Breeders’ Cup Arrives in California, Where Horse Racing Is Struggling
Published On Nov 1, 2024, 3:00 AM
California's horse racing industry, despite its historic tracks like Santa Anita and Del Mar and the upcoming Breeders' Cup World Championships, is facing significant financial challenges. The state offers dramatically lower purse money compared to Kentucky and New York, which hinders its ability to attract owners and trainers. California's purse money for last year was $165 million, averaging over $418,000 per racing day, while Kentucky and New York benefit from legalized gaming revenues that supplement their racing purses.
Stock Forecasts
DRI
Negative
The financial struggles of California's horse racing tracks might lead to reduced investment opportunities in California-based horse racing related stocks, as fewer participants could diminish the sport's profile. Furthermore, tracks may face greater competition from those in states with more lucrative purses.
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