Home Back Issues November 2008 Looking for a pony payday

Looking for a pony payday

| Print |  Email
Archives - November 2008
Saturday, November 01, 2008

PortlandMeadows

PORTLAND It’s two minutes before post time for the first horse race of the season at Portland Meadows and the odds to win seem more favorable than betting on Wall Street.

Moments later the starting gate bell rings and the horses are off. It’s dreary outside on this early October day and rain has turned the track into a muddy slop. The horses stream past an odds scoreboard that resembles a stock exchange ticker.

The business of horse racing isn’t just rough in a bad economy; the Meadows, Oregon’s only racetrack, has to compete against the state lottery and Indian casinos for gambling dollars. On the opening day of the 2008-2009 season, while 401(k) plans were losing value and the unemployment rate was rising, racing managers were keeping their expectations modest.

“We just wanted the day to go off without a hitch,” says William Alempijevic, the track’s GM. Admission is free so the track gauges turnout by beer sales, the number of cars in the parking lot and how many racing programs are sold.

More important is the size of the day’s handle, industry jargon for how much money is wagered. On this day, the handle is just over $150,000, a 5% increase from last year’s opening day. But the kicker is that most of that amount is from out-of-state satellite wagering facilities, not from gamblers at the track. At-track betting was down 12% from last year, while out-of-state betting increased 18%.

Bets from outside of Oregon are precisely what Alempijevic hopes will keep the track in business, because horses run live there on Sunday, Monday and Tuesday in the winter when other tracks around the country traditionally are closed.

So far it’s worked since the new schedule was adopted three years ago. But the overall horse-racing industry is down about 5% this year, a dip Alempijevic blames partly on the economic crisis.

Betting on horses, like betting on stocks, can be a costly game. But in down times one looks for any sign of hope. In the fourth race a young Oregon-bred named Mystacallie, declared by the announcer as the “people’s horse,” won.

Just then, the rain let up a bit.

JASON SHUFFLER


Have an opinion? E-mail This e-mail address is being protected from spambots. You need JavaScript enabled to view it

 

 

More Articles

Green eyeshades in the ivory tower

News
Friday, April 04, 2014
EducationCosts BlogBY ERIC FRUITS

The rapidly rising cost of higher education has left even the smartest researchers and the wonkiest of wonks wondering what’s happening and where’s all that money going. More and more, prospective students—and their families—are asking: Is college worth the cost?


Read more...

Fuel's gold

March 2014
Tuesday, February 25, 2014
BY SOPHIA BENNETT

The coastal town of Coos Bay appears poised to land every economic development director’s dream: a single employer that will bring hundreds of family-wage jobs and millions in tax revenue. 


Read more...

The 2014 List: The Top 34 Medium Companies to Work, For in Oregon

March 2014
Thursday, February 27, 2014

100best14logoWebOur 100 Best Companies project turned 21 this year, so pop open the Champagne. Our latest survey gives us plenty to cheer.

 


Read more...

The 2014 100 Best Companies to Work for in Oregon

News
Friday, February 28, 2014

100best14logo ThumbnailThe 21st annual 100 Best Companies to Work For in Oregon list was announced Thursday night at an awards dinner at the Oregon Convention Center.


Read more...

Small business sales go big

March 2014
Tuesday, February 25, 2014

BY BRANDON SAWYER

Sales of small businesses surged in 2013 according to the biggest Internet marketplace of such transactions, BizBuySell, increasing to 7,056 reported sales, a 24% increase over 2012, when they dropped 7%. Portland Metro sales tracked by the site grew 9% to 73, capping three years of solid growth. On top of that, Portland’s median sale price jumped 67% to $250K, versus just 13% to $180K nationally. Portland was one of just six metros tracked where the median sale price matched the median asking price, with sellers getting, on average, 92% of what they asked.

BTNMarch14 tableBTNMarch14 line


BTNMarch14 piePDXBTNMarch14 pieUSA


Read more...

What I'm reading: Brad Smith & Travis Boersma

March 2014
Tuesday, February 25, 2014

Brad Smith, founder of Hot Pepper Studios, and Travis Boersma, president of Dutch Bros. Coffee, share their recent reads.


Read more...

Speeding up science

News
Tuesday, February 25, 2014
02.25.14 Thumbnail MedwasteBY JOE ROJAS-BURKE | OB BLOGGER

The medical research enterprise wastes tens of billions of dollars a year on irrelevant studies. It’s time to fix it.


Read more...
Oregon Business magazinetitle-sponsored-links-02
SPONSORED LINKS