Hong Kong Jockey Club began making direct allocations to hedge funds, said Jacob Tsang, director of group treasury at the city’s only horse-racing operator, which has invested more than $1 billion in alternative assets.
Pan Sutong proudly displays the 4.5-liter jeroboam of 1900 Chateau Latour he uncorked on Dec. 8 after his two thoroughbreds placed first and second in their respective races at the Hong Kong Jockey Club.
The Jockey Club, the biggest commercial group in U.K. horseracing, said prize money at 15 racecourses it operates will increase by a projected 3.6 percent to 42.8 million pounds ($70.2 million) in 2014.
For 126 years, the Hong Kong Jockey Club has survived equine flu, bribery scandals, the Japanese invasion and the return to China. Now the operator that takes more money per race than any other faces a bigger challenge: the Internet.
The group chief executive of the Jockey Club , which owns and operates 14 racecourses in the U.K., called for the state-controlled Tote betting business to remain independent instead of being sold as planned.
Hong Kong Jockey Club is seeking to raise revenue by keeping more Hong Kong residents from taking the one-hour ferry ride to Macau and through revenue-sharing agreements, said Chief Executive Officer Winfried Engelbrecht- Bresges.