After enjoying the exciting international races in Dubai last week, the directors of many top racing clubs and jurisdictions moved on to Paris in midweek to attend the International Federation of Horseracing Authorities' meeting. I'm no exception as I was also among those who attended the session. We discussed a number of global racing issues there, including a review of the global trifecta pool trialled by a French pari-mutuel company in June last year at the Prix de Diane Hermès (French Oaks). Several other IFHA members including the UK, US, Germany and South Africa also participated in this exciting new initiative.
All these major racing nations have now decided to go ahead with the global trifecta, and more racing clubs from other countries will be joining this pioneering bet commingling programme in the near future, among them the Singapore Turf Club. I felt very frustrated by the fact that Hong Kong's current legal and regulatory framework precludes our Club from being a part of such an important development, and standing on the same footing as our regional counterparts and other racing clubs and jurisdictions around the world.
I also found it very difficult to explain to my overseas counterparts the rationale behind the restrictions we face in Hong Kong. For example, why is it that we can accept our customers' bets on the simulcast of the Singapore Airlines International Cup on 18 May, but not on the Krisflyer International Sprint which also features Hong Kong-based runners and takes place at Kranji Racecourse on the same day?
It's important for the future development of Hong Kong racing and our Club that a number of changes and amendments can be made to current laws and regulations, as such measures will allow us to keep our activities in synchronising with global racing development trends. They will also enhance our business competitiveness, and help us counter the strong challenges and competition posed by the fast-expanding gaming industry in Macau. One gaming company there recently estimated the total gaming revenue in Macau this year will surge to 100 billion patacas, a staggering increase of 20 per cent compared with the 83 billion patacas last year.
Apart from strengthening our betting competitiveness, we see the need to continue upgrading our clubhouse services for Members. Our new clubhouse in the heart of Beijing, which will be officially opened next Thursday, is an important part of this vision. I'm sure our Members will enjoy its superb accommodation, conferencing and clubhouse facilities, and experience a "home away from home" feeling when they are visiting Beijing on business or leisure trips.
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