STC initiatives to spur racing revival

Singapore Turf Club, under new leadership, has embarked on a series of initiatives to help racing in the island state return to its glory days, with a focus on on-track product and attracting international talent. Chong Boo Ching took over from long-term president and CEO Yu Pang Fey in March last year and has been quick to make his presence felt, raising optimism amongst industry participants that Singapore may be able to rejoin the race with regional rivals. While Asian giants Hong Kong and Japan, with heavily protected pari-mutuel models, have remained immune to the challenges facing racing in other parts of the world – most notably plummeting betting handles and dwindling crowds – Singapore has suffered through more than a decade of decline. Even Korean racing, boosted by a similar system to Japan and thus steadied by a stringent government structure, has built a massive gap in betting figures ahead of...

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