Hollywood Park announced that its average attendance and the amount wagered on its races were both down more than 10 percent during its 55-day meet.

It is the latest in disappointing numbers from the West Coast. What can be done to stem this tide? No one seems to have the answers.

Santa Anita tried to divest itself from the Oak Tree meet to save money, but then had a change of heart after a not so subtle request from the California Horse Racing Board. The CHRB, a seven-member, governor-appointed board has regulated California horse racing since the 1930s.

The board wields a large amount of power, awarding racing dates and governing most other aspect of pari-mutuel wagering in the state.

True, racing has consistently lost market share all across the country, but are California’s woes a symptom of a greater problem?

Racing cost lots of money, not just in horse flesh and training, but for every aspect of the sport. The dizzying number of permits and fees and background checks and forms needed to be filled out before even setting foot on the track to race is costly in both time and money. It seems to shut out all but the wealthy, who can afford to lose money.

Because of the wagering aspect of the sport, strong regulation is needed to ensure the public’s betting money is protected from scam artists and cheats. Balancing those protections and providing a money-making opportunity to horsemen is where the industry seems to get stuck.