Hollywood bail out Gold Circle

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3 weeks 3 days ago #789436 by Bob Brogan
Hollywood bail out Gold Circle was created by Bob Brogan
Leading South African bookmakers Hollywoodbets have come to the aid of horseracing in KwaZulu-Natal after Gold Circle members carried a no vote, effectively blocking the release of monies ringfenced following the sale of Clairwood Racecourse in 2012.

Leading Summerveld trainer Louis Goosen lauded the Hollywoodbets move to advance an unsecured loan of R40 million to Gold Circle.

SP Article www.sportingpost.co.za/2020/06/sa-racings-crown-jewels-saved/

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3 weeks 3 days ago #789437 by Bob Brogan
Bob Brogan on topic Hollywood bail out Gold Circle
Still struggling to figure out what he was attempting

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3 weeks 3 days ago #789438 by KReddy
200mil can go missing quick.....

Well done Hollywood 👏
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3 weeks 2 days ago #789439 by Saint Tropez
Saint Tropez on topic Hollywood bail out Gold Circle
If it wasn't for Hollywood GC would be in Bolly....wood

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3 weeks 2 days ago #789440 by Dave Scott
Dave Scott on topic Hollywood bail out Gold Circle
Well done again HW.
Hope we can all get our acts together going forward and eventually get racing on an upward trend.

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3 weeks 2 days ago #789446 by Saint Tropez
Saint Tropez on topic Hollywood bail out Gold Circle
Now you are talking Dave, no more this one batting for GC or this one for Phumelela, stop the criticizing on both ends. It will require a cumulative effort from all parties involved to get our beloved sport back to where it belongs.

Wishing all clanners a wonderful day.

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3 weeks 2 days ago #789448 by RA Stranger
RA Stranger on topic Hollywood bail out Gold Circle
Good to see the open bet lolly helping to save racing. Now the operators will never be in a position to reclaim it.

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3 weeks 2 days ago #789449 by oscar
I wish Hollywoid ( by far the best bookies) would just take over horseracing countrywide, do a deal on BEE with the Govt, ensure that no open bets are allowed ( I think Govt would get involved in that now the time is right) and move forwards.

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3 weeks 2 days ago #789452 by Mac

oscar wrote: I wish Hollywoid ( by far the best bookies) would just take over horseracing countrywide, do a deal on BEE with the Govt, ensure that no open bets are allowed ( I think Govt would get involved in that now the time is right) and move forwards.


Yip. It looks as though they will own SA horseracing one day.


Sent from my iPhone using Tapatalk

"Lot 226, 2016 NYS, Diamondveld, R1.5m"

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3 weeks 2 days ago #789459 by RA Stranger
RA Stranger on topic Hollywood bail out Gold Circle

oscar wrote: I wish Hollywoid ( by far the best bookies) would just take over horseracing countrywide, do a deal on BEE with the Govt, ensure that no open bets are allowed ( I think Govt would get involved in that now the time is right) and move forwards.


Why would Hollywood want to do away with the open bet, it accounts for their rapid rise to be as big as they are.

The only way they drop the open bet is to give them the tote operations. At some point the operators may as well hand it over as they have no way of bailing themselves out with the way tote pools are dwindling.

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3 weeks 2 days ago #789461 by oscar

RA Stranger wrote:

oscar wrote: I wish Hollywoid ( by far the best bookies) would just take over horseracing countrywide, do a deal on BEE with the Govt, ensure that no open bets are allowed ( I think Govt would get involved in that now the time is right) and move forwards.


Why would Hollywood want to do away with the open bet, it accounts for their rapid rise to be as big as they are.

The only way they drop the open bet is to give them the tote operations. At some point the operators may as well hand it over as they have no way of bailing themselves out with the way tote pools are dwindling.


Yes correct give them the tote operations, they run things properly and understand what a retain betting shop should look like.

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3 weeks 2 days ago #789462 by Bob Brogan
Bob Brogan on topic Hollywood bail out Gold Circle
ROB , Your heads up your erse, If you think Bookmakers rise is down to racing and the Open Bet.

And all the Big bookmakers would, in a flash, give up the open bet to a proper commission share.

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3 weeks 2 days ago #789467 by mr hawaii
mr hawaii on topic Hollywood bail out Gold Circle

Bob Brogan wrote: ROB , Your heads up your erse, If you think Bookmakers rise is down to racing and the Open Bet.

And all the Big bookmakers would, in a flash, give up the open bet to a proper commission share.


I stopped using Tab simply because their service was shocking- HW and BetX made more sense from withdrawals to in-shop experience - I tried for decades to get those on the inside to improve TAB branches and the very basic help line but they did not care or try and that's the reason it all went bang because nobody cared about the customer but rather about a group of sinister self-serving shareholders that had a particular dislike for tote punters(daddy issues Marcus?)- The OPEN BET has been used for ages and even recently as a deflection by those in power that have and had alternate agendas - Who cares about the open bet when you get mugged outside a TAB - I felt safe going into HW branches - clean everything yet the local TAB is a dirty unsafe place where the poor punters and staff try their best to get through a day without mishap.

THE MORE YOU STUDY FORM THE LUCKIER YOU GET
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3 weeks 2 days ago #789472 by RA Stranger
RA Stranger on topic Hollywood bail out Gold Circle

Bob Brogan wrote: ROB , Your heads up your erse, If you think Bookmakers rise is down to racing and the Open Bet.

And all the Big bookmakers would, in a flash, give up the open bet to a proper commission share.


Massive contribution to Hollywood coffers, as they grabbed the majority of online tote punters back in the days of Hollybucks.

The migration of these ex-tote players was so big that they had to dump the Hollybucks product as their servers at the time could not cope with the mainly open bet players migrating to their online betting platform.

Their outlets and service was and still is by far more attractive to punters and hence the rapid rise to be top of the pile, other late comers are merely trying to emulate what they started and trying to dig out a share of the punters pie.

It is now far too late for operators to even attempt trying to cut them in to any % of now depreciating pools. Racing is now a very small pie with now many mouths to feed.

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3 weeks 2 days ago #789482 by Bob Brogan
Bob Brogan on topic Hollywood bail out Gold Circle
WTF have Hollybucks got to do with it?

Can guarantee you that all the big bookies would bite the hands of a TOTE exotics deals

And it is 1million percent not too late!

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3 weeks 2 days ago #789486 by RA Stranger
RA Stranger on topic Hollywood bail out Gold Circle
The Hollybucks a great marketing tool was used to lure online punters as it was free eventually it was taking up too much bandwidth on servers and they had to dump it to accommodate the massive migration of punters to their online betting platform.

Winners of these competitions were given as prizes cash bonus's to use on Hollywood online account betting platform. I won a few of these and opened an account to play the money value prizes. However the systems were slow and fraught with problems because of the shared bandwidth. Eventually the freebie had to go to make way for the betting platform.

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3 weeks 2 days ago #789497 by Bob Brogan
Bob Brogan on topic Hollywood bail out Gold Circle
HOLLYWOODBETS TO THE RESCUE


After a tumultuous week of outspoken challenges against the Special Resolutions brought by the Gold Circle Board before their Members, the 4 motions failed narrowly to receive the 75% required, achieving support of between 70-72% for each vote.

Business rescue was a looming threat for the Operator and would have been the likely course of action had it not been for the generosity of Hollywoodbets to offer an unsecured loan of R40m to Gold Circle. "It would have been a tragedy for all the stakeholders if racing had to stop when the company went into business rescue, said Michel Nairac, CEO of Gold Circle. He continued "I am relieved that the stakeholders who depend on racing can continue to benefit from it. Ï am grateful to Hollywoodbets that racing will continue uninterrupted until the next Special General Meeting can be convened".

Speaking on behalf of the Hollywood Sportsbook Group, Basil Thomas said “It is no secret how difficult things have been for stakeholders in the horse racing industry over the past few months. Severe hardship and real anxiety has been experienced by participants, that extend way beyond Gold Circle Racing Club. Grooms, Trainers, Jockeys, Breeders, Owners, Tote Agents, Suppliers…the list is endless.

“So much good work has been done to get horses back on the track. In short, it would have been a disaster if racing had once again been interrupted for an extended period. The KZN Winter/Champions Season is the flagship of the national racing calendar. For it to not be completed would be the unnecessary raising of the white flag.

“Hollywoodbets is averse to ‘racing politics’. We are not picking a side and we have no desire to be caught in the middle. We have one agenda – that is to apply our resources – financial and human, to supporting Gold Circle in its quest to return to profitability. The natural consequence of that objective, if successful, will be a stronger and sustainable future for KZN Racing. The events of the past week could well have resulted in unintended or unanticipated consequences. We are pleased that such consequences have been averted.”

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3 weeks 2 days ago #789514 by zoro
I agree Hollywood are a big organisation, plus an asset to horse racing. All i can say is well done. Hopefully the ship is moving in the right direction for our beloved sport.
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3 weeks 2 days ago #789548 by oscar
Hollywood know how to run a business properly. Let them take over racing with Govt BEE well controlled, let the Govt can the open bet and lets go forward man. The way it is now is unsustainable, too many loans all over the show.
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