Greyhound Racing Victoria CEO Stuart Laing has tried to talk up the financials of his business but failed to mention the ongoing carnage and animal welfare failures that he oversees.
In line with every state racing body (see An industry in decline), GRV posted shocking results in FY23-24. GRV’s annual report showed a loss of $22.7m, more than three times its 2023 loss. This was despite record taxpayer funding of $16.3m.
The Victorian Government also granted a $3m interest-free loan to GRV so that it could meet its immediate expenditure commitments. GRV’s financial assets were down from $37m to $22.5m in FY24, while their total liabilities increased from $15.1m to $19.5m. This begs the question how long GRV can remain solvent without ongoing injections of taxpayer dollars.
Laing, therefore, is eager to show that things have turned around. https://www.grv.org.au/news/2025/03/21/strong-recovery-in-process-following-2023-24-challenges/
An unsustainable industry
The cuts in staff, operations and race meetings had the effect of reducing operating expenses and increasing profit. However, wagering turnover remains flat – which is the key business indicator for the racing industry.
One of the main reasons GRV is outperforming others is because it has acquired more race meetings during good time slots on Sky Racing 1, replacing others in those slots.
They’ve also increased the number of races on the card in prime slots, achieving this by decreasing the amount of time between races. The time for on-track vet checks of dogs has further decreased.
While they are paying millions more to keep GRV afloat, the VIC government is expecting to receive $36m less revenue from racing and betting taxes this financial year.
The bloody sacrifice needed to boost GRV numbers
Laing fails to mention the bloody sacrifice made by greyhounds to boost his numbers. A Sun Herald article in July 2024 reported that GRV had come under fire after it “slashed a key welfare executive job at a time on track dog deaths are the highest anywhere in the nation”. And this at a time when the industry was responsible for the highest total number of greyhound euthanasias and deaths in four years.
As of 20 March 2025, eleven dogs had died on Victorian tracks this year, six more than for the same time in 2024. 759 greyhounds have been injured racing this year.
In around 100 serious incidents on Victorian tracks this year, 16 dogs have been killed – 11 on-track, and five off-track. The latter number will increase as more injured dogs are put down.