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  • Jockey Club on course for record tax contribution
        Date:2018-08-31 

    The Hong Kong Jockey Club will pay a record HK$22.6 billion in tax for the past financial year after its overall turnover jumped 8.1 percent higher.

    The club said turnover for horse racing was HK$122.8 billion, a year-on-year increase of 6 percent, while football's turnover was HK$103.1 billion, an increase of 11.2 percent.

    The football results were boosted by this year's World Cup.

    The Mark Six lottery also saw a turnover of HK$8.1 billion, an increase of 1.2 percent.

    The club's total turnover was HK$234 billion, an increase of 8.1 percent.

    As a result of its outstanding performance, the club had to pay betting duties of HK$12.9 billion, HK$7.1 billion and HK$2 billion for horse racing, football and the lottery respectively.

    With the profit tax of HK$621 million, the club will pay a total of HK$22.6 billion for 2017-18, an increase of 4.2 percent.

    Outgoing chairman Simon Ip Sik-on said the high turnover was due to the success of its integrated business model.

    He also said the past financial year was momentous for the club due to its two projects - the opening of the Tai Kwun Centre for Heritage and Arts and the completion of the new Conghua Racecourse. Tai Kwun is the largest heritage conservation and revitalization project in Hong Kong, the club said.

    Conghua Racecourse, which opened on Tuesday, is the club's largest investment in horse racing since the construction of the Sha Tin Racecourse 40 years ago.

    The new racecourse will provide training, stabling, veterinary and rehabilitation facilities. It will also have an uphill gallop and large spelling paddocks, which were previously unavailable in Hong Kong.

    The club said in order to maintain world-class racing in Hong Kong, the prize money for horse owners will be increased by 5 percent to HK$1.2 billion in the 2018-19 season.

    Attendance again exceeded two million in 2017-18, with more than 200,000 tourists visiting the racecourses.

    The Board of Stewards also elected one of their members, Anthony Chow Wing-kin, as their new chairman.

    Chow is a solicitor and has practiced in Hong Kong and Britain. He was the president of The Law Society of Hong Kong between 1997 and 2000.



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