RV posts surplus for last financial year

Racing Victoria has posted a net surplus of almost $9 million for the last financial year while also delivering significant targeted increases.

RV delivered an $8.8 million surplus for 2018/19 which adds to its balance sheet of $81.4 million under investment as a safeguard for the industry.

Turnover for the financial year increased 1.4 per cent to $364.2 million with prize money across the state increasing by 12.2 per cent.

There are 71,388 owners participating in Victorian racing, a rise of 6 per cent while there was a 3.3 per cent increase to attendances with 1.4 million attendees statewide.

RV said it had secured the best outcomes for industry stakeholders by giving a four-year commitment to maintain the Victorian Racing Industry Fund to support investments in infrastructure, integrity and welfare with $11 million spent on integrity, safety and welfare during the financial year.

It also secured compensation to offset the Point of Consumption Tax along with a government commitment for the review of the POCT by July 2020.

RV chief executive Giles Thompson said it was a positive set of results for the industry, demonstrating the financial health of Victorian thoroughbred racing.

“It is particularly pleasing to maintain a strong financial position while significantly increasing our investment in prize money, infrastructure and club funding,” Thompson said.

“This has allowed us to maintain terrific customer engagement through growth in attendances, media and wagering.

“That said, we remain vigilant with challenging times ahead as the wagering market continues to evolve and the impact of the Point of Consumption Tax materialises.

“There is much work to be done on our media and wagering frameworks with rights agreements nearing their expiry and the government embarking on its process for the allocation of the post-2024 wagering licence.”

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