Its boosted prize money for the 2022/23 racing season to HK$1.6bn (US$206.5m), its highest level so far, to stay ahead of competing jurisdictions.
Hong Kong.- The Hong Kong Jockey Club has raised its 2022/23 racetrack prize money and incentives to an all-time high of HK$1.6bn (US$206.5m) to stay ahead of rival racetracks. Chief executive, Winfried Engelbrecht-Bresges said an increase in horses was necessary due to greater competition to source quality horses, particularly in Australia and the Gulf region.
Engelbrecht-Bresges also said the HKJC has conducted a comprehensive review of its prize money and bonus structure and decided to continue investing, which will result in a significant increase in bonuses across the board, especially in certain distance categories.
Events that have benefited from the increase in prize money included the Longines Hong Kong International, the G1 Queen’s Jubilee Cup and the 1200m G1 Chairman’s Sprint on the Vanguard Champions Day. The prize money for Group 2 and Group 3 games has increased by around 5 per cent.
In February, the HKJC set a new turnover record for its Chinese New Year races, taking HK$1.86bn (US$238m) worth of bets. Turnover was up about 1 per cent from HK$1.84bn in 2021. There were 11 races in 2021, up from 10 in 2020.
The club had previously posted an 11.6 per cent drop in revenue in its financial results for the 2019/2020 fiscal year. Total revenue amounted to HK$218.7bn (US$28.2bn).