edit: ^^^I won't argue with that post, though. There are definitely a great deal of people who see their animals as purely a tool or a means to an end.
I think that happens in any sporting community. Look at the value of a champion gelding to that of a stallion and look at the instances where prize winning race gelded race horses go to slaughter while stallions go to retirement homes.
Actually, I have to disagree with this. You have a few top stallions in any breed who are extremely valuable, but for average stallions, geldings can have far higher value. It can be very difficult to place a stallion for any kind of money unless he is either proven as both a performance horse and a producer, or is from extremely desirable bloodlines (which, with the limited bloodlines in most purebreds, is rare--usually it happens when a particularly famous sire or dam only has a few foals).
With racehorses, most are stallions--males are only generally gelded if they have health concerns (the most famous one recently being Kentucky Derby winner Funny Cide, who was gelded because he was cryptorchid--and now that he is retired from racing, is still owned by the same people and working as a lead pony at the track, last I heard) or if their behavior is so severe that they can't be managed. Ability to reproduce has little to do with whether the horse will end up at the slaughterhouse--it's more to do with the value of the horse's potential offspring, which is based on how the horse performed at the track, along with a lot of luck. Ferdinand is the famous example of a horse who not only had a stellar racing career but also a long career at stud and still wound up at the slaughterhouse.
In general--and I say this as someone who has made a career of selling horses, including both stallions and geldings--it is much easier to sell a gelding than a stallion, and in general they have more value. It's only the very high-quality stallions that are more valuable than their gelding counterparts, and most people don't have the resources or the interest to compete at the highest level of the sport anyway. Even at the top, there's a big market for geldings, because of the intensive time and financial investments that a stallion requires.
Don't get me wrong, I love stallions, but overall I'd be a lot more confident about my ability to get a good home and a good price for a gelding than a stallion.