While the Warrnambool Racing Club admits to being in survival mode during the coronavirus pandemic, the club chief also sees enormous opportunities for next year.
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Chief executive officer Tom O'Connor said preparations were in full swing for next week's two meetings on Tuesday and Wednesday.
He said the regular profit margin for the three-day May Racing Carnival was about $500,000.
"If you look at a regular May carnival that's the profit ($500,000) it generates," he said.
"Our budget shortfall is not going to be that drastic because of the support of our business partners and members.
"It's hard to say what the immediate economic impact of the virus is but our team has done a fantastic job in terms of membership and our business partners sticking with us.
"That has certainly assisted the club a great deal. The majority of our business partners have committed for next year.
"People not being able to come to town has an enormous impact for the city and businesses across the city."
Mr O'Connor said the club had worked tirelessly transferring its business strategy towards the 2021 carnival.
"We've been buoyed by the commitment of our members this year and the support of our business partners to back us again next year even though we understand everyone is being impacted by the virus," he said.
"The strategy is to take the short term hit and to try and recoup in 2021.
"We want to come back bigger and better which will be an enormous benefit for the entire city - it's all about the bigger picture."
Mr O'Connor said the racing club had a major role to play as the south-west community emerged from the impact of coronavirus, not only in terms of the 2021 racing carnival but also as a major event venue.
The WRC is in the process of completing its $5.8 million extension to the Matilda Room.
Mr O'Connor said that venue was a fantastic showpiece and would help the club re-invigorate not only racing, but also major events in the city such as conferences, workshops and functions.
"The aim is for us to be even stronger. The club has a significant role to play after we get through this period," he said.
"Our deliberate strategy is not to get down in the doldrums about it all, everyone is in the same boat.
"We are looking at the positives, about how we can assist ourselves in the longer term and everyone else as well."
The CEO said the races next week would basically be a televised events, covered by The Standard, racing.com on television, and radio.
"The team here is working on how people can still be involved in the carnival externally and that's basically through those mediums and social media," he said.
"There's a lot of people who have an attachment to the May carnival and still want to be involved.
"Unfortunately this year it will be from a distance with no spectators, general public or even owners allowed on the track.
"A lot of people catch up at May and we want next year to be bigger and better than ever.
"If you haven't been - come next year. If you haven't been for a number of years, make sure you are here next year and we will welcome you with open arms next year if you are a regular."
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