Edited Press Release

The unaudited figures from the New Zealand Racing Board for the first six months of the 2007/08 season show that despite the challenges imposed by the equine influenza outbreak in Australia, business has continued to deliver strong turnover growth. Total wagering turnover has increased 6% over the comparative period last season to $797 million.

Operating surplus before industry expenditure has increased more than 12% to $75 million, up 5% against budget for the six month period. Net betting revenue was down approximately 1% on budget. However, a significant increase in the export of New Zealand racing product to Australia at the height of the equine influenza threat delivered international racing royalties in excess of $8.9 million, 350% above budget.

The chairman of the New Zealand Racing Board, Michael Stiassny, said, “the calendar changes implemented at the start of the 2007/08 racing season coupled with the board’s commercial agreements with Tabcorp have enabled the industry to maintain momentum in what has been quite a volatile period.”

“Maintaining operating surplus at this level over the remainder of the season will present a challenge to the New Zealand Racing Board in these current economic conditions.”