CASPER, Wyo. (AP) — Wyoming's only licensed horse racing operator says a new state law that allows regulators to issue three-year permits to horse racing businesses will bring stability to the industry.

The law was signed by Gov. Matt Mead earlier this month. It gives the state commission that oversees horse racing the power to issue permits of up to three years for live and simulcast racing.

The Wyoming Pari-Mutuel Commission had been limited to one-year permits.

Eugene Joyce is managing partner of a group that runs live races at Sweetwater Downs in Rock Springs.

Joyce tells the Associated Press  that the change will help track operators negotiate better terms when they borrow money or sign long-term contracts with vendors.