CLAIMS TO FAME
- Driving force behind the modernization and revitalization of The HKJC
- Has helped The HKJC become Hong Kong’s biggest employer
The Hong Kong Jockey Club was one of the great survival stories of the pandemic years. Consider this: while businesses across Asia struggled to stay afloat, the Hong Kong Jockey Club didn’t miss a single race meet, generating total turnover, including football betting and the Mark 6 lottery, of HK$290 billion (US$36.9 billion) in 2021-22 and HK$305.6 billion (US$39.3 billion) in 2022-23.
But challenges are on the horizon. Perhaps giddy from the huge numbers coming out of Hong Kong’s largest single taxpayer, the government last year rushed through a Special Football Betting Duty that will see HKJC pay an additional HK$12 billion (US$1.54 billion) in duty over the five years it is in place.
The increased duty contributed to a 10.5% decline in income in 2023-24, with Club CEO Winfried Engelbrecht-Bresges warning that any extension of the short-term measure could impact HKJC’s ability to combat the rising threat of illegal operators. He has also cited a difficult macro-economic environment and rising competition from Macau’s casinos for the recent decline in turnover, although it’s not all bad news: HKJC still provided record community contributions over the past year, suggesting its problems are very much of the first-world nature.
Engelbrecht-Bresges maintains a strong grip on the Asian racing scene, having become the International Federation of Horseracing Authorities’ first chairman from Asia when elected in 2021 before being re-elected for another three -year term in October.
For the full list of 2024 Asian Gaming Power 50 winners, click here.
