Canterbury Jockey Club show $96,487 loss

Press, 17 July 1987, Page 22

Canterbury Jockey Club show $96,487 loss

A loss of $96,487 is shown in the accounts of the Canterbury Jockey Club to be presented at the annual meeting of the club on Monday week. The figure is reached after allowing for depreciation of $81,503, effectively giving a cash loss of $14,975. In a year when so many favourable factors emerged, the result is somewhat disappointing, says the treasurer, Mr R. J. H. Boyd. “Over the past two years the New Zealand Racing Authority has offered subsidised support to enable clubs to bring up to date maintenance projects, which had been deferred for financial reasons. The club has availed itself of this support, but at a considerable cost to its financial resources,” says Mr Boyd. “Over $263,000 has

been spent on maintenance and for the first time in many years Riccarton is looking in top order. I am sure that the work is a sound investment for the future.” Mr Boyd says that intertrack betting has been of substantial benefit to the club and that nett totalisator proceeds increased by more than $84,000. Betting returns at most meetings were excellent, says Mr Boyd. On-course betting rose by SI.IM to S7.IM and off-course by $4.5M to a record S22M. With help from sponsorship and the Stakes Subsidy Fund, the club was able to increase its stakes by $lll,OOO. Mr Boyd says that the club can look forward to the new season with confidence. “We will be greatly assisted by likely increases in the T.A.B. distribution

and with an additional race day, and much improved facilities, I am certain we will be able to attract additional patronage.” In his report, the chairman, Mr J. E. Austin, says that despite the operating loss the season had still been a successful one, with the club’s policy of providing top stakes giving a succession of quality fields. The recently announced across-the-board increases for the 1987-88 season would take total stakes past S2M and would help continue to bring the best horses to Riccarton. One possible development next season for patrons at Riccarton is the introduction of inter-track race videos, to complement inter-track betting. Mr Austin says that studies are being done on this development, particularly between the major clubs, and he hopes for some positive steps within the next 12 months. Eight nominations have been received for the four vacancies on the committee. They are Messrs G. E. J. Hutton, R. H. S. Kyle, R. B. McKenzie, M. H. O’Neil, D. S. Ogilvie and G. F. Ritchie and Drs M. M. Kerr and J. M. Louisson. Mr Hutton and Dr Louisson are retiring members who have offered themselves for reelection.