EXTRACTS from the annual report from Chairman Kevin Dixon for the Queensland All Codes Racing Industry Board trading as Racing Queensland, which was established through an Act of Parliament on May 1, 2013:
"While you will note that this report covers only the period May 1 to June 30, 2013 it is pertinent to provide commentary on the entire financial year. The financial reports for the period July 1, 2012 to April 31, 2013 are covered by Racing Queensland Limited’s annual report.
As of May 1, 2013 significant progress in terms of reforming the administrative function of racing in Queensland had been achieved and will continue under the new structure and boards.
Racing Queensland has a new mission to Collaborate, Assist, Regulate and Enable racing in Queensland and our staff are fully behind this with a new customer service charter. I am confident that this new focus will raise service delivery levels to our stakeholders.
In its 2011/12 financial report Racing Queensland Limited recorded a net operating loss of $14 million.
You will note that in this report for Racing Queensland over the two month period we report a loss of $7.7 million. This is largely because this is the period of high cost through the Winter Carnivals.
When combined with the surplus reported for the 10 months to April 31 by Racing Queensland Limited of $3.2 million, a more accurate picture of a full year result of a $4.5 million loss is obtained.
The result for this financial year was, at the beginning of the year, planned to be nearer to a $1 million loss. However, the need to deliver on critical industry spending has meant that this goal could not have been achieved without damaging the forward progress we are making.
Notwithstanding this result, I am pleased to report that Racing Queensland is achievingencouraging results in some key areas across all codes. The following figures represent the change in the two years FY11 to FY13 across a number of significant indicators:
- Total Wagering Revenue has increased 9%
- Prize money actually paid has increased 8%
- Contribution/Subsidies to clubs has increased 38%
- Costs of Racing Queensland Administration has decreased 21%
We are very pleased with the progress made this year in relation to infrastructure projects, the first to be undertaken under the restructured Industry Infrastructure Strategy.
This plan will ensure that the Government’s commitment of $110 million to fund critical industry infrastructure is appropriate to the needs of the industry and provides that best possible outcome.
Projects have been completed or are close to completion at the Gold Coast, Cairns, Beaudesert, Mackay and Toowoomba.
In addition preliminary work has been undertaken so that we can make further progress in the coming year towards establishing renewed infrastructure across all three codes.
An exciting rejuvenation of thoroughbred country racing was launched in September 2012 with new country racing programs; the Showcase Country Series (seven TAB status meetings with a “Showcase” race of $20,000), Celebrate Country Series and Sustain Country Series.
These new regionally focused programs are the key initiative in building a sustainable future for Queensland country racing. They are funded by the Government’s commitment to deliver an additional $4 million over four years to help rebuild country racing. They have provided a much needed boost to country racing, allowing clubs to attract stronger race fields and entice more patrons to the track, but more importantly it has begun to rebuild the connection of the racing industry with Queenslanders throughout the state.
Improving returns to stakeholders both in terms of prize money, and the opportunities to earn prize money through enhanced meeting scheduling, added races, and field sizes has been the primary focus of all boards. All boards have worked hard to make increases and improvements where possible given the current constrained nature of our revenue.
July 2012 saw field sizes increase at the Albion Park and Parklands harness venues and also the introduction of a float rebate to harness trainers for unplaced starters at all TAB meetings.
In addition, substantial increases have been made to greyhound industry prize money including unplaced subsidies.
September 2012 saw prize money increases and added races across all codes of racingtotalling $3.5 million. This was possible due to the Government’s commitment to funding the Queensland Thoroughbred Investment Scheme and allowing funds previously used for this purpose to be redirected toward much needed prizemoney initiatives.
Racing in Queensland must also focus on putting its best foot forward to remain relevant on the national stage, and attract continuing interest in racing in Queensland.
One such initiative, announced in April 2013, was to raise the winner’s prize for the Stradbroke Handicap, Queensland’s premier thoroughbred race, cementing its place as one of the nation’s top handicap races.
Over the coming year our focus will be on further improving efficiency and customer service, containing costs, and improving product and service delivery.
I make particular mention of the Product and Program Agreement with our primary wagering partner Tattsbet which is due to expire in June 2014. This will be the critical challenge for the industry as a whole in the coming year, and one which I am confident the board is well equipped to deal with successfully."