The Club held its Annual General Meeting on 11th November. The meeting was attended by 36 Members, the Club’s auditors plus a number of key management and staff.
The Chairman and CEO updated the meeting on the affairs of the Club over the past 12 months or so, and the Club’s prospects for the future.
The Chairman, John Waghorn, spoke to his report highlighting the significant steps the Club has made in progressing its strategy, much of which has been achieved under the Chairmanship of Garry Whitaker who resigned earlier this year in May. He thanked his fellow directors and staff for their contribution during the year. He also acknowledged the importance of Club’s supportive sponsors, in particular CUB and Magic Millions.
CEO David Jewell, as part of his detailed presentation, confirmed that this was his sixth and final Chief Executive’s report to Members. He indicated that the Club financial result, a net loss of $349k, was disappointing given the Club had enjoyed a largely successful year. The significant reduction in the scheme of distribution from RNSW at the end of FY19 was the major contributor to the Club not being able to report a breakeven result of the year, breaking a four-year streak of positive results for the Club. He noted that all the other Provincial Clubs had reported losses of the same order, in the same year that RNSW reported a $14m profit off the back of increased returns from wagering sources outside of TABCORP.
David Jewell provided the members with a number of key highlights achieved during his tenure as CEO. He confirmed that while he was stepping down as CEO, he was not finished and would be staying on to deliver two significant projects for the Club – the electrical supply upgrade to the stabling area and the construction of a new $4m Polytrack synthetic training track, which received contractual approval from RNSW earlier that day.
David Jewell acknowledged the support of the Club’s Board and staff in making the transformation in the Club’s position possible. He also acknowledged the importance of the continued support received by the Club from its members, trainers, stable staff, owners, contractors, jockeys, RNSW stewards, TAB and Sky Channel staff, the local media, sponsors, the H&H catering team and fellow Provincial Racing Club Chief Executives and their Boards, remarking, “There are a lot of people involved in helping us consistently deliver successful racing events at Wyong. I am very proud to have been part of that team.”
The Meeting elected Darren Hooper via ballot, the General Manager of Unity Bank, to fill the casual vacancy on the Board. In addressing the meeting Darren remarked that he was looking forward to making a positive contribution to the Wyong Race Club as he believed the Club is critical for the long-term prospects of Wyong. The Chairman thanked Darin Butcher for his nomination and expressed his hope that Darin would consider renominating in the future.
Bob Graham was appointed Club Patron for what will be his 30th year in the position.