This Sunday's programme at Sha Tin Racecourse will feature the home leg of our annual interport race, the Hong Kong Macau Trophy, with eight local horses taking on the challenge of six visiting runners from Macau in this Hong Kong Group 3 event. Our Club appreciates its partnership and co-operation with the Macau Jockey Club over the years. It's great to see this goodwill event marking its 6thedition this year.
I know that like us, the Macau Jockey Club is facing a significant impact from the financial turmoil right now, as well as stiff competition from other local gaming entertainment operators in Macau. These two factors pose great challenges to their business.
Some people have asked me why the Club cannot simulcast the Macau Hong Kong Trophy race for betting in Hong Kong. Unfortunately, the current Hong Kong betting regulations do not permit us to take reciprocal arrangement, as the race is defined as 'overseas' and the Club is restricted to simulcasting a maximum of 10 overseas races for betting each season, and they must fall on a designated Hong Kong raceday.
I find it rather regrettable that local racing fans cannot give their betting support to Hong Kong racehorses and jockeys who are competing overseas, and you may recall that I've drawn attention to this anomaly on my Blog on a number of previous occasions. Its high time the issue was reconsidered. In fact, the Club and the Government are now in discussions on the relaxation of simulcast arrangements and I'm pleased to know that progress is looking quite encouraging at the moment.
Incidentally, in the Budget figures unveiled by Financial Secretary John Tsang last Wednesday, he made a downward adjustment of about 4 per cent on the projected racing betting duty revenue that Government will collect in the current financial year. This shows that the Government is also expecting the Club's racing business to be hit by the financial crisis and continuing competition from around the region. So it's in the Government's interest as much as anyone's to look at ways of boosting the Club's competitiveness and maintaining the vibrancy of our racing business.
Anyway, you can expect some very exciting races at Sha Tin tomorrow. For the main event, the Hong Kong Macau Trophy, the host team has won four of the five races on home turf. I'm optimistic that we can keep the trophy in Hong Kong as our representatives like One World and Brilliant Chapter are in great form. But for the Macau team, trainer Allen Tam is good at setting horses for big races. That's why his runners Si Foo and Nittan's Spirit will probably the ones to pose the challenge for the home team.
I will also be keeping my eyes on the performance of First Baby in the Sai Van Bridge Handicap. This horse has performed consistently after joining Caspar Fownes' stable earlier this season. He has drawn nicely this time and let's see if he can make a breakthrough tomorrow.
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