Racing Minister welcomes tabling of RITA’s 2019 Annual Report

RITA’s 2019 Annual Report recorded an industry net profit of $136.7 million before distributions, down 6 percent on last year, but forecasts a significant turnaround in the 2019/2020 year.

Racing Minister Winston Peters welcomes the tabling of the Racing Industry Transition Agency (RITA) 2019 Annual Report in Parliament today. He says the 2019 Annual Report marks the point when New Zealand’s racing industry’s decline was arrested and a turnaround started.

RITA’s 2019 Annual Report recorded an industry net profit of $136.7 million before distributions, down 6 percent on last year, but forecasts a significant turnaround in the 2019/2020 year.

“RITA has made serious progress implementing reforms with more measures still to come. The government will soon introduce a second racing bill which focuses on the post-transition governance structure as well as measures for property consolidation,” says Mr. Peters.

“The further bill, the accumulative benefit of the repealed betting levy, as well as the new Point of Consumption and user charges will help generate future revenue for the industry.

“This industry is undergoing a period of transition. We welcome the support of all those investing in the future to ensure the racing industry is turned around from a state of decline,” Mr. Peters says.

(With Inputs from New Zealand Government Press Release)