The Mulwala Water Ski Club has continued its robust capital improvement program while also recording a strong profit for the 2024–2025 financial year.

At the club’s Annual General Meeting on Sunday, directors will report an impressive $2 million profit.

President Matt Holgate attributed the result to growth across all areas of the club but highlighted the ongoing investment in infrastructure as the standout achievement.

“Delivering such a fantastic result means we can reinvest in critical infrastructure to support our ongoing business and the broader community,” Mr Holgate said.

“Reinvesting in up-to-date equipment ensures we offer the best venue and amenities on the Murray River. It’s also essential to fulfilling our core mission—supporting water skiing.”

Mr Holgate said the club had invested significantly in hosting major waterskiing events over the past couple of years with many more to be held in the future, including the major 2027 World Waterskiing Championships.

“We continue to invest in the maintenance and improvements at the Max Kirwan Ski Park to ensure we are ready to host such big events,” Mr Holgate said.

Since 2019, the club has completed almost $10 million worth of major capital projects and became debt-free in 2021.

“Like all businesses, we face the ongoing challenge of rising costs,” Mr Holgate said.

“However, we are diligently managing expenses while working hard to grow revenue and sustain our profitability.

“We’ll continue to assess and refine our capital plans to ensure we’re investing wisely in the club’s future.

“Financially, we’re in a strong position and continuing to grow our cash reserves.”

Strategic planning and future projects

Mr Holgate said that while there were several capital improvement projects in the pipeline, the board intended to consolidate cash reserves before proceeding with further upgrades.

“In November, the board of directors and management will participate in a multi-day off-site strategic planning session with experienced hospitality strategist, TullyHeard,” he said.

“This will help set our direction and capital program for the next decade.”

Two critical approvals will shape the path forward, and both are deep in negotiation and finalisation:

Acquisition of Land – Finalising the purchase of land in front of the clubhouse (currently leased) from the Golden Inn Restaurant, across the Malibu Deck, and including the Waterside alfresco area.

Holiday Park Lease Renewal – Securing this will enable further improvements to the park.

Key upcoming projects

“Any sustainable and successful business requires foresight, conviction, teamwork, and a will to succeed,” Mr Holgate said.

“We have all those attributes; with a new management team and an experienced board, we are well-positioned to remain the best club on the Murray.”

Mr Holgate also acknowledged the contributions of past leaders.

“I’d like to thank our previous president Len Langford and CEO Peter Duncan, along with long-serving directors Gavin Williams, Trevor Bailey, and Andrew Starr,” he said.

“Their foresight, dating back to 2017, laid the groundwork for many of these initiatives.

“Our business is flourishing, we are well-capitalised, and we are poised to continue growing and prospering into the future.”

The club’s Annual General Meeting will be held this Sunday, October 19. Doors strictly close at 10 am.

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Friday, 9th January 2026

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