CURRAGH Racecourse boss Brian Kavanagh says that revenue growth and keeping costs down will be key issues for the track in 2023.

While the Curragh recorded combined losses of over €9 million for the years 2020 and 2021, seasons which were badly affected by Covid-19, depreciation is the main reason for these losses and Kavanagh says the Curragh was cash profitable in both 2021 and 2022.

“It is important to clarify that the €4 million loss in 2021 was after a substantial depreciation charge of €4.3 million,” he said. “The company was cash profitable in 2021 and again in 2022.”

As regards costs and revenues, Kavanagh added: “A key issue for the Curragh at this time is to control and manage inflation in our cost base, particularly energy costs which have increased substantially since the middle of last year.”

Last September Horse Racing Ireland chief executive Suzanne Eade told the Public Accounts Committee: “The big hit for the Curragh is depreciation which is over €4 million annually. Going forward they are going to have to get a lot more income other than from racecourse attendance to fill that gap.

“The Curragh has been strong in terms of reducing costs and I expect they will hit their budget for 2022, but what concerns me now is the cost-of-living crisis and rising energy costs. The fuel crisis threatens to be a really big drain for all racecourses in 2023.”

Attendances for 2022 at the Curragh were 85,309 over 23 meetings. In 2019 total attendance was 79,200 across 18 meetings.

Reflecting on last year, Kavanagh told The Irish Field: “It was great to have a full, uninterrupted season with racegoers for the first time in several years. There were plenty of learnings and we are already looking forward to the 2023 racing season.”

The Irish Derby will be staged on a Sunday this year, having been run on a Saturday since 2012, in a move which will see the meeting included as a Tote World Pool event for the first time.

Horse Racing Ireland contributed approximately €36 million to the development cost and is owed €9 million by the Curragh. Suzanne Eade told the Public Accounts Committee that the loan will be converted into shares in Curragh Racecourse Ltd in 2024.