DATA POINTS

2008 vs. 2007 Performance 

• Dow-Jones Industrial Index                                                       -33.8%
• Nasdaq                                                                                                 -40.5%
• Standard & Poor’s  500                                                                 -38.5%
• U. S. Automobile Sales                                                                  -18.0%
• Nevada Gaming Revenues                                                           –  8.3%
• Macao Gaming Revenues                                                           +31.0%
• U. S. Pari-Mutuel Handle                                                            –  7.2%
• U. S. Thoroughbred Auction Revenues, Yearlings          -16.7%
• U. S. Thoroughbred Auction Revenues, Weanlings         -34.2%

 ANALYSIS

There is insufficient evidence to determine, at this time, what proportion of the downward trajectory of the U. S. horse racing industry in 2008 is due to a secular trend and what proportion is due to recession.