The Hodgman Liberal Government is committed to a racing industry that is vibrant and sustainable and supports jobs.
Following sustainability measures implemented by the Tasmanian Government last year, Tasracing is now operating on a sustainable financial basis for the first time since it was established in 2009 and is now in a position to re-invest those dividends and further grow the industry.
Tasracing made a modest profit of $0.18 million in 2015/16 compared to a $1.2 million loss the previous year and now has a sustainable business model with cash reserves of $12.3 million.
This favourable position has allowed Tasracing to plan for up to 4 per cent stakes increases per year until 2020 and spend up to $43 million on infrastructure projects throughout the State during the next 5 years.
The proposed investment will be funded from projected cash flows, without further borrowings, and includes upgrades and maintenance of infrastructure, and new strategic projects identified following consultation with industry.
Projects have been prioritised based on four key principles – overall benefit to the industry, safety, welfare and affordability.
Initial major projects identified include:
* A dedicated facility for the Greyhound Adoption Program (expected to commence construction in 2017).
* Redevelopment of the turf tracks at Elwick.
Other projects include:
* Construction of a greyhound straight track at Ulverstone.
* A program of works to upgrade and construct new stable facilities at Longford and Spreyton.
* Replace luminaires on the harness lighting system at Elwick.
* Improve drainage on all tracks at Brighton.
* Replace grandstand air conditioning at Mowbray.
* Construct larger female jockey facilities and improve male facilities at Spreyton.
* Enhance owner/trainer facilities for race days at Elwick / Mowbray / Spreyton and Devonport Showgrounds.