Massicotte On Quebec Industry

Published: February 2, 2009 10:53 am EST

In a press release issued this morning, Paul J. Massicotte, owner of Quebec racetrack operator Attractions Hippiques Inc., commented on the industry in the province


"We are working tirelessly to find a realistic and lasting solution that will ensure the continued existence of Quebec's horseracing industry," said Massicotte. "Especially in the current economic climate, it's not an easy situation and there's no miracle solution. We understand the frustration of the people involved in horseracing and sincerely encourage them not to reject this opportunity we have been given to save our industry."

The release goes on to say that if it is accepted by the parties involved, the restructuring plan that RSM Richter is working on will undoubtedly entail a major overhaul of the operations at Attractions Hippiques, its racetracks, horse racing programs in Quebec and purse amounts.

In the release, Attractions Hippiques states that it must be borne in mind that the video lottery terminals at the Ludoplexes have generated revenues of only $8 million, well below the budget projections of $49 million.

"We have demonstrated our commitment to the Quebec horseracing industry on many occasions," Massicotte said. "We invested $38 million in the racetracks in Trois-Rivières and Quebec City alone: that's $15 million higher than our initial commitment. We must remain realistic: our industry is in a precarious situation, which means that we all must make sacrifices. In this context, we must all do our part and contribute to developing this revitalization plan, and Attractions Hippiques intends to continue acting with this in mind."

(With files from Attractions Hippiques)