Horse-racing may be on its last lap and must look to a new generation of fans for survival, a new report from industry experts and the B.C. government warns.

As crowds braved the cold, wet weather for Hastings Racecourse’s opening day Saturday afternoon, general manager Raj Mutti said it’s not as easy as it once was to bring people to the East Vancouver track.

“Movie theatres, golf courses, other casinos – you’re competing against every entertainment destination that’s out there,” Mutti said.

Declining attendance is a problem for most racecourses these days, with many tracks shutting down all together.

As a result, industry officials, stakeholders and the provincial government drafted a report acknowledging the downturn in the horse-racing business and there must be major changes for the sport to survive.

The report includes recommendations to change the type of races, make it easier to bet while away from the track, and attract a new generation of fans.

“It’s a new marketplace. People want instant gratification,” said Howard Blank of Great Canadian Gaming. “They want to have fun and excitement.”

Horse-racing faces numerous challenges, from changing tastes and to the perceived risk of the horses. GCG said the industry employs a significant number of people and must be kept alive.

“This is the time for us to look, take hold of what we have and look forward because that’s the key,” Blank said. “Where are we going to be in 10 years? What can we do to ensure the next generation comes and enjoys the product?”

In recent years it has become common to see young faces at the Hastings track thanks to events like the dressy B.C. Cup, and family-friendly wiener-dog races. As a result, attendance has spiked.

“In 2011 and 2012 we increased our attendance by double digits,” Mutti said. “We also increased our wagering by 12 per cent last year, followed by 5 per cent in 2011.”

The course got a major PR boost last year when Hastings-trained jockey Mario Gutierrez was the surprise winner at the Kentucky Derby and the Preakness.

The publicity comes at a pivotal time – the report also warned government support for racecourses has been maxed out.

With a report from CTV British Columbia’s Penny Daflos