Del Mar Gives $10-Million to State of California
Updated: Tuesday, December 5, 2000 1:37 PM
Press release from Del Mar Thoroughbred Club
Posted: Tuesday, December 5, 2000 9:43 AM
For the second year in a row, the State of California realized a payment of $10 million for the summer race meet conducted by Del Mar Thoroughbred Club on the fairgrounds at Del Mar.
In addition to an exact rent payment of $7,170,000 tendered by DMTC for the 2000 racing season, the 43-day session generated net income of $2.8 million in food and beverage sales to push revenues to $10 million, equaling the record mark established in 1999. Both marks are the high points on the club's ledgers dating back to its initial season of operation at the seaside track in 1970.
DMTC's rent payment is delivered directly to the 22nd District Agricultural Association, its landlord on the 350-acre fairgrounds. In its 31 seasons at the North San Diego County location, DMTC now has paid the state a total of $103,987,765 in rent.
"Once again we are extremely proud of the results of our efforts at Del Mar," said DMTC's president and general manager, Joseph W. Harper. "Racing at Del Mar is a winner and we are pleased to be able to benefit our state and community with the effects of our hard work."
Del Mar Thoroughbred Club, a non-dividend paying corporation whose board of directors includes a number of prominent Thoroughbred owners and breeders in the state, was awarded a 20-year lease to run the live race meeting at Del Mar in 1970. Subsequently, the company's lease was renewed for another 20 years starting in 1990.
Del Mar's total pari-mutuel handle (money bet) this past summer from all sources was more than half a billion dollars -- $506,036,688. The state's share of pari-mutuel tax and unclaimed tickets from that amount was more than $6.7 million. Since 1970, DMTC has paid the state more than $312 million in monies generated from racing at Del Mar. Additionally, DMTC has paid the city of Del Mar and other California municipalities more than $16.3 million in pari-mutuel taxes, while local charities have received more than $5.7 million during that same period. An economic impact study completed in 1999 estimated the overall positive economic impact of the seven-week Thoroughbred racing season at Del Mar at a total of $87.2 million for San Diego County.
Del Mar's total attendance, including its 17 Southern California satellites, was 1,202,262 in 2000, a daily average of 27,960 that ranked it first in the United States in that department. The track's daily average handle of $11,736,073 was second best of all tracks in the nation, Saratoga being the leader.
When DMTC took control of the Del Mar race meet in 1970, the track's daily average attendance was 9,684 and its daily average handle was $985,807.
Since its first season in 1937, the annual race meet at Del Mar has financed more than $100 million in improvements to facilities on the fairgrounds, including the total rebuilding of the racetrack grandstand completed in 1993 at a cost of approximately $80 million.
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