Laserfiche WebLink
facility.When modeling changing revenue over time,we focus on the number of horse <br />days (one horse using the facility one day)and the average revenue per horse.This <br />ignores non-equestriansources of revenue,which we will address below. <br />The numberof horse days,and therefore revenue,depends on the number of events <br />hosted by the Horse Park,and the number of horses per event.While examining the <br />experience of other horse parks may be informative,demand for a facility may vary <br />dramaticallyfrom location to location,depending on such factors as the horse <br />populationdensity of the area surrounding the park,the numberand quality of <br />competing parks,and the length of the season.Obviously the factors that make <br />demand large in such a location as Los Angeles may or may not apply in Washington. <br />Given this,we estimateddemand several ways,using differing methodsand <br />assumptions.The demand estimate from the 1998 version of this study simply <br />multipliedthe number of stalls (400)times the number of weekenddays the facility <br />would be open (64 days or 32 weekends),for a total number of horse days of 25,600. <br />This underestimateddemand because it ignored the fact that most events will run from <br />three to five days.But it significantly overestimateddemand,for it assumed that most <br />events will include the maximumnumberof horses (400).It also assumes full capacity <br />for 32 weekends.A 26 weekendseason runs from April through the end of September; <br />32 weekends requires 6 weekendsdivided between March and October,which we <br />view as infeasible on grounds of the length of the horse show season and <br />weather/travelconditions.However,in one scenario described below we do assume <br />25,600 horse days,but this number is excessivelyoptimistic. <br />In order to develop a more fact based demand model,we asked a local horse <br />enthusiast,Steve Busick,to perform a market survey.Mr.Busick called the officials of <br />most Washington equestrian organizations,and recorded the number of events <br />conducted by each organization per year,and the number of horses in each event.He <br />24