Having announced its new company Chairman Simon Ip, Hong Kong Jockey Club (HKJC) the city’s only racing operator, reported that racing revenues were up 10% from 2013 results.
HKJC recorded a horse racing turnover of HK$103.9 billion (£8.2 billion), accounting for 55 percent of company revenues for the business (year ending June 2014).
Tax contributions surged 11 percent to HK$19.6 billion (£1,51 billion), representing 8 percent of all taxes collected by the city, the club said in a separate statement.
The Club also recorded improved performance in its popular football betting markets, which saw wagering turnover increase by 23% to HK$62.2 billion (£4.83 billion), which represent 33% of the Clubs total revenues.
During the period HKJC, had undertaken various measures to improve net margin within its business operations, after payments of dividends to customers and betting duties to the government — surged 11 percent to HK$9.8 billion.
Outgoing Chairman Brian Stevenson commented on HKJC performance
“Over the past eight years, we have successfully reversed a declining trend in horse racing turnover and attendance, establishing Hong Kong as a model for the racing industry worldwide