough Farm at the Keeneland January sale. Flightline stands for $200,000.

Flightline raced by Summer Wind in partnership with Hronis Racing, Siena Farm, West Point Thoroughbreds and Woodford Racing. Trained by John Sadler, he won the GI Breeders' Cup Classic, the GI Pacific Classic, the GI Metropolitan H. and the GI Malibu S. He was the world's highest rated racehorse in 2022 on a figure of 140 and is the highest-rated dirt horse of all time.

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