The move was not a surprise as the group has fallen into a cycle of Santa Anita, Del Mar, Churchill Downs and Keeneland alternating in various orders. Santa Anita has hosted the event 10 times and Del Mar twice. The first time it was held at Del Mar was 2017 and its success allowed the event to return in 2021. One mitigating factor about Del Mar is its slightly smaller size compared to the cavernous Santa Anita. But as race tracks have become smaller, in many cases being driven by casino play being the primary business, the options to hold the Breeders’ Cup have dwindled.

With the upcoming renovation of Belmont Park, it is expected that the Breeders’ Cup would eventually return to the New York track for the first time since 2005. But that could take up to five years.

“Breeders’ Cup has always been a strong supporter of California racing and we look forward to showcasing the wonderful venue once again to our horsemen and fans from around the world,” said Drew Fleming, president and chief executive of the group.

The Breeders’ Cup is made up of 14 Grade 1 races all worth at least $1 million. The purses are built from nominations of horses and stallions from the day a horse is foaled. The business model of horse racing is such that breeding has become more important, and lucrative, than racing horses.

Last year’s Breeders’ Cup Classic winner, the Santa Anita-based Flightline, was retired after only six races over two years because of his value as a stallion. Of the eight horses that ran in the $6 million Classic, the richest race in the United States, six have been retired to stallion duty. Only Taiba, who runs Saturday in the Saudi Cup, and Rich Strike, winner of last year’s Kentucky Derby, are still racing.