{"id":9605,"date":"2020-09-02T22:07:12","date_gmt":"2020-09-02T22:07:12","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=9605"},"modified":"2026-04-24T02:11:24","modified_gmt":"2026-04-24T05:11:24","slug":"nz-racing-minister-asks-tab-to-aid-industry","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/nz-racing-minister-asks-tab-to-aid-industry","title":{"rendered":"NZ racing minister asks TAB to aid industry"},"content":{"rendered":"\n

TAB NZ will have to present a report and a contingency plan by the end of the year.<\/p>\n\n\n\n\n\n\n\n

New Zealand.- Minister for Racing Winston Peters has written to the board of TAB NZ to outline how it will be expected to aid the racing industry to recover from the impact of Covid-19 pandemic.<\/p>\n\n\n\n

The Letter of Expectations is a requirement of the Racing Industry Act 2020.<\/p>\n\n\n\n

Peters wrote: \u201cIt is important that TAB NZ has a resolute focus on its sustainability, revenue growth and efficiency gains so it can support the industry to thrive.\u201d<\/p>\n\n\n\n

The letter is addressed to TAB NZ executive chair Dean McKenzie. It requests the company actively plan contingencies with racing codes in case there is a Covid-19 resurgence.<\/p>\n\n\n\n

TAB NZ will have to present an update on the state of its recovery and contingency plan by December 2020.<\/p>\n\n\n\n

Fearing a new surge of Covid-19 cases, Peter recognised that the \u201ccessation of racing in Australia would have significant impact on TAB NZ\u2019s immediate business and its ability to provide financial support to the racing industry, and hence contingency and accompanying scenario planning for any such eventuality is critical.\u201d<\/p>\n\n\n\n

Then ultimate goal is that the organisation builds enough reserves to meet any future shocks without external support. <\/p>\n\n\n\n

The Minister recognised this might not be achieved solely by earnings in the short term, especially since TAB has also been hit by the pandemic<\/a><\/em><\/strong>, but this issue is already being addressed with officials from the Department of Internal Affairs.<\/p>\n\n\n\n

Peters also urged TAB NZ to name a \u201ccapable chief executive\u201d for running the commercial betting operation.<\/p>\n\n\n\n

The minister gave the organisation until June 2021 to present a five-year plan for its long-term direction. This should include a road map for future product development, financial recovery and any options to recapitalise TAB NZ, among other issues.<\/p>\n","protected":false},"excerpt":{"rendered":"

TAB NZ will have to present a report and a contingency plan by the end of the year.<\/p>\n","protected":false},"author":2,"featured_media":0,"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 is mandated by the New Zealand Minister for Racing to present a comprehensive recovery and contingency plan by December 2020, addressing Covid-19 impacts and future shocks. The directive, under the Racing Industry Act 2020, also requires a five-year strategic plan by June 2021, focusing on product development, financial recapitalization, and the appointment of a new CEO to ensure long-term sustainability and support for the racing industry.","focusai_entities":"TAB NZ, Winston Peters, Dean McKenzie, Department of Internal Affairs","focusai_location":"New Zealand, Australia","focusai_target_profile":"ceo_executive (1.0), regulator (1.0), compliance_legal (0.8), operator_casino (0.9), product_ux (0.7), investor_analyst (0.9), supplier_vendor (0.7), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Recapitalization Options?","query":"What specific recapitalization options are being considered by TAB NZ and the Department of Internal Affairs to ensure long-term financial resilience and market competitiveness?"},{"label":"CEO Appointment Impact?","query":"How will the appointment of a new 'capable chief executive' influence TAB NZ's strategic execution, particularly regarding product development, operational efficiency, and market expansion within the New Zealand racing vertical?"}],"footnotes":""},"categories":[16336,161,163,167],"tags":[338,2794,23709],"class_list":["post-9605","post","type-post","status-publish","format-standard","hentry","category-australasia-news","category-daily-news","category-finance-news","category-news-region","tag-new-zealand","tag-racing","tag-tab-nz"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/9605","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=9605"}],"version-history":[{"count":4,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/9605\/revisions"}],"predecessor-version":[{"id":19678,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/9605\/revisions\/19678"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=9605"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=9605"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=9605"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}