The annual report for the Hong Kong Jockey Club’s financial year 2023/24, which concluded on June 30, 2024, was recently released, revealing a 3.1% decrease in racing turnover to HK$136.1 billion (US$17.5 billion). Despite this decline, the overall turnover remained flat year-on-year.

The slight decrease in racing turnover occurred even with two additional race meetings held during the 2023/24 year. However, there was a positive increase of 2.2% in football turnover and a significant 13.3% rise in Mark Six Lottery turnover. These increases offset the decline in racing turnover, resulting in an overall turnover of HK$304.9 billion, similar to the figure recorded in 2022/23.

Although the overall turnover remained stable, the club’s net margin decreased by 10.5% to HK$14.8 billion, and local wagering turnover also saw a 4.5% decrease. Despite these challenges, the Hong Kong Jockey Club contributed a record HK$40.1 billion to the community during the 2023/24 season.

CEO Winfried Engelbrecht-Bresges reflected on the results, highlighting the club’s resilience in the face of the pandemic and changing customer behaviors: “Looking back over the past year I am once again struck by the enormous resilience of the club. Despite this, the club has continued to deliver outstanding racing entertainment and the strongest support for our community.”

In addition to the financial results, the Hong Kong Jockey Club recently announced the introduction of a new “ChatGPT version of horseracing,” showcasing a data-driven approach to customer retention.

As the club looks to the future, it hopes to build on the positives of these figures as it enters a new season.