Coronavirus puts TAB in crisis mode

Coronavirus is threatening to bring down the TAB, which has asked for a cash injection from the Government so it can keep operating.

Racing Industry Transition Agency (RITA) chief operating officer Stephen Henry gave a dire forecast for the racing industry's betting arm in an address to staff at TAB headquarters in Lower Hutt on Thursday.

Henry revealed the cancellation of sporting events would cost the TAB $14 million and that, along with a $3.8 million error over bonus bets would result in both the half year and full year projections taking a big hit.

"It's serious enough that we have briefed Government today on what it means for us and how they can help and that includes injecting cash into the business so we can continue to operate.

"So far the Government has been "responsive but not definitive".

Henry told stunned workers that everything was being done to minimise its operating costs including:

* Using fewer cameras at race meetings, doing away with Trackside presenters on course, sending fewer production staff and not operating betting totes.
* Cutting a wide range of expenses like travel and overtime – "we should have cut the sausage rolls today."

Already the harness racing show, the Box Seat, featuring Greg O'Connor and Michael Guerin, has been canned.

Read the full story here at Stuff