The Everest 2020: Slots become hot property as bids made of up to $900,000 on $600,000 investments
No wonder there’s plenty of wheeling and dealing going on in The Everest when you get picturesque views of the Randwick straight, expensive neighbours and location in an up-and-coming area.
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The Everest, the world’s richest turf race, is big business on and off the racetrack.
There is talk that three, possibly even four, Everest slots that could be leased or sold – with those currently slot-holders in a position to command a considerable profit on their initial investment.
It is believed bids of up to $900,000 — and possibly more — have been made to secure an Everest slot.
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Slot-holders need to fork out a minimum $600,000 per annum to secure one of the 12 starting positions in The Everest but the wheeling and dealing behind the scenes is putting significant inflationary pressures on that cost.
One Everest slot that will be traded as early as this week is that of embattled owner Damion Flower.
Flower’s Everest slot became available last year after he was arrested and subsequently charged with drug importation offences.
He is currently in prison awaiting trial after a bail application to the NSW Supreme Court was denied last December.
Global racing superpower Godolphin was able to secure Flower’s slot in a one-year deal for last year’s big race. Their sprinter, Trekking, then ran third in The Everest behind Yes Yes Yes in course record time.
The Racing NSW board met last week to determine what to do with Flower’s Everest slot in 2020 and beyond.
It is understood Racing NSW will announce this week who has picked it up.
Racing NSW has also confirmed The Everest will be worth a total purse of $15 million when it’s run at Royal Randwick later this year, with an estimated $7 million for the winner.
There are a number of interested parties, in Australia and overseas, also prepared to make a long-term financial commitment to The Everest, which is run at Royal Randwick on October 17.
Racing NSW has structured The Everest so the race’s initial backers are given the opportunity each year to continue their investment in the race.
But with speculation continuing around which slot-holders want to trade their slots, one stake-holder has reiterated his commitment to the rich Randwick race.
“We are in The Everest for the long haul,’’ said slot-holder James Harron earlier this week.
“The race is in a real ‘sweet spot’ right now when you consider the potential returns. We are pretty excited about the coming year and The Everest prizemoney increasing to $15 million.
“Only last week we renewed our slot-holder agreement so we are locked in for the next three years at least.’’
Harron said the long-term surety of The Everest makes the race an even more attractive financial investment.
TAB Fixed Odds has had a betting market on the 2020 The Everest opened since soon after Yes Yes Yes won the race last year and Godolphin’s brilliant colt Bivouac is early favourite at $8.
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Exceedance, who defeated Bivouac in the Group 1 Coolmore Stud Stakes last start, is the $11 second favourite and is part-owned by Neil Werrett, who also shares an Everest slot with Max Whitby.
Alligator Blood, the Queensland three-year-old sensation who has won nine of his 10 starts, has firmed into the third line of betting at $15 for The Everest after his stirring CS Hayes Stakes win last Saturday.
Trainer David Vandyke has indicated that his long-term goal with Alligator Blood is to set the gelding for The Everest and then the $7.5 million Golden Eagle, run at Rosehill Gardens on October 31.
Alligator Blood, who is the early favourite at $8 for the Golden Eagle, could earn more than $11 million prizemoney if he can win the Everest-Golden Eagle double.
Originally published as The Everest 2020: Slots become hot property as bids made of up to $900,000 on $600,000 investments