In a recent development, José Aponte Hernández, representative of Puerto Rico, has initiated House Resolution 209. This resolution mandates the Tourism Committee to conduct an inquiry into the functioning of horse racing agencies within the island territory. The investigation encompasses examining licensing procedures and other pertinent operational aspects. Aponte highlighted that betting on horse races, a significant component of Puerto Rico’s horse racing industry, has witnessed a substantial downturn over recent years, particularly since 2023.
The primary focus of this legislative move is to understand the factors contributing to the decline in horse race betting transactions. According to Aponte, who also chairs the House Committee on Federal and Veterans Affairs, the volume of transactions in 2024 marked the lowest point since 2021. In 2021, the betting turnover stood at $157 million, whereas it plummeted to $120.3 million by 2024. The resolution aims to delve deeper into the operations of the 367 horse racing agencies currently active under the authorization of the Puerto Rico Gaming Commission.
The inquiry seeks not only to identify issues but also to explore potential legislative interventions necessary for rejuvenating the sector. Established under Act No. 83 of July 2, 1987, known as the Puerto Rico Equestrian Industry and Sports Act, the Gaming Commission holds authority over the issuance and revocation of licenses for these agencies. This legal framework underscores the importance of regulatory oversight in maintaining the health of the industry.
A closer look at the history reveals that horse racing agencies play a crucial role in managing transactions related to races held at Camarero Racetrack, the sole racetrack on the island. With this resolution, the government hopes to gain insights into how these agencies operate and whether their current practices align with the needs of today's market conditions. The findings could pave the way for reforms aimed at reversing the downward trend observed in the industry.
By initiating this investigation, Puerto Rican authorities aim to address the challenges faced by the horse racing sector proactively. Understanding the root causes behind the declining interest in horse race betting is vital for devising strategies to boost participation and revenue. The outcome of this inquiry holds the potential to significantly impact the future trajectory of the horse racing industry in Puerto Rico, ensuring its sustainability and growth in the years ahead.