The Mulwala Water Ski Club has continued with its robust capital improvement program while also recording strong profit for the 2023-2024 financial year.
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The club’s directors reported at its annual general meeting on Sunday an impressive $2.4 million profit before the realisation of $792,000 in capital grants.
President Matt Holgate said in front of 46 members the profit result was an “outstanding” achievement but more impressive was the club’s continued commitment of investing in existing and new infrastructure to maintain itself as a leading-edge club in the industry.
“Revenue in all divisions continues to improve because of growing patronage by our members and guests – so thank you for your ongoing support,” Mr Holgate said.
“We will continue to refine and critique our capital plans and our capital priorities for the future.
“Financially we are in very good shape, and we continue to grow our cash reserves.”
It was reported at the meeting that the club had invested an impressive $7.8 million in capital improvements over the last three years.
In the second half of 2023, the club undertook the challenge of completing several major projects simultaneously.
The finalisation of the solar car park, the $1.4 million refurbishment of the main lounge and the development of Waterside Restaurant were all completed in the last financial year.
“Taking on so many projects at once, whilst obviously challenging, is also very rewarding,” Mr Holgate said.
“The outcome of all these initiatives was outstanding as evidenced by the growth post the completion of those projects.
“The solar park design looks incredible, and it makes us quite unique in the region. We now use 20 per cent less grid-based power, which makes this investment a very satisfying one.
“Our members and guests now enjoy much-needed summer shade and winter cover, we have first-rate lighting, security cameras, and walkways, all drainage is now underground, and we have a newly paved surface.”
Mr Holgate added that the new car park also features six EV power stations, diversifying the club’s revenue streams while enforcing the club’s commitment to green energy.
The refurbishment of the main lounge and the Waterside Restaurant was successfully completed with positive reviews.
“Studio 9 did a fantastic job with the designs, as did Jack Riches and his team, with the construction and we have received great feedback,” Mr Holgate added.
Club Chief Executive Officer Peter Duncan added that the 2023-2024 financial result was very pleasing considering the renovations.
“These renovations virtually shut down areas of the club for several months,” Mr Duncan said.
“They were all completed by the end of September and the club could see the immediate improvement in trade from this time.”
The club has spent a significant amount with local businesses and trades during the last financial year.
“This financial year we have spent over $2.85 million supporting local businesses and trades,” Mr Holgate explained.
“We strive to keep local businesses also thriving through our bingo, raffles and club promotions which utilise ‘Shop local’ vouchers. These vouchers have injected over $354,000 into local retail businesses.”
Mulwala Water Ski Club also supported the community with contributions of $121,260 to local schools, grassroots sports and community groups through the ClubsGRANTS Program.
Mr Holgate said the club’s vision is to be the Murray River’s best location for relaxation, accommodation and entertainment.
“The club's commitment to being a destination of choice continues to see it diversify, become a leader in entertainment and deliver a location that exceeds customers’ expectations.”
Mr Duncan reported that all areas of the club have shown a great improvement with the bar up $540,000 (11%), accommodation up $132,000 (7%), the coffee shop up $68,000 (12%), and gaming turnover recovered well after being $1.6 million down in the first three months, finishing strongly to be down $474,000 net on last year.
Mr Duncan added that with the big capital improvements, depreciation subsequently rose by more than $430,000 for the financial year affecting the overall profit figure.
Capital improvements
In the next 12 months, Mr Duncan said the club will push forward with plans to build a boating Marina in front of the club stretching out south on the water in front of the Holiday Park.
He explained the many difficulties of trying to engage several government authorities about establishing a marina and with the eventual assistance from local Member for Albury Justin Clancy it was recommended to the club to have an environmental impact statement done so he could submit it to the appropriate minister and engage a local committee to bring together all stakeholders.
The estimated $5 million, 173-berth marina proposed to be built in several stages has progressed well in recent months.
“We are hoping to have the environmental impact statement (EIS) completed before Christmas and plan to have a development application submitted to Federation Council by February 2025,” Mr Duncan said.
Mr Duncan said the development application will likely take up to six months and the club will be looking to obtain a government grant to build the first stage dollar for dollar. The first stage will feature 64 births at a cost of $2.5 million.
Mr Duncan said that part of the process for the EIS is to have community consultation.
An information session will be held on Saturday, November 2 at the Mulwala Civic Centre from 10am-12pm.
“This will be an opportunity for the community to express their views, support or concerns to the EIS consultants,” Mr Duncan said.
Mr Duncan added that the club is close to acquiring crown land at the front of the club where the Malibu Deck is located.
“The land is 11 metres wide, and runs approximately 110 metres long, and is 1,174 square metres. It runs the length of the club,” Mr Duncan said.
“It’s vital for the club to own this land to freely do some other projects without the issue of obtaining approval from the crown and council,” Mr Duncan explained.
“We have approval to purchase the land and hope to own this by Christmas (2024) or the new year (2025).”
Mr Duncan updated members on the renewal of the lease on the southern end of the Holiday Park for a further 25-30 years.
“The lease runs out on the 30th June next year, and we have been negotiating with council to renew it for the last 18 months.”
Mr Duncan said once the lease is obtained the club intends to draw up development plans to replicate the $3 million development spend that the club has done on the northern part of the park. But to commit to a similar investment the club requires a renewed and long lease.
Mr Duncan also provided a brief on the solar farm lease, on land owned by the ski club behind the Max Kirwan Ski Club.
The solar farm lease will provide ongoing revenue for the park on land that was previously disused.
Mr Duncan said the club will also soon build a boat storage facility on disused land in front of the Max Kirwan Ski Park.
“We will initially build ten boat storage sheds, big enough to put large pontoon boats in,” he said.
“The estimated cost will be around $300,000, by the time we put concrete, road and fencing etcetera up.
“It complements the proposed marina and provides boat trailer and boat storage.”
Mr Duncan said the club also aims to expand its function capabilities by extending the area in front of the Waterside Restaurant in line with the Malibu Deck, and detailed plans for this will be drawn up once the crown land is purchased.
He also touched on intentions to expand the club’s food offerings with plans for an additional restaurant next to the Chinese restaurant, as the area is regarded as too large for just one eatery by industry standards. The club also plans to expand the coffee shop and its offerings.
Mr Holgate added that the preferred investment model for the club is to build up cash reserves and finance through cash flow rather than taking on any substantial debt.
“We will continue to adopt a disciplined and lower-risk approach that prioritises the delivery of projects that yield the greatest returns,” he said.
Major projects at the ski club moving forward and not in any order include;
- The foyer, coffee shop, cocktail bar and Golden Inn Restaurant upgrade
- Southern half of the Holiday Park upgrade
- Stage 2 of the solar car park of the northern car park
- Solar farm and boat storage at the Max Kirwan Ski Park
- The marina development
Big events for skiing
Both Mr Duncan and Mr Holgate praised the club’s ski division led by Pete O’Neil and Brutis Ryan ,who are both overseas at the moment with members of the ski team competing in the US and performing in Indonesia.
“The Mulwala Water Ski Club was founded on the back of a charter to support the sport of water skiing, particularly the development of our juniors into world-class talent,” Mr Holgate said.
The club is gearing up to host some big ski tournaments over the next year with the World Show Skiing Championships in March 2025 and the World Disabled Championships in November 2025.
The club is also planning to hold the prestigious Three-Event World Championships in March 2027.
“In November 2023 Mulwala Water Ski Club signed a three-year primary partnership agreement with Waterski and Wakeboard Australia (WAWA), the peak body for waterskiing in Australia,” Mr Holgate said.
“The agreement outlines the need to have an accessible, world-class, competition-ready site at the Max Kirwan Water Ski Park and a venue capable of hosting competitors, accommodation, functions and ceremonies.
“Our world-class water skiing facility now means the world is coming to Mulwala.” Mr Holgate added.
In January 2024, the club appointed Matt O’Dwyer as manager of the Max Kirwan Water Ski Park, with the key objectives of increasing revenue, obtaining sponsorship, and generally boosting the facility's profile.
“Matt has already made many new relationships with local sponsors who are excited to be on board,” Mr Holgate said.
“Their financial contribution will assist in hosting events, promotion, junior development, and the general maintenance of the park.”
Ski club board welcomes new member
The Mulwala Water Ski Club board has one change for the 2024-2025 financial year.
At the club’s annual general meeting on Sunday, Kelvin Weston-Green was up for re-election and chose not to nominate. Other board members up for re-election, Ben Levesque and Garry Wilson re-nominated.
As there was only one other nomination (Nathan Tresize), Ben Levesque and Garry Wilson were subsequently re-elected, and Mr Tresize was elected unopposed.
President Matt Holgate thanked Nathan Tresize for his nomination and welcomed him to the board.
On behalf of the board, director Gavin Williams acknowledged Mr Weston-Green’s service for his 23 years on the club’s board.
Mr Williams said he has known Kelvin since they were teenagers when they skied frequently together on the river at Bundalong during the 1970s.
“Kelvin went on to represent Australia both as a competitor and a coach,” Mr Williams added.
“During his time on the board, he has been involved in many projects and has been a member of the finance committee in recent years.
“Both he and Leonie (Kelvin’s wife) have had a strong affiliation with the show ski team putting in plenty of work behind the scenes and reminding us that we are first a club (ski club), and secondly a business.”
Mr Willams thanked Mr Weston-Green for his service and hoped he would remain connected to the club and its charter of water skiing.