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SBD Global/May 14, 2014/Finance

Victorian Racing Industry Experiences 33% Growth Since 2006, Report Says

The Victorian racing industry "has grown" by 33% and generated more than A$2.8B in economic benefits since '06, according to Laura Banks of THE AGE. The Size and Scope of Victorian Racing report, a study into the social and economical stature of thoroughbred, harness and greyhound racing in Victoria, "was released" by the state government on Tuesday. Of the A$2.8B, almost A$2.1M came from thoroughbred racing, with more than A$940M "generated in regional and rural Victoria." The report showed that 27,00 full-time jobs "were sustained," with more than 1.8 million people attending racecourses in '13. The spring racing carnival alone generated A$620M in economic activity, with about 207,000 int'l and interstate visitors attending Victorian racing events in '13. Racing Victoria CEO Bernard Saundry said that while the report "demonstrated the positive impact of the industry, Racing Victoria and the industry as a whole were facing a number of challenges, including increased engagement and continued innovation" (THE AGE, 5/13).
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