My tier 9 Pegasus shows in stats base speed at 164.4% with or without the loggia riding crop equipped, its the same and doesn't change. There is also no evidence besides this that the horse is moving any faster than before. Guildy tested this on a donkey and his tier 8 and claims the same thing. I would think a 5% and 15% difference in speed would be extremely noticeable even if not listed in stats. Is this working correctly or not who knows? Just thought I would bring this to attention.