I still haven't seen the 1995 NZ Trotting Cup. I was there but was drinking champagne with a very attractive young woman after a BIG collect the race before!
I still remember fondly my first Wellington Cup Day 2001. Started with breakfast at the Dockside Club and then bussed to their tent just down from the winning post on the infield. I think we needed up finished where we started that day.
I don't think it is an either or question. It can very successfully be both. Where they went wrong was investing in flash grandstand infrastructure and forgetting about the tracks and stables I.e. the horse. The one thing that differentiated them from every other entertainment in town.
That Wellington Cup day I mentioned there were 20,000+ on course and the majority were housed in tents.
To draw a parallel was Rugby at Lancaster Park ever the same when they got rid of the bank?
I started my interest in racing at the Westland Racing Club and they didn't invest in flash stand. The facilities didn't change in the 40 years I went there.
All that said I think something must be working because I have met a lot of young people in the last couple of years that are really interested in the game.