Australian Turf Club (ATC) Ltd is in a strong position to return its business to an Operating Surplus this financial year after significant investments in racing infrastructure, prizemoney and feature Spring and Autumn Carnival racing in 2018.
ATC reported to its Members an Operating Loss of $1.84m for the year ended 31 July 2018 against an Operating Surplus of $4.89m in 2017.*
On the back of an increase in revenue from operations to a record of $249.9m and increases in prizemoney of $14.1m to a total of $115.9m, the result follows several strategic initiatives by ATC over the past 12 months to invest in its staff, and Sydney racing’s training and customer facilities at ATC’s racecourses, including:
• The running of the inaugural TAB Everest, which drew a record ATC crowd to Royal Randwick and introduced a new, younger audience to racing;
• Major investment in the Longines Golden Slipper Carnival at Rosehill Gardens, attracting a 20 per cent increase in raceday crowds on previous years;
• Increased expenditure on maintenance and management across all race tracks;
• Investment in ATC staff development and training.
The capital works program of more than $46.6m for the year included:
• Finalisation of the full rebuild of the Kensington Track surface at Royal Randwick;
• Further outlays on training facilities at Rosehill Gardens and Canterbury Park;
• The completion of new raceday horse stalls and multi-deck car park at Royal Randwick.
Australian Turf Club Chairman Matthew McGrath said ATC Directors were confident of an Operating Surplus in 2019.
He also acknowledged former Chairman Laurie Macri – who stepped down as Chairman in September – for his contribution to the ATC.
“ATC is continuing to build for the long-term the future of Sydney racing with significant investment in training and racing infrastructure,” Mr McGrath said.
“We are strategically investing in our racing across major carnivals and also KIA Friday Night Racing at Canterbury Park to further increase raceday crowds at our venues.
“The Board and I are also very keen to further invest in our people which will ultimately benefit all ATC members and all of our customers and racing participants.”
ATC’s Annual General Meeting for Members will be at Rosehill Gardens on 29 November.
Footnote: *Operating Surplus or Loss is calculated after removing the impact of non-core and non-recurring items from the result.