Uncertainty surrounding border closures and other Coronavirus related restrictions led to the decision.
President Russell Douglas said the club vowed to do everything in its power to be able to host the race day, but came to the realisation at a meeting on Sunday it was not a viable option.
‘‘We’ve made this decision as it’s just too risky for us, as well as for the local community,’’ he said.
‘‘Victoria is starting to ease some of its restrictions, but who knows what can happen in another five weeks.
‘‘There could be another outbreak that causes us to cancel anyway.
‘‘Once we heard the Tamworth Country Music Festival was cancelled for January 2021, even though that is so far away, we knew we had to make this decision.’’
The annual Caulfield Cup Day Races — one of two hosted by the Deniliquin Racing Club each year — is a significant money spinner for the club and the local economy.
While its Anzac Day event is popular, the guaranteed Saturday race day in October always attracts a larger crowd.
Mr Douglas said the impact of both meets being cancelled this year is about $215,000 to the local economy.
‘‘No Caulfield Cup race day will cost Deni approximately $140,000. That’s about the amount of money we spend through local businesses for this event,’’ he said.
‘‘We know the cancellation of Anzac Day races cost Deni about $75,000 as well.
‘‘We (the club) might be lucky to get about $25,000 out of hosting a race day, so the club is missing out as well.
‘‘We have caterers, bookies, jockeys, trainers and owners all missing out on a decent pay day. And the Edward Public School would also receive a donation for manning the gate.
‘‘We usually give out a total of $43,000 in prize money to owners and trainers, so that’s another financial blow to them.
‘‘It’s just a sad time for everyone right now, but hopefully everything will calm down in time for our Anzac Day races next year.’’