Club's unique, not-for-profit business model serves Hong Kong well, diplomats told

30 October 2008

The "Hong Kong model" of combining sport, betting and charity through a not-for-profit operation is unique in the world, the city's consular corps heard at a luncheon at Happy Valley today (30 October).

The Hong Kong Jockey Club's Chief Executive Officer Winfried Engelbrecht-Bresges told the diplomats that the Club's vision was to be a world leader in the provision of horse racing, sporting and betting entertainment, as well as Hong Kong's premier charity and community benefactor.

As regards the first part of this vision, the Club had already been very successful in raising the quality of local racing to world-class standards and in building Hong Kong a high overseas profile through events like December's International Races.  Following Hong Kong's recent staging of the Olympic equestrian events, made possible by the Club's provision of venues and supporting facilities at a cost of some HK$1.2 billion, the city was now widely recognised as the Equine Capital.  In addition, the Club's expertise in developing world-class betting services and technologies was much in demand internationally.

In terms of its role as a charity and community benefactor, Mr Engelbrecht-Bresges observed that "when there is call for Hong Kong, the Club always responds", noting that the Club had made an immediate HK$30 million to aid victims of the Sichuan earthquakes in May and subsequently pledged a further HK$1 billion to fund reconstruction projects there.  However, he emphasised, the Club not only helped take care of today's needy but was also proactive in initiating projects that could address Hong Kong's future social challenges - for example PATHS to Adulthood which was targeted at positive youth development, and the CADENZA project which aimed to pioneer new models for elderly care.

More than 60 Consuls-General and Honorary Consuls-General attended today's lunch, a regular gathering of Hong Kong's consular corps which was hosted for the first time in the Voting Members' Box at Happy Valley Racecourse.

Guest speaker Mr Engelbrecht-Bresges explained that under Hong Kong's unique 'racing for charity' model "the Club runs racing - as were established to do; the Club helps Government fight illegal gambling by providing controlled and regulated betting on racing, the lottery and football; the money we generate goes back to the community through tax and charity donations; and we maximise that return because we are not-for-profit."

"I remain optimistic about the long-term future of the Club and of Hong Kong," Mr Engelbrecht-Bresges told the consular corps.  "For our part, wecertainly remain committed to contributing to Hong Kong as a major employer, as a sport and entertainment provider and as its premier community benefactor.  As we see it, we are simply a not-for-profit organisation that exists for the benefit of Hong Kong."