Everett Dobson:

Thank you, Greg. And thank you to all of our speakers today. Greg, you mentioned the power of telling it three times. I had a colleague one time tell me when I was preparing an investor presentation, you got to tell them what you’re going to tell them. You got to tell them. And then you got to tell them what you told them. If you guys haven’t heard fan development enough today, well, guess what? I’m going to tell you what we told you and it’s fan development. But before I do, I want to acknowledge that we’ve got a lot of people here and I’m not going to be able to mention them all, but we got people in this room from all over the country, literally from all over the world. I actually have from the great state of Oklahoma, my lovely wife, Jeanetta, here today. Without her, I wouldn’t be able to do any of this.

So, we thank you.

It is a pleasure to be here today. And again, I’ve had the benefit of hearing from this industry’s best and brightest. And here’s what struck me as we listened to all of them. Every initiative ties back to that single idea of fan engagement. Because before any of us were in this room, we were owners and racing officials and retail betters, trainers. Before any of that, we were fans. That’s what brought us here. That’s what keeps us here. That is what’s going to take us to the next level. There are few sports with a history as rich as ours. For more than three centuries, the Thoroughbred has represented the highest standard of athleticism, courage, and selective breeding. Entire generations have devoted their lives to preserving this extraordinary animal and the sport built around it. Today, we have inherited that responsibility, not ownership, but stewardship. This has been the mission of The Jockey Club for more than 130 years.

Technology is changing. Consumer habits are changing. Competition for entertainment has never been greater. Public expectations continue to evolve. Government policy continues to shape our business. The good news is I believe there has never been a more promising time for Thoroughbred racing. I genuinely believe this. I know there are skeptics and I welcome that. But let me tell you what I see.

Today, there are approximately, let’s call it 50,000 Thoroughbreds in training to become racehorses. However, as we heard earlier, that’s a small part of the total equine world. In the United States, there are approximately 6 million horses in the broader equestrian world. There’s approximately 7.6 million people, individuals that engage with those horses daily. The equestrian market is estimated to be in excess of 177 billion, and it’s growing at 6% a year. There clearly is an affinity for the horse. Our job is to extend that affinity to the Thoroughbred, to turn a nation that already loves horses into one that loves this sport.

The challenges before us, of course, they’re significant, but so are the opportunities. Today, I would like to discuss four priorities that I believe will define the future of our industry. First, protecting the Thoroughbred. Second, growing our sport. Third, strengthening our industry through public policy and collaboration. And finally, preparing the next generation to inherit an industry worthy of its remarkable history. So, protecting the Thoroughbred, everything begins with the horse. Without the Thoroughbred, there is no racing. There is no breeding industry. There are no owners, trainers, jockeys, racetracks, or fans. That is why protecting Thoroughbreds remains the highest priority. It begins with our primary role, and that’s protecting the integrity of the breed through the American Stud Book and our registration system. It continues through investment in scientific research, veterinary medicine, equine welfare, and genetic analysis. And it extends through every stage of a Thoroughbred’s life.

One of the most encouraging developments over the past decade has been the industry’s commitment to aftercare. What was once viewed by some as a worthy initiative has become an expectation. That did not happen by accident. It happened because owners, breeders, racetracks, and organizations throughout our industry accepted a shared responsibility that extends well beyond the finish line.

We have also made significant improvements in the safety of our sport for our horses and our jockeys. We have new technology. We have better data. We had advanced veterinary protocols, greater transparency, and a willingness to work on these issues continuously. Last year, the rate of fatal injury in Thoroughbred racing fell to 1.07 per thousand starts, the lowest since we began monitoring in 2009, and a decline of 47% since then. Tracks operating under HISA rules recorded a fatality rate of 1.04 per a thousand starts compared to 1.21 at tracks outside of HISA’s jurisdiction. Uniform standards work. The data proves it, not just our conviction. And tracks that publish their safety data openly run a fatality rate of just 0.95 against 1.14 at tracks that do not. While there is more work to do, we should recognize the tremendous progress that has been made. Safety is not a destination. It is a commitment that must continue every day.

Another deserving area of our attention is the long-term genetic health of the Thoroughbred. The current foal crop in the United States suggests that we represent just under 20% of the global foal crop. Globally, the decrease in the number of stallions in breeding service today has outpaced the decrease in mares. The number of stallions has decreased faster than the number of mares. Consequently, the coefficient of inbreeding has been increasing at an increasing rate.

We are committed to scientific research to inform the industry in regards to this. One of the things that we are going to be launching is what we call a SNiP analysis. What is a SNiP analysis? Well, it will measure the actual shared DNA, and this will allow the breeder or purchaser of a racehorse to have a far better understanding of the true genetic makeup of the broodmare, the stallion, or a prospective yearling. What does SNiP, or SNP, stand for? Single nucleotide polymorphism. I’m just going to call it SNiP for now. As I said, to assist in this, we are going to be launching an initiative that will allow the SNiP to be analyzed through the genetic makeup of the horse. The Jockey Club is committed to this initiative. We’ll be launching something that you will have available as breeders sometime this winter. We will also continue to work with geneticists and our owners and breeders.

The science-backed tools that leverage the power of SNiPs will give us insight into the genetic makeup and the inbreeding and the coefficient of inbreeding that will last us for generations.

We talked a lot about growing the sport. We must grow the sport. No industry has ever regulated its way to prosperity. No business has ever cut its way to long-term growth. Growth comes from sustainable ecosystem, which requires new customers, new fans, new owners, new breeders, new participants. Every major professional sport in America invests heavily in creating lifelong fans. None of this is going to work without real investment in how we market and package the sport. It’s not a “nice to have.” It’s the difference between a great product nobody hears about and one that finds the audience it deserves. We have real time, real examples of this currently underway. You’ve heard from some of them today. You heard from Greg Maffei who helped transform Formula 1. He has turned his attention to our industry with the launch of the Horse Racing League. I don’t believe that’s a coincidence.

I think it’s a signal. It’s a signal that serious people with serious track records see what we see. That this sport presented the right way can compete for the modern fan. This week also, we saw a collaboration announced between Churchill Downs and NYRA on the Thoroughbred championship series. A season-long championship for 3-year-olds, one of our important divisions in the sport. With two of our biggest track owners and two broadcast networks, Fox and NBC, they’re choosing to build something together.

And you heard also a few minutes ago from James Dresher on the significant investments being made in Maryland. I’m more than happy, and not just hopeful, but I’m very optimistic that these investments will pay off for not only the state of Maryland, but also for the Preakness Stakes as well. The Thoroughbred industry has extraordinary stories to tell. The partnership between horse and human, the patience required to breed champions, the dedication of our horsemen and horsewomen, the beauty and athleticism of the Thoroughbred itself. We do have remarkable content as Tor advised. Millions turn out for our biggest days. Too few come back. Our challenge is to make sure people see it.

Recently, FanDuel reassessed their priorities, which will result in FanDuel diminishing their coverage of live racing. Although this creates a real gap in how our content reaches fans, it also allows us to rethink how our content should be reaching fans.

It will require strategic planning and collaboration to build a sustainable distribution pathway. It will address consumer demand in the current environment. And I can report to you that those discussions are actively underway currently. Today’s consumer discovers sports through digital platforms, streaming services, social media, mobile devices, as you’ve heard today. Our content must be available wherever the fan chooses to consume sports.

Leadership beyond the finish line. The Jockey Club has always been known as the guardian of the breed. Increasingly, we must serve as a leader on issues affecting the future of our industry. That includes engagement in Washington, D.C., and in state capitals across the country. Policies affecting agriculture, taxation, gaming, interstate commerce, and horse racing have profound implications for our future. We will continue supporting legislation that recognizes the unique nature of pari-mutuel wagering and seeks to restore the ability of horseplayers to fully deduct their wagering losses against winnings. We will continue to monitor the expansion of prediction markets and the multitude of court proceedings that will very likely end up in front of the Supreme Court.

Additionally, we’re going to be a stronger partner for the states and the regions that comprise our industry. Many of the greatest challenges facing Thoroughbred racing are not national. They are in fact local. They occur at state legislatures, state racing commissions, state breeding programs, regional economic development discussions all across the country. For that reason, I am pleased today to announce that The Jockey Club is expanding its commitment to supporting horse racing and breeding organizations at the state and regional level. We will be adding a new member of our team that will dedicate 100% of their time to state initiatives. This effort will help share best practices among breeding programs. Assist horsemen facing legislative challenges such as decoupling proposals, provide research and economic analysis, encourage greater regional cooperation where neighboring states can achieve more by working together than by working alone. Every state racing program has unique strengths. Our goal is not to replace local leadership. Our goal is to support it. When one state succeeds, this industry succeeds.

Looking ahead, our industry has never lacked resilience. For more than 300 years, the Thoroughbred has endured wars, pandemics, economic crises, and changing technologies and consumer preferences. The reason is simple. Every generation has accepted responsibility. Now it is our turn. We should be proud of our accomplishments. Our horses are safer. Our commitment to welfare has never been stronger. Scientific research continues to expand our understanding of the breed. Integrity continues to improve. Our industry has become more engaged in shaping public policy. These are meaningful achievements, but again, they are not the finish line. Our greatest opportunity lies ahead. I’ll say it again. We’re growing new fans. We’re going to welcome new owners. We’re going to support our breeders, strengthening state racing, expanding the reach of our sport, and ensuring that the Thoroughbred remains one of the most admired athletes in the world.

The Jockey Club will continue doing its part because, ultimately, we are not simply preserving a sport, one that has inspired generations before us, and one that deserves to inspire generations yet to come. I look forward to working with all of you as we write the next chapter in the remarkable story. Thank you very much. And that concludes the Round Table this year.