Connect with us
SIS

Asia

Hong Kong’s record prize money increase includes world’s richest Group 1 turf sprint

George Miller

Published

on

Hong Kong’s record prize money increase includes world’s richest Group 1 turf sprint
The BMW Hong Kong Derby will carry total prize money of HK$24 million (£2.4m) in 2021.
Reading Time: 4 minutes

 

Hong Kong Sprint raised to £2.2m as HKJC boosts prize pot for 2020/21 to over £143m

Hong Kong racing will offer record prize money of HK$1.4 billion (£143.5m) for the 2020/21 season, with the Group 1 LONGINES Hong Kong Sprint and BMW Hong Kong Derby featuring prominently among the Hong Kong Jockey Club’s upward adjustments.

The LONGINES Hong Kong Sprint (6f) will regain its position as the world’s most richly-endowed Group 1 turf sprint with a value this year of HK$22 million (£2.2m), an increase of HK$2 million (£205,000). Five other Group 1 races – Centenary Sprint Cup (6f), Stewards’ Cup (1m), Queen’s Silver Jubilee Cup (7f), Hong Kong Gold Cup (1m2f) and Champions & Chater Cup (1m4f) – will receive HK$2 million (£205,000) increases, taking their value to HK$12 million (£1.2m).

The historic BMW Hong Kong Derby is Hong Kong’s most important domestic contest and will be worth HK$24 million (£2.4m), a HK$4 million (£400,000) increase on the 2020 renewal. The 1m2f contest is a key race each year, being a vital springboard for the next crop of Hong Kong’s stars, and regains its position as the second-richest Derby in the world, behind only Japan’s equivalent and ahead of the Kentucky Derby, the UAE Derby and the original Derby at Epsom.

The Hong Kong Derby is the final leg in the three-race Four-Year-Old Classic Series and the Club has also taken the decision to up prize money for first two legs: the Hong Kong Classic Mile and Hong Kong Classic Cup will both be worth HK$12 million (£1.2m) in 2021, an increase of HK$2 million (£200,000) to each race.

 

Race 2019/20 (HK$) 2020/21  (HK$) Increase (HK$) % Increase
Hong Kong Sprint 20,000,000 22,000,000 2,000,000 10
Centenary Sprint Cup 10,000,000 12,000,000 2,000,000 20
Stewards’ Cup 10,000,000 12,000,000 2,000,000 20
Queen’s Silver Jubilee Cup 10,000,000 12,000,000 2,000,000 20
Hong Kong Gold Cup 10,000,000 12,000,000 2,000,000 20
Champions & Chater Cup 10,000,000 12,000,000 2,000,000 20
Hong Kong Derby 20,000,000 24,000,000 4,000,000 20
Hong Kong Classic Mile 10,000,000 12,000,000 2,000,000 20
Hong Kong Classic Cup 10,000,000 12,000,000 2,000,000 20

 

All Group 2 and Group 3 races will also rise in value. Group 2 purses will increase by 5.9% from HK$4.25 million (£435,000) to HK$4.5 million (£460,000), while the prize funds for Group 3 races will rise by 7.7% from HK$3.25 million (£333,000) to HK$3.5 million (£359,000).

Total prize money for the 2020/21 season’s 88 meetings at Sha Tin and Happy Valley is up by approximately 4.9% on the 2019/20 season. This year’s lucrative purse increases span all handicap races from Class 1 down to Class 5.

 

Class 2019/20 (HK$) 2020/21 (HK$) Increase (HK$) % Increase
Group 2 4,250,000 4,500,000 250,000 5.9%
Group 3 3,250,000 3,500,000 250,000 7.7%
1 2,800,000 3,000,000 200,000 7.1%
2 2,100,000 2,200,000 100,000 4.8%
3 1,450,000 1,500,000 50,000 3.4%
4 967,000 1,000,000 33,000 3.4%
5 725,000 750,000 25,000 3.4%

 

Hong Kong Racehorse Owners Association President Mr. Chew Fook Aun said: “At a time when prize money levels are being cut worldwide, the prize money increases announced today by the Hong Kong Jockey Club are very welcome news, and a testament to the strength, resilience and buoyancy of Hong Kong racing, even in these very difficult times”.

Mr. Andrew Harding, Executive Director, Racing, at the Hong Kong Jockey Club said: “Hong Kong racing is among the best in the world and part of what makes it such a competitive sports environment is the excellent prize money available from Class 5 right up to Group 1. Despite the issues associated with the COVID-19 pandemic and the uncertainty in world economies, we will continue our successful strategy of recent years to increase purse levels as necessary in order to reward and encourage our owners and to ensure Hong Kong’s elite races are attractive to overseas competitors. This approach has been a core element in Hong Kong being able to maintain its position as a world leader in providing quality horseracing and has enabled us to achieve between 20 and 26 horses in the World’s Best Racehorse Rankings for each of the past seven years.

“For next season, the Club has increased prize money to a record overall sum, including a significant injection across all Class 1 to Class 5 handicap races and Group 2 and Group 3 contests. We believe this will help to enhance competition and assist our owners in their attempts to purchase and import the best possible horses in a difficult economic climate.”

Mr. Harding noted the importance of ensuring Hong Kong’s elite races, including the BMW Hong Kong Derby, continue to offer purse money which is among the best in the world.

“Hong Kong is already home to the world’s richest turf races at 2000 metres (1m2f), a mile and 1400 metres (7f), and, while our Group 1 prize money is strong, we have nonetheless identified a specific need to increase the prize funds for six of our Group 1 races, notably the LONGINES Hong Kong Sprint (6f), which regains its status as the world’s richest Group 1 turf sprint,” he said.

“We have also increased purses for each of our three Four-Year-Old Classic Series races, notably the BMW Hong Kong Derby, which regains its position as the second richest Derby in the world. The investment from our owners in high quality young stock for our Four-Year-Old Classic Series each year brings a vital replenishment of our elite cohort of runners, which in turn maintains the very high standard of racing here in Hong Kong.”

IJC Trainer Bonus

The Hong Kong Jockey Club has also introduced a new bonus for the LONGINES International Jockeys’ Championship held at Happy Valley in December.

To encourage a higher quality of horses in the four IJC races, the new bonus scheme will offer prizes of HK$200,000 (£20,500) to the most successful trainer in the contest’s four races, HK$100,000 (£10,250) to the runner-up and HK$50,000 (£5,125) to the third-placed trainer, with points awarded in a similar fashion to the jockeys’ competition.

Asia

Sugal & Damani Joins UK National Lottery Race

Niji Narayan

Published

on

Sugal & Damani Joins UK National Lottery Race
Reading Time: < 1 minute

 

Indian lottery operator Sugal & Damani Group has entered the UK Gambling Commission’s competition to select an operator for the UK National Lottery.

Sugal & Damani had also participated in the 2007 tender process, where it was declared as a reserved bidder for running the UK lottery, which is the sixth-largest in the world by sales, and is currently operated by Camelot.

“As a leader in operating lotteries across India and other jurisdictions, Sugal & Damani has shown its deep interest to operate the UK National Lottery since 2007 when it participated and also got selected as a reserve bidder by qualifying all Required Standards like propriety, technology, player protection, channel management, financial capability, etc,” Kamlesh Vijay, Group CEO of Sugal & Damani, said.

“We are looking for a fair and open competition that UKGC has initiated, we are very much in the game, we are in the final stages of creating a strong consortium of credible partners, the details of which will be shared in due course,” Vijay continued.

“As far as the UK lottery market is concerned, it is a large one and highly reputed. There are a huge local following and brand reputation for the UK National lottery, but there are challenges in the market too because people are looking for new excitement and there is stiff competition from other gambling products. We believe that people have a soft corner due to the fact that lotteries contribute more towards well defined good causes, so that attitude is a big plus point. However, continued innovation is very much required in a responsible way to consolidate on this soft corner. Being an organization with deep-rooted innovation in every sphere of our activity we are happy to be in the competition,” Vijay concluded.

Continue Reading

Asia

Caesars and Mohegan Face Delays in Korean IR Projects

Niji Narayan

Published

on

Caesars and Mohegan Face Delays in Korean IR Projects
Reading Time: < 1 minute

 

Caesars Entertainment Corp and Mohegan Gaming & Entertainment are facing significant delays in their Korean integrated resort projects due to the financing concerns caused by the COVID-19 pandemic.

According to South Korean news outlets, Caesars Korea – part of the expansive project called Midan City in Yeongjong Island – and Mohegan’s Inspire are having trouble securing the final capital needed to complete their projects.

The future of Caesars Korea has been in some doubt over the past year following the merger between Caesars Entertainment Corp and Eldorado Resorts, with Eldorado CEO Tom Reeg – now CEO of the merged Caesars entity – stating in June 2019 that the company’s international expansion opportunity would “have to be stupendous for us to be running in that direction.”

The company subsequently stated in August 2019 that it was capping the amount of additional cash it was willing to directly invest into Caesars Korea at US$60 million – having already contributed US$80 million to the US$700 million project – with the remainder to be provided by outside financing. However, the company has spoken little publicly about its Korea project since the US$17.3 billion merger with Eldorado was completed in June of this year.

Mohegan Gaming CEO Mario Kontomerkos stated as recently as July that his company’s Inspire Korea project remained on track for a 2022 launch, adding that Mohegan remained fully committed to its international expansion efforts.

“The pandemic has shown us that diversification into the international arena is important for our ability to stand for those generations, and so the project in South Korea, called Inspire, remains on track for launch in 2022,” he said.

Continue Reading

Asia

Yokohama Mayor Fumiko Hayashi Says She Would Respect IR Referendum Results

Niji Narayan

Published

on

Yokohama Mayor Fumiko Hayashi Says She Would Respect IR Referendum Results
Reading Time: < 1 minute

 

Fumiko Hayashi, the mayor of Yokohama city, has committed to respect the results of a public referendum that will decide whether the city will compete to host an integrated resort.

The mayor said: “If the referendum as to IR takes place and the majority votes for opposition, I would act as in accordance with the results.”

Opponents campaigning against the IR plans collected voter signatures to trigger a referendum on the issue. A bill to permit the referendum will be submitted to the city’s council early next year.

On October 13, authorities in Yokohama announced a fresh request-for-concept (RFC) phase for its proposed IR bid to take revised proposals from potential private partners following the central government’s publication of its basic policy document on IR. This RFC will run until the end of November.

Continue Reading
Advertisement
NSoft

Subscribe to our News via Email

Enter your email address to subscribe to our news and receive notifications of new posts by email.

Trending

Notice for AdBlock users

We are constantly showing banners about important news regarding events and product launches. Please turn AdBlock off in order to see these areas.

Kasynos.Online