Hong Kong Jockey Club Has Best Year Ever

Published Monday, September 10, 2012 - Online-Casinos.com

One of the oldest and most venerated sports on the planet is horse racing. Rain or shine the spectacle of thoroughbred horses thundering down the track and the excitement building as the finish line approaches, cannot be outdone. The horse has a grace and beauty that continues to amaze people from every culture and walk of life.

The Hong Kong Jockey Club is as old as it gets and it was suffering a lack of attendance for the last eight years, but this 2011-2012 year has been different. The institution was founded in 1884 and is listed as a not for profit organization that provides horse racing and other betting entertainment. It has the sole government contract to provide pari mutual betting on the horses, the Mark Six Lottery and fixed odds betting on international football matches. It is listed as the largest tax generator for Hong Kong and with its’ 23,000 members the club provides a social focal point and facilities for all sorts of functions.

The largest attendance records since 2004 have been reported by the club with total racecourse attendance approaching 2 million Accordingly, total revenues rose 9.7% to USD $3.66 billion of which the total return to the community by the non-profit organization via taxes, betting duties, charitable donations and contributions to the Lotteries Fund – was a record $2.46 billion . Chairman T. Brian Stevenson called it “a most successful year for the club” and by extension, “a very successful year for the wider community of Hong Kong.” The Inland Revenue Department, was very pleased with the outstanding results which were 6.8 percent of all taxes collected in Hong Kong. Stevenson explained the “highly inflexible regulations” was as a factor that kept revenues down in overseas race punting.The entertainment spend in Asia will continue to grow as the middle class there grows with more money to play with.

Related news

Return to Latest News