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Racecourse owner Arena Leisure said pre-tax profit fell 15% during the first half of the year as it highlighted concern about the reduction in Levy spending in 2011.Arena said current trading remains in line with expectations but it remains cautious about the outlook for attendance numbers and spend per head at its racing tracks.The horseracing operator said pre-tax profit fell to $936,000 the six months ended 30 June 2010 from $1.1m a year earlier. The decline was partly due to costs related to its new hotel. Underlying profits rose 25% to £2m.Revenue in the period fell to £30.1m from £30.9m in 2009 as a result of the £1.1m reduction in industry funding through the Levy. "The forecast reduction in Levy spending in 2011 is a major concern for the racing industry and we are playing our part in achieving a resolution," the group said in a statement.Levy funding for UK horseracing in 2011 is estimated to reduce to £70.0m from a a previous forecast of £94.5m. "However, with our portfolio of fixtures the board believes that we are well positioned to manage the challenges that this represents."Average attendance was up by 3% to 1,498 while hospitality attendance increased by 13%.