After guiding Ontario’s horse-racing industry through its darkest days, Nick Eaves is handing over the reins.

Eaves announced Thursday he’ll step down as president and chief executive officer of Woodbine Entertainment Group on March 31, ending a 20-year run with the company. When the 46-year-old Eaves departs, Woodbine chairman Jim Lawson will take over on an interim basis.

“It’s largely personal,” Eaves said. “It’s been over 20 years for me and the fact that things are stable and will be better in the days ahead is what gave me the sense it was time.

“If things weren’t stable and hadn’t been turned around then it would be critically important for me to help to continue to evolve that. But now that we’ve moved into a better place, I’m young and got to think about what the rest of my life and career look like although, frankly, I don’t know the answer to that.”

Eaves has been with WEG since 1994 and held a variety of jobs. In ’06 he was named president and chief operating officer before replacing David Willmot as the company’s chief executive officer in 2010.

It was during the 2012 Queen’s Plate draw that Eaves dropped a huge bombshell, stating Woodbine might be forced to close following the Ontario government’s controversial cancellation of the Slots-at-Racetracks program. The initiative generated $345 million annually that was split between track operators and horse owners and breeders.

The cash shortfall resulted in some track closures and forced those that remained to make do with substantially less. Many in the industry had to dramatically scale back operations, including WEG.

After reaching a two-year transitional funding deal with the government to continue racing at its two tracks — Woodbine in Toronto and Mohawk in Campbellville, Ont. — WEG laid off more than 100 employees, roughly 25 per cent of salaried positions.

Fort Erie Racetrack wasn’t expected to open after the ’12 season but earned a reprieve with a one-year transitional funding deal with the government.

In October 2013, premier Kathleen Wynne announced Ontario would spend roughly $500 million over five years to help the struggling horse-racing industry. Eaves believes the sport is on stable ground and well on the road to recovery.

“To have to rationalize the business was obviously a very, very difficult thing for all of us,” Eaves said. “But to now see it beginning to move in a good direction and see people being attracted back into the industry again and that we’re hiring again because our business is growing again, that’s very very fulfilling.

“Obviously it’s going to require a long-term, committed leadership to carry these things forward. I’m proud of what we’ve been able to transform over the last three years but it’s time for somebody else to lead for the long-term.”

Loading... Loading... Loading... Loading... Loading... Loading...

Read more about: