Maryland to reduce purses, cut stakes schedule due to shortfall

Maryland to reduce purses, cut stakes schedule due to

shortfall

The Maryland Jockey Jockey Club and Maryland Thoroughbred Horsemen's

Association have agreed to reduce purses and slash the stakes schedule for the

balance of 2007 as a result of a $3 million shortfall in the purse account for

the calendar year.

A total of 78 live days remain on the Maryland Jockey Club racing schedule.

The annual eight-week break from live racing in the state began this week as

racing moved to Colonial Downs in Virginia.

Racing returns to the major Maryland tracks on August 10 for the 10-day

Laurel Park summer meet. After the Timonium State Fair stand concludes on Labor

Day, the 17-week fall meeting at Laurel begins on September 5. Laurel will race

on a four-day a week schedule (Wednesday through Saturday, except Columbus Day,

October 8).

The specific changes include reducing purses at every level by $2,000 (Races

that come off the turf will only receive the dirt bonus if eight betting

interests remain in the race.); reducing the number of races during the fall

meeting (exact details to be determined) and reducing the stakes schedule by

approximately $1 million (an announcement will be made after the Maryland Racing

Commission meeting on July 17).

"We have been saying for a number of months that we were going to run into a

problem with purses and we had to react to the situation at hand," said Lou

Raffetto, president and chief operating officer of the Maryland Jockey Club.

"What was once a surplus has been depleted. There were four ways to handle it

and we dealt with three of them. The fourth and final move that we avoided was

to cut dates but that is something we will no doubt have to do come the first of

the year unless the legislature holds a special session to deal with slots and a

purse subsidy."

"The negotiating committee came up with the idea to reduce purses," said

Richard Hoffberger, president of Maryland Thoroughbred Horsemen's Association.

"Lou came up with the idea to reduce the stakes schedule. The combination of

those two things allowed us to continue a year-round racing schedule without

cutting days. Lou, on behalf of the MJC, was really accommodating."

The Maryland Jockey Club concluded its spring meeting on Saturday at Pimlico,

posting total wagering figures that were almost 7 percent lower than 2006. All-sources

handle totaled $236.9 million compared to $254.2 million for the same eight-week

period in 2006.

The marquee event of the meet, the Preakness S. (G1), was a major success as

a record 121,263 packed the historic Baltimore track on May 19, the largest

crowd to witness a sporting event in the state. Preakness Day wagering finished

at more than $87 million, the fourth largest in the 132-year history of the

event, with over $57 million bet on the middle jewel of the Triple Crown.