Historically, the pari-mutuel industry experienced steady, stable growth. Race tracks, even more than other commercial facilities, became important to the communities in which they were sited. Tracks are important sources of employment for trainers, animal handlers, administrators, and attendants. For the states, cities, and towns in which they are located, race tracks are an important part of the tax base. For patrons who bet there, the track is a gathering place - a place of cameraderie, competition, and friendship.
Horse racing is among the nation's largest spectator sports.
The most important consideration in the valuation of a race track is its ability to produce income. Race tracks are special use facilities with improvements specifically designed to operate a gambling enterprise. Real estate and a business may require different rates of return, the choice of which affects the worth of an income stream. The prospects for continued income production in the face of competition for the gambling dollar are a factor. Another is cost containment and efficiency of operation.