New investment likely in Galway Races

The country’s horse racing governing body may plough money into further improving facilities at Ballybrit Racetrack after the Galway Races proved a galloping success again this year.

Horse Racing Ireland (HRI) is planning a new multi-million euros capital development fund and the smart money says it will back a winner and invest in Galway Racecourse.

The seven-day Galway Festival is the backbone of the racing industry, with Tote, on-course bookmakers and HRI heavily dependent on its success for revenue.

Total attendance at this year’s Galway Races was just shy of 140,000 over the bumper week, up 11,000 on last year.

The week’s turnover for on-course bookmakers increased by €600,000 to €8.4 million and the Tote was up by almost €750,000 to just over €5 million.

Galway Racecourse manager, John Moloney, described the 2014 racing festival as a “resounding success”.

“Overall it surpassed our expectations and we are getting very positive feedback . . . we are really pleased how the meeting went across the board,” he said.

Mr Moloney, who is also chairman of the Association of Irish Racecourses, said he would welcome a HRI capital investment fund to improve racecourses in 2015.

“I think racing has turned a corner and our members are ready to improve their facilities again. There was no capital development fund this year but I would welcome one now,” Mr Moloney told The Irish Field.

Brian Kavanagh, chief executive of HRI said the organisation is currently working with racecourses on developing plans to improve facilities over the next five and ten years.

Mr Kavanagh has indicated he will meet in the coming months with Galway racecourse to discuss future investment at Ballybrit.

“Galway has been a great success this year and great credit is due to John Moloney and the Galway Race Committee. The atmosphere was fantastic and it was very encouraging to see the growth in both bookmaker and Tote betting. Galway have developed their facilities with great foresight and we look forward to working with them on the next phase of their development,” Mr Kavanagh said.

Galway has already invested heavily in its facilities for race-goers in the past decade including revamping the old Corrib stand into the Killanin Stand, as well as adding the spectacular Millennium stand.

Mr Kavanagh has pointed out that over the past 15 years, some €200 million was invested for capital development of Irish racecourses, and €106 of this was funded by HRI.

He said HRI usually offers grants of 50%, with the racecourse stumping up the remainder.