Wagering and lottery turnover for 2024/24 was up 5 per cent.
Hong Kong.- The Hong Kong Jockey Club (HKJC) has reported strong results for its 140th anniversary year. Despite a challenging economic environment, it reported wagering and lottery stakes were up 5 per cent to HK$320.3bn (US$40.8bn), generating revenue of HK$43.8bn (US$5.62bn).
Total revenue was HK$49.3bn. Less operating costs of HK$14bn (US$1.79bn), EBITDA was HK$35.3bn (US$4.53bn). As reported at the Annual General Meeting (AGM) on August 29, the HKJC contributed a record HK$28.8bn (US$3.69bn) in betting duty and profits tax to the HKSAR government and HK$1.3bn to the Lotteries Fund.
The Club’s Charities Trust approved HK$9bn (US$1.15bn) in donations, the second highest in its history, with 202 charities and community projects benefiting.
Racing wagering turnover was up 1.8 per cent to HK$138.5bn (US$17.76bn). Turnover on simulcasting (including World Pool commingling) was up 2.3 per cent to HK$13.1bn (US$1.68bn) while football bets set a new record of HK$172.8bn (US$22.15bn), up 7.8 per cent.
Club chairman Michael Lee said: “This year, the Club celebrated its 140th anniversary with truly world-class performances that underscored our commitment to society. Our racing attracted record tourist numbers, boosting the economy and showcasing Hong Kong globally. We also approved HK$9bn in donations, supporting a variety of charitable causes.”
Club CEO Winfried Engelbrecht-Bresges added: “Despite economic challenges and illegal gambling, our results were outstanding, thanks to our strategic focus on world-class racing and customer centricity. We plan to become a global racing, sports, and entertainment brand, with exciting developments at Conghua Racecourse for the upcoming year.”
HKJC is set to implement regulated basketball betting.
Wagering and lottery turnover for 2024/24 was up 5 per cent. Hong Kong.- The Hong Kong Jockey Club (HKJC) has reported strong results for its 140th anniversary year. Despite a…
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