Chief Stipe

Profit $17m below last year. I guess the codes will be digging into their pockets to fund the RIB shortfall in funding from Gaming?

TAB NZ Trading Performance Update - June 2022 1 August 2022 TAB New Zealand (TAB NZ) provides the eleventh monthly trading update for the 2021/2022 financial year, with the results and highlights for June 2022. The TAB continued to operate through its online and retail channels throughout June. While the current Omicron outbreak continued to be a presence and factor through June, New Zealand remained at the Orange setting in the Covid-19 Protection Framework with retail and hospitality operating through the month. Turnover was slightly down against budget in June, as was gross betting revenue (GBR), although the gross betting margin was broadly in line with expectations. While retail and hospitality was able to operate without capacity restrictions, softening economic conditions also played a factor as customers adjusted to the rising cost of living. There has also been a drop in starter numbers and/or across the three racing codes through April, May & June that has contributed to the variance in turnover. The TAB NZ Board has been able to maintain betting profit distributions at budgeted levels through the year to date. With funding from Betting Information Use Charges and the Betting Levy tracking above budget, this has meant that total distributions have been above budgeted expectations. The Board will continue to factor in potential developments in New Zealand’s response to Covid-19 and the current global financial climate, as to how trading conditions are affected and how this may or may not affect profit distributions. Wagering Performance Summary In June, the key performance results for TAB NZ were slightly down on the overall positive trends of the 2021/22 financial year. Turnover of $197.3m was 3.9% ($8.1m) below budget. Gross betting revenue (GBR) of $31.6m was slightly down on budget by 3.2% ($1.0m). The gross betting margin (GBM) of 16.0% was 0.1% above budget. Racing Average NZ thoroughbred starters per race was 10.7, slightly above the Year To Date (YTD) average of 10.6, while the peak turnover for a domestic meeting was $2.3m on 11 June at Ruakaka. Harness average starters per race was 10.2, matching the YTD average, while the peak meeting turnover of $1.3m was on 24 June at Addington. For greyhound racing, the average starters per race was 7.5, slightly below the YTD average of 7.6, while the peak turnover for a domestic meeting was $517k on 12 Jun at Manukau. Sport The top sporting event by turnover for June was the Super Rugby Pacific final between the Crusaders and Blues at $1.36m. Tennis was the leading in-play sporting code accounting for 24% of in-play turnover while Rugby League was the top pre-match singles sporting code accounting for 32% of pre-match turnover. June Operational Performance Reported Profit for the month was $11.0m, which was $1.7m below Budget. Operating Expenses were $10.0m for the month, which was $0.2m below Budget. Year To Date (1 Aug 2021 to 30 June 2022) Reported Profit was $146.1m, which was $3.4m below Budget and $17.0m below last year. Year To Date (1 Aug 2021 to 30 June 2022) Operating Expenses were $107.1m, which was $3.4m below Budget and $3.5m above last year. June Distributions Racing Codes were paid $13.2m in distributions and other payments for June, versus $13.1m budgeted. This consisted of TAB NZ Betting Profit (listed as Fixed Distribution in the table below), offshore bookmaker commission fees, which are based on actual turnover (termed Betting Information Use Charges (BIUC) in the table below), and Betting Duty/Levy repeal.

Would be too late by then. You'd need to write legislation to reverse what is likely to happen in the next 14 months. The best bet would be to lobby the Labour Minister when NZTR places land grab requests on his desk. Assuming of course that Clubs don't roll over BEFORE it gets to that stage.

You're definitely blowing hard. I don't see you being able to pass legislation to land grab BOAY. Also knowing what I know about the identity of the Special Agent I can assure you they definitely are in a position to initiate some action. But the point is why knock them down even if they are a "blow hard"? Isn't their intention exactly what YOU want?

It's positive in my opinion. Even a threat of action is more positive than just moaning about what's happening.

Harden up. We have a newbie turn up who has some positivity and the boot gets put in. Perhaps they are trying to save Levin rather than just talk about its demise.

My takeaway of reading Hansens comments were that his biggest criticism was the lack of continuity at senior exec level. I note as a good Canterbury man he felt Tew should have contributed. So what decisions has the Board made that are wrong? Can't be appointing Foster has Hansen backs him as a Coach.

Really? If anything I'm extremely thick skinned given the insults thrown my way on a regular basis. Try that anywhere else and you'd be banned.

I think you may wish to reread some of the earlier posts. It is clear who went to the low level first. But all that bullshit to one side. Why does @Special Agent have to declare their identity and you don't? For example when was the last time Joe was on a Racing Club Committee? If we accept that what @Special Agent says they are trying to do is true then shouldn't they be applauded rather than denigrated?

So you agree the Act hasn't been tested. If clubs had put self interest aside they could have and still could test the legislation. BTW you are starting to sound more like you brother. No I'm not out of my depth with what is a very poor analogy. Thousands of people have been prosecuted for drink driving over many decades. The law has been tested and is continually challenged. It has in the past been flawed and refinements have had to be made. I would suggest that the haste with which the latest Racing Act was put together would be a sign that it had serious flaws. The biggest being the granting of Ministerial dictate over essentially what is private lands.

Ease up on the personal attacks. Only serves to diminish your own opinions. I assure you @Special Agent agent has significant skin in the game now and in the past. Not only that they are actively involved in trying to turn things around. As for who they are they are entitled to anonymity just as you are.

What the hell are you on about? Always a sign that your argument struggles when you open your post with an insult. We all agree that there is so much wrong with the legislation. The fact is the land grab clauses have't been enforced or tested in court. In my opinion it is legally flawed and could be tested. You've said yourself that the assets acquired by Clubs weren't assets paid for by the industry. There in itself is an argument to be tested in court. If the legislation was so sound why didn't NZTR test it against the Westland Racing Club? Your drink driving analogy makes no sense at all as it has been well tested in Court and aspects still are. I guess you are happy to see Clubs just roll over just because there is a big stick that might be wielded. A stick that for all intents and purposes may only be a rotten twig.

Welcome to BOAY @Special Agent I understand you are indeed well connected in CD racing. I sincerely hope that what you and others are trying to achieve comes to fruition. Sadly it may well be the last throw of the dice for the CD.

As I said the asset grabbing legislation has yet to be used.

I don't think they will.

FFS it WAS historically a handicap race!!!!! What was wrong with that? What you fail to recognise is that the stakes money for racing should come from what is punted on the race. I realise you favour the pokies alternative sources of revenue. How much turnover would you see if Cardigan Bay drew 1 on the front line paying 1.01?

You didn't answer the question. When has the new land grab legislation been enforced? I don't recall any Racing Minister approving a request from NZTR to acquire a Clubs assets. As I said "correct me if I'm wrong"!

Then have a FFA 2 mile race!!! But why can't the NZ Trotting Cup revert back to the handicap race it once was?

The NZ Trotting Cup was always a Handicap and a damn sight more interesting than it is now. The biggest betting race in OZ and NZ is a handicap run 7 days before the NZ Trotting Cup.

I've done my bit. But I've said it before and I'll say it again much of what is being reaped now was sown by self-interest and apathy.

You'd be surprised @Reefton who reads this site. Over its short life there have been some not insignificant issues resolved through engagement both on the public side and the private communication side.

Purely driven by self-interest. It hasn't helped that many of those with real skin in the game are aged and tired. They are in the dream phase rather than the vision phase of life and regale stories of past. Let's face it if you were a young person with a passion racing horses and a talent you'd pack your kitbag and head West. Sadly those young people are becoming fewer and fewer on the ground. Why? We've closed all the provincial entry points to the industry.

Correct me if I'm wrong but as far as I'm aware the said legislation has not been used let alone tested.

Certainly an interesting shape for a race track.

Well until I heard that someone was contemplating making changes to feature race conditions I thought they were all brain dead. About time we saw some debate. Breathes life into the sport!