We assume it is earning revenues from elsewhere. We know it ISN'T earning revenue from Pokies and Sports (assuming there is a National Table Tennis Association in NZ). As for earning revenue from OZ - well we know that there are fees associated with that and we also know that we don't know how our bookies are doing. We do know that they do worse than the tote.
We do know that our punters are not racing to bet on those obscure american races - e.g. R4 from Remington Win pool $141, Quinella pool $118, Trifecta Pool $185. Do we pay fees for those races? Mind you you would expect reduced pools and fees because they are Quarter Horses.
Aside from the wage subsidy we know that the cost structure for the revenue earning arm of the industry has not significantly changed.
We also know that NZTR, HRNZ and GRNZ are supposedly still being paid by RITA and they haven't reduced their cost structure either. We also know that they are not receiving any income from licensees - e.g. no nomination or acceptance fees etc.
It is a given that each of the industry funded organisations needed to slash costs BEFORE Covid-19 turned up.