Horse Racing’s $150Million dollar windfall.

Sydney’s Randwick racecourse is receiving $150 Million in government money for the upgrade of grandstands, a fancy new horse parade ring and turning the racecourse into yet another facility for corporate functions, public and private entertainment.
Is this a good idea?
Should the public purse be used for what is essentially a gambling institution?
The NSW Racing industry is a billion dollar industry. Whilst there is no doubt it contributes to the economy, and stimulates growth, provides jobs etc, does it have to be subsidised by the taxpayer? I am not sure.
Anyway, I thought I would have a look at a few facts and figures on Racing in NSW:
Returns to owners, including prize money and starting bonuses of $141 Million in 2009-10
The State’s richest race, the Golden Slipper for 2 y.o.s is worth $3.5 Million in prizemoney
Upgrade of Randwick Racecourse… $150 Million
Amount received by Racing NSW from Tab Corp each year, for the licence to run NSW betting…$150 Million. A common theme?
Amount received by Racing NSW from other sources of gambling outside the state: $54Million per year
Amount wagered on racing in NSW each year…$4 Billion
Additional NSW Government subsidy for regional NSW Racing over the next 2 years…$5 Million
Amount in NSW State Budget 2011/12 to reduce problem gambling in NSW… $14.5 Million
Budget of the State of NSW $60 Billion
$150 Million divided by the number of households in NSW (2.5Million) and it equates to roughly $60 per household. That is $60 that could be used to help pay the electricity bill.
View from the corporate box overlooking the winning post at Royal Randwick…pricelessAre we getting value for our money?

You be the judge…


Mr Ed: Laughing all the way to the bank..