Mike Sherlock

California is an island, they say. Well, for the past few years, it sure has felt as though the industry in the state has been left to circle the choppy waters surrounding this island in a leaky vessel. At times, these leaks have threatened to submerge the boat completely--like the Santa Anita welfare crisis that erupted last spring which led to a sweeping set of reforms that have improved safety but pushed some cash-strapped operators further along the financial gang-plank. At other times, stormy seas have proven galvanizing, bringing this...