{"id":12362,"date":"2020-12-03T12:21:30","date_gmt":"2020-12-03T12:21:30","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=12362"},"modified":"2026-04-23T23:31:27","modified_gmt":"2026-04-24T02:31:27","slug":"tab-nz-reports-profit-of-28-3m-despite-revenue-dropping-6","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/tab-nz-reports-profit-of-28-3m-despite-revenue-dropping-6","title":{"rendered":"TAB NZ reports profit of $28.3m despite revenue dropping 6%"},"content":{"rendered":"\n

New Zealand\u2019s RITA (Racing Industry Transition Agency, now TAB NZ) released its Annual Report on Friday, announcing a year on year profit of NZ$23.8m, all thanks to a government stimulus package<\/a><\/em><\/strong> of $41.0m that saved the organisation from a 6% drop in revenue.<\/p>\n\n\n\n

Without the government aid included, TAB NZ\u2019s revenue for the fiscal year ending on the 31st of July 2020 was NZ$329m, 6% below last year\u2019s number of $348m.<\/p>\n\n\n\n

The impact of Covid-19 and the cancellation of sporting events on New Zealand\u2019s sports and racing industries was clear throughout the report with total turnover (betting and gaming) down 5% on the year from NZ$2.77b to $2.63b, $556m below budget.<\/p>\n\n\n\n

The report also highlighted the specific hit that the gaming sector took because of lockdown restrictions with gaming turnover dropping 10% from NZ$513m to $461m, even despite successful upgrades to physical TAB locations and EGM conversions. <\/p>\n\n\n\n

Executive Chair, Dean McKenzie, wrote in the report that \u201cfrom a business perspective, performance was really a game of two halves.\u201d<\/p>\n\n\n\n

\u201cManagement accounts for the first six months showed an improvement against the same period last year, but were marginally down against budget. However, the second half of the year was dominated by the impact of Covid-19, with the industry and TAB requiring a support package to assist cash flow to ensure it could manage the impact of Covid-19.<\/p>\n\n\n\n

This year will go down as a year like no other. Yet, through it all, the new foundations for the industry are now firmly set. However, we are by no means in the home straight. <\/p>\n\n\n\n

We will probably never have another opportunity for this amount of substantial change \u2013 the industry must grasp this last chance to secure a sustainable future.\u201d <\/p>\n\n\n\n

More recently, TAB NZ has reported a resurgence<\/a><\/em><\/strong> in all segments since lockdown restrictions have ended in New Zealand and sporting events have been resumed around the world.\u00a0
RITA became TAB NZ in August this year as part of an ongoing restructuring of New Zealand\u2019s racing industry that began with the 2019 Racing Industry Bill and the dissolving of NZRB (New Zealand Racing Board).<\/p>\n","protected":false},"excerpt":{"rendered":"

New Zealand\u2019s RITA (Racing Industry Transition Agency, now TAB NZ) released its Annual Report on Friday, announcing a year on year profit of NZ$23.8m, all thanks to a government stimulus package of $41.0m that saved the organisation from a 6% drop in revenue. Without the government aid included, TAB NZ\u2019s revenue for the fiscal year…<\/p>\n","protected":false},"author":2,"featured_media":12363,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"TAB NZ reported a NZ$23.8m profit for FY2020, primarily due to a NZ$41.0m government stimulus package, which offset a 6% revenue decline and significant turnover reductions caused by COVID-19 and event cancellations. The report highlights the critical role of state aid in navigating the pandemic's impact while underscoring ongoing industry restructuring efforts from RITA to TAB NZ. Despite a challenging year, the organization is establishing new foundations for a sustainable future.","focusai_entities":"TAB NZ, RITA (Racing Industry Transition Agency), NZRB (New Zealand Racing Board), Dean McKenzie","focusai_location":"New Zealand","focusai_target_profile":"ceo_executive (1.0), regulator (0.9), compliance_legal (0.7), operator_casino (1.0), investor_analyst (1.0), supplier_vendor (0.8), journalist_researcher (0.9)","focusai_suggestions":[{"label":"TAB NZ Governance Frameworks","query":"What specific governance frameworks are being established under the new TAB NZ structure to ensure long-term financial resilience and regulatory adherence, particularly concerning capital markets transparency?"},{"label":"Post-Lockdown Capital Allocation","query":"How will the post-lockdown resurgence in betting and gaming turnover impact TAB NZ's capital allocation strategies for technology upgrades, B2B partnerships, and market expansion in the coming fiscal year, considering the prior reliance on government stimulus?"}],"footnotes":""},"categories":[161,163],"tags":[],"class_list":["post-12362","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-daily-news","category-finance-news"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/12362","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=12362"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/12362\/revisions"}],"predecessor-version":[{"id":22019,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/12362\/revisions\/22019"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/12363"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=12362"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=12362"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=12362"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}