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Author Topic: Woodbine Purses Slashed  (Read 753 times)
Sea Biscuit
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« on: March 31, 2010, 08:52:24 PM »


By almost 10% as of 1st April 2010

And I heard through the grapevine that WEG has earned a profit of 144 million dollars last year.

Go figure.
« Last Edit: March 31, 2010, 09:00:17 PM by Sea Biscuit » Report to moderator   Logged
King Nothing
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« Reply #1 on: March 31, 2010, 09:09:00 PM »

That would be a bad April fools joke , wouldn't it ?  laughing guy

At least they have medical and retirement programs set up there for trainers/drivers/grooms etc.
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RD
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« Reply #2 on: March 31, 2010, 09:10:45 PM »

That would be a bad April fools joke , wouldn't it ?  laughing guy

At least they have medical and retirement programs set up there for trainers/drivers/grooms etc.

    Go luck getting any of it when the racing is long gone. dude
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King Nothing
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« Reply #3 on: March 31, 2010, 09:23:44 PM »

    Go luck getting any of it when the racing is long gone. dude
I would transfer my 401k when i got out lol.
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GGNJ
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« Reply #4 on: March 31, 2010, 09:27:28 PM »

I think the purse cut is reflective of many things, and WEG has gone as far as saying so. Profits are fungible so debating that is an exercise in futility and so is blame here. I think WEG and Ontario has done a great job in the industry and sport in the past and to get to where they are currently. Now, there has been a change. This is a blip on the radar screen BUT can certainly be a sign of things to come.

First, VLT revenues are down. While there were reports that said they were flat or up, I think the most recent data verifies a decrease. Second, WEG is outright saying that this purse cut is because there is too much product. That doesn't necessarily mean from competition. In reality, there is too much product, throughout Canada and the US. Sure, ultimately this will turn back into pointing fingers at the industry about not competing with other forms of gambling, entertainment, marketing, PR, and so on. Yeah, we all get that. But absent of that, the first place you can make an impact is in the quantity and quality of your product.

Jeff Gural has said that the only way the horseracing industry will change is when it hits rock bottom. A very thought provoking statement. Should WEG lower takeout? Of course. I am all for that. But that doesn't speak to the "too much racing" aspect and oversupply. Declining handle and decreasing purses will be the norm!

The Canadian industry has also dealt with competition from off-shore/rebate shops. Ho hum. I have said for many years there is a simple solution, one simple step and you can put every rebate shop in the world out of business. Question to track owners/management----What are you waiting for?

What's worse is that WEG has taken more money from the bread and butter owner in the game---the backbone of the entire sport and industry! Woodbine has been the second capital for harness racing, some even say surpassing the Meadowlands. Regardless, it's been a premier product, quality, competitive and full fields. Not for long if this continues.
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The Minister
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« Reply #5 on: March 31, 2010, 11:42:48 PM »

Purses will recover when the handle improves when the racing heads to Mohawk. Mohawk always handles better than Woodbine for standardbreds now -- Woodbine Flats are back, tonight.

Personally, I can't wait for the move to Mohawk. Also, can't wait for my annual pilgrimage to Campbellville.
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Egyptian Torch
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« Reply #6 on: April 01, 2010, 05:02:28 AM »

Purses will recover when the handle improves when the racing heads to Mohawk. Mohawk always handles better than Woodbine for standardbreds now -- Woodbine Flats are back, tonight.

Personally, I can't wait for the move to Mohawk. Also, can't wait for my annual pilgrimage to Campbellville.

I agree, though I wish Mohawk was still 5/8ths.....
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GGNJ
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« Reply #7 on: April 01, 2010, 08:12:01 AM »

While I agree, unfortunately I am not so sure purses will be restored to the pre-cut levels. Yes, I am pro-horseman, pro-bettor. Always have been. I want purses restored---actually I want them increased! However, there are some bigger issues here other than handle. WEG has an agenda, and don't get me wrong, it's not an agenda to be anti-racing, concentrate on VLT's, nickel and dime the horsemen or horseracing, etc. I think they have a very clear vision of where the industry is going and they want to dictate their own business model---and the initial, main ingredient, is simply less racing.

I hope you are right and the purse level is restored.
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HarnessFanDE
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« Reply #8 on: April 01, 2010, 08:42:27 AM »

Don't the thoroughbreds open up this week?.....and dont they always cut the harness purses back a bit at this time of year?
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Egyptian Torch
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« Reply #9 on: April 01, 2010, 09:19:09 AM »

Don't the thoroughbreds open up this week?.....and dont they always cut the harness purses back a bit at this time of year?


Yes, and if you like five-furlong races, Woodbine's opening day is your cup of tea........
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The Minister
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« Reply #10 on: April 01, 2010, 07:30:38 PM »

Not a fan of the 5F races, but I love the Taylor turf course at Woodbine. A very fair course.
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