Wyong Race Club has reported another successful year posting a $239,764 profit.
Chairman Garry Whitaker advised Members at the Annual General Meeting on Monday night that the Club continues to make solid progress with a number of impressive new capital projects having been completed and further work to upgrade facilities underway now.
Mr Whitaker said that “financially the Club was in a strong position after three successive years of operating profits, with no debt despite having undertaken $2.98 million worth of capital projects in the past couple of years.”
The most recent upgrade to the Club’s facilities being an impressive air-conditioned permanent marquee able to accommodate over 300 people, which is already proving popular for both race day and non-racing function bookings.
The Club had also undertaken a major refurbishment of the middle floor Owners and Members Lounge as well as further upgrades to its racehorse training facilities.
Since balance date the Club, with funding support from Racing New South Wales, has installed new concrete kerb and rails to its slow sand training track at a cost of $380,000 and the Club has commenced construction work on new entries at both the Howarth Street and Rose Street including new electronic turnstiles.
Mr Whitaker said the $800,000 investment the Club made in a the new horse pool two years back and the ongoing improvements to the training facilities has ensured that the oncourse stabling at Wyong has been fully occupied with Wyong trainers producing a record 234 winners for the 2016-17 racing season.
“The Wyong racetrack is widely viewed as being one of the best Provincial racing venues in NSW, with the Club conducting 22 race days each season and around 10 trials days. In the coming year Wyong will distribute over $5.8 million in prizemoney, with the racing calendar highlights being the $160,000 Carlton Mid Wyong Gold Cup in September and the $200,000 Magic Millions 2YO Classic in December each year.”
Under the new Constitution unanimously adopted in 2016 all four elected Wyong Race Directors were required to stand down this year, with all four subsequently being re-elected unopposed at the Annual General Meeting. On behalf of the Directors Mr Whitaker thanked Members for their continued support.
Wyong’s three independent directors have also completed their initial three year term and Racing NSW is currently advertising for expressions of interest for those appointments, with the current independent directors having indicated that they are also available to continue in office if required.