Summary.
The bill aims to secure stable, transparent, and sufficient funding for horse racing prizes at Presidente Remón Racetrack. It links that aim to the horse racing industry, employment, investment, economic activity, and Panamanian families connected to the sector. To that end, it proposes amending Article 61 of Decree Law 2 of February 10, 1998, and establishing an annual allocation from revenue collected by the Gaming Control Board.
Under the amendment, the Gaming Control Board would allocate 8 million balboas (B/.8,000,000.00) each year to prizes for races held at Presidente Remón Racetrack. The amount would be transferred to the Administrator-Operator of Presidente Remón Racetrack in two installments: 4 million balboas (B/.4,000,000.00) during the first 15 days of January and the remaining 4 million balboas (B/.4,000,000.00) during the first 15 days of July each year. The administrator-operator would manage those funds and pay them out weekly as horse racing prizes.
The bill requires the Administrator-Operator of Presidente Remón Racetrack to report weekly on the management and use of the money to associations of horse owners and breeders. It names the Panamanian Turf Owners Association (Asociación Panameña de Propietarios del Turf), the Panama Thoroughbred Racehorse Owners Association (Asociación de Propietarios de Purasangres de Carreras de Panamá), the Horse Owners Society (Sociedad de Dueños de Caballos), and the Horse Breeders Society (Sociedad de Criadores de Caballos) as recipients of those reports. The reporting requirement concerns the funds allocated to prizes and accompanies their weekly payment to race prize winners.
The allocation would be divided between two categories. 1 million balboas (B/.1,000,000.00) would be distributed as classic race prizes and added to the share of existing classic race prizes. 7 million balboas (B/.7,000,000.00) would be distributed as race prizes, with a share of no less than 50% for domestically bred horses. The Office of the Comptroller General of the Republic would oversee the amount and ensure that it is used exclusively to pay prizes for races held at Presidente Remón Racetrack.
In addition, the State, through the Executive Branch (Órgano Ejecutivo), would allocate 1.5 million balboas (E/.1,500,000.00) to help cover the expenses of the Caribbean International Classic (Clásico Internacional del Caribe) if the event were held in the Republic of Panama. The bill reiterates the amendment to Article 61 of Decree Law 2 of February 10, 1998, and provides that the Law would take effect on the day after its promulgation. Its provisions connect the Gaming Control Board, the Office of the Comptroller General of the Republic, and the Executive Branch with the racetrack administrator-operator, horse owners and breeders, and the horse racing sector.
What it proposes.
- Annual funding for horse racing prizes.
- Transfer, management, and distribution of funds for horse racing prizes.
- Reports to horse racing associations and oversight of the funds.
- State contribution contingent on Panama hosting the Caribbean International Classic.
Who it would affect.
- Gaming Control Board
- Administrator-Operator of Presidente Remón Racetrack
- Horse owners and breeders
- Participants in races at Presidente Remón Racetrack
Key points.
- The bill states that its purpose is to fund prizes for horse races at Presidente Remón Racetrack.Art. 1
- The Gaming Control Board would allocate 8 million balboas (B/.8,000,000.00) of its revenue each year to pay those prizes.Art. 2
- The administrator-operator would receive the funds in January and July each year, manage them, and pay out the prizes weekly.Art. 2
- The administrator-operator would report weekly to the associations of horse owners and breeders on the use of the money.Art. 2
- The allocation would be divided between classic race prizes and other race prizes; for domestically bred horses, the latter could not be less than 50%.Art. 2
- The Office of the Comptroller General of the Republic would oversee the funds to ensure they are used exclusively for prizes in races held at the racetrack.Art. 2
- The Executive Branch would contribute 1.5 million balboas (E/.1,500,000.00) toward the expenses of the Caribbean International Classic if it is held in Panama.Art. 2
- The bill reiterates the amendment to Article 61 and provides that the Law takes effect on the day after its promulgation.Arts. 3-4