Racing Queensland posts $11.2 million loss
Racing Queensland has declared an operating loss of $11.2 million for the past financial year despite remaining asset rich.
The report showed wagering income from all sources was up to $202m, an increase of $27.6 million but it did not cover increases in prize money and other costs.
Racing Queensland and racing minister Bill Byrne released the annual report for the 2014-15 season that also showed a consolidated loss of $12.7 million despite increases in the value of racetracks owned by the body.
It means while RQ is asset rich it has little cash reserve after prize money, wages and other operating costs are taken into account.
Acting CEO Ian Hall said a revaluation of assets had led to a $36.2 million increase in value of the Sunshine Coast, Rockhampton, Albion Park and Deagon racecourses.
Meanwhile, wagering on Queensland racing declined but betting on interstate meetings increased.
Money received from RQ’s betting partner UBet was relatively flat and increased only $1.1 million to $132.2 million.
Story courtesy Mark Oberhardt http://www.aapmegaform.com.au