May 13, 2020
Racing industry 30 to 1 bet
Racing Minister Winston Peters says the $72 million emergency support package for the racing industry in tomorrow’s budget is a totally justifiable investment.
It includes a $50 million dollar relief grant which will allow the Racing Industry Transition Agency to pay its bills, up to $20 million to build two new all-weather race tracks at Awapuni and Riccarton, and $2.5 million dollars to the Department of Internal Affairs to fast track work on online gambling.
Mr Peters says the industry employs more than 15,000 people directly and 60,000 people indirectly, including many Māori.
He says the $1.6 billion industry can recover fast.
"Unlike some industries where we are seeing the propping up, this one will be great again, it will be strong again, it will be better organised than ever because we were halfway through the reform when COVID-19 hit. Look at the return – 1/30th of what they are capable of delivering to the economy,' Mr Peters says.
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