Racing: Financial windfall tipped as quake-hit stand goes

The club is losing a building that was effectively needed on only two days of the season. Photo / Simon Baker

Don't expect too many Addington officials to shed a tear as their earthquake-damaged public grandstand disappears this week.

The iconic stand, home to up to 7000 people most New Zealand Trotting Cup Days, is being demolished after being deemed unsafe because of the damage suffered in the February 22 earthquake.

Demolition work starts this week and the area will be clear by mid-October, allowing Addington to create a temporary structure for its massive Cup Day crowd on November 8.

However, while the demolition will leave a gaping hole at Addington, the loss of the grandstand will be a blessing for the club.

While Addington boss Shane Gloury would not confirm figures, the Herald understands the structure was insured for close to $13 million.

That is a huge financial windfall for the club, which loses a building that was effectively needed on only two days of the season.

With most racing clubs going through tough times, that sort of money could secure Addington's future, especially if they decide not to build a new grandstand.

"We have options at the moment but if we do build a new structure it will have to be one which has multiple uses," said Gloury.

"We are looking at perhaps a function centre with some element of a grandstand and even a hotel in conjunction with a partner. Or even office space, which could return the greatest revenue to the club.

"But outside of Cup Week we don't really need the grandstand seating capacity.

"And we are confident we can do the right thing by the Cup Week crowds with temporary seating, more marquees and using more big screens to improve viewing."

The cash injection from the insurance, coupled with improved operating results in the last year from non-racing revenue, has put Addington in a far better position for this season than last.

And that, along with a ditching of the usual premier meeting stakes structure, will see usual Friday night stakes at Addington increase.

"Rather than having $15,000 minimums at premier meetings throughout the season we have listened to the horsemen and spread that money over the Friday night meetings," said Gloury.

That will see the Friday night minimums of $8000 for maidens, $10,000 for one or two-win races and $12,500 for three-win and faster races. Thursday night meetings will have a $7000 minimum, while Tuesday meetings, which will be phased out for most of the season, will see $3000 races.

That will ease some of the fears among Canterbury horsepeople about what had looked a stakes slide with no correction in sight.

Stakes for Addington's biggest races are set to be finalised next week, with the New Zealand Cup almost certain to be worth $600,000.