Straight Up – Entain exodus, Gill’s goal for a national tote and changes at Ciaron Maher Racing
In this edition:
- Dual departures: Lachlan Fitt and Cameron Rodger to leave Entain
- ‘A slight adjustment’ – Ciaron Maher Racing cuts jobs, sharpens focus on NSW
- David McGrath’s term on ATC board extended
- ‘It’s all about longevity now’ – Peter Snowden no longer king of the kids
- ‘It happens here at Yulong’ – Upper Bloodstock’s Capital return
- Straight Shorts – Thursday February 20 – McLachlan pleased by ‘fitter’ Tabcorp’s half-year results
- Straight Shorts – Wednesday February 19 – Injury grounds Skybird, MM guarded on Perth sale, Astern exported to Turkiye, King Of Pop’s Slipper course
In an uncertain wagering environment, the only thing you can take for granted is change itself.
Entain, one of the biggest investors in wagering and media in the past few years, is undergoing what could be politely termed a major strategic reset, with a host of executives departing.
The latest departures have seen deputy chief executive officer Lachlan Fitt and New Zealand managing director Cameron Rodger resign to pursue other opportunities in the racing and bloodstock world.
Both men have said it was the right time to do something different but they leave a large corporate hole for CEO Dean Shannon to fill, especially in New Zealand with the TAB NZ deal still bedding down, and with new New Zealand Thoroughbred Racing CEO Matt Ballesty yet to get his feet under the desk.
Entain is a major player in the Australasian market and the challenges it faces, both locally and globally, do point to a time of considerable change in the broader wagering landscape.
Tabcorp has undergone its own major executive refresh over the past six months and on Thursday, CEO Gil McLachlan announced their half-year results.
The broader theme was one of positivity – ‘pleasing’ as Gil put it – with 10 per cent growth in revenue and a jump in EBITDA as well. The new Victorian licence is paying dividends, tacking well with an EBITDA uplift of $36 million already.
But what of the national tote? McLachlan said “it has to be done”.
“It’s a complicated journey and will take time, but the opportunities to increase liquidity and create more global pools and new products are significant,” he told an earnings presentation on Thursday.
We will have more on that in the coming days.
CEO Ben Sellenger admits Ciaron Maher Racing is unlike any other racing business in Australia. Run more like a corporation than a stable, it has recently had its own strategic reset, reducing both the number of staff and the number of horses.
But it remains focused on opportunities, with Sellenger telling Tim Rowe it is moving towards a 50-50 split of its stable numbers between New South Wales and Victoria, up from the current 30-70 split.
David McGrath’s re-appointment as an independent director of the Australian Turf Club was confirmed in NSW parliament this week, with Racing Minister David Harris insisting all the proper protocols had been followed in the four-year extension.
Yulong have made the first major move in the stallion market for 2025, securing Australian Guineas favourite Angel Capital. Tim Rowe digs into the deal, which is rumoured to be worth around $4 million.
Speaking of stallion-makers, trainer Peter Snowden took time to reflect on his days of turning precious racetrack talents into valuable sires.
Chatting to Matt Stewart, he fondly recalls his success in Australia’s biggest two-year-old races with Darley and then in partnership with his son Paul but admits these days it’s more of a game of patience with his best horses.
A new episode of our Straight Talk podcast will be published on Thursday afternoon. Subscribe or listen on You Tube, Apple, Spotify or Podbean.
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Bren O’Brien
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The Straight
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