PHOENIZ, AZ—AUGUST 11, 2017—A statement released today by the Arizona Department of Gaming/Racing Division in response to an earlier report says there are no plans to shut down racing in Arizona in the coming fiscal year.

"We are confident that we will effectively regulate live horse racing through the coming season," Greg Stiles, Enforcement Manager of the Arizona Department of Gaming/Racing Division said.

"Like any state agency faced with an adjusted budget, leadership confers, strategizes and makes the necessary moves to match the money appropriated for our regulatory efforts. When the budget was passed in May 2017, the Division immediately made and implemented cost saving decisions as necessary. Consequently, we have no plans to shut down horse racing in Arizona. ".

The Division Is Financially Sound

Stiles said the Arizona Department of Gaming/Racing Division is not running out of money. Through previous fiscally responsible efforts, the Division ended last fiscal year with a cash reserve. Even with the downward adjustment of the RWA to .05 percent, which is the main funding source of the Division, there is sufficient money available to meet the FY17-18 appropriation.

The Division currently has $1.6M in cash reserves.

"After making adjustments in accord with the new budget we estimate that the Division will have $788,562 at the end of the current fiscal year, an adequate amount to effectively regulate," Stiles said.

"The Division is financially sound and we have no plans to shut down horse racing," Stiles said.

Accordingly, the Division is not planning to request additional appropriations. The Division is funded by the horse racing industry. Consequently, speculative risks are always present. Stiles says they have lived with this reality for well over half a decade.

A major role of the Division and the Racing Commission is to anticipate and adapt to unforeseen changes in order to ensure a well-regulated and safe racing season.

"The Division and the Commission are committed to vigilantly fill that role," Stiles said.