Presque Isle Downs reported a total handle of $31,425,213 for its 101-day meet that ended Sept. 28, a stand that was 76 days longer than the track’s inaugural meet last year.
Off-track wagering was $27,473,240 while on-track handle was $3,951,973 for the 800 races during the meet, which kicked off May 9. Purse distribution was reported at $22.29 million.
$22.9m in purses for $31.4m wagered.
That's 66c paid out for every $1 wagered. If takeout is 20%, and let's say that 10% of that goes back into purses (the average national figure returned to purses is actually more like 7-8%, but we'll be generous here), then the amount of handle that went to purses is $3.4m. So the purses at Presque would have been subsidized to the tune of $19 million or so, or about 85% of purses come from slot money. In reality it may be closer to 90%.
Crazy money, false economics.
I'm not sure what you mean by false economics. If they didn't build the track,they couldn't have the slots.
Only because of strange laws and the racing lobby having the state legislature by the short and curlies. Seems like in a real free market you would be able to build a casino without having to put it in a racetrack and then spend a chuck of your profits subsidizing a completely separate industry.
The economics of the whole racing set up in a slot subsidized state is completely false. It reminds me of those old Eastern European communist economies where the government was pumping huge amounts of money into big bloated industries that were hemorrhaging money. Normally if a business is not profitable, it downsizes or goes out of business.