economic impact

Virginia Program Generated $86.2M Since 2017

The Virginia-Certified Residency Program generated an estimated economic impact of $86.2 million between 2017 and 2023, according to a study commissioned by the Virginia Equine Alliance. "This is a significant total, especially taking into consideration that the program is still relatively new," said Debbie Easter, president of the Virginia Equine Alliance. "The program didn't begin until 2017, yet already is demonstrating its value." The program requires horses to reside at least six consecutive months at a Virginia farm during his or her first two years to receive a certification as...

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Horse Industry Drives Huge Economic Gains Across California

Edited Press Release As California grapples with a budget deficit in the tens of billions of dollars, the horse industry has grown financially for the state over the last five years; responsible for billions of dollars in economic impact and tens of thousands of jobs, according to a report released by the American Horse Council. In 2023, the equine ecosystem provided a total value of $11.6 billion to California's economy and a direct contribution of $6.5 billion to state GDP, according to the report. This marks a significant increase from...

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Economic Impact of Maryland Horse Industry Grows to $2.9 Billion

Maryland was one of the breakout states in the American Horse Council's report on the economic impact of the national horse industry, released on Jan. 31. The total economic impact of the industry grew 38% between 2017 and 2022, from $2.1 billion to $2.9 billion. In addition, the industry's direct contribution to Maryland's GDP grew by 40.5% between 2017 and 2022. The industry is responsible for 28,434 jobs, and horse industry wages total more than $1.24 billion. The survey, conducted in 2023 by the American Horse Council, determined that Maryland...

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Study Points to Sustained Growth of Irish Racing 

The racing and breeding industry delivered €2.46bn to the Irish economy in 2022, according to a survey undertaken by Deloitte and commissioned by Horse Racing Ireland (HRI). This figure represents a rise of 34% since 2016, while the number of jobs supported by the sector has also increased during that time, by 1,450, to a total of 30,350. Of that total economic impact, €819m is generated by the breeding industry, €264m is spent by owners in the training and running of horses, and a further €193m comes through on- and...

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Q & A With Breeders' Cup President and CEO Drew Fleming

This past year was a good one for the Breeders' Cup. Returning to Keeneland for the first time since the pandemic year of 2020, the event generated a global wagering total of $189.1 million, which set a record, 3.4% higher than the previous mark. The Breeders' Cup also produced big numbers when it came to the total economic impact for Keeneland, Lexington and the surrounding community. It was announced Friday that a survey conducted by University of Louisville Economics Professor Thomas E. Lambert, Ph.D., showed that the Breeders' Cup was...

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Over 100 New Yorkers Rally In Support Of Belmont Modernization

Over 100 people, including union members, backstretch workers, trainers, veterinarians and farmers gathered Monday in Albany, New York, in support of a plan to modernize Belmont Park, which, according to a release, promises significant new job creation and as much as $1 billion in one-time ecomomic impacts while freeing up 110 acres of state-owned land at Aqueduct Racetrack for future development. The project was included in Governor Kathy Hochul's Executive Budget Proposal. According to a release, Belmont Park's 117-year-old facilities have not been upgraded since 1968 and its modernization will...

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We Are Horse Racing NY Releases Study on Economic Impact of Belmont Project

The project to modernize Belmont Park will produce billions of dollars in economic impact and generate thousands of jobs, according to an independent economic study released by We Are NY Horse Racing Wednesday. According to the rigorous analysis completed by HR&A Advisors, a leading economic development and real estate consulting firm, the multi-year project to build a new Belmont Park will generate $1 billion in one-time construction-related economic impact while supporting 3,700 construction jobs. Upon completion, racing and non-racing activities at the new Belmont Park will generate $155 million in...

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Letter to the Industry: Coolmore Calls on Industry for HHR Support

Dear Friend of Coolmore America, As a valued client and friend of Coolmore America we need your help to take action and keep the Kentucky thoroughbred business strong and vibrant. Due to a recent ruling by the Kentucky Supreme Court the future of the horse business in Kentucky along with the more than 60,000 jobs and more than $5.2 billion in economic impact is now at a crossroads and in jeopardy. Over the last decade historical horse racing has helped the horse industry flourish and has created thousands of jobs and...

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