Racing NSW focused on Group 1 goal for Everest

RACING NSW will continue its campaign to have The Everest elevated to Group 1 level, remains committed to increasing prizemoney levels and defraying costs to owners.

These are the central themes of Racing NSW’s annual report for 2017-18 which was released this week without much fanfare given the focus is on the Melbourne Cup Carnival.

But there is plenty to trumpet in NSW racing after a successful year highlighted by Redzel winning the inaugural running of The Everest in 2017. Sydney’s super sprinter backed up to win the race again earlier this month.

“The Everest has quickly established itself as one of Australia’s major events and the instant acceptance of the concept by racing participants, racegoers and the media and the public has been phenomenal,’’ wrote Racing NSW chairman Russell Balding.

Redzel storms to victory in The Everest. Picture: AAPSource:AAP

“The Board is committed to seeing The Everest reclassified to Group 1 status and will continue pursuing that goal during the 2018/19 year.’’

Balding also confirmed The Everest prizemoney will rise to $14 million next year and then go to $15m for 2020.

Racing NSW chief executive Peter V’landys revealed an operating surplus of $15.8m (up from $6.2m) while returns to owners during 2017-18 reached $253.8m, an 11% rise from the previous year. This means returns to owners has increased by $113m since 2010, an 81 per cent increase.

With an additional $22.75m poured into prizemoney from the start of September, returns to owners will now be in excess of $277m per annum.

V’landys said $20m has been put aside for a Capital Expenditure Fund to upgrade NSW racetracks and training facilities and indicated the introduction of a Point of Consumption Tax from January 1 next year is estimated to generate an additional $29m for the NSW thoroughbred industry.

Racing NSW is determined to have The Everest classified as a Group 1 race. Picture: AAPSource:AAP

The race-fields legislation, which V’landys championed a decade ago, continues to provide financial stimulus to NSW racing with more than $118m collected from the 267 wagering operators licensed to operate on NSW thoroughbred meetings.

V’landys estimated the race-fields legislation will provide NSW racing with more than $1 billion revenue over the next 10 years.

Racing NSW has also managed to shore up another lucrative revenue stream for the code after convincing the state government to the staged introduction of wagering taxation parity.

“The 2018 financial year was the third year of wagering tax parity and the NSW thoroughbred industry’s 77.3 per cent share was $36.84 million taking the total amount received to date to $91.129 million,’’ V’landys said.

“We are still, however, receiving approximately $34 million less per annum than the Victorian Racing Industry, which further highlights the significance of the increases to prizemoney and returns to owners, achieved in NSW.’’

Originally published as Racing NSW focused on Group 1 goal for Everest

Source: Read Full Article