Three Thoroughbred Associations, the CTHS, BCTOBA, and the HBPA of BC, in order to maintain the integrity of the current overnight purse structure have agreed to and approved a reduction in four upcoming stakes. The track operator, Hastings Entertainment Inc., concurs with the necessity of trimming the four stakes to ensure that there is no reduction in overnight purses, the bread and butter of any racing program.
The four affected stakes are the Pacific Custom Brokers Classic, Pacific Custom Brokers Distaff, the S. W. Randall Plate and the Delta Colleen. All four stakes will offer purses of $50,000 instead the previously announced $75,000. The races will be run as scheduled.
Pacific Customs Brokers, sponsors of the Classic and Distaff, has agreed to have its $50,000 in sponsorship money transferred to the overnight purse pool.
The Associations, in a joint statement, said:
“We were reluctant to cut stakes purses but small fields and reduced days at many of our major simulcast tracks have challenged our revenue streams. Santa Anita, for example, one of our simulcast mainstays, has been running three days a week and that, along with weather cancellations last winter and spring at other favored simulcast locations, has had an impact on revenue. Further, the return of Hong Kong racing has not met initial projections. Therefore, while all sources revenue at Hastings is closely tracking last year’s totals, overall industry projections for the 2017 budget that included a 5% increase over 2016 have not been met.”