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Sydney Metro Prizes Threat: From &70k To $30k

Tuesday, 28th October 2008

Racing NSW chief executive Peter V'Landys specifically reveals that leading international management firm Boston Consulting Group estimates the NSW thoroughbred industry's revenue from current sources could fall "by up to $60 million per annum" & V'Landys notes "a reduction in the industry's income of that size is more than 50% of the total prize-money currently paid across all 3 sectors of the NSW thoroughbred industry" & would trigger "metropolitan Saturday prize-money reducing from $70,000 per race to $30,000; provincial prize-money reducing from $16,000 per race to $7,000; & country prize-money reducing from $9,000 per race to $3,900." V'Landys warns "the NSW racing industry simply could not sustain anything like that level of losses", especially as "even at current levels of prize-money, owners in NSW collectively lose more than $100 million each year".

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