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Articles 1 - 6 of 6
Full-Text Articles in Business
Recent Impacts Of Penny And Fixed Odds Wagering: What Does The Future Hold?, Thomas E. Lambert
Recent Impacts Of Penny And Fixed Odds Wagering: What Does The Future Hold?, Thomas E. Lambert
Faculty Scholarship
In order hopefully to revive attendance at the tracks and/or fuel a resurgence in gambling (either in person or virtually), the last year has seen some recent wagering developments and changes at different horseracing tracks in the United States. At Ellis Park Racing and Gaming (Henderson, Kentucky) in the Evansville, Indiana metro area, penny wagering has been tried since the 2022 season to influence gambling revenues. Meanwhile, starting in 2022 Monmouth Park in New Jersey now offers “fixed odds” wagering as an alternative to parimutuel wagering for patrons who do not like the possible fluctuations in odds before a race …
The Economic Surplus, The Baran Ratio, And Long Wave Cycles, Thomas E. Lambert
The Economic Surplus, The Baran Ratio, And Long Wave Cycles, Thomas E. Lambert
Faculty Scholarship
This paper briefly outlines the idea and development of the economic surplus concept at the macroeconomic level as opposed to the one in microeconomics often labeled as a Marshallian surplus. Of special interest and focus is the concept as developed and used by heterodox economists. The notion of a residual amount of output or income over and above what is necessary for a society’s consumption (education, housing, food, clothing, health care, transportation, and other necessities of life) that can be used either for further consumption by an elite class, used for reinvestment in productive activities, and/or wasted on unproductive efforts …
Horse Sense Or Horse Hype? Estimating The True Economic Impact Of Churchill Downs And The Kentucky Derby On The Louisville Metro Area, Thomas E. Lambert
Horse Sense Or Horse Hype? Estimating The True Economic Impact Of Churchill Downs And The Kentucky Derby On The Louisville Metro Area, Thomas E. Lambert
Faculty Scholarship
In trying to assess the true economic impact of the Kentucky Derby on the Louisville region (north central Kentucky and south central Indiana counties), one can find two different estimates appear in doing a quick search on the internet. Some sources, such as the Kentucky Derby Museum, indicate that the economic impact of the Derby is around $217 million (Kentucky Derby Museum 2023) but never mention a source or study for this conjecture. In doing some research, this amount is determined to come from a 2001 study by the marketing research firm Wilkerson and Associates (LaMarra 2001), and therefore this …
Kentucky Downs And The Mint—A Huge “Exporter” For Kentucky?, Thomas E. Lambert
Kentucky Downs And The Mint—A Huge “Exporter” For Kentucky?, Thomas E. Lambert
Faculty Scholarship
Kentucky Downs is a thoroughbred racetrack located in Franklin, Kentucky near the Kentucky-Tennessee border and close to Interstate 65 which features European-style (all turf track) racing. (The Mint and Kentucky Downs n.d.). It is also part of an entertainment complex that features a gaming center called The Mint, which has over 1000 historical horse racing (HHR) machines, machines that are somewhat similar to but not exactly the same as casino slot machines (The Mint n.d.). The Mint has another location around 20-30 minutes away by car in Bowling Green, Kentucky, and combined these two operations have around 125 employees according …
The Horse Versus The Ox During Medieval Times………And Horse Power Versus Horsepower Today, Thomas E. Lambert
The Horse Versus The Ox During Medieval Times………And Horse Power Versus Horsepower Today, Thomas E. Lambert
Faculty Scholarship
In watching television or other films regarding agriculture in various nations, one can occasionally still see where horses, mules, donkeys, or oxen are used to plow/plough fields or haul produce from farm to market. These practices seem antiquated by today’s farming techniques which mostly employ large combustion engine combines or tractors, trucks, etc. Much has been written about the agricultural revolution that occurred throughout most developed nations between the world wars and especially after the second one in which the use of more and more machinery has been used to grow agricultural produce such as wheat, corn, barley, etc. Even …
Mergers In The Us Gambling And Horse Racing Industries: What It Means For Local Economic Development And Taxation, Thomas E. Lambert
Mergers In The Us Gambling And Horse Racing Industries: What It Means For Local Economic Development And Taxation, Thomas E. Lambert
Faculty Scholarship
Even before the Covid-19 pandemic, most sectors of the various gambling industries in the United States were showing signs of stagnation. Over the last few years, these industries have seen mergers between horse racing tracks, between horse racing tracks and casinos to form “racinos”, and between casino companies. Many gambling facilities and racetracks have closed and have been sold to developers to be used for other purposes. An industry “shakeout” is occurring, and there appears to be a trend toward greater industry concentration as consumers are showing less and less interest in gambling in general. This has been partially fueled …