Newbury's controversial Great Christmas Carnival results in 'material loss'

Newbury has warned its profitability will be hit after a Christmas-themed carnival failed to attract the footfall envisaged, resulting in a "material loss".

Billed as "the south's largest Christmas event", the Great Christmas Carnival caused controversy when it was set up on the infield at Newbury, resulting in the back straight being partially obscured during race meetings, including for the prestigious Coral Gold Cup fixture in November.

Operating for the first time between November 25 and January 2, the carnival featured a Ferris wheel, rollercoaster, big top tent and a Christmas tree maze located in the centre of the track close to the winning line.

The racecourse had said the drive behind the festive feature was to make the racecourse "as commercial as possible" with the ambition that "this event can make a positive contribution to our business and to the raceday experience".

However, in a stock market update posted this week, Newbury revealed the joint-venture with Underbelly Limited, a live entertainment company, had failed and would cost the parties involved money rather than generating it for their businesses.

Some racegoers had expressed dismay and frustration at the erection of the carnival in the centre of the racecourse at NewburyCredit: Edward Whitaker

The statement said: "The Great Christmas Carnival was expected to create an important new revenue stream for the company in the future.

"Following the Great Christmas Carnival finishing, it has become apparent that due to a number of factors the event was not as well attended as expected, resulting in a material loss for both the company and Underbelly. The final quantum of the company's loss is currently being finalised with Underbelly and is subject to audit."

The statement added: "Notwithstanding other factors, the company's other core revenue streams during the year ended December 31, 2022 have performed in line with the board's expectations and pre-Covid levels. As a result, the company's board expects that the company will break even or make a small profit for the year ended December 31."

Some racegoers had expressed dismay and frustration at the erection of the carnival in the centre of the racecourse, with it described as "an eyesore" by one Newbury member.

The course had sought to mitigate against the concerns expressed by racegoers by bringing in extra big screens and alternative camera positions to ensure all points of races were visible.

While the carnival met with disapproval from some people, the track had also faced challenges with rail strikes taking place on the Saturday of the Coral Gold Cup fixture and a meeting being cancelled due to frost on December 14, depriving the carnival of any racegoers.

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