C.J.C. has successful financial year

Press, 22 June 1984, Page 19

C.J.C. has successful financial year

Income exceeded expenditure by $2390 for the Canterbury Jockey Club’s operations in 1983-84 ending on April 30. That was after providing for depreciation of $65,690, which was $12,667 higher than the previous year.

Considering the difficulties facing racing clubs, the cost of the installation of the sell-pay computer betting system, and the promotion of the Riccarton Park Function Centre, the result was considered to be a satisfactory one, says the chairman of the Canterbury Jockey Club, Dr J. M. Louisson, in his annual report which will be presented at the annual meeting on July 4.

Dr Louisson reports that the club was able to make only a small contribution toward increased stakes, but substantial support from the New Zealand Racing Authority enabled stakes over all

to be increased by $103,185, or 14 per cent.

On and off-course turnover showed increases for the year, the highlight being the record on-course turnover on New Zealand Cup day of $903,096, $143,705 higher than the previous record. The new sell-pay computer system had functioned well and the introduction of trifecta betting had played a leading role in the record turnover. The substantial increases in on and off-course turnovers in 1982-83 had resulted in a lift in T.A.B. payout during the current year of $38,081 to $425,699. Combined on and offcourse turnover for 1983-84 was $17,958,600 compared with $16,971,700 in 1982-83 and $13,674,700 in 1981-82. On-course totals were $5,459,100 in 1983-84, $5,038,200 in 1982-83, and $4,635,700 in 1981-82.

Attendances were 59,100 for 1983-84, 58.800 for 198283, and 60,900 for 198182.

The bulk of the on-course increase had come from the cup meeting with its increase of $323,000. The Easter meeting had shown a significant increase of $231,000, but the Grand National meeting had been down $190,000, mainly because the previous year had included a record result from a pre-test Friday date. The change back from the special Friday date to the normal Saturday had been responsible for the decrease of $617,000 in the off-course turnover at the Grand National meeting, but the T.A.B. bets for the New Zealand Cup meeting had increased by $637,000.

The attendance at the New Zealand Cup meeting, which marked the introduction of sell-pay computer betting, was up 1300, but the

Grand National meeting patronage had declined by that number.

Reviewing the racing year at Riccarton, Dr Louisson suggests that the most outstanding over-all performance was Noble Note’s feat of winning seven races on the course.

Major items of racing income were net totalisator proceeds $358,661 ($339,159 in 1982-83), T.A.B. profit $425,699 ($387,618), Racing Authority stakes subsidy $273,720 ($170,550), entries and acceptances $133,485 ($122,025), and members’ subscriptions $133,375 ($118,562). The club paid $511,870 in stakes compared with $499,355 the year before; $222,328 in race expenses as against $202,733; and $26,460 in transport subsidies.

Racecourse maintenance accounted for $118,150 of the $583,989 paid in general expenditure.