HKJC hosts fourth Philanthropy for Better Cities Forum

More than 2,000 delegates joined the two-day event.

Hong Kong.- The Hong Kong Jockey Club (HKJC) held its fourth Philanthropy for Better Cities (PBC) Forum at the West Kowloon Cultural District. It says the two-day event was the largest edition so far, with over 2,000 delegates from 40 countries and regions and nearly 100 speakers and representatives from over 200 foundations.

The forum was organised by the HKJC’s Charities Trust in collaboration with the Institute of Philanthropy (IoP), which the HKJC and its Trust established at the third PBC forum in 2022. The event saw the launch of the Commission on Asian Philanthropy, a three-year initiative co-organised by IoP and the Asia Philanthropy Congress (APHIC). The commission’s focus is to build an “in Asia, for Asia” ecosystem to address social issues.

Winfried Engelbrecht-Bresges, CEO of the HKJC, delivered the forum’s closing address. He said: “Convened by IoP and the Asia Philanthropy Congress and bringing 10 leading Asian foundations together, it aims to build an ‘in Asia, for Asia’ ecosystem and to expand the capacity of Asian practitioners. Crucially, it is committed to staying plural. There will be no one-size-fits-all. Rather, the intention is to learn from, and share, the rich diversity of Asian philanthropy.”

See also: Former HKJC chief stipendiary steward calls for collaboration to improve equine welfare

Hong Kong Jockey Club posts full-year turnover of US$39.18bn

The HKJC has posted turnover of HK$304.9bn (US$39.18bn) for the 2023/24 financial year, up slightly when compared to the previous financial year. Net margin was down 10.5 per cent to HK$14.8bn (US$1.90bn).

Racing turnover fell 3.1 per cent year-on-year to HK$136.1bn (US$17.5bn). A total of 89 race meetings were held in the 2023/24 season, two more than the previous year.  

Football betting turnover reached a record high of HK$160.3bn (US$20.61bn), up 2.2 per cent year-on-year. The increase was attributed to additional fixtures, the introduction of 24-hour operations, an expansion of in-play offerings, and the launch of new products such as Same Game All Up and Early Settlement.

However, due to the Club’s payment of an additional HK$2.4bn (US$0.31bn) in Special Football Betting Duty annually for five years starting from April 2023, profit from football decreased by 16.6 per cent to HK$8.1bn (US$1.04bn). Turnover from the Mark Six lottery was up 13.3 per cent year-on-year to HK$8.5bn (US$1.09bn).

The HKJC contributed a record HK$40.1bn (US$5.16bn) to the community: HK$29.9bn (US$3.84bn) in betting duty, profits tax and Lotteries Fund contributions and HK$10.2bn (US$1.31bn) in approved charity donations.

More than 2,000 delegates joined the two-day event. Hong Kong.- The Hong Kong Jockey Club (HKJC) held its fourth Philanthropy for Better Cities (PBC) Forum at the West Kowloon Cultural…