NSW racing industry to recieve $40 million taxpayer-funded compensation for Papal visit.

Randwick receives $40 million

THE New South Wales racing industry will receive a $40 million taxpayer-funded compensation package for the use of Randwick racecourse for Catholic World Youth Day in July.

Prime Minister John Howard said yesterday that the Federal Government would provide $20 million to the industry, while NSW Deputy Premier John Watkins indicated the State Government would match that contribution.
Under the agreement, horses and trainers will be relocated to Warwick Farm and Rosehill, with infrastructure at both venues to be given a $10 million upgrade.
A further $7 million will go towards upgrades of facilities at Randwick while the Australian Jockey Club will receive a $3 million payout and a 50-year extension of its lease at the track.
Randwick trainers whose businesses are affected by the move will be given $10.8 million in reimbursements through Racing NSW. A contingency fund of $10 million will be set aside to ensure there are no disruptions to the 2008 spring carnival.
"This is a substantial and comprehensive package of measures that not only secures Randwick for World Youth Day but will see a lasting benefit for the racing industry through investment of the three premium venues here in Sydney," Watkins told NSW parliament.
The agreement on compensation ends the dispute between the AJC and the Catholic Church over the use of the venue for the papal visit.
Watkins reiterated that Randwick was the only suitable venue in Sydney to hold the event.

AAP November 16, 2007