Albury Racing Club records a profit of $615,388 for financial year

Despite being forced to cap its Albury Gold Cup crowd in March, the club still recorded a profit of $615,388.

It was in stark contrast to the previous year when the club had an operation deficit of $214,572.

2020 proved difficult after COVID wreaked havoc in the week of the club's biggest meeting.

Crowds were banned from attending the cup the same week of the $200,000 feature race.

It meant the club not only missed out on up to $250,000 in gate takings.

But it was also liable for a $200,000 bill in race day expenses.

Club chief executive officer Steve Hetherton said the club enjoyed a bumper spring, summer and autumn.

Crowds were once again banned after the Albury Gold Cup carnival this year until spring.

"It was a strong result for the club," Hetherton said.

"The result was inflated by revenue that was forecast in the previous financial year but was instead received and included in this year's report.

"We had an excellent spring followed by a good summer and autumn which had a big impact on profits.

"Wagering was up throughout that period, crowds were also bigger than usual and the average spend per person was up.

"It was a dynamic period for the club."

ALSO IN SPORT

Hetherton said function and events also showed an increased profit and has been identified as an area of future growth.

"Functions and events performed well despite being affected by COVID," he said.

"In this part of the business, we focus on trying to secure key events which contribute to the local economy, benefit the community and tourism operators.

"Ultimately the club would like to host four major events annually but at the present time, our main focus is on improving the clubs training facilities for our local trainers.

"The club secured $3 million in funding from the NSW State Government which will be invested across racing and training infrastructure.

"Each part of the business performed well which was one of the most pleasing aspects."

Hetherton said the club was fortunate to have the ongoing support of sponsors who remained loyal despite the impact of COVID.

There were also two key additions to staff during the past financial year.

Daniel Markham replaced Luke Garland as racecourse and facility manager and oversaw his first Gold Cup carnival in March.

The club also welcomed Scott Meyer as Sponsorship and Events Manager.

On a sadder note, Bruce Duck passed away in August.

Duck had been a long-time supporter of the club and was instrumental in the Commercial Club Albury's ongoing sponsorship of the Albury Gold Cup carnival.

The board of directors comprising Mark Cronin, Gerald Judd, Ann McHardy, Richard Sloane, Mick Dyordyevic, Glenn Chapman, Steve Stewart and Paul Spencer will remain.

Elections for the board of directors are held every two years.

The club also acknowledged the contribution of local participants who were able to keep racing going despite the challenges of COVID.

The participants worked closely with the club and local stewards to follow strict protocols to ensure racing still went ahead and they still had an opportunity to earn an income.

Mitch Beer, Blaike McDougall and the Dan McCarthy-trained Northernero each won the respective trainer, jockey and Horse of the Year honours.

McDougall enjoyed one of the most dominant seasons ever in the local jockey ranks.

He has since relocated to Victoria and recently scored one of the biggest wins of his career with Group 2 success on Caulfield Cup day.

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