Decoupling Bill Passed Subcommittee in Florida

For decades, Florida has been home to some of the best horse racing in the world. Most of the state's fame revolves around the winter meets at Gulfstream Park in Hallandale Beach, Florida.

In recent years, the U.S. horse racing industry has been under siege as the horse-playing community has been shrinking due to aging problems. It's been the failure to attract a new generation of horse-racing enthusiasts that has led to diminished betting revenue as older horseplayers leave the market.

There is a decoupling issue floating through the Florida House of Representatives. The current decoupling bill would allow Gulfstream Park to operate its adjacent casino without making any long-term commitment to live racing at its Gulfstream Park Race Track facility. That would be a huge blow to the horse racing industry which depends heavily on revenue generated by Gulfstream Park throughout the year. There are also further concerns that the bill will negatively impact the Florida Thoroughbred Owners and Breeders Association.

Gulfstream Ownership's Position on Decoupling

The casino and race track operations at Gulfstream Park are owned and operated by 1/ST Racing and Gaming. Originally, the ownership group stated they would commit to at least three more years of live racing at Gulfstream, but no further commitments after year three. That leaves the state's racing community looking down at the barrel of industry demise in 2028.

It's worth mentioning that 1/ST Racing and Gaming has an eye on closing the race track for further residential and commercial real estate development. Aside from portions of the land controlled by the Seminole Indian Tribe, ownership is sitting on a very valuable piece of property, If they can't get the returns they want from horse racing, they have the right to explore property redevelopment options.

The Horse Racing Industry's Position on Decoupling

As the Decoupling bill made it out of committee, the tension within Florida's horse racing community was evident. It's a community that has been built over decades on the backs of horses, jockeys, trainers, and horse owners who have invested time and lots of money.

The consensus within the horse racing community decoupling would mean the death of horse racing in Florida. Tampa Bay Downs doesn't have the chops to carry the industry by itself.

In an emotional plea to the committee, trainer Jena Antonucci stated decoupling would be "devastating." She further stated:

“This will lead to less farm owners, less community, and less enrichment.” Antonucci added:  “The racing is just a very small portion of what happens. Racing is what happens when everything goes right.”

What appears to be on the table is the age-old battle between tradition and progress. Tradition warrants that Gulfstream continues to sponsor some of the best horse raving in the world. Progress dictates that decisions be made that will move economies forward and generate wealth for vested parties.

The U.S. horse racing community will be watching this issue closely. Similar issues have already played out in California.