International interest in Victorian trotting, increases in prizemoney and a stable financial position are the highlights of Harness Racing Victoria’s 2013/14 Annual Report, tabled in State Parliament this week.
Premier and Minister for Racing, Denis Napthine, said Harness Racing Victoria (HRV) has continued to consolidate its financial position, posting a profit of $1.3 million for the financial year. This follows a profit of $2 million in 2012/2013 and a loss of $6.6 million the year before.
“The Victorian Coalition Government is a strong supporter of harness racing in Victoria and I am pleased to see some strong results from HRV over the past financial year,” Dr Napthine said.
“HRV has shown what can be achieved both on and off the track through hard work and collaboration with industry participants.”
The HRV Annual Report highlighted some significant achievements during 2013/14 including:
· A net profit of $1.3 million;
· A stakemoney increase of $2.7 million to $35.2 million;
· Wagering revenue up 3.5 percent to just under $57 million; and
· Total revenue growing by $3.4 million to $80.1 million.
The $3.4 million VicBred Platinum scheme, jointly funded by the industry and the Victorian Coalition Government, continues to be enormously popular with breeders, owners and trainers, attracting full fields for the Country Series and Platinum Mares races.
HRV through its international strategy has particularly tapped into a growing international appetite for trotting gait races, which are hugely popular in Europe.
The running of the Empire Stallions VicBred Super Series was beamed live into France and generated turnover of $1 million from French punters.
Australia’s richest trotting race, the $400,000 Great Southern Star, continued to grow in popularity, while Victorian-trained horses did exceptionally well in the 2013 Breeders Crown, with rich rewards for owners, including nine Group 1 races and a total of $2.35 million in prizemoney.
“HRV and all involved in the industry can also be justifiably proud of their involvement in the broader community,” Dr Napthine said.
“This is demonstrated through ongoing support for ovarian cancer research with the Lyn McPherson Memorial Breed for Speed Series and participation in Neurofibromatosis Awareness Month, supporting champion driver, Chris Alford, whose daughter suffers from the disease.”
Dr Napthine emphasised the Coalition Government’s continued strong support of harness racing through the Victorian Racing Industry Fund which helps grow the industry.
“This financial support assists with the building of new racing and training infrastructure, enhancement of integrity measures, support for harness racing’s retired racehorse program, support for the breeding sector and marketing of racedays to new audiences.
“Harness racing is important to the Victorian economy, providing an economic benefit of $422 million to the state, with 18,600 participants and employees involved in the industry,” Dr Napthine said.
View the 2014 HRV Annual Report by clicking here.
