Golf’s period of consolidation
Yarrawonga Mulwala Golf Club Resort must enter into a period of financial consolidation for up to at least three years according to unopposed, re-elected president Gil Cunningham.
“This has already commenced and the budget for 2018/19 provides for essential capital expenditures only, noting it is imperative that we maintain the integrity of the golf courses, improve accommodation rates and increase gaming revenue,” he stated in his report for last Thursday night’s Annual General Meeting.
Mr Cunningham’s comments followed the club’s financial loss for 2017/18. He was pleased to state a trading profit of $1,331,095 for the last financial year. “However, with the inclusion of our depreciation sum of $1,972,330 the profit and loss statement shows a loss of $641,235.00. The club’s debt is $1.725 million,” he said.
“We expect the level of capital expenditure on essential items to be approximately $1 million per annum.”
A total of 201 eligible voters attended the AGM. “It’s a great turn out,” Mr Cunningham said. He detailed the total of $1,861,000 spent on capital improvements and the replacement of assets around the club.
This included the $860,000 bistro upgrade, gaming machine replacement of $479,000 and $176,000 of the 45-hole golf course complex including machinery replacement program, new paths and drainage works, and $80,000 lagoons area for which 11 future weddings have been booked.
Commenting on the bistro and kitchen facilities, and other matters, Mr Cunningham said: “I think you will all agree it looks great, is functional and well overdue.
“The whole facility is great – the three golf courses, bowling greens, croquet green – we have a great team of groundstaff. We’re hosting finals and championships.
“For various reasons, this year our gaming revenue was $60,000 less than our previous year’s result. The gaming industry showed a downturn across the board during the 2017/18 period. The purchase of new machines and the installation of a side door entrance have significantly turned the numbers for 2018/19.
“We are looking at ways to improve our occupation rate in our rooms which has been affected by the new wave of accommodation that has infiltrated our town.”
Significant improved revenue from improved systems and upgrading room furnishings including bedding are expected for 2018/19.
In conclusion, Mr Cunningham expressed his thanks and appreciation to fellow directors, staff and volunteers for their work and support.
YMGCR’s management line-up for 2018/19; back row, from left, directors Steve Buckley, Don Presley, captain Darrell Lynch, vice-captain Peter Warner and new director Wendy Dickson. Front row; directors Andrew Shell and Barry Cocks, President Gil Cunningham, Vice President Laurie Bridgeman and acting CEO Peter Savy.