Greyhound tracks hit by losses

A DECLINE in revenues at the companies operating Bord na gCon greyhound stadiums in Cork and Limerick last year resulted in both companies recording losses.

According to accounts filed by Cork Greyhound Race Company Ltd, the company plunged into the red last year with pre-tax losses of €199,313, following a pre-tax profit of €85,931 in 2008.

The company recorded the losses after revenues decreased by 25% from €1.5m to €1.1m to the end of December last.

The losses last year reduced accumulated profits to €2.4m.

In October, a new €18m 3,000 capacity greyhound stadium in Limerick opened. However, separate accounts for Limerick Greyhound Racing Track Ltd show that losses continued to mount with the firm recording €179,533 in pre-tax losses, following losses of €216,174 in 2008.

Revenues at the Limerick company declined last year by 24%, from €345,759 to €261,357.

Both companies recorded job losses following staff availing of a redundancy scheme operated by companies’ parent, Bord na gCon.

The numbers working at Cork Greyhound Race Company reduced from 18 to 14 with staff costs reducing by €538,059 to €455,882, with the numbers at Limerick Greyhound Racing Track reducing from 17 to 11 with staff costs down from €338,846 to €256,894.

The accounts state that “the costs of the scheme have been borne by the parent undertaking and no charge has been made to the financial statements”.

The operators of Limerick greyhound track sustained a charge of almost €300,000 in its failed plans to advance a new greyhound stadium in Co Clare.

Limerick Greyhound Racing Track wrote down €281,582 in costs in 2007 arising from its failed plan to proceed with its planned greyhound stadium at Meelick, and in its new accounts, the directors said “a further write down may be required following finalisation of the design plans in respect of another site”.

Revenues from gate receipts and programme sales at Limerick Greyhound Track declined by 32% from €191,730 to €129,544.

The loss sustained by the Limerick company resulted in accumulated losses of €1.79m last year.

Bord na gCon operates a pension scheme for the group of companies and it had a deficit of €3.4m, which was down on the €4.8m deficit at the end of 2008.