Race club bolting in financial stakes

PAKENHAM Racing Club has recorded the highest profit of the 50 thoroughbred country racing clubs in Victoria.
That was the message from club chief executive Terry Macdonald.
Speaking after the club’s annual general meeting on 17 November, Mr Macdonald said Pakenham Racing Club recorded a 43 per cent growth in profit for 200506 compared to the previous financial year.
Increased revenue from key race meetings — including a 40 per cent increase in corporate hospitality for the season — and a focus on reducing expenses in the club’s gaming and racing operations were major factors for the healthy financial boost.
He said a major redevelopment at the club’s Racers Entertainment Complex helped boost patronage by 14 per cent on the previous year. The recent renovations resulted in a 34 per cent return on investment.
“Numerous beautification capital improvements on course and a successful renovation of Racers created an improved offer to our members and patrons across the board,” he said. “I consider the club is positioned extremely well for its future, particularly as it is located in one of the fastest growing residential areas in the country and is located in a region of high horse population with a tremendous asset base and yearly income,” Mr Macdonald said.