Saturday, April 4, 2009

Sharp Declines Reported at Turfway

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Sharp Declines Reported at Turfway

Turfway Park ended its 2009 winter/spring meet with double-digit declines in handle and purses paid, and a significant drop in field size compared to the same period in 2008. The 2009 meet began Jan. 1 and ended April 2.
On-track wagering on Turfway races fell 11.2% to $7,020,016 for the meet. All-sources wagering on Turfway races dropped 24.6% to $113,649,793, driven by a 26.1% decline in wagering by out-of-state players.
Average daily purses dropped from $145,614 to $125,017.
Average field size declined from 8.3 starters per race to 7.9, a tally boosted by strong field size in January. Taken month-by-month during the meet, average field size was 9.0 in January, 8.0 in February, and 7.1 in March.
“The declines this winter clearly demonstrate the importance field size plays in the minds of horseplayers across the country,” said Turfway Park president Robert Elliston. “Given the economy, people are choosing to spend their money on products that offer the best return on investment, no matter what those products may be. Our customers are no different. In the past, the Kentucky circuit enjoyed the advantage of a strong horse population that produced value-oriented racing. Because they are able to supplement purses with revenue from alternative gaming, our competition has significantly, even dangerously, eroded that advantage. Kentucky has not been allowed to answer that challenge.”
On-track wagering on all available product—that is, on Turfway’s races and other tracks’ races simulcast into Turfway—was down as well, but significantly less so than on Turfway’s races alone.
“The fact that total on-track wagering fell by only 4.5 percent illustrates that players are seeking out races that offer good value for their dollar,” Elliston continued. “Even more stark is the difference between on-track wagering on our races—the 11.2 percent drop—and wagering only on races from other tracks. Wagering by Turfway patrons on races from other tracks dipped 0.3 percent this meet compared to last year’s winter meet. That minute decline confirms that if we’re talking about the things we can control—customer service, friendliness, food and beverage, the experience of being at the track—our staff does an outstanding job. The difficulty comes from what we cannot control.”
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