Cash injection for NZ horse racing industry
NZ$72.5million will be provided in an emergency support package, which includes NZ$20million to build two new all-weather race tracks.
New Zealand.- New Zealand’s horse racing industry is getting a cash injection from the government to help secure its future due to the financial impact of Covid-19.
NZ$72.5million will be provided in an emergency support package, which includes NZ$20million to build two new all-weather race tracks.
A further NZ$50million will be given to the Racing Industry Transition Authority.
Racing Minister, Winston Peters, said: “We can’t gild the lily. The racing industry has been hit by the perfect storm of Covid-19 while in a weak financial state and in the midst of a reform program.
“As a result, there is a genuine risk of insolvency and the industry losing the future gains of its reforms.”
Lost revenue from international online gaming is estimated to be $400million a year and the government is already looking at ways to subsidise this loss.
It also plans to help sports and community groups where income has been significantly reduced from lower gaming revenue due to the closure of pubs and clubs.
