Royal Ascot 2022 a financial success

With King Charles III and Queen Camilla basking in the success of Desert Hero at Royal Ascot its Ascot Racecourse who tells the world of a £3.4million profit for 2022.

In being the equivalent of $AUS6.55m, $US4.38m or €3.97m, this turnover exceeds £100m for first time with strong recovery from COVID following a 2021 loss of £12.8million.

This return to profit allows for record prize money of £17m set to be returned to the sport in 2023, and voluntary increased loan repayments help reduce debt ahead of schedule.

In fact, Ascot Racecourse announces its financial results for the 12 months ended 31st December 2022, with Ascot Authority (Holdings) Limited (AAHL) a pre-tax profit of £3,387,000.

This compares to a pre-COVID profit of £7.3m in 2019, with turnover rising by 161% to a record level of £101.4m with hospitality and admission revenues recovering strongly.

Attendance at Royal Ascot 2022 returned from COVID disruption to 273,465 with a total for the full year, excluding industry joint venture QIPCO British Champions Day of 483,424.

Royal Ascot 2022 was broadcast into over 170 territories including NBC terrestrial coverage in America on the Saturday, reaching 2.5 million unique viewers, up 47% on 2021.

The £6m in loans was repaid in 2022 with the revolving credit facility of £5m, drawn down in March 2020, was repaid with net debt at 31st Dec. 2022 being £17.2m (2020 £25.4m).

The strong 2022 performance enabled record prize money in 2023 of £17m, an increase of £1.33m from 2022, and excludes the £4.45m for the QIPCO British Champions Day with prize money at Royal Ascot 2023 being £9.52m, an increase of 10% over 2022.

“The figures for 2022 show that Ascot has recovered strongly from the impact of the pandemic,” said Alastair Warwick, the new Chief Executive Officer at Ascot Racecourse.

“Last year’s performance, headlined by record turnover, gave us the confidence to invest in the business this year, including reaching the £17m prize money mark for the first time.”

“Having further reduced our debt, including through a voluntary additional repayment, we are in a good position to continue to improve both prize money and facilities.”

“We are particularly encouraged to have seen strong attendance and hospitality metrics at Royal Ascot this year, the first under the reign of King Charles III.”

“The competitive international fields and World Pool betting continues to be strong, with ITV viewing excellent with over a million every day and a ten year high for the final day.”

“Their Majesties, The King & Queen attended on all five days and it proved to be a very special occasion with Desert Hero carrying the Royal silks to victory, whilst Frankie Dettori signed off his Royal Ascot story with a ninth Gold Cup win.”

“I would like to thank all our hard-working staff and our commercial and broadcast partners for their continued commitment to Ascot.”