Booming Macau Casinos Big Threat for Hong Kong Horse Racing
Posted on January 20, 2008 - Filed Under NEWS
HONG KONG (AP) - For over 124-years of excellent service that boost up economic revenues, Hong Kong Jockey Club is facing a big threat to the modern casinos being built by Las Vegas operators in nearby Macau.
Today, Macau is considered as the center of gambling destination in the whole world instead of Las Vegas. Macau surpassed Las Vegas as the biggest gambling venue last year; it looks likely to exceed all of Nevada this year. They dominate the entire gambling area surrounded by Macau.
Business providers have come and gone for many years but no one is strong enough to put the Hong Kong Jockey Club out of business. That was before Macau put up its gambling empire.
Jockey Club’s Chief Executive Officer, Winfried Engelbrecht-Bresges said, “Our customers are definitely their prime targets,” referring to Macau after they dominated the club regular gamblers.
“The Jockey Club needs to change to keep its customers - especially the high rollers who are being lured to Macau by promises of free helicopter rides, hotel rooms and other five-star perks”, “A more immediate threat to the Jockey Club is illegal bookmakers who siphon off business, offering better odds because they don’t pay taxes or incur the cost of running horse races”, he completely added.
Approximately, over $2.4 million is being taken away from the club annually because of the Macau Casinos. The numbers are radically changing for the Jockey Club with twenty percent of their revenue was declined.
“Gambling revenue from casinos in Macao boosted from 46.6 percent last year to reach about 83 billion patacas ($10.4 billion)” as NY Times reports.Las Vegas operators in Macau named Steve Wynn and Sheldon Adelson are responsible for these changes. Adelson opened the imposingly fashionable and elegant Sands Macau in last 2004, and followed up last August, a $2.4 billion casino-resort complete with Venetian gondolas punting down indoor canals, Venetian.
Due to the modern casino resorts built in the entire area, Macau Casinos will have a high probability to take down one of the oldest gambling destinations in Hong Kong.
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