“There aren’t sufficient numbers of racing customers in the world anymore because they died”
Penn National's Peter Carlino
Carlino also finds empirically what Richard Thalheimer found out theoretically in 1998 at the University of Louisville:
"He said that when the company lobbies for slots at tracks, it will move to new arguments—including the ability of racetrack slots to promote agri-business—because he believes increased purses do not improve the quality of racing or increase pari-mutuel handle."
h/t to Thorotrends