The Quebec government will not be granting the concessions sought by private racetrack operator Attractions Hippiques, leaving its future as a
going concern very much in doubt.
An aide for Quebec finance minister Raymond Bachand said today the government will provide $9.2 million in aid over the next three years to help Quebec breeders in dire straits since the collapse of the standardbred industry in the province last year, but that will be the extent of its further commitment to the sport.
"It's an industry, unfortunately, in decline," the aide said.
Attractions Hippiques, in creditor protection since June of 2008, submitted a restructuring plan last month that hinged on the government agreeing to return to it all pari-mutuel tax collected and amending legislation to allow Attractions Hippiques to process simulcast bets at sites throughout the province while providing live racing only at Sulky Quebec in Quebec City.
From a projected $24 million in revenues in 2010, its restructuring plan projected total payments of $2 million in purses.
Quebec says it will request permission to cease VLT payments to Attractions Hippiques at the next appearance in Superior Court on October 13, given that the company failed to satisfy its obligations under the agreement entered into with the Société Nationale du Cheval de Course (SONACC) in 2006.
(A Trot Insider exclusive by Paul Delean)
Attractions Hippiques rolled
Attractions Hippiques rolled the dice two years ago, taking over a monsterous,
decaying plant in a depressed racing market. Bad hiring decisions (with
exception of Gerard Landry), followed by expensive and hopeless marketing ideas
produced fast failure. Blue Bonnets cum Hippodome de Montreal, has for
years resembled a one industry town, after the industry closed down. The twenty
five year decline of racing in Quebec has been on life support before, but it
looks like the plug has been pulled. A shame, but inevitable.