RED DEER, Alta. – Having a casino move next door to a racetrack is one of the worst things to happen to the thoroughbred business.
Legalized gambling in casinos, video lottery terminals in bars and riverboat casinos are having a huge impact on the racing industry, says a thoroughbred owner and auctioneer from Lexington, Kentucky.
“They make terrible neighbors if they’re located close to a racetrack,” said Walter Robertson.
Track revenues have dipped by about 35 percent on average and some are struggling to stay open.
Competition from casinos or VLTs is hard to beat because the games are easy to play while understanding the ins and outs of horse racing takes some education.
“The racing fan isn’t born. It takes them a long time to get to windows where they are comfortable,” said Robertson.
New tracks at Houston and San Antonio failed while some other tracks have installed VLTs to survive.
Some of the tracks that have installed VLTs are debt free and can pay larger purses because of revenue from the slot machines.
