The Australian Turf Club will restructure its operations to enable the Club to better meet challenges facing the racing industry and to take the Club to the next phase of its operations.
“Since the ATC’s inception in February 2011, the Club has embarked on a journey of major change,” the Chief Executive Officer of the ATC, Mr Darren Pearce said today. “The amalgamation of two major race clubs always meant that difficult decisions would have to be made to best consolidate business practices across four racecourses and to deliver efficiencies in the use of our assets and industry relationships.
“Our first major challenge was the extensive redevelopment of Royal Randwick, which is now becoming the showpiece of Australian racing.
“In essence, over the last two years we have had to perform business as usual, while managing a major rebuilding program and facilitating the merger process without new or increased sources of revenue or funding assistance. This has been an incredible effort by the Club, and its Members.”
Mr Pearce said that faced with a number of ongoing challenges the ATC has decided to establish a new operating plan and structure.
He said that these challenges included inherited high debt levels, revenue losses suffered during the Royal Randwick rebuild that were not compensated for, weakened crowd numbers and event bookings, higher operating expenses and a lack of growth in traditional wagering revenues received directly by the Club.
“The restructure will involve changes to the operations and financial model and will affect staffing,” Mr Pearce said. “The ATC will refocus on the core elements of the business and reduce resources and costs where these are not considered fundamental to core operations.”
Mr Pearce said that with a total workforce of 225 full-time and 1700 casual employees, the Australian Turf Club was a major employer and would remain so.
“However, this restructuring of the Club will mean that contingent labour will be reviewed and released and a number of positions will become redundant next week.”
Mr Pearce said that the staff restructuring was being handled sensitively and that every assistance would be given to those affected.
“Let me assure Members and the racing industry that the Board and Executive are committed to the ongoing viability of the Club and to ensuring a strong business that delivers to its maximum potential,” Mr Pearce said.
Source : Australian Turf Club
