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Wednesday, December 8, 2004
Contact: Bob Curran (212) 521-5326
The Jockey Club and Equibase Company LLC today announced that they are in the final stages of software development necessary to begin converting Canadian earnings to their equivalent amount in U.S. dollars for display in the United States beginning January 1, 2005.
Although conversion of Canadian earnings takes effect January 1, 2005, results won’t be evident until the first Thoroughbred meets in Canada commence in April with the opening of Woodbine Race Course near Toronto and Stampede Park in Calgary.
Only Canadian earnings from 2005 and forward are being converted; The Jockey Club is not converting Canadian earnings retroactively prior to 2005.
“Re-engineering more than 900 different computer programs for our family of companies in one year was certainly a challenging undertaking” said project coordinator Carl Hamilton, chairman of The Jockey Club Information Systems, Inc. “But now that the necessary software development is near completion, the industry will be able to move forward, starting January 1, with a more accurate presentation of North American earnings.”
Officials at The Jockey Club estimated software development costs associated with the earnings conversion project to be approximately $500,000. Those costs are being absorbed entirely by The Jockey Club Information Systems, Inc., Equibase Company LLC and InCompass Solutions, Inc.
When racing and pedigree data were first stored electronically in the mid-1960’s, the databases of both The Jockey Club and Daily Racing Form were designed to manage all U.S. and Canadian race results under the heading of “North America.” This design was consistent with the manner in which the entire industry viewed the Thoroughbred industries of the U.S. and Canada: as one entity.
Racing data obtained by The Jockey Club from all foreign countries – more than 40 in total – is stored as received in native currency and is also converted and stored in U.S. dollars, using the Wall Street Journal’s daily conversion rates, for dissemination and display as per product requirements.