Hong Kong horseracing: proposal to ease age restrictions
Hong Kong’s Secretary for Culture, Sports and Tourism has said the government is discussing a proposal with the Hong Kong Jockey Club.
Hong Kong.- Kevin Yeung Yun-hung, Hong Kong’s secretary for culture, sports and tourism, has said that a proposal to relax the age restriction for entry to horse racing events is being discussed with Hong Kong Jockey Club (HKJC). Speaking in a radio interview cited by the South China Morning Post, he said the aim would be to increase the city’s appeal as a horse racing tourist destination.
Under current regulations, under 18s are prohibited from entering premises where bets are accepted. Yeung Yun-hung said he believed there needed to be a limit but said authorities had to analyse the situation. He said the government and the HKJC shared the goal of promoting horse racing as a prominent tourist attraction.
In Hong Kong Chief Executive John Lee Ka-chiu’s recent policy address, the government proposed developing tourism products, including yachts, pandas, horse racing and cultural and ecotourism.
HJKC posts full-year turnover of US$39.18bn
In the 2023/24 financial year, the HKJC posted a turnover of HK$304.9bn (US$39.18bn), up slightly when compared to the previous financial year. Net margin was down 10.5 per cent to HK$14.8bn (US$1.90bn). Racing turnover fell 3.1 per cent year-on-year to HK$136.1bn (US$17.5bn). A total of 89 race meetings were held in the 2023/24 season, two more than the previous year.
Football betting turnover reached a record high of HK$160.3bn (US$20.61bn), up 2.2 per cent year-on-year. The increase was attributed to additional fixtures, the introduction of 24-hour operations, an expansion of in-play offerings, and the launch of new products such as Same Game All Up and Early Settlement.
However, due to the Club’s payment of an additional HK$2.4bn (US$0.31bn) in Special Football Betting Duty annually for five years starting from April 2023, profit from football decreased by 16.6 per cent to HK$8.1bn (US$1.04bn). Turnover from the Mark Six lottery was up 13.3 per cent year-on-year to HK$8.5bn (US$1.09bn).
The HKJC contributed a record HK$40.1bn (US$5.16bn) to the community: HK$29.9bn (US$3.84bn) in betting duty, profits tax and Lotteries Fund contributions and HK$10.2bn (US$1.31bn) in approved charity donations.
