PAL™ projects: solution for racetracks that need to attract new audiences18 June, 2021 / News
With the Public Access Lagoons™ projects, also known as PAL™ projects, Crystal Lagoons® is looking towards the horse racing industry, which faces the challenge of reinventing itself to increase assistance and increase income.
In fact, these projects, which can be accessed via a ticketed entry, are known as the meeting point of the 21st century, receive wide acceptance from diverse demographic groups.
Racetracks need to attract new audiences and produce leisure activities to become alluring recreation centers in each of the cities where they are located.
Attempts to revert decline customers
The racehorse industry has enjoyed a loyal customer base, which mostly consists of men over the age of 35, a generation in which racing was more popular.
A Crystal Lagoons amenity, the world’s top amenity™, would help attract younger generations with a plethora of alternative entertainment, thereby helping the industry achieve its goal: to become the meeting point for both millennials and baby boomers.
Also, industry concentration is growing as larger, more successful operators buy failing racetracks at low prices in an attempt to revitalize them.
A PAL™ amenity by Crystal Lagoons is a business-building opportunity with endless income opportunities, as they generate a variety of activities and idyllic beach life.
In fact, Florida’s Epperson PAL generated US $50,000 daily despite the pandemic, through ticket entries, naming rights, sponsorships, concerts and weddings.
PAL also generate income with restaurants, retail and food halls in the surrounding areas.
Reinventing the business model
In order to reach younger demographics, women and families, racetracks increasingly include restaurants, children’s activities, theme nights, and slot machines.
They are also increasingly advertising on social media, in order to increase exposure to a more youthful and geographically more disparate consumer base.
As such, Crystal Lagoons could be a means to revert declining profit margins, by becoming the central element and offering activities from dawn to dusk.