Hong Kong Jockey Club posts full-year turnover of US$39.18bn
Racing turnover for the 2023/24 racing season was HK$136.1bn (US$17.5bn).
Hong Kong.- The Hong Kong Jockey Club (HKJC) has shared its financial results for the 2023/24 financial year. It posted 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.
Chairman Michael Lee said: “The club will continue to invest and, if necessary, make use of its reserves, both to ensure the club’s long-term future and to uphold our commitment to the community.”
CEO Winfried Engelbrecht-Bresges added: “Looking back over the past year I am once again struck by the enormous resilience of the club. Having taken everything that the pandemic had to throw at us, we have had to contend with an extremely challenging macro-economic environment as well as significant changes in customer behaviour as they seek out new experiences online or in outbound destinations. Despite this, the club has continued to deliver outstanding racing entertainment and the strongest support for our community.”
See also: Former HKJC chief stipendiary steward calls for collaboration to improve equine welfare
