Wyong Race Club has had a very successful 12 months with the Club reporting an operating profit of $231,844 for the 2015/16 financial year after investing $1.774 million on an impressive schedule of major capital works.
Chairman Garry Whitaker advised members at the Club’s Annual General Meeting last night (Monday 14 November) that it had been a busy and rewarding year for the Club.
“A great deal has been achieved in the last 18 months since the new Board was appointed and we are only getting started,” Mr Whitaker said.
Wyong Race Club posted a surplus for the 2015/16 year of $1,112,812 ($524,645) inclusive of $834,053 ($273,447) of Racing NSW infrastructure grant funding.
Total revenue for the year was $10,055,155 ($9,529,265 IN 2014/15) with the Club paying out $4.14m in prizemoney. Prizemoney at Wyong is set to increase to a record $5.27m this racing season with Racing New South Wales recent announcement of $30,000 minimum stakes for all races run at the Provincial Clubs.
During the year Wyong completed the construction of its new horse pool, which in total cost just over $800,000. The horse pool has proved very popular, with an average of 1160 horses per month using it.
The Club also spent $524,000 on a new computerised pump and irrigation system for the course proper to ensure the racetrack is able to be well maintained for its busy racing schedule. RNSW funding received by the Club was made available to support both the horse pool and irrigation projects with the Club providing the balance of the costs.
At its own expense the club has installed a new 82sqm infield video screen costing $360,000, which has significantly enhanced the oncourse viewing experience for racegoers. The club also spent $200,000 of their own funds to construct new female jockey change rooms, extend the training track walk-off area for horses to improve safety and reduce congestion, replace part of the Howarth Street boundary fence and establish the new marquee site.
The Chairman advised Members that despite the high levels of capital expenditure the Club’s cash position had improved from $319,000 two years ago, to $1.86m as at 30 June this year with no debt.
“As a direct result of our strong financial position, since the 30 June 2016 balance date the Club has spent a further $500,000 on a major refurbishment of the middle floor Members and Owners’ Lounge, which was completed ahead of the Club’s Cup meeting in September, and has also imported a new 450sqm permanent marquee from Germany, which will be in place for the Club’s upcoming Christmas Racing programme.
Mr Whitaker said the Board is committed to delivering on its vision to be a “Racing and Training Centre of Excellence, incorporating high quality Member and community facilities.”
Wyong trainers enjoyed a record year in 2015-16, producing 207 Wyong trained winners, the first time over 200 NSW winners had been achieved by the centre.
The Club successfully conducted 21 race meetings, with the racing highlight being Capitalist’s win in the $200,000 Wyong Magic Millions 2YO Classic back in December. Capitalist went on to win the $2m Gold Coast Magic Millions and the $3.5m Golden Slipper Stakes to become Australia’s Champion Two year old of his year.
No election was required for the Wyong Race Club Board this year, with retiring director Mark Waugh returned unopposed.
Ends: more info David Jewell, CEO email@example.com T: (02) 4352 1083