California’s Racing Industry Pins Recovery Hopes On Bailout

As California's government teetered on the brink of insolvency earlier this year, state politicians threw a lifeline to another imperiled entity - horse racing. But in the scramble to compete with tribal casinos, financial uncertainly still looms for the sport of kings in the Golden State.Buried in last minute bills for a budget deal intended to rescue California from a $40bn deficit was a $32m annual rescue package for horse tracks. A bill sponsored by Republican Sen. Roy Ashburn of Bakersfield and signed by Gov. Arnold Schwarzenegger ended the licensing fees tracks had paid into a California fair and exposition fund for 75 years.

To continue reading please log in or request a demo to speak to a member of the team.

Request a Trial

Click here to request a trial