Tony

Is this happening in Petone

76 posts in this topic

I don't know who you are Mr. Flash or Greg as you like to sign yourself, but it strikes me that your posts on this subject are a little bit over sensitive. I presume your indignation is caused by something a little close to the bone.

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14 minutes ago, Stables said:

I don't know who you are Mr. Flash or Greg as you like to sign yourself, but it strikes me that your posts on this subject are a little bit over sensitive. I presume your indignation is caused by something a little close to the bone.

Probably just using a bit of common sense when addressing the issues confronting RITA. For mine they are the ones who are trying to sort out decades of fuck ups by others. Its a bit like a super tanker, you cant turn it instantly no matter who is at the helm.

 

Greg

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20 minutes ago, JJ Flash said:

Probably just using a bit of common sense when addressing the issues confronting RITA. For mine they are the ones who are trying to sort out decades of fuck ups by others. Its a bit like a super tanker, you cant turn it instantly no matter who is at the helm.

 

Greg

The problem is Greg that to turn a ship around, someone needs to swing on the rudder, not just leave it flailing in the breeze.

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2 hours ago, Leggy said:

The Gross Betting Revenue (GBR) for the week was $3.7m

What does this mean.

Is it distributable profit or Revenue before deductions for operating expenses.

A disclosure of the current financial position and likely level of distribution for next season would be better.

The new entity TAB NZ looks unlikely this year as the second tranche of legislation will probably stall.

If there are major changes it may go back to the select committee

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2 minutes ago, Patiti said:

What does this mean.

Is it distributable profit or Revenue before deductions for operating expenses.

A disclosure of the current financial position and likely of level distribution for next season would be better.

The new entity TAB NZ looks unlikely this year as the second tranche of legislation will probably stall.

If there are major changes it may go back to the select committee

Before operating expenses which may well be more than that as it stands.

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any news on tab staff will they be getting the wage subsidy or are they  down the road. and what about the hard working folk at head office in petone any pay cuts etc anything been announced?

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1 minute ago, mike28 said:

any news on tab staff will they be getting the wage subsidy or are they  down the road. and what about the hard working folk at head office in petone any pay cuts etc anything been announced?

Refer Page 2 of this thread Mike

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Just more absolute waffle as mentioned above.

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Our industry has responded swiftly to the impact of COVID-19

The Industry was but sadly your Organisation wasn't. The e-mail sent to the Codes recently was embarrassing and full of drivel. 

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best opportunity to return to normal

Let's get one thing perfectly straight the NZ TAB hasn't been normal organisation place for many many years.

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like you, our initial focus was to support a coordinated response across racing to keep people safe and racing running, even if it was behind closed doors.

That's one thing the TAB has been very good at operating in over recent years 'behind closed doors'. No transparency and when it comes out eg re mistake in accounting errors we still see no transparency.

  

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Clearly we now have no NZ racing and limited sport and won’t have for at least a month, so RITA's focus has now moved to maximising the product we have available for punters, reducing costs and preparing our business and our industry for a return to racing.

'Now moved?' It has taken RITA a long long time and wake up and realise just what is happening in the real world, your that far behind it's like your a racehorse still running to finish race 1 and punters just got paid out for the last race of the day.   

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The RITA Board met yesterday and discussed the performance of the business on the back of COVID-19

%$%^ me the Board are still running in the first race.

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Clearly we want to see Australian racing continuing for as long as possible, but we are also planning for what many see as the inevitable cancellation of racing across the Tasman.

Why are they thinking about a plan if racing stops in Aussie? they can't even get a decent plan into action when NZ racing stopped.

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I've spoken previously of the steps the TAB has taken to cut costs and we continue to maintain this focus.

Obviously there have been no cuts of costs of any magnitude as if there was we would have heard about it. I am starting to wonder if not having to purchase toilet paper because no one is working at Head Office might be the lead area of cost cutting.

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The Board is steadfastly focused on ensuring the TAB is set up to weather this storm and come out of it with long-term sustainability in mind and continuing to support the 17,000+ Kiwis who depend on it for a livelihood

%$#% me the sole purpose of RITA was to do exactly that when they were given full control in the middle of last year. You were not meant to wait until Corona struck there was already a virus of incompetency at the TAB when you took over to clean out. The Industry can't survive two virus's.

   

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We are having active conversations with our banks, the Government and the Codes

Yes the bank $35 - $45 million in debt now and if the conversation with the Government was along the lines of that first e-mail just put the white flag out now.

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We know a return to 'business as usual' is simply not possible

There were only a few sadly who worked that out a few years ago before the virus struck.

 

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That’s the dilemma we have and that’s why we are focusing so hard on reducing costs;  not only for the next 3 months but for the period beyond that - the ‘new normal’. That is where the collective focus of the industry must be to ensure our long term survival and future growth. 

Once again more drivel you were supposed to be doing this months ago %$%^& me. Cutting costs? I wouldn't want RITA in charge of cutting an apple.

 

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The Board also wanted to pass on our thoughts and best wishes to all industry participants and staff of the TAB, the Codes, JCA, RIU and racing industry organisations who are facing stress and hardship as a consequence of this crisis

Hello the racing industry was facing stress and hardship well before any virus all I have seen since the middle of last year more added and now they have to deal with this going on.

---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

God help the Industry because I would be getting the white flag out now knowing that it has no hope from what I have seen over the past 8 months to counter the mess it was in before that due to total incompetency from management with no idea. I don't know if you can catch the Corona virus twice but the NZ Racing Industry has caught the clueless management virus twice in under a year. 

I don't hold out much hope for the Government bailing it out as someone with half a clue in there will be saying 'these clowns couldn't get their own house in order before the virus why would we want to tip good  money into a badly run organisation". Yes the Industry does need to survive for the benefit of many involved in it but tipping money into the NZ TAB isn't the right thing to be doing basically its had it's time and the Government need to look at other options.  The South Australian TAB was given away by the Government 10 years ago that's given away they were running at a loss and the Government knew the taxpayers didn't want to see more money dumped into it. It is now a pointless excercise as to who owns it, its a leaking business that would have been shut down owing millions.

I would go cap in hand to the Victorian TAB and put a proposal to them to take over the NZ TAB totally with the only cost the $45 million bank debt. It's a great deal but I don't even know if they would be interested which really shows you just how bad things were and now have progressed even further. The Government will still get a tax from it they don't have to dump millions and millions into a badly run organisation which can't operate as it should be and the clubs will still get revenue to support the Industry. The Industry was in a sick but recoverable state before but unfortunately now with the virus it's in a terminal state. 

One cost I would be adding to RITA is getting someone outside to vet any further e-mails to the Industry and the codes they are in my view cringe and condescending material. 

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Maybe RITA could be transparent and if advise the Industry if they are saving in costs by having to pay less to Open Bet and Paddy Power the 17 million a year in expenses to them, sadly I doubt it as the clown management no doubt signed on the dotted line  in the 5 and 10 year contracts that it was  a set cost rather than one based on turnover. At least going with TABCORP would get rid of these parasites. 

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1 hour ago, LightsOut said:

 At least going with TABCORP would get rid of these parasites. 

TABCORP is just as big parasite as the other corporate bookies.

The simple answer to NZ wagering is this.

1. allow clubs to run and develop their own pools direct to public.

2. run TAB as separate business offering betting on anything that moves. Like any business it will have the option of merging, selling or whatever.

3. Under no circumstances must clubs sign away their IP.

Thats the most logical basis. No point in having countless, board meetings, select committees, conferences etc. Accept that and move on.

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1 hour ago, LightsOut said:

I don't hold much hope for Clubs doing their own things. Maybe the codes in charge of doing that.  #3 yes 100% correct 

Obviously clubs combining.   I got into IT back in 1970 so I've followed it's history right through. New technology should have reduced the cost of new development. Instead the TAB splashed out $50M which was crazy. If however we are only talking of betting on NZ racing only then it fits in with the historical pattern of reduced costs. 

Clubs would find the cost very reasonable with sensible evaluation of options and not be saddled with all the TAB extravaganzas.

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23 hours ago, Patiti said:

What does this mean.

Is it distributable profit or Revenue before deductions for operating expenses.

A disclosure of the current financial position and likely level of distribution for next season would be better.

The new entity TAB NZ looks unlikely this year as the second tranche of legislation will probably stall.

If there are major changes it may go back to the select committee

It normally means the amount bet less the amount paid out to the winners

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So if I were writing on the back of a nappy, I'd say if GBR was $3.7m and the deal was 3% of revenue goes to Aussie for the content and let's say that the GBR margin was a high 18% of the bet, then the betting is approx $37m (which seems impossibly  high) where Aussie gets $1.1m, weekly costs of approx $1.15m (60m divided by  52 weeks) leaves $1.45m less the amount to pay for the FOB platform. 

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2 hours ago, Berri said:

So if I were writing on the back of a nappy, I'd say if GBR was $3.7m and the deal was 3% of revenue goes to Aussie for the content and let's say that the GBR margin was a high 18% of the bet, then the betting is approx $37m (which seems impossibly  high) where Aussie gets $1.1m, weekly costs of approx $1.15m (60m divided by  52 weeks) leaves $1.45m less the amount to pay for the FOB platform. 

Lets tweak it a bit so we work to the front of the nappy........

After referring to an annual report......to gather the facts.

GBR on racing is usually about 20% and there is usually sports too  about 20%......off that comes Duty 3.8% ,GST 13.35% , and gambling levy 0.5% = NET BR

Normally there is Income of about $1 mill per week for NZ Racing shown overseas,Racing Services,Advtg, Interest[????]Broadcasting and publications.

Off this total Income come the expenses of about $4 mill per week.....Turnover related expenses ,likely less last week were $68mil in 2017 year , Staff were $64 mill in 2017 ,then there was Equipment exp ,Comm + Technogy $17 mill ,Broadcasting $10mil ,Deprec [Non -cash} $16 mill and other $14mill.

In summary if they made a GBR of $3.7 mill for week Id say that would be a loss of between ZERO and $500k.

Estimates for the income received [minimal] and the t/o related exp.

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The RIU expenses and  salaries are around 9 million a year and the costs were paid from the pokie trust so where exactly will that money come from now they are all shut down? At least the RIU have laid half their staff off. The couple of ex D's surely won't be getting paid as they will have their police supers to live on. 

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9 minutes ago, LightsOut said:

The RIU expenses and  salaries are around 9 million a year and the costs were paid from the pokie trust so where exactly will that money come from now they are all shut down? At least the RIU have laid half their staff off.

They couldn't need 10% of their staff for the forseeable future?

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They couldn't need 10% of their staff for the forseeable future?

100% correct so what you do is exactly what responsible Companies do on behalf of their shareholders you lay then all off and advise them when racing resumes racing won't be the same as we knew it pre Corona and there will only be a few meetings each month so obviously staffing levels will decrease. 20 jobs will become 8 and everyone will have the opportunity to apply for those jobs (no one outside). But no what do they do nothing just look to put their hands out and think the world owes them a living. They are just making the ship sink faster.   

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“100% correct so what you do is exactly what responsible Companies do on behalf of their shareholders you lay then all off“


you wouldn’t be running my company if that’s what you think

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On 4/2/2020 at 6:34 PM, Leggy said:

He has surfaced for what it's worth:

2 April 2020
 

Our industry has responded swiftly to the impact of COVID-19 and in particular, the restrictions that have been in place over the past week. I know from speaking with many of you that you’ve had to move quickly to adapt to the situation, by moving animals, cancelling race meetings, changing your operations and so much more. But the overwhelming message I’ve heard is that the measures in place provide us with the best opportunity to return to normal - even if it’s clearly that it will be a ‘new normal’.

Like you, our initial focus was to support a coordinated response across racing to keep people safe and racing running, even if it was behind closed doors. Clearly we now have no NZ racing and limited sport and won’t have for at least a month, so RITA's focus has now moved to maximising the product we have available for punters, reducing costs and preparing our business and our industry for a return to racing.

BOARD UPDATE

The RITA Board met yesterday and discussed the performance of the business on the back of COVID-19, the steps being taken to mitigate the impact and consider what the TAB and the industry may look like when racing is back up and running.

Despite a better than expected weekend for the TAB (off the back of some quality racing in Australia), unsurprisingly our turnover remains significantly down on the same period last year. Last week, turnover on racing and sport was down 55% and revenue down 51%, against forecast. The Gross Betting Revenue (GBR) for the week was $3.7m, and while this was better than we had anticipated, had we lost Australian racing we would have been left with about $600k GBR. Clearly we want to see Australian racing continuing for as long as possible, but we are also planning for what many see as the inevitable cancellation of racing across the Tasman.

We’re down about 75% of available product, which obviously impacts the bets we can sell, and when we can’t sell any bets we can’t make any money and in fact with the fixed costs of the business (rent, insurance etc.) continuing, we are losing money. That’s the dilemma we have and that’s why we are focusing so hard on reducing costs;  not only for the next 3 months but for the period beyond that - the ‘new normal’. That is where the collective focus of the industry must be to ensure our long term survival and future growth. 

I've spoken previously of the steps the TAB has taken to cut costs and we continue to maintain this focus. The Board and executive management team have taken pay cuts and a significant number of the organisation's staff are voluntarily taking leave, while in some cases we've had to ask staff with high leave balances to use them. But all these initiatives will only go part-way to closing the gap that we and all other international bookmakers are facing. The Board is steadfastly focused on ensuring the TAB is set up to weather this storm and come out of it with long-term sustainability in mind and continuing to support the 17,000+ Kiwis who depend on it for a livelihood. We are having active conversations with our banks, the Government and the Codes and are reassured by the support our industry has, and by the progress being made, to keep the wheels of commerce turning.

LOOKING FORWARD

We know this crisis will have a lasting impact on the TAB and the industry. We know a return to 'business as usual' is simply not possible. We know that NZ and the world will be very different when we get on top of the virus and we have begun planning what this means for the TAB, as we know the codes have too. 

As you may know, RITA suspended consultation on the 2020/21 draft racing calendar last week and this week, in conjunction with the Codes, we have started working on developing a revised calendar to take account of the impact of COVID-19. This calendar will have the overriding objectives of minimising costs and maximising revenue, underpinned by a continued focus on animal welfare. We’re at an early stage in finalising a revised calendar and no decisions have yet been made. But we expect the reality is we'll be racing at fewer venues to achieve the desired outcomes. This will require difficult and at times, unpopular decisions, but the alternative is stark. 

The industry will be consulted on a draft as soon as it is ready to share, albeit, clearly our timeframe for consultation on any changes will be much shorter than usual. 

CHALLENGING TIMES

The Board also wanted to pass on our thoughts and best wishes to all industry participants and staff of the TAB, the Codes, JCA, RIU and racing industry organisations who are facing stress and hardship as a consequence of this crisis. Please continue to keep safe and well during this period. We'll continue to keep you updated on any important developments.
 

Sincerely,

 

N61NX0XtWni-hAaP41_SjK8RykFww_4AxRBorphT

 

Dean McKenzie

Executive Chair

Would be interested to know where savings have been made and who have taken pay cuts.

The last financial report shows :

10 staff being paid $250,000.00 +

30 staff being paid $150-250,000.00

96 staff being paid $100-150,000.00

Operating Expenses in 2019 Report were $142.2m ( up $15m in 5 years).

:rcf-thinking-1:

 

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12 hours ago, Ohokaman said:

Would be interested to know where savings have been made and who have taken pay cuts.

The last financial report shows :

10 staff being paid $250,000.00 +

30 staff being paid $150-250,000.00

96 staff being paid $100-150,000.00

Operating Expenses in 2019 Report were $142.2m ( up $15m in 5 years).

:rcf-thinking-1:

 

I agree there should be cuts across the Board but at least there is some transparency in that the Annual reports print the numbers and the salary levels.

And they should take a bit of time with it cos they still are still operating some of the business.

But NZ businesses with some similarities aren't always as transparent and a lot goes into those at the top e.g. Casino , Rugby union etc.

I had a look at Lottos Annual report $1,175 mil sales ...22% profit or $261 mil.

6% Op costs or $ 70mil

Employee costs $16 mil.....the boss $435 k ,8 > $200k and  54 over $100k in total.

Sure ,a lot less than TAB but surely would be much simpler to run ,not such pressure on long hours of operation 7 days a week and mobile and changing venues as in race course locations etc.

Then there is Sport NZ...not specific numbers given The top 5.48......the board makes up 1.48......get $2.7 mill between them .So thats the CEO of Sport NZ .High Performance Sport  NZ and the two General managers.Seems the boss gets $390 ,a total of 5 over 250 ,total of 101 over $100 

Auckland Sport...Revenue is $12.4 mill ......$2.5 to employees etc

Top 7 earn $908k.

NZOC...Revenue $12 mil.....about 14 employees share $1.8 ml.

Halberg Trust....$2.9 Revenue Board not paid , $1.1mi paid out to sporting assoc to run activities on behalf.

Their 4.5 F/T employees share $553 k.

So do these numbers and you can see that any sort of mid-management job pays over $100k , with a lot of jobs $180k and up !

Auckland Racing ....a strong financial club equity and investment wise , run only 19 meetings plus have strong Catering ,and Property rental streams as well as Income from Invesments.

Their Board are volunteers and obviously employ a lot of part-tiers/casual.

Their report héros the Board and doesn't mention much about key staff.

Their revenue was $27 mil for $1 mil surplus.

Wage/Salary bill was $6.27 mil........TOP 6 Key Management cost total of $1.253 mil.

In summary..........you can see that the TAB levels ,except for the TOP man which seems obscene are probably Industry standard.....maybe the second /third tiers a bit high.

But a skilled person  with a Uni or other qualification in Business ,Maths ,Stats , IT ,Systems etc could expect to earn over $100 -$120 k .

Hopefully my numbers accurate .....wizzed thru the AR's.

 

 

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20 hours ago, tasman man 11 said:

I agree there should be cuts across the Board but at least there is some transparency in that the Annual reports print the numbers and the salary levels.

And they should take a bit of time with it cos they still are still operating some of the business.

But NZ businesses with some similarities aren't always as transparent and a lot goes into those at the top e.g. Casino , Rugby union etc.

I had a look at Lottos Annual report $1,175 mil sales ...22% profit or $261 mil.

6% Op costs or $ 70mil

Employee costs $16 mil.....the boss $435 k ,8 > $200k and  54 over $100k in total.

Sure ,a lot less than TAB but surely would be much simpler to run ,not such pressure on long hours of operation 7 days a week and mobile and changing venues as in race course locations etc.

Then there is Sport NZ...not specific numbers given The top 5.48......the board makes up 1.48......get $2.7 mill between them .So thats the CEO of Sport NZ .High Performance Sport  NZ and the two General managers.Seems the boss gets $390 ,a total of 5 over 250 ,total of 101 over $100 

Auckland Sport...Revenue is $12.4 mill ......$2.5 to employees etc

Top 7 earn $908k.

NZOC...Revenue $12 mil.....about 14 employees share $1.8 ml.

Halberg Trust....$2.9 Revenue Board not paid , $1.1mi paid out to sporting assoc to run activities on behalf.

Their 4.5 F/T employees share $553 k.

So do these numbers and you can see that any sort of mid-management job pays over $100k , with a lot of jobs $180k and up !

Auckland Racing ....a strong financial club equity and investment wise , run only 19 meetings plus have strong Catering ,and Property rental streams as well as Income from Invesments.

Their Board are volunteers and obviously employ a lot of part-tiers/casual.

Their report héros the Board and doesn't mention much about key staff.

Their revenue was $27 mil for $1 mil surplus.

Wage/Salary bill was $6.27 mil........TOP 6 Key Management cost total of $1.253 mil.

In summary..........you can see that the TAB levels ,except for the TOP man which seems obscene are probably Industry standard.....maybe the second /third tiers a bit high.

But a skilled person  with a Uni or other qualification in Business ,Maths ,Stats , IT ,Systems etc could expect to earn over $100 -$120 k .

Hopefully my numbers accurate .....wizzed thru the AR's.

 

 

A few more FACTS about similar jobs to RITA / TAB and the level of Salaries of those in Executive positions.

I kinda guessed that the Rugby Union would be a 'generous' employer ,there are certainly some overpaid players around and the franchises and semi -pro teams ,especially the latter certainly have been greedy and dubious recipients of POKIES money which is supposed to go to grass-roots amateur sport in the past !

Firstly ,the NZRFU Board members in 2016 got $54k each and the chair $120k.

The board stick around too....and only 1 woman ,kinda odd as SportNZ say Boards should be 40% women and Rugby are role Models ...hahahaha.

They do have women on subcommittees and total employees close to 50%.

So 2016 the Board paid $520k [ 9 x folk]

The CEO and Exec.....8 Fulltimers got $3.012 mi....do the math ..Av $376 k

NZ Rugby equity was $91 mill.

2017 NZRFU made $33 mill equity now $121 mil.

Board paid $561k

CEO + Exec now 10 x FT incl All Black manager added got $3.650 mill ..do the math ...AV $365k.

2018 NZRFU lost $1.863m , but equity $103mil

Exec salaries not sighted ,tho admin cost has risen in accounts...the number of employees would surprise ...from memory over 100 !

The balance sheet has some big numbers , including liabilites of $20mil for player payout variance......is that a slush fund ????

Summary......The Rugby Union pays very, very well and I suspect perks and afternoon teas would leave TAB in dust !

Recent publicity would suggest that a few months off and Rugby is in real Financial trouble !

I suggest we set up a Give A Little page for them and send food parcels to their families !

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