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Victoria Racing Club announces a $24.2 million loss for the 2023/24 financial year

The Victoria Racing Club (VRC) has reported a significant financial loss of $24.2 million for the 2023-24 financial year, largely attributed to a $30 million investment in the Flemington Racecourse masterplan. Despite this, the VRC saw a revenue increase to $118.6 million, up by $10.6 million from the previous year, driven by higher attendance at the Melbourne Cup Carnival and increased membership. However, expenses also rose by $15.6 million, primarily due to the masterplan costs. The club's CEO, Steve Rosich, remains optimistic, highlighting the long-term benefits of the infrastructure investments and the club's strong financial position with $100 million in cash reserves. The VRC also noted a 10% increase in membership and a 15% rise in attendance at the Melbourne Cup Carnival, indicating robust community support and engagement.

Read the Full Couriermail Article at [ https://www.news.com.au/sport/superracing/victoria-racing-club-announces-a-242-million-loss-for-the-202324-financial-year/news-story/ca211e6a570393102a33faa558b98385 ]