 This edition contains the Annual Report of the Board of Directors and the Statement of Financial Performance for the financial year ended October 31, 2006. These will be presented at the AGM for members' consideration and endorsement.
Entertainment has returned via the
Grange Function room, which was well
received and will continue, resuming in
February. The Board and Management
continue to address the need to generate
additional income streams and become
less reliant on Gaming revenue.
The Annual General Meeting of St George Leagues Club will
be held on Sunday, March 25, 2007.
This edition contains the Annual Report of the Board of
Directors and the Statement of Financial Performance for the
financial year ended October 31, 2006. These will be
presented at that meeting for members' consideration and
endorsement.
As foreshadowed in previous journals, our operating profit for
2006 of $8,084,743 was less than 2005 of $9,460,065.
Although still a healthy result the impact of three successive
gaming tax increases in 2004, 2005 and 2006 totalling
in excess of $3million has just been too much to absorb.
Unfortunately there is still another increase, the last, to
come on September 1, which will bring the overall gaming
tax increase since inception to approximately $4.5million
per annum.
Despite our best endeavours it was simply not possible to
generate the additional revenue to offset the tax increases.
The final stage of the new smoking policy comes into being
in July. This means that there will be no smoking in any
enclosed areas of the Club. Past experiences indicate this,
too, impacts profitability adversely.
However, the new indoor/outdoor terraces are scheduled to
open in April and have been designed for both non-smokers
and smokers. This should go some way towards offsetting
the predicted revenue downturn.
As a consequence of the gaming tax, smoking policies and
general uncertainties in the economy, 2007 looms as a
difficult 12 months.
Entertainment has returned via the Grange Function room,
which was well received and will continue, resuming in
February.
The Board and Management continue to address the need to
generate additional income streams and become less reliant
on Gaming revenue.
I draw your attention to the General Manager's report for an
update on planning and development to date.
The Bowling Club closed on December 31, from whence
members accepted an invitation to play at Moorefields Bowling
Club. Satisfactory arrangements have been negotiated with all
parties, which will see the St George Leagues Club Bowling
Club retain its identity, history and traditions.
The NRL Telstra Premiership commences on March 16. The
Dragons play their first game away against the Gold Coast
Titans two days later.
Our six home games are scheduled in the first half of the
season at Oki .This will allow the ongoing development of
Oki Jubilee Stadium, funded by a State Government grant of
$7m to recommence in July and continue uninterrupted
until completion.
On behalf of all at St George we wish our players, Coach
Nathan Brown and Chief Executive Officer a successful season.
The Dragons' 2007 NRL Telstra Premiership draw is on page
25; and more information about the Dragons can be obtained
by logging-on to www.dragons.com.au
At the Annual General Meeting of the St George Football
Club Peter Black was elected as a life member. This was a
fitting reward for many years of service as a player, selector
and Board member.
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St George Leagues Club
LEAGUES CLUB JOURNAL
