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NBR headline

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Headline on NBR website this morning.

Racing Industry reform is being put through its paces.

Secondary headline reads

Behing the glamour is an unsustainable business.

Dane Ambler is the author.

Behind a paywall and i'm too mean to pay.Anybody  care to enlighten us poor folk.

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Behind the glitz and the glamour of horse racing is a sector in disarray, with widespread calls for change met with a deafening silence, experts say.

Former New Zealand Thoroughbred Racing (NZTR) chairman Matt Goodson says there's a lack of political interest in sorting the industry out and calls for change have been ignored for years.

“There was no impetus for reform. It was common knowledge that something was wrong but there was significant disagreement on what that was.”

Cue Racing Minister Winston Peters, who saw the major structural issues and had a report done on the industry.

That report, by Australian racing industry expert John Messara, recommended an array of changes.

Subsequently, Mr Peters announced a five-member ministerial advisory committee to inform the next steps.

Mr Messara's 17 recommendations included outsourcing the wagering operations of the TAB, which is owned by the New Zealand Racing Board (NZRB), and closing 20 clubs throughout the country.

Mr Goodson says a wagering system in a small country lacks the scale needed to be sustainable.

The industry is therefore caught between a rock and a hard place. It can either outsource and forgo control of the TAB or it can continue to operate unsustainably. 

Before the advent of the TAB in the late 1940s, there was only on-course wagering. Every club had its own bookie and New Zealand had a “world-leading” racing industry.

goodson Former New Zealand Thoroughbred Racing chairman Matt Goodson.

Mr Goodson says the industry took a turn for the worse with the TAB.

“Whatever the racing board did it was operating into the headwind. Politicians and industry leaders at the time didn’t know what they were doing.”

NZTR chairman Allan Jackson agrees.

“The whole industry’s future swings on this. We get half the level of return that they do in Australia. It fundamentally has to change or else the industry goes backward even faster.”

National's spokesman for racing, Ian McKelvie, says the Messara report is “timely” and “hugely positive.” 

If the breeding industry is to continue to thrive, the racing sector needs to pick up its game.

“We’ve got huge natural advantages that we should capitalise on. You can’t have one without the other.”

Mr Goodson says a horse that wins a trial run will sell for $150-300,000 to a Singapore or Hong Kong-based buyer. A maiden winner is worth $250-500,000 offshore.

“As a breeder, you can access the very favourable economics of the offshore industries.”

Champion racehorse Phar Lap was New Zealand-born and bred, but never raced here. Champion racehorse Phar Lap was New Zealand-born and bred but never raced here.

Why outsource?
The NZRB is in a race against time.

Mr Goodson says more and more punters bet with offshore bookmakers, who pay no fees to the industry. Getting this right a few years ago was a key reason for Australian racing industry “bounding ahead,” he says.

The biggest factor weighing against NZRB is its lack of scale.

“This is a hard-structural reality that the NZRB can never fix and it has its head completely in the sand. There are heavy fixed capex [capital expenditure] and operating costs in running a national wagering system. These costs don’t change whether you have five million people or 25 million people.”

Mr Jackson agrees.

“If it can afford $12m a year on IT and the competition is paying over $100m a year, they will out-innovate you and do it on a lower cost base.

Alan Jackson New Zealand Thoroughbred Racing chairman Allan Jackson says the 'whole industry’s future' swings on proposed changes.

“They significantly lack scale and the balance sheet to constantly invest in new technologies to attract and retain the top people compared to the likes of Sportsbet and Tabcorp in Australia.”

Hence, margins are low relative to overseas as the NZRB cannot generate enough revenue from a small population to cover its costs and still have enough left over to pay back to the industry.

Mr Goodson says weak operational performance is a major issue.

“Even though they run it on the smell of an oily rag, they don’t have enough revenue to put over the fixed cost network. The racing board has never wanted to acknowledge it. They’re 5% down every year before they even start.”

In addition, Mr Goodson says the industry has been “hideously overtaxed,” paying both a wagering duty and GST, which make it uncompetitive against Australia.

Upping the game
The NZRB argues its financial performance is anything but weak.

In announcing the half-year result late last year, chief executive John Allen made a point of how lucrative it was.

The reported net profit was $145.9 million, $1.9 million (1.3%) ahead of last year.

“I would hope [Mr Peters] has a great deal more confidence in the board as a consequence of seeing these results. They demonstrate an organisation that is delivering, is committed to the industry and one with a real future.”

Mr Allen did not skip over questions of outsourcing.

“The Messara report has galvanised a conversation we needed to have as an industry.”

He says changes need to be “carefully thought about.”

“The TAB is a very valuable asset for this industry and [racing is] one of the few sports that has a large, highly profitable business with real growth potential that’s dedicated to supporting it.

“You only want to go down the track of outsourcing when you are really clear it’s going to have a significant additional benefit.”

Outsourcing means New Zealand will lose control of the customers and the assets. In addition, outsourcing could cost 600 jobs.

“Once we lose that control, we’re not going to get it back.”

National's Mr McKelvie agrees. He says the NZRB has done a lot of work on the TAB’s future to make it sustainable, so all options need to be considered.

National spokesman for racing Ian McKelvie says the Messara report was 'timely' and 'hugely positive.' National's racing spokesman Ian McKelvie says the Messara report is 'timely' and 'hugely positive.'

The NZRB has invested upwards of $50-60m in a combination of marketing and customer development and a new fixed-odds platform.

“Depending on how you outsource something, that may mean the long-term protection of our industry is at risk,” he says.

Despite that, Mr Allen acknowledges that while there is a monopoly, the reality is most punters are betting online.

“The online space is competitive. They are far more aggressive in the offers they make to attract customers. We are having to up our game, which is why we are investing in new technology, more focused on our customer relations.”

What would outsourcing the system look like?

If changes went ahead, Mr Allen says an international operator would take over the betting, marketing, customer relations, retail and potentially broadcasting activities.

There would still be a statutory framework that would require the profits go to the racing codes. The question of what percentage would go to the international operator would need to be negotiated.

Mr Goodson says there wouldn’t be much difference for punters.

“You’d still have a TAB front end but it would make twice as much profit because you don’t need 80% of the people and you would have far more efficient systems.”

Profitability questions 
Mr Jackson says NZRB’s financial results can’t be taken at face value.

“On the top-level numbers, they were 1.3% up on last year, less than inflation, which is what the industry has been having for the past five or six years. It’s not a bad result but it won’t excite the industry.”

Mr Goodson agrees.

“It’s not a profit really. It’s a surplus before paying for the costs of goods sold.”

In other words, it is merely an underlying operating profit before distributions.

“Racing gets paid for providing this product from the surplus that the NZRB generates. So, the 'profit' it announced is just a surplus prior to paying its costs."

He says the surplus is “nowhere near" large enough to see the racing industry flourish.

“Even though the costs of owning a horse are relatively low in New Zealand, the level of prize money relative to these costs is among the lowest in the world.”

Lessons learned?
Mr Jackson says there is already significant interest from overseas operators to undertake the outsourcing.

This has proved lucrative in Australia, particularly in Victoria, he says.

Tabcorp, an ASX-listed wagering platform with a capitalisation of about $10 billion, has been tipped as one of the bidders.

In 2012, Racing and Wagering Western Australia (RWWA), which has a similar size to New Zealand’s racing operations, faced similar headwinds and opted for outsourcing.

In granting authorisations, the Australian Competition and Consumer Commission found that doing so would be likely to improve efficiency through economies of scale and transactions costs savings.

It would also enable RWWA to provide a broader range of fixed odds wagering products, thereby preserving industry competition and customer choice.

“It is now thriving,” Mr Goodson says.

Racecourse closures 
The most controversial recommendation of the Messara report is the closure of 20 racecourses (of a total of 48).

In some cases, Mr Messara recommends their land being sold and the money channelled toward bringing the remaining 28 courses up to standard.

The 20 are Avondale, Dargaville, Thames, Rotorua, Stratford, Wairoa, Hawera, Waipukurau, Woodville, Reefton, Greymouth, Hokitika, Timaru, Motukarara, Oamaru, Kurow, Waimate, Omakau, Gore and Winton.

“We believe that the target should be to close the initial 20 venues over five years starting 2019/20, so over a period of six years from now,” the report states.

While Mr Messara acknowledges that this could be a difficult task, it “should be achievable.”

The NZRB's Mr Allen says the clubs should have a say in deciding what the future configuration should look like but few have been consulted.

Rotorua Racing Club chief executive Damien Radesic says no discussion has been held with his club.

“No one even came to see us at Rotorua or even look at our infrastructure, which has been improved over the past few years in great detail. We gave the property a facelift.”

Rotorua Rotorua's revamped racecourse. 

It has invested about $1.2m in earthquake strengthening, new windows, recladding, carpeting, painting and on improving its track.

As a result, Mr Radesic says it how has one of the best tracks in the central North Island. 

Closure would have a “devastating” effect on the Rotorua economy.

“We are like any other business, we’ve got 14 on-site employees and that grows to 30-50 on a race day. We spend $40-60,000 a month in the Bay of Plenty, so it does take its toll on the community when you take something of significance out of the area.”

Mr Radesic says the club will fight "tooth and nail" to stay open.

Winton's situation
In Southland, Winton Racecourse president Howard Clark says several factors haven’t been considered, including the track conditions and climate for certain times of the year.

“A lot more work needs to be done. To my knowledge, this guy [Mr Messara] never stepped foot on Winton racetrack, so I don’t know where he has drawn all these conclusions from.”

Winton is a dual code track – there are nine harness race meetings a year and it is one of the better tracks for trotting,Mr Clarke says.

Harness racing would continue but Mr Messara recommends transferring the galloping to Ascot Park in Invercargill.

“Nobody has shown us a financial benefit to the industry from doing that,” Mr Clark contends.

“The loss for us is our local community connection and consequently sponsorship because we are being asked to race out of our community.”

He says about 40 horses are trained on the course and there is a risk some of those won’t relocate.

Mr Clark says nobody from the Coalition government has discussed closures with him.

“There is a lot of water to go under the bridge before all this is settled.”

Need for rationalisation
National's Mr McKelvie has met all the South Island clubs tipped for closure.

He says talks of closures have been around for 40 or 50 years and there’s general acceptance that rationalisation is justified. However, the government could have gone about it better.

“Had the industry been left to manage the process themselves it might have been reasonably well accepted. There are ways to achieve this and the blunt instrument way is not the answer.

“The idea of effectively forfeiting assets to become part of a national organisation is testing for any community. You can’t expect to move in and shut community assets without a moderated discussion."

Mr Jackson says the clock is ticking. 

“At critical times, and we have reached one now, we all need to ask ourselves what will work best for the industry – and how do I support that.

“Yes, there will be some winners and some losers as we move forward but the pie will be much, much larger if we can work together. In the longer term that means we will all be winners.”

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A trial winner will sell for 150k to 300k and a maiden winner is worth 250k to 500k. Right where do I quickly buy a horse.  Bullshit prices . Insert the words could/may/ might if you are lucky on a good day depending on number factors .A maiden winner at gaff track midweek in mud could be worth 10 bucks in some cases.  Huge generalisation that is rampant in non trade press. 

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I do not know much about how the NZR/TAB support clubs. Obviously there is the input into the stakes but in terms money to up keep tracks and other infrastructure , I do not know the detail.

But if a club can upkeep a track and associated building without central industry support  why should it have to close down the track? As for the money from a community asset going to fund uncontrolled expenses etc. in Petone --they can take " a running jump".

 

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1 hour ago, Breeder said:

I do not know much about how the NZR/TAB support clubs. Obviously there is the input into the stakes but in terms money to up keep tracks and other infrastructure , I do not know the detail.

But if a club can upkeep a track and associated building without central industry support  why should it have to close down the track? As for the money from a community asset going to fund uncontrolled expenses etc. in Petone --they can take " a running jump".

 

Exactly right and there are plenty of clubs that don't receive or get very little from the controlling body but are financially sustainable, but under that scenario you talk or read the views of the brainwashed and we have too many tracks , can't figure that out myself.

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5 hours ago, poundforpound said:

Matt Goodson might be best just to fade away and say nothing given that under his watch we went nowhere fast, and arguably into an unprecedented tailspin.

Granted things weren’t good when he took over, but that was largely due to EI and the GFC, however Goodson and Purcell achieved absolutely nothing of any use that I know of, but they tried to cripple the industry licensees with their bizarre ideas like Monday Tuesday racing 

You had your five minutes of racing fame Goodson, now go fade away and be a nobody again please.

 

Mr Goodson says more and more punters bet with offshore bookmakers, who pay no fees to the industry. Getting this right a few years ago was a key reason for Australian racing industry “bounding ahead,” he says.

C'mon, you had your go Matt and it was spectacularly unsuccessful along with your henchman GP. You are still talking completely ill-informed rubbish.

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Just now, Leggy said:

Mr Goodson says more and more punters bet with offshore bookmakers, who pay no fees to the industry. Getting this right a few years ago was a key reason for Australian racing industry “bounding ahead,” he says.

C'mon, you had your go Matt and it was spectacularly unsuccessful along with your henchman GP. You are talking complete uninformed rubbish.

Doesn't he breed now or something? explains a lot of these viewpoints if that is the case.

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1 hour ago, Huey said:

Exactly right and there are plenty of clubs that don't receive or get very little from the controlling body but are financially sustainable, but under that scenario you talk or read the views of the brainwashed and we have too many tracks , can't figure that out myself.

We probably do have too many tracks. The fallacy is to think that closing some tracks will automatically help those tracks that remain. There is no evidence that closing Nelson helped Blenheim; or closing Westport helped Greymouth; or closing Orari helped Timaru; or closing Beaumont helped Wingatu. Interestingly, most of those "closed" tracks still exist, but I don't think any gallopers are trained there anymore, and I don't think any trainers from those tracks moved elsewhere. So I am very dubious that closing Banks Peninsula will be a gold mine for Riccarton. As for closing Omoto and Reefton to turn Kumara into the hotbed of racing on the coast and closing Timaru and Oamaru to turn Waikouaiti into the Shatin of the South Island, well: I might be proven totally wrong, but I think we are dealing in the realms of fantasy there.

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As an aside, I was just thinking that I can recall off the top of my head about 14 race-tracks that have closed for galloping in the last 30 years or so. So it isn't as if the industry has been totally idle as far as retrenchment goes. The only three major regions that haven't really lost any courses are Southland, Taranaki and the Waikato. Kensington Park of course closed to be replaced by Ruakaka, but that is the only course I can recall being closed and replaced with a new one.

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3 hours ago, Breeder said:

I do not know much about how the NZR/TAB support clubs. Obviously there is the input into the stakes but in terms money to up keep tracks and other infrastructure , I do not know the detail.

But if a club can upkeep a track and associated building without central industry support  why should it have to close down the track? As for the money from a community asset going to fund uncontrolled expenses etc. in Petone --they can take " a running jump".

 

In the days of the old Racing Authority back in the 80s and 90s, before the industry changed for the better apparently, there used to be an amenities fund which largely funded new grandstands at Ellerslie, New Plymouth, Omoto, Ashburton and Riccarton. As far as I know there haven't been any new grandstands built anywhere in the country since the early 90s.  I believe there may be something at Awapuni, but I haven't been there for many years.

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5 minutes ago, We're Doomed said:

. As far as I know there haven't been any new grandstands built anywhere in the country since the early 90s.  

No need WD unless you are providing sanctuary for our avian friends. (Pigeon racing on the up?)

The millennials prefer the lawn or the Fashion marquee for their posturing.

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Based on some of the replies re whether or not there’s too many tracks, are some suggesting that we should still have gallop Racing at Feilding, Bulls, And Levin? I’ve got no issue with track closures if it benefits the industry. As I’ve written before, I’d love to see Foxton developed as a racing and training precinct. There’s plenty of room and they could build a new modern small stand - facing North so that it’s protected from the southerlies in winter and captured the winter sun. Easy access for transport etc. I reckon Awapuni and Foxton could merge, sell off the Awapuni site or develop it and use the funds to develop the Foxton venue. Cheaper housing is available and Foxton Beach is close for walking horses in the salt water. All Awapuni and Foxton need to do is get together. Then there’s Otaki. What a joke.

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10 hours ago, Trump said:

Based on some of the replies re whether or not there’s too many tracks, are some suggesting that we should still have gallop Racing at Feilding, Bulls, And Levin? I’ve got no issue with track closures if it benefits the industry. As I’ve written before, I’d love to see Foxton developed as a racing and training precinct. There’s plenty of room and they could build a new modern small stand - facing North so that it’s protected from the southerlies in winter and captured the winter sun. Easy access for transport etc. I reckon Awapuni and Foxton could merge, sell off the Awapuni site or develop it and use the funds to develop the Foxton venue. Cheaper housing is available and Foxton Beach is close for walking horses in the salt water. All Awapuni and Foxton need to do is get together. Then there’s Otaki. What a joke.

Are you suggesting as an industry we are better off with the closure of those tracks?

The only part of the industry that has benefited with the closure of those tracks is Awapuni and they haven't gone on to pass on those benefits to the industry. I'm all for the closures of tracks if that is a choice the club makes itself or happens through lack of use or enthusiasm etc but forced closures is just a joke and only benefits a micro part of the industry i.e. another course. 

Read the article above and the opinions and thoughts of those quoted in the article are those the types of people you want to be handing millions of dollars to so that they can supposedly remedy the industry of some of its woes? You'd be better off supporting the clubs to stay operational and enthusiastic than supporting these types of people who think racing is a factory and can be treated as such. 

The biggest myth in NZ racing at the moment is too many tracks, when the real issue should be the over use of several tracks and the criminal under use of other tracks. Don't be fooled by all this garbage about better stand facilities when the real issue is better tracks for the product to race on, sport is TV driven nowadays. 

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I’m not suggesting any $ be given back. Read my post again. I was suggesting that Awapuni and Foxton get together and discuss a merger. Selling their Awapuni asset and spending some of the proceeds on upgrading Foxton - a far better wet weather option with its sand base. Cheaper local real estate, a beach nearby, easy access etc. The Feilding Jockey Club is still going strong isn’t it? Has its annual Gold Cup meeting at Awapuni. The Racing Club in Qld that has the highest average revenue per race is the Tatts Racing Club. It has just received an accolade from Racing Qld for marketing innovation. It conducts 4 race meeting per year and has the richest G1 in Qld for fillies and mares, The Tiara. It doesn’t have a race track. It pays a huge rent to race at Eagle Farm and Doomben, yet still makes a profit on its race days. Just an example. So why have so many tracks covering such a small area in the North Island? I think the Foxton/Awapuni thing is a no brainer. JMHO mind you. The Club would end up financially stronger. They could even keep a small bit of the Awapuni land and develop it themselves. Just one example of what “could happen” if the Industry proactively helped themselves. This doesn’t take away responsibility from NZTR and it’s Administration - and that’s another story. 

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Trump

I am with Huey on track closures. If the club decides to close like Fielding and Bulls obviously did then that is OK. If they decide to put the funds from the sale of the track / facilities into stakes or they decide to fund a new local swimming pool for the locals kids --that is their decision.

On your idea of Awapuni merging with Foxton and developing Foxton ----brilliant idea, especially if they go all the way and think completely outside the square looking forward as much as they can. (ie. not just building a track setup like most of the others around NZ). For example, racing is developing in China, slowly but surely (see the new setup built with the help of the Hong Kong club in Guangzhou ) --maybe go over to China and sit down with movers and shakers to learn where it is heading and how there could possibly some link up with a new NZ set up.

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They could do that at Foxton. There’s room to expand the track and the main benefits I’ve already explained. It’s only 20minutes drive from Palmerston North, 10min drive from Levin but more importantly, it’s a ready made base for good wet weather racing. A “sand belt” race track! Gives punters confidence. I think the biggest hurdle would be MRC Officials. The best racecourse built with thought that I’ve visited in a “country” area, is the Sunshine Coast Track at Caloundra (Qld, Australia). The track was purpose built from nothing, by the then Qld Govt under guidance and $ from Racing Minister Russ Hinze (Waverley Star) it is fantastic. A very wide track, it’s facilities have been built with the environment and climate in mind. It has a nice long run in and all horses get a chance. Stands and covered outdoor areas all face north capturing the winter sun. Breezes in summer are great and it’s protected from the summer sun. It’s great. No dilapidated wooden stand with wooden seats and birdshot everywhere. More importantly, all the public and Members viewing areas are on a mezzanine level and look down the track and also the Parade ring (mounting yard). You can venture to ground level if you wish to view from the track fence line. If anyone is ever in Qld, try to get to the races there. They race every Sun and also have summer twilight racing on Fridays. I could envisage a setup like that at Foxton.

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16 hours ago, chevy86 said:

No need WD unless you are providing sanctuary for our avian friends. (Pigeon racing on the up?)

The millennials prefer the lawn or the Fashion marquee for their posturing.

Grandstands, unless they are going to be well used - which most now aren't, are an anachronism. A really nice race-course set up with terracing, shade sails etc, but no grandstand as such is Caloundra on the Sunshine Coast. Aside from this, poorly maintained grandstands which are past their use by date, are one of the many "turn-offs" for people thinking of taking in a day at the races.

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1 hour ago, Trump said:

They could do that at Foxton. There’s room to expand the track and the main benefits I’ve already explained. It’s only 20minutes drive from Palmerston North, 10min drive from Levin but more importantly, it’s a ready made base for good wet weather racing. A “sand belt” race track! Gives punters confidence. I think the biggest hurdle would be MRC Officials. The best racecourse built with thought that I’ve visited in a “country” area, is the Sunshine Coast Track at Caloundra (Qld, Australia). The track was purpose built from nothing, by the then Qld Govt under guidance and $ from Racing Minister Russ Hinze (Waverley Star) it is fantastic. A very wide track, it’s facilities have been built with the environment and climate in mind. It has a nice long run in and all horses get a chance. Stands and covered outdoor areas all face north capturing the winter sun. Breezes in summer are great and it’s protected from the summer sun. It’s great. No dilapidated wooden stand with wooden seats and birdshot everywhere. More importantly, all the public and Members viewing areas are on a mezzanine level and look down the track and also the Parade ring (mounting yard). You can venture to ground level if you wish to view from the track fence line. If anyone is ever in Qld, try to get to the races there. They race every Sun and also have summer twilight racing on Fridays. I could envisage a setup like that at Foxton.

What your saying makes sense and appears a good idea, the problem being it won't happen because it involves the established/favoured venue (Awapuni) giving up something to produce something better, those that run the industry won't let that happen as they have this little imaginary world in their minds where the established infrastructure is better than anything else because the stand has nice tables and chairs in it.  If it was the other way round , i.e. like the M report the bigger venues swallowing the smaller venues then its a great idea and it has to happen cause it will save NZ racing.

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Yes. Instead of trips to the Arc, useless Conferences in China or some other irrelevant place (as far as NZ Racing is concerned). They should go to Sunshine Coast and have a look at the set up. It’s very very customer orientated. Forget Flemington, Moonee Valley and Caulfield. They have no relevance to NZ racing imho. As far as track and facility development goes, Sunshine Coast is a must visit. It may not completely suit NZ weather patterns, but it will show what can be done to make the race experience an enjoyable one for patrons. Below is a Birdseye map of the layout - for your interest. 

D069D89A-D2EB-4265-AECE-3DCD2079C646.png

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Good work Trump. Hopefully there will be a taking up of the facilities layout concept when the new tracks go ahead (if and when that is!). I also think a facility near Foxton to replace Awapuni and Levin would be logical, and I do retain some optimism (maybe misplaced) that this could happen, along with a similar new central track to cater for Waikato racing into the future. 

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Above I mentioned that some one should talk to the movers and shakers in China about where they are heading. Today I read the people behind the China Horse Club are looking to take control of the UK TAB. These guys are not just into racing with their vision --they are into the whole entertainment experience, tourism etc.

Micheal Wallace who is one of the leading buyers for them is from the Wairarapa (Ardsley Stud --Wallace family) , so he would have an interest in the CD racing future. Some one should have a chat over a beer with him and see if an "out of the box" racing training , education etc. project / venue would able able to attract a Chinese JV partner for a futuristic CD plan.

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2 hours ago, Breeder said:

Above I mentioned that some one should talk to the movers and shakers in China about where they are heading. Today I read the people behind the China Horse Club are looking to take control of the UK TAB. These guys are not just into racing with their vision --they are into the whole entertainment experience, tourism etc.

Micheal Wallace who is one of the leading buyers for them is from the Wairarapa (Ardsley Stud --Wallace family) , so he would have an interest in the CD racing future. Some one should have a chat over a beer with him and see if an "out of the box" racing training , education etc. project / venue would able able to attract a Chinese JV partner for a futuristic CD plan.

What's the game plan for them spend up large here then when they are already business partners  with Coolmore ( Stallions Justify and Australia to name just a couple )  and can be close to the action there , close to big cities and best bloodstock anywhere in world.I think is obvious where they want to spend their money to be honest and it's not here .Not going to improve on what Coolmore can teach them.

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