KAWARTHA LAKES-The Ontario government says it has made amendments to the Long-Term Funding Agreement (LTFA) for the horse racing industry in order to assist in the recovery from the COVID-19 pandemic.
These amendments will aid Ontario’s fifteen racetracks until 2026, including Kawartha Downs.
“Our government’s commitment to building and supporting a sustainable racing industry is crucial during these uncertain times,” said Laurie Scott, MPP for Haliburton-Kawartha Lakes-Brock. “The horse racing industry is an important part of our rural economies and that is why we will continue to focus on recovery by providing financial support through the LTFA.”
The LTFA came into effect last year and is providing financial support for racetracks, horsepeople and breeders over a 19-year period. The amendments to the LTFA recognize the impact of the pandemic on the industry and will maintain support for all fifteen racetracks in communities across the province until 2026.
Changes to the Long-Term Funding Agreement (LTFA) for horse racing will give the industry time to recover from the pandemic, preserve local employment, and work towards a new 3-year strategic plan according to the province.
Officials say the amendments to the LTFA were approved by all four parties to the LTFA – OLG, Ontario Racing (OR), Ontario Racing Management and Woodbine Entertainment Group. The Board of OR includes representatives of racetracks, horsepeople and breeders of thoroughbred, standardbred and quarter horses
Officials told kawartha 411 the amendments will give Ontario’s 15 racetracks more funding certainty for an additional 5-years, until 2026. Specifically, amendments to the LTFA include extending additional funding to racetracks by $3 million per year and ensuring the development of a new 3-year strategic business plan that will support a 15-track model.