Cumulative losses at Curragh Racecourse totaled €22m

Losses at Curragh Racecourse continued to mount over the past year as they cope with the ongoing fallout from the Covid pandemic.

t posted a loss of 4 million euros for 2021, on top of a loss of 5.4 million euros in 2020 when the crisis hit.

At the end of December, she had a cumulative loss of 22.3 million euros.

The racecourse completed a multi-million dollar redevelopment just before the pandemic.

This refurbishment was originally supposed to cost about 65 million euros, but the cost increased to about 81 million euros.

Government-backed Horse Racing Ireland made a significant contribution to the project, contributing around €36 million of the cost.

Supporters, including a who’s who of Irish business and the horse industry, also helped fund the redevelopment.

These included JP McManus and John Magnier, as well as the Aga Khan, Swiss billionaire and Moyglare stud owner Eva Maria Bucher-Haefner and David Power, a co-founder of the Paddy Power gaming company. Juddmonte Farms, owned by Prince Khalid bin Abdullah of Saudi Arabia, is also an investor.

This year, investors raised another 1 million euros for the racetrack company.

Curragh Racecourse is chaired by former ESB boss Padraig McManus.

Newly submitted accounts for the racecourse show that its sales have increased by 26 per cent to €6.7 million in 2021, noting that the company’s performance “is dependent on the popularity of horse racing and the demand for its training facilities”.

Of the turnover last year, EUR 4.9 million came from racetrack revenues and EUR 1.8 million from the provision of training facilities.

Directors said the arrival of the Covid pandemic had a “significant impact” on business as horse racing in Ireland was suspended on March 24, 2020. Races behind closed doors were allowed from June 2020.

“Racing behind closed doors has impacted the company’s revenue as gate fees, hospitality sales and sponsorships have been reduced,” the statement said.

“Since the start of the 2022 racing season, racing has returned to normal with all entry restrictions lifted,” they add.

The racetrack company had a net worth of almost €49 million at the end of 2021.

Key management received a total of €353,000 last year and €445,000 in 2020. The company received €101,000 in Covid support and €244,000 in 2020 from the government.

https://www.independent.ie/business/accumulated-losses-hit-22m-at-curragh-racecourse-42138114.html Cumulative losses at Curragh Racecourse totaled €22m

Fry Electronics Team

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