TOTE Tasmania and Tasracing has signed an agreement with a Chinese strategic partner to transfer racing industry “know how” into the Xiamen Special Economic Zone, Fujian Province in China.
The agreement was signed after TOTE Tasmania Chairman Michael Kent and Professor Ian Duncan, of Dobson, Mitchell and Allport, a consultant lawyer assisting TOTE Tasmania and Tasracing, visited Xiamen city last week and met with government officials and private sector investors from the province.
TOTE Tasmania Chairman Michael Kent said the plan was to establish and operate a world-class thoroughbred horse racing industry and associated infrastructure in Xiamen.
“In our negotiations we have demonstrated that a properly managed racing industry can provide government revenue to use for social improvements, sustainable employment and leisure activities,” he said.
“The agreement provides for, TOTE Tasmania to be a commercial partner with the industry in Xiamen Province, positioning The TOTE as the preferred supplier of Chinese style lottery products.”
TOTE Tasmania will also deliver a framework to establish integrity systems while Tasracing will consult on the asset management plan.
Land has been earmarked in Xiamen City for the development.
Mr Kent said TOTE Tasmania had previously talked about the importance of expanding into the potentially lucrative markets of Asia and he was pleased that TOTE Tasmania and Tasracing could now make this announcement.
“We have believed from the outset that the strategy we developed to expand into Asia was not only appropriate but would deliver real returns for TOTE Tasmania and the state,” he said.
“Importantly, TOTE Tasmania is well placed and held in high regard in the Asian region.”
Tasracing Chairman Brian Speers said his organisation was focused on developing a truly competitive and economically sustainable racing industry.
“Formal linkages with China will lead to financial returns for the state’s racing industry,” he said.
“For example, there may be opportunities to sell Tasmanian horses to China and to work closely with Chinese officials to develop a racing industry in Fujian Province.
“This is a tremendous export opportunity for Tasmanian breeders and trainers,” Mr Speers said.
“And the benefits of developing a racing industry in the Fujian Province could be significant, ranging from short-term infrastructure projects through the construction of racing infrastructure through to large scale and sustainable long-term rural employment.”
Tasracing CEO Gary Lottering said today that the organisation had no plans to switch thoroughbred racing from Sunday to Saturday.
“Tasracing is committed to breaking into new international markets for the state’s racing product and some changes to scheduling may be required in the future.
“Today’s significant announcement regarding exporting Tasmanian racing industry know-how is a perfect example of the types of opportunities that we are working towards.”
Released: 8 June 2011