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Racing Queensland’s 2017/18 Annual Report which details the governing body’s performance for the past financial year has been tabled in Queensland parliament and is now available for public viewing.
Racing Queensland Chairman Steve Wilson AM said the Annual Report outlined key achievements such as securing the future of country racing and securing meaningful benefits for racing from the Tatts-Tabcorp merger.
“With the support of the Queensland Government we were able to secure the future of non-TAB racing with a commitment of $70 million over four years,” Mr Wilson said.
“We have also seen positive signs in the initial phase of the Tatts-Tabcorp merger, including the $600,000 sponsorship of our winter carnival across all three codes.”
Mr Wilson said the annual report detailed Racing Queensland’s financial road to recovery over the past three years.
“I am pleased to report a turnaround of over $40 million versus FY16, going from a parent company loss in FY16 of $19.9 million to one of $1.2 million in FY18, whilst increasing payments to participants by $10.8 million in FY18, and committing to further increases exceeding $10 million in FY19,” Mr Wilson said.
“The foundations are now in place but we understand there is still plenty of work to do to build on this recovery, particularly in comparison to the industries in NSW and Victoria that continue to announce ongoing prize money increases and improvements in critical infrastructure.”
To read Racing Queensland's 2017/18 Annual Report click here.