Chief Stipe

Because instead of revisiting poor strategic decisions made in the past they continue to make decisions today to justify them. For example the very very expensive move towards High Definition broadcasting. The market doesn't want it or need it. BUT they are still manipulating everything to justify that strategic decision. For example the race tracks that are the first to reopen are those that have the expensive infrastructure installed NOT what is best for the industry. If RITA had any balls they would revisit those prior decisions and cut their losses. I'm guessing that they won't because there are too many connections and why embarrass your mates?

I don't understand your question. Raising another point for debate - I note that Winston didn't remind the general public when he handed out the extra cash that RITA is exempt from paying Income Tax? In contrast TABCORP Australia pays Income Tax AND a Dividend to its Shareholders.

The DIA doesn't support the POC charge as they view it as inequitable. ria-dia-may19.pdf

Yeah and didn't do it online either. Rushed out and down to the TAB agency in Petone.

Well it's classic Econ 101. There's an ice-cream stall on the beach where do you set yours up? The answer isn't what most naturally assume. To maximise profits you put it right next door. Unless you have something that is unique to your stall that no one else can copy. Even then because the other stall owner is innovative they will come up with something to counter your uniqueness. So the TAB puts their poorer racing product on the market and charges a higher price than their competitors e.g. the % on their fixed odds books and a higher takeout on their tote product. They even make it harder to buy the product e.g. their new betting app and system. Now they expect the Government to put a special tax on the other icecream stall and force customers to buy off them. The latter they can't do without some pretty heavy legislation and some technical wizardry they haven't got a hope hell of working out. Bit like trying to stop people from buying their books from Amazon. Even you Holey have admitted you punt largely on "Australian Metroplitan race meetings through Betfair." So much for your social conscious and helping out New Zealanders. So Holey the benefit of doing a Science Degree at Lincoln is you HAVE to pass ECON 101, Foreign Trade and Statistcs (Biometrics 101 and 102).

Bloody obvious isn't it? Better quality product at a cheaper price. But you wouldn't understand basic economics.

So NZRB/RITA estimates $30m a year. I believe the DIA estimated much less than that. The Offshore Working Group estimated half that amount at $16m. Some assumptions were made though but most importantly those estimates were based on the number of NZ race meeting and races that were occuring at the time. So you would expect a corresponding the drop in the annual revenue from the two charges. One of the big assumptions made is that those punting overseas from New Zealand are punting on NZ races - we know they are largely not doing that. They are also punting on Australian races - we all know the reasons why they do that.

The biggest loan is a revolving credit facility which expires early next year. The exact terms are not clear in the accounts but they are paying commercial interest rates.

So what actions would they have taken WITHOUT Covid-19?

I don't believe so. Their excess mortality is 27% due to Covid-19. You'll find as time goes on that % will drop or even become negative as vulnerable people have died sooner.

That's why we haven't seen the half yearly report. It was clearly evident in the last annual report that RITA was insolvent. Remember it was from the data in that report that the insolvency stories were based on. January 2020!

Poor old Winston rolled out that garbage about the loss of raceday revenue from abandonments. RITA and NZTR budgeted for abandonments because they didn't have enough cash to pay the stakes! Hence the lack of thought that went into plan B options.

I'd post it for you Rusty but this keyboard warrior needs a rest. Wish the pub was open.

I have done some research and have posted it. It is you that hasn't countered with anything of substance.

Make that 2 and half days. According to Winston the big bills are due Friday.

Welcome to the new world order in NZ: COVID_19 Public Health Response Bill-v5.4.pdf

Sorry you will have to elucidate a bit more - which point did you disagree with?

They didn't die FROM Covid-19 they died WITH Covid-19. They all had comorbidities that they were dying from anyway. Most were late stage dementia patients. Late stage dementia patients largely die from respiratory infections. Essentially the brain forgets to tell the lungs to breathe properly.

Obviously your answer is to lock us down until there is a vaccine?

I wish that was the case but unfortunately it will be to get their creditors off their back.

That might be turnover but certainly not revenue. Even the DIA and RITA are in agreement about it not being "a few hundred million" in revenue.

My apologies for replying to my own post...but what the hell! Winston should hold an inquiry into these transactions. I bet many of you didn't know that NZRB/RITA was involved in setting up a NEW broadcast company - it was called NZ Live and operated initially out of a building owned by Windsor Park Stud in Parnell Auckland. NZRB/RITA provided loan guarantees to set it up. NZRB/RITA also bought the broadcasting equipment e.g. cameras, outside broadcast vans. An arrangement was made where this equipment was sold to NZ Live and NZRB/RITA entered into a 10 year lease back arrangement. Now NZ Live was subsequently onsold to NEP Group Inc. a company whose head office is in Pittsburgh, Pennsylvania USA. The local holding company NEP Broadcast Services New Zealand Limited is owned by Australians. As far as I know in Australia NEP doesn't broadcast horse racing but predominantly ball sports. Guess who their largest (if not only) customer is in New Zealand? Yep....NZRB/RITA. Check out more on their website https://www.nepgroup.co.nz/ Oh and if you are in Auckland kill two birds with one stone and visit both RITA and NEP. It's easy as they are in the same building at 60 Stanley Street, Parnell, Auckland. Don't forget these are the dudes that are dictating which tracks can be the first to open.

As Harness supporters - what is the equivalent in synthetic track capital that your part of the industry will be getting?

If you read RITA's news releases you will find that they have already done a deal with Ladbrokes and other bookies..... So I don't know where they extra dosh is coming from when RITA says they have "deals with 80% of the bookies."