[1] NOTE:  As provided in LFC policy, this report is intended only for use by the standing finance committees of the legislature.  The Legislative Finance Committee does not assume responsibility for the accuracy of the information in this report when used in any other situation.

 

Only the most recent FIR version (in HTML & Adobe PDF formats) is available on the Legislative Website.  The Adobe PDF version includes all attachments, whereas the HTML version does not.  Previously issued FIRs and attachments may be obtained from the LFC’s office in Suite 101 of the State Capitol Building North.

 

 

F I S C A L   I M P A C T   R E P O R T

 

 

 

SPONSOR:

Whitaker

 

DATE TYPED:

02/05/02

 

HB

HJM 47

 

SHORT TITLE:

Hobbs Horse Racetrack

 

SB

 

 

 

ANALYST:

Gonzales

 

APPROPRIATION

 

Appropriation Contained

Estimated Additional Impact

Recurring

or Non-Rec

Fund

Affected

FY02

FY03

FY02

FY03

 

 

 

 

$0.1 Indeterminate

 

 

 

 

 

 

 

 

(Parenthesis ( ) Indicate Expenditure Decreases)

                                                                                                                                                           

 

SOURCES OF INFORMATION

 

LFC Files

State Racing Commission

 

SUMMARY

 

     Synopsis of Bill

 

House Joint Memorial 47 requests the State Racing Commission to study the potential benefits of licensing a horse racetrack in Hobbs.

 

     Significant Issues

 

The State Racing Commission has indicated it is currently evaluating three applications for a racetrack in Hobbs and using all available resources to conduct investigations and research to determine if another racetrack within the state, in particular in Hobbs, is best for the horseracing industry in New Mexico.

 

A feasibility hearing for a racetrack was held by the State Racing Commission on November 14, 2001, where testimony of the pros and cons from area citizens regarding a racetrack in the community was heard.  The State Racing Commission indicates it will use the information from the hearing along with their knowledge of the horseracing industry in New Mexico and information from applicants involved to determine what is best for horseracing within the state.

 

FISCAL IMPLICATIONS

 

This legislation requests the State Racing Commission to undertake the study without additional resources.  The agency indicates it does not have the resources to conduct an outside independent economic impact study concerning licensing a racetrack in the Hobbs community.  However, the State Racing Commission is already in the process of researching and investigating whether another racetrack in Hobbs is beneficial to state horseracing industry and if there are qualified applicants to build and operate a new horse racetrack.  Additionally, the State Racing Commission would also have to study what the economic impact of a new racetrack in Hobbs would have on the whole horseracing industry in the state.

 

JMG/njw

 [1]Begin typing on the * in replace mode.  Do not add or delete spaces.