Famous racetrack and home of the Kentucky Derby, Churchill Downs increased its take on dollars off the top by 1.5 percent and 3 percent on bets like the exacta and trifecta in the latest effort to boost the racing industry, which has suffered since the recession.
The larger cut for the track comes after lawmakers decided against slot machines, which would have raised the prize purses for horse owners. Without the jump, some races would have been cancelled. Higher purses attract more horses, proponents say.
“If Churchill Downs is to present a competitive racing product, purses must be strong enough to keep current stables in the state and attract new stables and horses to the Kentucky racing circuit,” Spokesperson John Asher said. The historic Derby track is now competing with tracks in Pennsylvania and New York because casino gaming in those states fattens purses to lure horsemen.
Some regulars at the track see the larger cut as a personal blow.
“When you take away from the players that come here every day and enjoy the sport, it kind of leaves a bad mark on racing for me,” Steve Pollard said.
Improvements were made to the track just prior to the Derby and the increase. A huge $12 million video board was installed. The track will also add 2,400 seats, VIP sections, food and beverage outlets and new restrooms as part of its $14.5 million upgrade.
Despite the additions, the track does suffer during the weekly races, which are sparsely attended. Online wagering has contributed to losses at racetracks in general and last year, the number of races dropped to 43,139, a stark contrast from 53,303 in 2003. In 1989, 74,071 races ran. Racinos, a combination of horse racing and casino gaming brought purses up at Belmont Park, Saratoga Race Course and Aqueduct Racetrack.
The Triple Crown and Breeders Cup continue to draw large crowds, but filling the stands in between major events is a challenge. And tracks are competing with casino gaming boats, along with the Racinos in other states. One Kentucky track, Turfway Park has advertised $1 beers and bets and hired live bands to lure customers. The strategy worked, according to Turfway’s general manager, Chip Bach.
Bach thinks tracks should grow the sport’s popularity by attracting a younger demographic.
