On the first Saturday of each November, a sea of stylish black and white racegoers descend on Flemington Racecourse. Penfolds Victoria Derby Day is the kick-off to Melbourne Cup week festivities – an annual event contributing significant revenue to the Garden State.
It’s the largest major event on Victoria’s calendar – creating almost 18,000 jobs and drawing 262,000 racegoers to Flemington Racecourse last year. The Melbourne Cup Carnival generated a record $468 million for the state in 2023 and is gearing up to beat that over the coming week.
“Nobody does spring racing like Victoria,” says Victorian Minister for Racing Anthony Carbines. “This year’s carnival will provide a massive boost to our hotels, retailers, cafes and restaurants – backing local jobs and keeping our city buzzing with excitement.”
Statistics provided by the Victorian Racing Club (VRC) state that there was $605 million in direct expenditure across Australia last year that can be attributed to the Melbourne Cup Carnival. $43 million was spent on accommodation – up 22% year-on-year – and $49 million on retail, fashion, and grooming. $32 million was spent on food and beverage in Melbourne throughout Carnival week.
All of that spending gives the Victorian state government plenty of reasons to invest in the Carnival.
Upgraded general admission precincts: The Park and Elms
This year, the general admission Parks and Elms precincts that debuted at the Carnival in 2023 are back and bigger than ever. The VRC put $1.2 million toward the expanded enclosures, and the Victorian government contributed $900,000.
“We thank the Victorian Government for its support in The Park and The Elms precincts – part of what is shaping to be an even bigger and better 2024 Melbourne Cup Carnival,” says VRC’s new CEO Kylie Rogers.
In a bid to draw both local and international attendees, the new entertainment zones include an open grass space with food trucks, a big screen, and a stage for Fashions on the Field and live music.
“Four new entertainment zones will cater for different patrons like younger racegoers, the tech-savvy, foodies, first-time international visitors and corporates,” a Victorian government statement reads.
The Labor government cites statistics revealing that attendance by 18-29-year-olds was up last year compared to 2022, and accounted for more than 20 per cent of racegoers. That coveted demographic made up more than a third of first-time attendees according to VRC data.
International visitors to the Melbourne Cup Carnival also peaked in 2023, with 67,000 international attendees making their way through the turnstiles. It is the second-highest number since the VRC began tracking those statistics in 2007.
Seven years strong: Lexus returns as Cup naming rights sponsor
Lexus has partnered with the VRC on 22 Melbourne Cup Carnivals. For seven of those Lexus has had naming rights to Tuesday’s main racing event.
“The Lexus Melbourne Cup is a race for everyone,” says Lexus Australia CEO John Pappas. “It is a celebration of what it means to be Australian, and to have the opportunity to showcase the refinement, elegance, and style of the Lexus brand to a national audience and beyond is a privilege.”
This year Lexus is showcasing its LF-ZC concept vehicle in the ‘LANDMARK by Lexus’ enclosure at the racetrack. The electric LF-ZC was flown in from Lexus headquarters in Japan for Cup week. Innovation is the theme of the event, Lexus says, indicative of its position as a ‘global disruptor committed to a future of zero tailpipe-emission vehicles.’
The Lexus marquee is spread over three floors including a fine dining area on the ground level, entertainment, beauty bar, multiple cocktail bars with trackside views, lounge area and a St Remio coffee and dessert bar.
Channel Nine’s reported $50m broadcast rights and a swimming sensation
Awareness of the Melbourne Cup Carnival extends beyond those who show up at the track, new VRC CEO Rogers says. The global reach of the broadcast audience is around 750 million according to the VRC.
A new deal to broadcast Penfolds Victoria Derby Day, the Lexus Melbourne Cup, Crown Oaks Day and Tab Champion Stakes Day was struck in February by Channel Nine. It is estimated to be worth up to $50 million and cover six years of the Melbourne Cup Carnival.
“It is a national celebration that has captured the hearts and minds of Australians for over 150 years,” a Channel Nine statement reads. “In 2024, Nine will provide an unrivalled opportunity to reach more Australians through the Melbourne Cup than ever before.”
The face of this year’s carnival is Australian Olympian and Forbes 30 Under 30 awardee Ariarne Titmus.
“Horse riding was my first love,” Titmus says in a statement. “I grew up around horses and competed in dressage and show jumping competitions from the age of seven before swimming took centre stage. I have such fond memories of my riding days and am excited to be working with horses and the Victoria Racing Club again.”
Rogers says sport has the power to connect communities, and Titmus’ youthful spirit, quiet determination, and unparalleled talent are inspiring to a broad demographic in Australia.
“We are honoured to welcome four-time Olympic gold medallist Ariarne to the Flemington family and look forward to celebrating gold in all forms with her during the Melbourne Cup Carnival,” says Rogers.
Tasmanian-born Titmus says she can’t wait to get back to Melbourne for Cup Week, after an epic year that has included bringing home gold from the Paris Olympic Games.
“There is no event like it that brings together exceptional sport, fashion and entertainment and I’m looking forward to swapping my swimmers for racewear and enjoying the week with friends.”
Look back on the week that was with hand-picked articles from Australia and around the world. Sign up to the Forbes Australia newsletter here or become a member here.
