Perth Racing announces positive FY23 results
Evan Stewart elected to Board
The Western Australian Turf Club (trading as Perth Racing) (“the Club”) recently announced its results for the year ended 31 July 2023, reporting a profit of $539,000.
The Club’s Chair, Colin Brown commented:
“The past twelve months has seen genuine growth and investment in the business. We launched The Pinnacles series in November 2022, with a prize pool that was increased by $3.5m to more than $10.5m across the five feature days, including the new $1.5m Gold Rush.
“First stage nominations for our second year have just closed and the quality is absolutely outstanding, and worthy of our claim to host the best racing in the world at the time. Not only that, but the delivery of WA’s first ever slot race, the $4m Quokka, in April this year exceeded all our expectations and the profile of the race looks set to continue to grow, with a prize pool that has already been increased to $5m for 2024.
Our crowds were up 10% on the previous financial year, and I couldn’t be more pleased to report a return to profitability for the Club.”
The Club’s financial results represent a strong turnaround from the previous year’s loss of $661,000.
A significant focus on people and culture has led to marked improvements in employee engagement, and record conversions of casual staff into permanent positions.
Chief Executive Officer, James Oldring commented:
“The financial results for the Club represent a significant step forward – and whilst there are opportunities in the future to improve revenue from media rights and wagering partnerships, the next twelve months are set to be a challenging period, with significant increases in the cost of labour and services putting pressure on operating margins.
“The commitment of the entire team at Perth Racing has been outstanding over the past year, and the successes we’re able to report are thanks to the collaborative working culture that has been developed at the Club, both internally and with our key industry partners.
“All of us are looking forward to the opportunities ahead, and an exciting year for Perth Racing.”
With increased attendance levels across race meetings (+10%), the Club experienced strong food and beverage sales (+18%) and an uplift in wagering revenues (+12%). These improvements, together with growth in the Club’s non-racing related income, helped deliver a positive result for the year and contributed towards offsetting the significant increases in the costs of operating in a high inflation environment.
A copy of Perth Racing’s Annual Report is available here.
Racing’s socio-economic impact in Western Australia:
Racing generates a total value-added contribution to the WA economy of more than $1.3billion, as reported in the recently published IER report, supporting more than 10,000 full-time equivalent jobs with a direct spending impact of over $1bn.
The report can be downloaded via: https://www.rwwa.com.au/wp-content/uploads/2023/09/RWWA_Report-2023-HR-compressed.pdf
There are 25,000 people involved as volunteers, employees and participants and over 475,000 people a year attend thoroughbred, harness and greyhound racing events.
Almost 50 per cent of the economic value is generated in regional WA and flows back to those communities, making racing a vital part of country life in our state.
Racing’s positive economic contribution in Swan (Belmont and Ascot):
The economic influence of racing extends far and wide, significantly benefiting the electorate of Swan, which encompasses the vibrant areas of Belmont and Ascot.
In this dynamic region, racing has not only become an integral part of the community but also a robust economic engine. The latest statistics from an independent report conducted through IER reveal its profound impact, with racing contributing a staggering $267,471,133 to the local economy.
This contribution translates into more than just numbers; it has generated 2,070 jobs, engaged 914 participants (including dedicated volunteers), and contributed to household incomes with a remarkable $155,848,429.
These numbers underscore the vital role racing plays in the prosperity of the local community.
For more information and updates, please visit Perth Racing's website.
About Perth Racing:
Perth Racing, which manages Ascot Racecourse and Belmont Park, is a club that never sleeps. As Western Australia's only metropolitan club, Perth Racing hosts over 90 meetings per season, as well as many non-raceday events such as industry conferences and company functions.
Ascot Racecourse is more than just a racetrack; it's also a training facility. More than 500 horses are put through their preliminary paces on the Ascot Racecourse gallops during a typical week, and the venue has played an important role in the development of several champions, including two-time WS Cox Plate winner Northerly, the ‘Fighting Tiger’, of whom there is an imposing statue next to the venue's Flametree Lawn.
Belmont Park is located within a torpedo punt of the highly acclaimed Optus Stadium and is currently the centre of WA’s largest urban regeneration project, the $3.8bn redevelopment of the land surrounding the racecourse by developers Golden Sedayu.
Proposals for the development include 4,500 new dwellings, a 30,000sqm shopping precinct, luxury hotel and over 110,000sqm of public open space.
Evan Stewart elected to Perth Racing Board:
Evan Stewart, who is currently Acting CEO for WA Basketball, was elected to the Perth Racing Board at the Club’s AGM on Wednesday evening (18 October, 2023).
Mr Stewart commented:
“I would like to thank the Members for putting their faith in me to support the continued growth of Perth Racing alongside the other Board members, the CEO and the Executive Team.
Perth Racing is in a really positive space, with The Pinnacles and The Quokka showcasing what is an all year-round operation supporting racing in Western Australia.”
Colin Brown was returned as Chair at a meeting of the Board on Thursday, 19 October, in what is the final year of his tenure. Mr Brown was elected to the Board in 2016 and has been Chairman since 2018. He brings immense industry experience and passion through his many years of involvement from stable-hand to strapper, to owner, breeder nd now co-owner of Mogumber Park Thoroughbred Stud, which he runs with his Equine Veterinarian wife, Dr Fiona Lacey. Mr Brown also operates a consultancy business focusing on governance, management and strategy improvement for sport and recreational organisations.
At the same Meeting, Carol Adams OAM was appointed as Vice Chair. Ms Adams was appointed to the Board in 2022 and brings to Perth Racing an extensive and distinguished background in the local government sector as well as strong legal, governance and strategic planning experience. A past board member of the Metropolitan Redevelopment Authority and several professional and not for profit and voluntary associations, Carol places a strong community and stakeholder engagement lens over the Board’s strategic direction and decision making.