TRI, Florida HBPA Feasibility Study First Step to Long-Term Florida Racing Solutions

[Wandering Eyes]

The Thoroughbred Racing Initiative, in conjunction with the Florida Horsemen's Benevolent and Protective Association, has released results of a feasibility study seeking to identify lasting solutions for Florida racing.

“No successful project's planning begins without a feasibility study,” said TRI Vice President Jon Green, the study's point person. “We appreciate that people want to hear, 'This is what we're going to do to.' But we can't get there without starting here with clear-eyed research by independent experts identifying locations for discussion and various economic models with cost analysis and pros and cons based on a myriad of factors. That's what we're excited to announce today, the framework that allows us to concentrate our focus as we start meeting with industry stakeholders, lawmakers, civic leaders and, obviously, the current property ownership of potential sites. We promised the Florida legislature we didn't want to just defeat decoupling, but that we'd bring viable solutions to enable the industry and its role as an economic and tourism engine to thrive in the decades to come for the benefit of all Floridians.”

The study, produced by Crossroads Consulting Services of St. Petersburg, Florida, in conjunction with the architectural design firm Populous, reviewed possible long-term racing sites in the state, as well as ownership and operating models.

Among the sites studied were Gulfstream Park, Hialeah Park–both as a year-round site and as a winter ship-in option, Tampa Bay Downs, as well as a hypothetical new racing operation.

The study provided preliminary budgets to upgrade each facility with a baseline requirement of a one-mile dirt track, seven-furlong turf course with movable rail, 3,000-capacity grandstand and apron, large infield board, receiving and test barns, veterinary and claiming facilities, about 1,400 stalls and necessary backstretch support and parking.

Gulfstream Park was found to meet or exceed those criteria, while upgrading Hialeah for year-round racing had a preliminary budget of $89.95 million and for a winter ship-in option of $50.65 million. Upgrades at Tampa Bay Downs had a preliminary budget of $44.40 million, while a new site had an estimated budget of $194.80 million, not including land acquisition costs.

The ownership and operating models studied included non-profit racing association, such as Keeneland and Del Mar, which would be governed by industry stakeholders and independent directors, with all net revenues reinvested into purses, incentives and facilities; public benefit corporation or state-charted quasi-public authority, such as the New York Racing Association, that would manage racing as a public good, balancing accountability and transparency with direct access to appropriations and potential bonding authority; horsemen's cooperative or FHBPA/Florida Thoroughbred Breeders' and Owners' Association (FTBOA)-led entity with ownership and governance resting with horsemen and breeders through a cooperative framework; and strategic partnership with a major racing or gaming operator under a management or joint-venture agreement, leveraging national expertise, capital and customer reach while retaining local representation in governance.

“The stakes are too high not to do our due diligence,” said TRI Senior Advisor Damon Thayer. “We now have analysis to best evaluate strategic options and opportunities to strengthen the Thoroughbred industry's economic base.”

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