October
JulyApples with apples
I write in response to recent correspondence in Winning Post regarding the financial position of Racing in Victoria.
Specifically the point was made (18/7) that a comparison with a year devastated by equine influenza was invalid.
I should point out that equine influenza, although a catastrophe, in many ways did not destroy wagering turnover in Victoria as claimed by your correspondent. In fact the turnover in 2007/08 (the EI year) was the same as turnover in the previous year, 2006/07.
Obviously there was an impact, with no growth recorded, but not exactly a disaster.
On the same subject it has been suggested elsewhere that the nine-percent growth that Victorian racing achieved in the 08/09 year was due to the growth of gaming revenues of which RVL receives a share.
The fact is that if gaming revenue is excluded from the calculations for both years the growth of wagering alone was still eight percent.
We forecast a further growth of six percent in total wagering income in the coming year excluding gaming.
Our industry is not immune from the global downturn but we are weathering the storm better than most.
Racing Victoria Ltd CEO