FOR IMMEDIATE RELEASE April 26, 2021 from Friends of Del Mar Horsepark (Del Mar, CA)
Horsepark made significantly more money and profit than reported to the 22nd DAA Board in 2020 when COVID-19 shut down most other events at the Fairgrounds.
Total Horsepark revenue was $2.1 million in 2020 despite the cancellation of several horse shows during the first three months of the pandemic.
Revenue included $1,326,000 from 17 shows and $776,000 from stable leasing according to data supplied by horse show organizers, trainers and a former 22nd DAA employee.
Most of Horsepark’s $2.1 million in revenue came after June when outdoor horse shows resumed without spectators under the US Equestrian Federation’s safety protocols, including social distancing which horses prefer too. Following are highlights of Horsepark’s financial sustainability in 2020 in spite of the pandemic:
- Gross profit from horse shows of $750,000 after estimated expenses of $548,000
- Profit margins over 40%, even without ticket sales to spectators
- Horse show average revenue of $75,000 vs. $48,000 estimate in board reports
- Stable leasing, including the region’s only public riding school, covered most overhead expenses
Financial analysis confirms that equestrian activities at Horsepark are both profitable and pandemic-resistant unlike most other events at the Fairgrounds. In fact, it is estimated that from 2010-2020, Horsepark’s total equestrian-related revenue was over $20 million with profits of $7.5 million.
Horsepark’s total profits likely exceeded $10 million over the past 10 years when adding proceeds from other events such as dog shows and charitable foundation days, food & beverage, RV parking, fair parking and Christmas tree sales.
Horsepark offers a steady revenue stream from the public riding school that many use for therapeutic purposes, as well as externally produced horse and dog shows, RV parking and other compatible uses on the 65-acre property, which were mentioned in a Friends of Del Mar Horsepark survey completed by 381 respondents.
Most respondents suggested adding animal-related events that a wide, diverse population could enjoy such as dog shows with obedience, agility and herding trials, pet adoption, livestock shows, and 4-H/FFA shows.
This profitability potential will attract an experienced equestrian operator to lease and operate Horsepark and fund the $3-4 million needed for water remediation and to restore facilities to world-class status. The 22nd DAA will benefit from lower overhead costs and consistent recurring revenue during the term of the lease.
Horsepark is integral to our regional and national equestrian heritage as it helped produce many Olympic competitors and medalists. For example, three local riders are short-listed for the US Equestrian Team competing in the upcoming Tokyo Olympics in July. As in 1984 when Horsepark was used for the LA Olympics qualifying events, we could again host qualifiers for the upcoming LA Olympics in 2028.
Horsepark’s supporters and neighbors will actively participate in the upcoming May 11, June 8 and July 13 board meetings of the 22nd DAA in which the future of historic Horsepark and the Fairgrounds will be determined in the current strategic planning process.