RWWA announces Thoroughbred Funding Increases for Upcoming Racing Season / Western Australia / 23 May, 2011

RWWA announces Thoroughbred Funding Increases for Upcoming Racing Season / Western Australia / 23 May, 2011

Racing and Wagering Western Australia (RWWA) recently announced a healthy increase in Thoroughbred funding for the upcoming 2011/12 racing season.

With a flat wagering performance, impact of significant increases in pooling and product fees and the aftermath of the global financial crisis, RWWA has maintained its commitment to upholding a positive funding model and providing ongoing investment in the industry.

Following extensive consultation with thoroughbred racing industry stakeholders, RWWA has determined the distribution budget for 2011/12 with a view to providing sustainable stake levels and sufficient racing opportunities. Importantly, race meeting numbers will continue to be supported at existing levels.

RWWA Chief Executive Officer Richard Burt said, “RWWA recognises the immense pressure being placed on our industry in this challenging climate, in particular, our owners. We deliver this Distribution budget with the clear intent of providing a positive outcome for our entire participant base.”

“While RWWA is still under considerable financial pressure, we believe this is an important and necessary increase that will assist in offsetting some of the growing cost burdens to our industry participants,” Burt said.

The overall increase in thoroughbred distribution is approximately $2.7M, $1.0M of which is dedicated to an extra week accounted for in the financial calendar in 2011/12. Key elements highlighted in the 2011/12 Distribution Budget include the following:

> RWWA to fund base stake tiering specific to Metropolitan racing. This includes a return to $50k base stakes for 2YO Open, 3yo Open and 3UP Open races; along with an increase to $47.5k base stakes for 3UP Rtg 80+.
Metropolitan feature funding has been adjusted to accommodate this increase. Changes to feature stakes include a decrease to $500k for the Winterbottom Stakes, an increase to $350k for the WA Guineas and an increase to $200k for the WA Champion Fillies Stakes.

> Midweek metropolitan stake levels will return to 2009/10 levels.

> Provincial base stake increases based on the Thoroughbred Strategic Plan’s objective to eventually match, 'like-for-like' rated metro midweek stakes. Whereby Provincial A minimum stake levels (Bunbury, Northam, Pinjarra and Kalgoorlie) will lift to 85% of metro midweek like-rated races and Provincial B stakes (Albany, Geraldton, Mt Barker, Narrogin and York) will lift to 60% of metro midweek like-rated races. Overall this accommodates a 5% increase in Provincial stake funding.

> RWWA to fund increase of base stakes by 4% for major country clubs (Broome, Carnarvon, Esperance, Port Hedland, Roebourne). RWWA has previously funded all major country races at an average of $7,000 per race; that will now lift to $7,271 per race. Many Country Clubs choose to top up or rearrange their stake funding within the 100% funded allocation, so all Club stake outcomes will vary.

> CPI increase afforded to the WA jockeys – as per three year contractual arrangement entered into in 2010/11 ($150.00 ride fee increase to $155.00 ride fee).

> 36% increase in overall Key Training Venue Funding – dedicated to Ascot, Albany, Bunbury, Geraldton and Kalgoorlie ($580k increase).

> Increase provincial racing opportunities where required (eg. divided race demand at Geraldton)

CLICK HERE to download RWWA's Stakes Increase Detail