There can be no denying that the horse racing industry has seen a decline in recent years. Where once tracks were spread abundantly throughout the country, now they are a relatively rare, endangered species. There are about seventy-five remaining venues—a respectable number, but ultimately only a shadow of what once was.
Keystone events will, of course, always draw money. The Kentucky Derby. The upcoming Breeders’ Cup. Even now, with the event months away, fans from all over the world are researching Breeders’ Cup odds and preparing to make calculated wagers.
But beyond the big drawers, is there still a serious travel market anchored around horse racing? The answer to that question is a resounding yes.
How Racetracks Stimulate Local Economies
To begin with, it’s important to mention that not every track is going to have a massive luxury spending appeal. For example, a race track in Fairmont, Illinois, a hardworking, ultimately blue-collar community, is not going to do much to attract the jet-setting demographic. On the other hand, a track in the Finger Lakes might.
Consider how people decide on a travel destination. The track alone might not be enough to draw people from all over the globe. But if you can weave multiple draws into a single area, it will attract the right kind of attention.
The Finger Lakes are an excellent example because they do have a well-known racetrack, and it does attract tourists from all over the world.
But they’re not just coming to watch races and place bets—they can do that from the comfort of their home. They’re coming because the area is gorgeous. Because it’s filled with wineries, shopping, horseback riding opportunities, and, yes, lakes.
Multifaceted family fun that includes horse racing, but it’s not exclusively dependent on it.
It’s an ecosystem. The Finger Lakes are a legitimate example of how and why horse racing still appeals to luxury travelers. But for a masterclass in luxe consumerism, we’ll need to take a trip to the Middle East.
Dubai’s Ultra-Luxury Racing Experience
Dubai’s horse racing scene is everything you’d expect it to be: ultra-modern, very luxurious, and everything about it is specifically designed to attract the ultra-wealthy. But Dubai itself offers far more than just a track.
Much can be said about the country, but they have figured out how to tap into the tourist economy.
The Meydan Racecourse is an excellent example. It’s a track, but a massive one—ultra sleek and modern, also quickly becoming historic. It’s home to the Dubai World Cup, which is famous for having a purse of more than $12,000,000 in prize money.
It’s designed to seat 60,000 people and it’s also attached to a luxury hotel. The Meydan Hotel has more than 200 luxury units. It’s famous for its lush accommodations and its breathtaking views.
But people don’t just come for the track alone. The Dubai Mall features more than 200 luxury brands: Chanel, Louis Vuitton, Christian Dior, and Level Shoes, the world’s largest luxury shoe store, with nearly 100,000 square feet of retail space.
The town even has a chauffeur service specifically designed to take luxury shoppers from their 5-star hotel to whatever luxury brand retail store they want to visit. There’s also high-end dining, luxury golf, and essentially every imaginable luxury, all in one compact area.
Even golf is designed to impress. This might sound like an obvious feature for any luxury community, until you remember that Dubai is located in the desert. It took an incredible amount of effort and engineering to bring links style recreation to the Middle East.
The Emirates Golf Club features the Majlis Course—the very first grass golf course in the Middle East.
It’s a challenging 7,301-yard layout that hosts the Dubai Desert Classic every year. They’re attracting rich people because they are putting every imaginable luxury a wealthy person could want in one convenient location.
Horse Racing Isn’t Going Anywhere
As the world changes, and it always does, it’s very easy to say this has killed that. E-commerce has killed brick-and-mortar stores. Electronic media has killed newspapers. Video has killed the radio star. In reality, though, industry adapts. There are still lots of brick-and-mortar stores that are doing very well.
Radio drama might not be what it once was, but you can have a favorite podcast. And horse racing can be viewed more conveniently than ever. There are still lots of reasons why a person would want to see it live and in an arena environment.
The key to finding success in a changing financial landscape is to adjust and adapt, and continue finding ways to attract consumer attention.
Communities like Dubai are an excellent example of how to keep rich people going to racetracks.
Photo Credit: Philip Lange / Shutterstock.com
