You would be hard pressed to find a person in the world of gambling who thinks the horse racing industry is doing just fine. Across the country, tracks are closing like never before, in what is considered a dying breed of entertainment.
In Michigan alone, Saginaw Harness Raceway, Great Lakes Downs, Jackson Harness Raceway, Pinnacle Race Course, Sports Creek Raceway and Mount Pleasant Meadows have all closed in the past 10 years, leaving Hazel Park Raceway and Northville Downs as the only remaining horse tracks.
The track, open since 1949, was losing $1 million annually since 2004, but cut its losses to only $150,00 in 2014. Operators feel the reintroduction of thoroughbred racing last June contributed to the change. “It was a good move, we’re very happy with it,” said Dan Adkins, VP of Hartman and Tyner Inc. whose owners own Hazel Park Raceway. He added, “We just need to find a way to generate more revenue.”
Nearly every race track operator would say the same thing, and some have been taking strides to do just that. Two of the more popular ideas are for slot machines which allow gamblers to bet on historic horse races, and for machines which will introduce virtual races for people to bet on. Virtual races are seen as a potential boon to the industry, and will serve as filler material between races, giving people more options to bet on.
Adkins is still not satisfied, although the results have been better. “Racing in Michigan is still in trouble. We don’t have enough purse dollars to continue. We’re struggling. We’re down to two tracks. All the states around us, racing is subsidized by gaming.”
Thistledown Racino near Cleveland, co-owned by Dan Gilbert’s Rock Gaming LLC, will feature a daily purse of $130,000 and boasts nearly 1,300 slot machines. Hazel Park, conversely, only offers $70,000 in daily purses.
