In total, six VRC members – three incumbent directors and three additional candidates – stood for three vacant positions.
The three directors bring a wealth of experience across industries including finance, technology, property and real estate, complemented by a passion for thoroughbred racing and breeding.
VRC Chairman Neil Wilson commented on the reappointments.
“The VRC Board of Directors has a clear focus to serve its members and continue to realise the Club’s vision of being a leader in world-class racing, and experiences,” Mr Wilson said.
“There were several highlights last season including record membership of more than 34,000 members, increased attendance over the 2023 Melbourne Cup Carnival, a record economic return for Victoria from the four-days of Cup Week and a significant amount of money raised for the community.
“The Club continued to invest in the 2024 Melbourne Cup Carnival and across a range of initiatives with the knowledge that there were significant positive commercial outcomes to be announced in the coming months and we are now very well placed to create and deliver on the aspirations of the club well into the future.
“The six-year partnership with Tabcorp and Nine is a landmark media rights and sponsorship agreement for the VRC and the recent 2024 Melbourne Cup Carnival has proven a great endorsement for the partnership and a platform for the future.
“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.
“As a result of the media rights and sponsorship agreement and other cost and revenue improvements, the Club is now forecasting record revenue and profit levels and a significant reduction in our debt in the coming years.
“We thank our members for their loyalty and support as we transition into an era of growth and opportunity for our year-round racing and events which will see Australia’s largest racing club continue be a leader on the world racing stage and a major economic contributor both nationally and to the state of Victoria.
“Early indications point to another leading benchmark for member and customer satisfaction and a record expenditure uplift to the Australian economy from the 2024 Melbourne Cup Carnival, closing in on $1 billion dollars, and a significant uplift in Cup Week economic contribution to the state of Victoria. We look forward to announcing the full research data in coming months.”
At the AGM, Mr Wilson and VRC Chief Executive Officer Kylie Rogers acknowledged the success and challenges of the 2023/24 racing season.
“Our strategy remains committed to ensuring we put our members, and the horse, at the heart of everything we do, and 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,” Ms Rogers said.
“The recent organisational redesign was difficult but necessary to ensure we have the right team the right operating model to deliver new opportunity and growth for our members, partners and wider racing industry.”
Outside of increased attendance for the 2023 Melbourne Cup Carnival, other highlights from the 2023/24 racing season include:
- The 2023 Melbourne Cup Carnival delivered its highest ever return to Victoria with $468.3 million in gross economic benefit, a 10.9% increase on 2022.
- The 2023 Lexus Melbourne Cup was watched by more than 2.4 million viewers nationally on Channel 10, 10 Play, TAB, Racing.com and other platforms, with 10 Play’s total live stream audience increasing 35% on 2022. More than 1.68 million people tuned in to Network 10’s free to air coverage of the Lexus Melbourne Cup, an increase of 12% year on year.
- The 21st edition of the annual Lexus Melbourne Cup Tour was a record-breaking journey which in 2023 saw the iconic trophy travel to 41 destinations, with the final route spanning seven countries including Australia, New Zealand, the United Kingdom, Ireland, France, Hong Kong and Japan.
- More than $1 million dollars was raised over a two-year partnership with the Australian Childhood Foundation as Pin & Win partner. In 2024 the VRC announced the Victorian and Tasmanian chapter of Ronald McDonald House Charities as the official Pin & Win charity partner for 2024-2025.
- In its 61st year, Fashions on the Field introduced a new international element, with 1,100 entrants from around the world and Australia, and a prize pool exceeding $350,000 provided by the VRC’s valued partners.
- More than 817,000 guests attended Flemington Racecourse across the 2023/24 season for racing and non-racing events.
- The 2024 autumn carnival produced memorable racing moments across three Group 1 race days, with the expansion of the autumn carnival to include the Group 1 All-Star Mile on Super Saturday in 2025.
