Winning money on a horse race is fun but do you ever think about how much you are winning even when you don’t bet? The Thoroughbred racing industry is a cash horse cow for the local, state, and national economy.
The horse industry in America pays 1.9 billion dollars in taxes. It employs 4.6 million workers generating 39 billion dollars directly and the figure explodes to 102 billion after figuring in the money from suppliers, employees and spectators. There are horses in every state. When live racing is in season the local shops, restaurants, hotels, etc. get a massive boost in visitors and money.
This past weekend featured The Kentucky Oaks and Derby at Churchill Downs in Louisville, KY. Churchill won’t release it exact figures but it is estimated to have made 100 million dollars in revenues. Nationally, the horse industry has a 3.5 billion dollar impact on Kentucky’s economy. 194,300 Kentuckians work in the industry. Visitors to Keeneland race track for 2 meets and 4 sales in 2014 brought $590 million dollars to Lexington, KY’s economy.
On May 16, 2015 Pimlico in Baltimore, MD will hold the 140th running of the Preakness Stakes. In 2013 this race brought in 2.2 million dollars to state and local taxes. All expenditures figures in at 34.7 million dollars supporting 393 full-time jobs.
The 3rd leg of the Triple Crown series will be run at Belmont Park in Nassau County in New York. In 2012 this race brought a 9 million dollar boost to the county’s economy before consideration of the money made at local businesses.
Lucky Kentucky gets yet another boost this Fall when Keeneland will host the Breeders’ Cup for the first time. When the race ran in Los Angeles in 2008 and 2009 it brought in over 60 million dollars for the city. This race was held at Churchill in 2010 and it generated 53.3 million dollars in regional revenue. The economic impact expected in 2015 is over 80 million dollars.
Keep in mind most tracks and many horseman provide a wealth of donations and funding in the name of charity and philanthropy on their own. I have had the pleasure of eating breakfast with James E. “Ted” Bassett III and he signed my copy of his book “Keeneland’s Ted Bassett My Life” for me. He is a leader in the horse industry and former chairman and president of Keeneland and president of the Breeders’ Cup Ltd. among many other things. He just funded the construction of Bassett Hall for student residence in 2016 at Transylvania University in Lexington, KY.
In the Thoroughbred racing industry we are all winners. The economic impact is outstanding. Cash is king, and it is also the name of the partnership that ran the 2005 Preakness winner, Afleet Alex. My mind is stirring with excitement for the Preakness that is just around the corner. Afleet Alex was owned by Cash is King Stable. He ran third in the Kentucky Derby and 1st in both the Preakness and Belmont Stakes. He almost fell while running the Preakness. He earned a career 2.7 million dollars before retiring to stud at Gainsway in Lexington, KY. He is still a sire there and his son Materiality just ran 6th in the Kentucky Derby and is a contender for the Preakness.
Yes, I will have a full Preakness Stakes story before race day. Until then, I will be reading and learning so I can keep on sharing. Thank you for following my posts.
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