Club on high after profits grow 400%
By Tony Raggatt - Townsville Bulletin (QLD Metropolitan, 12 April 2006)
THE Cowboys Leagues Club in Flinders Mall has mirrored the success of the team, boosting profit 400 per cent to $1.83 million in the year to October 31, 2005.
The result has humbled the club's board with director Laurence Lancini saying he was grateful for the support of the |
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| Cowboys Leagues Club general manager Gavin Rugless with the annual report |
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| community which had made it all possible. |
"It has certainly been an incredibly successful year for our club, the Cowboys brand and the community," Mr Lancini said.
"Membership is continuing to grow, bolstered by the success of the Cowboys and the passion and support of our members.
"The members can be confident that the club is operating well and achieving well beyond initial expectations."
According to the club's directors' report, the result was bolstered by a $519,102 gain on early termination of its lease of the property.
The club bought the prime Flinders Mall property including car parks from Chapman Resorts for $10.5 million during the year.
While its key source of revenue was gaming, it says catering and beverage also contributed to the improvement.
The club has a contract to supply bar and catering services at Dairy Farmers Stadium.
Mr Lancini said the club continued to establish further benefit schemes with significant cash and in-kind contributions to community and charitable groups.
Community benefits totalling $465,924 had been provided in 2005 and the club expected this to surpass $500,000 this year.
Leagues Club general manager Gavin Rugless said the club had come a long way since an uncertain launch at the mall property almost five years ago.
He could remember then-manager Dave Clark telling him at the time that it could be their longest or shortest ride ever.
The club had relocated from the stadium where it had traded in the 1990s, running up losses of more than $1 million.
Now it had about 18,000 members and a measure of its success was the amount it returned to the community, Mr Rugless said.
He attributed the turnaround to the success of the Cowboys rugby league team, the support of the community, a maturing of the business and wonderful staff.
The club is now looking to growing the use of its property, engaging a consultant to develop a master plan.
The club has about 1200sq m of space in the level above its premises which is vacant but could provide more office or function room areas.
Car parking areas could also be expanded. | End |
