Hong Kong Jockey Club Wants Tax Reform

HONG KONG – As reported by the Thoroughbred Times: "The club's annual racing turnover for 2003-'04 was $8.34-billion (US$1.07 billion), down 9% from the $9.16-billion (US$1.17 billion) recorded the previous season.

"…Attendance also declined, with the average daily total of 26,300 down 5.7% from 27,900 in the previous year.

"Hong Kong Jockey Club Chief Executive Lawrence Wong noted that the average tax of 13.5% on all bets in Hong Kong is the highest in the world, up from 8.5% in 1974. At the same time, the Hong Kong Jockey Club's commission has dropped from 9.1% to 5.4%, which Wong said is 'one of the lowest in the world.'

"…One solution Wong came up with to help alleviate the problem is eliminating discriminatory legislation that gives betting on soccer marketing and management advantages over racing…"