Tasracing Turns The Bend And Delivers First Profit In 7 Years

Tasracing Turns The Bend And Delivers First Profit In 7 Years

Tasmania Minister for Racing Jeremy Rockliff

Increased Prize Money For Racing Industry

Victor P Taffa

Tasracing delivered its first profit since its inception in 2009, turning a $1.2 Million loss the previous year into a $0.2 Million profit, Minister for Racing Jeremy Rockliff said.

Mr. Rockliff said last year the Government made the difficult decision to introduce a package of measures, including a reset of prize money and industry funding, designed to put the Tasmanian racing industry back on track toward a sustainable future.

“The turnaround signalled a new start for industry, and today I am pleased to announce that Tasracing will increase prize money and industry funding in 2016/17 by 4.2 %, or $840,000, taking the total allocation for the year to $20.8 Million.”

“This increase is in line with Tasracing’s previously announced intention to introduce a 4% stakes increase per year until 2020, subject to industry business performance.” Mr. Rockliff said.

The following amounts have been allocated across the three codes:

  • Thoroughbred – $11.42 Million, an increase of 4.37 % or $478,001 compared to the previous financial year.
  • Harness – $5.47 Million, an increase of 4.03 % or $212,237 compared to the previous financial year.
  • Greyhounds – $3.9 Million, an increase of 4 % or $150,202 compared to the previous financial year.

The increase was agreed to by the Tasracing Board following consultation meetings with representatives from the three racing codes in September.

“The Hodgman Liberal Government is a strong supporter of the racing industry and its participants.”

“I would like to commend Tasracing for their hard work, which has secured the future of the racing industry in Tasmania.” Mr. Rockliff said.