Jockey Club celebrates bumper year, and names new chairman

Record-breaking horse racing turnover, rise in lottery takings and soccer bets and biggest ever Mark Six jackpot set tone for anniversary

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The Jockey Club has had another bonanza year as its net margin jumped to HK$9.78 billion, thanks largely to record horse racing turnover. Photo: Edward Wong

Published: 3:45am, 12 Sep 2014Updated: 6:04pm, 12 Sep 2014

The Jockey Club has had another bonanza year as its net margin jumped to HK$9.78 billion, thanks largely to record horse racing turnover. Takings from soccer betting and the Mark Six lottery also rose.

Dr Simon Ip, who has been deputy chairman since 2010, will succeed Brian Stevenson as chairman.

After payments of dividends to customers and betting duties to the government, the club's overall net margin rose 11.4 per cent.

Racing turnover jumping 10.1 per cent to a record HK$103.9 billion, figures released yesterday showed.

It wasn't the only significant increase. For the financial year from July to June donations by the club's Charities Trust went up 84.9 per cent to a record HK$3.6 billion.

The club - which celebrates its 130th anniversary next month - also announced yesterday that Dr Simon Ip, who has been deputy chairman since 2010, will succeed Brian Stevenson as chairman. Stevenson has been chairman for the past four years.

Despite the increases in turnover, Stevenson said: "We should not be complacent as our business continues to face challenges on a number of fronts, notably from illegal and unauthorised web gambling operators who never miss an opportunity to target Hong Kong people.

"According to industry research, Hong Kong people lost HK$31 billion in Macau casinos alone last year. We see the opening of the Hong Kong-Macau bridge, scheduled for 2016, as posing a further significant challenge."