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Perth Racing "Realigns" Prize-Money To Meet Budget

Wednesday, 2nd February 2011

In Australia, Perth Racing announced a “realignment of stake levels to ensure the club meets its budgetary requirements for the 2010-11 financial year”. The move was described as “both prudent & necessary as a result of a set of circumstances which is placing the racing industry under considerable stress, given the fact that the racing industry business model no longer adequately underpins industry funding requirements”. Chairman Ted van Heemst also noted: “Spiralling government charges, compliance, insurance & other costs are also having a severe impact on the business, as the magnitude of these increases are far outstripping any potential growth in income streams. The final nail in the coffin which made it imperative to reduce our stake levels has been the impact on our core business activities of a less than buoyant economy. From a Perth Racing perspective this has left us with no alternative but to amend our stake levels for the remainder of the racing year.”

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