One of the nation's finest horse racing facilities is slated to reopen next year after Illinois lawmakers approved a last-minute bill that cuts taxes and adds revenue to Arlington International Racecourse, which has been closed since 1997.
The bill, which will divert money from riverboat casinos to prop up the state's horse racing industry, is expected to be signed by Illinois Gov. George Ryan, allowing Arlington International owners to apply for racing dates later this year.
Arlington's two-year absence left a major hole in the national racing market since the track had been host to nationally televised races such as the Arlington Million and other major stakes races. Locally, the Illinois handle dropped to $1 billion in 1998 from $1.3 billion, with 1999's year-to-date wagering also falling.
The downward trend should be reversed as 15 percent of revenue generated from a new riverboat casino is earmarked for the Illinois horse racing industry.
"It could be around $66 million that will be split evenly among the state's horse racing interests," said Arlington International spokesman Thom Serafin. "It will allow for Arlington to host world class racing and provide the best product available."
The legislation will also cut the state's pari-mutuel tax to 1.5 percent from 3.9 percent, allowing Illinois to compete with other major racing markets.
New York, California and Kentucky offer purses averaging $350,000 to $400,000 a day, but Illinois' racing purses average $220,000 per day, according to the Illinois Racing Board.
For the year-old National Thoroughbred Racing Association, which is trying to revitalize the industry, a reopened Arlington International Racecourse helps fill a major void in the Midwest market while giving the group a major showcase for stakes races.
"We're ecstatic," said NTRA Commissioner Tim Smith. "The combination of Arlington's location and physical plant and market-oriented management makes it a real showcase. For Arlington to reopen it is a real plus for racing."
