Monday, February 13, 2012

The Ontario Government's Out of Cash & Coming After Horse Racing


In today's Globe and Mail "Ontario Liberals talk racetrack closures to pull on the reins"
  • At present, 20 per cent of the revenue from those machines is used to keep the horses running; Mr. Duncan strongly hinted that he intends for the province to keep it instead. In effect, he’s saying that 17 racetracks is more than Ontario needs, so he’s prepared for many of them to just become gaming sites (or shut down altogether and stop drawing slot-machine customers away from nearby casinos).
It's not that we didn't see this coming, but it's still surprising because the Ontario government likes spending other people's money more than I like my beagle.

Of course, they didn't suddenly find a religion of good fiscal management; they simply found an easy target.

About $345M in the province goes to racing. We may expect that number to drop by a third or more when they're through, in my opinion.

4 comments:

Anonymous said...

Now that Windsor raceway has taken monies away from Woodstock and Dresden to supplement there purses, I can see at least Desden, anyways, closing down and becoming a glorified training track.

Where are we to compete if tracks are turned into shopping malls and subdivisions, Mohawk and Windsor?

What is happening to our racing industry when all it takes is the government to convert the highest and best use of these racetrack properties into commercial/industrial?

Windfields Farm met their fate that way. Pity.

Standardbredgal

Walleye Willy said...

I knew this was coming in Ontario.That's why I invested in Maritime breds. Out east you at least know where you stand.

Pull the Pocket said...

That's the quote of the day Fisherman's Friend!

I have been hearing all kinds of things on my device that looks like an old blackberry. No money, lotsa cuts, no cuts, losta money.

I say somewhere in between.

PTP

Anonymous said...

Hey PTP,

Why not tax Canadian lottery winnings and leave the horse racing industry alone? They tax 38% in the U.S. on lotteries.

You watch, they'll implement a lottery tax and the next day I'LL WIN!! Just my luck!

Standardbredgal