Fourth Consecutive Profit for SAJC

The South Australian Jockey Club (SAJC) has reported a strong $950,000 operating surplus for the 2023/24 financial year, its fourth consecutive profit. This figure, excluding a $979,000 return from the club’s investment fund, more than triples last year’s EBITDA of $270,000. A key contributor to this success has been the Wolf Blass ‘The Man’ Event Centre, opened in December 2023 by Premier Peter Malinauskas. The $21 million facility, accommodating up to 1,150 patrons, has exceeded expectations, with bookings extending three years ahead – 75% of which are new business to Morphettville. Additionally, the first contributions from the club’s record-breaking $25 million sponsorship deal with Sportsbet have bolstered financial results. Announced in April, this seven-year partnership marks the most significant sponsorship in South Australian racing history. The club’s surplus also reflects its $500,000 contribution to the four $1 million Group 1 races during the Adelaide Racing Carnival. “The fact that the SAJC can now make a half-million-dollar investment in prizemoney and still record an operating profit of almost twice that amount says a lot about our renewed financial strength,” remarked SAJC CEO Grant Mayer. “The long-term strategies adopted by our management and Board are generating tremendous momentum, as seen in these financial results.” The year also saw significant infrastructure commitments, including $5 million toward upgrading member facilities in the main grandstand and $4 million for a new maintenance facility near the training stables. Looking ahead, the $350 million Morphettville Racecourse redevelopment by Villawood Properties and Hostplus is set to transform the site. A sales office has already opened, signaling the commencement of this landmark project. “This redevelopment is the most important in SAJC history,” Mayer added. “It will ensure a modern, sustainable, and dynamic Morphettville, benefitting members, the racing industry, and the broader community.” Additionally, the Department of Infrastructure and Transport will begin work on the Morphett Road grade separation, relocating the tram stop for improved racecourse access and complementing redevelopment efforts.