Racing Queensland has released its trading results for the 2021/22 financial year.
During yesterday’s Annual Meeting at Eagle Farm, RQ Chairman Steve Wilson AM outlined further growth in revenue throughout FY22, reaching a record $353.9 million, an increase of 5.0% year-on-year.
Once again, the global pandemic impacted trading results, with Racing Queensland recording a $0.5 million normalised consolidated loss versus $6.2 million consolidated profit in 2020/21.
Meanwhile, returns to participants reached $299.3 million, up more than 10% year-on-year.
Pleasingly, the longer-term increase in payments to participants continues to surge, which since 2017 have grown from $165.4 million to almost $300 million, up 81%.
“For a third successive year, the Queensland racing industry was able to navigate some of its most challenging circumstances, however the future of all three codes have never shone brighter,” Mr Wilson said.
“I have enjoyed the great fortune of leading the RQ Board for a seventh year, and am proud to see this incredible industry continue to play such a critical role in the Sunshine State.
“A key strategic focus of the organisation is to continually deliver increased returns to the participants at the coalface of our three racing codes, and we are extremely proud to have boosted those returns by 81% since FY17.
“I would also like to acknowledge the Palaszczuk Government, following the announcement earlier this year that they will return 80% of Point of Consumption Tax receipts back to the Queensland racing industry, securing our long-term funding for racing in the Sunshine State.”
On the wagering front, FY22 set yet another record with turnover on Queensland product increasing by 7.9% to $6.7 billion, with all three codes experiencing strong increases. This includes:
- Thoroughbreds: $4.4 billion (+5.8%);
- Greyhounds: $1.6 billion (+14.2%); and
- Harness: $0.7 billion (+7.9%).
Race Field Fee Revenue continued its growth reaching $159.3 million (+13.7%), while QTAB revenue declined by 7.8% to $92.7 million.
RQ CEO Brendan Parnell said it is extremely pleasing to witness strong continued year-on-year growth within the Queensland racing industry.
“The racing industry plays a significant role in Queensland, generating close to $1.9 billion in value added contribution to the state’s economy – 48% of which directly benefits regional economies,” Mr Parnell said.
“Importantly, full-time jobs continue to surge, having increased from 12,643 in FY19 to 13,581 – an increase of more than 7%.
“This surge continues the industry’s rapid rise since FY16 with 4,035 (+42%) new jobs created over the last five years.”
With several major infrastructure projects in delivery – and an ambitious and transformational pipeline ahead – RQ continues to invest heavily in improving facilities across the state.
During 2021/22, the $8.9 million upgrade of the Sunshine Coast Turf Club concluded, including the installation of a new all-weather Polytrack.
The Polytrack paid immediate dividends with $3.8 million in prize money and bonuses returned to industry participants through rescheduled meetings in FY22.
Further, the Greater Brisbane Greyhound Centre made crucial progress, with a Ministerial Infrastructure Designation submission provided to the Department of State Development, Infrastructure, Local Government and Planning in April, before being approved in September 2022.
At the same time, works commenced on the redevelopment of the Gold Coast Turf Club after BMD Group was appointed as the lead contractor.
The Country Racing Program continued to play its role in aiding the replacement of critical racing assets and infrastructure across the state, with 36 clubs from across regional Queensland sharing in a further $2.6 million funding.
“The Country Racing Program has played a critical role in providing annual funding to some of the state’s smallest racing clubs for repairs and maintenance, along with asset replenishment and replacement,” Mr Parnell said.
“Thanks to the Palaszczuk Government’s new Betting Tax arrangement, the future of the country racing industry remains secure going forward, ensuring clubs across the state have access to vital asset management and operational funding.”
Finally, the Queensland Off-The-Track program continued to take significant strides in FY22, with the introduction of a number of initiatives to support the placement of retired racehorses into second careers, whilst promoting life after racing options and identifying retirement pathways.
In July 2021, the QOTT team unveiled the Subsidised Lessons Program, enabling new owners of retired horses to receive instruction and tailored support across a range of areas.
Further, the Acknowledged Retrainers Program launched in January 2022, supporting a network of retrainers who have been identified and acknowledged as having the appropriate skill, experience and track record in successfully retraining and rehoming thoroughbred or standardbred horses.
Click here to see a full copy of the FY22 Racing Queensland Annual Report.