Harness Racing Victoria (HRV)’s annual report for the 2024 financial year has been tabled in Victorian Parliament and can be viewed online here.
HRV recorded, before State Government operating grants, a $25.8 million loss, which was $3 million more than the previous year and reflected declining revenue from the softening wagering market and inflation-driven costs.
The loss would have been significantly higher without HRV’s intervention from October 2023, which directly cut $6.6 million from potential losses.
Operating costs included a $3.4 million increase to partly fund LED light projects at Cranbourne, Geelong and Kilmore, and race day stabling at Terang, while HRV cut marketing, sponsorship and broadcast by $1.1 million and paid $4.2 million less in returns to participants. Stake money was 65 per cent of HRV revenue (parent entity), far higher than Victoria’s other racing codes.
Recently appointed Harness Racing Victoria chair Bernard Saundry said the industry had endured a challenging year but had again proven its resilience, showcasing a world-class harness racing product.
“There were some great moments on the track and challenges off it, with all Victorian racing codes experiencing revenue downturns,” Saundry said.
“Harness racing has been impacted faster than some others, but changes have been implemented to the organisation, including to its cost base and racing program, as we continue to work to make the sport sustainable into the future.”
HRV chief executive officer Matt Isaacs said it had been “a period of significant review and consolidation”.
“Harness racing in Victoria is a critical industry, contributing more than half a billion dollars to the state’s economy, creating thousands of jobs, and building communities across Victoria,” Isaacs said.
“Those contributions are under pressure from headwinds, complex challenges manifesting in stagnant revenue and rising costs. Much of the past 18 months has been spent identifying the depth of these challenges and analysing the best pathways forward.
“Moving into the next financial year, we are looking to maximise revenue, manage costs and explore opportunities to ensure harness racing in Victoria is relevant and viable, including a feasibility study into returning to Moonee Valley and working with participants to optimise returns.”
Amid the challenges, there were many memorable on-track moments, which are celebrated in the report. They include Act Now’s stunning Victoria Cup dash, Leap To Fame’s Hunter Cup glory, and Callmethebreeze’s thrilling Great Southern Star win over international champion Just Believe. Victorians also enjoyed outstanding interstate and international success, including Encipher becoming the first $2 million TAB Eureka champion.
HRV continued to prioritise integrity, ensuring fair competition and fostering trust among stakeholders, with a targeted testing program and prioritisation to its horses’ life-after-racing through the HRV Hero program. Stewards inspected 60 per cent of stables to ensure the wellbeing of horses and welfare compliance, while 135 horses were assisted or traced into new homes.
The generosity of those involved in harness racing in Victoria was also notable, with more than $350,000 raised in the financial year to benefit partners WomenCan (Team Teal), the McGrath Foundation (Pacing for Pink), the Prostrate Cancer Foundation of Australia, and the Royal Children’s Hospital (Good Friday Appeal).