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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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Crowd Capacity Increased at Irish Racecourses From Sept. 6

Irish racecourses can host up to 50% of their outdoor capacity beginning on Sept. 6 following the Irish Government's latest COVID-19 response roadmap, Horse Racing Ireland announced on Thursday. Racecourses may also utilise 60% of their indoor capacity for hospitality purposes should attendees consume food and beverages indoors as long as they provide evidence of their Digital Covid Vaccine Cert (DCC). Attendance in both spheres will be increased to 100% as long as all covid restrictions are lifted on Oct. 22.

Regarding Irish Champions Weekend on Sept. 11 and 12, tickets for both cards go on sale on Sept. 3 for racegoers who have registered their interest ahead of time, with the remaining tickets going on general sale on Monday. Leopardstown and The Curragh will each be allowed to host a maximum of 4,000 attendees. Both days will be mixed outdoor events and access to indoor spaces is allowed with proof of a vaccine required for those consuming food and beverages indoors. The seven-day Listowel Harvest Festival from Sept. 19-Sept. 25 will host a maximum of 2,000 attendees per day and it is an outdoor-only event.

Brian Kavanagh, Chief Executive of Horse Racing Ireland, said: “It has been a very difficult 18 months for everybody in society, and racing can be proud of the way it has come through it. However, without racegoers, racing has been missing one of its essential ingredients.

“Like many industries, there is still much work to do, but there is now real progress and forward steps to normality. Welcoming back racegoers in measured but increasing numbers, is one of those steps and from Monday, Irish racecourses will be free to use 50% of their capacity to allow racegoers back on the track in real numbers.

“And as we know, this good news comes just in time for some of our most important race meetings: the Longines Irish Champions Weekend at Leopardstown and the Curragh on Sept. 11 and Sept. 12, and Listowel's Harvest Festival which begins on Sunday, Sept. 19.

“I would like to thank all our customers for their patience and look forward to race meetings becoming just that again–a place where racegoers can meet each other in a safe environment and enjoy our great sport.”

Tim Husbands, Chief Executive of Leopardstown Racecourse, said, “It is great news, and I can't tell you how happy and relieved the whole Leopardstown team is to be finally selling tickets and getting ready to welcome people back racing. We've been working hard for quite some time on making the racecourse a safe and pleasurable place for people to enjoy comfortably in these unique times.”

Evan Arkwright, Chief Executive (Interim) Curragh Racecourse, added, “We were thrilled to hear the positive news earlier this week which will now allow us to welcome back a significant number of attendees for Longines Irish Champions Weekend.”

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Potentially Life-Threatening COVID “Cure” Sees Dewormer Sales Surging

Though the U.S. Food and Drug Administration (FDA) and the World Health Organization (WHO) have repeatedly warned the public against using ivermectin as a COVID-19 “cure,” the United States is seeing a massive increase in dewormer purchases from livestock farm and feed stores.

Many stores that sell dewormer have added verbiage to the products that indicate that they are not safe for human consumption and are an unproven cure for COVID-19; other stores have removed ivermectin products from their shelves completely.

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Ivermectin first came on the radar as a possible “cure” for COVID in 2020, when Monash University researchers reported that the drug could kill coronavirus in 48 hours in a lab setting. Though researchers at the Australian institution stressed that further testing was needed to establish the effectiveness and dosage of the drug, the public began seeking out ivermectin.

To date, completed studies on the efficacy of ivermectin are small and not considered of sufficient quality by researchers, though there are several studies currently underway. Reliable evidence doesn't support ivermectin use as a treatment or prophylactically for COVID-19.

Human-grade ivermectin is approved by the FDA for treatment of some parasitic worms and of some external parasites. Animal-grade ivermectin is not approved or dosed for humans and should never be ingested by humans. Side effects of taking livestock-grade ivermectin include nausea, diarrhea, vomiting, skin rash, facial or limb swelling, decreased blood pressure, liver problems and neurologic issues like dizziness and seizures.