Racing Queensland (RQ) will enhance returns to racing industry participants in 2017/18 by increasing prize money.
RQ CEO Dr Eliot Forbes said commercial decisions made by the new RQ Board have led to better than forecast financial results allowing for the budget increase next year.
“The Board has approved a $3.2 million increase to prize money in the budget for 2017/18. While there is still some way to go to returning RQ to profitability, the Board understands the importance of enhancing participant returns,” said Dr Forbes.
“The 2015/16 Annual Report documented that RQ recorded a loss of $21.8 million and the new Board and management team were well aware of the challenges to return RQ to a sustainable path.
“We remain committed to improving performance in all areas of racing and we are now seeing pleasing early results. Improved wagering turnover and changes to the Race Information Fee (RIF) framework have enhanced revenue and a continued focus on costs will lead to a much-improved financial result for 2016/17.”
RQ has a strategic goal over the next three years to boost prize money in a sustainable manner and to continue to invest in significant infrastructure projects across all three codes, while working with clubs to improve attendance and commercial returns.
“There are now two major infrastructure projects underway with the recent announcements of the $6 million Country and Regional Capital Works Program and the $13 million redevelopment of facilities at the Ipswich Turf Club. Masterplan options for Albion Park are being explored while an Expression of Interest (EOI) process continues to identify sites for up to two new or replacement venues for both the greyhound and harness codes.
“I am working closely with our Racing Minister Grace Grace to return RQ to a sustainable footing and best position each code for growth in the future”.
The additional prize money will be applied to specific races in all three codes to drive participation in Queensland racing.
The budgeted prize money increase of $3.2 million will be delivered across all three codes with Greyhound receiving $415k, Harness $505k and Thoroughbred $2.28m. The funding will allow for initiatives in the 2017/18 stakes budget, including the following:
Thoroughbred Provincial prizemoney will be increased to $16,000 for all classes (excluding maidens) at Gold Coast, Sunshine Coast and Ipswich meetings. An additional Saturday restricted race of $30,000 will be added for all metropolitan Saturday meetings. The Bernborough Handicap will be increased to $300,000 and the Nudgee Handicap will be increased to $125,000.
The current program of country race meetings and prize money levels will be maintained for country and regional racing.
The budget has provided $160,000 for the previously announced Country Racing Series’ including the three regional series and the inaugural Battle of the Bush with a $100,000 final for country horses on Tatt’s Tiara Day 2018.
Greyhound Short course races at all non- metropolitan class TAB meetings will be increased by $40 per graded race and $80 per open race. Sprint and Middle distance races at all non- metropolitan class TAB meetings will be increased by $80 per graded race and $120 per open race. The Winter Chase will be increased to $37,500, which achieves Group 3 level and the Rockhampton Cup will be increased to $37,500 which achieves Group 3 level.
Harness Redcliffe’s Wednesday and Thursday programs will be increased with the eight race program to consist of five races staked at $4,450 and three races staked at $3,450. An extra 2YO Breeders Series has been added which will culminate with two $25,000 finals, one for colts and geldings and one for fillies.