HKJC posts record turnover
Racing turnover for the 2022/23 racing season was up 0.5 per cent.
Hong Kong.- The Hong Kong Jockey Club (HKJC) has shared its financial results for the 2022/23 financial year. It posted a record turnover of HK$304.8bn (US$38.87bn). Turnover on Hong Kong racing fell 1.3 per cent but was offset by turnover from overseas racing.
Revenue from commingling on Hong Kong racing rose 3 per cent to HK$25.4bn, constituting 19.6 per cent of all turnover for the season. Total racing turnover for the 2022/23 racing season was up 0.5 per cent to HK$141.1bn (US$18bn). Income on racing wagering for the season was up 1.8 per cent to HK$6.4bn.
Football betting turnover rose 9.1 per cent to HK$156.9bn (US$20bn. This was attributed to the club’s new customer information and wagering system coupled with the timing of the World Cup. Income was flat at HK$9.8bn due to increased taxation in the form of Special Football Betting Duty of HK$12bn payable over five years, with HK$0.6bn being paid in the 2022/23 financial year.
Revenue from the Mark Six lottery, which returned to three draws per week, was up 29.2 per cent to HK$7.5bn.
The HKJC contributed HK$35.9bn to the community: HK$28.6bn in betting duty, profits tax and Lotteries Fund contributions, along with HK$7.3bn in approved charity donations.
HKJC chairman Michael Lee said, “I would like to express my sincere thanks to the racing community, to our members, to the HKSAR Government, to Mainland authorities, to the club’s management and employees, and most especially to our customers. Through your support, Hong Kong racing is an example to the world of the strength and resilience of our city.”
HKJC CEO Winfried Engelbrecht-Bresges added, “Through resilience and agility, the club performed extremely well during the pandemic. However, there is no question that the post-pandemic environment is proving equally challenging, with the economy likely to be highly volatile for some time to come.
“In these circumstances, the club’s exceptional performance last year was only possible because of its strategy to develop world-class racing and to export it overseas via commingling as well as through the creation of the World Pool. Together with the strong performance of football betting, this enabled the Club to contribute a record HK$35.9bn to the community.”
