The HKJC Announces Record Turnover of HK$136 Billion
The Hong Kong Jockey Club announced a record turnover of HK$136 billion. This was during the 2020/2021 racing season. The racing season came to a close in mid-July.
The Hong Kong Jockey Club Records 12% Increase in Turnover
The Jockey Club announced a remarkable 12.1% year-over-year increase in its turnover. This was from 835 races, also a record number for the Club. The HKJC also recorded 88 meetings, another high compared to the numbers recorded in the 2019/2020 season. HKJC enjoys a monopoly in horse racing and pari-mutuel betting donated by the government.
Turnover from local races contributed HK$129.3 billion of the total revenue. This is an 11% jump from the revenue collected the previous season. Simulcast races from overseas went up to 206 during the entire season. These races generated HK$7 billion representing a 37.7% increase.
Contributing HK$1.8 billion was the World Pool of International races. HKJC created this race while Royal Ascot launched it in 2019. The revenue represented a 108.6% increase. The Royal Ascot King’s Day hit HK$340 million in revenue.
The Dubai World Cup hit a record turnover figure for an international meeting to settle at HK$332 million. This was in March before the Royal Ascot King’s Day. Contributing HK$313 was the co-mingled component representing an 88.1% increase. The betting duty also went up 13.6% from last year to settle at HK$13.7 billion.
Operating Through a Difficult Pandemic Period
The Club highlighted the pandemic as one of its challenging operational aspects. But implementing health protocols allowed it to host the busy racing 2020/2021 season. One of the ways it managed to power through the season was by creating a bubble. One of the bubbles was at the Sha Tin Racecourse while the other was at the Happy Valley Racecourse.
The HKJC is also in talks with Guangdong Province authorities to hold an international-level racing program. Guangdong Province is on the Chinese mainland. The Conghua Racecourse will be the preferred venue once everything is in place for 2025. That includes erecting a stand capable of holding 8,000 spectators at the racecourse.
Winfried Engelbrecht-Bresges expressed the Club’s delight after completing a successful racing season filled with challenges posed by the COVID-19 pandemic. The chief executive also acknowledged the importance of protecting public health while adhering to safety protocols for its stakeholders. These include the public and employees.
Winfried also said the turnover from the remarkable season allowed the Club to be a better contributor to society’s well-being.
Hitting HK$136 billion during the tough season marred by health restrictions remains outstanding for the Club. This is according to the chief executive. The official attributed this turnover growth to the product quality and the support from its customers.
He also pointed out the crucial role horse racing plays not only to Hong Kong but to its people. This is from the turnover recorded during this season. Winfried concluded by expressing the company’s delight at the growing popularity of simulcasts among Hong Kong’s customers. The simulcasts are set to be available next season.
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