Largest Rodeo in the South Hemisphere Plunged into Administration

Axel Roy competes in the Local Station Buckjump event at the Mount Isa Mines Rodeo in Mount Isa, Australia, on Aug. 9, 2024. Dan Peled/Getty Images

Australia’s biggest rodeo event has been placed into voluntary administration after being denied a bail-out by the state government.

Creditors Michael Brennan and David Stimpson from SV Partners have been appointed as administrators as the Mount Isa Mines Rodeo moves into voluntary administration.

The Mount Isa Mines Rodeo has been a shining star of outback entertainment in Queensland, even netting gold and silver at the Queensland Tourism Awards earlier this year.

The rodeo won gold for the 2022 Mount Isa Mines Indigenous Rodeo Championships in the Festivals and Events Category and silver for the 2022 Mount Isa Mines Rodeo in the Major Festivals and Events Category.

But the largest rodeo event in the Southern Hemisphere, which comes with a $250,000 (US$165,000) prize pool and attracts a global audience, ran into trouble amid lower-than-expected visitor numbers in 2024, according to administrators.

The Mount Isa Mines Rodeo has been a drawcard for locals and tourists alike for 65 years, making it synonymous with Mount Isa’s growth and identity.

The rodeo is held annually on the second weekend in August and normally would draw massive crowds.

This year’s event was set to attract 25,000 people, but fell short by at least 5,000 visitors, with some speculation that cost-of-living pressures played a part in lowered attendance.

The Townsville Bulletin reported the state government had refused a $500,000 request from organisers to ensure the event would run in 2025 after its shortfall in August.

Tourism Minister Michael Healy said he was “made aware” of concerns around the event’s operations, the publication reported, but did not explain the decision not to grant the event financial support.

The event generally draws around $15 million in outside income for the town’s economy every year, and while there could be the option of scaling the event back, rodeo chairwoman Rowena McNally fears any efforts to do so would further harm any possible profits.

What Does It Mean?

Voluntary administration is a process that is initiated when a company has faced losses and cannot pay its debts.

The administrator, in this case SV Partners, then assesses the best options and course of action for both the business and it stakeholders.

Sometimes, the solution might be a restructure or full liquidation.

Voluntary administration might mean a business’s future could be undetermined, but it also allows it to gain space from creditors and explore all options including if and how it could continue to operate—in some instances, businesses can get back on their feet.