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Slots Keep Ponies Running

"...Over five years, the subsidy totals nearly $118 million.

"... A good deal? You bet. And that's the deal that owners, trainers, breeders and riders of racehorses got when New Mexico lawmakers approved slot machines at tracks.

"...For every dollar gamblers lose on the machines, 20 cents goes to subsidize race purses, the cash prizes awarded based on how a horse finishes.

"Horse owners get the biggest share of the purses, but trainers, breeders of horses bred in the state and jockeys also share in the pie.

"The state approved slot-machine gambling at tracks in 1997 and the gambling began two years later.

"There is no dispute that the machines have been good, even great, for the horse-racing industry.

" From 1998 to 2000, the number of jobs directly related to the industry jumped 180 percent, to 10,200, according to one estimate.

"New Mexico has five tracks now and that number could jump to at least eight in coming years. There are more race days, and the amount of money wagered on races is up.

"... Slot machines 'revived a dying industry,' says India Hatch, executive director of the state Racing Commission.

"...The purse subsidy is projected to grow more than 19 percent, from $29.4 million to $35.1 million, in the fiscal year ending this coming June 30..."

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