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By Chief Stipe · Posted
Perhaps for some. I wouldn't worry about the write down other than using it as a means of working out what they expected to achieve profit wise from increased customers and the promised legislation. From what we knew about the financial health of NZTAB before the sale we knew that the business was overvalued by ENTAIN based on those financials alone. There was a discussion on BOAY about that. The deal always did have a smoke and mirrors flavour to it. I look at the 5 year funding promise as a windfall rather than long term. The industry is not spending that windfall wisely. If you take a negative strategic view then you would be spending more on fixing the infrastructure (e.g. tracks) in the first two years rather than throwing it at top end stakes and novelty races. (I think they need to spend another $15 million on the Ellerslie track - $55 million and they have been doing "remedial work" since it was first raced on!). Trentham is a lost cause and Riccarton is lingering (malingering?). Cambridge is dead end. Te Rapa is in sunset and we won't mention Hastings. The biggest worry is ENTAIN are a FTSE 100 company and have corporate knowhow to operate on a global stage. What are the get out clauses in the contract with NZTAB during the first 5 years and after? -
You can bet fixed odds with the Ozzie Bookies. The tote pools especially Queensland are pathetically small so not sure why anyone continues to bet into them?. The fact that anyone from NZ with a NZ TAB is not now allowed to bet from it must be costing the NZ a lot of turnover. -
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By Wandering Eyes · Posted
On the March 10 BloodHorse Monday podcast, Michael Banahan gives an update on Godolphin's Derby hopefuls and OBS president Tom Ventura previews the March 2-Year-Olds in Training Sale that begins March 11. We also recap and preview Derby prep action.View the full article -
By Chief Stipe · Posted
I suspect McAnulty and NZTAB over promised with the legislation and the projected financial numbers were inflated. ENTAIN over valued the business from the beginning. The write down is just a paper loss at this stage.
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