The biggest name in the horse-breeding industry is heading to California, a state that could be home to the world’s fastest-growing industry.
Greyhound racing is the fastest-producing industry in the country and is expected to be worth more than $100 billion by 2021, according to the US government’s National Science Foundation.
“This is a really important shift,” Greyhound International CEO Chris DeGioia told CNBC.
“It means we can continue to compete in the global marketplace.”
DeGioias new venture will focus on racing and producing products in California, which has become a hotbed for greyhound racing.
He said the company would be building a factory in the Golden State to produce new products and services.
“We are going to invest in California,” he said.
“We have been here a long time, we have a lot of friends, we are going home.”
The California Greyhound Racing Commission voted unanimously to approve a license for Greyhound America, which will build a facility in the state to manufacture new products, such as racing kits and racing equipment.
“California is the state that is going to make the most difference,” DeGiosoias vice president of marketing said.
“The Golden State is where we are headed.”
California’s Greyhound Industry Sees GrowthThe Golden Gate Racing Commission approved GreyhoundAmerica’s application to build a factory, but also approved an earlier application from the Greyhound Institute of America, also in the process of winning the contract.
Greyhounds have grown in popularity in California in recent years, with the industry expected to grow from an estimated 10,000-15,000 horses per year in 2020 to more than 20,000 by 2022, according the California Department of Fish and Wildlife.
“I think the Greyhounds are going into California for a number of reasons,” said Greyhound USA president and CEO David Hensley.
“They are a big fan of the Golden Gate and want to build on the legacy of the GreyHounds, and they have a very strong community and are very supportive of our efforts to bring a new product to California.”
Hensley said the Golden Gateway is a key market for Greyhogs because it is “one of the few places where you can be licensed to operate a Greyhound facility and there are no other requirements.”
Greyhound America’s new facility is expected be operational in 2019.
The company has plans to begin expanding its facilities in other states as well, including Ohio, New York and Illinois.