Taylor closed many of the smaller tracks around Ontario and instead focused on developing Thoroughbred racing in Toronto and Fort Erie.

To compensate the tracks for the use of their facilities and potential "cannibalization" of customers, the OLG directed 20% of the revenue from slot machines to the racetracks, which responded by increasing purse sizes.

[3] However, the subsidy was abruptly removed in June 2012, leading to the announcement that Fort Erie Race Track would close at the end of the year.

[5] In November 2013 plans were unveiled by the Fort Erie Live Racing Consortium for the track to host a festival meet around the theme of the Chinese Year of the Horse, with the Prince of Wales Stakes running in July.

The plan also called for horse training to begin in late April, followed by a point-based racing tournament running through early August.

[6][7] A consortium led by American businessmen Carl Paladino, Joel Castle and Joe Mosey purchased the property in August 2014.

It is named after the horse Puss N Boots, who was leading in the Vandal Stakes (then run at Fort Erie) when he decided to jump the inner hedge near the finish line.