Tatts Group deal expected to deliver $4.5b to Qld racing
A DEAL with Tatts Group is expected to provide $4.5 billion to Queensland's racing industry, securing the future of 30,000 jobs, the State Government says.
Racing Minister Steve Dickson said the Queensland Government would undertake an exclusive retail wagering licence with Tatts Group.
"The Government has been unwavering in our determination to negotiate the best possible deal for Queensland and today's announcement marks a great new era for the state's racing industry, as the LNP continues to deliver upon its commitment to rebuild racing in Queensland," Mr Dickson said in a statement.
"Importantly, country racing and infrastructure investment will both be supported, as a key part of the agreement includes $97 million for infrastructure development and $5 million over five years for country and regional racing.
Treasurer and Member for Clayfield Tim Nicholls said the Government was restoring confidence and growth in the Queensland racing sector,
"Strong negotiations over past months have resulted in a much better and bigger deal for the Queensland racing industry; with an extra $850 million funding in addition to the $130 million per year revenue the industry currently receives under existing arrangements with Tatts," Mr Nicholls said.
Additionally Tatts will also invest more than $74 million in the racing industry by increasing Queensland marketing activities and expanding its retail network across various hotels, clubs and pubs across the state.
Racing Queensland Chairman Kevin Dixon said the racing industry had high expectations for the wagering licence process, and the new agreement would deliver the investment needed for racing to grow and prosper.
"This is a day for the racing industry to celebrate. It's a new beginning which sees all parties involved committed to a strong, successful future," Mr Dixon said.
"The Queensland Government has given much needed practical support through this process, unlocking the ability of Racing Queensland and Tatts to work together and build a viable and robust industry."
Tatts Group CEO Robbie Cooke said Tatts had confirmed their clear commitment to the Queensland racing industry through the new wagering deal.
"We believe the new model builds a true partnership approach between the Government, Racing Queensland, and Tatts to drive a thriving industry through a sustainable agreement which recognises the requirements of all participants." Mr Cooke said.