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California Horse Racing Troubles

The California horse racing industry was once a $4 billion industry, but over the past ten or so years, it has seen itself start to become a minor player in the horse racing field. According to statistics, attendance has declined more than 35% over the last 17 years, and the amount wagered has dropped $138 million.

They are getting some money from off-track and simulcast betting, and that amounts to 82% of the money wagered. However, it just isn’t enough to keep the industry afloat. They are trying to compete with the tribal casinos in the state, which are bringing in billions from their slot machines, and the tracks cannot keep up. This means they cannot keep up their purses to entice people to come to the tracks, and thus the battle goes.

The casinos have seen their slot machine revenues go up 75% across the nation, and in California with its almost 60,000 slot machines, they make up close to 28% of all tribal revenues. The California tribes now want to increase the number of slot machines that they currently have, which is worrying the tracks substantially. They say that the tribes have the exclusive rights to the slot machines and that just isn’t fair. They say that if they could have slot machines they could compete as well.

The horse racing industry has gotten a little smarter though, and teamed up with organized labor, who also wants to see the compacts rejected. They say they want better treatment and provisions for the workers in those slot machine casinos, and the racing industry is trying to help them in order to get the compacts vetoed. Racing organizations want the governor to give them help or give them slot machines, and at this point if they don’t get one or the other they are probably going to start dropping like flies.

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