Victoria Racing Club Board Election Result and Annual General Meeting
Victoria Racing Club directors David Barham, Glenn Carmody, Vincent Cox, Michael Saadie and Neil Wilson will continue to serve on the club’s board following today’s Annual General Meeting.
The five incumbent directors were declared elected without ballot at the AGM.
The five directors bring a passion for racing and a wealth of experience across industries including media, finance, information technology and thoroughbred racing and breeding.
VRC Chairman Neil Wilson commented on the reappointments.
“The VRC Board of Directors will continue to serve in the best interests of VRC members and strive towards the club’s vision of being a world leader in racing, events and experiences,” Mr Wilson said.
“Last season saw the club reach a new record level of membership with 33,120 members, cementing the VRC as the largest member-based racing club in the world.
“We thank all members for their loyalty and support as we continue what has already been a great 2023/24 season of racing and events at Flemington.”
At the AGM, Mr Wilson and VRC Chief Executive Officer Steve Rosich acknowledged the highlights and challenges of the 2022/23 racing season.
“The VRC is pleased to report a positive EBITDA for the financial year 2022/23 after strategic investments and we are well placed to drive our earnings and enhance our balance sheet for the future,” Mr Rosich said.
More than 244,000 people attended Cup Week in 2022 despite challenging weather, with other highlights from the 2022/23 racing season including:
- Approximately 2.5 million people tuned in to watch the 2022 Lexus Melbourne Cup across all platforms, including the Network 10 broadcast, 10 Play, Racing.com, KAYO, the TAB app, Sky Racing and the VRC’s own Inside Run platform.
- The inaugural TAB Champions Stakes Day was introduced as the new spring grand finale for Australia’s best gallopers.
- A record wagering result for the Melbourne Cup Carnival with an increase of more than 7% on 2021’s record.
- The Lexus Melbourne Cup Tour celebrated 20 years with the famous three-handled Cup travelling across Australia, New Zealand and Singapore, visiting 33 different locations.
- Australian Childhood Foundation becoming the 16th charity to partner with the VRC, with more than $480,000 raised in the first year of the Pin & Win partnership.
- More than $1 million raised in total for various charities across Cup Week.
- The 60th anniversary of Myer Fashions on the Field fashion event which showcased inclusion and individuality with new Best Dressed and Best Suited categories.
Mr Wilson also covered some of the season highlights outside of the 2022 Melbourne Cup Carnival.
“The new-look 2023 Flemington Racing Spectacular featured three Group 1 race days with the standalone TAB Australian Cup Day, giving members another opportunity to experience a Group 1 race day at Australia’s premier racetrack.
“The 2023 Flemington Racing Spectacular provided another chance to use our platform for the wider community, raising close to $50,000 for the Child and Racehorse Movement (CARM) and the Good Friday Appeal. This built on significant fundraising of more than $1 million during the 2022 Melbourne Cup Carnival which contributed to a number of charities including the Australian Childhood Foundation and GIVIT.
“We continue to support important equine welfare initiatives, including meaningful programs such as Riding for the Disabled Association (RDA), Racing Hearts, Equine Pathways and CARM. In addition, we continued our financial support of Living Legends, with racegoers enjoying the interaction with two past champions at every Flemington race day.
“Flemington Racecourse is one of Melbourne’s most iconic venues and our expanding outdoor events program is an important part of our business and assists us to be able to invest in Flemington and our club.”
In closing the meeting, Mr Wilson thanked the VRC Board, management, and entire VRC team for delivering on key objectives during the 2022/23 season and the platform it provides for success in the 2023/24 season.
The 2023 Melbourne Cup Carnival saw Flemington Racecourse host the biggest four days in Australian racing, as more than 262,000 fans enjoyed the carnival at the track, an increase of 7.5% on 2022, and new records set for fundraising initiatives.
“In 2023 the VRC was proud to set a new fundraising record for the Melbourne Cup Carnival Pin & Win initiative with $544,000 raised for Australian Childhood Foundation. The club’s community partnerships with the Good Friday Appeal on Kennedy Oaks Day and the Victorian Branch of the Returned & Services League of Australia on TAB Champions Stakes Day were also successful in raising awareness and funds for those important charities,” Mr Wilson said.
The 2023 Lexus Melbourne Cup was watched by more than 2.4 million viewers nationally on Channel 10, 10 Play, TAB, Racing.com and other platforms, with 10 Play’s total live stream audience increasing 35% on 2022. More than 1.68 million people tuned in to Network 10’s free to air coverage of the Lexus Melbourne Cup, an increase of 12% year on year.
“On behalf of the VRC, I would also like to thank the Victorian Government, Racing Victoria, corporate partners and sponsors for their ongoing support during the year.”