Harness Racing Victoria says Melton land deal cost it $100m

The outlet describes the Western Highway site, home to Melton Entertainment Park, as sitting near the Melton and Cobblebank train stations and a new hospital site. It calls the location ideally situated for commercial or housing development in a fast-growing part of Melbourne’s west. It also reports repeated interest in the land from at least one developer, without naming the party.

For developers and land agents tracking Melton, the point is that a large parcel near two stations and a hospital site is described by the outlet as untouched while ownership and use are contested.

The numbers

The Age reports these figures:

• 93 hectares: the Melton land signed to the government in 2024.
• $86 million: the debt HRV settled by doing so.
• Up to $200 million: the land’s valuation since then.
• $5 million: what HRV paid for the land in 2007. Racing at Melton Entertainment Park started in 2009, following a move from Moonee Valley.
• 2019: when, the outlet says, HRV lost independent control of the land following changes to state legislation.

The article also sets out HRV’s finances. It says HRV announced a $34 million operating deficit at the end of the 2024 financial year, cut its workforce from 120 to 70 and trimmed $14 million in prizemoney. For the latest financial year, it reports earnings before interest, taxes, depreciation and amortisation of almost $1 million.

HRV chairman Bernard Saundry told the outlet the sport could not cut its way to permanent sustainability. He is quoted as saying: “Harness racing needs new sources of income beyond traditional wagering revenue, and we have an asset capable of helping create them.”

What’s next

The Age article does not set out a decision date for the land. It reports that a state government spokesperson said the government is backing the sport and has provided substantial support to clear its debt, and that Melton City Council’s mayor declined to comment. It also reports that a developer offered $90 million for a 30-hectare parcel at the site, as reported in October 2024, and that the offer went unanswered. The developer is not named. The outlet adds that HRV changes from a statutory authority to a company limited by guarantee on 1 July 2028.

Developers watching Melton should treat the $200 million valuation and the unnamed developer interest as reported claims. Any change in ownership, use or planning status of the site would need to come through a state or council record, and we will report it when one appears. For other Melton land activity, see HMC Capital’s Coburns Central Melton purchase.