Today, Stephen Rigby, OLG’s President and CEO, released the following statement on the long-term funding agreement for horse racing in Ontario:
“The long-term funding agreement for Ontario’s horse racing industry announced today will provide nearly two decades of stable funding for a sustainable industry in the province.
This agreement is the result of collaboration with our partners in the horse racing sector as well as the Ontario government. It incorporates feedback from industry stakeholders and promotes broad representation of all members of the industry.
Effective April 1, 2019, OLG will fund the agreement, which will provide up to $105 million each year for 19 years and is designed to benefit the entire industry, including all racetracks, breeds and horsepeople in Ontario.
A renewed Ontario Racing, expanded to represent the interests of the whole industry, will oversee the allocation of the long-term funding.
Horse racing employs thousands of people across the province and is an important part of rural economies in Ontario. Today’s announcement of a long-term funding agreement is a significant step toward ensuring the vitality of the industry for generations to come.”