Slot Machines in New Orleans Help Increase Thoroughbred Profits

On May 9, 2007, the comeback of live horse racing in the state of New Orleans and the large profits from the slot machines at the racing tracks are some of the main reasons why the profits for the Thoroughbred races in the state have improved by about 13.69% in the 1st quarter of this year.

Despite the improvement of the thoroughbred horses profits, the pari-mutuel handled worsened during the past 3 months. According to the study entitled "Thoroughbred Racing Economic Indicators" that was released that day by the National Thoroughbred Racing Association and Equibase, betting on Thoroughbred horse races held across the United States is at $3,541,454,467.

The figure has slid down about 1.1% from the previous $3,580,730,335 in the first quarter of last year. Officials of the Racing Association said that the depreciation in the handle was mainly because of weather related problems which resulted in racing cancellations in February.

The total number of racing days in the United States was only around 1,150 days compared to the 1,154 racing days in 2006. However, racing profits have improved from $199,641,227 in 2006 to about $226,971,000 in 2007. Racing Officials attributed the gain in purse improvement at the Fairgrounds, Gulfstream Park, St. Laurel Park, the Philadelphia Park Casino and Racetrack and the Sunland Park to slot intake.

The Fairgrounds racing park only held 57 racing days during the first quarter of 2007. During the same period in 2006, Fairgrounds only conducted around 12 racing days at Harrah's Louisiana Downs.

The racing purse is at $357,000 per day during the 2006-2007 Fairgrounds horse racing meet, the highest paid racing meet at the state of New Orleans. The Gulfstream Racing Park held their first racing meet this winter together with their slot machines and improved winner purses while the Philadelphia Park, which offered slot machines in December 2006, improved their winner purses on January 1, 2007. The Sunland Racing Park already had slot machines.

Thursday, 24 May 2007
Darren G. Strachan