Interesting article on discretionary income and gaming. I tend to agree with the writer’s take on alternate games, like slots, to bail out racing, rather than address the underlying issues
Risk Aversion Still Apparent In Consumer Spending Figures | Markets | Minyanville.com
As a former writer/editor/handicapper at Daily Racing Form, I argued vehemently within the industry in numerous articles and editorials for the industry to avoid pursuing alternative gaming. The reason was simple: if the market is rejecting the product, then subsidizing it by siphoning off revenues from unrelated alternative gaming sources (slots, poker,etc.) will create a false economy that masks the decline, thus ensuring that the inevitable bust destroys more than it has any natural right to destroy. Eventually, the market forces take over and, one way or another, force closure. New York City Off-Track Betting, undoubtedly one of the worst, most mismanaged operations in the history of all of gaming, finally closed late last year.