MVRC announces strong profit at AGM

The Moonee Valley Racing Club’s (MVRC) Annual General Meeting (AGM) was conducted on Tuesday night, with Members advised of a number of exciting new initiatives that will drive the MVRC forward.

The Club declared an operating profit of $2,481,000 for the year to 31 July, 2018, which was a $3,551,000 improvement on the prior year’s loss of $1,070,000. The result was boosted by the receipt of the first $5,000,000 proceeds from the Club’s Master Plan project.

Committee members Don Casboult, John Blight and Jim Hogan retired in accordance with the Rules and offered themselves for re-election. No other Members of the Club offered themselves for election and therefore in accordance with Club Rule 8.6(2), these three Committee members were elected unopposed.

On Tuesday night it was also announced John Blight would step down from the role of Honorary Treasurer, which he has held for seven years. Adam Lennen will step into the vacated Honorary Treasurer position. The Chairman Don Casboult thanked John for his dedication to this important role through an important period for the Club.

The Office Bearers for 2018 / 19 will be:

  • Don Casboult – Chairman
  • David Kobritz – Vice Chairman
  • Adam Lennen – Treasurer

One of the major highlights of the 2017/18 year was the outstanding 2017 Ladbrokes Cox Plate Carnival, which broke records in all areas and produced strong commercial outcomes for the Club. A record attendance for Ladbrokes Manikato Stakes of 11,805, a sold-out Ladbrokes Cox Plate Day of 32,617 and an incredible Winx three-peat showcased the two-day Carnival.

Other key highlights of FY18 included:

  • Signing of $2 billion joint venture agreement with a consortium comprising Australia’s leading superannuation fund HOSTPLUS and leading developer Hamton to redevelop The Valley racecourse into a dynamic urban lifestyle precinct, including new grandstand, track and lights;
  • Ladbrokes appointment as our Principal Partner. Ladbrokes committed to the MVRC for a record term of 8 years and will be a driving force behind the Cox Plate Carnival, our night racing product and the 55 Second Challenge.
  • Acquisition of Leighoak Club gaming venue from Melbourne FC;
  • Continued investment in racing assets, including the refurbishment of jockeys’ room facilities and implementation of a new electronic winning post;
  • Announcement of a prizemoney increase for the Ladbrokes Cox Plate to $5 million.

MVRC Chief Executive, Michael Browell, said the results illustrated the Club was on the path to further success, with some major projects on the horizon that will drive the Club into the future.

“The Committee of the MVRC continues to focus on building a strong and successful Club for the benefit of our Members, racing industry participants and the local community. We are entering an exciting phase in the history of our great Club, as we move into this transition period through the Master Plan project,” Browell said.

“The planning that is being invested in the new Valley and our diversified business model will give our Members every confidence that our Club has a bright future ahead.

“I thank our Members for your continued support of our Club and of your Committee. We look forward to working closely with our valued members as we continue to shape your Club into the future."

Click here to view the 2018 Annual Report

Click here to view the 2018 AGM Chairman's Address