$600 in Bonus Bets
Get your first bet matched with up to $600 in racing bonuses*
$500 in Bonus Bets
Sign-up, Join now & get your first deposit matched with up to $500 in racing bonus bets*
Deposit $250, Bet with $550
Sign-up, deposit $250 & receive $300 in racing bonus bets. That's $550 to bet with!*
$300 Matched Deposit
Sign-up and get your first deposit matched with up to $300 in racing bonus bets*
*Conditions Apply. Excl VIC, NSW, SA & WA. Gamble Responsibly
*Conditions Apply. Excl VIC, NSW, SA & WA. Gamble Responsibly

The diversification of race clubs will be highlighted when the Brisbane Racing Club declares an operating profit of $1.3 million for the past financial year despite losing more than $4 million on its racing operation.

The profit will be declared at the club’s annual general meeting at Eagle Farm racecourse on Wednesday week.

BRC chairman Neville Bell said the club recorded a profit of $1,297,295 compared to the previous financial year’s loss of $805,526.

“While the racing part our business lost $4 million for the year, all the club’s tracks and racing staff were retained,” Bell said.

“Thankfully revenue from our non-racing and property divisions delivered $20 million to the consolidated financial performance and pushed the final result into the black with a full-year profit of $1.3 million after allowing for $4.7 million in depreciation and interest.

“(It) reflects a $2.1 million turnaround in a 12-month period of restricted race days due to the (Eagle Farm) track outage, reducing race day revenue opportunities by some 37 per cent from the previous year.”

Bell said it had been achieved against a background of high fixed-operating costs which continued to rise against a backdrop of reduced race day attendance and strong competition for the discretional entertainment spend.

“Like major race clubs around Australia, the BRC has been planning our diversified business strategy for more than five years,” he said.

“This year, the core Club business reaped substantial financial benefit from these non-racing revenue streams that will ultimately future-proof BRC operations.”

He said non-racing revenue contributed $10.6 million revenue to the consolidated result and property contributed another $10.3 million.

“The Club’s total revenue grew to $50.9 million up from $45.2 million last year. In fact, total revenue has risen from $36 million in 2015. This is an increase of $14.9 million – or 41 per cent – in three years,” Bell said.

“The level of club debt as at June 30 was $67.9 million – an increase of $16.5 million from the previous year. However, the BRC is well positioned to pay down this debt.”

Bell said the Racecourse Village shopping centre which opened at Eagle Farm in late July, along with other blue chip property was valued at $48 million and delivered approximately $2.54 million annually in rental income.

 
Deposit $50, Bet with $250
Get $200 in Racing Bonus Bets when you join and deposit $50!*
*Conditions Apply. Excl VIC, NSW, SA & WA. Gamble Responsibly
Featured News

Over $5,000 in Free Racing Bonus Bets

Just Horse Racing provides readers with a Free list of the best Bonus Bet offers available at every online bookmaker...

Winx gearing up for Autumn campaign

Winx has returned to her Rosehill stable as anticipation mounts for a likely autumn campaign. Trainer Chris Waller posted a...

Big Bets – 15/12/2018

We take a look at the big bets the online bookmakers have taken on the weekends horse racing around the country with most...

Mornington trainer banned over a dead filly

Mornington trainer Shane Bottomley has been suspended and fined over the disposal of a dead horse. Bottomley faced the Racing...

Tye Angland back in Sydney

Injured jockey Tye Angland has arrived back in Sydney from Hong Kong to continue his treatment at the Royal North...

 
 
 
Copyright © 2018 Just Horse Racing.
All rights reserved - Privacy Policy

Gamble Responsibly 18+
*State exclusions apply to some offers. Please check T&Cs of each offer with the bookmaker. All Offers Exclude NSW residents.