Battle Continues Over Florida Decoupling Bill

With the future of horse racing at Gulfstream Park hanging in the balance, the battle continues over a decoupling bill. The bill was filed in the Florida House of Representatives, seeking to release Gulfstream's retail casino operations for any financial deals tied to the race track that bears the same name. Without supplement funds coming in from the retail casino, it's not clear how long the race track would be able to remain in operation on its own.

If the bill were to pass, the race track would likely be shut down in approximately five (5) years. That would be a major blow to horse racing enthusiasts and the horse racing industry as a whole. Gulfstream Park has a very rich history as the home of the Florida Derby, one of the top prep races leading up to the Kentucky Derby in May. In the past, Gulfstream has hosted the Breeders Cup CHampionship series on two occasions, the first time in 1989 and again in 1999.

With the bill already approved by a subcommittee by a vote of 13-7, the bill was recently amended to guarantee that the track could operate for five (5) more years. That would be a small consolation for thousands of thoroughbred owners who enjoy running their horses in the basking sun of Hallandale, Florida.

That's not to mention dozens of locally-based trainers and jockeys that would have to align themselves with other racetracks. Currently, Gulfstream Park runs throughout the year with the winter meeting getting much of the industry focus due to the Pagasus Cup races and several Grade I races throughout the meeting.

Why Now?

As the decoupling bill now makes its way to the House floor for debate and a possible vote, it's reasonable to ask why this bill was created at all. The answer is a common story.

The race track, casino, and adjacent property are owned by 1/ST Racing and Gaming. It's noteworthy that the property as a whole is considered to be one of the most valuable properties in the Miami-Dade area. By now readers can probably predict where this is going.

Understandably, 1/ST Racing and Gaming are interested in developing the rest of the property, likely with commercial buildings and perhaps other types of adult entertainment facilities. As the centerpiece of the property, Gulfstream Park would need to be closed for redevelopment. The decoupling bill would weaken the track's financial viability, leaving it defenseless to remain open beyond the 5-year closing date.

Leaders in the horse racing industry are furious. They are fighting because of horse racing history and to ensure there is a horse racing future in Hallandale for the benefit of horsemen and the horse-playing public.

Leading the fight is Damon Thayer, a former Kentucky Senate Majority Leader. He is currently serving as a senior consultant for the Thoroughbred Racing Initiative (TRI). The 5-year concession was nice but not enough. According to Thayer:

“Our goal remains the same, to defeat decoupling,” adding: “Then we can begin to negotiate on Florida’s racing and breeding future."