Yarrawonga Mulwala Golf Club Resort Laurie Bridgeman delivering his report at the AGM last Sunday.
Yarrawonga Mulwala Golf Club Resort recorded a trading profit of $2,457,390 for the financial year 2022/23; with depreciation of $2,082,136.
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The profit and loss statement shows a profit for the 12 months to June 30, 2023, of $375,254.
The good profit figures would have been considerably higher if not for the closure of the unusual rain and Hume Dam water release-affected Murray Course and consequential visitor cancellations for almost ten weeks late last year.
Club president Laurie Bridgeman mentioned the results at the club’s Annual General Meeting last Sunday to 141 members in attendance.
“On a very positive note, you will be aware of the projects we have embarked on over the past 12 months,” he told members.
“The development on the hill of our two new accommodation units are nearing completion. They replace the budget priced transportables that served us well over many years but had long passed their use-by-date.
“The five transportables were put to tender and successfully moved on. We held back one of the transportables and donated it to the Goorambat Veterans Retreat, which was greatly appreciated and put to good use.”
Further developments see the long-awaited new cart storage shed nearing completion which will certainly be appreciated by many. The bottom car park was cleared and has been marked as trailer parking for those not fortunate enough to have a cart position at present.
“The 19th hole adjacent to the first of the Lake Course is also progressing well and will be a valuable future asset providing flexibility for play when works are required to be done elsewhere on our golf courses,” Mr Bridgeman said.
“Our largest project, however, with very little to show at this stage, is the Maintenance Facility building where the paperwork has been lodged seeking a Development Application from Federation Council. Over recent years, we have endured many disruptions to our business and its successful trading; while my expectations were that this was behind us, it was not the case.
“Mother nature flooded our Murray Course, and we had to wait until the river subsided before our ground staff and volunteers could start the process of draining, clearing and restoring, a total of almost ten weeks where no golf was playable. This resulted in numerous cancellations from golfing groups who had booked accommodation and golfing packages during an important trading period.”
YMGCR course superintendent Chris Burgess last November with an example of the devastating flood waters in between the Murray Course’s first and second holes.
The president specifically mentioned course superintendent Chris Burgess, Andrew Johnson and their ground staff, who maintained the 45-hole golf complex to the highest level seven days a week for 52 weeks a year.
“On top of that, we have the bunker refurbishment program on the 16th of the Murray and the redesigning and construction of the 14th and 15th holes on the Lakes course, which could easily become our signature holes on the course,” Mr Bridgeman said.
The much-appreciated work of volunteers, the club’s ‘Mum and Dad Armies’, was also specifically referred to by the president, the results of which “make the difference between a cared-for golf course presentation or not”.
Club’s resilience - CEO
Club CEO Peter Savy said the $375,254 profit for the 2022/23 financial year as “further evidence of our club’s resilience, given the significant flood events experienced in October 2022”.
“This largest Murray River flood event since 1956 forced the closure of our Murray course, directly impacting our golf, accommodation and clubhouse revenue forecasts through what is traditionally a very profitable time of the year,” he said.
“Outside of the interruptions, I was delighted with our overall business performance. Our total net revenue grew by over 30%, primarily driven by accommodation and food and beverage, which both produced significant increases across the 12-month period.
“The growth in visitor numbers through the club also translated to solid results on the golf course, with green fee revenue up 23%, despite the course closures. Both our Murray and Lake Courses were recognised among Australia’s best in Golf Australia Magazine’s annual ranking of the top 100 public access courses. In its new rankings, the Murray Course jumped inside the top 50 for the first time, reaching number 46, and the Lake Course moved up three spots to rank 66th. Having not one but two courses ranked among the best is a significant achievement.”
Mr Savy advised the two new three-bedroom villas, which have a completion date set for March 2024, will allow the resort to accommodate more than 170 golfers at a time.
“The Golf Maintenance Facility is a high-priority major project for the club, estimated to cost around $4.5M. It is a significant investment in the future of our club and a much-needed one,” he said.
“The Murray Course irrigation and greens replacement project has been put on hold until the new Golf Maintenance Facility is on track.
“I am confident that the Yarrawonga Mulwala Golf Club Resort is well-positioned for continued success in the coming years. We have a strong team in place and are committed to providing our members and guests with an outstanding experience.”
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