New York State Thoroughbred Breeding and Development Fund Corporation
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NEW YORK STATE THOROUGHBRED BREEDING AND DEVELOPMENT FUND CORPORATION Report for the Year 2008 NEW YORK STATE THOROUGHBRED BREEDING AND DEVELOPMENT FUND CORPORATION SARATOGA SPA STATE PARK 19 ROOSEVELT DRIVE-SUITE 250 SARATOGA SPRINGS, NY 12866 Since 1973 PHONE (518) 580-0100 FAX (518) 580-0500 WEB SITE http://www.nybreds.com DIRECTORS EXECUTIVE DIRECTOR John D. Sabini, Chairman Martin G. Kinsella and Chairman of the NYS Racing & Wagering Board Patrick Hooker, Commissioner NYS Dept. Of Agriculture and Markets COMPTROLLER John A. Tesiero, Jr., Chairman William D. McCabe, Jr. NYS Racing Commission Harry D. Snyder, Commissioner REGISTRAR NYS Racing Commission Joseph G. McMahon, Member Barbara C. Devine Phillip Trowbridge, Member William B. Wilmot, DVM, Member Howard C. Nolan, Jr., Member WEBSITE & ADVERTISING Edward F. Kelly, Member COORDINATOR James Zito June 2009 To: The Honorable David A. Paterson and Members of the New York State Legislature As I present this annual report for 2008 on behalf of the New York State Thoroughbred Breeding and Development Fund Board of Directors, having just been installed as Chairman in the past month, I wish to reflect on the profound loss the New York racing community experienced in October 2008 with the passing of Lorraine Power Tharp, who so ably served the Fund as its Chairwoman. Her dedication to the Fund was consistent with her lifetime of tireless commitment to a variety of civic and professional organizations here in New York. She will long be remembered not only as a role model for women involved in the practice of law but also as a forceful advocate for the humane treatment of all animals. I also wish to extend my appreciation to fellow Fund Member Harry D. Snyder for his capable and attentive leadership while he served as Acting Chairman of the Fund late last year and earlier this year. This annual report provides an overview of the Fund’s activities which, as the Fund’s statement notes, are intended to “preserve, protect and promote the green-belt sector of New York State and to foster the growth and expansion of New York’s thoroughbred breeding industry.” The breeding incentive awards program administered by the Fund is designed to be the cornerstone of efforts to expand the thoroughbred industry. Here in New York, we are fortunate to have a governor who recognizes the importance agriculture plays in the employment of tens of thousands of New Yorkers. In accepting this assignment from Governor Paterson to lead the Fund, which was created 35 years ago, it is my intention to enhance the activities of the Fund and identify new strategies with which we can stimulate this crucial sector of the New York economy. The people of New York rightfully expect our public agencies and authorities to operate in a manner that is efficient and fair, and I am eager to respond to the challenges before us. In 2008, 2,949 mares were bred on more than 400 thoroughbred breeding farms across New York. New York again ranked among the top five states in foal production. Total land usage attributable to the thoroughbred breeding industry in New York exceeds 43,000 acres. This is land that is located in every region of New York’s green-belt sector. The economic impact that New York’s thoroughbred industry has on rural communities cannot be overstated. The award money flowing from the Fund can be a great catalyst for bringing new economic vitality to a state that has long been acclaimed for producing magnificent thoroughbreds. We duly note that no state tax money is used to fund the Thoroughbred Breeding Program – it is entirely industry-driven. The small portion of the wagering handle earmarked for the Fund allows New York the opportunity to attract capital investments from out-of-state sources, and also to reward those who have chosen to breed, raise, and race their thoroughbreds in the Empire State. Our objective at the Fund is to see to it that the achievements of New York-breds grow each and every year. In 2008, the Breeding Fund’s awards distribution surpassed $13.3 million. During 2008, New York-breds earned over $76 million dollars in purse money throughout North America. This is revenue that, by and large, returns to New York’s working farms, breeders, and owners. New York- breds continue to compete successfully in top graded stakes both nationally and internationally. Given my combination of roles as Chairman of the New York State Racing Board, Chairman of the Agriculture & Horse Breeding Development Fund, and Chairman of this Fund, I am focused on advancing new synergistic strategies to ensure that every dollar that flows from the Fund benefits the public purpose for which the Fund was created. Sincerely, John D. Sabini, Chairman TABLE OF CONTENTS EXECUTIVE SUMMARY . 5 FINANCIAL HIGHLIGHTS . 11 Resources of the Fund Receipts and Disbursements Distribution of Fund Monies AMERICAN HORSE COUNCIL’S ECONOMIC IMPACT OF HORSE INDUSTRY: HIGHLIGHTS AND COMMENTS . 26 HIGHLIGHTS OF NEW YORK AGRICULTURAL STATISTICS - EQUINE STUDY. 31 2008 BREEDER AWARDS . 39 2008 STALLION OWNER AWARDS . 52 2008 OPEN-COMPANY OWNER AWARDS . 60 2008 PURSE ENRICHMENT . 69 RACING PROGRAM AND PERFORMANCE . 71 Summary Leading New York-breds by Earnings in 2008 . 72 2008 Leading Breeders of New York Thoroughbreds by Money Earned & Highest Earner . 96 2008 NY-bred Restricted Stakes Results . 110 2008 New York-bred Open Stakes Results . 120 Earnings per Starter and Comparisons . 124 2008 Starts Statistics and Purse Earnings . 137 BREEDING ACTIVITIES . 141 Foal Crop Statistics New York State Stallion Statistics Quality Stallion Roster in New York 2009 New York Stallion Register Top 50 New York Sires . 161 Top 50 Sires of Two-Year-Olds by Earnings Top Freshman Sires of 2008 by Earnings Mare and Farm Comparisons Quality Mares in New York . 173 2008 Registry Compliance Report Sales Comparisons . 176 New York-breds at Auction . 201 SYNOPSIS OF PROMOTION AND ADVERTISING . 202 RESTRICTED RACES IN SELECTED STATES AT A GLANCE: 2008 . 203 Recent Events in Selected States The Year in Review . 204 CLIMATE AND SOIL CONDITIONS OF NEW YORK STATE . 206 EQUINE RESEARCH . 208 2008 Report of the Harry M. Zweig Memorial Fund . 209 NYS Thoroughbred Breeding and Development Fund Corp. Investment Policy . 302 NYS Thoroughbred Breeding and Development Fund Corp. Organizational Chart . 305 NYS Thoroughbred Breeding and Development Fund Corp. Procurement Contract Guidelines . 306 NYS Thoroughbred Breeding and Development Fund Corp. Report on 2008 Procurement Contracts 2009 New York-Bred Stakes Schedule . 313 Requirements and Regulations for New York-bred Registry . 315 New York State Farm Directory . 317 Acknowledgments: The New York State Thoroughbred Breeding & Development Fund Corporation gratefully acknowledges the work of Adam Lawrence in compiling this report, and of Michael Veitch for his editorial contributions. Executive Summary Throughout 2008, as it has for thirty-five years, the New York State Thoroughbred Breeding and Development Fund served as a key element in the growth of the New York State thoroughbred breeding industry. The Breeding Fund has thus far returned over $343 million to New York=s agricultural and equine economy. This industry continues to grow and has become a vital sector in New York=s agribusiness economy, as well as in the overall statewide economy. In 2008, the Breeding Fund disbursed nearly $13.5 million directly to participants in the New York breeding and racing industry through its awards program and purse enrichment. Additionally, New York- breds earned over $81 million for their owners and breeders in both open races and those restricted to state-bred horses. New York remains a great place to breed, raise, and race top- quality thoroughbreds. Significant advances were made in 2008 in achieving the Thoroughbred Breeding Fund=s overall mission – to preserve, protect, and promote the green-belt sector of NYS and to foster the growth and expansion of New York=s thoroughbred breeding industry. The Breeding Fund plays an important role as a catalyst in the state=s thoroughbred industry, which accounts for over 40,000 agribusiness jobs in all parts of New York’s rich agricultural sector. The 2008 report highlights and details disbursements in the Breeding Fund=s three major incentive areas (breeder awards, stallion awards, and open-company owner awards). Additionally, it examines purse enrichments of races exclusively for New York-breds held at the New York Racing Association=s three facilities (Saratoga, Belmont, and Aqueduct) and at Finger Lakes Racetrack. Lastly, the report details performance results of New York-breds and provides an analysis of the success of the New York State Thoroughbred Breeding Program in terms of farm growth, foal production, and New York-based stallions and their progeny. The distribution of various awards is by far the most important component of the New York Breeding and Racing Program. These awards have helped incentivize thousands of participants in the Program to do business right here in New York. In 2008, however, the Breeding Fund award levels and purse enrichment decreased for only the second time in the past decade, due to sinking handle revenue. Awards to breeders in 2008 totaled $6.8 million – an increase of nearly 50% from just 10 years ago. These awards contributed to the success and viability of the more than 400 breeding farms located throughout the state. These farms, which cover nearly 43,000 acres of working “green space,” are vital to the agribusiness economy of New York. The past year was the 16th consecutive in which New York-breds ranked among the top four states in the nation in average earnings per starter, always an important and reliable barometer of program success. In 2008, New York’s average earnings per starter of $20,881 ranked third in the US.