KEEP: Kentucky’s Horse Industry Would Suffer ‘Massive Blow’ If Historical Horse Racing Ends

The Kentucky Equine Education Project (KEEP) released the following statement in response to the Kentucky Supreme Court's Opinion calling into question the operation of historical horse racing (HHR) in the Commonwealth:

“Thursday's ruling by the Kentucky Supreme Court is devastating to the Commonwealth, the horse industry and the tens of thousands of Kentuckians who work in the industry.

“The result of this ruling, if there is no action by the state legislature to enact law permitting wagering on HHR, would severely impact the horse industry at a time when Kentucky is leading all competing states in nearly every metric. That success is largely based on HHR and the financial incentives it has funded that have led to more horse operations moving to Kentucky, more horses being bred in Kentucky and more horses racing in Kentucky. The competitive advantage that Kentucky has over competing states will disappear overnight with the absence of HHR.

“The potential elimination of HHR will have an immediate negative impact on the value of Kentucky horses and investment in Kentucky. This will lead to hardships for Kentucky's racetracks and horse operations, loss in real estate values and tourism and, ultimately, to job losses across the industry. Kentucky's signature industry has suffered a massive blow, from which recovery will be very difficult. This does not affect just the horse industry, it affects all Kentuckians as tax revenues from HHR and other industry programs will decline.

“While this is devastating news for Kentucky's horse industry, there are possible solutions and there may be an opportunity to create a permanent legislative fix for HHR. KEEP will continue working with the industry, the state legislature and the governor to advocate for policies to address immediate and long-term needs to build not just a stronger horse industry, but a stronger Kentucky.”

 

The post KEEP: Kentucky’s Horse Industry Would Suffer ‘Massive Blow’ If Historical Horse Racing Ends appeared first on Horse Racing News | Paulick Report.

Source of original post

Exacta Systems Announces New HHR System After Kentucky Supreme Court Decision

Exacta Systems announced today that it will introduce a new Historic Horse Racing (HHR) system in Kentucky following a decision of the Kentucky Supreme Court. In its ruling on whether HHR as currently operated in Kentucky fell within the Kentucky statutory requirements, the Kentucky Court wrote that wagering “requires that patrons generate the pools based on wagering on the same discrete, finite events.”

The Court also held that initial seed pools should not be permitted. As the Court interpreted Kentucky law and announced these requirements, the decision necessarily impacts all HHR system providers and operations in Kentucky.

“While we are disappointed with the Court's decision, we do appreciate the clarity that the Court has provided as it pertains to HHR in Kentucky,” commented Exacta Systems President Jeremy Stein. “After several years of litigation, we now have certainty on how HHR systems must operate in the state.”

“In anticipation of this ruling, Exacta has devoted several months of development time to produce an alternate HHR system that complies with the Supreme Court decision,” continued Stein. “After reading opposing legal briefs and hearing the questions asked at oral arguments, we wanted to have an alternative system in place that addressed the objections raised by opposing counsel and the various Justices, as a contingency in the case of a negative ruling. The updated Exacta system is fully compliant with the requirements as articulated by the Supreme Court, and we are excited to present our updated system to the Kentucky Horse Racing Commission in the coming days.”

Read about the state supreme court's decision, and access the complete ruling text here.

The post Exacta Systems Announces New HHR System After Kentucky Supreme Court Decision appeared first on Horse Racing News | Paulick Report.

Source of original post

The Friday Show Presented By Woodbine: Historical Setback In Kentucky?

The shockwaves felt on Thursday when the Kentucky Supreme Court unanimously ruled against the claim that certain historical horse racing (HHR) machines constitute pari-mutuel wagering were felt all the way from the state capitol in Frankfort to financial markets on Wall Street.

In the immediate aftermath of the ruling – in a case brought to the courts by the anti-gambling Family Foundation – Kentucky Gov. Andy Beshear and state Senate majority floor leader Damon Thayer spoke out in support of historical horse racing wagering that has helped lift Kentucky purses to among the best in the nation.

Share prices in Churchill Downs Inc. – whose Derby City Gaming facility in Louisville generated the largest market share of the $2.2 billion wagered on historical racing in the last fiscal year – took a nearly 10% fall after the news broke. CDI officials issued a statement suggesting legislative relief may be needed in the wake of the Supreme Court ruling.

In this week's edition of the Friday Show, publisher Ray Paulick and editor-in-chief Natalie Voss assess what may happen next with historical horse racing in Kentucky.

Watch the Friday Show below.

The post The Friday Show Presented By Woodbine: Historical Setback In Kentucky? appeared first on Horse Racing News | Paulick Report.

Source of original post

Castle Hill Gaming Makes First Historic Horse Racing Installation In Kentucky

Castle Hill Gaming, one of the nation's leading gaming software developers, has announced its first installation of Historic Horse Racing (HHR) machines in Kentucky. On July 11, Castle Hill installed 24 of machines at the Ellis Park in Henderson, Ky.

As a proud member of the National Thoroughbred Racing Association, Castle Hill Gaming is delighted to support Kentucky's renowned horse racing industry.

“Castle Hill is excited to begin operations in Kentucky,” said Arthur Watson, CEO of Castle Hill Gaming. “We are proud of our quality fun machines that are already being enjoyed by patrons throughout the United States.”

HHR machines have raised $87 million in taxes in Kentucky since 2011, and $33 million of these taxes have supported Kentucky's thriving horse industry, an industry employing approximately 80,000 people and contributing $1.6 billion to the state's GDP.

Ellis Park is a longstanding fixture of Kentucky's horse racing history. Once limited to only live horse racing, Ellis Park is now on track to become a year-round entertainment and gaming destination bringing tourism and strengthening the local economy.

“The installation of Castle Hill's HHR machines is a part of our ongoing, exciting developments,” said Jeff Inman, General Manager of Ellis Park Racing and Gaming.

The post Castle Hill Gaming Makes First Historic Horse Racing Installation In Kentucky appeared first on Horse Racing News | Paulick Report.

Source of original post

Verified by MonsterInsights