Horse Racing Alberta (HRA) has recently announced significant funding increases for both the 2024 Purse Allocation and the Breed Improvement Program (BIP) across all racing breeds in the province. This decision comes following a robust revenue performance from Alberta's racing entertainment centres.
The Audit and Finance Committee recommended and subsequently approved by the HRA Board of Directors a $400,000 increase in the 2024 Purse Allocation, bringing the total to $14.9 million from an initial $14.5 million. Additionally, the Breed Improvement Program will see a $120,000 boost, increasing its allocation from $4.2 million to $4.32 million for the year.
Kent Verlik, Chief Executive Officer of Horse Racing Alberta, expressed enthusiasm about the news, stating, “We are excited to share this good news with the Alberta horse racing industry.” The increase in funding aims to support and enhance the competitiveness and sustainability of Alberta-bred horses across various breeds.
HRA’s Breed Improvement Program plays a crucial role in fostering the production of high-quality Alberta-bred horses. Each breed organisation administers the funds uniquely to support breeders in offsetting costs associated with foal crop production and ensuring the long-term sustainability of the breeding sector.
For further details regarding Horse Racing Alberta’s operations and financial projections for the upcoming years (2024-2026), interested parties are encouraged to visit thehorses.com/about/documents and refer to the Business Plans section.
This funding increase underscores HRA’s commitment to bolstering Alberta's horse racing industry by investing in purse enhancements and breed improvement initiatives, thereby benefiting stakeholders and supporting the province's racing economy.