New Study Shows Virginia Horse Racing Industry Has $542.1 Million Economic Impact

“And they're off…”

When it comes to the horse racing industry in Virginia and the economic impact it is generating, that's an appropriate metaphor. According to a newly released study, the industry generated an estimated economic impact of $542.1 million in the Commonwealth in 2019.

“What we're finding is that jobs are coming back, horse racing related expenditures are up, and tax revenue to the state is increasing,” said John Hannum, Executive Director of the Virginia Equine Alliance. “These are all very positive signs that the racing industry is moving in the right direction and benefiting the Commonwealth's agribusiness and related businesses. Racing was at a low point in 2014 after the closure of Colonial Downs' racetrack. The General Assembly took a number of steps, most notably the passage of Historical Horse Racing machines in 2018, that provided the revenue to re-open the track and fund the revitalization of the industry. The study points to the enormous strides the industry has made since 2014.”

The study was commissioned by the Virginia Equine Alliance, the industry's organizational body that promotes the racing and breeding industry throughout the state. Chmura Economics and Analytics (Chmura), a research consulting firm in Richmond, VA, conducted the study.

Highlights of the new study include:

  • Overall economic impact for 2019 of $542.1 million.
  • Annual horse-related expenditures by Virginia horsemen estimated at $239.44 million in 2019.
  • Overall total in state tax revenue for 2019 estimated at $26.5 million.
  • Estimated total economic impact of horse racing events and visitor spending in Virginia was $68.7 million in 2019.
  • Jobs supported in 2019 by the horse racing and breeding industry estimated at more than 5,000.
  • The average amount spent by horsemen in Virginia to care for, train, and board a race horse is estimated at $14,663.

“The Commonwealth has a rich history of breeding and racing Thoroughbreds, from even before the days of Triple Crown-winning Secretariat from Caroline County and continuing to today. The industry is an important part of our agriculture economy, especially in rural parts of Virginia,” said Bettina Ring, Virginia Secretary of Agriculture and Forestry.  “A successful horse industry means that more farms remain economically viable, which in turn makes it easier to maintain and conserve productive farmland throughout the Commonwealth. I am pleased that the results of this study support that Virginia continues to be a place where the horse industry can thrive.”

Karen Godsey, owner of Eagle Point Farm, a 200-acre Thoroughbred training center in Ashland, VA has seen first-hand the benefit of the Thoroughbred industry coming back stronger in the last few years.

“Our industry has really seen a tremendous turnaround,” Godsey said. “I've been able to recruit and retain more workers, because I am able to pay them a higher per-hour rate than before. I've also had to rent out two additional farms for more horses.”

D.G. Van Clief, Chairman of the Virginia Racing Commission stated: “much of the industry's success over the last few years has been the result of the entire industry coming together and working for the shared goal of revitalizing racing. We are now in a position to grow the sport and add racing days. I am excited about the prospects for racing in the state.”

According to this study, the economic impact is likely an underestimation of the full potential impact in 2019. For example, Colonial Downs race track in New Kent, VA, was only open for nine months in 2019, versus a full 12 months. On the racing side, there were 18 race days, attracting 42,000 spectators. In future years, those racing days are expected to likely double, generating even more of an economic impact.

“We're eager to see how these numbers increase when life gets back to normal and we have a full year of activity at the venue,” Hannum said.

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What The Beep Provides ‘Emotional’ Upset In Colonial’s Camptown Stakes

On Wednesday at Colonial Downs, What the Beep pulled off an upset with a one-length victory over heavy favorite Tan and Tight in the $60,000 Camptown Stakes for Virginia-bred or -sired fillies and mares. The homebred daughter of Great Notion was ridden by Forest Boyce for trainer Karen Godsey, who bred and broke the 5-year-old mare on her Eagle Point Farm.

“This is very emotional for me,” said a tearful Godsey. “Her mother (Toccoa) was my first winner. To win a race like the Camptown, which my grandfather helped to start, is important to me. We mainly race here and the rest of the year I am breaking horses on the farm.”

What the Beep won the M. Tyson Gilpin Stakes here last summer but hasn't raced since an off-the-board finish in an allowance race at Laurel last October.

“She got a little cut on her leg and we almost missed that last race,” Godsey explained. “So she came home and got to spend the whole winter being a horse, hanging out, and ran around an 80-acre field with all her brothers. It's nice she gets to do that, come back here and run like this. It's kind of what her momma did. I would take her home every winter and come back here and win every summer. She's a happy horse.”

The bay mare led every step of the way getting the 5 ½ furlongs over firm turf in 1:02.95 after setting fractions of 22.38 seconds, 44.37 seconds and 56.31 seconds.

The Camptown was the fourth victory in 16 starts for What the Beep who could race next to defend her title in the M Tyson Gilpin Stakes. She earned $36,000 for the tally to boost her bankroll to $189,503 and paid $15.20, $4 and $2.20.

Tan and Tight, the 2-5 post-time favorite, stalked the pace and made a mild rally in the stretch but was no threat to the winner returning $2.20 and $2.20. Bella Aurora ($2.20) finished third in the six-horse field, followed by Solarte, Determined Love and Chasing Midnight to complete the order of finish.

A compact field of four went to the gate in the $60,000 Edward P. Evans Stakes for Virginia-bred or -sired runners with heavily favored Largent, owned by Twin Creeks Racing Stables and Eclipse Thoroughbred Partners. The son of Into Mischief covered the mile over firm turf in 1:36.14. He was trained by Todd Pletcher who picked up his third victory in the first two nights of racing at Colonial this season. Tyler Conner had the winning ride.

“I wanted to be a little closer than I was (early in the race),” Conner said. “I let him settle where he's happy. My man Trevor (jockey McCarthy) had me in a little tight. I didn't want to take back and go around. So I just went with the momentum and hoping he's split somewhere and I could get through.”

Largent's tally was his fourth in six starts and the $36,000 winner's share boosted his bankroll to $134,670. He paid $2.40 and $2.10. There was no show wagering in the race.

Embolden, the 2019 Jamestown winner, was beaten just a length in the mile race and paid $2.10. Carbon Data and River Deep completed the order of finish.

Also of note on the card was the 3rd race, a first-level allowance race won by Robert LaPenta, Eclipse Thoroughbred Partners and Chrysalis Stable's Farmington Road, who was making his turf debut after racing on the Triple Crown trail earlier this year. Pletcher and Conner partnered here as well with the son of Quality Road who had last raced in the Grade 1 Belmont Stakes, finishing eighth in a 10-horse field.

Colonial Downs will race a special make up card this Sunday at 5:30 PM.

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