The executive committee of France Galop, the governing body of French horseracing, has reported group-wide losses of €21 million as part of its 2018 accounts.
France Galop, who shares ownership of French racing operator PMU alongside counterpart Le Trot Francais, details that 2018 horseracing revenues were significantly down on forecasted targets.
“The net result of the PMU for 2018 is set at €757 million against €792.7 million in 2017 and €802.6 million anticipated in the budget,” read the France Galop update.
Closing its 2018 accounts, France Galop’s executive committee has backed the ‘revitalisation and cost savings’ programme put forward by new PMU Director General Cyril Linette.
Leading a new PMU executive team, Cyril Linette targets reducing corporate expenditure by €28 million, reducing the betting group’s payroll and wholesale operating costs.
Further directives see Linette refocus the PMU on revitalising its French retail networks, with the racing operator closing down its Gavea, Rio de Janeiro racetrack, booking-in an €11 million write-down for its Brazilian asset.
Having undertaken a review of PMU assets and structures, Linette seeks to revitalise the French legacy bookmaker by revamping PMU rewards for regular racing punters, whilst redeveloping French racing’s ‘Quinté +’ pool betting system.
Seeking to reverse declining metrics, France Galop details that PMU ambitions will be significantly boosted by reopening of a revamped Paris Longchamp racecourse, delivering PMU new ticketing, sponsorship and hospitality opportunities.
Supporting French horseracing’s revitalisation, the PMU has launched a nationwide marketing campaign, informing the general public of racing events, whilst raising awareness of France Galop and Le Trot social initiatives.