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

 

BusinessDesk: APN's NZME Sees Future In Paywalls, Growth In Digital Sales

APN News & Media has touted a single newsroom concept for its NZME unit in New Zealand, similar to what Germany's Die Welt uses, saying an 'integrated sales proposition' is helping it win market share, including ... More>>

Labour Party: Global Milk Prices Now Lowest In 6 Years

The latest fall in the global dairy price has brought it to the lowest level in six years and shows there must be meaningful action in tomorrow’s Budget to diversify the economy, says Labour’s Finance spokesperson Grant Robertson. “Dairy prices ... More>>

BusinessDesk: NZ Inflation Expectations Creep Higher In June Survey

May 19 (BusinessDesk) - New Zealand businesses lifted their expectations for inflation over the next two years, sapping any immediate pressure on the Reserve Bank to cut interest rates, and prompting the kiwi dollar to jump higher. More>>

BusinessDesk: Lower Fuel Costs Drive Down NZ Producer Input, Output Prices

May 19 - Producer input and output prices fell in the first quarter, mainly reflecting lower fuel costs and weakness in prices of meat and dairy products. More>>

Media: Fairfax Media NZ Announces Senior Editorial Team

Fairfax Media New Zealand has today confirmed its new editorial leadership team, as part of a transformation of its newsrooms aimed at enhancing local and national journalism across digital and print. More>>

Science: Flavonoids Reduce Cold And Cough Risk

Flavonoids reduce cold and cough risk Research from the University of Auckland shows eating flavonoids – found in green tea, apples, blueberries, cocoa, red wine and onions – can significantly reduce the risk of catching colds and coughs. The research, ... More>>


BusinessDesk: RBNZ House Alert Speech The Catalyst For Government Action

Prime Minister John Key all but conceded that pressure from the Reserve Bank of New Zealand for concerted action on rampant Auckland house prices was one of the main catalysts for the government's weekend announcements about tightly ... More>>

BusinessDesk: How To Fall Foul Of The New Housing Tax Rules: Tips From IRD

Just because you rented out your investment property doesn't absolve you from paying tax, says the Inland Revenue Department in a summary of commonly made mistakes by non-professional property investors when it comes to their tax liability.More>>

Legal: Superdiversity Law, Policy And Business Stocktake Announced

Mai Chen, Managing Partner at Chen Palmer New Zealand Public and Employment Law Specialists and Adjunct Professor of Law at the University of Auckland, today announced the establishment ... More>>

Housing: More House Price Gains Expected

House price expectations remain high, with a net 56% of respondents expecting house prices will increase. Fears of higher interest rates are fading, consistent with the RBNZ’s signals this year. Affordability and a lack of houses for ... More>>

TDDA: State-Of-The-Art Drug Testing Laboratory To Open In Auckland

World leading drug testing agencies, The Drug Detection Agency (TDDA) and Omega Laboratories, open New Zealand laboratory More>>

Network: Bigpipe Launches Ultra-Fast Broadband Into Wellington

Bigpipe Launches Ultra-Fast Broadband into Wellington Naked broadband provider Bigpipe has extended its national reach, announcing today, the launch of its unlimited UFB offering into Wellington. The Spark Venture business is giving Wellingtonians the ... More>>

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news