Is Horse Racing Dead? Not in Upstate New York

All-sources handle record set as wagering tops $700 million during 2019 meet at Saratoga Race Course

Source: NYRA Press Office

by Pat Mckenna; Mark Bardack

Milestone record achieved during reconfigured racing calendar and despite cancellation of a Saturday racing card

For the first time in history, the New York Racing Association, Inc. (NYRA) generated more than $700 million in all-sources handle during the 2019 meet at Saratoga Race Course, which was conducted over a five-day race week and included the cancellation of a full Saturday card of racing.

Wagering from all-sources totaled $705,343,949 a staggering increase of more than $46 million, or 7 percent, over last year when racing was conducted for the full 40 days during a six-day week. This year’s handle eclipsed the previous record set in 2017 by nearly $29 million or 4.2 percent.

The milestone record was achieved despite the cancellation of a full racing card on the second Saturday of the season due to extreme heat, in addition to the cancellation of the final seven races on July 25 due to severe storms.

The record was also set during a season in which the Saratoga calendar was reconfigured to include a five-day race week, a departure from the traditional six days, and the earliest opening in modern history. The change was made to accommodate construction of a new arena for the New York Islanders at Belmont Park.

Average Daily Handle Up Nearly 10%

Average daily handle for the 2019 Saratoga meet was $18,085,742, an increase of 9.8 percent over the 2018 average daily handle of $16,477,086.

NYRA sets new all-sources handle record as wagering tops $700 million during 2019 meet at Saratoga Race Course

copyright NYRA

“This has been a truly outstanding meet highlighted by the traditional recipe that sets Saratoga apart: world-class thoroughbred racing and entertainment. We would not be in this enviable position without the dedication of the owners, the talent of the horsemen, and the unmatched enthusiasm of our fans. I want to thank the local community for their support and everyone who contributed to our success this summer,” said NYRA CEO & President Dave O’Rourke. “This summer also marked the loss of one of Saratoga’s most ardent benefactors, Mrs. Marylou Whitney. Saratoga and NYRA will forever be grateful for her contributions to racing.”

Klaravich Stables was the meet’s leading owner with 19 wins. Chad Brown defended his H. Allen Jerkens training title with 41 wins. Jockey Jose Ortiz claimed the Angel Cordero, Jr. riding title with 60 wins.

The 2019 season witnessed several other highwater marks, including record all-sources handle of $31,835,863 on Whitney Day and $52,129,344 on Travers Day.

This year’s banner Travers Day coincided with the 150th edition of the Grade 1, $1.25 million Runhappy Travers, which aired for the first time on the FOX broadcast network and was watched by more than 1.3 million viewers nationwide.

Saratoga’s record handle can also be attributed, in part, to the unabated growth and popularity of Saratoga Live, NYRA’s highly-acclaimed and award-winning television program. Distributed to a nationwide audience across FS2, Saratoga Live featured more than 190 hours of live programming this season compared to 80 hours when the broadcast was first introduced in 2016. FS2, part of the Fox family of networks, carried full-card coverage during most of the meet’s 39 racing days. NYRA’s investment in content and distribution has been rewarded with an increase in year-over-year viewership of more than 140 percent.

This year’s Whitney Day celebrated the life and legacy of Mrs. Marylou Whitney, the beloved owner, breeder and philanthropist who passed away earlier in the meet.

Whitney Day featured a visit by Gov. Andrew Cuomo, who announced plans to build the Marylou Whitney Backstretch Pavilion, a permanent structure on the Oklahoma training grounds to house the Saratoga Backstretch Appreciation program. Launched more than a decade ago by Mrs. Whitney and her husband, John Hendrickson, the program provides meals, entertainment and support for thousands of backstretch workers.

On the eve of Whitney Day, NYRA officially dedicated the Clubhouse entrance in Mrs. Whitney’s honor. Fans each summer will now pass through the “Marylou Whitney Entrance” upon their arrival at Saratoga Race Course.

The 2019 meet marked the debut of the Empire 6, NYRA’s new jackpot-style multi-race wager, which provided one of two mandatory payouts on closing day. A total of $5,379,911 was wagered on closing day of the Empire 6 for a total pool size of $6,173,478 which included the jackpot carryover. Monday’s five figure payout of $23,794 rivaled several other large Empire 6 payouts over the course of the meet including: $37,064 on August 21; $25,145 on August 14 and $12,547 on August 18.

The 2019 season saw the successful debut of the newest hospitality venue at Saratoga Race Course: the 1863 Club. Constructed over the course of only 10 months, the 36,000-square-foot, three-story, climate-controlled building welcomed thousands of fans who experienced its modern amenities and sweeping views and sightlines of the track during its inaugural season.

The Saratoga meet began with an Opening Weekend celebration to honor New York Yankees Hall of Fame pitcher Mariano Rivera. The legendary Yankees star visited the Spa just prior to his induction into Cooperstown as the first unanimous selection in the history of the National Baseball Hall of Fame. During the event, NYRA presented Rivera with commemorative framed blue and white pinstriped silks featuring the closer’s famed number “42”.

On-track handle for 2019 was $146,618,750.

Total paid attendance for the 2019 Saratoga meet was 1,056,053 over 39 days, marking the fifth consecutive season that paid attendance has exceeded one million fans.

Figures for all-sources handle at Saratoga dating back to 2010, the start of the 40-day meet, are as follows:

All-Sources Handle

2010 $551,660,724

2011* $526,251,819

2012 $588,351,964

2013 $586,617,240

2014 $571,163,485

2015 $648,272,805

2016 $647,322,503

2017 $676,709,490

2018 $659,083,459

2019* $705,343,949

*39 race days, due to weather cancellation

Live racing returns Friday, September 6 to Belmont Park for the 37-day fall meet, which includes 45 stakes worth $11.525 million in purse money – an increase of $1.45 million over 2018 – starting at Belmont Park from September 6 to October 6, and concluding at Aqueduct Racetrack, with Belmont at the Big A from October 11 to October 27. The fall championship meet will be highlighted by eight Breeders’ Cup “Win and You’re In” qualifiers held over two weekends.

For more information, visit NYRA.com for the report on horse racing in upstate New York.

68k Attend Hong Kong Racing at Sha Tin

Hong Kong horse racingPositive start to Hong Kong’s 2019/20 season

Hong Kong’s 2019/20 season opened today, Sunday, 1 September, with an enthusiastic crowd of 68,271 cheering on their sporting heroes in an atmosphere of positivity at Sha Tin racecourse.

Race goers roared loudest for 13-time champion jockey Douglas Whyte, who saddled his first winner as a trainer.

Mr. Winfried Engelbrecht-Bresges, the Hong Kong Jockey Club’s Chief Executive Officer, said: “We know that we are in challenging times here in Hong Kong but I found it very encouraging to see the positive energy that was created at the racecourse today.

“The first-race atmosphere, the excited anticipation from the racegoers, was extremely good and the results, from a sporting point of view, were extremely pleasing: It was great to see Douglas Whyte have his first winner with only his second runner.”

The CEO was also delighted with the five successes on the day for Hong Kong’s home-grown riders, all of whom are products of the world renowned HKJC Apprentice Jockeys’ School.

“Our Hong Kong-grown talent has done extremely well today,” he said. “You can see the confidence in Vincent Ho, in how he rides, and it is encouraging for them to win five of the 10 races despite the significant increase in competition from our new arrivals, who also did well today without winning.”

Turnover was HK$1.28 billion, while the attendance was the fourth highest in the last 25 years.

“We are very pleased to see the total attendance at 68,000 – that is a positive outcome and exceeded the expectation I had,” Mr. Engelbrecht-Bresges admitted.

“I was really surprised that we could hold up the attendance to this level, which is similar to the crowd we had here on the opening day in 2017. I hope this shows Hong Kong racing is strong and we hope we can continue with this positive momentum.

“The turnover was up by HK$35 million to HK$1.28 billion, and again, I have to admit that I expected it to be much lower today. Our commingling turnover has gone up from HK$158 million on this day last year to over HK$209 million. That shows the competitiveness of the overseas market.”

Mr. Engelbrecht-Bresges thanked the city’s racing fans for the “tremendous support and the resilience they have shown” in a challenging situation. “We have got the first race meeting off the ground with a positive start and that emphasises the strong support we have from our fans. I would also like to thank our staff for their dedication to make this happen” he said.

Is Horse Racing Dead? Travers Card Sets Records

2019 Travers Stakes Card sets Record Handle numbers

Source: NYRA Press Office

For the second consecutive year, the New York Racing Association, Inc. (NYRA) generated a Travers Day record all-sources handle as fans wagered $52,129,344 on an afternoon that featured the 150th running of the Grade 1, $1.25 million Runhappy Travers.

On-track handle was  $11,657,493, which is also a new Travers Day record.

Saratoga canopy walk throughA paid crowd of 48,213 witnessed Code of Honor secure the fourth Travers victory for Hall of Fame trainer Shug McGaughey and second for Hall of Fame jockey John Velazquez. Code of Honor, owned by William S. Farish and Lane’s End Farm, posted a final time of 2:01.05 in the Runhappy Travers.

For the first time in history, fans nationwide watched the Runhappy Travers action unfold on the FOX Broadcast Network as part of a special one-hour telecast. Overall, the FOX Sports family of networks broadcast 6 ½ hours of live racing action from Saratoga which included all seven graded stakes on Travers Day.

The 150th Runhappy Travers was one of six Grade 1s on Travers Day, including the Grade 1, $850,000 Sword Dancer; Grade 1, $700,000 Personal Ensign presented by Lia Infiniti; Grade 1, $500,000 Ketel One Ballerina; Grade 1, $600,000 Forego presented by Encore Boston Harbor; and Grade 1, $500,000 H. Allen Jerkens Memorial presented by Runhappy. Rounding out the blockbuster card is the Grade 2, $400,000 Woodford Reserve Ballston Spa.

The 2019 summer meet at historic Saratoga Race Course continues through Labor Day, Monday, September 2. For more information about Saratoga Race Course, visit NYRA.com.

Travers Day Handle 2015-2019

2019 Travers Day

August 24, 2019

All-sources: $52,129,344

On-track: $11,657,493

 

2018 Travers Day

August 25, 2018

All-sources: $52,086,597

On-track: $11,466,264

2017 Travers Day

August 26, 2017

All-sources: $47,870,987

On-track: $10,862,095

 

2016 Travers Day

August 27, 2016

All-sources: $45,596,367

On-track: $10,778,993

 

2015 Travers Day

August 29, 2015

All-sources: $49,668,754

On-track: $11,472,451

Churchill Downs Incorporated Reports 2019 Second Quarter Results

LOUISVILLE, Ky., July 31, 2019 (GLOBE NEWSWIRE) — Churchill Downs Incorporated ( CHDN ) (the “Company”) today reported business results for the second quarter ended June 30, 2019. Second Quarter 2019 Highlights Net revenue of $477.4 million, up 26% over the prior year quarter Net income of $107.1 million, […]

Second Quarter 2019 Highlights

  • Net revenue of $477.4 million, up 26% over the prior year quarter
  • Net income of $107.1 million, up 4% over the prior year quarter
    º Adjusted net income of $115.0 million, up 9% over the prior year quarter
  • Adjusted EBITDA of $215.0 million, up 23% over the prior year quarter
  • Successful 145th running of The Kentucky Derby, contributing to record highs for wagering and Adjusted EBITDA
  • Continued sequential growth at Derby City Gaming in Louisville, Kentucky, with strong margin performance
  • Strong performance of our Gaming properties primarily due to the performance of Rivers Casino Des Plaines in Des Plaines, Illinois and Presque Isle Downs & Casino in Erie, Pennsylvania
(in millions, except per share data) 2019 2018

churchill downs ky derby daySECOND QUARTER 2019 NET INCOME

The Company’s second quarter 2019 net income of $107.1 million was comprised of $108.3 million in net income from continuing operations and $1.2 million in net loss from discontinued operations. The prior year quarter net income of $103.1 million was comprised of $103.2 million in net income from continuing operations and $0.1 million in net loss from discontinued operations.

More about  Churchill stock:

Horse racing in Iowa doing well despite overall industry declines

Economic Impact Nearly $200M

University of Kentucky researcher Alison Davis conducted a study which shows the economic impact of horse racing on Iowa is nearly $197 million. “I was impressed with the overall impact. For a state like Iowa to have an economic impact of about 200 million dollars was pretty significant,” Davis says.

Davis says some of the economic impact may be under reported due to a lack of data. She says in the report that $143 million of the output was generated by the thoroughbred racing industry — with $29 million of that from the Prairie Meadows Racetrack and Casino in Altoona.

“To see how Pairie Meadows Casino and their parimutuel activity compared to the actual thoroughbred racing and their expenses, I said certainly indicated the importance of the equine component of horse racing and also the support of the casino,” Davis says. The report finds the industry supports 2,961 fulltime jobs. She says the horse industry is doing well in Iowa, but members of the industry need to be aware of the issues they face.

“Even though those are impressive numbers, horse racing as an industry is facing challenges, not just here, but in other places. But certainly we saw the numbers where horse farms were decreasing, number of horses (decreasing). To think about those types of challenges where it is because of alternative competition or changes in business model is something to think about. What might happen if it declines more?,” Davis says.

 

Group Seeks To Infuse Youth Into Aging Horse Racing Industry

young attractive British racegoer“Young people can bring new creative ideas to the sport,” said Jaime Roth, who runs her family’s LNJ Foxwoods stable. “Are there bad things? Yeah. But for the most part, it’s a great sport. We’re dependent on the future and young women are a big part of the future.”

Bussanich firmly believes “if we don’t get these young people into the sport, we’re not going to have horse racing.” A 2016 study noted the average horse racing fan is 63 , — younger only than golf — and decision makers, owners and trainers are still prominently older white men.

“We constantly sit around board room tables and say, ‘How are we going to get more young people involved in horse racing?’” owner and Thoroughbred Ideas Foundation president and CEO said Craig Bernick said. “I’m the youngest person around the table a lot of times and I’m 41.”

Nexus is full of people horse racing executives yearn to attract: Bussanich grew up in New Jersey and developed her affection for the sport from going to a track in Florida at age 6; Sutton fell in love when filly Rags to Riches won the 2007 Belmont and Nexus member relations director Mary Cage was hooked by Smarty Jones’ underdog story during the 2004 Triple Crown.

Horse racing is so often a passion passed down generationally. The Nexus co-founders are trying to break down what they see as a high …

Phenomenal Purses Scheduled for Churchill Downs’ 145th Spring Meet

$5,000 claimers running for $29,000.   Bottom allowance runners going for a $103,000 purse.  That’s the type of purses set for Churchill Downs on Kentucky Derby week 2019.   Is horse racing dead?  Not in Kentucky.

Per the Churchill Downs’ press release:

Record prize money for horsemen will be distributed at Churchill Downs’ 145th Spring Meet thanks to early returns from state-of-the-art historical racing machines at Derby City Gaming.

The first condition book, which covers the first half of the 38-day Spring Meet, was released Wednesday, and purses for the 189 offered races total $20.1 million – an unprecedented 46% increase from last spring’s $13.7 million. The daily average is $1,056,842 compared to $722,579 in 2018, or $106,243 per race versus $72,640. All purses include prize money from the Kentucky Thoroughbred Development Fund.

Purses for all six days of racing on Derby Week (April 27-May 4) have been supercharged. In years past, only the purses on Oaks and Derby days were boosted. Maiden special weight races will be $100,000. Allowance races will range from $103,000 to $110,000. Total purses on Oaks Day will exceed $3.6 million, and Derby Day prize money will be worth a record $6.9 million.

After Derby Week, maiden special weight races will be worth $85,000 (up from $53,000 in 2018), and allowance races will range from $87,000 to $94,000 (up from $55,000 to $61,000 in 2018). The daily prize money post-Derby Week will average $525,308 compared to $356,769 in 2018, or $55,975 per race versus $38,016 a year ago.

In a change from last year, the winner’s share of the purse in all overnight races will be 56% (previously 60%) and 1.5% of the purse will be distributed to the sixth- through last-place finishers (previously 0.5%) to incentivize starts and reward owners who run their horses.

More than $30 million in total prize money – $12 million in stakes races and another $18 million in overnight races – is expected to be offered during this year’s Spring Meet. Last year, total purses paid during the 372-race Spring Meet was $22.2 million.

“This is such an exciting time to be a part of Kentucky racing,” said Churchill Downs Racetrack President Kevin Flanery. “Our investment into Derby City Gaming, which opened just five months ago, continues to pay immediate dividends to Kentucky horsemen. We have reinforced our Derby Week festival concept, solidified our lucrative stakes program and tremendously strengthened our overnight racing product.We truly believe this growth and methodology will benefit all owners, trainers and jockeys that participate at Churchill Downs and make for an extremely exciting and competitive meet.”

With 75 total racing dates in 2019, Churchill Downs will offer more racing opportunities for horsemen than any other racetrack in Kentucky and increase its purses with more than an additional $10 million as a result of handle generated by Derby City Gaming’s initial year of operation. The $65 million facility opened in mid-September at nearby 4520 Poplar Level Road.

Earlier this year, Churchill Downs announced a record 34-race, $12.2 million Spring Meet stakes schedule that included a $1 million boost to the 145th running of the Kentucky Derby presented by Woodford Reserve (Grade I) on Saturday, May 4, making it worth a guaranteed $3 million. Also among the 15 stakes races that received significant increases were the Longines Kentucky Oaks (GI), which was raised to $1.25 million, and the Old Forester Turf Classic (GI), which was doubled to $1 million.

Stall applications for the highly-anticipated Spring Meet, which will begin Saturday, April 27 and continue through Saturday, June 29, are due Friday, March 8. The stable area will reopen Tuesday, March 19 and the first scheduled day of training is Friday, March 22.

View the condition book online: https://www.churchilldowns.com/horsemen/racing/condition-book/.

Tennessee Bill Aims to Resurrect Horse Racing Commission

Is Horse Racing Dead in TN?  Maybe Not Forever

Tennessee has a rich equine history, but the legislature banned horse race gambling in 1905.

According to The Tennessean, in 1987 lawmakers approved the Racing Control Act, which legalized pari-mutuel wagering on horse racing and created the Tennessee State Racing Commission to oversee tracks. Several venues were proposed, but they either couldn’t survive local referendums or got knocked down in the courts by litigation, and none were built.

Without any tracks to license or regulate, the racing commission–which consisted of just one individual for a number of years–was disbanded in 1998. In 2015 lawmakers repealed the Racing Control Act. In 2016 they launched an advisory committee to try and bring a version of it back.

Horse racing in Tennessee currently consists of the non-profit Iroquois Steeplechase in Nashville, which runs a well-attended, one-day, non-betting meet at Percy Warner Park each May. Farther beneath the radar, non-sanctioned Quarter Horse match races exist at Carril de Memphis, an “outlaw” track west of Memphis that openly advertises its schedule of race dates on Facebook.

The money flowing across state lines to gambling venues in bordering Mississippi and Arkansas was cited as an impetus to resurrect horse racing in Tennessee.

“What I’m trying to do is reactivate the horse racing commission …

Learn About Horseplayer Marshall Gramm

Is Horse Racing Dead? Not in Ohio

Mahoning Valley Racecourse concluded its Fall Meet and 2018 calendar season and did so with yet another annual increase in wagering. Since its launch in 2014, the young racetrack in Austintown, Ohio, has seen handle increases each calendar year since opening its doors. All told, wagering volume on the Mahoning product for 2018 increased 10.6% compared to the prior year.

“We are extremely proud to announce yet another increase in handle and both the state of Ohio and Ohio horsemen should also take pride in this accomplishment,” said Vice President of Racing Mark Loewe. “It’s incredibly exciting to see our team, from Racing Secretary Ed Vomacka, his racing office crew, valets, gate crew, and all operate at such a high level year after year. It takes a team effort and we have one heck of a team.”

For the Fall Meet, jockey Luis M. Quinones captured his first riding title at Mahoning Valley, piloting 31 of his 189 mounts to the winner’s circle. Quinones also finished third nationally in 2018 with 281 wins.

“He’s such a hard worker,” said Quinones’ agent Billy Johnson. “He’s out there every morning working hard. He drives from track to track without complaint. I don’t know how he does it, but his work ethic and obvious talent make it a pleasure to work with him.”

While Quinones notched his first riding title, it was more business as usual in the trainer’s standings as Jeff Radosevich collected yet another training title. For the Ohio-based Radosevich, there’s little better than winning another training title on his longtime stomping grounds.

“I have great owners. Obviously, I couldn’t have done any of this without their continued and unwavering support. I love Ohio. Mahoning Valley gives me an opportunity to race year-round from my home. Thank you Mahoning Valley!”

Mahoning Valley held its signature event – the $250,000 Steel Valley Sprint – on November 19 and the marquee race of the meet didn’t disappoint as Trigger Warning won an epic stretch duel with Bobby’s Wicked One. Trained by Mike Rone, Trigger Warning was put on the lead early under Irwin Rosendo and then engaged in a fierce battle with the runner-up from the top of the stretch to the wire and was made the winner after Tyler Gaffalione’s claim of foul was not allowed. In the $75,000 Hollywood Gaming Mahoning Distaff on the Steel Valley Sprint undercard, the gray mare Puntsville was able to hold off a late charge from Lake Ponchatrain to score her 13th victory in 25 career outings.

While she did not take part in any of the unrestricted stakes Mahoning offered during the Fall Meet, Leona’s Reward was tabbed the horse of the meet after dominating Ohio-breds in her three starts in restricted stakes events. Trained by Tim Hamm, Leona’s Reqard romped by eight-lengths over Ohio-bred fillies and mares in the Ohio Debutante Handicap on November 3 and followed that up with a win against the boys in the Ruff/Kirchberg Memorial two weeks later. In her final start of the meet, the daughter of Parents’ Reward returned to face fillies and mares in the Bobbie Bricker and again cruised to a seven-length score. All told, Leona’s Reward banked a total of $135,000 during the Fall Meet for her owners Blazing Meadows Farm LLC and Michael Friedman.

2018 Mahoning Valley Fall Jockey Standings (final)
Rank Jockey Starts 1st 2nd 3rd
1 Luis M. Quinones 189 31 19 16
2 T. D. Houghton 163 25 24 17
3 Christian P. Pilares 122 24 15 22
4 Luis Raul Rivera 120 23 13 17
5 Luis H. Colon 60 22 7 9

2018 Mahoning Valley Fall Trainer Standings (final)
Rank Trainer Starts 1st 2nd 3rd
1 Jeffrey A. Radosevich 108 30 14 4
2 Robert M. Gorham 99 21 15 11
3 Gary L. Johnson 86 17 9 8
4 Jay P. Bernardini 60 13 8 10
5 Rodney Faulkner 102 12 9 8

Source: Press Release

Is Horse Racing Dead? Not Yet in No. California

Golden Gate Fields concluded its 2018 Fall Meet in strong fashion on Sunday, Dec. 9, as the track posted a robust 19 percent year to year gain in all sources pari-mutuel handle over the course of 30 racing days. The positive increase mirrors results in all sources handle achieved at this year’s Summer and Winter/Spring Meets, and further underscores the positive changes taking place as Golden Gate Fields now looks forward to its 2018-19 Winter/Spring Meet opener on Wednesday, Dec. 26.

Increases in out of state wagering and off-track betting helped contribute to a total Fall Meet handle of $99.7 million, well above the $83.6 million wagered in 2017.

“We had another great meet,” said Golden Gate Fields Vice President and General Manager, David Duggan. “We, first and foremost, greatly appreciate the support of our loyal fans and horseplayers. Additionally, the horsemen have been working tirelessly as have our front-side staff.

“At the end of the day, it takes a great team to make a successful racing product and we have a great team here. We have improved our product in many ways this year and we look forward to continued progress in 2019.”

Jonathon Wong was the leading trainer for the third meet in a row, making 28 trips to the Winner’s Circle. Hall of Famer Jerry Hollendorfer finished second in the trainer standings with 15 wins.

“I give the credit to all of my help, my owners, and the horses,” said Wong. “2018 was a great year for our team. My grooms, exercise riders and assistants work their tails off every day. The owners let me put the horses in the right spots and luckily, many of our horses performed well in the afternoon.”

William “Billy” Antongeorgi III topped the jockey standings with 36 victories, one more than Abel Cedillo. The accomplishment marks Antongeorgi’s first-ever riding title at Golden Gate Fields.

“Billy works so hard,” said jockey agent Fernando “Shoes” Navarro, who has represented Antongeorgi since 2015. “He has a great work ethic and great personality. He has that ‘it’ factor as a rider. I’m really happy for him. He wasn’t in the last race of the meet (on Sunday), so we watched it together and it was emotional when it was official and we had won the riding title. We hugged and congratulated one another.”

With the its upcoming Winter/Spring Meet running from Dec. 26 through June 9, Golden Gate Fields has announced an increase in maiden special weight and allowance race purses, while also bumping up bottom level claiming and maiden claiming purses to a minimum of $10,000.