RWWA records strong result for 2017/18 financial year
19 October, 2018
Industry
Racing and Wagering Western Australia (RWWA) has announced its results for the 2018 financial year ending 31 July 2018, recording a solid operating and financial performance amid challenging economic conditions and intensifying competition.
RWWA CEO Richard Burt said the positive results were an outcome of the organisation’s continued focus on key strategic objectives across its multiple business units.
“RWWA achieved an overall profit before racing industry funding result for 2018 of $149.6 million, an increase of $1.4 million on the prior year,” Mr Burt said.
In 2018, an allocation of $157.4 million was distributed to the Western Australian racing industry, an increase of $6 million on the previous year.
In addition to the $157.4 million distributed to industry, a further $24.4 million was used to undertake racing administrative and integrity services, leading to overall funding of $181.8 million to the WA racing industry in 2018.
Since RWWA’s inception in 2003, annual distributions to industry has increased from $63 million to $157 million; representing a 6.2% average increase per year over the 15 year period.
“The racing industry continues to provide a vital contribution to Western Australia’s economic performance, generating more than $821 million in real gross value add to the State economy, accounting for more than 24,000 people participating in the sport,” Mr Burt added.
“Racing enjoys mass participation across the state with 823,000 attendances at race meetings annually and has a heritage that needs to be acknowledged and supported for future generations.
“However, it should be acknowledged that the racing industry is facing significant challenges in terms of maintaining its relevance among an increasingly competitive consumer entertainment marketplace.
“RWWA is proactively progressing various initiatives with key stakeholders to navigate these challenges while continuing to enhance the racing industry’s significant contribution to the State economy.”
Wagering revenue from the WA TAB increased by 2.1%, or $6.8 million, to $321.5 million in 2018. The WATAB net profit excluding unallocated revenue and expenses was $133 million.
Income generated by the WA Race Bets Levy from domestic and international wagering operators betting on WA racing increased by 8.2% ,or $4.4 million for the year, growing from $54 million to $58.4 million.
As part of the record $157.4 million funding to WA racing, $4.5 million was provided towards race club infrastructure grants for essential maintenance and renewal of racing and public facilities.
In addition to RWWA funded $4.5 million grants, the Western Australian Government contributed $1.3 million during the year, through the Royalties for Regions program and matching Government Racing Infrastructure Grants Programme (RIGP) funding.
Throughout the year, RWWA with its new Racing Committees, has continued to address the key strategic issues facing the individual codes of racing. The strategic plans for each code provide the framework for funding and are integral in the future vision for each code.
Animal Welfare remains a priority for all codes of racing, with specific emphasis given to ensuring that welfare is at the forefront during the full lifecycle of racing animals, including rehoming.
Greyhounds as Pets WA (GAP) and Off the Track WA (OTT) are RWWA’s dedicated rehoming platforms, with GAP continuing to increase the number of greyhounds rehomed through its Southern River facility and OTT continuing to promote retired racehorses as the breeds of choice post racing.
The 2018 RWWA Annual Report can be viewed at;
https://www.rwwa.com.au/home/about/annual-report.html
ENDS
Media Contact
Kate Bishop, Corporate Communications Coordinator
Direct (08) 9445 5201
Mobile 0436 372 834
Email kate.bishop@rwwa.com.au