A newly released study commissioned by the Virginia Equine Alliance shows the significant impact of Virginia’s Certified Residency Program for thoroughbred horses on Virginia’s economy.
According to the study, the program generated an estimated economic impact of $86.2 million between 2017 and 2023.
The program requires out-of-state thoroughbreds to reside for at least six consecutive months (before turning three years old) on a farm in Virginia to receive certification as Virginia-certified thoroughbreds. Upon completion of their residency, those horses will be eligible for prize money in qualifying races.
“This is a significant total, especially considering that this program is still relatively new,” said Debbie Easter, President of the Virginia Horse Alliance. “This program did not start until 2017 but has already proven its value.”
Hundreds of Virginia horse farms participate in the program, receiving income from horse owners and breeders from outside the state.
More than 5,000 horses have participated in the Virginia Certified Residency program since its inception.
The large number of Certified horses for drawing is now evident in the 2024 Colonial Depression Condition Book. Six Virginia restricted shares with a total purse of $750,000 will be offered in The New Kent summer meeting begins on July 11. The Hickory Tree and Keswick Stakes—sprints for 2-year-olds—will be run on August 3 while the four-pack The Senior Horse Handicap event will be contested on Commonwealth Stakes Day, August 31. The Meadow Stable, Camptown, Bert Allen and Nellie Mae Cox each have purses of $150,000.
A total of 40 Virginia-restricted overnight races will also be offered in the first Condition Book covering the first 16 days of the 27-day race. The first fourteen special weight races, with purses of $75,000 each, are listed along with many others, including six allowance races.
Highlights of the new study include: From 2017-2023:
- The program’s direct spending is estimated at $54.5 million over the seven years from 2017 to 2023. These spending activities have created spillover effects (indirect plus induced) that yield a total economic impact. actually 86.2 million USD.
- The program has generated an estimated $1.8 million in tax revenue for the state government.
- The cumulative economic impact is 5.9 times greater than the total incentive payments, representing a strong return on investment in the program.
Virginia’s Certified Residency Program for Thoroughbred horses is just one part of Virginia’s thriving horse racing and breeding industry.
For more information about the Virginia Certification program and bonus offers, visit www.virginiahorseracing.com.
The study was commissioned by the Virginia Horse Alliance, the industry’s organizing body that promotes the horse racing and breeding industry statewide. Chmura Economics and Analytics (Chmura), a research consulting firm in Richmond, Virginia, conducted the study.
This press release has not been edited by BloodHorse. If you have any questions, please contact the organization that produced the release.
