Wilson, who also served as club chief executive for almost three years until November 2020, said the board had a clear focus on serving its members and being a leader in “world-class racing and experiences”.

He said there were “significant positive commercial outcomes to be announced in the coming months”.

The VRC started a six-year partnership with Nine, the owner of this masthead, and gambling giant Tabcorp during this year’s Melbourne Cup carnival.

“The club has sharpened its focus on new revenue opportunities, including realising the Flemington Place precinct master plan which will not only have a significant focus on community engagement and new racing facilities but will enable new commercial opportunities,” Wilson said.

New club CEO Kylie Rogers, who took over the role from Steve Rosich on September 1, said the VRC remained committed to putting “members, and the horse, at the heart of everything we do”.

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“We enter 2025 with a focus on building on the strategic momentum from a successful 2024 Melbourne Cup carnival and building a sustainable and strong financial future,” Rogers said.

“The recent organisational redesign was difficult but necessary to ensure we have the right team [and] the right operating model to deliver new opportunity and growth for our members, partners and wider racing industry.”

Racing Victoria announced on Tuesday that wagering turnover on this year’s Melbourne Cup was five times higher than any other race in the country, attracting $214 million.

Racing Victoria also revealed that spring carnival crowds in Melbourne were up 4 per cent on 2023, but wagering had dropped 7 per cent year-on-year.

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