Thoroughbred Racing SA (TRSA) has welcomed today’s announcement by the State Government of a $5 million loan to complete the long-awaited Murray Bridge Racecourse redevelopment.
The loan announced today by Minister for Racing Leon Bignell is the final piece of the $20 million required to complete the project, with the Commonwealth providing a $5 million grant, the developers contributing $5 million and TRSA committing to a $5 million short-term commercial loan to the project.
The loans provided by TRSA and the State Government will be repaid by the residential development of the existing racecourse, development of which can commence once racing is moved to the new facility on the South East Freeway.
TRSA Chair Frances Nelson QC said the Government’s announcement marked “a pivotal day for the South Australian racing industry”.
“We are going to build a modern, first-class racing facility from scratch. It’s a wonderful opportunity, and one that South Australia hasn’t seen for generations,” she said.
“It’s one of the most exciting things to happen to racing in this State in living memory and it’s an indicator from the Government that the racing industry is a major employer and a significant contributor to the economy.
“We are naturally delighted with this result and extremely grateful to the Treasurer, the Minister and the Government for their support.”
Murray Bridge Racing Club Chairman Reg Nolan also welcomed the announcement. “Today marks a massive achievement for the club and the town,” he said.
“Although it’s taken many years and while some people began to doubt the process, I was always confident of a positive outcome because of the transformational impact it will have on the area.”
