That is a huge financial windfall for the club, which loses a building that was effectively needed on only two days of the season.
With most racing clubs going through tough times, that sort of money could secure Addington's future, especially if they decide not to build a new grandstand.
"We have options at the moment but if we do build a new structure it will have to be one which has multiple uses," said Gloury.
"We are looking at perhaps a function centre with some element of a grandstand and even a hotel in conjunction with a partner. Or even office space, which could return the greatest revenue to the club.
"But outside of Cup Week we don't really need the grandstand seating capacity.
"And we are confident we can do the right thing by the Cup Week crowds with temporary seating, more marquees and using more big screens to improve viewing."
The cash injection from the insurance, coupled with improved operating results in the last year from non-racing revenue, has put Addington in a far better position for this season than last.
And that, along with a ditching of the usual premier meeting stakes structure, will see usual Friday night stakes at Addington increase.
"Rather than having $15,000 minimums at premier meetings throughout the season we have listened to the horsemen and spread that money over the Friday night meetings," said Gloury.
That will see the Friday night minimums of $8000 for maidens, $10,000 for one or two-win races and $12,500 for three-win and faster races. Thursday night meetings will have a $7000 minimum, while Tuesday meetings, which will be phased out for most of the season, will see $3000 races.
That will ease some of the fears among Canterbury horsepeople about what had looked a stakes slide with no correction in sight.
Stakes for Addington's biggest races are set to be finalised next week, with the New Zealand Cup almost certain to be worth $600,000.
