Because Pennsylvania legislators passed a bill earlier this year diverting money meant to boost the horse racing industry into the state’s general fund, The Meadows will take a 10 percent purse cut effective July 1.
Earlier this year, before their meets opened, Mohegan Sun and Harrah's Chester lowered purses by 22 percent and 25 percent, respectively.
The Pennsylvania legislators took action in January to shore up the state’s budget, and passed a bill diverting 17 percent of the slots revenue intended for the Race Horse Development Fund for four years. According to reports, from January through June 10, $41 million had been diverted, and legislators had expected to see about $50-plus million.
“We’ve known about this for eight months, so we’ve been prepared to make adjustments,” said Kim Hankins, executive director of the Meadows Standardbred Owners Association (MSOA), of the recent purse cut. According to a story in the Pittsburgh Tribune-Review, state Gaming Control Board records show the Race Horse Development Fund has pumped about $630 million into the horse racing industry since the first casino opened in 2006. Eighty percent of that went to purses, including $164.8 million last year.
To read the Pittsburgh Tribune-Review's story, click here.
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