Will Macau Kill Of the Hong Kong Jockey Club?
It may have been around for over 100 years, it may have seen of the full array of economic climates, but is seems as though the emergence of neighbouring Macau as a gambling capital of the Far East may be about to kill off Hong Kong Racing once and for all. So what is going on?
While the popularity of horse racing around the world has grown over recent years, it has always been a very strong brand in the Far East. Gambling is second nature to many in the region and the buzz of a day at races has proved to be a magnet for millions. However, the massive expansion drive in the enclave of Macau has seen many of the high rollers previously associated with racing, move to the new super casinos. It is the high rollers which make any gambling industry profitable, and it seems that it is this section of the community who have jumped ship and opted for the casinos of Macau.
Official figures for the Hong Kong Jockey Club show a fall in annual income of some $2.4 million a year, over twenty percent of the groups total income, which many believe has gone directly into the coffers of casino barons in Macau. So what next for the old establishment? Can the Jockey Club fight back?
While the Jockey Club have been trying to make headway into new markets such as the internet, worldwide TV, etc, their plans have been hampered by the growing casino culture in the area. Talk of the Club folding over the coming years is still very much speculation and highky unlikely, but it seems that there will need to be some major changes in due course.
As they say in life, “You never know what you had until it’s gone!”, and it would be a sad day to see horse racing under more pressure in the region.