Economy Cited In Preakness' Attendance, Handle Decline
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Industry Experts Say Sluggish Economy Reason
For Attendance, Handle Decline At Preakness |
With attendance and betting hitting five-year lows at the Preakness at Pimlico Race Course on Saturday, industry experts “say a sluggish economy, an overwhelming favorite and some people anxious over Eight Belles being euthanized after the Kentucky Derby could have kept people away,” according to Childs Walker of the Baltimore SUN. Magna Entertainment Corp. (MEC) Exec VP/Racing Scott Borgemenke: “We expected the numbers to be down a little bit based on the economy. We were probably a little surprised by how down they were.” However, when asked if the lower number “raised deeper concerns” for MEC, which owns Pimlico and Laurel Park, Borgemenke said, “No, not at all. I don’t find these numbers to be devastating.” The lower numbers mean ’08 “projects as a less profitable year” for Pimlico and the Maryland Jockey Club. But Borgemenke said that how much less profitable “remains unclear” with concession and parking revenues "still to be tabulated." With Big Brown a 1-to-5 favorite heading into the race, Univ. of Louisville College of Equine business professor Tim Capps said, “It was just perceived by a lot of experienced horse wagerers as not a good betting race.” The NTRA also “cited the general economic downturn as a possible factor in that decline.” Walker writes the economy “might also have contributed to a 10[%] drop in corporate sponsorship for the Preakness,” as the number of corporate tents in the infield also has "dropped steadily, from 45 in 2001 to about 30 this year” (Baltimore SUN, 5/20).
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