Premium Essay

Hong Kong Jockey Club

In: Business and Management

Submitted By sangiovese96
Words 1025
Pages 5
Betting turnover on horse racing has been steadily declining in Hong Kong since the peak 1996/1997 season. While gambling is a very common activity in Hong Kong, several external factors threaten the annual racing revenue. These include the proliferation of illegal and offshore bookmaking, the government’s betting duty structure, and increasing international competition.
The Hong Kong Jockey Club (HKJC) was granted a statutory monopoly on horse racing, football (soccer) betting, and lotteries. It is also the largest single taxpayer in Hong Kong, the largest employer, and has some of the most sophisticated information technology applications in Asia. HKJC hopes to continue to increase revenue through meeting the expectations of its stakeholders, including the betting public, lottery players and Club members.
While horse racing is HKJC’s core business, it is also a mature market in which the Club has observed an eight-year decline in revenue. This is believed to be impacted by the turnover-based duty system and the growing number of local illegal and offshore gambling options. In 2005 the HKJC proposed reforms to Hong Kong’s betting duty system to tax on gross margins rather than turnover. By Club estimates, this would enable it to recover HK$20 billion to HK$24 billion a year by making it more price-competitive with the illegal bookmakers, bringing the annual racing revenue to approximately HK$88 billion. Moreover, it estimates that if no action is taken the racing turnover could fall another 30% to HK$45 billion in 2008.
Despite the decline in horse racing turnover, the 2004/2005 fiscal year was even more successful overall than the previous peak in horse race betting in 1995/1996, by HK$3.6 billion. This is attributed to the newly introduced football betting in 2003, which saw a 66% year over year growth in its second season offered by the Club.
International

Similar Documents

Premium Essay

Finance

...Memorandum Hong Kong Jocky Club Case Hong Kong Jockey Club was a gambling company with a monopoly on horse racing, football betting and lotteries, and it was also the largest charity and community benefactor in Hong Kong. The club used to have simple origins of horse racing and it had robust growth along with Hong Kong economy before 1998. In 1996/97 season, the Hong Kong Jockey Club race betting turnover rose to a record peak of HK$92.4 billion. However, it faced adverse condition after this and one of the reasons is bad economy situation. In July 1997, the Asian financial crisis started and Hong Kong’s GDP was stagnant and even turns negative in 1998. And then in 2001, the global economic downturn led by U.S gave Hong Kong another strike. Later in 2003, the outbreak of Sever Acute Respiratory Syndrome (SARS) effected Hong Kong’s visitor arrivals and retail sales severely. Besides economy, regional competition from Macau and other Asian countries and the rise of new forms of illegal betting and offshore betting threated Hong Kong Jockey Club’s business. The vision of the club is to be a world leader in the provision of horse racing, sporting and betting entertainment and Hong Kong’s premier charity and community benefactor and their mission is to provide total customer satisfaction through meeting the expectations of all Club customers and stakeholders, which include the racing and betting public, lottery player, club members, charity and community organizations...

Words: 906 - Pages: 4

Free Essay

Cultural Diversity in Hong Kong

...Hong Kong's culture was born in a sophisticated fusion of East and West. It not only kept many Chinese traditions, but also experienced a baptism of western culture. This situation led to the diversity of Hong Kong's culture and the people there are open-minded to accept variety. To have a better understanding of this cultural phenomenon, you can give a research on the following aspects. People in Hong Kong The population of Hong Kong is formed by Cantonese, Shanghainese, British, Indians and Jews mainly. Cantonese is the majority and Cantonese culture is the mainstream there. Thus, many Chinese concepts like 'family solidarity', 'family glory', 'saving face' and 'modesty' carry significant weight in Hong Kong's culture. On the other hand, many locals adopted western ways of life. Language Cantonese is used most widely. Since Hong Kong's reversion to China in 1997, Hong Kong government has adopted the 'biliterate and trilingual' policy. That's to say, Chinese and English are regarded as the official languages; Cantonese, Chinese mandarin and English are spoken languages. Food As a culinary capital of Asia, Hong Kong boasts various delicacies in the local or from overseas. Hong Kong is influenced by western countries and some of the foods there combine the flavors of Chinese cuisine and western cuisine. Holidays In Hong Kong, people celebrate the Chinese traditional holidays, such as Chinese Lunar New Year, Ching Ming Festival (Qing Ming Festival) and Mid-Autumn...

Words: 498 - Pages: 2

Free Essay

Management

...1. Abstract The assignment will be exploring some design approaches on environmentally friendly buildings and to define what is mean by the term “sustainable architecture”? Green architecture is a sustainable method of green building design: it is design and construction with the environment in mind. Green architects generally work with the key concepts of creating an energy efficient, environmentally friendly house. The environmentally friendly building materials and construction methods will be introducing in this assignment (e.g. precast concrete). And the government how to promote green building and sustainable construction in Hong Kong. 2. Background In recent years, we have seen movement in environmental concerns including development and facility introduction such as energy saving, longevity life, ecological tree planting surrounding real estate, where future environmental problems are seriously concerned. As for environmentally friendly building, we have an important term: “Sustainable Development”. The wealth, which we enjoy a lot by using buildings as places for living or working, must be obtained by future generations. So we have to build houses that minimize their load on the environment as well as meet standards of quality. 3) Definition of the “Sustainable Architecture” Sustainable architecture is architecture which is designed in an environmentally friendly way. The goal of sustainable or “green” architecture is to create structures which...

Words: 1577 - Pages: 7

Premium Essay

Visual Impairment

...Visual Impairment Introduction Vision challenge or impairment is when a person’s degree of seeing is very low and the affected person requires assistance in order to carry out daily routine. Significantly, for one to qualify as visually impaired there must be prove that a person cannot undertake duties by himself without necessary assistance. For a person to qualify as a visually challenged, there must be a prove that the affected eyes cannot be conventionally treated. Visual challenge cannot be corrected by surgery, refractive measures neither by medication and that is why it is termed as visual impairment. The most rampart causes of visual challenge are trauma, degenerative or congenital means and a variety of diseases. In the society, blindness is the term that is preferably used to describe a visually impaired per son. Low eyesight is generally revealed when the affected person cannot view a normal distance and walk by himself (Algozzine, 2006). The degree of impairment can also be revealed when a person cannot read some normal writings. This is to say that even with the assistance of contact magnifying glasses or even eyeglasses the victim cannot reveal the writings on a normal newspaper (Bailey & Hall, 1990). Hyperopic impairment is accrued with inability person to see objects in a close distance. Myopic impairment is quite the opposite of hyperopic whereby a victim cannot identify objects at close distance. All these vision challenges greatly obscure the affected person...

Words: 3395 - Pages: 14

Free Essay

Appeal Letter

...Dr. Sarah Liao  Master, New College  Jockey Club Student Village III  9 Lung Wah Street  Kennedy Town  Hong Kong    Dear Dr. Liao,    I  am  Pan  Yi,  a  Year  Two  undergraduate  Economics  and  Finance  major  student  living  in   New  College  for  2  years.  I  am  writing  this  letter  to  appeal  my  unsuccessful  readmission result. This  appeal  letter  aims to provide justifications  to  why  I  believe  I  am  a  strong  applicant  who  deserves  readmission  for  the  coming  year  and  why  I sincerely  hope  the management team will reconsider my  case.      This  is  to  let  you  know  that  HKU  has  selected  me   for  a  summer  exchange  programme  in  the  US,  which  means  I  have  to  leave  on  25  May, and  come  back  around  23  August.  If  my  application  is  dismissed  without  strong  justified  reasons,  I  will  be  homeless  when  I  come  back.  At  that  time,   it  would  be rather  hard  and difficult,  even impossible for me  to rent a flat before the new semester  starts  within  a  week,  and  I  have  no  place  to   stay  during  that  period  as  well.  Because most  of the rents and contracts start  from June, and I will not be in Hong  Kong, it is impossible  for  me to find a flat now and I am not financially capable to  rent a house  on my  own.  If  you ask me why  haven’t I started looking for a house  earlier,  that’s  because  I  was  really  confident  that  due  to  my  devotion  to  New  College I will ...

Words: 841 - Pages: 4

Free Essay

Ocean Park

...Alejandro Portugal                                                                               Martin Pretorius                                                                                  Iona Ramió Mateu    OCEAN PARK CASE STUDY     INTRODUCTION  Ocean  Park  Hong  Kong  is  a  marine  animal  theme  park   located  in  the  Southern  District  of  Hong  Kong.  It  was   inaugurated  in  1977  by  the  Government  with   the  intention  to   bring  somewhere  where  Hong  Kong citizens could feel some sense of space as a large part of the  population  lived  in  a  crowded  locality.  So   it  was  inaugurated as a nonprofit organization that  aimed  to  provide visitors a unique experience in entertainment, education, and conservation.  Firstly,  in   the  absence  of competition, Ocean Park became really popular but existed without  direction  and  focus.  When  Hong Kong's officials  signed an agreement to bring Disneyland to  Hong  Kong  in  1999,  the  Ocean  Park's  viability  started  to  be   questioned.  By  2005,  when  Disneyland  Hong   Kong  was  inaugurated,  Ocean  Park was unprofitable and widely expected  to  lose  out.   Nevertheless,  the   Park  responded  with  a  development  plan  and  showed  their  abilities  for  adaptation  and  turn  threats  into  opportunities.  It  expanded  the  number  of  attractions  and  rides,  raising  the  number  of  visitors,  becoming  the  world's  13th  most  visited  theme  park  and  the ...

Words: 4372 - Pages: 18

Premium Essay

Macao Economy

...gaming centers of the world. In 2006, the revenue earned from gaming in Macau surpassed that of Las Vegas, and all taxes associated with gaming amounted to almost 75% of government revenue. The relaxation of travel restrictions coupled with the growth in the gaming segment resulted in nearly 27 million travelers visiting China in 2007, an increase of almost 62% over the preceding three years. Macau’s traditional textile industry has gradually shifted base to China due to termination of the Multi-Fiber Agreement in 2005. The Closer Economic Partnership Agreement (CEPA) signed between Macau and China allows tariff free movement of goods from Macau to mainland China. Pataca, the currency of Macau is closely connected with Hong Kong dollar and is freely accepted in Honk Kong. Economic activities of Macau Services activities dominated by tourism and gambling contribute nearly 96% towards its GDP (gross domestic product). Wholesale and retail trade, financial services, construction, and transport and communications are the other tertiary sector activities. The industrial sector is dominated by electronics, footwear, textiles and toy manufacturing facilities. Industries or secondary economic activities constitute almost 4% of GDP. The contribution of agriculture to Macau’s economy is negligible. With only 2% of total area of Macau under agricultural use, the contribution of this sector towards GDP is around 0.1%. Apart from vegetable farming, fishing is a vital primary economic activity...

Words: 1774 - Pages: 8

Premium Essay

Singapore and Macau Economy

...gaming centers of the world. In 2006, the revenue earned from gaming in Macau surpassed that of Las Vegas, and all taxes associated with gaming amounted to almost 75% of government revenue. The relaxation of travel restrictions coupled with the growth in the gaming segment resulted in nearly 27 million travelers visiting China in 2007, an increase of almost 62% over the preceding three years. Macau’s traditional textile industry has gradually shifted base to China due to termination of the Multi-Fiber Agreement in 2005. The Closer Economic Partnership Agreement (CEPA) signed between Macau and China allows tariff free movement of goods from Macau to mainland China. Pataca, the currency of Macau is closely connected with Hong Kong dollar and is freely accepted in Honk Kong. Economic activities of Macau Services activities dominated by tourism and gambling contribute nearly 96% towards its GDP (gross domestic product). Wholesale and retail trade, financial services, construction, and transport and communications are the other tertiary sector activities. The industrial sector is dominated by electronics, footwear, textiles and toy manufacturing facilities. Industries or secondary economic activities constitute almost 4% of GDP. The contribution of agriculture to Macau’s economy is negligible. With only 2% of total area of Macau under agricultural use, the contribution of this sector towards GDP is around 0.1%. Apart from vegetable farming, fishing is a vital primary economic activity...

Words: 1774 - Pages: 8

Free Essay

Promoting Hong Kong as the “City of Life” and Persuading the Visitors from Mainland China to Visit Hong Kong

...glad to be of services to the Hong Kong Tourism Board (HKTB) - formerly known as Hong Kong Tourism Association, in presenting this consulting report on promoting Hong Kong as the “City of Life” and persuading the visitors from Mainland China to visit Hong Kong In this report, we will base on the two-year major promotional tourism campaign “City of Life: Hong Kong is it!” which launched by the Hong Kong Tourism Board (HKTB) in April 2001 to showcase to visitors from Mainland China the most interesting and attractive aspects of Hong Kong. We will also contribute ideas on tourism promotion for this campaign to persuade the visitors from Mainland China to visit Hong Kong. Four districts will be covered in this report that included Kowloon, Hong Kong Island, New Territories and the Outlying Islands. Besides, the most popular attractions in Hong Kong such as Shopping, Dinning and Sightseeing will also be particularly focused in this report. Furthermore, negative aspects of Hong Kong will also be specially highlighted. In the final part of this report, a special issue on Quality Tourism Services (QTS) that plays an important role in the tourism industry will also be discussed. Lastly, conclusion and the recommendations for the Hong Kong Tourism Board (HKTB) to further improvement will be included in this report 1 Introduction 1.1 The Hong Kong Tourism Tourism plays an essential role in Hong Kong’s economy. To further promote Hong Kong as the most popular tourist...

Words: 2847 - Pages: 12

Free Essay

Handling Complaints: How Did the Employee Respond to the Complaints?

...In our case, a guest is having meal in The Hong Kong Jockey Club. She has order an a la carte with steak. She would like her steak with well done. Unfortunately, the waiter gives her a wrong meat temperature dish, i.e. medium. The guest is not satisfy with the dish and begin lose temper asking for explanation. The waiter has do the following step to provide the right and quality service to the guest. Firstly, the waiter tries to calm the guest down. Secondly, he is listening to the guest’s grievances, so as to provide the right service to the guest again. And he is allowing the guest to vent, to let the guest express her unsatisfactory. Thirdly, the employee tries to apologize for the wrong service, to give the image that our restaurant is willing to correct our mistake and not to happen again. Fourthly, the employee has done the corrective action. He asks the chef to cook the dish again as soon as possible. And with the correct meat temperature i.e. well done. This can show to the guest that we have a positive “can do” attitude. Finally, servicing the guest with politeness again. The skills and theories that we have apply in the case: For the procedural side: We have attempt timeliness. When the guest has problem regarding the steak she ordered. The employee has taken immediate action to approach to the guest. Listening what is her concerns and grievances. Then make a corrective action. Therefore, we can practice the moment of truth to the guest. Communication skill...

Words: 616 - Pages: 3

Premium Essay

Hong Kong Is My Home

...Youth HONG KONG Hong Kong is home FEATURES Fitness and nutrition Pollution YouTubers HKFYG Cover image by 羅潤龍 by Yun Huang Yong https://www.flickr. com/photos/goosmurf/5899151996/ YOUTH HONG KONG published quarterly by The Hong Kong Federation of Youth Groups EDITORIAL BOARD Rosanna Wong Elaine Morgan (Editor) Ada Chau (Assistant Editor) Angela Ngai Lakshmi Jacotă William Chung Henry Poon CIRCULATION (unaudited) 11,000-12,000 in Hong Kong, throughout the region and overseas VIEWS EXPRESSED are the authors’ and interviewees, may come from official sources, and do not necessarily reflect the views of the editorial board or publisher REPRODUCTION OF CONTENTS without written permission from the publisher is prohibited INTERVIEWS Elaine Morgan, Lakshmi Jacotă, Ada Chau PERSPECTIVES CONTRIBUTORS Ben Tse Elena Ng Mimi Mo Jessica Chan Ajmal Samuel Elaine Morgan SELECETD YOUTH SPEAK CONTRIBUTORS Lin Kristy, Ernest Chau Christy Chu Joy Pamnani Ivy Ho, Kevin Li Ho-lam, Gigi Chau Pansy Tam OTHER CONTRIBUTORS Virginia Addison Education Post Cathay Pacific Kate Yung Hilary Lok HKFYG unit staff TRANSLATION Henry Poon Ada Chau PHOTOGRAPHS Courtesy of HKFYG Very Hong Kong competition entrants, as captioned. Other photographs by Elaine Morgan, Ada Chau, acknowledged as captioned, or in public domain ARTWORK Sam Suen, DG3 DESIGN, LAYOUT & PRINTING DG3 Asia Ltd ISSN 2071-3193 WEB youthhongkong.hkfyg.org.hk CORRESPONDENCE to The Editor, Youth Hong Kong, 21/F, The Hong Kong Federation...

Words: 19700 - Pages: 79

Free Essay

Octopus Card

...system, technology diffusion, Octopus, Hong Kong A b s t r a c t Although debit/cash cards based on smart card technology promised to bring forth the end of loose change, very few managed to gain critical mass or come close to totally eliminating coins including those supported by major credit card operators (e.g., Visa Cash and Mondex). In this paper, we discuss a specific system – Octopus – which not only gained momentum among the passenger transportation industry in Hong Kong, but also expanded into other payment channels such as fast food outlets and snack machines. We examine the factors why Octopus has been successful despite most micro-payment systems failing to gain critical mass let alone expand their customer base. Finally, we conclude that convenience factors, a specific set of societal factors and its management strategy to expand from a captive market towards a generic micro-payment system had been instrumental to the growth of this e-payment system. A Copyright © 2001 Electronic Markets Volume 11 (2): 97–106. www.electronicmarkets.org Downloaded By: [Schmelich, Volker] At: 12:59 16 March 2010 E-COMMERCE IN AUSTRAL-ASIA u t h o r s Simpson Poon (Spoon@hku.hk) is the Director of the Centre for E-Commerce and Internet Studies at Murdoch University in Australia and a Visiting Associate Professor at the School of Business, The University of Hong Kong. He has more than 10 years of experience...

Words: 6947 - Pages: 28

Premium Essay

Nothing

...Volume 7 Issue 2 May 2009 Export of American Fantasy World to the Chinese Case prepared by Professors Susan H. C. TAI and Lorett B. Y. LAU1 Introduction The 80-year-old Disneyland in the United States now appeals only to families, as Mickey Mouse is no longer an attraction for young Americans (October 20, 2005, Kyodo News International, Tokyo). The Walt Disney Company has also opened parks in Paris and Tokyo on the assumption that family values are relevant to any part of the world. Disney, however, has a mixed record of walking the cultural tightrope. It was criticized for ignoring French culture when it built Euro Disney in Paris, but Tokyo Disneyland has been well received by the Japanese (June 16, 2005, The Wall Street Journal). Since 1983, people in Japan and around the world have enjoyed the dreams and magic of Tokyo Disneyland, the first Disney theme park to be built outside the United States. Tokyo Disneyland did not try to adapt to the culture in which it was built. It worked because of the Japanese attachment to Disney characters and the ultimate US entertainment experience (Amine, 2005). Euro Disney, opened in 1992, lost almost $1 billion in its first 18 months of operation and quickly developed into one of the most costly mistakes in the company‟s history. The French perceived Euro Disney as a symbol of American influence (Spencer, 1995) and many Europeans would not visit the theme park because they believed the real Disney experience was in the US (Marsh,...

Words: 7230 - Pages: 29

Free Essay

Traditional Events

...Abstract Traditional events and festivals have become increasingly important on tourism. The cultural events encourage cultural atmosphere, create recreational experiences, and generate revenues. The Bun Festival is a cultural event and attracts 60,000 people in 2009. In this dissertation, it studies the Bun Festival on Cheng Chau Island to investigate the visitors’ satisfaction experience and authenticity of the Bun Festival. The visitors’ perception on the Bun Festival will be found from a visitor survey. A survey is asked the visitors who have participated the Bun Festival before. The results present that although perceived authenticity of the Bun Festival is high, majority of visitors is not motivated by the tradition and culture, is not enough knowledge to analysis. The visitors are not antipathy for commercial of the Bun Festival, because they look for relaxation and entertainment. The recommendations for future development of the Bun Festival are suggested based the findings. Keywords: Cultural Tourism, Bun Festival, Visitors’ Perceptions of Authenticity 2 Table of Contents Abstract Table of Contents List of Illustrations Charter 1 Introduction ........................................................................................................... 6 1.1 Background:..................................................................................................................... 6 1.2 Reason for Choosing This Topic:.....................

Words: 14823 - Pages: 60

Premium Essay

Porter 5-Forces Model

...[pic] Keuka College Bachelor of Science in Management List 1. Develop a Porter 5-forces model of the casino industry. Make sure you discuss each of the five forces in a separate paragraph or section 3 2. How are the gambling companies in Las Vegas responding to the changes in the industry structure and the increased competition . 21 3. How have the casinos in Atlantic City tried to compete with Las Vegas? What threats do they face . 23 Chen Huisheng 323945 Lin Weijie 324066 1.Develop a Porter 5-forces model of the casino industry. Make sure you discuss each of the five forces in a separate paragraph or section. For purposes of this case, we will define the casino industry as including full-service, diverse entertainment (i.e. traditional) casinos of Las Vegas and Atlantic City, and treat other gambling alternatives (e.g. Native American casinos, riverboat gambling, etc.) as substitutes. When discussing each of the five forces, be sure to consider each of the factors relevant to each of these five forces as we discussed in class. In terms of Porter’s 5 forces analysis, the bargaining power of suppliers is weak because of the fact that casinos basically provide their own services with internal resources, such as employees properly trained in various casino games. The bargaining power of customers is strong, especially because even a slight change in the demand for casino services could directly impact the revenues of the industry...

Words: 6744 - Pages: 27