Racing Future Response to Horse Racing Industry Transition Panel --Interim Report

TORONTO, Aug. 24, 2012 /CNW/ - Dennis Mills, President and CEO of Racing Future Inc. would like to applaud the work of the Transition Panel on behalf of the horse racing industry in Ontario.  Racing Future is particularly encouraged by the panel's findings that recognize the economic impact that horse racing generates in the province of Ontario.  Racing Future also supports the panel's recommendation that the current program has contributed to a fractious industry that has lacked accountability, transparency, a common vision and a proper focus on the consumer. The panel has also concluded that the $50 million allocated over three years to support the transition is insufficient to build a bridge to sustainability. Racing Future would also like to highlight the panel's recommendation that without a sustainable funding source beyond the revenues from pari-mutuel wagering, the horse racing industry in Ontario will close down. Racing Future also agrees with the panels's recommendation that goes on to say that if the industry were to shut down, the implications for thousands of people and thousands of horses would be dire. The panel knows of no jurisdiction in North America where there is a thriving horse racing sector without government assistance.

Racing Future supports the conclusion of the panel's recommendation that strongly encourages the government to keep horse racing in the mix of gaming opportunities in Ontario by forging a new partnership with the industry and the policy framework they have outlined for a new partnership that keeps hope alive in the horse racing industry while protecting and advancing the public interest.

Racing Future will continue to work with all stakeholders on behalf of the 55,000 people who are hoping for a successful solution to their livelihood.

For the full report, go to racingfuture.com.

SOURCE: Racing Future Inc.

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For further comments please contact Dennis Mills at 416-587-1716.