HKJC revenue barely dented by pandemic

HKJC revenue barely dented by pandemic

An impressive 2019 – 2020 season ended with record single day turnover of HK$1.6 billion (£160 million) on the closing day at Happy Valley.

Hong Kong.- The Hong Kong Jockey Club (HKJC) has reported 2019 – 2020 financial results showing it had the third best-season in its history.

Annual racing turnover dropped by only 2.6 per cent from the previous season despite branch closures and reduced traffic as a result of Covid-19.

HKJC CEO Winfried Engelbrecht-Bresges said: “We are pleased to have been able to complete a full season but of course our prime focus throughout, and a real challenge, was to act responsibly to protect the public health and safety of our staff, customers and the wider community, at every turn, while at the same time balancing that with the desire for our sport to continue.”

This season’s finale at the Happy Valley race course on Wednesday saw record turnover for a single fixture of HK$1.6 billion (US$260 million).

In spite the Covid-19 pandemic, the HKJC reported racing revenue for the season at HK$121.6 billion (US$15.68 billion).

The club said it paid HK$12.11 billion (US$1.56 billion) in taxes.

Local racing took a larger hit with turnover down 8.2 per cent on the previous season, while simulcast turnover from domestic clients betting on overseas events grew by 12.9 per cent year-on-year, to HK$4.7 billion (US$606 million).

Commingling turnover for the HKJC reached HK$23.58 billion (US$3.04 billion), a 25.3 per cent rise on the previous season.

The HKJC said in a statement that becasue branches shut in February and races returned after lockdown without public, this had led more customers to gamble through online channels.

Now HKJC is looking into expanding its World Pool concept to propel international growth. The unit pools gamblers from countries such as Australia, the US, Canada, Singapore and Europe.

Branches will temporarily close again as of Sunday (July 19) as Hong Kong tightens measures to prevent Covid-19.

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