The Virginia-Certified Residency Program generated an estimated economic impact of $86.2 million between 2017 and 2023, according to a study commissioned by the Virginia Equine Alliance.
“This is a significant total, especially taking into consideration that the program is still relatively new,” said Debbie Easter, president of the Virginia Equine Alliance. “The program didn't begin until 2017, yet already is demonstrating its value.”
The program requires horses to reside at least six consecutive months at a Virginia farm during his or her first two years to receive a certification as Virginia-certified and to qualify to receive bonuses in eligible races.
More than 5,000 horses have participated to date. Six Virginia-restricted stakes with combined purse money of $750,000 will be offered during the summer meet at Colonial Downs, with another 40 Virginia-restricted overnight races also offered in the track's first Condition Book.
Other highlights of the study include:
- The direct spending of the program was estimated at $54.5 million from 2017 to 2023.
- The program produced an estimated $1.8 million in tax revenue for the state government.
- The cumulative economic impact is 5.9 times larger than the total incentive payout.
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