State’s Horse Racing Trade is a “Important Financial Contributor”
An unbiased evaluation accomplished by analysis agency The Innovation Group discovered the Wyoming horse racing {industry} generates greater than $150 million yearly in financial affect within the state and helps a complete of 753 jobs with vital development on the horizon. In 2022 alone, the {industry} produced greater than $24 million in state and native taxes.
“The expansion of the horse {industry} creates larger financial alternative for Wyoming’s rural communities,” mentioned Senator Ogden Driskill, President of the Wyoming Senate. “This vitality interprets to jobs, elevated financial exercise and larger prosperity for veterinarians, feed shops, blacksmiths, eating places and inns. A thriving horse sector additionally provides essential financial worth for Wyoming farms and ranches. I’m happy with this examine’s findings and stay up for a brand new chapter of development because the horse {industry} revitalizes in Wyoming.”
“Wyoming’s horse racing {industry} is stronger than ever,” mentioned Dan Lee, the Chairman of the Wyoming All Breeds Racing Affiliation. “The {industry}’s future will solely develop brighter. We’re grateful for the knowledge of the state and native officers who perceive the worth that historic horse racing measures have delivered to Wyoming and the alternatives which were created as a consequence of their foresight.”
“Our state has laid the groundwork for a horse racing {industry} that’s increasing in a constructive method,” mentioned Govt Director of the Wyoming Gaming Fee Charles Moore. “Continued accountable management, excessive requirements and partnerships that search to finest serve the general public curiosity will foster larger development and advantages for Wyoming communities.”
Highlights of the examine
- By direct, oblique, and induced results, the Wyoming horse racing {industry} generates roughly $150.4 million in annual output for the state’s financial system, a rise of 150 p.c since 2018.
- The Wyoming horse racing {industry} employs roughly 446 people and helps an extra 307 jobs.
- The Wyoming horse racing {industry} straight contributes greater than $56 million into Wyoming’s Gross Home Product (GDP) yearly, a rise of greater than 120 p.c since 2018.
- From 2014-2022, the Wyoming Horse Racing {industry} has paid almost $104 million in whole to the Breeders Award Fund, the State of Wyoming, the Legislative Stabilization Reserve Account (LSRA), and cities and counties within the state.
- Over 42,000 vacationers attended Wyoming horse races in 2022 and spent an estimated $3.7 million throughout their horse racing industry-related journey on lodging, gasoline, and meals and drinks.
Over the past decade, race-horse breeding in Wyoming has gone from being so marginal that it didn’t warrant reporting by the Wyoming Gaming Fee to an {industry} that produced 312 registered Wyoming-bred horses that raced within the 2022 season, a rise of 77 p.c over the 176 that raced within the 2018 season.
The examine went way back to 2010, when there was no reside racing within the state. It reported on information by 2022.
The Innovation Group said, “Given the fast development of the {industry} over the previous a number of years, with vital historic development and robust development potential from the historic racing section, The Innovation Group continues to consider these annual impacts will enhance in future years.”