Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Solid year delivers results for racing industry

December 6, 2012

Solid year delivers results for racing industry

The New Zealand Racing Board has announced a final distribution of $133 million to the country’s racing industry in 2011/12.

The distribution from the TAB betting operation to the three Racing Codes – New Zealand Thoroughbred Racing, Harness Racing New Zealand and Greyhound Racing New Zealand – was $3 million more than forecast and $5 million more than in 2010/11, with betting turnover on racing and sport exceeding $1.6 billion for the first time.

Speaking at the NZ Racing Board’s Annual General Meeting and presentation of the 2012 Annual Report in Wellington today, Dr Jackson said the results were strong despite challenging circumstances in 2011/12.

Uncertainty continued to influence economic conditions, though the NZ Racing Board had successfully countered this by delivering new betting products and opportunities domestically and internationally. In addition, efficiencies had been implemented throughout the business to maximise returns to racing industry stakeholders.

Dr Jackson said underlying trends being experienced by the business necessitated the need for new thinking to grow and sustain returns to an industry that contributes approximately 1% to gross domestic product.

“The overall shift in our betting mix has continued with Fixed Odds Betting on racing and sport growing in popularity in place of the Tote.

“In racing we are seeing convergence in turnover share between domestic and import product, while sport continues to grow in popularity.”

This popularity was highlighted by the success of the Rugby World Cup 2011 campaign, with TAB betting turnover on the tournament exceeding $30 million and making RWC 2011 the TAB’s biggest ever betting event.

Levies paid to National Sporting Organisations on whose sports the TAB takes bets (calculated as a percentage of turnover and profit) hit $4 million in 2011/12, up $1 million on the previous year.

Dr Jackson said the top priority for the NZ Racing Board’s new governance and management structure in the new financial year was to build credibility and consensus to facilitate growth and sustainability for the country’s racing industry.

“We have seen a much stronger and more focused industry-wide approach to meeting challenges and capitalising on opportunities. It is clear that only by working together with a considered and common purpose will the New Zealand racing industry successfully realise its potential.”

Key to this co-operative and collaborative approach was the development of a clear strategy for the NZ Racing Board and the racing industry, said Dr Jackson.

“Chief Executive Chris Bayliss is undertaking a complete review of the business to build upward trajectory and momentum to deliver sustained, long-term returns.

“Allied to this is the development of an aligned and cohesive strategic plan for the racing industry where stakeholders are engaged and participating with a clear understanding of respective roles and responsibilities. Work on this is gathering pace and momentum.”

FINANCIAL HIGHLIGHTS 2011/12

2010/112011/12
Betting turnover$1.533 billion$1.622 billion
Net dividends$ 1.261 billion$1.336 billion
Surplus (before industry expenditure and distributions) $124 million$127 million
Distribution from betting operation$128 million$133 million
Net proceeds from NZRB Class 4 gaming-$6 million
TOTAL FUNDING$128 million$139 million

Full information and financial statements can be found in the NZ Racing Board’s 2012 Annual Report, available online at: www.nzracingboard.co.nz.

Presentations from the NZ Racing Board’s AGM were filmed for subsequent broadcast on Trackside.

These special broadcasts will be screened on Trackside at 2am on Tuesday, December 11, and again at 12.30am on Wednesday, December 12.

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Scoop Business: Alex Swney Pleads Guilty To $2.5M Fraud Charge

Alex Swney, former chief executive of the Auckland city centre business association Heart of the City, has pleaded guilty to dishonestly using documents to obtain $2.5 million. More>>

ALSO:

Petrol Burns Prices: Second Consecutive Quarterly Fall For CPI

The consumers price index (CPI) fell 0.3 percent in the March 2015 quarter, following a 0.2 percent fall in the December 2014 quarter, Statistics New Zealand said today. The last time the CPI showed two consecutive quarterly falls was in the December 1998 and March 1999 quarters. More>>

ALSO:

Scoop Business: NZ Broadcasters Launch Battle Against Global Mode ISPs

New Zealand broadcasters have confirmed they’ve launched legal proceedings against internet service providers who give customers’ access to “global mode”, which allows customers access to offshore online content, claiming it breaches the local content providers’ copyright. More>>

ALSO:

Sanford: Closure Of Christchurch Mussel Processing Plant Confirmed

The decision comes after a period of consultation with the 232 staff employed at the Riccarton site, who were told on 9 April that Sanford was considering the future of mussel processing in Christchurch. Recent weather patterns had impacted on natural spat (offspring) supply... More>>

ALSO:

Price Of Cheese: Dairy Product Prices Fall To The Lowest This Year

Dairy product prices fell in the latest GlobalDairyTrade auction, hitting the lowest level in the 2015 auctions so far, as prices for milk powder and butter slid amid concern about the outlook for commodities. More>>

ALSO:

Houston, We Have An Air Route: Air New Zealand To Fly Direct To The Heart Of Texas

Air New Zealand will fly its completely refitted Boeing 777-200 aircraft between Auckland and Houston up to five times a week opening up the state of Texas as well as popular nearby tourist states such as Louisiana and Florida. More>>

ALSO:

Scoop Business: Reserve Bank’s Spencer Calls On Govt To Rethink Housing Tax

The Reserve Bank has urged the government to take another look at a capital gains tax on investment in housing, allow increased high-density development and cut red tape for planning consents to address an over-heated Auckland property market. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news