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Ascot Racecourse Releases 2020 Business Summary

The 2020 financial results were announced by Ascot Racecourse on Wednesday. Total turnover was down by 77% due to COVID-19 restrictions with only two racedays being held with spectators and another 18 run behind closed doors. There were also five lost racedays due to the pandemic and one abandonment due to inclement weather. Pandemic insurance and support from the UK Government through the Coronavirus Job Retention Scheme and business rates relief prevented a pre-tax loss of over £31 million. In addition, the staff were restructured to adjust to pandemic trading conditions. At the end of 2020, the gross debt for the racecourse stood at £59.4m compared to 2019's £57.4m. A standby loan facility of £20m until 2023 was arranged through the Government Coronavirus Large Business Interruption Loan (CLBILS) scheme, but was not drawn down.

Guy Henderson, Chief Executive Officer at Ascot Racecourse, said, “2020 was naturally a difficult year with trading conditions and results severely affected by the Covid-19 restrictions. The financial impact was mitigated by cushions such as the Coronavirus Job Retention Scheme, Business Rates Relief and pandemic insurance for racing without crowds, but Ascot's financial position and ambitions have suffered a setback.

“Ascot had to reduce fixed costs at the end of 2020. Having to lose dedicated and loyal employees, who had contributed to Ascot's success over recent years, was hard for all concerned. I wish to pay tribute to and thank all our staff for their dedication and commitment in such difficult and uncertain times.

“We also wish to thank all our partners, suppliers, sponsors and various customers for their support.

“Without pandemic insurance this year and with strict limits on crowds at Royal Ascot for the second year, we currently forecast a significant pre-tax loss in 2021. That said, the business is on track to end the year without having to increase debt in 2021. This will provide a solid platform from which to bounce back from the pandemic in 2022 and 2023.

“Prize money and capital investment have inevitably been impacted as a result of the pandemic. We plan to build back on both fronts to pre-Covid levels as prudently and as quickly as practicable from next year. Attracting and rewarding the best quality racing and providing top class facilities are important business priorities.

“Royal Ascot in the Platinum Jubilee year will be a huge celebration and our focus is on delivering a unique event for everyone to enjoy across the globe.”

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Virtual IFHA Conference Looks to Future of Racing

The 2021 International Conference of Horseracing Authorities, organised by the International Federation of Horseracing Authorities (IFHA), will be held virtually for the second year in a row on Oct. 4.

This year's focus will be on global racing's evolution and future challenges, with the conference digitally released on Oct. 7. New IFHA Chair Winfried Engelbrecht-Bresges will give the keynote speech, as well as several panel discussions. Some of the topics to be covered in this year's conference include: digitalisation and media; equine welfare; and climate change and sustainability. Rishi Persad will return as a moderator. FOX Sports' Executive Vice President, Head of Strategy and Analytics Michael Mulvihill will discuss digitalisation and media, Racing Victoria Executive Manager Integrity Services Jamie Stier, who also serves as the Chair of the IFHA Horse Welfare Committee, and Retraining of Racehorses (RoR) Chief Executive Di Arbuthnot, who also chairs the International Forum for the Aftercare of Racehorses (IFAR) will speak on equine welfare. Allen Hershkowitz, a Founding Director and Chairman of Sport and Sustainability International, as well as the Environmental Science Advisor to the New York Yankees, will address the threat of climate change.

“Under Louis Romanet's leadership, the Federation has made significant progress in achieving its mission as a vehicle for harnessing our collective efforts for the benefit of the future development and prosperity of Thoroughbred racing,” said Engelbrecht-Bresges. “It is a privilege to commence my term as the second Chair in the Federation's history, and I am energised at the prospect of working with our members and stakeholders to build on the Federation's sound foundations.”

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Easing Of COVID Travel Restrictions Expected To Help Thoroughbred Industry’s Rebound

The White House announced Monday plans to ease COVID-19 travel restrictions into the United States by foreign visitors from 33 countries, including the United Kingdom and European Union, starting in November. The move is expected to clear the way to make it easier for foreign nationals to attend important equine-related events in the United States like the Breeders' Cup World Championships in California and the November breeding stock sales in Kentucky.

The new rules will require all foreign nationals from the impacted countries arriving in the United States to show proof of being fully vaccinated, according to the White House.

“This is very welcome news as Thoroughbred breeding and racing in the United States continues to rebound from the negative impacts of the coronavirus pandemic,” said NTRA President and Chief Executive Officer Alex Waldrop.

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Fort Erie Race Track Will Require Spectators To Be Fully Vaccinated

On Sept. 22, the Fort Erie Live Racing Consortium (FELRC) will require all spectators to be fully vaccinated to attend live or simulcast racing at Fort Erie Race Track. Provincial regulations outlined in the Reopening Ontario (A Flexible Response to COVID-19) Act, 2020, require that all spectators be fully vaccinated against COVID-19 in order to attend horse racing venues across Ontario.

“Following suit with the provincial government regulations, all our fans must be fully vaccinated if they intend to come and watch live racing at our venue,” said Tom Valiquette, FELRC's chief financial officer. “This will also apply to anyone who intends to watch simulcast racing at the Racebook throughout the week as well as the weekend.”

Government regulations stipulate that a fully vaccinated person is one that has received a full series of the vaccine authorized by Health Canada. This would include any combination of the vaccines. A person is also considered fully vaccinated if they have received one or two doses of a COVID-19 vaccine not authorized by Health Canada, followed by one dose of a COVID-19 mRNA vaccine authorized by Health Canada. Additionally, a person is fully vaccinated if they received three doses of the vaccine not authorized by Health Canada and received their final dose of the COVID-19 vaccine 14 days before providing proof.

Proof of vaccination includes a paper or emailed receipt provided by the Ontario government. Individuals can print or download their vaccine receipt from the provincial booking portal. Additionally, individuals needing support in obtaining their vaccination receipt can also call the Provincial Vaccine Contact Centre at 1-833-943-3900.

Spectators that are 18 years old or younger are exempt from the government's mandate to be fully vaccinated to attend live racing.

Medical exemptions will be allowed for a multitude of reasons and as outlined by Ontario's Ministry of Health. One valid exemption is if the individual suffered an allergic reaction related to a component in the vaccine. The second valid exemption is if the individual suffers a heart condition after the first dose of the vaccine. Individuals must provide written documentation completed by a physician or registered nurse stating the medical reason for not being full vaccinated as well as the effective time-period for the medical reason.

All Fort Erie Race Track employees, contractors and horsepeople will be required to be fully vaccinated, or they must enter into an enhanced screening program for the foreseeable future.

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