The worst fear for the game especially garbage racings venues on slot/casino$ subsidy life support.
Horseshoes or homeroom? Bill would shift $250 million from horse racing to school districts
Rep. Todd Stephens (R-Montgomery County) is proposing legislation that shift $250 million from the Horse Racing Development Fund to school districts that receive less than 35 percent of their funding from the state.
Since money from slots started pumping up purses for horse racing in Pennsylvania, the owners who took home a payday have included a sheik, a prince from the Middle East, millionaires and billionaires.
Proposed legislation would take nearly all of the money from the state\'s Horse Racing Development Fund and redirect it to school districts that receive less than 35 percent of their funding from the state. Rep. Todd Stephens (R-Montgomery County) said his bill would provide relief for local property taxpayers and address the imbalance in the state\'s school funding formula.
Stephens\' bill would shift $250 million from the development fund to school districts receiving less than average state funding.
\"The bottom line is only people with means can get into horse racing and they\'re the ones winning these purses,\" Todd said. \"Right now, we have to prioritize our spending. We have a constitutional obligation to our children -- frankly I think we have a moral obligation to our children as well -- to provide them with a thorough and efficient school system and .... we are not doing that.\"
Many of the school districts that would benefit are in counties that have grown since 1991, when the state froze the school funding formula. Most of the districts in the midstate would benefit. In Adams County three of six districts would receive extra funding; six of eight Cumberland County districts, five of 10 Dauphin County districts, four of six Lebanon County districts, 13 of 16 Lancaster County districts, 15 of 16 York County districts.
What Stephens sees as a potential windfall for school and local taxpayers, the horse industry sees as a death sentence.
\"It\'s gone,\" said Todd Mostoller, Executive Director of the state Horseman\'s Benevolent & Protective Association. \"(If it passes) there is no industry in Pennsylvania.\"
Horse racing has a $4 billion economic impact in Pennsylvania, Mosteller said. It has grown -- back by money from slots machines -- even through the recession. A lot of those are agricultural jobs.
At the news conference announcing the bill, Stephens read from an article in a trade magazine quoting a New Freedom owner criticizing how the fund is currently structured, since some of the winning horses come from out of state. Mostoller called than an opinion, contradicted by reports on the industry.
While a large percentage of the development fund does go to purses, Mosteller said it also pays for healthcare coverage and incentives breeders to work in Pennsylvania.
\"I\'d hate to see people who invested hundreds of millions of dollars then to have the rug pulled out from under them,\" Mostoller said.
Stephens bill wouldn\'t eliminate the development fund, but it would practically end its impact on horse racing. Under the bill, any slots money for the fund after $250 million would go to the racing industry, but that would be a few million, at best.
The most the fund ever received in one year was $263 million. Slots revenue in the state declined for the first time this year, and the experience of other states suggests Pennsylvania won\'t see another spike. Stephens estimated the fund will have about $245 million this fiscal year, which wouldn\'t meet his stated goal for funding schools.
Since slots were legalized in 2006, the legislature has dipped into the development fund to pay for a variety of things.
Stephens and other representatives who spoke Monday seemed to think they\'d have the public on their side.
\"When faced with policy decisions, I\'ll choose my constituents over gaming revenue or the horsemen any day of the week,\" said Rep. Seth Grove, R-Dover.
Stephens said he sent the legislation to Gov. Tom Corbett\'s budget office this week, but has not yet heard back. Corbett will deliver his budget address Tuesday.
Stephens introduces his bill at a time when other measures before the legislature would address property taxes and the state\'s school funding formula. When asked if this means those initiatives won\'t receive enough support to pass, Stephens replied that his bill wouldn\'t impede either property tax reform or a proposed school funding study.
\"This is a more immediate way to address some of these issues,\" Stephens said. \"I want to make it clear, this is not a solution to the whole problem. This is just a step towards a solution. There\'s still a lot of other work that needs to be done.\"
miff Wrote:
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> The worst fear for the game especially garbage
> racings venues on slot/casino$ subsidy life
> support.
>
>
> Horseshoes or homeroom? Bill would shift $250
> million from horse racing to school districts.
When I first read this, I thought you were talking about Mayor Bill deBlasio, who
has already shifted $150K from somewhere to pay for a full time chief of staff for
his wife.
Is the Penn National racing entity distinct from the casino like the situation at Aqueduct? I would think, if they are separate entities, then the race track should kick the casino off its property (i.e. close it down) if the track is denied its quid pro quo.
I have been to Penn National. The racetrack gave up significant real estate, customers, good will in order for the casino to be built there. One would assume they only gave such stuff up as an exchange for the cut in the revenue. If their quid pro quo is taken away from them, then why not take back what they gave. Of course, if they are not two separate entities, then you have a different equation. However, if I owned that casino, I wouuld still want the track there.
If racing ends at Penn National and it becomes nothing but a casino.....that will become a truly bizarre neighborhood. If I owned a home there (i.e. was a local voter)....I do not know how warm and fuzzy I would feel about having a naked casino right there. I think the racing operation \"buffers\" the casino \"effect\". Without the racetrack there, you have just transplanted a piece of Atlantic CIty in central Pennsylvania. I would think the casino owner would also prefer to have the racetrack there as a buffer.
Maybe I am wrong in my understanding of things, but that is the way I see it.
Penn National Gaming (Nasdaq: PENN) owns both Hollywood Casino and the race track.
Penn Gaming has no interest in running a racetrack.
Amongst other things the state had to force them to include racing on their signage. they purposefully send races off coincidently. They have amongst the highest take outs in the world despite racing revenue being a speck on their income statement. In general loyal PA racing fans kept the tracks going for years and years while they procured casinos only to get shit on their heads when they arrived.
PA and WV are responsible for > than 15% of the Tbred races run in this country and although there is a naïve notion that less will lead to more. In my experience less has only led to less and less. 10 race programs went to 8, tracks closed, the number of dates are down significantly and yet short fields are epidemic.
Breakage
Spot on my friend.
Penn Gaming paid about $47 million for Pocono Downs after owner Joe Banks had passed away. That included 5 off track sites and Plains Pa. 5/8 mile harness facility.
Penn sold it to Mohegan to satisfy the one casino per owner mandate when slots were first approved in Pa.
The Carlinos have since turned Penn Gaming into a huge casino company.
Neither Mohegan or Penn have any interest in the racing product. They say all the right things in front of the camera but, behind the scenes, they couldn\'t care a lick.
At Pocono, (harness), Mohegan did spend some $70 mil to upgrade the simulcast room, dining room etc.
Go there today and you will see the same old $2 bettors with the Daily News selections half asleep in their chairs.
The bigger bettors have long departed to their I-Pads and online betting. Some through rebate shops and others thru Twinspires etc.
All of the young kids (that is defined as 40 and younger to me) head right to the poker room in their hoodies, sunglasses. They read poker mags and poker blogs rather than racing forms. They strategize about three bets, floating the flop and triple barreling rather than Pick Six betting strategies, pace and bounce theory, etc.
The racing industry is in the throes of a massive consolidation. Small tracks and large tracks will disappear from the landscape. Future racing will be dominated by a few major tracks with Event driven schedules.
In competing for the recreational/entertainment dollar, racing continues to lag far behind the pace being set by their competitors. Away slow from the gate, the industry cannot accelerate. Those big BACK NUMBERS are just Youtube videos of days gone by. Racing is carrying the weight of unfriendly politicians, inept managements, corrupt trainers and unimaginative operators. Even a drop in class will not help at this juncture.
Enough sunshine for today :). Have to finish the GP pik 4 and get to work on SA.
GL everybody :):)
Bob
What is the world coming to???
Belmont Bob finally gets it that racing as we 50 somethings once knew is toast and less = more is the only future going forward.Sad,nostalgic but soooo true.
If that is not bad enough news? The NJ authorities are on the \"hooker\'s off the street rampage\" come on guy\'s; no beach, no golf what are our cold weather northeeast guests suposed to do?
Happy Super Bowl and Chinese New Year to all: the Year Of the Horse, as Vic Cangelosi pointed out in today\'s Post, 1978 Affirmed the last triple crown winner was in a year of the horse!!!
Does that mean an opening bell bet of Denver + 1.5 is a lock? Let\'s hope so!
Good luck and let\'s hope the FLA turf courses dry out for the weekend; a very ugly GP the past 2 days off the turf and sloppy.
Frank D.
FrankD. Wrote:
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> What is the world coming to???
>
.
>
> If that is not bad enough news? The NJ authorities
> are on the \"hooker\'s off the street rampage\" come
> on guy\'s; no beach, no golf what are our cold
> weather northeeast guests suposed to do?
Anyone caught in NY attempting to patronize a sex worker can try the \"Monaci\" defense.David Monaci, RIP, was a very large man and not very GQ. He was an owner who thought he could cheat better than his trainer (Alan Seewald, also deceased) and got a trainer\'s license. Monaci got caught at Philly Park trying to tamper with a post race urine sample.
When brought before a judge in Florida on charges of attempting to pay for sex, Monaci threw himself on the mercy of the court: \"Look at me judge. How else is a man that looks like me supposed to have sex?\"
> Happy Super Bowl and Chinese New Year to all: the
> Year Of the Horse, as Vic Cangelosi pointed out in
> today\'s Post, 1978 Affirmed the last triple crown
> winner was in a year of the horse!!!
>
> Does that mean an opening bell bet of Denver + 1.5
> is a lock? Let\'s hope so!
The first Super Bowl ever between teams from states which have legalized recreational marijuana!!
>
> Good luck and let\'s hope the FLA turf courses dry
> out for the weekend; a very ugly GP the past 2
> days off the turf and sloppy.
No worries Frank, all turf races on, course listed as good. Gotta love GP, where the top legit trainers in the US compete with Ziadie, Navarro and Cibelli, etc.
Good luck to Jimmy C. at Tampa and GP today
richiebee Wrote:
> The first Super Bowl ever between teams from
> states which have legalized recreational
> marijuana!!
Yep, talk about a Super \"Bowl\".
FrankD. Wrote:
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> > Happy Super Bowl and Chinese New Year to all: the
> Year Of the Horse, as Vic Cangelosi pointed out in
> today\'s Post, 1978 Affirmed the last triple crown
> winner was in a year of the horse!!!
>
> Does that mean an opening bell bet of Denver + 1.5
> is a lock? Let\'s hope so!
>
> Good luck and let\'s hope the FLA turf courses dry
> out for the weekend; a very ugly GP the past 2
> days off the turf and sloppy.
>
> Frank D.
Frank, Frank . . . tried to tell ya . . . I know you do your reading, religiously . . . hope all well . . .
Richard,
Congrats; it was a beat down to say the least, Yes we do love you up here especially my uncle but not your best year in the public eye either!!! LOL
You thoroughly spoiled everyone last year.
I simply could not pass up perceived value knowing Denver would be a huge public choice by post time. I never imagined the line would swing 4 points in 30 minutes and once there they were stuck. I did notice a few off shore stores dropped to Denver -1 at game time but Vegas was pretty much 2 or 2.5 across the board.
Good luck and onto the Triple Crown Trail,
Frank D.
The Sunday piece? Yes. But Wildcat came through, as per usual . . . GL.
Of extreme interest was the fact that the bulk of innumerable European outs were mostly -1 1/2/-2 . . . with virtually NO -2 1/2s . . . opening number was legit.
Record handle and record profit of 19.7 mil reported by Vegas books; besting the previous record profit by 4 mil despite getting clobbered on safety prop for the 3rd time in 4 years.
FrankD. Wrote:
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> Record handle and record profit of 19.7 mil
> reported by Vegas books; besting the previous
> record profit by 4 mil despite getting clobbered
> on safety prop for the 3rd time in 4 years.
. . . . after raking it in in 100-pound bales on the safety prop at bad odds over the previous quarter-century . . . ;)
I left out that Penn and other likeminded racinos DO NOT run on most national holidays any longer.
What used to be amongst their biggest days-Mem Day, Labor Day et al any federal holiday that is recognized on Mondays will not have racing at the racinos that do not already run on Mondays.
They\'re purposely and successfully destroying the sport.