MONTREAL, Feb. 2 /CNW Telbec/ - "We are working tirelessly to find a
realistic and lasting solution that will ensure the continued existence of
Quebec's horseracing industry. Especially in the current economic climate,
it's not an easy situation and there's no miracle solution. We understand the
frustration of the people involved in horseracing and sincerely encourage them
not to reject this opportunity we have been given to save our industry," said
Paul J. Massicotte, owner of Attractions Hippiques Inc.
If it is accepted by the parties involved, the restructuring plan that
RSM Richter is working on will undoubtedly entail a major overhaul of the
operations at Attractions Hippiques, its racetracks, horseracing programs in
Quebec and purse amounts.
It must be borne in mind that the video lottery terminals at the
Ludoplexes have generated revenues of only $8 million, well below the budget
projections of $49 million.
"We have demonstrated our commitment to the Quebec horseracing industry
on many occasions. We invested $38 million in the racetracks in Trois-Rivières
and Quebec City alone: that's $15 million higher than our initial commitment.
We must remain realistic: our industry is in a precarious situation, which
means that we all must make sacrifices. In this context, we must all do our
part and contribute to developing this revitalization plan, and Attractions
Hippiques intends to continue acting with this in mind," concluded Mr.
For further information:
For further information: Ian Wetherly, President and chief operating
officer, Attractions Hippiques, (514) 739-2741 ext. 2221