Tasracing is planning a stakes growth strategy that will deliver up to $112 million to participants over the next five years.
It is one of the key focus areas referenced in Tasracing’s new 2020 And Beyond Corporate Plan released recently.
The document also details plans to spend up to $43 million over the same period on assets and infrastructure, providing necessary upgrades to racing and training venues and addressing safety concerns.
Resolving the issue of business sustainability was an important step the company took last year, with the support of the Tasmanian Government, that has allowed us to now focus on increasing stakes and investing in infrastructure.
Put simply, these decisions would not have been possible if it weren’t for the sustainability decisions undertaken by Tasracing and the government.
Importantly, Tasracing consulted extensively with industry participants who identified overwhelmingly that stakes and infrastructure were areas of critical importance for us to invest in.
The Tasracing Board has also used the Corporate Plan to reaffirm its commitment to the three codes of racing in the three regions, as well as continuing to support country racing across the state.
In summary, the plan outlines an ambitious yet realistic road map for the future.
Its overall aim is to grow the company and the industry with a focus under three key pillars – Invest, Innovate and Differentiate.
While there is no question that there are challenges to face, there are just as many exciting opportunities that we can now take advantage of given we have achieved a sustainable position.
In addition to the stakes increase and infrastructure investments outlined above, other excited innovations will be announced through the life of the plan.
I would encourage all participants to embrace these initiatives and work with us to secure a sustainable racing industry in Tasmania.
The Tasracing Corporate Plan is available at Corporate Plan [PDF].