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Equine Flu Causes Huge Financial Losses - 02-25-08
February 25 - The New South Wales Equine Flu (EI) outbreak has cost the horse racing industry an estimated AUS$230 million in betting turnover.
When Tabcorp announced their results last week, they said their bottom line had been adversely affected by the NSW EI outbreak. Approximately 140 thoroughbred horse races and about 110 harness meeting had to be abandoned because of EI.
Total revenues for NSW horse racing were down by about 11.7 per cent, thoroughbred revenue down by 15.8 per cent and harness revenue was down by 23.8 per cent.
Tabcorp CE, Elmer Funke Kupper said that "In the first half, the bottom line was impacted by equine influenza, and we expect that wagering turnover will gradually recover now that racing has resumed in all states."
He added that the racing bodies and government in the area had effectively dealt with the outbreak, which meant that racing was resumed much earlier than anyone had thought likely. He also felt that the impact of the EI outbreak was likely to be minimal in the second half.
Funke Kupper said that along with the Sky television channel they had replaced lost races with those from South Africa, Australia and Hong Kong amongst others.
Racing NSW CE, Peter V'Landys said that they were putting in a lot of work into promoting the Sydney autumn carnival as they believed that this meeting would be a huge factor in the revival of the racing industry.
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