Horse Racing News is the source of thoroughbred racing information with horse racing odds, betting tips, racing picks, race results, and handicapping. Latest news and articles on top horse racing contenders, jockeys, trainers, three-year-olds, race tracks, and major stakes races such as the Triple Crown races: the Kentucky Derby, Preakness and Belmont Stakes as well as the Breeders' Cup horse races.Santa Anita Park To Cut Purses By 10% Due To Sluggish Economy
Posted on Wednesday, October 21st, 2009
Citing a sluggish economy as primary factors, the Oak Tree Racing Association announced today that overnight purses will be cut by 10% effective Saturday, October 24.
The current Oak Tree at Santa Anita Park meeting, which began September 30, will run through November 8 and will include the two-day Breeders’ Cup 2009 World Championships on November 6 & 7.
“We tried to maintain the purse levels that we started the meet with, but due primarily to the sluggish economy, business has been soft and we had to make this adjustment,” said Director of Racing Michael J. Harlow.
“This is simply a business decision. Oak Tree is a short meet and we need to be responsible when it comes to the purse account. The horsemen have been supportive thus far and I’m hopeful they will continue to be, even though we are dealing with a severe horse shortage here in California,” Michael J. Harlow added.
Through 16 days of horse racing this past Sunday, Oak Tree’s overall pari-mutuel handle was down 12% compared to last year.
“We were cautiously optimistic coming into this meet, but we are dealing with a very tough economy both locally and around the country,” said Oak Tree Director and Executive Vice President Sherwood Chillingworth. “Unemployment here in Los Angeles County is near 13% and across the country it’s nearing 10%.”
“As a result, our handle is off across the board. On top of that, for a variety of reasons, our horse inventory is down significantly from last year,” added Sherwood Chillingworth. “We remain optimistic that we can finish up strongly with the Breeders’ Cup, but we really have no other choice at this time other than to make this cut.”
“It’s certainly something that we hate to do, but the reality of the situation has left us no choice,” Chillingworth said. “The horsemen have been very supportive and we want to thank all of them and we hope they understand the position we are in. Again, we’re hoping to finish up strong and we are certainly looking forward to a great Breeders’ Cup on November 6 and 7.
Horse racing news edited from www.oaktreeracing.com.
"Santa Anita Park To Cut Purses By 10% Due To Sluggish Economy" was posted on Wednesday, October 21st, 2009 at 10:15 pm and is filed under Breeders' Cup, Horse Racing Industry, Race Tracks News, Santa Anita Track, Stakes Races, USA Horse Racing. You can follow any responses to this entry through the RSS 2.0 feed. Leave a response, or trackback from your own site.
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