Mr. Phil Meaney:

The Irish Greyhound Board welcomes the opportunity to meet the committee, not just to deal with the 2011 accounts but also to outline its plans to optimise the opportunities that now present to monetise its racing product on a worldwide basis and which have been documented in the board's strategic plan 2013-17. Particularly for those members who may not be familiar with the greyhound industry, a few points may be helpful. It is a €500 million industry. According to the last economic review of the industry in 2011, it supports approximately 10,300 full-time and part-time jobs in the economy. The gross wage bill is of the order of €207 million, with the tax contribution being €21 million.

When I came into office, I made it an important part of my role to travel around the country to meet all stakeholders. The industry, traditionally, has been fragmented, but there is no doubt in my mind that the vast majority of greyhound people are on the same page; they know their industry; they realise its potential and understand that it will achieve its promise on the back of decisions clearly laid out in the strategic plan. Enormous work is being undertaken by people involved in the greyhound industry at all levels. This work is, however, being undermined by continuous attacks by a small, unrepresentative group within the industry. They paint a picture that is completely at odds with the reality and I hope this engagement with the committee will give members a better understanding of the scope, importance and ambition of our work. The industry has a high reputation internationally. This is reflected in the level of interest in the Irish greyhound racing product and operating model from the world's largest bookmaking organisations and countries where the industry is new and in its early stages.

The industry has an acknowledged pre-eminence for greyhound breeding and the quality and regulation of its racing. That reputation creates many opportunities which have significant economic benefit. These range from the internationalisation of the Irish racing product to increased dog exports and collaborative trading arrangements with greyhound industries in other countries. Greyhound racing has been particularly exposed to the consequences of the recession and the severe reduction in disposable income in recent years. It is clear that the current climate has impacted very negatively on racing attendances and, more importantly, customer spends levels at stadia. Since 2007 the board's turnover from racing activities has reduced by approximately 50%. That is a reflection of falling attendances, a decline in greyhound breeding and dog numbers, a consequent reduction in the number of races and, as a result, income, a reduction in the horse and greyhound fund of 28% between 2008 and 2013 and significantly lower disposable spend from its customer base.

The board has sought to address the impacts of these new realities and create more operational efficiencies which, by any objective yardstick, it has succeeded in doing. It has reduced its operating costs by 46% and generated operating surpluses, before depreciation, of €23.64 million in the period 2007 to 2012. Our overall staff costs have been reduced by 32% since 2007 and the board is operating within tight cost control parameters. We have shown ourselves to be resilient and flexible against the backdrop of a challenging economic climate and we will continue to strive for greater efficiencies and reduction of costs.

The five year strategic plan was drafted after comprehensive dialogue with and the participation of industry stakeholders. We had contributions from 1,200 owners, trainers and staff, making the scale of consultation noteworthy. Bord na gCon's plan outlines new potential growth areas which will further strengthen the industry's racing and breeding reputation internationally and aims to significantly improve its financial position, notwithstanding the current economic difficulties. In essence, our five year strategy is focused on the protection and maintenance of the Irish greyhound as a world leader and the development of new income streams from off-stadium betting nationally and the globalisation of the Irish racing product which has started to generate dividends.

A more aggressive commercial direction will include the generation of greater income from sponsorship of higher profile meetings and the development of the classic race meetings into major entertainment events. We also have to look at new ways to use our assets to achieve a greater financial return and capitalise on the opportunities that present. Delivering on this objective requires a new organisational structure, the implementation of which is well under way. We note the debate about the development and licensing of casinos in Ireland and given the quality of our stadia, Bord na gCon is an interested observer in how this debate will unfold. The ultimate aim of our strategic plan is to grow the industry. Ireland's greyhound industry is in a strong position to take advantage of a number of new opportunities as a result of successful sustained investment in the industry in recent years. We look forward to bringing these recommendations to reality over the term of the strategy.