A successful 2024 Melbourne Cup Carnival, combined with growth across commercial partnerships, media rights, record membership, and a suite of operational and organisation efficiencies have driven this outcome and created a platform for sustained and improved returns to the Club. This result also reflects the return on the continued commitment by the Club to ongoing investment and innovation post the COVID-19 period.
Included in the result was the Club’s ongoing commitment to the Victorian racing industry, which involved prize money top ups to key Flemington races of $7.3 million, as well as investing in training and racing facilities to ensure the precinct upholds its world class standards.
VRC CEO Kylie Rogers said focused financial discipline and commercial activity across the Club has enabled it to deliver a significantly improved financial position.
“We are in the process of working through our new 3-year strategy, and the $17.9 million dollar EBITDA turn around is an important start in returning to the Club to a net profit position,” Rogers said.
“Over the last financial year, we have had a clear focus on increasing club revenue, which has included strengthening our commercial partnerships, growing our membership base to a record 35,371, and a new media rights partnership with TAB and the Nine Network.
“We have been disciplined in our approach, managed our expenses, and right sized our business to ensure operational efficiency. Over this period, we have decreased our spending by $8.7 million and paid down a further $5 million dollars of debt.”
The significant turnaround resulted in a net loss of $7.2 million dollars, down from $24.2 million dollars in 2024, and the Club is forecasting further improvement in the year ahead.
“We are under no illusion there is still plenty of hard work ahead, but the plans are in place and the outlook is positive, and we are committed to building on these sound foundations.”
“The Board has approved plans for the 2026 financial year. Driven by the success of the 2025 Melbourne Cup Carnival, and ongoing revenue growth and further operating efficiencies we are expecting to deliver another year of improved EBITDA growth, further debt reduction and increased investment in our strategic pillars.
“We would like to acknowledge the valued support of the Victorian Government, specifically the Minister for Racing, The Honourable Anthony Carbines, and the Minister for Tourism, Sport and Major Events, The Honourable Steve Dimopoulos, as well as Racing Victoria for their contribution to and ongoing support of the VRC and the Melbourne Cup Carnival.”
