Racing at Hippodrome de Montreal has been indefinitely suspended after its parent company, Attractions Hippiques, filed for creditor protection on Thursday. A story posted on the company's website stated it needed to restructure because of a current impasse with Loto-Quebec, its partner in Trois Rivieres and Quebec City racetracks.
According to reports, revenue from the video lottery terminals at Hippodrome de Montreal are only performing at 30 percent of expected revenue, and that the track could not fulfill its obligation of paying $24 million in purses this year. The track is reportedly losing $750,000 a month.
"This is drastic," Rick Karper, a former head of the provincial horseman's association was quoted as saying in the Montreal Gazette. "I hope it's a bluff and somebody will continue the racing. Purses were guaranteed in the contract (to transfer ownership to Attractions Hippiques less than two years ago). Someone should live up to the contractual obligation. The livelihood of an awful lot of people is at stake."
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