Victorian harness racing claims $100 million loss in government land deal
Harness Racing Victoria handed 93 hectares to the state in 2024. The land is now valued at up to $200 million.
Harness Racing Victoria handed 93 hectares of Melton land to settle an $86 million debt in 2024. HRV claims it was significantly underpaid.
The property is now valued at up to $200 million. The property sits near two train stations and a new hospital site.
This makes it ideal for housing or business development. The industry is struggling.
It absorbed a $34 million deficit in 2024. It cut 40 per cent of its workforce.
HRV chairman Bernard Saundry says the sport needs the land's value. It must create new income sources beyond traditional wagering.
A developer has already offered $90 million for part of the site. HRV consulted on development scenarios.
These could return $130 million to $190 million to the industry. But no deal has been struck.
- 93 hectares
- Land handed over
- Up to $200 million
- Current valuation
- $86 million
- Debt settled
- 40 per cent
- Workforce cut
Why it mattersThe land's value gap threatens the sport's future. It raises questions about whether the industry got fair terms when it had to settle its debt.
AustraliaThis affects harness racing sustainability across Victoria, where the sport contributes over $623 million annually to the state economy, especially in regional areas.
