Latest news with #HMA
Yahoo
20-05-2025
- Business
- Yahoo
Bet Ontario: Decline In Home Wagering Leads To Decreased Funding For Critical Programs
The popularity of 'Buy Canadian' programs as a response to U.S. threats on Canada's sovereignty has been extended to Ontario's horse racing industry in a campaign called Bet Ontario (#betontario).Ontario Racing is encouraging those that choose to bet on horse racing to consider the critical importance of wagering on the races conducted in Ontario. Betting on Ontario races in Ontario is essential for supporting some 30,000 jobs in the province connected to the horse racing sector, which translates into about 23,000 full-time equivalent put, the Ontario horse racing industry keeps the most money from bets made in Ontario on live races being conducted in the province (and please always bet responsibly).It's known as Home Market Area (HMA) wagering and it is the primary source of funding for critical horse breeding programs. That part is worth repeating. The amount of money in Ontario breed-development programs such as Standardbred racing's Ontario Sires Stakes (OSS) and breeder rewards and bonus programs for Thoroughbreds is directly tied to HMA betting. In fact, HMA wagering is, by far, the largest source of funding for those wagering is defined as: Any wager on horse racing made while the person betting is physically located in Ontario. That includes wagers made at one of 15 Ontario racetracks, a long list of off-track betting locations, and via online platforms such as HPIbet and means bets made in Ontario on live racing happening outside of Ontario count as HMA wagering, too, but the Ontario horse racing industry receives a lower percentage of the proceeds because it shares the money with the out-of-province host the platform used to make the bets matters. Since the Woodbine Entertainment Group (WEG) owns and operates HPIbet, more of the proceeds from wagers made via that platform stay in the Ontario horse racing operates like a not-for-profit company. Any profit it generates is invested back into the horse racing industry. Over the last two fiscal years, HMA wagering has declined 12.6 per cent, with a 6.5 per cent decline from $733 million to $686 million in the last fiscal has already led to a decrease in funding for programs under the Horse Improvement Program (HIP) managed by Ontario Racing. HIP supports the breeding and racing of Thoroughbreds, Standardbreds, and Quarter wagering provides about 60 per cent of total HIP funding. In fiscal year (FY) 2025, the amount of HIP funding from HMA wagering was just over $20.6 million (unaudited). Due to the decrease in HMA betting, the amount of HIP funding from that source is budgeted to be $19.35 million at the end of the current Gaughan, the independent chair of Ontario Racing, said the launch of online casino and sports betting platforms in the province in April of 2022 has had a negative impact on betting on horse racing. Ontario is now home to more than 50 legal online gambling operators offering more than 80 different sites. Through the first three years of operation, those online gambling sites have, collectively, generated more than $7 billion in revenue. 'HMA wagering is under competitive siege from the advent and proliferation of advertising and aggressive player marketing from well-funded and deeply capitalized licensed digital gaming operators in Ontario and this decline in HMA wagering in the last two years amounts to an annualized loss of about $11-12 million of horse racing industry income,' Gaughan said. 'It means we have had to trim about $3 million annually from the respective HIP programs and budgets in addition to the industry income loss.'Critical programs under HIP include: the Standardbred Improvement Program (SIP) that funds the OSS, the Thoroughbred Improvement Program (TIP), the Quarter Horse Racing Industry Development Program (QHRIDP) and lucrative breeder awards programs for all three a vicious circle. A decrease in purses or breeder awards makes it even more difficult to attract horse owners and for Ontario breeders to survive financially. That could lead to fewer horses being produced in the province, which, in turn, lowers the field size for races. Lower field size typically leads to lower betting handle, which perpetuates the good news is, if HMA wagering goes up in 2025, those programs will receive increased where Bet Ontario comes in. Beyond betting on the Ontario product while located in the province, Ontario Racing is also asking anyone interested in supporting horse racing to spread the word about the importance of Bet using the hashtag #betontario on our social media platforms and encouraging anyone interested in promoting Ontario horse racing to do the same when posting about the industry. The hashtag goes beyond referring to betting on horse racing. It signifies an all-encompassing support for the Racing is also planning an extended educational campaign to better inform the industry about the importance of HMA the meantime, consider bringing new people to the track. Getting close to the horses is the best way to create new fans. Short of that, wagering while watching at home is still an easy and exciting option. For example, Ignite World Racing on Sportsnet has approximately 30 broadcasts a year of major live Thoroughbred races from around the world, including six from HPIbet customers can watch all the races while they the end, it's a little more difficult to slap one of those 'Canadian product' stickers on some 10,000 Ontario horses connected to racing, but Bet Ontario is a 'Made in Ontario,' 'Buy Local' suggestion for Ontarians wishing to support their own world class horse racing industry.
India Today
07-05-2025
- Politics
- India Today
Colonel Courageous: Who is Sophia Qureshi, the army officer shining at Op Sindoor briefing?
It made for a picture worth more than any words and summed up what India stood for. At the Operation Sindoor press briefing in New Delhi on May 7, joining forces with Foreign Secretary Vikram Misri were two bright women military officers—Colonel Sophia Qureshi and Wing Commander Vyomika Singh. An alumni of the Maharaja Sayajirao University of Baroda (MSUB), Col. Qureshi, who is an officer from the Indian Army's Corps of Signals, belongs to a family with a long military background. Her grandfather served in the army while she is married to Major Tajuddin Qureshi of the Mechanised Infantry. Col. Qureshi, who is from Vadodara, did her MSc in Biochemistry from MSUB in 1997 and joined the Indian Army in 1999. In 2006, she served with the United Nations Peacekeeping Operation in Congo as a military observer. She monitored ceasefires and supported humanitarian efforts, gaining invaluable experience in conflict resolution and international cooperation. Since 2010, Col. Qureshi has been associated with the Centre for United Nations Peacekeeping Operations in New Delhi. She has also served in counterinsurgency postings across India, which honed her skills in high-pressure environments. Qureshi's most celebrated achievement came in March 2016 when she became the first woman officer to lead a 40-member Indian Army contingent at Exercise Force 18, the largest foreign military exercise hosted by India, held in Pune. This multinational exercise had participation from 18 ASEAN Plus countries, including the United States, China, Russia, Japan and South Korea, the focus being on Peacekeeping Operations (PKOs) and Humanitarian Mine Action (HMA). As the only woman contingent commander among the participating nations, Col. Qureshi's leadership was pivotal in training troops and fostering interoperability. Commenting on her leadership at the time, then Lieutenant General Bipin Rawat had stressed that Qureshi's leadership qualities and commitment were well earned, not mere tokenism. 'In the Army, we believe in equal opportunities and equal responsibilities. Sophia Qureshi embodies leadership qualities that transcend gender barriers,' he had said. As Prof. Hitesh D. Raviya, officer on special duty (public relations and communication) at MSUB, said: 'Sophia Qureshi's presence at the [university] department earlier and her leadership today on the battlefield are part of the same continuum of excellence. Col. Sophia Qureshi stands as a beacon of inspiration for every student of MSU Baroda.' Col. Qureshi's brother Mohammad Sanjay Qureshi described her May 7 presser as the family's proudest moment. 'Nothing greater than a member of our family briefing the nation [about Operation Sindoor],' he said. Recalling his sister's courageous streak since childhood, Sanjay added: 'She suffered fractures while learning to cycle, but nothing could deter her.' Col. Qureshi has become an icon for young Indians. She actively encourages young women to join the army, delivering lectures in schools and colleges, including under Operation Sadhbhavna in the Kashmir Valley, to inspire girls to pursue military careers. Her message is clear: 'Join the Army. Work hard for the country and make everyone proud.' In January this year, Col. Qureshi visited her alma mater—the Department of Biochemistry at MSUB, where she was warmly welcomed by the faculty and former teachers. Her visit was an inspiring moment for students and staff. While Col. Qureshi is currently posted in Uttar Pradesh, her brother and father Taj Mohammad Qureshi live in Tandalja area of Vadodara, which has over the past decade become a deeply polarised city. However, on May 7, representing the Indian Army and leading the Operation Sindoor media briefing with Wing Commander Vyomika Singh, Col. Qureshi broke several stereotypes, gender norms and reinforced the idea of India as a country united in its diversity. Subscribe to India Today Magazine
Hospitality Net
06-05-2025
- Business
- Hospitality Net
Do Hotel Management Agreements Now Include Too Many Guarantees?
In addition to traditional key money, or those offered in 'reverse' management contracts, guarantees are becoming increasingly common in hotel management agreements (HMAs). But are they all beneficial? And if so, how should they be negotiated? 1. The common practice of guaranteeing remuneration Hotel owners are increasingly demanding that operators invest financially to demonstrate their commitment to the hotel management agreement1. Operators who choose to accept generally find it in their interest to do so - they stand out from the competition, may gain negotiating power on strategic clauses, and reduce the risk of the owner terminating the agreement. Hotel operators offer several main guarantees based on operating performance to secure hotel management agreements. These generally include: Performance testing: these performance clauses can lead to early termination of the HMA or payment of compensation to the owner if the operator fails to meet its performance expectations. The operator may also provide a guarantee relating to Adjusted Gross Operating Profit (AGOP)2. Minimum Guarantee: here, the operator has to pay compensation to the owner if it fails to meet the minimum guarantee (i.e. a certain GOP amount, often capped, set in the management agreement). On this occasion, the operator may also provide a warranty that covers the minimum guarantee and, in return, claim the right to reclaim any repayment if the hotel's operating results allow (i.e. if performance exceeds pre-defined minimum thresholds). Owner's Priority: the operator will only receive incentive fees if the hotel achieves a certain performance threshold. 2. Key money: a financial commitment from the operator Key money is a sum paid by the operator to the owner when the hotel opens. Often calculated as a percentage of the operator's capital or fees, key money may be guaranteed by the operator, and is used to help develop the hotel or cover renovation costs. However, negotiating key money may involve certain compromises, such as higher fees or a longer contract term. Key money is generally amortised by the owner on a straight-line pro rata basis over the life of the agreement. In the event of early termination, the owner undertakes to repay the unamortised portion. Indeed, the operator will often impose a clause guaranteeing repayment by the owner in the event of early termination of the agreement3. 3. The specific case of 'reverse' hotel management agreements In a 'reverse' hotel management agreement, the operator is the sole employer of staff, and passes on salary costs to the owner. This model is less common, but can be negotiated when the hotel is a strategic asset for the operator. We believe that it is justified and indeed common for the operator to request, in return, a specific guarantee covering the owner's reimbursement of social security expenses and other costs that it (the operator) advances. However, this guarantee must be both quantifiable and capped, in order to ensure its validity – the subject is not always treated with the rigour it deserves4. 4. Common guarantee practices in hotel management agreements Independent bank guarantees are often preferred, but guarantees from parent or affiliated companies are also common (as they are less costly). The parties must ensure that these guarantees are legally valid and effective, particularly when foreign companies are involved. As the guarantees and the management agreement form a contractual whole which is in principle inseparable and indivisible, care must be taken as to the applicable law, language and jurisdiction. Some management agreements even go as far as to include reciprocal guarantees of joint and several liability of parent or affiliated companies on both the owner and operator sides, to ensure that the parties' contractual obligations are met. While these increase confidence between the parties, each party must ensure that there is a clear cap on its guaranteed commitments. Consideration should also be given to the increasing prevalence of guarantee insurance taken out by the owner or operator - where the indemnity mechanism is transferred to the insurer rather than the parties. Before underwriting, the insurer will review both the management agreement and the representations and warranties made by the parties. Benefits to the owner and operator: each party can sign the HMA without financial exposure for the duration of the contract and can improve liquidity while benefiting from the necessary financial security. 5. The relative usefulness of certain guarantees negotiated in management agreements We could also mull over the many layers and practicality of certain guarantees that do not appear entirely rational when the owner or operator has the necessary financial capacity to enter into a contractual commitment (although it is still necessary for each party to prove this effectively and diligently with the help of advisers and auditors). Finally, the inflation of guarantees can affect the assignability or transferability of hotel management agreements which can run for up to 20 or even 30 years. We must also take into account the guarantees already given by the owner in connection with the financing of the hotel, as well as the compatibility with financial arrangements such as property finance leasing or overseas tax relief (e.g. in the French West Indies). 6. Practical advice on negotiating guarantees in hotel management contracts, especially for first-time owners5: Prioritise guarantees: focus on the necessary ones first and then enforce them. Clarify guarantee expectations and caps: make sure all parties understand the implications of each guarantee. Maintain open communication: transparency helps resolve disagreements more quickly. Manage the pace: follow a structured timetable for dealing with guarantees and avoid slippage. Following these steps can help make the negotiation process smoother and more efficient. 1 See our article on hotel management agreements on Hospitality Net : Hotel management agreements offer flexibility for hotel investment in France 2 See our article on hotel performance tests on Hospitality Net: Hotel performance test clauses in France – simple wording for maximum success 3 See our article on the subject on Hospitality Net : The practice of key money in hotel management agreements in France 4 See our article on the subject on Hospitality Net : Successfully negotiating a 'reverse' hotel management agreement in France 5 See our article on the subject on Hospitality Net : Recommended governing law and jurisdiction clauses in French hotel management agreements Christopher Boinet FR - IE Paris - Avocats In Extenso Avocats
Yahoo
27-04-2025
- Business
- Yahoo
County engineer plans to replace more than 20 bridges in the next 5 years or so
Apr. 27—Over the next five years, almost two dozen bridges in Jasper County are planned to be replaced, along with five HMA resurfacing projects, 10 or so pavement projects and a few surface improvement projects, according to the fiscal year 2026 (FY26) secondary roads five-year program. County Engineer Michael Frietsch said all construction projects — replacing in kind or repairing — are included in the five-year plan. Regularly scheduled maintenance work is not included in the plan. He noted the dates included in the plan are when the projects will be let and not necessarily when the work is done. However, there are a number of projects whose accomplishment year has been set for FY26, which is from July 1, 2025 until June 30, 2026. Bridge R01 on East 40th Street South over Reasnor Creek will be replaced with pipe. The Bridge R20 project on West 24th Street South over Buck Creek will be let after July 1 and then be built within the next year. Bridge S33 on County Line Road over a branch of Skunk River is expected to be finished in fall. Bridge C16 on North 99th Avenue East over Little Snipe Creek will be let on July 1, but the materials probably won't show up until summer 2026. HMA pavement is planned for North 51st Avenue East from Hilltop Estates to the Polk County line, which will reinforce the road to handle construction traffic at the subdivision. Bridge S13 on East 64th Street South over a small stream is another local bridge replacement with pipe. Pavement improvements are planned for South Main Street in Reasnor, which was a quote approved last year. A box culvert replacement on South 20th Avenue West is also letting in July. Pavement maintenance is also planned on Highway S-74 South, Image Avenue and Highway T-38 North. Bridge S07 on Highway F-62 over Elk Creek will be let in December or January 2026. The FLAP grant project for improved access to Neal Smith National Wildlife Refuge is being let in June. PCC paving will be completed at South 128th Avenue East near Co-Line Manufacturing, and that will also be let in July. The third phase of the HMA resurfacing project for Highway F-48 West from Colfax to the Polk County line is going to be let in March 2026. "That's what we got coming up in the accomplishment year as far as our program goes," Frietsch said to the board of supervisors back in early April. "...We've got a variety of more projects after that in the priority years. But that's kind of what we got coming up the next year or so here." The board of supervisors approved the FY26 five-year program for the secondary roads department in a 3-0 vote.
