I disagree. As a selfish racing fan, I think it's fantastic. But even attempting to look at it more objectively I don't think it's bad. The racing industry employs thousands of people, I don't think many of whom would identify themselves as 'glitterati', who are up some time before sunrise every morning and work their arses off. Many of them are struggling a bit, and while I don't expect this to directly help them much I'm hoping the boost to the industry that will come from a couple more big $1 million races (like possible Australian interest, particularly if the races are near an international airport instead of a 6 hour drive away...sorry Hawke's Bay - you're doing an awesome job but this is your problem) will flow down to them in the long run.
The increase in prize money is certainly beneficial to the industry, with dozens of horses who would in the past have been sold overseas staying here for their racing careers. When horses with stallion potential do well here or in Australia (as Nom du Jeu has and hopefully Alamosa will), I hope breeders will come from far and wide with their mares to seek the stallions'....ahem....services.
Lastly, giving money to the racing industry is by no means throwing it down a drain. The industry can be highly beneficial to the economy - look at the Karaka National Yearling Sales. Quite a bit of money there.
And if we boost up some of the big 'carnivals', it can only be a good thing for the economy. Look at the Melbourne Spring Carnival - millions of dollars' worth of tourism. Far-fetched to think we can match that, but it's a nice example of what can be possible with this sport. Christchurch is doing alright with its Cup week too.
I find the vast majority of his policies abhorrent but I have to concede that Winston's been the best racing minister ever. So I guess I'll always have to respect him for that, as hard as it may be.
As for it being electioneering...meh. The election campaign lasts 3 years now anyway.
Why do I love the sport and hate it so much at the same time?