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  1. #1
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    Mar. 10, 2006
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    Default Beyer on slots

    Not normally a big Andy fan, but he hit the ball out of the park with this one.

    http://www.drf.com/news/beyer-slots-...marriage-rocks

    Those numbers for Presque Isle are insane, an average daily handle of $35k and average purses of over $200k a day. How is that not welfare for horse owners?



  2. #2
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    Mar. 1, 2003
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    Default

    Quote Originally Posted by Drvmb1ggl3 View Post
    Not normally a big Andy fan, but he hit the ball out of the park with this one.

    http://www.drf.com/news/beyer-slots-...marriage-rocks

    Those numbers for Presque Isle are insane, an average daily handle of $35k and average purses of over $200k a day. How is that not welfare for horse owners?
    "Debbie Howells, Director of Racing, for Presque Isle Downs stated that handle from full card simulcast for July 2011 was $834K compared to $920K in 2010 for a decrease of 9.4%.

    Handle for 20 days of live racing during the month of July 2011 was $8.5M compared to $10M in July of 2010;
    showing a decrease of 15.23%.

    Total handle shows an increase of 5% with two days less racing in 2011."

    quote from:http://www.agriculture.state.pa.us/p...2008-11-11.pdf



  3. #3
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    Default

    http://www.bloodhorse.com/horse-raci...ops-31-million

    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.



  4. #4
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    Default

    Quote Originally Posted by Drvmb1ggl3 View Post
    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. They were well aware that the track would not support itself with only the handle.

    The way things are moving now,the low level slot tracks will cease to be subsidized and they will slowly fade away as they were doing before the slots.

    The upper level,slots or not,will continue on just fine. NYRA is taking notes from Woodbine and sinking more dollars into research and promotion of their product.



  5. #5
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    Default

    Quote Originally Posted by lifesabreeze View Post
    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.



  6. #6
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    Default

    They needed to by-pass the anti-gambling groups. When slots were first going in,they were put into racetracks so they could justify them by saying there already was gambling at those sites.



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