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Horse Racing Australia: Victoria Racing Club delivers record performance

The Victoria Racing Club (VRC) has delivered a record profit of nearly $7.5 million for the 2012/13 racing season, up from $2.4 million the previous year, strengthening its position to implement its ambitious Masterplan for Flemington.

The profit allowed the Club to fully repay its remaining $9 million bank debt. During the season the VRC invested over $10 million in racecourse improvements, and increased returns to owners, paying more than $36.4 million in prize money.

The strong financial performance was achieved through increasing revenue to $150.5 million, up $7.2 million or five per cent, running a highly successful 2012 Melbourne Cup Carnival and reviewing costs and identifying areas for considerable savings.

According to the VRC annual report released on Wednesday, raceday catering, dining, hospitality and outdoor events generated $46.5 million in revenue, public ticketing $14 million, and marketing, sponsorship and broadcast rights a further $23.1 million. TAB distributions added $30.5 million and membership revenue contributed $17.9 million.

VRC Chairman Michael Burn said that all of the profits are being reinvested into the Club to the benefit of its 30,000 members, racing participants and visitors to Flemington, as well as the economy.

“At the beginning of the 2012/13 season the VRC announced ambitious plans to consolidate its financial position and roll out significant customer focussed infrastructure upgrades. This report demonstrates we are delivering on our plans,” Burn said.

“There is no doubt that this improved performance sets up the Club to deliver on its Masterplan, including a new Members’ grandstand, and to ensure the Melbourne Cup Carnival continues to be Australia’s leading sporting, lifestyle, entertainment and hospitality event.

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