Greyhound track returns worse than ‘worst case’

Raw trading figures from within the Irish Greyhound Board (IGB) have revealed that it is performing much worse than the ‘worst-case’ scenario built into its survival plan.

Tote revenues fell by 8.6% in the first half of this year when compared with 2013.

The unaudited nightly returns for each track, gathered and analysed by the Irish Examiner, also confirms that turnover in this critical income stream was well below target last year.

The IGB’s 2013-2017 strategy, the “overall thrust” of which was to reduce its debt to AIB, has relied on additional Tote profits.

These were supposed to bring in an extra €175,000 in its first 12 months and double that figure this year.

Instead, its Tote profit fell by €270,000 last year. And the raw data from 2014 sets this on a course to slip by a further €415,826.

If the January-June trend continues in the second half of the year, the Tote profit will fall to €4.3m.

That is 21% below the €5.5m 2012 target indicated in the survival strategy.

Already, the Comptroller and Auditor General has reported that the IGB’s ability to trade as a going concern assumed that it could increase its Tote turnover.

In July, a report by the consultants Indecon told Agriculture Minister Simon Coveney that the IGB’s five-year plan was already one year behind schedule and its strategy to save itself with international contracts could not be achieved.

The Indecon report said the IGB should sell tracks, particularly the Harold’s Cross facility. Last month there was a protest by local owners opposed to the sale.

The IGB said it would not comment on the details.

“The IGB is not going to make specific comment on unverified and unaudited Tote figures from individual tracks,” it said.

“IGB, like other wagering businesses, operates in a challenging domestic market place still affected by reduced consumer spending.”