As I sit in the former clubhouse of Bay Meadows Race Course for day two of its auction of assets, I am thinking about the future of horse racing and its fans.

Check out the video of the first lot of Bay Meadows on the auction block: http://www.youtube.com/watch?v=5n6J9mlHpDw

Bay Meadows has enjoyed a glorious history; it opened in the 1930s where the famed horse, Seabiscuit, raced and the sport's winningest jockey, Russell Baze, made its claim to fame.

However, Bay Meadows ran its last race on August 17 because the property it sits on is far more valuable to developers than to handicappers. The Course will be demolished for condos, shops and restaurants.

If you do a quick Google search on horse racing attendance, you will see the word: "decline" throughout the first page. BusinessWeek noted there was a 40 percent decline in betting last year from $2.9 billion to $1.7 billion.

With the on-slaught of casinos, high-tech gaming and fantasy sports, I think it's a long shot that this industry will regain its popularity.

What do you think?