Annual report shows New Zealand racing industry set to get back on-track

The tabling of the Racing Industry Transition Agency (RITA) 2019 Annual Report in New Zealand's Parliament today has been welcomed by New Zealand Deputy Prime Minister and Minister for Racing, Winston Peters.

RITA’s 2019 Annual Report recorded an industry net profit of $136.7 million before distributions, down 6% on last year, but forecasts a significant turnaround in the 2019/20 year.

Advising that the 2019 Annual Report marks the point when New Zealand’s racing industry’s decline has been arrested and a turnaround started, Deputy Prime Minister Peters stated “RITA has made serious progress implementing reforms with more measures still to come. The government will soon introduce a second racing bill which focuses on the post-transition governance structure as well as measures for property consolidation.

“The further bill, the accumulative benefit of the repealed betting levy, as well as the new Point of Consumption and user charges will help generate future revenue for the industry.

“This industry is undergoing a period of transition. We welcome the support of all those investing in the future to ensure the racing industry is turned around from a state of decline."

Click here to view the 2019 Annual Report.

Image shows the Riccarton Racecourse in the Canterbury region.