The Hong Kong Jockey Club (HKJC) recently concluded its 2023/24 racing season with a comprehensive overview of its performance amidst economic challenges. Despite a slight decline in overall wagering turnover, the season showcased notable achievements in global expansion and record-breaking turnovers.
Overview of Wagering Turnover
The 2023/24 season saw the HKJC report a total racing wagering turnover of HK$134.7 billion (US$17.3 billion), marking a 4.5% decrease from the previous year. This dip was largely attributed to the challenging economic environment affecting local participation.
Highlights of Seasonal Performance
A significant highlight of the season was the final 11-race meet at Sha Tin, which recorded the highest single-meet turnover of HK$1.87 billion (US$240 million) across all race meetings held in Hong Kong during the season. This performance underscored the enduring popularity and financial significance of HKJC events.
Global Expansion Strategy
HKJC’s strategy to broaden its international reach yielded substantial results during the season. Record commingling turnover reached HK$28.8 billion (US$3.69 billion), reflecting a robust 13.7% increase from the previous year. This achievement was bolstered by partnerships with 26 countries and over 70 global partners, including a historic collaboration with Malaysia.
Simulcasting and World Pool Growth
Simulcasting activities, including the World Pool commingling, contributed positively to the season’s outcomes. Total simulcast turnover rose by 8.7% to HK$12.8 billion (US$1.64 billion), highlighting continued global interest in HKJC races. Notably, the number of World Pool races expanded significantly, from 175 to 258, with a remarkable 57.1% surge in turnover, driven by the addition of Australian races to the global pool.
CEO’s Perspective
Winfried Engelbrecht-Bresges, CEO of HKJC, expressed satisfaction with the season’s overall performance despite economic headwinds. He emphasized the club’s commitment to engaging local racing enthusiasts while expanding its global footprint, positioning HKJC as a leader in international horse racing.
Future Prospects
Looking forward, the HKJC anticipates commencing the 2024/25 racing season in September with renewed vigor. Building on the successes of the past season, the club aims to further enhance its global partnerships and refine strategies to re-engage local fans, ensuring sustainable growth in the face of evolving economic conditions.
The HKJC’s 2023/24 racing season was characterized by both challenges and achievements, demonstrating resilience in the midst of economic pressures while expanding its influence globally. As the club prepares for the upcoming season, its strategic focus on both local and international markets positions it strongly for continued success in the competitive world of horse racing.