HKJC reports record turnover in 2016/17 season

Hong Kong racing
Hong Kong racing

Hong Kong’s 2016/17 season came to an end on Sunday, with the Hong Kong Jockey Club reporting record turnover of HK$117.5 billion (US$15.1 billion) for the season, up 10.7 percent year-on-year.

The season’s turnover is higher than the 2014/15 results, which reached HK$107.9 billion.

Hong Kong Jockey Club CEO Winfried Engelbrecht-Bresges said: “Our growth this year has been extraordinary, it has surprised me how strong it has been. This time last year we weathered a small economic storm that impacted the region and resulted in a 2 percent dip in our overall turnover, our first decline in eight seasons. To come back from that with a new record of HK$117.456 billion for the season… is a tremendous performance.”

HKJC is expected to make a tax contribution of HK$13.1 billion, a HK$1 billion increase on last year, “which shows the strength of our product and the important contribution we make to the Hong Kong community,” Engelbrecht-Bresges said.

The CEO said interest in Hong Kong racing from commingling jurisdictions is one of the main drivers in the year’s growth.

“If you look at last year, the total turnover from commingling was HK$3.5 billion (US$440 million), which was 3.3 percent of the total; this year, with our expanding portfolio of partners, total turnover from commingling was HK$6.5 billion (US$830 million), an astounding increase of 87.1 percent and 5.7 percent of the total,” he said.

This gives us significant optimism going into next season because we can see that the attractiveness of Hong Kong racing’s quality has really captured overseas markets.”