Preakness Boozes Up Profits After Bankruptcy
Horse racing has seen better days as exemplified by the bankruptcy filing of the track holding the Preakness. This year, the Preakness turned a big profit with a booze strategy.
Horse racing has been a part of civilization for a very, very long time. Alas, the last 20 years has seen a real downturn in the sport. The problem? Younger crowds just haven’t taken it up. The entertainment world has evolved with everything from video games to iPads to mobile phones to 3D movies and such. Horse racing more or less got left behind and the results have been predictable.
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The Preakness is one of the Triple Crown races in horse racing. That makes it a huge attraction, but the state of horse racing in Maryland is fading. Held in Baltimore, the company that owns the track had to actually file for bankruptcy protection to fend of its creditors. It was a very sad state of affairs.
2010 has found the company out of bankruptcy. Revenues have also increased with an improving economy. In an effort to bring in a younger crowd, the powers that be behind the race came up with a new slogan “Get Your Preak On”. This is of course a play on the song with the same title with “Preak” being used in place of “Freak”. Unfortunately, nobody told these same powers that be that the song had not been popular in years!
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One move the track made that was successful at bringing in a younger crowd involved an old standby strategy. Yep, the track changed its policy on alcohol. Whereas it had banned it for years, the new policy allowed fans to bring in their own booze. Guess what happened? Here come the crowds! The place was packed to the rafters as all of Baltimore came out to get their Preak on.
So, does this mean the Preakness and horse racing are on their way back? Well, the Preakness seems in good shape, but horse racing in general still faces a tough future to say the least. That being said, it is a start at least.