Low skilled jobs are actually a very important part of the economy wherever you like it or not.Therein lies the problem. The racing industry employs 70 000 jobs (so you say) with a LOT of them low skilled. The whole industry is tailored to a very low number of people making a very large amount of money. Without the racing industry this low number of people would need to find a new way of making a whole lot of money. Perhaps they would instead create companies that employed a large number of people, that would be able to build their skills and earn a better wage in an industry that does not rely on the mistreatment of animals.
The 6.3 billion dollars the industry creates by taking billions of dollars out of workers paychecks and redirecting it to that waterhouse bloke so he can get ever richer, could then be spent into the greater economy. industry such as retail that struggles could become profitable again and workers wage could increase.
the logic of your quotation is flawed and time and time again industries based around gambling have been shown to have both a negative social and economic cost.
Again how would you create the 70,000 jobs lost overnight if the industry went?
And it can't just be centralised in cities either . I'm all ears if you can provide a better alternative.