Profits before distributions reached US$12.6m for November thanks to the popular horse racing event.
Australia.- TAB NZ’s financial performance was better than expected in November thanks to strong performance at the Melbourne Cup.
In that the company described as a “solid month”, profits before distributions reached NZ$17.7m (US$12.6m), NZ$4.9m (US$3.5m) above estimates.
The company said: “Results from Melbourne Cup day and NZ Cup Week in Christchurch, coupled with full domestic racing fields, continued TAB operational efficiencies and the ongoing resumption of sporting events around the world, were all major contributors to the strong result.”
This year’s Melbourne Cup, which was held without an audience, resulted in TAB’s highest ever turnover at the event, up by 14 per cent year-on-year to NZ$26.6m (US$18.9m). The race itself generated NZ$11.5m (US$8.2m) in turnover.
Resulting turnover of NZ$11.3m (US$8.06m) from the IRT NZ Trotting Cup day was also the highest ever for a Cup day.
TAB NZ said: “Domestic starter and field size numbers have continued to be strong with domestic racing turnover up NZ$13.8m (US$9.84m) against budget.”
Overseas racing also beat expectations for the month, coming at 21 per cent over target.
As for other sports, the Rugby League’s State of Origin generated around NZ$200,000 (US$142,724) more per game than in the 2019 season. T20 cricket games generated NZ$800,000 (US$570,897), up NZ$300,000 (US$214,086) on the last limited-overs match played in New Zealand before lockdown.