News Archive

In respect to the financial turnaround, gaming and Job Keeper have not been the only key issues at play here.   Members would be well aware that services were reduced, member benefits were reduced, as well as food discounting.  Wages have been significantly reduced as a consequence of decisions to not open the Bistro on Mondays, no Tuesday night parmi nights, no Friday night raffles and no breakfast service.
It is as a result of these actions, and with Jobkeeper support, that the Club has been able to stem the financial damage in the first 4 months and then dramatically turn around its financial performance since November 2020.
At 28 Feb 2021, the YTD cash profit is $1.322mill.  Cash flow projections for the remaining 4 months of this financial year, indicate that conditional on no further lockdowns or disruption to gaming operations, the End of Year cash profit will push towards $2mill.    This would be an outstanding result in a year where in the first 4 months were loss making.
Given the strong financial performance of the Club and subsequent cash reserves, the Board took the decision in Jan 2021 to repay all the $300K that has been drawn on the Covid loan facility.
The Board also approved the funding and commencement of the two major golf course projects, being the concrete paths and upgrade works at 14 and 15 holes ($30K) and the $100K Short Game Facility.
The Board is currently considering a renovation of the Gaming Room to improve member experience via a major change to the layout of the gaming floor and improved social distancing.  The renovation includes expanding the size of the room to facilitate this as well as the construction of a new outdoor sports bar, smokers’ room and break out area attached to the gaming room.
In respect to members services and other member promotions, these have been gradually reintroduced and will continue to do so, as a result of the gaming room becoming fully operational and other Covid restrictions being lifted.
In summary, the Club is presently on a financially sound footing and has recovered from the impact of Covid shutdowns & restrictions in a resounding way.   Should any Members wish to further discuss the financial position of the Club then I can be contacted on mobile 0418 3252 252 or via reply email.
Yours Sincerely
Michael Hodge
Chief Executive