Heading in the right direction

[CFC2010]

Collingwood and MRC finalise gaming and venue deal
July 17, 2018 12:30 PM

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Collingwood has finalised terms for the sale of its gaming operations as part of a wider sell down of its hospitality interests.


Collingwood has finalised terms for the sale of its gaming operations as part of a wider sell down of its hospitality interests.

The Melbourne Racing Club has agreed to purchase from Collingwood the licences for two venues, The Coach and Horses in Ringwood and The Club in Caroline Springs, and with them 156 gaming machines under the terms of binding, conditional transaction documents.

The sales – and Collingwood’s complete and immediate exit from the gaming industry - are part of a strategic repositioning of the Collingwood business. Settlement will occur after all required regulatory approvals have been obtained. It is anticipated settlement will occur in October.

An extensive review of Collingwood’s operations was undertaken in 2017.

“This is a prudent commercial decision, one that will strengthen the Collingwood balance sheet significantly,” said Collingwood President Eddie McGuire.

“The forensic review of the entire Collingwood operation last year, and the ‘Forever’ blueprint which came out of it, gave us greater clarity and a renewed sense of purpose but also identified numerous opportunities.

“The decision of the board to sell our gaming operation and some of our hospitality interests will allow us to intensify the focus on our core responsibilities – Collingwood fans, elite sporting performance and community – but also enable us to pursue new and different possibilities for growth.

“Collingwood is in a strong financial position, with net assets of $32 million, and with the continuing support of its members will be in an even stronger position with this sale. It is the right time for Collingwood to be making this move.”

Collingwood will continue to operate its Glasshouse function and events business at the Holden Centre. There is no gaming operation at the Glasshouse.

Please note that as of 1 July Collingwood ceased operation of the Magpie Millions lottery

 

[unplugged]

So, how much did we sell them for? And can we use the money to build a grandstand at Olympic Park?

Maybe a pub in Sorrento for the Lynch family to run?

 

[CFC2010]

So, how much did we sell them for? And can we use the money to build a grandstand at Olympic Park?

Maybe a pub in Sorrento for the Lynch family to run?

Would painting the pub Black & White be too much?

 

[MagpieJoel]

So, how much did we sell them for? And can we use the money to build a grandstand at Olympic Park?

Maybe a pub in Sorrento for the Lynch family to run?

The Conti was sold recently iirc, missed an opportunity there. Lol.

Also for this news. I'm a fan. Hopefully we made some coin on the sales.

 

[Ketchup]

Hopefully the money gets invested back into the football club. The club that generated the money to open them.

 

[unplugged]

Hopefully the money gets invested back into the football club. The club that generated the money to open them.

Where else would it go? To the netball side? Surely not...

 

[Bob Neil]

Kudos to your club

I thought the statement - and the linkage between renewed clarity of and focus on your core purpose - and the subsequent business decision are a very powerful demonstration of a club that is thinking long term and moving in the right direction.

 

[Baltimore Jack]

A good initiative, we don't need money that much that we obtain it through other people's misery

 

[jathanas]

A good initiative, we don't need money that much that we obtain it through other people's misery

Couldn't agree more. There's no joy to be had in doing well at the expense of someone else.

 

[Quicky]

This is fantastic. It never sat well with me our involvement in pokies that do so much harm in the community. I'm not proud that we owned them but i'm proud we've gotten rid of them. It's a shame they'll just be operated by someone else. Hopefully we are smart in how we reinvest that money.

 

[unplugged]

A good initiative, we don't need money that much that we obtain it through other people's misery

Carlton do it just by getting their members to renew!

 

[CFC2010]

Carlton do it just by getting their members to renew!

 

[BoxMatrix]

I like how everyone seems to have a problem with the slot machines, yet are OK with alcohol sponsoring, even though alcohol has a far worse effect on the individual and society.

 

[NoobPie]

I like how everyone seems to have a problem with the slot machines, yet are OK with alcohol sponsoring, even though alcohol has a far worse effect on the individual and society.

womp womp

There is a big step from sponsorship to commercially operating as well.

 

[Katherine Amateurs]

"Collingwood have confirmed they are leaving the gaming industry, having agreed to sell their 156 poker machines to the Melbourne Racing Club."

https://www.theage.com.au/sport/afl/collingwood-cashes-out-of-pokies-20180717-p4zrxy.html

Personally, I am glad we're getting out of the pokies games. They are insidious. We have the money and means to branch out of this.

Hopefully means others will follow suit.

 

[didaksrightfoot]

Great News.

The club might take a brief financial hit from it, but I 100% support the decision.

Glad to see a number of clubs also getting out of pokies (with North already having led the way), but very disappointing that the "family club" with a President whos very publicly involved in Beyond Blue, are not following suit.

 

[jimmy35]

Pretty happy with this, I’m not particularly a fan of making money off an addiction that affects so many families negatively.

 

[Dynamics]

Good news.

We can and will prosper as a club without income derived from poker machines. They're purposely designed to be addictive and lure those who are susceptible into losing all their money over time.

 

[MagpieBat]

Collingwood
Collingwood exit gaming industry after agreeing to sell poker machines to Melbourne Racing Club

GLENN McFARLANE, Herald Sun
July 17, 2018 1:06pm
Subscriber only

COLLINGWOOD has become the latest AFL club to pull the pin on its pokies operations, agreeing to sell its lucrative machines to the Melbourne Racing Club.

The Magpies will offload their two gaming venues — The Club in Caroline Springs and The Coach and Horses in Ringwood — along with their 156 machines which brought in more than $7 million in the six months to December last year.

It is part of what the club calls “a complete and immediate exit from the gaming industry” as part of a strategic repositioning of the Collingwood Football Club following a complete review of the club’s operations late last year.

BOLD CALL: MELBOURNE SEVER TIES WITH POKER MACHINES

POKIES: AFL CLUBS WIN AS GAMBLERS LOSE BIG

GAMING: HAWTHORN URGED TO WITHDRAW FROM GAMING INDUSTRY

President Eddie McGuire called the sale — which will be finalised in October after all the regulatory approvals have been obtained — “a prudent commercial decision, one that will strengthen the Collingwood balance sheet significantly.”

“The forensic review of the entire Collingwood operation last year, and the ‘Forever’ blueprint which came out of it, gave us greater clarity and a renewed sense of purpose but also identified numerous opportunities.

Collingwood president Eddie McGuire. Picture: Getty
“The decision of the board to sell our gaming operation and some of our hospitality interests will allow us to intensify the focus on our core responsibilities — Collingwood fans, elite sporting performance and community — but also enable us to pursue new and different possibilities for growth.

“Collingwood is in a strong financial position, with net assets of $32 million, and with the continuing support of its members will be in an even stronger position with this sale. It is the right time for Collingwood to be making this move.”

It’s a move that will delight the AFL, and in particular chairman Richard Goyder, who has made it clear to AFL clubs he would prefer them to focus on alternate ways to boost their revenue.

It follows on from Melbourne, which has committed to selling its poker machines by 2022, while Geelong are also looking at exiting from their operations.

In contrast, Essendon are in the midst of trying to renegotiate its lease with the City of Melton at the Melton Country Club beyond 2022.

Collingwood has made many millions of dollars from their gaming streams, with their $12.2 million from their operations in 2016-17 making them third in the AFL behind Hawthorn ($23.3 million) and Carlton ($17.6 million).

The Magpies will still operate its Glasshouse function and events business at the Holden Centre, though there is no gaming operation at the Glasshouse.

The club has also ceased operations of its Magpie Millions lottery at the start of this financial year.

https://www.heraldsun.com.au/sport/...b/news-story/11b362e37da8ae990d3fc84ff37cad1b

 

[Baltimore Jack]

I like how everyone seems to have a problem with the slot machines, yet are OK with alcohol sponsoring, even though alcohol has a far worse effect on the individual and society.

So we shouldn't do something good because there are other evils that haven't been fixed yet?

On that basis, should we do anything at all?

 

[BoxMatrix]

So we shouldn't do something good because there are other evils that haven't been fixed yet?

On that basis, should we do anything at all?

I'm not saying that. I just see that Australia seems to treat gambling as something that has been created by Satan himself, but alcohol gets by unscathed. Just look at the stats and tell me that alcohol is not a problem...

 

[jimmy35]

Club does good thing, somebody complains they aren’t gooder.

 

[NoobPie]

I'm not saying that. I just see that Australia seems to treat gambling as something that has been created by Satan himself, but alcohol gets by unscathed. Just look at the stats and tell me that alcohol is not a problem...

The point is that the club divesting from the direct operation of a pretty scummy and predatory form of gambling is laudable regardless of the relative moral judgement between the social damage caused by alcohol and gambling

As it is, Collingwood appears to have only one of its 11 "major partners" (and none of its 5 premium / platinum partners) involved in the alcohol industry - and its an online Australian wine merchant.

 

[jackcass]

I like how everyone seems to have a problem with the slot machines, yet are OK with alcohol sponsoring, even though alcohol has a far worse effect on the individual and society.

I don't recall anyone commenting on alcohol sponsorship. For the record, I'd happily see it gone from the AFL and sport in general. Ditto all betting advertising. But you know that if clubs and the AFL walk away from it then that'll just mean the broadcasters will just pump more of it down our throats (pun intended).

 

[Quicky]

I don't recall anyone commenting on alcohol sponsorship. For the record, I'd happily see it gone from the AFL and sport in general. Ditto all betting advertising. But you know that if clubs and the AFL walk away from it then that'll just mean the broadcasters will just pump more of it down our throats (pun intended).

There should be an option to opt out of that kind of advertising. I think it's completely inappropriate with so many kids watching the game.