I have a really nice horse that's winning every race I put her in (11 for 14), but in nearly every race the jockey reports that the horse is not breathing easily.

Is there anything I can do about this or is it just a condition the horse has the will likely have an impact somewhere and be a breeding concern?

Thanks.

Right under the "Out to Grass" button should be a "Wind Op." button. That's for a Wind Operation which should fix him up. But there may still be a breeding implication.

I always wondered what that was for. Are there any negative impacts from it? Can I do it mid-season with no impact?

As far as I know. I've run horses within a day or so of being gelded in the game ...

Game doesn't seem to track recovery from the wind op or gelding.