In the past few days, I've met different senior media journalists and exchanged our views in regard to the Club's proposal of adding five more race days and 20 more simulcasts of overseas races each season. Although not every of them are familiar with the details of our racing operation, I'm glad that they all are holding a rather open attitude on this matter, and most of them have acknowledged to the stance of the Club.
In our estimation, these five additional race meetings would bring an extra HK$480 million of betting revenue to the Government. However, the benefits it brought will not be limited to its fiscal term. With racing being one of the top 10 favourite attractions among tourists coming to Hong Kong, these extra racedays will extend our racing season to Hong Kong's peak tourist season in July, making the city to become a more vibrant destination for tourists from around the world.
The Club is also concerned to the trend that when our racing season is off during summer, many Hong Kong bettors are lured to engage into other unregulated betting activities in the region. We are extremely worried about the situation, as these activities not only shatter our customer base, but could also lead to undesirable social problems.
I've previously learned from news reports that a young lady was forced to sell her flat to repay a sum of HK$850,000 she lost while gaming in a casino in Macau. Having indebted such a substantial amount of money through credit betting, she eventually gave up her life by committing suicide. This sad news reflects the prevalence of the junkets which lure Hong Kong customers to gamble in other destinations, and the illegal credit betting activities it associated. I believe these unregulated, non-stop and credit betting-related activities, be it in Hong Kong or outside Hong Kong, were the roots that cause undesirable outcomes to the people of Hong Kong.
While many concern groups are making their efforts to monitor and criticise the Club's racing and betting operations, not much is ever said about these junkets, nor done to try to curb or regulate their activities. As you all may know, these junkets provide a one-stop service for their clients, including free jetfoil tickets, free hotel rooms, and even instant credit betting service at casinos. These activities have become increasingly aggressive now that a few of these major operators have even set up companies here and listed on the Hong Kong Stock Exchange.
As we all know, casinos are operating in a non-stop mode and 24 hours a day. As such, the problems it induces are far more serious and remain an issue to be dealt with. I do hope the local anti-gambling groups can address the matter of these junket operations and study ways to resolve this problem in a way to avoid the tragedies it can produce. On contrary to casino business, the Club is operating in a highly regulated manner and we firmly uphold the principle of no credit betting. That's why I hope the Government can consider the Club’s request on a fair and reasonable ground.
Today, four Hong Kong runners will be contesting in the 6th Macau Hong Kong Trophy race at Taipa Racecourse in Macau. But it serves as another example on how our simulcast arrangements being limited by the outdated regulation, as this race is not held on a Hong Kong raceday, making us unable to bring this Interport event live to all racing fans in Hong Kong for viewing and betting. Despite that, I still hope all of you can support and cheer for these four Hong Kong runners in Macau.
Anyway, I wish you all have a good time with your family and friends during the Easter holidays. We have arranged a race meeting tomorrow to offer some racing entertainment before the end of the break. Among the 11 races on tomorrow's card, I will be paying my attention to Buccaneer and Mr Medici.
Buccaneer managed to get top four finishes in all his five starts this season. Though he will be making his debut at the all weather track tomorrow, he enjoyed a good draw and I believe he has a good chance of winning the Lions Cup. The Lions Club as a service organisation aiming to help the underprivileged and work for the betterment of the community. By applying a Cup Race demonstrate that racing is a well accepted sports and social activity which is more than only gambling on horses as claimed by some anti gambling activists.
Tomorrow, we will also have the Victoria Racing Club Trophy at Sha Tin. The Club has been one of our best partners and we treasure our relationship very much. In this trophy race, Mr Medici will be making his first start after running for a third in the Mercedes-Benz HK Derby. Let's see if he can get a breakthrough in his performance and get his first win bonus when returning to a handicap race tomorrow.
Buccaneer managed to get top four finishes in all his five starts this season. Though he will be making his debut at the all weather track tomorrow, he enjoyed a good draw and I believe he has a good chance of winning the Lions Cup. The Lions Club as a service organisation aiming to help the underprivileged and work for the betterment of the community. By applying a Cup Race demonstrate that racing is a well accepted sports and social activity which is more than only gambling on horses as claimed by some anti gambling activists.
Tomorrow, we will also have the Victoria Racing Club Trophy at Sha Tin. The Club has been one of our best partners and we treasure our relationship very much. In this trophy race, Mr Medici will be making his first start after running for a third in the Mercedes-Benz HK Derby. Let's see if he can get a breakthrough in his performance and get his first win bonus when returning to a handicap race tomorrow.
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