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

  Copy link into your clipboard //media-entertainment.news-articles.net/content/ .. million-loss-for-the-2023-24-financial-year.html
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          🞛 This publication is a summary or evaluation of another publication 🞛 This publication contains editorial commentary or bias from the source
  The Victoria Racing Club's financial issues have worsened over the last year after the Melbourne Cup host announced another massive loss for the most recent 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 ]