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Vic Racing Industry "Breathed Sigh Of Relief"

Wednesday, 20th July 2011

The Victorian racing industry “breathed a sigh of relief when Tabcorp, the established licence holder, won the bid to secure the new licence in August 2012” commented The Herald-Sun. The newspaper summed up: “There had been concerns that racing would struggle to maintain prize-money levels once it lost its significant revenue from gaming that exists under the current agreement. But Racing Minister Denis Napthine promised the income level would be maintained under the new agreement, which should ensure prize-money remains healthy & open to increases. He said the shortfall created by the loss of gaming revenue would be made up by various tax & other concessions to racing.” Napthine confirmed: “It is up to the 3 racing codes to distribute the money, but the provision is certainly there for greater prize-money. There is no reason why prize-money should not increase.” Victorian racing will receive minimum aggregate amounts of $337 million (2013) & $342 million (2014) in the initial 2 years of the new contract. Victoria Racing Club chief executive Dale Monteith “echoed most in the racing industry in welcoming the state government's nod to Tabcorp” & declared: “I was present at the birth of Tabcorp in 1994, so in that sense it's great to see the relationship continue. We have been assured that Victorian racing will be no worse off & for racing's confidence going forward that is a good thing.”

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