Article published on 7 September 2011
Toronto's Woodbine Racetrack on Track
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September 7 - Toronto's Woodbine Racetrack is managing to keep on track and to keep pace with horse racing while some other tracks such as Hasting's Racecourse in Vancouver are struggling with their smaller crowds and more competition for the gambling dollar.
According to Jane Holmes, Woodbine Entertainment Group's Vice President of Corporate Affairs, Woodbine is doing "reasonably well in a difficult business."
Woodbine Increases Profits from Betting in 2011
In 2010, betting totalled more than $393.5 million, increased from $361.4 million in 2009. In the first half of 2011, Woodbine saw the total amount wagered on its live thoroughbred racing season amount to more than $206 million, an increase of close to $22 million from the same period in 2010. Woodbine is expecting the total amount wagered in 2011 to be more than $400 million.
Bill Tallon, the Canadian editor of Daily Racing Forum, a newspaper based in New York that focuses on thoroughbred horse racing, speculated on the secret of Woodbine's success. He focused on a number of areas that Woodbine has excelled in and discussed how these contribute to their positive outcome.
Reasons for Success
Tallon claims that the Winner's Circle, with its big prizes, attracts quality horses which in turn lead to satisfied customers. The Woodbine Entertainment Group also attracts a wide range of customers through its turf Lunge restaurant and bar for business people and Wegz, its sports bar for blue-collar workers and young people.
Their broadcasting agreement with the television network TVG and their distribution of its simulcast signal to racetracks and Las Vegas Casinos has increased its profits by increasing its profile in the US.
Their location in the biggest city in the country is also a major contributing factor to its success as the nearest competitors for gambling dollars can be found in Niagara Falls or outside Orillia, Ont.
Finally, Woodbine owns more than 2,000 slots machines which provide significant income from casino subsidies.
These ingredients, as discussed by Bill Tallon all contribute to the success of Woodbine while other racetracks are struggling to keep above board. With their profits expected to exceed the $400 million mark this year, Woodbine is clearly on the right track.
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