Australian Turf Club (ATC) Ltd continues on a path to secure the future of Sydney racing, boosted by an operating surplus of $4.89m in the 2017 financial year, as reported to Members this week.*1.
ATC Chairman Laurie Macri said increases to prizemoney and investment in core racing infrastructure and facilities were possible due to the strong and focused financial management of the Club.
“ATC is driving projects and outcomes to enhance and secure a strong future for Sydney racing for years to come,’’ Mr Macri said. “The success of the inaugural TAB Everest is a shining example of the future of Sydney racing.
“Our iconic Longines Golden Slipper at Rosehill Gardens, along with The Championships at Royal Randwick in the Autumn, also stand as amongst the world’s best racing Carnivals.
“Enhancing the raceday experience and attracting new customers to these and other events is essential to the ongoing viability of our business and sport.’’
ATC’s underlying financial performance remains strong, and compares favourably with prior periods after normalising interest and depreciation expenses. ATC’s balance sheet has never been stronger, with an increase in debt more than matched by increases in cash on hand.
Racing and training projects such as rebuilding the Kensington track, successful construction of the Canterbury Park Polytrack, full rebuild of training tracks at Rosehill Gardens, and a planned rollout of a co-ordinated program of course proper upgrades are a key focus for the business.
Ongoing ATC projects at Warwick Farm include refurbishment of buildings and facilities, widening and new entry points from Governor Macquarie Drive, and plans for more on-course stabling at Sydney’s largest training centre.
“ATC is modern and forward thinking, and additional spending in these areas is essential for the longevity of the Club,’’ Mr Macri said.
ATC’s Annual General Meeting for Members will be at Royal Randwick on 30 November.
Footnote *1: Operating Surplus is calculated after removing the impact of non-core and non-recurring items from the result.