Horse Racetrack Live Race Day Requirements
The bill introduces a fifteen-week minimum requirement for live racing, ensuring that racetracks must engage in a substantial amount of racing activity to retain their gaming licenses. This change could potentially enhance the vibrancy of horse racing in New Mexico, encouraging greater participation and revenue generation in the industry while maintaining a high standard of regulation. By establishing specific race day requirements, the bill aims to promote the economic viability of racetracks and the overall horse racing ecosystem in the state.
Senate Bill 513 aims to amend the Horse Racing Act of New Mexico by modifying the required number of live race days that racetracks must hold to maintain a gaming operator's license. The bill stipulates that racetracks that have paid a gaming tax of $8,000,000 or less in the prior fiscal year must conduct three live races for each week of their race meet, with a minimum of ten races each day. In contrast, if a racetrack has a gaming tax exceeding $8,000,000, it must conduct four live races per week, with a minimum of nine races each day.
Despite its intended benefits, there may be contention surrounding SB513, particularly regarding how the new requirements could affect smaller racetracks that might struggle to meet these thresholds. Critics may argue that imposing a minimum number of live races could present financial challenges for facilities with limited resources, leading to possible closures or reduced operations. Additionally, the adjustment in the number of required live racing days may provoke discussions about fairness in the competitive landscape of New Mexico's horse racing industry.