Melbourne Racing Club Reports Record Proft But 'Massive' Loss From Racing Activities
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," according to Rod Nicholson of the HERALD SUN. Melbourne Racing Club, "which runs Caulfield, owns Sandown and is in partnership with Victoria's biggest country club, Mornington," lost A$5M ($5.14M) last year and is looking at a A$6M loss this year from racing. However, 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 money problems "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 has yet to pay what club Chair Mike Symons describes as "significant and substantial money." Tinkler, now having finished the last year of a three-year deal, "was not bound to pay until after Saturday's event" (HERALD SUN, 2/26).