The Hong Kong Jockey Club has unveiled a HK$4 billion investment strategy to develop horse racing in China after signing an agreement with the Guangzhou Municipal Government to expand its Conghua facility.
The investment will include building a new grandstand at the facility which can accommodate up to 8,500 racing fans, and the operation plans to stage as many as four race meetings a year from as early as March 2025.
HKJC chief executive Winfried Engelbrecht-Bresges said the deal is part of a long-term strategic positioning.
“It is likely that we will start first with four [race meetings a season] and then we can build it up to eight and potentially beyond, but it will be a gradual development and it has to fit into how we expand the horse population and how other developments in China go.”
The Hong Kong Jockey Club, and its racecourse in Congua has been seen as key planks in China’s plans to establish a standardized national horse racing industry, though the path is fraught with hurdles.
A former casino inspector from the WA gaming regulator has alleged that his name had been attached to a report without his knowledge, which ultimately was used to abolish regulation requirements of junket operators.
For this edition of our magazine, we focus on Southeast Asia, with a particular look at the Philippines. The country’s casino industry has been among the hardest hit in Asia, with the integrated resorts in Manila’s Entertainment City having remained mostly closed to the general public since the beginning of the crisis last year.
The world is bouncing back, or at least coming to grips with the fact that going forward not much will be the same as before. Commendably, this industry quickly understood the need to adapt to a new normal, and that the days of targeting the low hanging fruit of the VIP sector are gone.