Leggy

What? Go back and read again.

That's a very good question that no-one seems to have an answer to.

Not saying the would even want to bother but they can still run a meeting as far as I can see. And offer betting via an overseas operator and contract the racefields and vision rights to them. They can advise the public of that arrangement, just the operator can't advertise here. The challenge might be as noted that NZTR would enact some draconian rule that would deregister/license trainers, jockeys, owners, horses etc. who participate.

They already have KPI's to meet in order to receive NZTR funding for racedays don't they?

You have to be a registered club and have a betting licence to run an equalisator meeting.

I agree. Stratford have moved on. We should too.

Rubbish. If they don't hold a betting licence they can set their own date and hold a race meeting under their own rules if they are not a registered club under the Racing Act can't they? What's to stop them? And if an overseas operator wants to contract with the club to take bets on those events, what's to stop that? I think you are the one dreaming.

Agree. But for me if I'm on course and using a racebook, I'd far rather have the races for that meeting there in consecutive order up front and not cluttered up by various other meetings around Australasia. Stick those at the back if you want to. I say good move by Ellerslie.

Here's part of what I got. These are the 3rd quarter financials.

It'll go off when they turn the power off.

Yes. Total revenue is dead flat. That's post the new platform, with most of the racefields fees coming in, and with the first phase of the betting duty reduction in place. And there's no reduction in expenses.

2020 Budget 2020 2019 2018 Betting and gaming turnover 1,499,989 1,571,469 1,410,013 1,430,037 REVENUE Net betting turnover 146,957 148,211 143,200 151,057 Net Gaming turnover 15,001 14,927 14,606 13,298 NZ racing shown overseas turnover 11,689 12,584 12,624 11,146 Other revenue 13,497 12,624 13,106 12,584 TOTAL REVENUE 187,144 188,346 183,536 188,045 TURNOVER RELATED EXPENSES 39,355 39,874 35,388 36,259 OPERATING EXPENSES Broadcasting 4,727 4,497 4,529 4,718 Communication and technology 14,168 14,685 12,833 10,303 Premises and equipment 3,739 3,461 7,230 7,442 Staff 29,223 29,113 3,217 31,780 Depreciation and amortisation 11,163 11,715 8,227 10,334 Foreign exchange loss 194 127 24 Other 9,032 8,677 6,803 8,216 TOTAL OPERATING EXPENSES 72,246 72,148 71,596 72,817 TOTAL EXPENSES 111,601 112,022 107,354 109,076 NET PROFIT BEFORE DISTRIBUTIONS 75,543 76,324 76,182 79,009 Distributions 88,267 88,700 86,618 84,798 Provisons for undistributed gaming surplus 3,198 4,775 2,668 NET LOSS AFTER DISTRIBUTIONS -15,922 -12,376 -15,211 -8,457

This was pre-covid remember. A net after distribution loss of $16m is a very good half-year result? About double the similar result for 2018. And cf a 1.8m after distribution profit for the first 6 months in 2017.

Because it was $16m short after distributions and they were charged by the Minister with maintaining the distributions without that loss on the bottom line.

Not if you are an owner-trainer and you are leading up the horse at that point.