Harness Racing Victoria (HRV) 2023 Annual Report has today been tabled in Victorian Parliament and can be viewed online here.
FY23 saw HRV report an operating loss including government grants and before revaluations of $6.6 million.
HRV losses are linked to the reduction in JV distributions from Tabcorp resulting in a $1.9 million income reduction alongside a $1.3 million decline in race field fees due to the downturn in the wagering market which affected all racing codes.
An increase in operating costs was driven by $3.3 million in stake money (attributed to full year impact of stake money increases announced in the prior year, increased stake money paid out linked to the Inter Dominion and additional races throughout the year); $1.6 million in CPI salary increases; $1.5 million rise in race day operational costs and $1 million in interest costs due to rising interest rates.
During the year, the Victorian Government provided $16 million in operating grants income to encourage an industry which generates more than $600 million in economic benefit to the state.
The government grants supported the new training centre infrastructure needed to maintain a vibrant harness racing industry and were also channelled into operating expenditure including prizemoney returns to owners, trainers and drivers.
Chairman of HRV Dale Monteith said the Annual Report highlighted HRV’s ongoing commitment to change that focused on growing the sport while acknowledging significant challenges for harness racing in Victoria.
“FY23 provided the industry with a racing season like few others with a five-month long harness racing celebration which spanned Pryde’s Victoria Cup, SENTrack Inter Dominion right through to TAB Summer of Glory,” Monteith said.
“The Victoria Cup achieved international and domestic wagering turnover of $10,398,539. Our racing continues to stand out for its exceptional quality alongside world-class integrity and horse welfare programs that build trust.”
“HRV’s Board and Executive Management Team are continuing to work closely with the government on tackling our financial challenges and exploring how to right size the industry. HRV must also maintain focus on operating efficiencies alongside innovating our racing product, growing our fan base, and creating improved income streams. Critically HRV will continue to consult and work with the industry’s kindred bodies on this process.”
The recently appointed CEO of HRV, Matt Isaacs said that looking to future opportunities was strategically vital for the industry in the coming year.
“Ultimately, HRV shares the same love for the sport as our participants do and will continue to focus on securing and enhancing the sports future here in Victoria in the year ahead and beyond,” Isaacs said.
HRV oversees 27 racing clubs and 18 training centres in an industry that employs 4,500 people and generates an economic impact of $613.5 million, with $450.5 million of that in regional Victoria.