For some, a day at the races is a quintessential part of the British summer. Over a period of several months people don their glad rags and head to the grandstand. Not quite so well known is that race days are often put on to satisfy the betting public and those in the stands are not courses’ main source of income. There may be only a few thousand in attendance but millions watch and enjoy the races in betting shops, on TV and the internet, and all contribute income indirectly via the media payments.

However, with horse racing being a seasonal sport, how can the owners of racecourses ensure their businesses stay profitable despite not being open all year round?

Diversification is the key to ensuring success, with the addition of revenue-boosting restaurants and event spaces lending themselves to the hosting of non-racing events. Racecourses have a number of boxes, stands and function rooms that can be used to host anything from weddings and conferences to product launches and even awards ceremonies. The existing kitchen and bar facilities can easily cater for these large groups.

The development of hotels on or near racecourses can help ensure the venue becomes a real destination, able to host visitors for racing weekends or wedding guests after a midnight finish. At Wolverhampton Racecourse, for example, a Holiday Inn is located on site and is billed as a place for race goers to stay, as well as providing a convenient base to explore the local area.

Additionally, many racecourses look to put on music concerts in order to boost income: this year Culture Club are playing three Jockey Club racecourses over the course of the summer. Newbury racecourse is hosting evening concerts throughout the season and is putting on an outdoor cinema for the first time.

People are looking to spend more time and money in the UK as the ‘staycation’ becomes ever more popular. According to data from travel marketing group Sojern, UK trips are getting shorter, with over half of staycationers planning a break of three days or less. In this context, a day at the races becomes an attractive option. Owners can capitalise on this by ensuring there are ample food and beverage offerings at sites alongside additional attractions such as fairgrounds and family zones.

There are plenty of opportunities for racecourse owners to enhance the large amount of space they own. The hosting of external events, increasing the catering offer and hosting weddings and corporate events all ensure that owners make the most out of their courses beyond the summer racing season.

Further information

Contact Savills Leisure and Trade-Related