The provincial government has given a cash injection into Ontario’s horse racing industry.
The Minister of Finance, Vic Fedeli announced at Georgian Downs in Innisfil on Thursday that the Ford government will shell out $10 million per year over the next seven years for Ontario-bred horses.
"Our horse racing sector plays a vital role in our rural communities and is an important part of Ontario's heritage. This investment will help support Ontario's breeders and horse people, and ensure the province's horse racing community is open for business and can create and protect jobs," said Vic Fedeli, Minister of Finance in a news release.
The government is also supporting the horse racing industry through a long-term funding agreement.
OLG and Ontario Racing have signed an agreement that commits up to $105 million a year for up to 19 years for racetrack operations.
In 2012, the Liberal government cancelled the ‘slots at racetracks’ program and certain subsidies for the industry, resulting in widespread cutbacks and job losses.
