The Victoria Racing Club expects an almost $18 million improvement in its balance sheet, in line with projections from the 2024 annual general meeting.
A meeting involving the club membership on Thursday night was told the VRC will be $17.9 million better off for the 2024/2025 financial year.
“The earnings forecast for the new financial year is expected to be significantly higher again,” the VRC said in a statement.
“This financial position will enable continued reduction of debt and increased investment in early Masterplan priorities, including upgrades to the racing tracks, jockeys and trainers facilities and member areas.
Despite record memberships, the VRC posted a $24.2 million loss in 2023/2024.
Tackling the VRC’s financial troubles was one of the new chief executive Kylie Rogers’ first priorities when appointed almost 12 months ago.
Almost 40 positions were made redundant as Rogers undertook a major restructuring.
The VRC has also provided members with their first insight into early concepts associated with the 2040 Masterplan.
Senior executives outlined how the VRC will continue to innovate the precinct while preserving Flemington’s heritage, ensuring the racecourse remains a world-class venue for racing, events, entertainment and the wider community.
“Sharing our new strategy, along with the exciting news about the Cox Plate and our strong financial position, is an important part of bringing our members on the journey,” Rogers said.
“Their passion and support are at the heart of everything we do.”
