The intangibles are up from $8m FY18 to $45m this year. Its the website amd software yes. Page 19 of the annual report.
Nothing unusual about the accounting - a 50 mil project isnt going to be expensed in year 1.
It does however hugely weaken the balance sheet. For one thing it cant be sold. They didnt even engineer it themselves. Intangible assets is an area ripe for abuse even so a lot of the time items in there such as brands can have a realisable value.
I think will we see effective nationisation of the betting operation with govt issuing bailouts to save face avoiding job losses etc while racing continues to operate at a loss. This is for all purposes the same as the industry issuing bonds against the eventual, inevitable, taking of the golden goose of monopoly to market.
My personal view is borrow big and invest in world class night racing to hit asia in the morning their time. Theres no more money to be squeezed from NZ. We are the wealthiest we have ever been and still only punt 20 bucks on a rugby game. Give it up. Needs a strong hand at the tiller to do any such thing we are world class in no single associated process yet (broadcasting, track management, form, integrity, stewards etc etc).