The New Zealand Racing Board has found an extra $6 million to return to its members over the next three years – and there may be more to come.
The extra money comes from "across-the-board efficiencies" as part of new ceo Chris Bayliss' review of operations as he looks at ways to turn the industry around.
A revised forecast released yesterday reveals the racing industry can expect a $412 million cash injection over the next three years.
An extra $6 million will be returned to the three codes – New Zealand Thoroughbred Racing, Harness New Zealand and Greyhound Racing.
The industry body, operator of the TAB, expected a return of $134 million this financial year, but that forecast has now been increased by $1 million.
The following financial year will see a $137 million return and $140 million in 2014-15.
Board spokesman John Mitchell told NBR ONLINE the extra money came efficiencies across the board.
He says Mr Bayliss' plan to turn the industry around has the board re-evaluating all areas of operation to see how business can be improved.
He also hinted at the possibility of there being more money for the codes once the half-yearly results are finalised in a couple of months.
Board chairman Alan Jackson says the targets are challenging.
“Trading conditions broadly remain uncertain, but there is confidence our forecasts, while ambitious, are very achievable and are a significant step toward delivering sustainable growth in earnings for the racing industry.”
Last month the racing board held its first annual meeting for five years.
Dr Jackson told the gathering the board’s betting turnover was $1.622 billion in the year to July 31 and underlying profit distributed to the three codes was $133 million.
Mr Bayliss also outlined his "plan for a plan" to turn the industry around, focusing on:
- Convergence of thinking.