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SBD Global/May 30, 2013/Finance

Australian Turf Club Has To Cut Jobs Due To $34M Bill For Stable Upgrades

A A$35M ($33.7M) "blowout in costs to the Rosehill Grand Pavilion and stabling upgrades has led to the Australian Turf Club's shock announcement of job cuts," according to Christian Nicolussi of the Sydney DAILY TELEGRAPH. More than 25 staffers "are expected to be torpedoed next Monday as the struggling ATC comes to grips with an autumn carnival that fell well short of expectations." The drawn-out Randwick makeover has already gone well over the A$152M budget set aside. The Daily Telegraph also understands A$2M "needs to be urgently shed from the ATC's payroll." ATC CEO Darren Pearce Tuesday night revealed "an inherited debt" from the former Sydney Turf Club's Rosehill makeover had not helped the joint-venture's cause. Pearce said, "There's a $35 million debt for the building of the Grand Pavilion and new stabling at Rosehill, which haven't been generating an economic return" (DAILY TELEGRAPH, 5/29).
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