doric68

The tail wagging the dog

3 posts in this topic

5 hours ago, doric68 said:

I have just read an article so is this true.Racing stakes are $50 million,costs to run the RIB is greater than that,more people employed with big money wages.Is this jobs for the boys & bugger the racing industry.

 

To balance your comment.......and the RITA accounts ,and NZRB accounts before them can be easily googled and read.

Last season the total expenses to run betting ,the TAB and NZRB etc etc were $142 million of which $61 mill was Wages,salaries. Depreciation [a non-cash item]was $16mill.

The profit was $137 mill........ie before paying the Codes [ for stakes and code specific costs ].

Doggies got $25 mill , Harness got $45 mill and Thoroughbreds got $81 mill.......so roughly $150 mill was paid to the Codes.

I can't see the Stakes figure only but have the 2017 report where code funding was $136.7 mill.

In 2017 Doggies got $22 m [ $12m for stakes] , Harness got $40.6m [ $30m for stakes] ,Thoroughbred got $74.7 m [ $54 mill for stakes]

So more was paid out ,than the profit .....maybe to 'save face' but also in the expectations of some 'windfalls'......less govt levy and Racefields !

Operating expenses and wages were down a little in 2019 , but a few years earlier they had 'surged'.......unrealistically in many minds !

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