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Jockey Club Reaches For New Heights

Jockey Club officials recently expressed confidence that horse racing will soon experience a renaissance period, sparking financial rewards for the government and the community.

The Legislative Council is voting soon on the betting tax reform bill. While there have been stirring protests from anti- gambling bodies, club officials hang on for the best.

Club racing director Winfried Engelbrecht-Bresges shared with the media several programs in a bid to take horse racing turnover back to the level it reached in 1996-1997 when turnover was HK$92.3 billion.

Engelbrecht-Bresges said that with the taxation reform, they would export Hong Kong's racing product to the world. He said the club had already discussed the idea with several racing clubs and betting agents overseas and the response was positive.

Engelbrecht-Bresges also told reporters that he wouldn't mind racing being considered a sport again.

"It's really a win-win situation for the agents and us," Engelbrecht-Bresges said. "Unlike previously where who got what tax was a problem, we now merely pay the agents a commission and they pay tax to their governments or states."

Engelbrecht-Bresges added: "By world standards, Hong Kong's racing pools are enormous and consequently attractive to overseas punters. We also have a greater variety of betting pools, unlike England where punters have little choice."