StockNews.AI
AGCO
StockNews.AI
116 days

AGCO and Woodbine Entertainment Group reach settlement following investigation into track safety at Woodbine Racetrack

1. AGCO and Woodbine agreed on measures for safer horse racing. 2. 19 racehorses suffered injuries; 10 required euthanasia during fall 2024. 3. Woodbine will implement enhanced maintenance and oversight measures. 4. Regulatory non-compliance may lead to fines of $200,000. 5. Broader AGCO rules aim to improve horse racing safety.

6m saved
Insight
Article

FAQ

Why Neutral?

Despite significant changes, AGCO's regulatory actions likely have little immediate effect on AGCO's stock price.

How important is it?

The article discusses regulatory measures affecting equine safety, relevant for AGCO's operational context.

Why Long Term?

The implemented measures may improve track safety, potentially benefiting AGCO's reputation over time.

Related Companies

CNCISRG
TORONTO, April 25, 2025 (GLOBE NEWSWIRE) -- The Alcohol and Gaming Commission of Ontario (AGCO) and Woodbine Entertainment have finalized a settlement agreement following an AGCO investigation into a series of serious equine incidents in the fall of 2024. For purposes of the settlement, Woodbine is not contesting the AGCO findings, but reserves its other rights. The AGCO is committed to ensuring safe horse racing in Ontario. In line with that commitment, Woodbine has agreed to a set of enforceable actions aimed at improving track maintenance practices and protecting the welfare of racehorses competing at Woodbine. Between October 28 and December 15, 2024, 19 Thoroughbred racehorses sustained injuries while racing and training on Woodbine’s all-weather Tapeta surface. Ten of those injuries resulted in euthanasia. One particularly concerning day occurred on November 9, when six breakdowns – including three requiring euthanasia – occurred across a single day of training and racing. The AGCO’s investigation concluded that Woodbine’s 2024 track maintenance practices were inadequate and inconsistent with manufacturer guidelines. Key issues identified included: Substandard grooming practices and irregular surface depth measurements;Undertrained and inexperienced maintenance personnel;Absence of standardized maintenance protocols;Improperly maintained track equipment. The Tapeta surface is recognized as one of the safest racing surfaces in the industry when properly maintained, and has an exemplary safety record. Woodbine has historically maintained one of the strongest safety records among North American racetracks. The measures now being implemented are designed to ensure that this standard is reinforced. In response to the above findings, and as part of the settlement, Woodbine Entertainment has agreed to implement the following measures: Independent oversight: Retain two internationally recognized track safety experts for two years to conduct quarterly safety assessments of the Tapeta surface. These reports will be shared with both Woodbine and the AGCO.Governance enhancements: Establish a new Track Surfaces Committee, including representatives from Woodbine, the Horsemen’s Benevolent and Protective Association (HBPA), and the Jockey’s Benefit Association of Canada (JBAC), to monitor track safety and make recommendations for improvement throughout the season.Board-level oversight: Woodbine Entertainment’s Board of Directors to mandate that its Governance and Compliance Committee provide oversight of the Track Surfaces Committee. Failure to comply with these measures by Woodbine will result in regulatory measures being taken by AGCO including a $200,000 monetary fine. As part of the agreement, Woodbine Entertainment will also make a $200,000 donation to support equine aftercare and welfare in Ontario, with equal contributions to the LongRun Thoroughbred Retirement Society and the Thoroughbred Aftercare Alliance. In parallel to the AGCO-directed measures, Woodbine Entertainment has already undertaken significant reforms and investments to enhance track safety, including: Comprehensive training of its Racing Surfaces team with Tapeta Footings and other experts;Recruitment of a full-time track maintenance specialist with decades of international experience;Acquisition of advanced track maintenance equipment, including cultivators, conditioners, and testing tools;Installation of an Integrated Racetrack Surface Tester to monitor moisture, temperature, and cushion depth;Renovation of the track near the five-and-a-half furlong marker to improve consistency and drainage;Updated maintenance protocols and clarified team responsibilities to ensure consistent and accountable track management. Additionally, the AGCO will move forward with broader enhancements to the Rules of Racing, including: Strengthened veterinary oversight;Increased scrutiny of horses returning from the vet’s list;New guidelines around racing frequency and the use of certain therapeutic treatments. These reforms represent an important step forward and lay the foundation for a safer and more sustainable future for the sport. MEDIA CONTACT AGCO Mediamedia@agco.ca ABOUT THE AGCO The Alcohol and Gaming Commission of Ontario (AGCO) is an Ontario provincial regulatory agency reporting to the Ministry of the Attorney General (MAG). It is a corporation under the Alcohol and Gaming Commission of Ontario Act, 2019.

Related News