Beck - NJ getting behind racing

Examiner - Beck shows horse racing more support I'm glad NJ is keeping horse racing, but the big missing piece is: What will the horse industry do to make itself viable? Subsidies should never be permanent.

Don't Bet on It

I'm for legalized sports gambling at every track in the nation (last year I was talking about this very thing). The products fit well with each other (unlike slots), and it would multiply the fan base 100 fold. I hope New Jersey can get this done, but seeing that they've been trying since 2004, I'm not holding my breath. The lawsuit's premise is that the Federal Govt can't show favor to one state (Nevada) in regards to all the rest (New Jersey +45), add in a conservative Supreme Court who might favor state's rights and you have a chance. This is a $380 billion (with a B) industry, so if times get tough enough, and they certainly feel that way right now, momentum should grow. CNN NJ.com w/ reader feedback

Self Sufficiency

People are still a little upset about the footwork done by Governor Corzine to get the horse industry its much needed supplement. In an editorial piece Ted Apple correctly points out that, "Horsemen need [the] long-term stability," that slots provide. But, the comment left behind I think has the best point; "Why the Governor felt the need to have had to negotiate with the casinos on purse supplements for the racetracks tells you who actually runs this state." It's not just NJ having this problem. As this AP article points out, people are starting to get curious as to why money is taken from a profitable business to save a failing one. That opinion is surely not going to go away, and probably only get louder. I still think all of these tracks would benefit by actually doing something to save themselves. At least save a little face and not come off as complete beggars with your hands out.

Jersey Slot Math

The casinos are giving tracks $30 million a year to not set up VLT's. The State Study showed that Atlantic City would lose about $100 million annually if 6300 VLT's were put up (2100 a piece at the Meadowlands, Monmouth and Freehold), so under this deal the casinos are still up $70 million dollars. The State however might be down a lot. $433.5 million ($188 per day per machine) could be generated with 2100 VLT's at each track. Why can't we put the VLT's in, give AC $100 million, give our tracks $150 million, and the state gets the rest (like $200 million)? Even if the per day machine is way overblown, lets say reality is $94 a day (50%). You could still give AC $100 million (which would be a huge gift), the tracks could get $60 million (double current deal), and the state would still be looking at getting over $50 million dollars. And maybe just maybe my property tax would go down. Here's the study if anyone wants to go through the 108 pages have at it. I also think it's HYSTERICAL that they call this a "stop gap". For it to be a stop gap at somepoint it must stop. However the tracks don't say how they'll make their product better, what they can do to get off the subsidy, or what could be done to tighten up their costs. They just want money, end of story. Worse than the New York squeegee men.

Huzzah Casino's Save NJ Racing

Premature News (hat tip to link depository) The above photo is a metaphor for the current state of NJ racing. Is the boat half-sunk? Or not half-sunk? Taking a play out of the NYRA fiasco agreement both sides are unhappy: President of the Casino association Mr Corbo says hold your horses it ain't official yet, while lobbyist Barbara DeMarco calls 3 years short-term and the money might be short, and Committee member Assemblyman Burzichelli says this isn't a partisan issue. He's right there, it's a magic show really. I wrote about Corbo a while back, and it's just a shame that both sides take extremes and the government have to decide who's telling the most truth. This leaves all of us at the mercy of magicians.

Pat on the Back

If this blog serves any purpose, and it's doubtful that is does, it's that it allows me to point and say, "I told you so." When I read this article, by the great Ed DeRosa I began to cry (on the inside of course). I'm just starting to realize that the people in charge of our sport our about 2 years behind in realizing things. Probably more. You see, I wrote back in Oct of 05 how slots would not be the answer and these guys are just coming to that conclusion. They probably still enjoy the Apprentice. If anyone, seriously, wants to sit down and listen to some great ideas there's a whole group of us who live in the present, not fairy land present where no horses break down, and millions of dollars show up in the coffers, but the honest to goodness going out of business present, that are all willing to talk.

Slots

I once (famously) said, "Turns out you can lead a granma to a slot but you can't make her bet at the window." And overall, if you search this blog for the word "slots", you'll find I've been an opponent of them. I'm not against the horse industry or the people in it. I understand the economic impact the sport has on green space and employment. It's just that I never thought slots were organic to the horse racing business, and it's tricky for a well run business to add something foreign let alone the Einsteins we have working in horse racing. And now it's pretty much fact: Slots have not helped horse racing in the way they were proposed to help, they have only allowed horse racing to jack up purses, line the pockets of the casinos & state, and push the horse fan farther out the door. Search Google News today for "Horse Racing" and the top stories seem to be all about it, all focusing on Maryland. Here & Here. Slots opponents now have a lot more ammunition to work with, and their argument is coming to fruition; that by allowing slots you open the door to much more, see West Virginia Table games and Delaware sports betting. Slots was first pitched as a saviour; to get people back in the building after losing them to simulcasting halls, but now we see it for what it really is: trickle down economics, and we all know how that turned out. I'm sick and tired of all this bullshit. The sport makes money. It's an accounting trick when they say it's not, otherwise you wouldn't have everyone and their mother bidding on the NYRA franchise and there are others out there turning a profit as well. The truth is that there are way too many hands in the pot, and the money is spread too thin. Own up to this fact you greedy bastards, fix it, cut the fat, and get your fans back in the door. There is nothing wrong with the product.