Amalgamation of race clubs could bring world-class venue to Coast

The report canvasses a ‘super club’ for Sydney and goes on to say that in respect of Gosford and Wyong the ‘super club’ concept could be used to bring a world-class venue to the Central Coast.

The study found that there would be minimal financial synergies of merging Gosford and Wyong clubs without consolidation of racetracks. However, the potential exists to create a new ‘super club’ on the Central Coast.

Options to fund the new club include the sale of the existing two racetracks and the development of a new location designed to provide top class racing and training with competitive surface and track proportions. A new venue could also combine a racetrack with additional sporting and events facilities, creating additional revenue streams for the new club and a new entertainment hub on the Central Coast.

Alternatively, the sale of either Gosford or Wyong would bring benefits of approximately $5.5 million per annum allowing for an increase in prize money from the current 53% to a possible 100%.

The current minimum provincial prize money is $16,000 per race. As an illustration, the implementation of the Ernst & Young recommendations could increase the minimum prize money paid by the new Central Coast Club to $28,000 per race.

Minister Greene encouraged an informed debate following the release of findings into the potential amalgamation of Sydney’s two metropolitan thoroughbred race clubs and Wyong and Gosford race clubs. Mr Greene said the study, carried out by Ernst & Young, would allow an informed debate on the merits of a merger.

Now time for educated debate
“Earlier this year I put this topic on the agenda by convening a meeting with racing officials to explore the potential benefits of an amalgamation between both Gosford and Wyong Race Clubs,” said Minister Greene.

“The release of the report now provides the facts to allow an educated debate on the best way forward. It examined a range of issues including synergies, revenue, staffing, costs, assets, governance and other strategic and operational issues.

“The study also looked at whether it is practical and feasible to merge Gosford and Wyong Race Clubs and the findings will now enable an informed debate on this matter. It estimates savings of between $380,000 and $1.7 million per annum if a Central Coast race clubs merger went ahead,” he said.

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