On March 21, Stephen Rigby, OLG’s President and CEO released a statement, cementing long term funding for Ontario’s Horse Racing industry starting April 1st.
“The Ontario government has announced additional funding for the horse racing industry that will help more racetracks, breeders and horse people access support,” said Rigby. “Under an amended Long-Term Funding Agreement (LTFA), OLG will contribute $10 million annually to support programs for breeders and horsepeople. The LTFA also solidifies agreements with racetracks that have chosen to receive funding to support operations under the Optional Slots at Racetracks Program”
OLG announced that as of April 1st, the corporation would provide nearly 20 years of stable funding to help in building a sustainable horse racing industry in Ontario. Calling it a comprehensive package of support, it was designed to reach all areas of the industry and reaffirms the commitment to invest in that sector of the gaming marketplace.
It was also stated that the agreement would include mechanisms for greater reporting, accountability, and transparency, encouraging the industry to work collaboratively on self governance.
Rigby closed his statement by saying “Strengthening Ontario’s horse racing industry will help protect thousands of jobs and provide economic benefit to rural communities across the province.”