RQ releases 2024/25 Annual Report
Racing Queensland has published its 2024/25 Annual Report after it was tabled in Parliament today.
Highlights include:
- A $34.4 million parent profit versus a $25.9 million parent loss in FY24;
- Total revenue marginally declining to $460.4 million, which represents a 0.7% decrease from $463.9 million in FY24; and
- A slight decrease in payments to participants from $388.4 million to $368.9 million due to wet weather accounting for twice the typical abandonments.
Wagering turnover declined 9.3% year-on-year from $6.1 billion to $5.6 billion.
RQ Chair Steve Wilson AM said the organisation’s primary purpose is to grow interest in the sport with an intent to bring together communities through the thrill of racing, on and off the track.
“To achieve our goals as a commercial body, we need to drive revenue and distribute the proceeds to participants, whilst running an efficient operation,” Mr Wilson said.
“From FY16 to FY25, RQ’s revenue has more than doubled to $460 million and our balance sheet has improved substantially from one with loans of $44 million and cash of $16 million to loans of $18 million and cash of $104 million.
“The same period has also seen an increase in payments to participants primarily through prize money and annual club payments from $165 million to $369 million.
“Importantly, we have also made substantial investments into infrastructure across country, provincial and metropolitan clubs, with $366 million over the past nine years spent on racetracks, spectator facilities and stabling and kennelling complexes.”
As a $2.5 billion economic heavyweight, almost 14,500 Queenslanders now make a full-time living in the racing industry, with close to 50,000 people actively involved across the three codes.
Click here to view the FY25 RQ Annual Report.
