We’ve shown you how large purses and incentives in New York have changed the dynamics of the state’s Thoroughbred breeding industry and given farms a brighter outlook on the future. The impact of the new flow of cash is also visible on the racetrack.

Trainers and owners have good reason to buy and race New York-bred horses these days. There are more opportunities than ever, and the quality of runners is at an all-time high. Still, the breeding business has its eye on several potential obstacles to continued success.

Scott Jagow has more in this edition of our summer series,Empire State.