The Victoria Racing Club has acted to significantly cut its costs after a disastrous annual report result, with as much as 15 per cent of its workforce of 235 set to leave.
The Straight has been told by two sources that close to 40 positions have been made redundant as part of a major restructuring under new chief executive Kylie Rogers.
It is believed several roles with direct reports into the CEO have been scrapped in response to the club posting a $24.2 million loss for the 2023/24 financial year.
Those impacted were informed on Tuesday.
In a statement, the VRC did not confirm specific details but acknowledged it had “reviewed its cost base”.
“The Victoria Racing Club (VRC) has not been immune to rising costs across the supply chain required to deliver more than 20 Flemington race days including the four days of the Melbourne Cup carnival,” the statement supplied to The Straight said.
“While the 2024 Melbourne Cup carnival saw increased crowds and viewing audiences, the VRC conducts regular reviews of its cost base to ensure we have the right long-term strategy and operating plan in place to deliver future growth.”
VRC’s costs rose from $231.8 million to $240.8 million in the 2023/24 financial year, while revenue was flat as wagering and other racing revenue dropped away.
Bren O’Brien
Members services and administration costs jumped by $4.5 million, catering, dining and hospitality by $2.8 million, while racecourse and facilities costs leapt by $2.2 million.
Rogers assumed the role in September after former CEO Steve Rosich resigned in April and departed on July 31 after four years in the job.
Writing in the annual report, VRC chairman Neil Wilson backed former AFL executive Rogers to guide the club through a financial downturn.
“We believe Kylie’s career experience and leadership qualities are extremely well aligned to our strategy and the delivery of the next exciting chapter for the VRC,” Wilson wrote.
Bren O’Brien
“Kylie brings fresh perspectives and a strong commitment to the VRC’s future, including a clear vision that honours the club’s proud heritage.
“She is dedicated to placing the horse at the heart of all we do and transforming Flemington into a vibrant, year-round racing and entertainment destination.”
