VRC chairman Neil Wilson did not reference the loss in his annual chairman’s report, but said hosting the Melbourne Cup Carnival cost the club $65 million.

Flemington has continued to carry huge debt since borrowing heavily to open a $128 million grandstand in October 2018. It was then hit by a crowd-free Cup week in 2020 because of the COVID-19 pandemic.

The club said it “maintains a positive outlook for the future” as it entered the first year of a lucrative Melbourne Cup week broadcasting deal with the TAB and Channel Nine, the owner of this masthead.

Flemington crowds were also up by eight per cent to 285,675 during this year’s Cup week – Victoria Derby day (81,612), Melbourne Cup day (91,168), Oaks day (50,873) and Champions day (62,022).

Rogers this year became the VRC’s 14th CEO following the resignation of Steve Rosich.

“We believe Kylie’s career experience and leadership qualities are extremely well aligned to
our strategy and the delivery of the next exciting chapter for the VRC,” Wilson says in his chairman’s report.

“Kylie brings fresh perspectives and a strong commitment to the VRC’s future, including a clear vision that honours the club’s proud heritage.

“She is dedicated to placing the horse at the heart of all we do and transforming Flemington into a vibrant, year-round racing and entertainment destination.”

The VRC had 34,240 members for the past financial year, 19 resident trainers, up to 600 horses and employed 2535 permanent and contracted staff.

Loading

It hosted 22 meetings, created $1.598 billion in wagering turnover and its races paid out $60.85 million in prizemoney.

Wilson said the 2023 Melbourne Cup Carnival delivered more than $468 million to the Victorian economy.

“From pubs and clubs to fine-dining restaurants, independent designers, department stores, primary producers, and winemakers, countless industries benefit from those four days of exceptional racing at Flemington in the spring,” Wilson said.

The Flemington racecourse will host 21 race days this financial year, including the permanent return of the All-Star Mile in 2025.

“Our master plan and vision for the Flemington precinct continues to evolve, and we eagerly anticipate taking our members along on this journey in 2025,” Wilson said.

The VRC is part of a larger racing industry looking to embark on major cost-cutting as the state’s three codes – gallops, harness and dogs – feel the financial squeeze.

This masthead reported last week that the cost-of-living crisis and a drop in wagering turnover had resulted in the three codes losing a combined $58 million in the past financial year.

Racing Victoria chief executive Aaron Morrison said his industry would be looking to save $10 million over the next 12 months by streamlining its media businesses as well as reviewing race programming.

He said Racing Victoria was in talks with the trainers’ association about the possibility of more race-free days, and was speaking to clubs about sharing resources, such as marketing, catering and back of house.

Racing Victoria is also conducting an in-depth review of the more heavily subsidised jumps racing, which will be finalised by the end of November.

News, results and expert analysis from the weekend of sport are sent every Monday. Sign up for our Sport newsletter.