Canty Park makes a good profit

Press, 11 July 1980, Page 1 (Supplement)

Canty Park makes a good profit

Record Sjrnovers, both oncourse and off-course, and a postponed meeting which attracted 2000 patrons above the expected maximum, with a consequent lift in oncourse turnover, were contributing factors in the Canterbury Park Trotting Club making a profit of $12,077 for the 1979-80 season.

This is disclosed in the accounts, which will be open for discussion by members at the annual meeting on Wednesday evening. The combined turnovers for the season were the highest recorded by the club. The total handled on-course was $2,368,277, an increase on the previous best of almost $lOO,OOO. Off-course betting amounted to $4,407,350, which was $623,870.50 more than the previous year’s figure. The second night of the New Year meeting, which was postponed from January 3 to January 7, resulted in ’a marked increase in attendance figures and the turnover on-course that night increased by $120,000. During the year the club’s principal source of revenue came from betting. This was up $51,951 to a total of $421,636. Included in this was $195,204, the club’s share of the distributed profits of the Totalisator Agen-

cy Board for the previous year. Other big sources of income, with the previous year’s figures in parentheses, were members’ subscriptions $31,204 ($27,734), gate takings $30,655 ($26,793), interest on investments $25;591 ($19,747), and acceptances $23,571 ($23„488). During the season the club distributed $220,825 in stakes, compared with $212,925 in the previous season. This year’s total included $28,825 provided from the Racing Authority’s stakessubsidy fund, compared with $18,650 from the fund in the previous year.

Most expenses were up on the previous year’s figures. Totalisator expenses, at $71,651, were up by $1745, race-meeting expenses rose by $4904 to $83,184, Trotting Conference bvies rose from $17,791 to $22,141, and advertising, printing, and stationery, at $19,357, cost $3456 more than in the previous year.

Salaries rose by $1385 to $31,043 and general administration expenses were, up from $7239 to $9911.

After adding the profit for the year and deducting $lOOO, a contribution to the staff supplementary superannuation fund, the club’s accumulated funds at balance date, June 12, amounted to $232,212.