Moving closer to New Year's Eve, I think I am going to make a resolution. Buy a racetrack; sometime soon anyway.
Public policy, like most things, ebbs and flows. Over the past several years cash-strapped governments have been pushing casino gaming like an inner city dealer has pushed crack. 'Come one come all, bet til you lose all your money. It's okay, if we get the proceeds for schools, or Solyndra subsidies.'
It's not only happening here in North America, but elsewhere too.
But it makes me wonder. When will the dam break? When will the public say enough is enough?
In Italy, strict betting laws were relaxed about ten years ago to try and bring in more cash. What's happened is not overly pretty.
Pathological gambling and its associated problems are not easily swept under the rug. Slot machines on every corner, lottery stands, all the quick and easy games that the government uses to bridge budget gaps...... I think, maybe in a half a decade, we are going to see a backlash and a political party will start pulling a "sugary drink". I think you're still going to see gambling of course, but I bet it'll be at places like, oh, a racetrack.
Hedge fund and private equity types look to buy assets that are out of favor, and underpriced, because if the fundamentals are there, they can return to glory. I think they'd likely be looking long and hard at a racetrack or two. Or maybe I've just had too much egg nog and rum.
The Big M opens tonight with a pretty nice card. Bill Finley at Harness Racing Update looks at the new classified racing system, and the plans for the meet (pdf).
HANA Harness handicappers helped out a horse charity. Allan and the crew did an amazing job there. Way to go guys.
Neat promo at the Meadowlands. Gural bought a 1% share in pacer of the year Captaintreacherous and he's giving it away to a lucky fan. If the colt's potential is realized, 1% of a couple of million is a nice prize.
What's harder to decipher, third year calculus at MIT, or how to get a proper handle number from Santa Anita?
Have a great day everyone.
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