HKJC reports record turnover in 2016/17 season

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.”

More news from this jurisdiction

Hong KongFriday, Nov 17, 2017

Casino cruise operator Genting Hong Kong has announced the sale of 10 million shares in Norwegian Cruise Line Holdings for an aggregate amount of US$270.1 million.

Hong KongThursday, Nov 16, 2017

Genting Hong Kong has requested a halt in the trading of its shares on the HKEx pending an announcement relating to the disposal of Norwegian Cruise Line shares.

Hong KongFriday, Oct 27, 2017

The Hong Kong Football Association (HKFA) has demonstrated its on-going commitment to integrity by hosting a week-long integrity programme for players and officials across the territory.

Hong KongMonday, Oct 23, 2017

MGM is proud to have won one Gold and two Bronze Awards at the HR Innovation Awards 2017 organized by the Human Resources magazine.

Hong KongMonday, Oct 09, 2017

Melco International Development plans to give Hong Kong’s Jumbo Floating Restaurant in Aberdeen Harbour a facelift, local media reports.

Hong KongMonday, Sep 18, 2017

Genting Hong Kong announced the appointment of Tom Wolber as the president and CEO of Crystal Cruises on Friday, succeeding Edie Rodriguez.

Hong KongFriday, Sep 15, 2017

Hong Kong-listed Landing International Development Ltd has announced it has successfully placed 24 billion shares on Thursday, raising around HK$1.8 billion (US$230.3 million).