$217,727 Profit for year ending October 31st 2020

[Vikingnz]

People talk about leaving the pokies but they never say how theyre going to fill the massive revenue and profit gap that leaving the pokies industry will cause for Richmond.

As long as Hawthorn, Essendon, Carlton and others are in it we have to stay in as well as to not give them any financial advantage over us.

Take the revenue from the sale and invest in something that doesn't destroy families?

 

[Ned_Flanders]

People talk about leaving the pokies but they never say how theyre going to fill the massive revenue and profit gap that leaving the pokies industry will cause for Richmond.

As long as Hawthorn, Essendon, Carlton and others are in it we have to stay in as well as to not give them any financial advantage over us.

this is exactly why the club started Aligned Leisure and the Swinburne Institute, its to develop profit streams in the future to replace our pokies profits

and before you say "thats not possible"

GAMING & HOSPITALITY
2017
Income: $7,180,170
Expenses: $6,172,369
Profit: $ 1,007,801

2018
Income: $7,670,839
Expenses: $6,899,647
Profit: $771,192

2019
Income: $6,977,432
Expenses: $6,417,932
Profit: $559,500

2020
Income: $2,587,981
Expenses: $4,014,623
Profit: -$1,426,642

HEALTH, FITNESS, COMMUNITY GROUPS
2017 **added eltham**
Revenue: $8,639,721
Expenses: $9,622,630
Profit: -$982,909

2018 **added Wodonga**
Revenue: $14,237,718
Expenses: $14,160,181
Profit: $77,537

2019
Revenue: $24,847,040
Expenses: $24,208,745
Profit: $638,295

2020
Revenue: $17,849,104
Expenses: $24,322,020
Profit: -$6,472,916


As you can see, we actually earnt more net income from health and leisure in 2019 than we did in gaming, and thats with this still having start up costs with the gear up of swinburne institute and AL supporting training programs in wodonga and co.

For us, revenue is irrelevant - its the net contribution these investments make on an ongoing basis. AL and SI are on track to replace our gaming revenues, and actually provide a positive effect in the communities they inhabit.

 

[Bojangles17]

People talk about leaving the pokies but they never say how theyre going to fill the massive revenue and profit gap that leaving the pokies industry will cause for Richmond.

As long as Hawthorn, Essendon, Carlton and others are in it we have to stay in as well as to not give them any financial advantage over us.

We have other rev streams
with aligned leisure and Swinburne, it would release capital that could be further invested in these areas or alternatively, treasury and add to our fund management

 

[THE_GUN]

You do realise that in the absence of job keeper those staff would have been sacked instead , it saved jobs , not the balance sheet

Thats exactly how i see it , We relieved the job keeper to pay the staff and if it was not available the staff would have been out of a job and we wouldn't have paid them. So its not like we would have been in the red of $11 mil if not for JobKeeper

 

[Bojangles17]

Thats exactly how i see it , We relieved the job keeper to pay the staff and if it was not available the staff would have been out of a job and we wouldn't have paid them. So its not like we would have been in the red of $11 mil if not for JobKeeper

Correct , they would have been stood down without pay

 

[DeLaCon]

this is exactly why the club started Aligned Leisure and the Swinburne Institute, its to develop profit streams in the future to replace our pokies profits

and before you say "thats not possible"

GAMING & HOSPITALITY
2017
Income: $7,180,170
Expenses: $6,172,369
Profit: $ 1,007,801

2018
Income: $7,670,839
Expenses: $6,899,647
Profit: $771,192

2019
Income: $6,977,432
Expenses: $6,417,932
Profit: $559,500

2020
Income: $2,587,981
Expenses: $4,014,623
Profit: -$1,426,642

HEALTH, FITNESS, COMMUNITY GROUPS
2017 **added eltham**
Revenue: $8,639,721
Expenses: $9,622,630
Profit: -$982,909

2018 **added Wodonga**
Revenue: $14,237,718
Expenses: $14,160,181
Profit: $77,537

2019
Revenue: $24,847,040
Expenses: $24,208,745
Profit: $638,295

2020
Revenue: $17,849,104
Expenses: $24,322,020
Profit: -$6,472,916


As you can see, we actually earnt more net income from health and leisure in 2019 than we did in gaming, and thats with this still having start up costs with the gear up of swinburne institute and AL supporting training programs in wodonga and co.

For us, revenue is irrelevant - its the net contribution these investments make on an ongoing basis. AL and SI are on track to replace our gaming revenues, and actually provide a positive effect in the communities they inhabit.

And in 2020 The leisure centres lost $6.4 million compared to $1.4 million from gaming after the covid closures. Leisure was a shocking financial result and shows how bad that industry can get in bad times.

 

[Ned_Flanders]

And in 2020 The leisure centres lost $6.4 million compared to $1.4 million from gaming after the covid closures. Leisure was a shocking financial result and shows how bad that industry can get in bad times.

And why do you think we got $10m from jobkeeper when most clubs are getting $2m?

 

[DeLaCon]

Reality is the leisure gym type business is a boom bust industry. There will be times when this business performs very badly. Thats why so many gyms go broke. Gaming at least provides a certainty on income. People like going out to eat and spending sone cash on the pokies. Its a better business than running gyms and swimming pools.

 

[Tiger_Of_Old]

https://www.heraldsun.com.au/sport/afl/news/jobkeeper-program-keeps-afl-clubs-above-waterline-as-tigers-flag-windfall-takes-serious-hit/news-story/5f029ca5f5e5fcea5affb29e9f7c7c87

JobKeeper program keeps AFL clubs above waterline as Tigers’ flag windfall takes serious hit
More than $10 million in JobKeeper funds and a premiership — usually a goldmine any given year — yet Richmond’s financial results reveal the harsh reality of COVID.

Jon Ralph
December 4, 2020 - 6:00AM
News Corp Australia Sports Newsroom

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Richmond beat Geelong in the 2020 Grand Final winning their third flag in four years



Richmond says it took back-to-back premierships and more than $10 million in JobKeeper funds for the club to declare a “wafer-thin” profit this year.
Western Bulldogs president Peter Gordon lauded the Federal Government’s JobKeeper initiative for keeping businesses including AFL clubs alive during COVID lockdowns.
The Dogs were able to declare a fifth consecutive profit of $1 million this year, a $1.8 million surplus with JobKeeper allowing the club to keep on many of its staff during lockdown. Richmond’s financial results included $10.8 million in JobKeeper payments across the football club and its range of businesses, but the club made only a $217,727 profit.
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Jubilant Richmond players celebrate their third flag in four years.
A handful of AFL rookies and low-paid players accessed JobKeeper through the AFL Players’ Association.
Customarily clubs in Richmond’s position are able to declare vast financial windfalls through ticket sales, prizemoney and merchandise sales.
The Tigers had declared profits in excess of $4 million in the previous two seasons.
Richmond boss Brendon Gale said the Tigers were pleased to keep their nose in front despite the sacrifices made in staffing and redundancies.

Damien Hardwick and Brendon Gale are making this winning feeling a regular thing.
“We are $20 million down on our normal revenue and we were looking down the barrel of a multimillion-dollar loss,” he said.
“Things did improve and it took a premiership, which you can never budget for, to allow us to declare a wafer-thin surplus. But it was on the back of a $20 million revenue reduction and working with a skeleton staff.”

It was a premiership won on the road and came at a heavy cost for all AFL clubs.
Gordon said of the JobKeeper program: “Holistically I am a man from the left side of politics but I have to admire the Scott Morrison government for JobKeeper. It was very important to AFL clubs just as it was to businesses right across Australia,” he said.
“My guess was the Dogs would record far and away the biggest loss in our history, in excess of $8 million and possibly $10 million.”
He told SEN the club had to stand down 70 people but eventually improved the club’s financial picture enough to make a profit.

 

[Bojangles17]

And in 2020 The leisure centres lost $6.4 million compared to $1.4 million from gaming after the covid closures. Leisure was a shocking financial result and shows how bad that industry can get in bad times.

I’d refine “bad times “ as meaning pandemic times when the sites cease to operate. I’d suggest they’re a reasonably recession proof business under NORMAL circumstances , really good non footy rev stream that will continue to be blue sky for quite some time yet

 

[DeLaCon]

Gyms and leisure centres are not recession proof. Lots of gyms and centres close and its a boom bust industry. My cousin has opened and sold out and even repurchased fitness gym businesses hes sold when the owners run into problems and when the clientele drops off. Hes made money but some of the previous owners almost lost everything when the businesses went bad.

 

[Ned_Flanders]

Gyms and leisure centres are not recession proof. Lots of gyms and centres close and its a boom bust industry. My cousin has opened and sold out and even repurchased fitness gym businesses hes sold when the owners run into problems and when the clientele drops off. Hes made money but some of the previous owners almost lost everything when the businesses went bad.

we are running council owned complexes, which are aquatic and recreational centres. we are not buying gyms to own ourselves.

 

[Not Important]

good effort all things considered.

 

[Drofder]

Dogs still managed to post a $1m profit ? Just exactly how many biscuits did Balmey eat this year ????

 

[Bojangles17]

Gyms and leisure centres are not recession proof. Lots of gyms and centres close and its a boom bust industry. My cousin has opened and sold out and even repurchased fitness gym businesses hes sold when the owners run into problems and when the clientele drops off. Hes made money but some of the previous owners almost lost everything when the businesses went bad.

We re operating municipal fitness centres /swimming pools , how many of them have closed , they ain’t some scungy gym upstairs from a kebab shop , slight difference

 

[4tune8]

Correct , they would have been stood down without pay

Or like a lot of employers did which was to force employees to take their banked holidays and pocket Jobkeeper themselves. I'm working with a fella at the moment who had 14 weeks in the bank, had to take his leave whilst the owner of the business pocketted JobKeeper for those 14 weeks, All legal and above board according to FairWork.

Not that I'd think the Tiges would do that.

 

[69vintage]

You don't happen to work for a large V8 supercars team in Melbourne out Broadmeadows way ?

Or like a lot of employers did which was to force employees to take their banked holidays and pocket Jobkeeper themselves. I'm working with a fella at the moment who had 14 weeks in the bank, had to take his leave whilst the owner of the business pocketted JobKeeper for those 14 weeks, All legal and above board according to FairWork.

Not that I'd think the Tiges would do that.

On SM-G950F using BigFooty.com mobile app

 

[4tune8]

You don't happen to work for a large V8 supercars team in Melbourne out Broadmeadows way ?

On SM-G950F using BigFooty.com mobile app

No, but I'd like to know how much this happened

 

[telsor]

Take the revenue from the sale and invest in something that doesn't destroy families?

If we sell them, then those families will still be destroyed, it'll just be the new owners taking the profits.

 

[DeLaCon]

Looks like the social do gooders and the idiot fringe have been sending the club letters on the gaming revenues abd venues of the club. This mob are gonna cost the Richmond FC millions over the long term with their stupidity. If Richmond fumps gaming we will be at a massive financial disadvantage against the likes of Hawthorn, Essendon and Carlton who are making.millions from the machines and using those funds in there football areas. The club shouldnt cow tow to the idiot fringe.

 

[tigerisland]

Average Victorian gambles $9767 a year. Average West Australian $3156.
WA refuses to have pokies and has way fewer problem gamblers and the associated social issues as a result. Worst of all Victoria has the highest rate of increase out is all Australian states in money spent on gambling. An incredible 5.7% YOY increase.
We want to be better than loser clubs like Carlton which is effectively run by Bruce Mattheison the poker machine billionaire.
The strongest club financially is west coast and they get zero revenue from pokies. It can be done and we should lead the way.
source:https://www.qgso.qld.gov.au/issues/2646/australian-gambling-statistics-35th-edn-1992-93-2017-18.pdf

 

[tigerisland]

If we sell them, then those families will still be destroyed, it'll just be the new owners taking the profits.

We keep them and retire the machines.

 

[Vikingnz]

Looks like the social do gooders and the idiot fringe have been sending the club letters on the gaming revenues abd venues of the club. This mob are gonna cost the Richmond FC millions over the long term with their stupidity. If Richmond fumps gaming we will be at a massive financial disadvantage against the likes of Hawthorn, Essendon and Carlton who are making.millions from the machines and using those funds in there football areas. The club shouldnt cow tow to the idiot fringe.

Bloody Essendon and Carlton using their gaming fortunes to dominate the league for the last 20 years.

 

[DeLaCon]

The social do gooders are a scourge on the community. Whatever happened to self discipline and hard work. The people who get into gambling problems are just greedy people looking to make a quick buck without doing any work. Then they go and blame the machines. They should blame themselves. Its their decision to go to a gaming venue, their decision to get in the car and go,their decision to put money in the machines. No one forces them. Its their fault 100%. Why should any club sacrifice millions of dollars because of those greedy dullards?

Its time people got back to being responsible for their actions but we live in a world where people want everything for free and where its never ever their fault. We are cultivating a losers society. One where the do gooders and the bludgers think there opinion should count more than everyone elses.

 

[tigerisland]

The social do gooders are a scourge on the community. Whatever happened to self discipline and hard work. The people who get into gambling problems are just greedy people looking to make a quick buck without doing any work. Then they go and blame the machines. They should blame themselves. Its their decision to go to a gaming venue, their decision to get in the car and go,their decision to put money in the machines. No one forces them. Its their fault 100%. Why should any club sacrifice millions of dollars because of those greedy dullards?

Its time people got back to being responsible for their actions but we live in a world where people want everything for free and where its never ever their fault. We are cultivating a losers society. One where the do gooders and the bludgers think there opinion should count more than everyone elses.

I am all for individual responsibility the rise of online gaming makes the picture even more grey. However we have a very generous welfare, pension and healthcare system in this country. Problem gambling adds further pressure to this.
Pokies target the poorest and most vulnerable in our society. To simply blame a person and them alone is simplistic. The WA stats prove this. Not everyone has the ability to rise above. Pokies provide an escape and the temptation of easy money when you have nothing to lose. Taking advantage of society’s poorest ain’t a good look for RFC.