Florida’s Thoroughbred industry has reached a pivotal moment, and a newly commissioned feasibility study is now shaping the debate over its long-term future.

The Thoroughbred Racing Initiative (TRI), a broad-based coalition formed earlier this year, has released the findings of a comprehensive study aimed at protecting live horse racing in Florida. The move comes as TRI continues its push to prevent Gulfstream Park from retaining its slots license without conducting live racing.

The study was commissioned by TRI and the Florida Horsemen’s Benevolent & Protective Association (FHBPA), which represents owners and trainers racing at Gulfstream. It was produced by Crossroads Consulting Services, working in conjunction with global architectural design firm Populous.

At stake is an industry that contributes an estimated $3 billion to Florida’s economy and supports more than 33,000 jobs. According to TRI vice president Jon Green, the study is intended to provide an objective starting point rather than a predetermined solution.

Green said the research establishes a framework that will guide discussions with industry stakeholders, lawmakers, civic leaders, and current property owners as the coalition works toward long-term solutions for Florida racing.

The study examined several potential long-term racing scenarios. These ranged from maintaining Gulfstream Park as the year-round centerpiece of Florida racing to relocating operations to alternative sites. Locations reviewed included Hialeah Park, Tampa Bay Downs, and a “greenfield” option involving construction of an entirely new racetrack. Palm Meadows Training Center and the former Calder Race Course site were also evaluated but were not considered viable for renewed racing.

To be considered workable, any site would need to meet minimum operational standards, including a one-mile dirt track, a seven-furlong turf course with a movable rail, a grandstand capable of seating 3,000 spectators, modern veterinary and testing facilities, roughly 1,400 stalls, and full backstretch infrastructure.

Site assessments

Gulfstream Park was found to meet or exceed all minimum requirements for year-round racing. Following recent investments in surfaces and facilities, no immediate capital expenditure would be required to continue racing operations, although the study notes that a standalone casino and possible hotel could help restore lost clubhouse space.

Hialeah Park retains a serviceable grandstand and paddock but lacks stabling. A full return to year-round racing would require new track work, barns, and support facilities, with a preliminary estimated cost of $89.95 million. Even then, off-site training would likely remain necessary due to stall limitations.

A winter ship-in option at Hialeah was also evaluated. This limited meet would rely more heavily on existing infrastructure and require less new construction, with an estimated cost of $50.65 million. Racing outside the winter months would need to be conducted at another venue.

Tampa Bay Downs was deemed functional in terms of track and stable facilities, but its grandstand is outdated and would require significant renovation. Year-round racing would also benefit from widening the turf course and upgrading the stable area. The projected capital cost for these improvements is $44.40 million.

The greenfield concept assumes construction of a brand-new racing facility on approximately 160 acres, including a mile dirt track, seven-furlong turf course, 3,000-seat grandstand, and 1,400 stalls. The estimated cost for this option is $194.80 million, excluding land acquisition.

Ownership and governance models

The study also reviewed potential ownership and operating structures aimed at ensuring transparency, stability, and reinvestment. These include a nonprofit racing association similar to Keeneland or Del Mar; a public-benefit or quasi-public authority modeled on the New York Racing Association; a horsemen- or breeder-led cooperative; and a strategic partnership with an established racing or gaming operator that retains local governance.

TRI senior adviser Damon Thayer said the analysis provides essential due diligence as the coalition weighs its next steps, noting that the economic and cultural stakes for Florida racing remain high.

Using data from 2019 through 2024, Crossroads benchmarked Florida against 10 peer states. Florida ranks third in mares bred and fourth in foal crop, while its breeder and owner incentive programs remain among the strongest in the country outside of Kentucky.

For TRI, the objective extends beyond blocking decoupling. The coalition aims to present lawmakers with viable, costed solutions that can sustain Florida Thoroughbred racing as an economic and tourism driver well into the future.

Image Gulfstream Park