The 2025 edition of the Pegasus World Cup, the inspiration behind the concept of The Everest, and once the world’s richest race, will be staged under a cloud this Sunday, with uncertainty about the future of the Florida racecourse it is held on, Gulfstream Park.
The race, a slot concept founded as the world’s richest in 2017, which in 2018 was run for US$16 million when won by Gun Runner, will be worth $3 million when contested this Sunday for the ninth time.
Its future is under a considerable cloud after trainers at the South Florida track were told last week that the track’s owners, 1/ST, wanted them to support the company’s efforts to get legislation passed which would decouple the requirement for both casino and live racing to operate simultaneously.
Under Florida law, casino operations at Gulfstream can only exist if there is a live racing element as well. But 1/ST wants this changed. It reportedly wants to undertake a major redevelopment of the property, which sits on extremely valuable land on Hallandale Beach.
The trainers were told in a closed-door meeting that if they supported the change, 1/ST could guarantee racing at the site until 2028. However, there was no guarantee that it would continue beyond that date. If they didn’t support it, it may have to close much sooner.
In a recent letter leaked to several American media outlets, 1ST representative Keith Brackpool, put the future of the track in context.
“We hope Gulfstream Park can continue as a home for horse racing in South Florida,” the letter stated. “In due course, it will be determined whether Gulfstream Park remains the appropriate location or if we should consider alternative sites within the State of Florida for a new facility.”
As it stands, casino and racing are coupled in licensing with prize money at the track funded in part, by casino revenue. Gulfstream Park is the only track in South Florida.
The value of the land as real estate has echoes of the challenges facing Australian racetracks, and the recent debate over the futures of Rosehill and Sandown.
Rosehill’s future will be determined by an ATC member vote on April 3, while Sandown will be preserved as a racing venue after a change of board at the Melbourne Racing Club.
1/ST has previously said funding for the redevelopment of Gulfstream Park is dependent on the legislative changes.
The prospect of the closure of the Florida track has drawn concern from various aspects of the American thoroughbred industry.
The Kentucky Thoroughbred Association (KTA) and the Thoroughbred Horsemen's Association have expressed concerns over the decoupling proposal.
Bren O’Brien
“Tracks and horsemen can forge a common and successful business strategy that need not be adversarial,” KTA said in a statement this week.
“Such collaboration brings dividends in Washington, Frankfort, Albany, or Tallahassee.”
“Racing in the 21st century has shown it is a responsible custodian of alternative forms of gaming and attracts billions of dollars of investment equally, to the betterment of our constituents, corporate profit, and tax revenue. We in Kentucky know what it looks like. 'Decoupling' is not it.”
The news prompted Resolute Racing’s John Stewart, one of the thoroughbred industry’s biggest investors over the past two years, to commission a poll on social media platform X asking if his company should purchase a track in “the Miami area”.
Tim Rowe
The poll received 1800 votes, with 93 per cent of them in the affirmative.
American racetracks are undergoing a major rationalisation. Golden Gate Fields in California, also owned by 1/ST, was shut down last year, while Arlington Park in Illinois shuttered in 2021. Laurel Park, in Maryland, is also slated for closure once renovations are completed at Pimlico, which will become the sole racing venue in the state.
As fate would have it, Gun Runner’s son Locked is favourite for this year’s edition of the Pegasus World Cup at Gulfstream Park. The Pegasus World Cup Turf, worth $1 million, will also be staged on Sunday.
1/ST announced this week that the winner of Saturday's Pegasus World Cup Turf will be granted automatic entry to this year's Group 1 Qatar Sussex Stakes at Goodwood.
Additionally, the winner of this year's Sussex Stakes will gain automatic entry to the Pegasus World Cup Turf in 2026.
“These reciprocal pathways mark the latest strides in 1/ST's bid to broaden the appeal and international participation in the world's major races,” 1/ST President Aidan Butler said.
If the opportunity presented itself, who would be in favor of @resracingky owning a track in Miami area?
— Jstewartrr (@jstewartrr) January 17, 2025
If we get 1000 votes in favor and I can make it happen all the voters get free VIP admission for life.
“We've already seen such incentives reap immediate rewards when Crimson Advocate won at Royal Ascot in 2023, having punched her automatic spot via our Royal Palm juvenile series at Gulfstream Park. Now, Miami can hopefully work its magic again with the Qatar Goodwood Festival.”
