The broad industry coalition formed in February has commissioned a feasibility study as it continues its fight against prevention Gulfstream Park from retaining his slot license without racing live. With the feasibility study providing a critical foundation, the coalition is ready to undertake the heavy lifting of identifying a path forward for Florida Thoroughbred Racing’s labor-intensive agribusiness, with a $3 billion economic impact and more than 33,000 jobs.
The feasibility study was commissioned by TRI and the Florida Horsemen’s Benevolent & Protective Association, which represents Gulfstream racehorse owners and trainers. The study was produced by the acclaimed Crossroads Consulting Services of St. Petersburg, Florida, in collaboration with Populous, the world leader in architectural design.
“No successful project begins without a feasibility study,” says Jon Green, vice president of TRI, the lead author of the study. “We appreciate that people want to hear, ‘This is what we’re going to do.’ But we can’t get there without starting here with clear research by independent experts who identify talking points and different economic models with cost analysis and pros and cons based on a large number of factors.
“That’s what we’re excited to announce today, the framework that will allow us to focus our focus as we begin meeting with industry stakeholders, legislators, community leaders and, of course, current ownership of potential sites. We committed to the Florida Legislature that we would not only defeat disconnect, but that we would deliver viable solutions to keep the industry and its role as an economic and tourism engine thriving for the benefit of all Floridians for decades to come.”
The study assessed potential long-term racing locations ranging from Gulfstream Park which remains the centerpiece of Florida racing year-round to a “greenfield” concept with a track built from scratch at a location to be determined. The others are the current Hialeah Park casino site, with both a ship-in option offered year-round and in the winter; And Tampa Bay Downs race track, which runs from November through Kentucky Derby Day. In addition, the investigation assessed the Palm Meadows training center and the site of the defunct Calder Race Course, which were not considered viable for racing.
The study also evaluated various ownership and business models that could support a stable, transparent and reinvestment-oriented future for racing in Florida. The study looked at both single-track and two-track scenarios, as they currently exist. Kansas City-based Populous developed high-level capital cost estimates for potential site and redevelopment scenarios.
“The stakes are too high not to conduct our due diligence,” said TRI senior advisor Damon Thayer. “We now have an analysis to best evaluate the strategic options and opportunities to strengthen the economic base of the thoroughbred industry.”
The study calls for venues to have at least a one-mile dirt track, a seven-furlong grass track with movable rail, a grandstand and platform with a capacity of 3,000, a large field board, receiving and testing sheds, veterinary and claims facilities, approximately 1,400 stables and appropriate support and parking.
Sites studied
Gulfstream Park: Facilities meet or exceed minimum requirements all year round and are in very good condition following recent investments in surface area and facilities. For the purposes of this study, no capital is required for year-round racing, although a free-standing casino and possible hotel renovation has been proposed to restore the clubhouse racing areas.
Hialeah Park: The grandstand and paddock remain usable with targeted renovation, but there are no stables and the site cannot accommodate more than approximately 1,000 stalls. Year-round performance requires track work, new racing sheds, receiving and testing sheds and site development. Preliminary budget: $89.95 million. Given the stable limits, an external training center may still be necessary.
Hialeah option for winter shipping: An alternative limited offering would utilize the existing grandstand and new reception capacity while reducing new construction. Preliminary budget: $50.65 million. Non-winter races should take place at a different location, with separate solutions for training capacity.
Tampa Bay Downs: Tracks and stable area are functional, but the grandstand is outdated and needs major renovation. Year-round activities would also benefit from widening the lawn with a movable rail, plus improving the stable space and grounds. Preliminary budget: $44.4 million.
The ‘Greenfield’ concept: Envisions a new racing operation on approximately 160 acres with a one-mile dirt track, a seven-furlong grass track, a 3,000-seat grandstand, 1,400 racing boxes and other required racing facilities. Preliminary budget: $194.8 million (not including land acquisition costs).
Ownership and business models studied:
- A non-profit racing association (examples: Keeneland And Sea) governed by industry stakeholders and independent directors, with all net revenues reinvested in wallets, incentives and facilities.
- A public benefit corporation or state-charted quasi-public authority (example: New York Racing Association) that would manage racing as a public good, balancing accountability and transparency with direct access to credit and potential bonding authority.
- An equestrian cooperative or FHBPA/Florida Thoroughbred Breeders’ and Owners’ Association-managed entity. Ownership and governance would rest with riders and breeders through a collaborative framework, which would ensure direct stakeholder control over operations and reinvestment priorities, and
- A strategic partnership with a major racing or gaming operator under a management or joint venture agreement, leveraging national expertise, capital and customer reach, while maintaining local representation on the board.
Using statistics from 2019-2024, Crossroads analyzed the current status of racing and breeding in Florida compared to 10 representative peer states to benchmark Florida’s position and identify lessons learned and best practices from other jurisdictions. Florida ranks third among states profiled in mares bred and fourth in foal crop, with the state’s breeder and owner incentive programs offering some of the highest levels of funding in the country outside of Kentucky.
This press release has been edited for content and style by BloodHorse Staff.
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