Racetracks are Closing

It has been a hard and long run for this country’s racetracks. Many of them are doing poorly as consumers are finding more and more ways to spend their time, that doesn’t involve sitting in a racetrack. Their revenues are way down, and many of them are looking to close. Still, many others are hopeful that if they can bring in slot machines to bring up their revenue, then they will be able to stay open.

In Southern California, the racetracks were trying to get Prop 68 approved. It would have allowed the racetracks to bring in slot machines and boost their revenue. However, the voters defeated the proposition, and now many of them are going to have to close – such as the Hollywood Park Race Track. The owner has already announced that they are closing, that they just can’t compete.

Bay Meadows Racetrack in San Mateo is also closing; their land is going to be bought out by developers who will do whatever they want with it. But without the slot machines to give them much needed income, Bay Meadows could not stay open.

Magna Entertainment Corporation has lost millions over the last several years and is selling several of their racetracks as well. They are pushing in several markets to have slot machines brought in, as it will greatly increase their revenue and allow them to recoup some of their recent losses.

What seems to be the constant factor for all of the racetracks is that without slot machine revenue, their days are numbered.

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