Racing Victoria cuts jobs to recover financial losses

Racing Victoria has made sweeping job cuts as it attempts to stem losses amid a downturn, telling staff it was a “tough time”. See who it affects and what it means.

Melbourne Cup Day at Flemington Racecourse is watched by milllions around the country. Picture: Getty

Racing Victoria has made sweeping job cuts as it attempts to stem losses amid a downturn in losses.

The body, which controls prize money for Victorian racing, declined to reveal how many jobs went, but sources claim as many as 30 roles were made redundant this week.

It comes after a secret document revealed that the Victoria Racing Club was seeking to slash prize money to the All Star Mile and Australian Cup to increase the Melbourne Cup to $10 million.

Job cuts were across the board, but included on air talent from Racing.com.

“Along with a decline in wagering revenue, the RV Group has experienced changes to its previous funding model and ongoing pressure on operational costs,” Racing Victoria said in a statement.

Melbourne Cup Day at Flemington Racecourse last year in Melbourne. Picture: Michael Klein

“As a result, a number of roles across all levels and divisions of the RV Group, including the recently integrated RV-owned media businesses, will not be a part of the future structure.”

Racing Victoria apologised for the cuts, saying it was a “tough time” for those who lose their jobs.

“These are people who have given great service to the RV Group and the Victorian racing industry,” it said.

“RV will continue to support those impacted who will receive their entitlements, which are typically based on length of service, while providing access to continued Employee Assistance Program (EAP) support after their employment ends, along with one-on-one career transition coaching.”

Caulfield Cup Day at Caulfield Racecourse last year. Picture: David Geraghty/ Getty

Victorian racing received a bump in wagering during the Covid-19 pandemic, when it was one of the only sports allowed to continue during Melbourne’s lockdowns.

However, wagering declined when the state reopened, leaving the industry struggling to maintain the same levels of prize money.

RV announced an $11.8 million loss in the 2024 financial year, while the VRC has lost $70 million over four years.

However the VRC has presented projections that show it will return to profit over the coming years.

Moonee Valley Racing Club will close down its track after the Cox Plate for redevelopment, while the Melbourne Racing Club has scrapped a plan to rebuild its stand at Caulfield.

The moves in Victoria racing come as NSW racing sets to receive a $5 billion boost if Australian Turf Club members approve the sale of Rosehill racecourse.

The Rosehill site will be turned into a mini-city, with 25,000 apartments and townhouses.

The ATC has promised some members five years’ free membership and $1000 in hospitality vouchers if the sale was approved.

Originally published as Racing Victoria cuts jobs to recover financial losses