The racing industry, from trainer to punters, have also been crying out for a more consistent and safe racing surface in winter when extremely wet tracks and cancellations of meeting have cost the industry tens of millions of dollars.
The synthetic track mooted for Cambridge would replace the main grass track used there at the moment for training and trials with a track that isn't affected by the weather.
The Herald understands one of the key factors in the PGF agreeing to the grant was that the new track could also be used for race meeting, not just training and trialing horses.
That would make it the first synthetic racetrack in New Zealand.
Synthetic tracks are popular in many overseas racing jurisdictions and have recently become more common in Australia but are viewed as alternate options to the usual grass surface for thoroughbred racing.
But with Waikato being the hub of New Zealand racing, a synthetic track could provide a regular venue for the less glamorous mid-week meetings, which often attract small crowds but are crucial for turnover and giving horses racing opportunities.
The Cambridge track presently has limited public facilities but even a small, clubhouse-like area with a viewing platform could suffice for minor meetings, where the main audience is the punters who watch the races on television both here and overseas.
Work on the synthetic track is unlikely to start this winter but expectations are it should be in place by next year.
Cambridge was one of three areas mooted for synthetic tracks in New Zealand, with others potentially at Palmerston North and in Christchurch.
The synthetic tracks and their ability to provide sustainable racing are one of the key initiatives signalled by Mr Peters in his role as Minister for Racing.
He also commissioning a broad-ranging report into the future of the industry, the Messara report.
The logistics, practicalities and in some cases legalities of that report are currently being investigated by a Ministerial Advisory Committee who will make recommendations on the future direction of the industry.