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SBD Global/September 5, 2013/Finance

Hong Kong Jockey Club Brings In Record $12.2B, A Jump Of More Than 12%

The Hong Kong Jockey Club's racing turnover jumped 12.3% to a record HK$94.4B ($12.2B) "thanks to a revival in racecourse attendance," according to Amy Nip of the SOUTH CHINA MORNING POST. In the financial year from July '12 to June, horse racing "was still the main source of revenue," although football betting "continued to grow in popularity." The record horse-racing turnover "surpassed that of the previous peak year," '96-97. The club paid HK$11.1B ($1.4B) in betting duty to the government, up 12.1% year on year and the most since '99-00. Attendances at the two racecourses "exceeded two million and was the highest in a decade." Revenue from football betting "continued to rise in its 10th year of operation," growing by 7% year on year to HK$50.6B ($6.5B). Total tax payments by the club, including betting duties and profits tax, rose 9.1% to a record HK$17.64B ($2.3B). The sum represented 7.3% "of total taxes collected by the Inland Revenue Department in the corresponding period" (SCMP, 9/4).
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