TOTE Sale A Bad Deal

TOTE Sale A Bad Deal

Tasmania Shadow Minister for Racing Mark Shelton

Tas Racing Financial Crisis Highlights Folly Of TOTE Fire-Sale

Victor P Taffa

Confirmation in Estimates yesterday that Tas Racing will next week meet with Treasury to discuss ways of remaining financially viable highlights the folly of the Government’s fire-sale of the TOTE, according to Shadow Minister for Racing Mark Shelton.

“Tas Racing also confirmed yesterday that it will continue to ask the Government to repay the debts it has incurred against the $40 Million Tascorp loan facility.”

“Taxpayers are now forking out not only $30 Million a year for racing, but also millions of dollars in debt repayments on this $40 Million loan with no offsetting income stream as a result of the fire-sale of the TOTE.” Mr. Shelton said.

 

“It is clear that the TOTE sale means that it will become even harder for the racing industry to stand on its own two feet.”

“The Liberals believe that rather than fire-selling the TOTE, it should have been retained, turned into a profit-making business, and those funds used to fund Government investment in the racing industry.”

“Yesterday’s revelations were just more evidence that the sale was nothing more than a cash-grab by a Green-Labor Government in order to plug its budget black-hole, with no regard for how it would impact on the future viability of the racing industry in Tasmania.” Mr. Shelton said.