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2022 11 23

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Moonee Valley Racing Club respectfully acknowledges the Traditional Custodians of this land – the Wurundjeri Woi-wurrung people of the Kulin Nation – and pays our respects to its Elders past, present, and emerging.

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The Moonee Valley Racing Club’s Annual General Meeting (AGM) for the year ending 31 July 2022 was conducted on Tuesday 15 November. Here's a summary of the AGM and some highlights for the Centenary running of the Ladbrokes Cox Plate Carnival.

POST ANNUAL GENERAL MEETING 2022 ANNOUNCEMENT

The Moonee Valley Racing Club’s Annual General Meeting (AGM) for the year ending 31 July 2022 was conducted on Tuesday 15 November and I have summarised the key points from the meeting in this post.Election of Committee Committee Members David Kobritz, Adam Lennen and David Sinn retired in accordance with Club Rules and had 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) the three Committee members were elected unopposed. David, Adam, and David were congratulated on being re-elected and we look forward to their continuation as Committee Members.Election of Office Bearers Following the AGM, the Committee met to determine the Office Bearers.&nbsp;Chairman: &nbsp;Don Casboult was re-elected as ChairmanVice Chairman: David Kobritz announced that he would not seek re-election as Vice Chairman having served the Club in this role since August 2017. &nbsp;David will remain on Committee and continue to Chair the Property Sub-Committee. Adam Lennen was elected as Vice Chairman&nbsp;Treasurer: Adam Lennen was re-elected as Treasurer Chairman Don Casboult thanked David Kobritz and expressed his gratitude for the tremendous contribution that David has made to the MVRC throughout his term as Vice Chairman. &nbsp;David has been instrumental in the Club’s Master Plan project, and through his leadership and his commitment, the Club is well on its way to seeing this transformational project become a reality. &nbsp;Chairman's Address Further to the Chairman’s Report contained within the <a href="https://mvrc-auth2.racingjd.com/-/media/mvrc/files/annual-report/2022-annual-report.pdf?la=en" rel="noopener noreferrer" cd-link-manager-tab="1" data-cke-saved-href="https://mvrc-auth2.racingjd.com/-/media/mvrc/files/annual-report/2022-annual-report.pdf?la=en" target="_blank">2021 / 22 Annual Report</a>, the following points were noted during his address:&nbsp; &nbsp;<ul><li>The Club celebrated the Centenary of our signature race – the W.S. Cox Plate, with Godolphin galloper star Anamoe victorious. &nbsp;Congratulations were extended to owner His Highness Sheikh Mohammed Bin Rashid Al Maktoum, trainer James Cummings and jockey James McDonald.&nbsp;</li><li>The Ladbrokes Manikato Stakes was transferred to Ladbrokes Cox Plate Day following an electrical storm. &nbsp;The Chairman expressed his gratitude to RV Stewards, trainers, and jockeys for their support of this decision. &nbsp;</li><li>Consideration will be given to changing the Ladbrokes Cox Plate Carnival programming. Committee to consider adding the Ladbrokes Manikato Stakes to Ladbrokes Cox Plate Day and identifying a suitable feature race for our Friday night Cox Plate Eve meeting&nbsp;</li><li>Congratulations were extended to Bella Nipotina’s owners, trainers Ciaron Maher and David Eustace and jockey Craig Williams on their Ladbrokes Manikato success.&nbsp;</li><li>Wagering turnover across the two-day Ladbrokes Cox Plate Carnival was a record $187.8m – up 0.7% on 2021 figures which was the previous record. &nbsp;Ladbrokes Cox Plate Day turnover was $160.4m – up 18% on 2021 ($136m).&nbsp; Ladbrokes Cox Plate Day was the third highest wagering result of the Spring Carnival, just $5.6m behind VRC Derby Day ($166m). &nbsp;The 2022 Ladbrokes Cox Plate was the second highest wagered race of the 2022 Spring Carnival at $40.4m.&nbsp;</li><li>The 2022 Ladbrokes Cox Plate lived up to its billing as ‘Australia’s Best Race’</li><li>The Club extended its partnership with Ladbrokes for a further ten-year term. &nbsp;The Chairman thanked Entain Australia CEO Dean Shannon and Executive Director – Stakeholder Engagement Karl deKroo for their ongoing support of the Club and racing at The Valley.</li><li>The Chairman thanked his fellow Committee members and staff for their support and their contribution to The Valley.</li></ul><figure class="image"><img style="aspect-ratio:600/380;" src="/dam/jcr:c22bb350-03b4-40b6-b10c-bb4fb554e90f/mvrc_ceo_message_anamoe_hero_cox_plate_2022_winner.jpg" width="600" height="380"></figure>Treasurer's Report Treasurer Adam Lennen referred members to the 2021 / 22 Financial Statements contained in the Annual Report and addressed the following key points:<ul><li>The first quarter of FY22 was impacted by COVID with crowds not permitted at race meetings, the closure of the Club’s gaming venues and the closure of the hospitality and events activity.</li><li>Despite this impact, the Club finished the year with a cash position of $5.8m, undrawn debt facilities of $20.8m and a net asset position of $265m.</li><li>FY22 reported net loss of $10.3m (FY21 $2.3m net loss) was $8.0m below the prior year due to:<ul style="list-style-type:disc;"><li>no JobKeeper funding received in FY22 (versus $3.5m in FY21);</li><li>FY21 includes a $1.2m profit on the sale of media related investments;</li><li>raceday and hospitality/gaming income was $6.5m above the prior year, with related expenditure marginally ahead of the increased income due to industry-wide cost increases in food and beverage and staffing; and</li><li>masterplan related costs increased by $1.0m (accelerated depreciation $2.5m, sales and marketing $2.3m and interest expense $1.5m).</li></ul></li><li>Looking ahead, FY23 commenced with:<ul style="list-style-type:disc;"><li>the exciting announcement of the extension of the Ladbrokes sponsorship as Principal Partner for a further 10 years;</li><li>a return of a strong crowd at the Ladbrokes Cox Plate Carnival with an elevation of the member and customer experience; and</li><li>the hosting of the All-Star Mile.</li></ul></li></ul>Masterplan UpdateThe Chief Executive provided members with an update on key activities relating to the Master Plan and the Moonee Valley Park project: &nbsp;<ul><li>The first stage of the Moonee Valley Park Project – Feehan Row townhouses – was completed in August 2022 with the first residents moving into the precinct. &nbsp;This was an important project milestone for the Club and our Development Partners Hostplus and Hamton.&nbsp;</li><li>The second and third project releases are under construction with all dwellings sold. &nbsp;The second release of Feehan Row townhouses will be completed in Q3 2023 and the first apartment project – Thomas Street – should be completed in Q1 2023.&nbsp;</li><li>The fourth and fifth projects are now in market and are selling well. &nbsp;Construction of both Stonepine House and Trackside House is earmarked for Q2 2023.&nbsp;</li><li>Trackside House is the first project that will have views across the new Valley racecourse back to the Melbourne city skyline. &nbsp;</li><li>The Club has made significant progress on the design of the new racecourse and related horse facilities, the Grandstand, Clubhouse and infield. &nbsp;A Working Group has been formed with the Moonee Valley City Council to consider the options for the development of the infield. &nbsp;</li><li>The dam consolidation project was completed in June. &nbsp;This project reshaped the dam and the area where the new home straight will be located was filled and compacted.</li><li>Commencement of the reconstruction of ‘The Valley of Tomorrow’ remains on schedule for November 2025.&nbsp;</li></ul><figure class="image"><img style="aspect-ratio:600/380;" src="/dam/jcr:393710dd-7617-4275-9b89-c2446ec08b74/mvrc_ceo_message_master_plan_feehan_row.jpg" width="600" height="380"></figure>In closing, the Chairman thanked members for their ongoing support of the Club. &nbsp;The Chairman acknowledged the great challenges of the past two years as a result of the COVID-19 pandemic but believed that the Club was in a strong position as we embark on this exciting next period leading towards the redevelopment of The Valley.&nbsp;&nbsp;Michael BrowellChief Executive Officer

Message From CEO's Desk

Construction of Trackside House and Stonepine House commences&nbsp;July marked another important milestone with the sod-turning ceremony held at Moonee Valley Park, which signalled the beginning of construction for Trackside House and Stonepine House. This ceremony was significant in the ongoing redevelopment project of our new community, accomplished in collaboration with our Development Partners: Hamton, Hostplus, ISPT, and builders Icon.The commencement of Trackside House and Stonepine House stages signifies the culmination of Phase 1, and we are delighted to witness the progress of the project so far. These stages bring us closer to realising the vision of Moonee Valley Park, offering an exceptional living experience for our future residents. We eagerly anticipate the completion of these stages in 2025.Trackside House will provide 204 apartments, offering a modern and luxurious lifestyle with breathtaking views of the track. Stonepine House will feature 122 apartments, blending contemporary design with the natural beauty of the surrounding parkland. Both developments will contribute significantly to the growth and vibrancy of our community.We extend thanks to our Development Partners Hamton, Hostplus, and ISPT for their unwavering commitment and expertise throughout this journey.

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The Moonee Valley Racing Club’s Annual General Meeting (AGM) for the year ending 31 July 2022 was conducted on Tuesday 15 November. Here's a summary of the AGM 

Latest News

Latest update on Moonee Valley Park redevelopment with construction milestones and new residents. Exciting developments at Feehan Row and Thomas Street. Trackside House and Stonepine House commencing construction.

MVRC Redevelopment Update

Stay updated on the Moonee Valley Park redevelopment. Key milestones, new residents, and ongoing construction progress. Discover the luxurious apartments at Trackside House and Stonepine House.