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HorseRacing

Melbourne Racing Club Sells Land to Mount Scopus College

2024-12-09

The Melbourne Racing Club has made a significant decision by agreeing to sell a $195 million parcel of land at Caulfield Racecourse to Mount Scopus Memorial College. This move is set to have far-reaching implications for both the racing club and the local community. The 7.5-hectare site, previously used for horse training, will clear the club of its $165 million debt and could potentially impact the Melbourne Football Club's plans for a training and administration base at the racecourse.

Benefits and Implications

The tract of land being sold runs the length of the western precinct of the racecourse, from Station Street along Kambrook and Booran roads to Glen Eira College. Since horse training stopped at Caulfield in 2021, the land has remained largely unused. Mount Scopus Memorial College, which operates three campuses in Burwood, Caulfield South, and St Kilda, has been searching for a new super-site closer to the city's Jewish heartland. This land deal will eliminate the need for the school to seek a land-swap deal with the state government for its three campuses at the Caulfield Hospital site.The MRC chairman, John Kanga, stated that the club has been negotiating with the college for more than 12 months and has engaged consultant Ernst & Young. The deal, expected to be settled within two years, has bipartisan support and is expected to benefit not only the school and its students but also local residents and the broader community.

Financial Impact

The MRC's ability to clear its debt is a major win for the club and the racing industry. Kanga highlighted that he has only been club chairman since October and has been critical of the $165 million debt incurred by the former committee and executive team. This sale will completely clear the debt, reducing risk and stabilizing the club's financial position. It will also free up resources for the club to focus on its core operations and future development.

Racing Operations

The new MRC committee will reverse the policies of the previous committee. They will continue to race at Sandown and shelve the costly plan to build a new Caulfield grandstand. Instead, they will move the Caulfield mounting yard back to its "rightful position" in front of the grandstand. This decision is expected to have a positive impact on racing operations and enhance the overall experience for racegoers.

Impact on Other Entities

Two sources with knowledge of the Mount Scopus agreement stated that the school campus project will complicate the Melbourne Football Club's plan to build their long-awaited home base at Caulfield. The AFL club will need state government and Caulfield Racecourse Reserve Trust approval as the training ovals will be built on Crown land inside the track. The Demons will need to raise $70 million from various sources to bridge the funding gap for the project, which has been a 20-year search for a central, purpose-built headquarters.CEO Gary Pert will continue as a consultant on the Caulfield Racecourse project while the business case is being prepared. Mount Scopus Memorial College's 2023 financial report revealed that it had $51 million in property, plant, and equipment.The MRC's plans to wipe its debt come at a time when the Victoria Racing Club, which runs Flemington, is facing financial difficulties. The club lost $70 million across the past four years and has axed up to 40 jobs as it moves to rein in its debt. Moonee Valley, on the other hand, is pushing ahead with plans to reshape its track and build a new grandstand after next year's Cox Plate, with a total project cost between $200 million and $250 million.The Valley posted a $12.4 million loss in the past financial year but is investing in the Moonee Valley Park project, which is expected to yield greater dividends when completed properties are sold in the following years.News, results, and expert analysis from the weekend of sport are sent every Monday. Sign up for our Sport newsletter.

In December, the leading cryptocurrency Bitcoin BTC/USD briefly achieved the remarkable milestone of surpassing the $100,000 mark. However, in the subsequent days, despite hitting new all-time highs, Bitcoin has witnessed a decline. Ark Invest CEO Cathie Wood remains optimistic and foresees a significantly higher price target in the future.

Unraveling Bitcoin's Potential with Cathie Wood's Forecasts

Bitcoin's 2024 Presidential Election Impact

After the 2024 presidential election, Bitcoin hit all-time highs, leaving big questions regarding its ultimate ceiling. Earlier this year, Wood presented her price targets for Bitcoin based on different scenarios for 2030. This includes a bear case, a base case, a bull case, and a bullish case. Each case offers unique insights into the potential trajectory of Bitcoin. 1: The 2024 presidential election seems to have played a crucial role in Bitcoin's upward movement. It has sparked discussions and speculations among investors about the future of the cryptocurrency. Wood's analysis based on this event provides a valuable perspective on how external factors can influence Bitcoin's price. 2: As Bitcoin continues to make headlines and set new records, it is essential to understand the various factors at play. The 2024 presidential election is just one of them, and Wood's price targets take into account a range of possibilities and market dynamics.

Wood's Price Target Breakdown

Bear Case: If the bear case plays out, with a price target of $258,500, an initial investment of $100 today would grow to $266.26, representing a substantial 166.3% increase.Base Case: Under the base case with a price target of $682,000, that same $100 would become $702.46, a remarkable 602.5% growth.Bull Case: In the bull case, where the target is $1,480,000, the $100 would be worth $1,524.40, an astonishing 1,424.4% increase.Bullish Case: The most bullish case, with a price target of $3,800,000, would see the $100 investment grow to $3,914.00, a whopping 3,814.0% increase. 1: These price target breakdowns clearly demonstrate the potential for significant returns on a small investment in Bitcoin. Even the bearish case offers more than a double return, highlighting the volatility and upside potential of the cryptocurrency. 2: By analyzing these different cases, investors can gain a better understanding of the range of possibilities and make more informed decisions. It shows how Bitcoin's price can fluctuate based on various factors and market conditions.

Ark Invest's Bitcoin Holdings and ETF

Ark Invest is not just a passive observer in the Bitcoin space. The company has significant holdings in Bitcoin-related companies. For example, the flagship Ark Innovation ETF ARKK has Coinbase Holdings COIN as its second-largest holding, accounting for 10.0% of its assets. Robinhood Markets HOOD is also a prominent holding, making up 5.1% of its assets. 1: These holdings indicate Ark Invest's confidence in the Bitcoin ecosystem and its belief in the long-term potential of the cryptocurrency. By investing in both Bitcoin and related companies, the firm is positioned to benefit from the growth of the entire industry. 2: The approval of the Bitcoin ETF by the SEC has also been a significant development for Ark Invest. It has provided institutional validation and opened up new avenues for investment. Wood's $3.8 million price target is a testament to the company's bullish outlook and its belief in Bitcoin's future.

Bitcoin's Recent All-Time High

Bitcoin hit an all-time high of $103,900.47 on Dec. 4, following the 2024 election. This record-breaking moment further emphasizes the strength and momentum of the cryptocurrency. 1: Such an all-time high is a significant milestone for Bitcoin and attracts the attention of investors worldwide. It showcases the growing acceptance and popularity of Bitcoin as a legitimate asset class. 2: The continuous pursuit of new highs indicates the underlying demand and potential for further growth. However, it also comes with increased volatility and risks, which investors need to carefully consider.As you can see, Bitcoin's journey is filled with both excitement and uncertainty. Cathie Wood's price targets and Ark Invest's involvement provide valuable insights and opportunities for investors. While there are no guarantees, the potential for significant returns makes Bitcoin an intriguing asset to watch.

Triple-A, a prominent cryptocurrency payments solution firm, has made a significant move by announcing an integration with Coinbase. This integration is set to revolutionize the way Coinbase users make payments and interact with merchants within the Triple-A network. According to a Thursday (Dec. 5) press release, this partnership aims to offer enhanced convenience and drive the broader adoption of cryptocurrency payments.

Unlock the Potential of Cryptocurrency Payments with Triple-A and Coinbase

Enhanced Payment Experience for Coinbase Users

Triple-A CEO Eric Barbier emphasizes in the release that this integration will provide an improved payment experience for Coinbase users across the United States, Europe, and other locations. With seamless connectivity, Coinbase users can now make payments to select merchants with ease, eliminating the hassle of traditional payment methods. This integration allows for a more streamlined and efficient payment process, ensuring that transactions are completed quickly and securely.

For instance, imagine a Coinbase user in Europe who wants to make a purchase from a merchant within the Triple-A network. With this integration, they can simply use their Coinbase account to make the payment, without the need for complex currency conversions or additional fees. This not only saves time but also provides a more seamless shopping experience.

Moreover, the integration aligns with the shared mission of both companies to continue driving the adoption of crypto and promote its use in everyday transactions. By connecting with a wider network of merchants, Coinbase users have more options to spend their cryptocurrency and participate in the digital economy.

Streamlining Cross-Border Purchases

The instant nature of these cryptocurrency payments is a game-changer, especially for online marketplaces. It eliminates the worry of pending transactions and allows for faster and more efficient cross-border purchases. As PYMNTS reported last month, shopping with crypto is becoming increasingly popular among consumers beyond just digital asset diehards and technophiles.

For example, consider an online marketplace that deals with international sellers and buyers. With cryptocurrency payments, transactions can be completed in seconds, regardless of geographical boundaries. This reduces the time and cost associated with traditional cross-border payment methods and makes online shopping more accessible and convenient for everyone.

The ability to streamline cross-border purchases also opens up new opportunities for businesses to expand their customer base and reach a global audience. It eliminates the barriers of currency differences and payment processing delays, enabling seamless trade between different countries and regions.

Collaboration with Apple Pay and Coinbase One Upgrades

Last week, Coinbase integrated Apple Pay as a payment method for Coinbase Onramp, its service for building onramps into existing apps for fiat-to-crypto purchases. This move is designed to deliver easier onboarding for the 60 million U.S. users of Apple Pay and provide them with a faster end-to-end experience.

By combining the power of Coinbase and Apple Pay, users can now access the most popular payment methods and enjoy a seamless transition from fiat to crypto. The integration allows for quick and secure conversions, taking only seconds, which is a significant improvement over traditional onboarding processes.

In addition, Coinbase also announced the upgrade of its Coinbase One subscription program and the debut of a new tier called Coinbase One Premium. These new offerings truly benefit all types of traders, providing them with additional features and benefits to enhance their trading experience.