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| Sumita Pawar |
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Racing NSW has taken the lead in maintaining prizemoney levels by introducing new races, increasing stakes, and allocating a A$65 million provision for prizemoney in its 2022 annual report, while other jurisdictions struggle to do so.
Additionally, Racing NSW has expanded its presence in the spring season with 27 feature races valued at A$1 million or more from August to December.
Racing NSW Boosts Prizemoney Funds
The reason for this development is the rise in revenue from race field fees, which are paid to Racing NSW and used to fund prizemoney.
Looking ahead, Racing NSW chairman Russell Balding and the board are also considering future plans.
“It’s a contingency to make sure the industry and the prizemoney will continue to thrive,” Balding said. “It’s there to smooth out any bumps in the road or [times when we are] up or down in funding in the future.
“At the end of the day, people keep asking the same question every time we’ve increased the prizemoney, people say is it sustainable? And I keep saying yes, it is, and this is why.
“We don’t take decisions that are not fiscally responsible. All the decisions we’ve taken in respect of prizemoney investment, capital infrastructure and equine welfare integrity are about fiscal responsibility.
“We don’t have to draw on these funds at the moment because revenue is still rising. It’s something will try to continue to build, so the future is taken care of.”
Under the name of the registered George Main Stakes, the A$5 million King Charles III Stakes has achieved Group One status and now stands as the third pillar of the Sydney spring, alongside the $20 million Everest and the A$10 million Golden Eagle. This Gr.1 race, named after His Majesty the King, will be contested over 1600m with weight-for-age conditions.
It provides four-year-olds with another path to the Golden Eagle, which takes place three weeks after the race on October 14, the same day as The Everest. Additionally, horses looking to participate in the Cox Plate can take advantage of the Group One mile two weeks before the Moonee Valley race, as well as the chance to win A$5 million.
Racing NSW Chairman Russell Balding said, “The King Charles III Stakes creates a new level of excitement for the Sydney Everest Carnival, with a feature open age mile race boosting an already mouth-watering Everest Day meeting.”
“It is also befitting for Royal Randwick to have a feature race in Spring named in honour of His Majesty, to compliment the Queen Elizabeth II Stakes in Autumn, with Royal Randwick being Australia’s only Royal Racecourse.”
Racing NSW attempted to coordinate with Racing Victoria this year, as there was an additional Saturday in October. Racing NSW requested that the Toorak Handicap, which takes place over the Caulfield mile, be moved earlier in the carnival.
Racing Victoria rejected the proposal to attach a bonus to the Toorak and King Charles III double.
According to Racing NSW insiders, the spring program will be refined in the coming years, and there may be additional high-prizemoney races added to the schedule.
Summary of Changes: Spring Carnival Program
The George Main Stakes has been replaced by the King Charles III Stakes, which will take place on Everest Day, October 14, 2023, with prize money of A$5 million.
The Silver Eagle and Angst Stakes, both with Group Three status, will also be run on Everest Day. The Golden Eagle will take place on November 4, 2023, with a prize money of A$10 million.
The Spring Champion Stakes and The Invitation, both with A$2 million prize money, will be held on October 28, 2023.
The Craven Plate, with Group 3 status and 1800m distance, will also be held on the same day.
The Hill Stakes and the newly added Alan Brown Stakes will be held on October 7, 2023, at Rosehill Gardens racecourse.
The 7 Stakes, WFA 1600m, will replace the George Main Stakes on September 16, 2023.
The Five Diamonds Prelude and Big Dance Wild Card will be held on October 21, 2023, at Royal Randwick, with prize money of A$1 million.
The Hunter race meeting will be held on November 18, 2023, at Newcastle racecourse, and The Gong will be held on November 25, 2023, at Kembla Grange racecourse.
Additionally, a further A$500,000 will be added to support races on the Big Dance race program on November 7, 2023, at Royal Randwick.