In accordance with a commitment to review prize money on a quarterly basis and having regard to budgetary requirements, the GRV Board this week reviewed the preliminary findings of a major engineering review of each greyhound racing track within Victoria.
These findings have identified urgent and essential works totalling more than $18M with the most important works to commence immediately.
Based on these findings prize money will remain in line with the Board’s decision in September to add an additional $5.3 million in prize money this financial year, providing a prize money pool of more than $63.3 million across the state.
There will be a further review at the end of the March quarter.
Board Chair Peita Duncan said that preventative refurbishment for the purpose of ensuring the sustainability of track safety and the welfare of dogs were the Board’s key commitments.
“The decision continues to provide for safer racing and the sustainability of the industry for the participants providing the best possible environment for greyhound racing in Victoria,” Ms Duncan said.
“The Board is committed to sustaining participant confidence and re-investment in the industry.”
The capital works include: –
- Major refurbishment and upgrades at The Meadows and Sandown
- Significant refurbishment of the Sale track
- Replacement of the Ballarat kennel block
- Finalising the program of upgrading Catching Pens
In September, the Board approved a 12 per cent increase in prize money for all Metropolitan and Provincial class standard races, as well as for all levels of racing to receive fourth place prize money, and for 36 race meetings (four per month) to be converted from Level 3 Preference to Maiden meetings to Level 2 prize money.
The new prize money structures came into effect on 1 October.
“While turnover on Victorian greyhound racing has continued to perform well throughout this financial year, since COVID restrictions were eased in both Victoria and NSW from October, national turnover has begun to soften and started to trend back downwards through the latter part of November and early December, which creates some uncertainty about future revenue flows for the second half of this financial year,” explained Ms Duncan.
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