Harness Racing Victoria has made significant strides in its transformation to financial sustainability, which are outlined in today’s release of the 2024-25 Annual Report.
The HRV group’s performance represented a $14.2 million improvement year-on-year before operational grants, having achieved year two of its turnaround program and on course to break even in FY26.
The Annual Report, which was tabled in State Parliament today and can be viewed here, noted that:
- The HRV group, which is inclusive of Melton Entertainment Park, recorded an $11.6 million loss, a significant improvement on FY24 (-$25.8 million) and FY23 (-$22.6 million).
- Year two of a three-year cost-out program to return the industry to break even, the improvement in FY25 was achieved off a $19.7 million decrease in costs, including a $10.3 million decrease in operating costs and $9.9 million in participant returns.
- The result was achieved despite challenging market conditions that contributed to a $5.6 million decrease in revenue, due to a softening wagering market (-$0.7 million) and the conclusion of the Victorian Racing Industry’s (VRI) joint venture. A $12.7 million reduction in Tabcorp VRI revenue was partially offset by $10.5 million in point-of-consumption tax.
- HRV’s gaming and hospitality venue, Melton Entertainment Park, delivered a $0.4 million profit. It is in addition to $0.8 million in rent to HRV and part of a $2.8 million overall contribution to the Victorian harness racing industry.
- The Victorian Government provided $13.4 million in operating grants, its final tranche of the solvency support approved in December 2023, which resulted in an overall $1.4 million profit for the year.
- Average race turnover increased by 0.6 per cent year-on-year, a pleasing result built from a reformed racing calendar that prioritised races whose shape, time, and location maximised bettors’ engagement, while delivering travel-time efficiencies for participants. Total turnover was $904 million, a decrease of 8.4 per cent, reflecting an 8.9% decrease in races. February’s A. G. Hunter Cup delivered the highest turnover ever recorded for a Victorian harness racing, up 14.7 per cent year-on-year.
- HRV’s integrity department implemented a new stable inspection framework, which evaluates the five domains of animal freedom and emphasises regulatory adherence and horses’ quality of life. Advances in horse temperature management have enabled earlier detection of illnesses, prevented infectious outbreaks, strengthened biosecurity, and improved horse care. Some 4172 horses were swabbed or tested (12.74 per cent of all starters) in an intelligence-based targeting program to allow for the efficient use of resources and to focus on areas of greatest risk.
- Harness racing in Victoria contributed more than $180,000 in 2024-25 to support health sector not-for-profits, continuing its long-term charitable partnerships. That included contributions to Team Teal to help WomenCan support ovarian and gynaecological cancer research and education, to Pacing For Pink to support the McGrath Foundation’s funding of breast care nurses, and the Good Friday Appeal in aid of the Royal Children’s Hospital.
- Champions of harness racing in Victoria were celebrated on and off the track, including the presentation of the Gordon Rothacker Medal to Clinton Welsh, Ted Demmler’s elevation to a Victorian Harness Racing Hall of Fame Legend, and Just Believe’s second successive winning of the Victorian Horse of the Year.
HRV Chief Executive Officer Matt Isaacs:
“The 2024–25 financial year marked a pivotal period of transition and renewal for Harness Racing Victoria. It was a year in which we made tangible progress towards financial sustainability, operational efficiency, and more substantial alignment across our industry, while continuing to deliver on our core purpose — to sustain, grow, and celebrate harness racing across Victoria.
“Two and a half years into my tenure as CEO, I am proud of the resilience and commitment demonstrated by our people and stakeholders in navigating a challenging environment. Harness racing in Victoria continues to contribute more than $613 million annually to the state’s economy and supports more than 4000 full-time equivalent jobs, predominantly in regional communities. That impact remains our motivation and our mandate.
“As we look ahead to FY26, HRV’s priorities are clear — to complete our transformation program, deepen industry collaboration, and implement a sustainable racing model that balances competitiveness with commercial reality. Already, we have seen valued Vicbred vouchers connect owners with breeders to put foals – our future champions – on the ground, and that the best of our sport, the Summer of Glory, has been elevated with greater prize money, the spotlight of national free-to-air broadcasts, and innovative bonuses, which will ensure harness racing shines brightly and grows its fan base.”
