As the main source of funding for prizemoney, which is wagering, continues to be severely impacted by the current lockdowns of pubs, clubs and TAB retail agencies, Racing NSW has determined that prizemoney reductions need to be introduced until 30 June 2020
The reduction in funding from wagering is compounded by other sources of funding for NSW race clubs, being on-course attendances, catering revenue and sponsorship, becoming non-existent given the public is not permitted to attend race meetings.
The reduction in prizemoney does not cover the revenue losses so some meetings will be run at a loss. Accordingly, Racing NSW will absorb the losses from its future fund and also provide further funding to NSW race clubs from Racing NSW’s cash reserves to sustain those race clubs while the industry faces the uncertainty and challenges presented by the Coronavirus pandemic.
The following prizemoney reductions will apply from Sunday, 12 April 2020 until Tuesday, 30 June 2020:
Please note that there will be no prizemoney reductions for non-TAB and picnic races. The prizemoney reductions will apply from 1st to 10th.
In addition to these prizemoney reductions, the Saturday stand-alone race meetings scheduled to be held at Hawkesbury (25 April 2020) and Scone (16 May 2020) racecourses have been transferred to Rosehill Gardens and the stand-alone meeting to be held at Gosford (9 May 2020) is transferred to Royal Randwick.
Further, the Coast race that was originally scheduled for the Gosford race meeting on Saturday, 9 May 2020 which has been transferred to Royal Randwick will be replaced by a benchmark race.
The ATC meetings scheduled for Rosehill Gardens on 13 April 2020 and Hawkesbury on 15 April 2020, will now be run at Warwick Farm and Randwick (Kensington) respectively.