Well, "this is your industry on raising takeouts"
The results of the takeout increase in late 2010 are in:
- California handle in 2010-2011, was down $537 million, or 15.6% from the previous year.
- Purses, if you remember, were supposed to rise with the takeout increase. They were down 5.1%
- Tracks lost more money. Revenues were down 13%
- Revenue for breeders was down 18.4%
- Internet wagering, which has been growing nationwide, was down 8%.
- Revenue for promotions, the vanning program and other items was down 11.4%
This proves without a shadow of a doubt, that when customers are leaving your building, you should probably not be looking to stick them with higher prices.
On the bright side, those numbers were so bad, they may not be hard to beat in 2012. Remember how far they've stepped backwards in 2011 when analyzing that, if so.