They really need to stop saying horse shortage and consolidating because we all know it was all about simulcast $$. They couldn’t care less about those NorCal horsemen.
They really need to stop saying horse shortage and consolidating because we all know it was all about simulcast $$. They couldn’t care less about those NorCal horsemen.
@DCHI23 Amazing to me some of the sentiment on the CHRB that it is inevitable that horse racing ceases to exist at some point in the future in California. Not a lot of optimism.
@BeychokRacing @DCHI23 And then there's THIS, Published Jan. 25, 2024: "The 'BB-' rating reflects the elevated vulnerability of #DelMarRaceTrack Authority's operating profile to the declining popularity of #horseracing in CA & across the country. 1/x fitchratings.com/research/infra…
@BeychokRacing @DCHI23 2/x "...Longer-term historical declines in race track attendance have resulted in lower margins for race track net revenues, ultimately leading to declining net race track revenues & increased reliance on concession revenues to support debt service. #HorseRacing #BondRating
@BeychokRacing @DCHI23 3/x "...While Fitch recognizes that #DelMarRacing will host the #BreedersCup in 2024 & 2025, Fitch's rating case assumes continued declines in gross racetrack revenues in 2026, & net concession revenues serving as the sole source of revenues to service debt after 2027."
@BeychokRacing @DCHI23 4/4 It’s Happening: On Feb. 20, 2024, the Del Mar Fairgrounds CEO said it had to pay $700K of the $3.2 Mil annual Race Track Authority bond payment -- meaning #DelMarRacing came up that much short. #HorseRacing #California fitchratings.com/research/infra…