A bad economy tends to reveal weak points (companies, sectors, individuals) whose struggles might not have been noticed in a flusher economic environment. Chrysler and GM are the clear examples lately - nationally iconic brands that are struggling to survive and may disappear - but regional icons can also be affected, regional icons like thoroughbred racing in Maryland, Kentucky, and other equestrian states.
Last Saturday's Preakness, held at Pimlico Race Course in Baltimore, Maryland, was an exciting few minutes, as Rachel Alexandra became the first filly to win the race in 85 years, followed closely by Mine That Bird, the surprising long-shot that won the Kentucky Derby a few weeks before.
The Sport of Kings is an interesting anomaly; horse racing most of the year is the province of a relatively small group of "horse people," plus bettors who come to the tracks (or OTBs) to try their luck. Only for three weekends a year, when network TV broadcasts the three races that make up the Triple Crown of racing, does the sport attract a mass following.
That's why I suppose many of the people who tuned in the race Saturday don't realize that the future of the Preakness, which was first run in 1873, even before the Kentucky Derby, is somewhat in doubt. Pimlico was endangered when its owner, Magna Entertainment, declared bankruptcy; the Maryland legislature has sought to pull it back from the brink, using eminent domain to prevent the property's being sold at bankruptcy auction while another owner is sought to keep the track open (and the Preakness in Maryland). Still, I'm guessing that any "save" may be temporary.
The fact is that the sport of racing itself is in trouble. Tracks are closing or threatened in a number of places, due to higher costs and pressures on the real estate that the major tracks occupy. Sponsors for the TV broadcasts of racing's major events are dropping out. Attendance at tracks is dwindling; if, as reported, more money was bet on the Preakness this year than last, I'd chalk that up to the excitement created by the first filly to have a chance in nearly a century. Other suggested fixes, like a shorter racing season (wouldn't fewer races with fewer horses attract fewer bettors, and wouldn't the fixed cost of maintaining a track be spread over less revenue?), or slot machines at the track (which have nothing to do with racing), will not serve to remedy things.
The Sport of Kings may need to redefine itself as The (or Another) Sport of the Masses. Even so, it's difficult to see how racing can survive without radical changes to its current business model.
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