Loan Rescue Plan for Hastings Racecourse Purses
Hastings Racecourse has received a much-needed cash injection, with a private loan aimed to stabilise the racetrack finances.
Even before the outbreak of the current pandemic, the Hastings Racecourse has been experiencing financial difficulties. Coupled with the currently unfavourable market conditions, the situation has put extra pressure on local horse people and their livelihoods.
As a result, Glen Todd, who is a local horse owner and trainer, decided to extend a private loan to Hastings Racecourse to prop up its operations over the current racing season. With this interest-free loan estimated at a couple of million dollars, the racecourse will be able to top-up its purses and make the current racing season possible.
Private Loan Helping Hand
Glen Todd is a long-term associate of the North American Thoroughbred Horse Company. With his much-needed help, the Vancouver-based racetrack will have its purses topped up ahead of the upcoming weeks of the live racing schedule. Todd noted that he did not offer assistance to seek appraisal but genuinely wanted to support his industry.
The alternative was massive layoffs and hundreds of horsepeople having nowhere to go with their racehorses in the middle of the season. Following careful examination and calculation, Todd concluded that a CA$1 million would be enough to cover the operations during August, allowing for the continuation of daily races and completion of the racing season.
It should be noted that the Horsemen’s Benevolent and Protective Association and the British Columbia Thoroughbred Owners & Breeders Association power the purse accounts. The private loan has been extended to the horse people and their racing purses only. As a result, the casino operator that oversees Hastings Incorporated will not benefit in any way from the extended financial support. The Great Canadian Gaming Corporation takes care of gaming activities on the premises.
Much Needed Support
David Milburn, president of the Horsemen’s Benevolent Protective Association, expressed his gratitude to Glen Todd. It is understood that this financial loan will be returned once the horse racing stabilises, and in-person betting brings back to life the local gaming field. The projected gaming revenue, along with the live horseracing bets, will later be used for paying back the loan.