Tasracing has recorded its first profit since its inception in 2009, showing that the Hodgman Liberal Government has put the industry onto a sustainable footing for the future.
Tasracing has advised that it will post its first profit ahead of the release of its Annual Report in coming weeks, turning a $1.2 million loss last year into a $0.2 million profit this year.
The turnaround demonstrates that the difficult decision we made in 2015 to introduce sustainability measures, including a reset of prize money and industry funding, is working.
I commend Tasracing for working with the Government and making a short term adjustment, which is clearly inspiring confidence and certainty in the industry.
While the profit is modest, this great achievement cannot be understated. This signals a new start for an industry with its future in its own hands, which now has an ability to invest and grow.
An important result of the sustainability actions is that Tasracing is now able to deliver an increase in stakes; it plans to deliver up to $112 million to participants over the next five years, about a four per cent increase each year, subject to business performance.
The industry is now also on a platform that allows for investment and growth, including urgent infrastructure maintenance, as well as new strategic infrastructure projects.
Tas Racing’s new Corporate Plan will detail plans to spend up to $43 million over the next five years on assets and infrastructure, providing necessary upgrades to racing and training venues and addressing safety concerns.
Tasracing has advised me that they are currently consulting with industry to prioritise these initiatives that will ensure a positive future for Tasmanian racing.
This comes off the back of some major achievements at Tasracing. Recently it signed a 10 year broadcast agreement with Sky and a new sponsorship agreement with CUB and Tabcorp; an increase in international race field fees of 68 per cent and domestic of 38 per cent in two years; and, an investment and expansion of its Greyhound Adoption Program.
As a Government we back our racing industry, and the jobs it supports. I look forward to continuing to work with Tasracing and the racing community towards a bright future.