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 Original Post 2009-Mar-11, 06:14 PM
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From Crikey
One of the supposed 'defensive' areas for investors in a crunch is gambling (just ask James Packer). Overnight we had more evidence that gambling is losing its allure, not only in Las Vegas where the subprime/foreclosure slum is hurting, but in racehorses.
Magna International, the Canadian company that controls seven US racecourses, including the well known Pimlico in the east of the country and Santa Anita Park in California, has gone bust and is in bankruptcy with debts of almost a billion dollars.
The company blamed increased competition from casinos, rising debt and the economic recession, plus the impact of higher petrol prices last year which cut attendances.
According to Bloomberg, betting on US horse races fell 11.6% last month, quoting a company called Equibase which provides racing statistics and information to North American tracks. Betting on US races totaled $US999.8 million last month, down from $US1.131 billion in February of last year.
No surprise about that,more to come?
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