A surplus in the Kentucky Thoroughbred Development Fund will allow Turfway Park to increase purses for allowance and maiden special weight races through the end of its winter/spring meet.
Legislation authorizing a more liberal use of the Kentucky Thoroughbred Development Fund sailed through a Senate committee Jan. 14.
The measure provides that horses running in allowance optional claiming races for a claim price of at least $25,000 will be eligible for money added to purses from the Kentucky Thoroughbred Development Fund.
Wagering on historical races in Kentucky generated more than $3.8 million for purses and the state Thoroughbred Development Fund from September 2011 through December 2012.
When Kentucky Downs conducts its short, all-turf meet in September, it will offer some of the most lucrative purses in the Bluegrass State this year, thanks to the success of Instant Racing.
Legislation that would tax pari-mutuel wagers made by Kentucky residents through advance deposit wagering services passed the House of Representatives by a 79-15 vote Feb. 24.
Legislation that would tax pari-mutuel wagers made by Kentucky residents through advance deposit wagering services was approved in committee Feb. 21 and heads to the House of Representatives.
The Kentucky General Assembly probably will consider legislation in 2012 that taxes bets made by Kentucky residents through advance deposit wagering systems to bolster the Kentucky Thoroughbred Development Fund.
A committee has approved use of $100,000 from the Kentucky Thoroughbred Development Fund for several Kentucky Cup races, but it remains to be seen whether the stakes series--at least part of it--will be run.
Efforts to restore the Kentucky Cup Day of Champions at Turfway Park in September are ongoing, but the return of the stakes program could hinge on sponsorships.
Members of an advisory committee that oversees the Kentucky Thoroughbred Development Fund expressed concern June 8 over diminishing revenue for the program as well as one racetrack's suspension of full-card simulcasts.
- By Tom LaMarra
Tom LaMarra looks at the actions of the Kentucky General Assembly. Read Blog
The Kentucky Senate passed a bill March 3 authorizing the licensing of advance deposit wagering companies and a requirement that they report pari-mutuel handle on Kentucky races.
Effective Nov. 17, Churchill Downs will raise overnight race purses but KTDF award money will be reduced by 20% because of a shift in the wagering mix.
Unlike 2009, when purses and live racing days were cut, Ellis Park reported solid numbers for its 27-day meet that ended Sept. 6.
Ellis Park will offer higher purses for some Kentucky-bred horses under a plan approved by the Kentucky Thoroughbred Development Fund advisory committee.
Legislation authorizing Instant Racing, a tax on advance deposit wagering, and a reduction in the pari-mutuel excise tax sailed through the Kentucky Senate Committee on State and Local Government March 11.
Turfway Park has added the St. Patrick's Day Handicap to its annual stakes schedule. Carded for 4-year-olds and up at six furlongs, the overnight handicap will be run March 17.
If the winner of the Sept. 29 Kentucky Cup Classic (gr. II) brings a recent grade- or group-I victory to the starting gate, the triumphant owners will take home a $150,000 bonus, Turfway Park officials announced Sept. 5.
Turfway Park has increased association purses 10% effective March 2. It's the second purse hike of the winter/spring meet.
A handle and tax information system was unanimously endorsed by the Kentucky Thoroughbred Development Fund and will be recommended to the Kentucky Horse Racing Authority at its March meeting, it was decided Feb. 28. Funds for the software will most likely come out of the $1.2 million Kentucky Gov. Ernie Fletcher has recommended the state legislature approve in additional funding for the authority.
The Kentucky Auditor's Office has released reports that show the Kentucky Horse Racing Authority needs stronger financial management and accountability.
After completing its second holiday meet run over a Polytrack surface in 2006, Turfway Park reported a healthy 7.5% increase in on-track wagering and an 18.7% jump in all-source handle.
The Kentucky Horse Racing Authority has approved an agreement that erases a deficit in the Kentucky Thoroughbred Development Fund and establishes tighter accounting procedures to preclude a similar deficit buildup in the future.
Turfway Park reported a 23.6% increase from 2005 in all-source handle during the fall meeting that ended Oct. 5 while on-track wagering posted a more modest 4.6% gain.
The Kentucky Horse Racing Authority has requested the state auditor conduct an audit of the Kentucky Thoroughbred Development Fund after it discovered two shortfalls as a result of overpayments during meets conducted at Ellis Park.
A Kentucky legislator with close ties to the horse industry hopes tax breaks and a breed development program are included in a tax modernization proposal Gov. Ernie Fletcher plans to push during the 2005 session of the General Assembly.
Turfway Park has hiked purses for Kentucky-breds in some high-level races, and also reported that numbers for the first nine live racing days of 2004 show business is on the rebound.
Registration fees for eligible Kentucky-breds will jump by 50% to 100% under a plan approved Oct. 2 by the Kentucky Racing Commission at the request of the Kentucky Thoroughbred Owners and Breeders.
Churchill Downs has announced a 5 percent increase in overnight purses for its Spring Meet races, effective June 5.
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