Buying a racehorse vs paying federal income tax. A subject of much previous discussion here. Bottom line: spending big money on a young racehorse may not be as financially risky as one might think. Enter Bonus Depreciation.

https://www.husbandlaw.com/buying-racehorses---tax-advantages.html

Buying a racetrack seems a different matter. In an era when people shop from their mobile phones, don't even go to the grocery store, and have meals delivered to their door. They are never going back to the racetrack. Owning a facility designed for in-person attendance isn't economical without the foot traffic.

Japan, Korea, Australia, South Africa, South America, all seem to have horse racing industries that are not in severe contraction. I don't know; appearances can be deceiving.