Ms Suzanne Eade:

On the occasions when I have appeared before the Committee of Public Accounts and the Oireachtas joint committee, I have said it is going to be difficult for it to be profitable in the next few years with the level of investment in the infrastructure. However, I am pleased to say that, with the plans that have been put in place, it is generating a cash profit so there is no drain on HRI from the racecourse. The racecourse itself has delivered a magnificent facility for the industry, for flat racing and for international visitors. I am also really happy with the work the company has done and how it is contributing to the local community. In the short term, cash profits will continue to grow. The work the company has done in getting investment from the World Pool has been very important for its big races. It is bringing in more foreign direct income for the Curragh. The problem is that the building, the facilities, the plant and the equipment on site have depreciated greatly. That is hard to turn around in the short term. I see there being a comment in our accounts for the next few years as to the Curragh's profits. With the ambitions the CEO has for the Curragh Racecourse, I expect to see the cash profit growing. The important thing to note about the Curragh is that every race run there is sponsored. The racecourse CEO is investing money back into the industry by contributing a far larger amount to prize money. HRI and the industry are gaining a lot from how it is choosing to invest its funding. There are swings and roundabouts. It is disappointing that we are not seeing profits in the short term but we are seeing cash profits and lots of investment back into the industry.