mardigras Posted May 28, 2020 Share Posted May 28, 2020 5 minutes ago, ngakonui grass said: Rogerson says that Winnie is the best Minister that racings ever had. He must be right given his tipping ability of his own horses. I'm not even sure why we have a minister for racing. Minister for sport - sure. For racing? Quote Link to comment Share on other sites More sharing options...
curious Posted May 28, 2020 Share Posted May 28, 2020 1 hour ago, Hesi said: Yes agree, but imagine if Saundry put together a budget and arrangement like that for the thoroughbred industry, the knives would be out for him, especially that lot at Ellerslie Were they not ring fencing the racefields fees for infrastructure? Quote Link to comment Share on other sites More sharing options...
curious Posted May 28, 2020 Share Posted May 28, 2020 5 minutes ago, curious said: Were they not ring fencing the racefields fees for infrastructure? Oh no. Maybe that was the betting duty savings. Quote Link to comment Share on other sites More sharing options...
Freda Posted May 28, 2020 Share Posted May 28, 2020 1 hour ago, curious said: Oh no. Maybe that was the betting duty savings. I don't think they [ NZTR ] can ring-fence anything. They are dependant on Rita [ which hasn't got any spare dosh ] to survive. Apart from the [ excessive IMO ] charges for trialling, registrations, licence fees, etc, there isn't any money to be had. Quote Link to comment Share on other sites More sharing options...
curious Posted May 28, 2020 Share Posted May 28, 2020 It's RITA that was ring fencing the betting duty savings. Of course, if there is no profit there is no savings so the $13m p.a. won't be anything like that. Quote Link to comment Share on other sites More sharing options...
Hesi Posted May 28, 2020 Author Share Posted May 28, 2020 Turnover related expenses are 142 mil. let's say 12 mil/month. So if turnover drops 50% for April/May/June, then they should have saved 18 mil Just a thought 1 Quote Link to comment Share on other sites More sharing options...
mardigras Posted May 28, 2020 Share Posted May 28, 2020 28 minutes ago, Hesi said: Turnover related expenses are 142 mil. let's say 12 mil/month. So if turnover drops 50% for April/May/June, then they should have saved 18 mil Just a thought Not wanting to be picky - but the turnover related expenses were $69 mil (that was operating expenses that were $142 mil).So if you saved 50% for those 3 months, that's say $8m in reduced turnover related expenses. However, some of those turnover related expenses is for racefield fees for betting on Australian racing - which has likely increased (or stayed the same), and also commingling fees (which will likely be higher since all the commingling turnover has been one sided). Those two items alone are half the turnover expenses. So to save the $8m, most of the other costs will need to have been around $0. for the 3 months. And many might be close to that, but we are only in late May, so promotion/retail fees etc will be resuming even if at lower levels, and possible payments to sporting organisations (NRL) will be kicking in. So instead of $17m for the three months, maybe they would be only $11m, saving $6m. Quote Link to comment Share on other sites More sharing options...
Hesi Posted May 29, 2020 Author Share Posted May 29, 2020 Sorry my mistake Quote Link to comment Share on other sites More sharing options...
mardigras Posted May 29, 2020 Share Posted May 29, 2020 2 minutes ago, Hesi said: Sorry my mistake It's ok, the thought was good - in regards there would be some reduction in costs associated with the reduction in income. I don't understand how they claim to be in such a poor position. According to a report I read which said for the first three months of the racing year, they were ahead of all their budget numbers. Quote Link to comment Share on other sites More sharing options...
curious Posted May 29, 2020 Share Posted May 29, 2020 (edited) 10 minutes ago, mardigras said: It's ok, the thought was good - in regards there would be some reduction in costs associated with the reduction in income. I don't understand how they claim to be in such a poor position. According to a report I read which said for the first three months of the racing year, they were ahead of all their budget numbers. They were in the first quarter. https://www.rita.org.nz/sites/default/files/RITA 2019 Quarterly Update 1 (3).pdf Edited May 29, 2020 by curious Quote Link to comment Share on other sites More sharing options...
mardigras Posted May 29, 2020 Share Posted May 29, 2020 (edited) 15 minutes ago, curious said: They were in the first quarter. https://www.rita.org.nz/industry-information Right, so if we take what they've said about betting etc. We get $33m profit quarter1 $33m? profit quarter2 (higher interest period and Melbourne Cup) $5.5m profit quarter3 (net betting revenue halved say from $75m to $37.5m. $6m saving in turnover related expenses. Approx $32m $4m wage subsidy $50m govt injection (the debt doesn't come into that as it was already part of their operation) $20m profit quarter4 (revenue down $15m to $55m. Expenses down $3m to $35m) Available for distribution $145.5m. Similar to last year. Edited May 29, 2020 by mardigras Quote Link to comment Share on other sites More sharing options...
curious Posted May 29, 2020 Share Posted May 29, 2020 Plus the FY20 distributions not paid out and carried over? 1 Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.