Oops, how did they manage to do that? News Ltd reports that Australia's wealthiest race club will report a record profit at the end of the financial year - but a massive loss for its racing activities. Melbourne Racing Club, which runs Caulfield, owns Sandown and is in partnership with Victoria's biggest country club, Mornington, lost $5 million last year and is heading towards a $6 million loss this year from racing. The report say the purchase of eight profitable hotels with gaming facilities,
Oops, how did they manage to do that? News Ltd reports that Australia's wealthiest race club will report a record profit at the end of the financial year - but a massive loss for its racing activities. Melbourne Racing Club, which runs Caulfield, owns Sandown and is in partnership with Victoria's biggest country club, Mornington, lost $5 million last year and is heading towards a $6 million loss this year from racing. The report say the purchase of eight profitable hotels with gaming facilities, on top of its two massive enterprises at Caulfield and Sandown, will provide the record profit. The club has spent millions of dollars kick-starting a new precinct, branded Caulfield Village, which will have 340 residential units, a supermarket, specialty shops, professional services, restaurants and cafes.
The News Ltd report goes on to say the club is so concerned with its racing activities that treasurer Brodie Arnhold has taken on the full-time responsibility of investigating every department in a bid to curtail costs. The money woes have been compounded by the lack of payment of sponsorship by mining magnate Nathan Tinkler for his Patinack Farm's naming rights to Saturday's Group 1 Blue Diamond Stakes. He is yet to pay what club chairman Mike Symons describes as "significant and substantial money".