SAJC Records Second Successive Profit

11 November 2022

SAJC Records Second Successive Profit

The South Australian Jockey Club (SAJC) has recorded its second successive operating profit, reporting a surplus of $529,000 for the 2021/22 financial year.

The Club recorded a JobKeeper subsidy adjusted operating profit of $414,000 the previous year. Both these figures are exclusive of the Club’s investment fund returns.

While still short of pre-COVID levels, overall revenues in 2021/22 were up almost $2 million on the previous year.

The positive result comes despite Morphettville’s current lack of function spaces, with the Club in the process of building a replacement for the demolished Gerard Pavilion.

The $19 million Morphettville Event Centre (MEC) is expected to be completed by the second half of 2023.

“Our big race days are continuing to grow in popularity despite our current lack of indoor function areas,” said CEO Grant Mayer.

“We are utilising our limited event spaces to their optimum capacity, and we have also focused on upskilling and strengthening our commercial partnerships which has resulted in a further improvement in the range and quality of what we can offer patrons.

“When the MEC comes online, we believe we will have the largest and most modern conference, function and event facility west of the CBD which will provide a step change for our business.”

However, the Club is continuing to be conservative in its planning for the 2022/23 financial year.

“Discretionary spending over the past couple of years has been staying local because of the COVID-19 situation,” Grant said.

“With the reopening of interstate and international travel, that spending will inevitably get spread further while increased cost of living pressures will also change the way people use their money.

This underlines why we need to be strategic in protecting and growing our position as one of Adelaide’s premier event destinations.”

Media inquiries: Renato Castello, Michels Warren PR, 0423 064 320

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