Victorian racing tackles the future
A new push into Asia and a massive renovation of its existing infrastructure are among the key points in Racing Victoria Ltd’s (RVL) vision for the future of the state’s thoroughbred racing industry.
RVL released its latest business plan, Racing to 2020, in Melbourne on Thursday, declaring the industry to be “open for business”.
“Racing to 2020 has been developed to address the future of the Victorian thoroughbred racing industry at a time when both Australian and global racing and wagering environments have changed dramatically and forever,” RVL CEO Rob Hines said.
The vision aims to provide the platform and framework for industry development over the next 10 to 15 years.
“Now more than ever, it is essential that the entire industry operates with a more collective, innovative and less protectionist approach if we are to succeed and achieve our goal,” Hines said.
“A sustainable future will be achieved by maintaining customer focus, maximising revenue, renovating and renewing racing’s infrastructure and increasing returns to participants.”
RVL identified the key pillars for future success as:
* Product, brand and intellectual property;
* Stakeholders and investors;
Victoria’s Deputy Premier and Racing Minister Rob Hulls called for the industry to get behind RVL.
“Racing to 2020 provides a framework for the direction of the racing industry and it is critical that all stakeholders work with RVL to ensure their future and that of the Victorian thoroughbred racing industry,” he said.
“This is an opportunity for Victoria’s thoroughbred racing industry to be the master of its own destiny, bringing with it the opportunity for change, growth and innovation.”
Thursday’s announcement follows another industry breakthrough on Wednesday involving agreement on a “product fee” to be paid by corporate bookmakers for use of Victorian racing’s intellectual property.
Hines said the abolition of the “gentlemen’s agreement” between states on the level of the fee would benefit Victorian racing by “millions of dollars”.
Under the new model, product fees of 10 per cent will be charged on gross profits rather than turnover and will apply to interstate totes, bookmakers and betting exchanges who bet on Victorian races, apart from the spring carnival events.