Texas Losing Battle of the Purses; Louisiana Delivers Another Blow to Texas Economy
Equestrian News Release
AUSTIN, Texas, March 3 /PRNewswire/ -- The Texas economy suffered another blow when Louisiana Downs recently announced an increase in the average 2005 daily purse offerings up to $210,000 as a direct result of revenues generated from on-site slot machines.
Since expanding their operations in 2001 to include slot machines, Louisiana Downs has more than doubled total purses and increased race dates from 70 to 100. During the 2000 racing season, Louisiana Downs offered purses of less than $125,000 per day.
"Because of these increased purses, horse breeders and owners are moving their operations -- and subsequent jobs -- from Texas to Louisiana," said Tommy Azopardi, Executive Director of the Texas Horsemen's Partnership. "This trend is likely to continue unless Texas racetracks are allowed to compete and offer electronic gaming alternatives like Video Lottery Terminals (VLTs)."
Research portrays a bleak future for the Texas race horse industry if Texas purses continue to remain stagnant or decline. Without new revenue sources, studies shows that in 10 years the sales and marketability of Texas foals will decline by 50 percent. Research further shows that purchases of goods and services for raising Thoroughbreds will decline by 40 percent, resulting in a 35 percent decrease in farm labor.
According to Harrah's, the parent company of Louisiana Downs, Texans spend more than $2.8 billion annually at out-of-state casinos, of which $1.1 billion is generated directly across the Texas state line in Louisiana casinos and racetracks.
"It's ironic that money from Texans is being used to lure jobs and tax revenues to Louisiana," said Azopardi. "This is particularly unfortunate at a time when the State of Texas is facing difficult decisions on how to generate increased revenues to pay for needed services."
For more information about the Texas racing industry, log on to http://www.keeptexasrunning.com
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