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

 


NZ Racing Board pays out 83% of turnover in winnings

MEDIA RELEASE:
25 March 2014
NZ Racing Board pays out 83% of turnover in winnings

The New Zealand Racing Board commented on the latest New Zealand gambling sector figures released today by the Department of Internal Affairs.

“From the NZ Racing Board’s perspective, these stats don’t reveal one very important number: that is our TAB customers received back more than 83 cents for every dollar they spent in the current financial year; that’s a great percentage,” Chief Executive Officer Chris Bayliss said.

“The NZ Racing Board plays an important role in New Zealand communities and the economy. As an organisation we’re responsible for almost 1% of the country’s GDP and as an employer we’re ultimately responsible for over 17,000 full time equivalent jobs around the country.

“Racing has always made a significant economic and social contribution to New Zealand and communities around the country with support provided to over 260 community organisations and charities, while more than 400 community organisations share Racing Club facilities and resources.

“For the financial year 2012/13, the NZ Racing Board turned over $1,956.8 million. After the previously-mentioned more than 83 per cent pay-out to customers, and operating costs, we returned more than $146 million to the New Zealand racing and sports sectors. We’re proud to play our part in providing jobs, supporting New Zealand racing and sports, helping the communities in which we operate and offering great entertainment,” Mr Bayliss said.

ENDS


Further NZ Racing Board information can be found here http://www.nzracingboard.co.nz/annual/

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Interest Rates: RBNZ Hikes OCR To 3.5%, ‘Period Of Assessment’ Now Needed

Reserve Bank governor Graeme Wheeler raised the official cash rate as expected, while signalling a pause in rate hikes to assess the impact of moves so far this year. The kiwi dollar sank after Wheeler said its strength was “unjustified” and that the currency could have “a significant fall.” More>>

ALSO:

Fonterra: Canpac Site 'Resize' To Focus More On Paediatrics

Fonterra is looking at realigning its packing operations at Canpac, in the Waikato, to focus more on paediatric nutritionals... The proposed changes could mean around 110 roles may not be required at the site which currently employs 330. More>>

ALSO:

Scoop Business: Postie Plus Brand Gets 2nd Chance With Well-Funded Pepkor

The Postie Plus brand is getting a new lease of life after South Africa’s Pepkor bought the failed retailer’s assets out of administration and said it will use its purchasing power to reduce costs of stock and fatten margins. More>>

ALSO:

Warming: Warming Signs From State Of Climate Report

Climate data from air, land, sea and ice in 2013 'reflect trends of a warming planet' -- says the latest State of the Climate report, launched by U.S. and New Zealand scientists. More>>

ALSO:

Scoop Business: Embrace Falling Home Affordability, Says NZIER

Despair over the inability to afford a house is misplaced and should be embraced as an opportunity to invest in more wealth-creating activity, says the principal economist at the New Zealand Institute of Economic Research, Shamubeel Eaqub. More>>

Productivity Commission: NZ Regulation Not Keeping Pace

New Zealand regulators often have to work with out-of-date legislation, quality checks are under strain, and regulatory workers need better training and development. More>>

ALSO:

Callaghan Innovation: Investment To Help Deepen Innovation Reporting

Callaghan Innovation, the government’s high tech HQ for Kiwi business, is to help deepen New Zealand media coverage of the commercialisation of innovation through an arms-length partnership with independent business news service BusinessDesk. More>>

ALSO:

Tax Credits, Grants: Greens $1Bn R&D Plan

In the Party’s headline economic announcement, the Greens have launched their plan to build a smarter, more innovative economy which has as its centrepiece an additional $1 billion of government investment in research and development (R&D) above current spend, including tax breaks for business. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news