France, UK, Ireland, Dubai, Australia, Japan all have a great product and are not subsidized by other forms of gaming. The Hong Kong model is an outlier, although their model is efficient.

And is Hong Kong run by the government or by a racing club/ non profit ?
Though they mostly run geldings, that are owned by club members, their model works. And there is some things that they do extremely well in Hong Kong that can be implemented here.

For example, they do not run claiming races. They have races for all the lower level horses and are very competitive races , and they still use weight to make it an even playing field for the players & owners.

Baseball could be considered a niche sport.

Respectfully disagree, and maybe the bias I have towards horse racing, wanting it to thrive and survive for my own selfish reasons, like thinking it is not only the best sport but also the best form of gaming, is clouding my judgement.

Racing to me is only second to my family's health and welfare. It is by far the only thing that I can do , playing the races or going to the track, where all my problems in life are put on hold, and able to decompress and enjoy the sport.
Their would be a void in my life if racing were to cease, and I am only a fan and gambler. I have a day time job. I feel bad for those that live off the industry, as they will have to find another career, that their lively hood is at stake.

Talk about an "all hands on deck moment". It is going to take everyone to right this ship and time is running out.