Sighting a significant downturn in wagering brought on by the struggling economy, Arcadia’s Santa Anita Racetrack announced this week that it would cut overnight purses by 10 percent for the upcoming Oak Tree meeting.
With the reductions slated to take effect this Saturday, the track is wasting no time in implementing the new policy ahead of hosting the Breeders’ Cup, one of horse racing’s most prestigious events, on Nov. 8.
According to track officials, wagering was down 12 percent compared to last year through the first 16 days of racing at the Oak Tree meet.
The meeting began Sept. 30 and runs through Nov. 8, including the Breeders’ Cup world championships on Nov. 6 and 7.