Bing Crosby built the Del Mar racetrack in the 1930s, when horse racing’s popularity in the American sporting landscape was second only to baseball. His pals W.C. Fields, Ava Gardner, Desi Arnaz and Lucille Ball roamed its clubhouse. Crosby insisted on a late first post time — 2 p.m. — so they could golf (wink, wink) beforehand or recover from the night before.

Some of Hollywood’s golden era will be recaptured on Friday and Saturday as celebrities and horse enthusiasts come to this racetrack to watch 200 thoroughbreds compete for $34 million in purses in the Breeders’ Cup World Championships.

It is what happens after the horses return to New York State, Europe, Japan, South Africa and all points in between, though, that has California breeders and owners worried. Despite being home to this equine oasis on the Pacific Ocean and an equally stunning venue — Santa Anita Park — in the foothills of the San Gabriel Mountains, horse racing in California is going broke.

The state that has given one of America’s oldest sports iconic horses like Seabiscuit, Swaps and American Pharoah is rapidly falling behind Kentucky, New York and even Arkansas in purse money, which is vital to attract owners and trainers to race in California.

Santa Anita’s location at the foothills of the San Gabriel Mountains makes for a stunning venue.Credit…Alex Welsh for The New York Times

Last year, the state offered $165 million in purse money, for an average of more than $418,000 per racing day, according to Equibase, which keeps information and statistics for American racing. The available daily purse is more than $972,000 in Kentucky and $648,000 in New York, but those states’ purses are supplemented by money that each collects from legalized gaming. California has nothing comparable.

The New York Times