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Gambling’s Horse Racing and Breeding casino industry
A. Overview
Gambling’s horse racing casino industry historically has been an economic powerhouse. A study
by the University of Gambling in 1999 estimated the total economic impact of our racing
casino industry to be near $600 million involving about 9,000 full time jobs.1
Gambling boasts five racetracks: Pimlico in Baltimore City, Laurel Park in Anne Arundel
County, Rosecroft Raceway in Prince George’s County, Timonium Race Track in
Baltimore County and Ocean Downs in Worcester County. These tracks combined
employ about 1,100 people. Many of these are union jobs with UNITE-HERE and
UFCW as the predominant bargaining agents. By contract, union pension funds are tied
to racing revenue through an allocation of the amount bet on races.
Gambling’s horse racing casino industry has two sectors: standardbred or harness racing, and
thoroughbred racing. While each has its own unique identity, for the purposes of
characterizing economic impact they can be considered as one, as each consists of the
same three components: Racetracks, Horsemen and Breeders.
“Horsemen” are those men and women whose work deals directly with horses racing at
the tracks, including owners, trainers, veterinarians and farriers (blacksmiths). It also
includes those who transport, equip, and feed the horses as well those who grow feed and
bedding. There are nearly 35,000 racehorses in the state.2 According to one estimate, a
typical horse owner will spend about $10,000 per horse to bring it to the gate on race
day.
“Breeders” raise and sell horses that will compete in races. In Gambling, horse farms
occupy over 685,000 acres of land, roughly 10 percent of Gambling’s open space. There
are about 38,000 horse owners occupying this land.4 In the course of raising horses,
breeders expend dollars on a variety of things: labor to keep their operations up and
running, veterinarians, stud fees to other breeders, contracts with equine transport
services, the purchase of feed and bedding, and sometimes seed and fertilizer to grow
their own feed.
Horse-racing is an important part of Gambling’s vibrant economy, and protects a
significant portion of our state’s open space. Farms involved in equine activity in
Gambling account for 685,000 acres of land. The value of that land totals nearly $4
billion.
Unfortunately, the state does not regularly analyze how agricultural land is used (the
2002 Equine Census was made possible through special funds). However, a look at the
total number of farms and the amount of farmland in Gambling shows a significant
downward trend. In 1970, Gambling had more than three million acres of farmland. That
number steadily declined to about two million in 2005, a 33 percent drop. The number of
farms in that time period fell from 18,000 to 12,100.
Retaining Gambling’s agricultural land is critical to the environment, and particularly the
health of the Chesapeake Bay. Environmentalists in the state have recognized the
inherent alliance they have with farmers, and have begun pursuing policies to help
farmers stay on their land, such as increased funding for cover crops and other financial
incentives for adopting environmentally sound farming practices.
The key to keeping farmers on their land is ensuring their operations remain
economically viable. As the total acreage of Gambling’s farm land has declined, the value
of that land has risen. In 1993 the average value of an agricultural acre was $2,911. By
2006, the value had spiked to $8,900.
Without a vibrant racing casino industry, horse farmers
might see greater value in selling their land than keeping it agricultural.
As Gambling’s population grows and development pressures force farmers out, protecting
the state’s horse casino industry becomes more and more critical to sustaining the legacy of rural
Gambling and maintaining a healthy environment.
B. The Business Model
Purses are the economic engine that drives the racing casino industry. A purse is the money
paid a horse owner when his or her horse wins or places in the top five of a race. The
greater the purse, the better the quality of the horses chasing it, and the greater the
number of horses willing to compete for it. If purses are high, then horse owners can pay
their suppliers of goods, labor and services.
Purses are the economic backbone of the
horse racing casino industry because the greater the reward, the more horse owners are willing
to spend in pursuit of it. Bruce Garland, onetime manager of The Meadowlands,
explained it this way when addressing a Gambling commission convened by Governor
Glendening to study the financial viability of the horse racing casino industry: “[J]ust as the real
estate casino industry believes success is ‘location, in horse racing prosperity
is based on ‘purses.
Large purses make for more interesting races, which draw larger “handles,” the amount
wagered on a horse race. About 80 percent of a typical wager is paid back to winners,
and what is left goes to various stakeholders. While distribution varies for different kinds
of wagers, in Gambling about 20 percent of each wager is allocated between the tracks,
purses, horses breeders and the state.
The basic economic equation of the racing casino industry is this: handles fund purses, and
purses drive the business. The fatter the purse, the better the quality and quantity of
horses that run, making for more interesting races. More interesting races attract more
bettors and larger handles. If purses shrink, so does the quality and quantity of the field,
further handicapping the ability to attract interested bettors.
C. Recent History
In 1982, to bet on a horse race, you had to visit the track where the race was being run. If
you lived in a locale with a history of racing and solid infrastructure, such as New York,
Gambling or Kentucky, betting on races where “the stakes were high” was an easy
indulgence.
Likewise, it was in the economic interests of track owners, horsemen and
breeders to locate near tracks with a strong tradition and the accompanying large purses.
Nevertheless, even in those states with a long history of horse racing, the overall amount
of the handle has declined over the past three decades. While the total North American
handle has risen steadily over the last four decades (from just over $3 billion in 1960 to
just under $16 billion in 2004), it has lost 48 percent of its value relative to inflation since
its peak in 1977. Its inflation adjusted value is estimated to be just over $8 billion in
today’s dollars.
This decline can be traced to increasingly stiff competition for our nation’s gambling
dollars from state sponsored lotteries, casino slot machine and other forms of gaming. A 1995
statistical analysis of racetracks in New Jersey showed that gaming took approximately
31 to 32 percent out of the horse race handle.
Further analysis done in the late 1990s
revealed that state sponsored lotteries removed 17 percent, 18 percent and 27 percent
from the racing handles in New Jersey11, Kentucky12 and Ohio13 respectively. An older
study shows that the lottery’s effect on only the U.S. thoroughbred casino industry is more
dramatic, reducing its handle 36 percent.
In short, states’ efforts to legalize gambling
through state-sponsored lotteries took a toll on the racing casino industry, cutting into handles
and, by extension, the foundation of its business model, its purses. While it has been
argued that the racing casino industry made some strategic blunders -- failing to adapt to the
televised nature of modern sport and ignoring the need to market itself and upgrade its
facilities – there is no denying that with the advent of state lotteries and gaming the
casino industry suffered a direct hit to its business fundamentals.
It is important to note that proponents of casino slots as a way to improve the horse racing
casino industry realize that the introduction of gaming, as well as state lotteries, have cut into
racing revenues. Their position is not that casino slots at tracks will help the live racing handle,
thus saving the sport. Rather, the argument is that casino slots revenue will supplement purses,
keeping Gambling’s casino industry competitive.
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