The Newcastle Jockey Club has reported a strong fiscal position after the 2016 financial year, having made an underlying profit of $325,000.
Jockey Club chairman, Geoff Barnett said there was a number of factors contributing to the club's success, including government changes to the racing industry and renovations and restructures at the club.
"The board and CEO have done an excellent job during the past financial year steering the club and our financial results are reflective of that hard work," Mr Barnett said.
"Racing NSW also managed to win a case lowering the taxation on gambling in NSW and that's allowed for not only increased prize money across the state but also freed up money for clubs administration and general maintenance, which has helped enormously".
The Club's CEO, Matt Benson said that the upgrading of facilities, such as bars and infrastructure, is necessary to match the standard of the new Strathayr course proper, launching in March, 2017.
"Newcastle will boast the best track in Australia when the new course proper is unveiled in March, and our aim must be to complement that racing facility with premium options for racegoers - both members and the public alike," Mr Benson said.
It is agreed that the profits will help brighten the future of Newcastle Jockey Club, which chairman Barnett said is not just exciting for the club but also for the whole Newcastle and Hunter community.