Final steps for racing industry reform
Racing Minister Winston Peters has welcomed the first reading of the Racing Industry Bill in parliament today. This is the second of two Bills that have been introduced this year to revitalise New Zealand’s racing industry.
“Our domestic racing industry has been in serious decline. The Government is committed to reforming the industry and this legislative step is important to bolstering the industry to achieve its full potential,” said Mr Peters.
“The second Bill finalises the post-transition governance structure of the industry, devolving racing administration functions to the racing codes with TAB NZ becoming the commercial betting operator.
“Further changes include a new approval authority for introducing wagering products, a balanced process for race track consolidation under the future venue plan, and establishing the Racing Integrity Board as a separate entity from the racing codes.
“This legislative step is seriously important to reinvigorating our racing industry and will deliver real benefits for jockeys, spectators, owners and communities, and ensure the value of racing in the New Zealand economy is seriously enhanced,” Mr Peters said.