Horse Palace talks about their economic impact
CHEYENNE, Wyo. (Wyoming News Now) - As we dive further into the upcoming Wyoming Economic Development week from May 8th to 12th, we look at the impact the horse racing industry had on the state’s economic growth.
The Wyoming horse racing industry generates over $150M annually and supports 753 jobs.
In 2022 the industry produced more than $24M in state and local taxes.
The Wyoming horse racing industry directly contributes more than $56M to Wyoming’s gross domestic product (GDP)
From 2014 to 2022, the Wyoming horse racing industry has paid nearly $104M to the Breeders’ Award Fund, the state of Wyoming, and the Legislative Stabilization Reserve Account (LSRA)
Over 42,000 tourists attended Wyoming horse races in 2022 and spent an estimated $3.7M during horse racing industry-related travel on lodging, gasoline, and food and beverages.
Counties and cities can then be spent a portion of these funds on needed services and resources.
”A percentage goes to the city and county. So last year it was over 12 million dollars went to the cities and counties. Now since we’ve started, it’s over $52M that have gone to the cities and counties. You know that keeps an extra cop on the beat or what have you or helps you fund a women’s shelter, so again, it’s up the community. Do what you want with it,” said Eugene Joyce, Founding Partner of Wyoming Horse Racing LLC.
Live horse racing starts in May in Gillette and moves to Wyoming Downs in June.
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