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June 17, 2005
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White elephants for horses
Today's Chutzpah Award winner: the Hong Kong Jockey Club. Today's Standard reports the HKJC is warning the slide in betting revenue will soon affect operations and its charity and tax contributions. Naturally they are pressuring the Government as it contemplates reforms to tax gross profits rather than betting turnover, allowing the HKJC to pay better odds. The club thinks it can grab HK$24 billion of the estimated HK$60 billion in illegal gambling in the city. The club's race betting turnover is around HK$62 billion. If turnover falls below HK$50 billion, the city's biggest taxpayer and charity will dip into loss, affecting the Government's budget and the many philanthropic works the club sponsors. So far, so dire.
Let's repeat. The down-on-their-luck HKJC is prepared to spend HK$1.2 billion on a 2 week, low rating parade of prancing ponies and show jumpers and they want a tax break to compete against illegal gambling. Why doesn't the HKJC save itself the money, and instead spend the saved money on something that will last longer than 2 weeks...say a hospital? Or just write a cheque to every Hong Kong resident for HK$170. I know which one most Hong Kongers would prefer. posted by Simon on 06.17.05 at 11:12 AM in the
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