Almost 2 million people attended horse races in Hong Kong in the last fiscal year ending on June 30th, according to the report by the Hong Kong Jockey Club (HKJC). It was the highest figure in eight years. Total revenues grew by 9.7% to HKD (Hong Kong Dollar) 28.42 billion ($3.66 billion).
The HKJC, an institution for gamblers who bet on sports in Hong Kong, has a long tradition of giving back to the community. Last fiscal year the non-profit organization returned to the people of Hong Kong in the form of taxes, betting duties, charitable donations and contributions to the Hong Kong Lotteries the record sum of HKD 19.06 billion ($2.46 billion).
The Hongkongese gambling laws require the HKJC to pay taxes on its revenue. Last fiscal year HKJC was Hong Kong’s single largest taxpayer. The Jockey Club’s paid 6.8% of all taxes collected by the Inland Revenue.
“A most successful year for the club” and by extension, “a very successful year for the wider community of Hong Kong”, Department Chairman T. Brian Stevenson commented the good Hong Kong gambling news.
The results are considered to be even better knowing that the 2011-2012 season in Hong Kong had two less major race meetings than the previous year. Racing turnover managed to rise 2.6% to HKD 84 billion, with net margin up 1.3% to HKD 3.7 billion.
The fiscal year in horse racing was considerably less successful in the other Chinese special administrative region, Macau. The Macau Jockey Club’s leadership reported to Business Daily that they expect a significant drop of 10% in turnover.
The Macau Jockey Club also had a terrible season in 2010-2011, with a loss of the MOP 17.8 million ($2.23 million) on turnover of MOP 1.6 billion ($200 million). Even worse, turnover for the first half of 2012 was down 24% year-on-year (compared to the first half of 2010-2011) to MOP 869 million ($109 million).