HKJC chief cautious on outlook

Winfried Engelbrecht-Bresges, chief executive of the Hong Kong Jockey Club, predicted betting turnover will rise 2 percent to 3 percent in the

 

new season starting this weekend due to economic uncertainty in Hong Kong and China.

The club next week plans to begin “co-mingling” bets placed from Australia, New Zealand and the US on Hong Kong races into the local betting pool after many years of discussions with regulators. More countries will be added over the next two seasons and a club official estimated that HK$20 million to HK$30 million ($2.6 million-$3.9 million) would come in from Australia for each race day. Total turnover from horse racing rose 9 percent last season to a record HK$93.8 billion.