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Through the third agreement, the Korea Racing Authority will increase the number of relay races at Jeju http://horsesite77.com horse racing venues from 320 times a year (the second agreement period) to 430 or more times, and Jeju will reduce the ratio of leisure tax reduction to relay racing sales http://horsesite77.com by 27 percent, up by 2 percentage points from 25 percent. Jeju's revenue from relay racing in Jeju last year amounted to 53.2 billion won, accounting for 65 percent of http://horsesite77.com 81.7 billion won in local taxes, and is expected to generate 63 billion won this year. Jeju expects to increase revenue by more than 1 billion won due to the expansion of relay http://horsesite77.com racing. The agreement will also form a tentatively named "Jeju horse industry consultative body" to protect and foster the horse racing industry. Under the agreement, Jeju will http://horsesite77.com invest 10 percent of the leisure tax revenue created by the implementation of relay racing in projects to strengthen the competitiveness of the horse racing industry. http://horsesite77.com The Korea Racing Authority will use the financial