Guide to Your Financial Future
And They're Off
Steve Viuker
05/04/07 - 08:52 AM EDT
Tomorrow, the gates open at historic
Churchill Downs for the annual Run for the Roses, the Kentucky Derby.
The scene is spectacular: big money, celebrities galore, a packed racetrack and millions of viewers watching and betting.
The setting itself is glamorous as well. Churchill Downs has recently undertaken a massive renovation project, including the construction of 66 premium suites east of the famed Twin Spires, the creation of a large club and meeting space and a sprucing up of the first- and second-floor Jockey Club and first floor of the grandstand.
Many other storied racetracks across the country, however, have not been as lucky.
Hard Times
In the 1740s, Maryland governor Sam Ogle imported thoroughbreds to the colony and formed the Maryland Jockey Club, the oldest sporting organization in the U.S. Many fans saw Baltimore's historic
Pimlico racetrack while watching the movie
Seabiscuit, based on the best-selling book.
Behind the pageantry of these races, however, is an industry that is struggling. Many racetracks have been either demolished or are on life support, despite the fact that they are among the most historic structures in American sports, equal in stature to Wrigley Field and Fenway Park.
Longacres in Seattle is now a
Boeing office complex; Aksarben (Nebraska spelled backwards) in Omaha is part of a college campus; and Garden State Park in Cherry Hill, N.J., has been redeveloped as a residential and office complex. And even Seabiscuit might not recognize Pimlico, with its leaking roof. Indeed, owner Magna Entertainment has threatened to move the famous Preakness race out of Maryland unless slot monies are made available to improve the track.
The poster child for threatened racetracks is Miami's now-abandoned Hialeah Park.
Hialeah, which opened in 1925, was once a prime destination for the moneyed set, as trains from Palm Beach brought the Vanderbilts and other old-money families straight to the action.
Current owner John Brunetti does not hold much hope that racing will ever return to Hialeah, even though he strived to keep it open for much of the past decade. The track is situated on more than 300 acres -- ideal real estate for urban commercial development.
In the San Francisco Bay Area, racing fans also recently received some bad news. An environmental-impact study by a local consulting firm determined that there would be no great cultural loss if
Bay Meadows Race Course, which has conducted racing for seven decades, is replaced by offices, condominiums and retail shops. Bay Meadows Land Co., a private company owned by the
United Bank of Switzerland, has proposed tearing down the racetrack and developing the San Mateo property.
Rich Heritage
The race isn't over yet, however. This year,
Monmouth Park will host the Breeders' Cup for the first time in its history. This park opened July 30, 1870, on what is now the site of the Fort Monmouth parade ground, but it was closed sporadically over the decades. In 1946, the state legislature passed a bill providing for state regulation of racing and the new Monmouth Park reopened on June 19 that year, as 18,724 fans made their way onto the grounds in Oceanport, N.J.
And there are still other gems to visit. As Monmouth Park employee George Bernet, a former editor at the
Daily Racing Form, says, "The resort tracks are the ones to see --
Saratoga,
Belmont, Monmouth,
Del Mar,
Keeneland, Churchill and
Santa Anita.
Woodbine, located outside of Toronto, is the only real Canadian track left and home of the oldest North American stakes, The Queen's Plate."
Many of these tracks offer fans a behind-the-scenes look at a typical day.
Monmouth has its very early Dawn Patrol tours of the stable area and jockeys room on Fridays and Saturdays. California's Santa Anita has Clockers Corner, where you can have breakfast and watch the workouts, and Del Mar even has a summer camp for kids.
At many of these tracks, there are fascinating on-location museums to explore as well.
The
Kentucky Derby Museum is a premier tourist attraction, featuring an award-winning movie titled
The Greatest Race.
Displayed on a 360-degree screen, the thrilling film places the viewer right in the center of Derby Day action.
Other exhibits include "Place Your Bets," which illustrates parimutuel wagering, and the "Warner L. Jones, Jr. Time Machine," which allows visitors to select footage of Derbies as far back as 1918.
The actual finish-line pole used at Churchill Downs for many years, as well as the grave sites of three famous Kentucky Derby winners
-- Carry Back (1961), Swaps (1955) and Brokers Tip (1933) -- are located just outside on the museum grounds.
The
National Museum of Racing and Hall of Fame is located in Saratoga Springs, N.Y., across from the historic Saratoga Race Course, the oldest operating track in the country.
The Hall of Fame was created to recognize and honor deserving athletes -- currently there are 173 thoroughbreds, 86 jockeys and 61 trainers on the rolls.
If you've got the time, a visit to Hong Kong should be included in your track tour as well.
Horse racing here commenced in 1841 with the arrival of the British, who immediately set about draining a malarial swamp to form a racetrack at Happy Valley. With the exception of a few years during World War II, the track has seen nonstop action ever since.
The
Hong Kong Jockey Club was founded in 1884 and changed from an amateur to a professional organization in 1971, and the adjacent
Hong Kong Racing Museum provides a valuable insight into how the sport here has evolved since its mid-19th-century beginnings.
The Winner's Circle
If you're getting a last-minute itch to go to Louisville, general admissions tickets will be available on Oaks Day (the filly version of the Derby, held May 4) for $25, and Derby Day (May 5) for $40 at any gate entrance.
Children under 12 can attend free of charge when accompanied by an adult, and these tickets do allow access into the paddock and infield areas.
Keep in mind, though, these are not seats and are considered "walk around" tickets.
Or get pampered like a Triple Crown owner with a Derby package from
Sports Traveler. Most are sold out for this year, but you can still book for the Preakness or the Belmont Stakes, or start planning for 2008. Derby packages include box seating and lunch for both the Oaks and Derby, as well as three nights lodging. Prices range from about $1,500 to $3,300.
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