Harness Racing Victoria determined that it will not proceed with a return to Moonee Valley following a comprehensive assessment of the redevelopment opportunity and its implications for the industry.
While the proposal was considered in detail over an extended period, HRV concluded that it did not represent the most appropriate use of industry funds or the strongest long-term position for Victorian harness racing.
First and foremost, HRV acknowledges the significant role Moonee Valley has played in the history of Victorian harness racing. The venue has been synonymous with many of the sport’s greatest moments and remains highly regarded by participants and supporters alike.
For that reason, HRV’s Board and Executive explored opportunities to incorporate harness racing into the redevelopment plans and worked constructively with Moonee Valley Racing Club over an extended period.
The concept under consideration was significantly more than simply returning harness racing to the venue. It involved the creation of a new integrated racing model, including the proposed establishment of a combined Moonee Valley Racing and Harness Racing Club.
While the vision was compelling, the commercial realities presented substantial challenges.
Under the proposed arrangements, HRV would have been required to fund the harness racing-specific infrastructure necessary for the venue to operate. This included construction of a new harness racing track, tunnelling and access works, lighting infrastructure, stabling facilities and associated operational requirements. The estimated cost of these works alone was approximately $35 million.
In addition, HRV was expected to make a substantial financial contribution towards the broader redevelopment and associated facilities required to support the project.
The proposed model also contemplated the retention of venue-based commercial and sponsorship revenues by the operating club, while HRV would continue to carry significant industry funding obligations associated with racing operations.
While wagering modelling indicated that a premium metropolitan venue may generate improved wagering outcomes relative to existing operations, those benefits were largely offset by the materially higher operating and funding requirements associated with conducting racing at a premium inner-metropolitan facility.
After extensive analysis, HRV concluded that the projected return on investment did not justify the level of capital required.
Importantly, funding participation in the redevelopment would likely have required the liquidation of existing industry assets, including consideration of the future of Melton. Such an outcome would have fundamentally altered the industry’s long-term asset position and future strategic flexibility.
HRV also considered the broader policy environment surrounding industry land holdings and government asset arrangements. These settings created additional complexities and uncertainty regarding the ability to fund a project of this scale while protecting long-term industry interests.
The Board ultimately determined that maintaining and preserving industry-owned assets represented a more prudent course of action than directing substantial capital towards infrastructure that would not be owned or controlled by the broader harness racing industry.
This decision was not a reflection on the quality of the Moonee Valley redevelopment or the efforts of Moonee Valley Racing Club. Rather, it reflected HRV’s responsibility to ensure that participant funds and industry assets are allocated in a manner that delivers the greatest long-term benefit for Victorian harness racing.
HRV remains committed to investing in infrastructure, participant returns, wagering performance and strategic projects that strengthen the long-term sustainability of the sport.
While a return to Moonee Valley would undoubtedly have delivered a unique and exciting racing experience, the Board’s responsibility is to assess opportunities through a commercial and whole-of-industry lens.
After careful consideration, HRV determined that the proposed redevelopment did not represent the best long-term investment outcome for Victorian harness racing.
MATT ISAACS
HRV CEO
