New York State Thoroughbred Breeding & Development Fund Chairman John D. Sabini and Executive Director Tracy Egan announced that the Fund will pay out all withholdings taken in 2011, as well as supplemental bonuses to breeders, stallion owners and owners.
The withholding payout and bonuses are the result of the more than $1.6 million in revenue paid to the Thoroughbred Breeding & Development Fund by Resorts World Casino New York City, which opened October 28, 2011 at Aqueduct Racetrack.
The withholding payout amount represents monies withheld from award payments in 2011 to ensure the Fund had adequate resources for the remainder of the year. The supplemental bonuses represent funds that go beyond the withholding amounts, based on Fund's projected and realized revenue streams.
John D. Sabini, Chairman of the New York State Thoroughbred Breeding & Development Fund, said, “This is the latest batch of great news to benefit New York's Thoroughbred breeding industry, which resonates throughout our state's entire agricultural community. I applaud my fellow board members for taking this step and highlighting the many benefits of breeding world-class horses in New York state.”
Tracy Egan, Executive Director of the New York State Thoroughbred Breeding & Development Fund, said, “The Fund's actions demonstrate its commitment to promoting the benefits of owning New York-bred horses. New York continues to position itself as a destination for Thoroughbred breeders, and the Fund is proud to provide these incentives to the industry. ”
With this disbursement, breeders will receive a total of $1,504,194 in withholdings from 2011. Stallion owners will receive $400,480 in withholdings and owners will receive $297,997. An additional $1.338 million will be paid out in supplemental awards, with the Fund's Board voting to pay out the supplements along the lines of each category's projected earnings. The bonuses will include owners as an added incentive for owning New York-bred Thoroughbreds. More information about the Fund's award incentives can be found at www.nybreds.com/awards-program/incentives/.
This is the latest in a series of positive developments for the industry from New York's Thoroughbred Breeding & Development Fund, including:
· Last year, the Fund distributed an additional purse enrichment to Finger Lakes ($492,000) and NYRA ($328,000). The enrichment increased the purses at the respective tracks to attract larger fields and handle for race days.
· The Fund increased its breeder award rates by 50 percent beginning January 1, 2012. Stallion award rates were increased from 7 to 10 percent.
· In January, the Fund hit the $1 million milestone in revenue from the first 75 days of Resorts World Casino New York City's operations at Aqueduct.
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