When a student tells me they are switching from banking to finance, I'm like:
The Economics of Owning a Race Horse in New York
I've been wanting for some time to write about the economics of racing from the owners' and trainers' point of view. And the quarterly ritual of preparing financial statements for my Castle Village Farm partnerships has finally provided both the motivation and the data to get started. So, this post will look at racing from an owner's point of view. I'll follow up later with a look at the economics of being a trainer. In both cases, I'll be focusing on the New York racing scene, that is, as an owner or a trainer stabled at Aqueduct or Belmont, and making an annual pilgrimage to Saratoga. New York has the best purses around -- they'll average over $700,000 a day at the upcoming Saratoga meet -- but it also has very high expenses. So, even with the kind of horses that most of us are satisfied to have -- solid, hard-working thoroughbreds -- not a stakes horse, but not a $4,000 Finger Lakes claimer either -- it's not easy to come out ahead -- even when you
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