A glimpse of the future

[takeout]

We'll pay $70 million if Iowa scraps greyhound racing, Harrah's says

Harrah's Entertainment, the world's biggest casino chain, is pressuring Iowa lawmakers to end live greyhound racing and is willing to pay the state millions to see it happen.

Rep. Mary Mascher, D-Iowa City, told The Des Moines Register she is backing a bill pushed by Harrah's that would free Iowa's two greyhound racetrack-casinos from a requirement to race dogs a specific number of days per year.

In exchange, the Council Bluffs and Dubuque casinos would pay the state a total of $10 million annually for seven years.

It's the first time the Iowa Legislature has entertained such a proposal since lawmakers agreed 16 years ago to save dog racetracks by letting them install slot machines.
[snip]
http://www.desmoinesregister.com/apps/pbcs.dll/article?AID=20101290360

[tzipi]

We'll pay $70 million if Iowa scraps greyhound racing, Harrah's says

Harrah's Entertainment, the world's biggest casino chain, is pressuring Iowa lawmakers to end live greyhound racing and is willing to pay the state millions to see it happen.

Rep. Mary Mascher, D-Iowa City, told The Des Moines Register she is backing a bill pushed by Harrah's that would free Iowa's two greyhound racetrack-casinos from a requirement to race dogs a specific number of days per year.

In exchange, the Council Bluffs and Dubuque casinos would pay the state a total of $10 million annually for seven years.

It's the first time the Iowa Legislature has entertained such a proposal since lawmakers agreed 16 years ago to save dog racetracks by letting them install slot machines.
[snip]
http://www.desmoinesregister.com/apps/pbcs.dll/article?AID=20101290360


I have written on numerous threads over the last 3 months about this and with insider information articles posted with my comments too. But the threads got no attention.
The casinos just said they will take care of the racing just so they could get their foot in the door for THEIR PROFITABLE buisness. Eventually they say the casinos wil lobby to close down the failing racing part and expand the casinos or sell off the land for big profits.
Why are the casinos going to keep giving away their good money to bail out a failing buisness day after day? Would you do that in real life? That's not smart buisness. Just throwing money to something that is a money drain?
Casinos have not created tons of new horseplayers and never will. Look at Philly parks track handle every day. It's under 100,000 everyday.
The casinos are just giving it time so it looks like they tried. That's all.

[tzipi]

Here's one article by a guy on the inside. Couple first paragraphs very telling.

http://www.standardbredcanada.ca/news/10-13-09/panel-change-horse-racing-doomed.html

"WHEN A RACINO OPENS,THE CASINO COMPANY LOOKS AT RACING AS A LOSER" And they keep giving over the tracks to casinos :bang:

Of course they do. Cmon, even racings OWN PEOPLE couldn't make it work anymore and gave up. Why are casinos going to try to save a dead buisness year after year and use up all their good money??
Casinos will probably down the road in history be looked at as the culprit that killed off racing.

[FenceBored]

Here's one article by a guy on the inside. Couple first paragraphs very telling.

http://www.standardbredcanada.ca/news/10-13-09/panel-change-horse-racing-doomed.html

"WHEN A RACINO OPENS,THE CASINO COMPANY LOOKS AT RACING AS A LOSER" And they keep giving over the tracks to casinos :bang:

Of course they do. Cmon, even racings OWN PEOPLE couldn't make it work anymore and gave up. Why are casinos going to try to save a dead buisness year after year and use up all their good money??
Casinos will probably down the road in history be looked at as the culprit that killed off racing.

That's a great article, especially this quote: "The horse industry is very happy to be a welfare recipient. They believe somehow that they are entitled.”

Reminds me of something. Hmm, I can't think of what ...

-------------------------------------------------------------------

Veruca: "Hey Daddy, I want a golden goose."

Charlie: "Here we go again"

Mr. Salt: "Alright sweetheart, alright. Daddy'll get you a golden goose as soon as we get home."

Veruca: "No, I want one of those."

Mr. Salt: "Wonka, how much do want for the golden goose."

Wonka: "They're not for sale."

Mr. Salt: "Name your price."

Wonka: "She can't have one. "

Veruca: "Who says I can't."

Mr. Salt: "The man with the funny hat."

Veruca: "I want one. I want a golden goose."

dU7nG3KvZDA

[Robert Goren]

Iowa should take it. I wonder how they get for Prairie Meadows.

[classhandicapper]

The casinos just said they will take care of the racing just so they could get their foot in the door for THEIR PROFITABLE buisness. Eventually they say the casinos wil lobby to close down the failing racing part and expand the casinos or sell off the land for big profits.
Why are the casinos going to keep giving away their good money to bail out a failing buisness day after day? Would you do that in real life? That's not smart buisness. Just throwing money to something that is a money drain?
Casinos have not created tons of new horseplayers and never will. Look at Philly parks track handle every day. It's under 100,000 everyday.
The casinos are just giving it time so it looks like they tried. That's all.

I have argued the same thing but from another direction. I have argued that if a track is dependent on casino revenues for it's survival it is not a good use of capital and should be removed so the remainder will do better.

The betting pie won't shrink much if a lot of tracks are closed. It will just be spread over fewer tracks and make the remainder more profitable because many of the costs are fixed.

Basically, the industry needs consolidation and the casinos are delaying the inevitable. Maybe not what you want to hear, but IMO the reality.