'Viva Las Vegas' as Jockey Club seal deal

The Nevada Gaming Commission yesterday gave its approval for the Hong Kong Jockey Club to accept bets from Las Vegas punters, opening the way for strong turnover growth in the coming season.

The wagering on racing from a string of casinos in Las Vegas is expected to be worth HK$15 million to HK$20 million of additional betting turnover per meeting in the short term - HK$1.17 billion to HK$1.56 billion over a 78-meeting season.

Jockey Club chief executive Winfried Engelbrecht-Bresges said he was also talking to another potential partner in the US.

Although the bets will be accepted in US dollars, they will be commingled into Hong Kong betting pools with the take-out revenues shared between Hong Kong and the US.

'These approvals in Nevada represent a very significant moment in the history of Hong Kong racing,' Engelbrecht-Bresges said last night from Los Angeles. 'Not only have we been given approval to accept bets from the United States, but the commission was very complimentary of the Jockey Club for the integrity of our management systems and the horse racing itself.'

Engelbrecht-Bresges said the Las Vegas deal was of 'special significance' in terms of the club's overall mission and long-term goals.

'We have a mission to maintain the club's status as a world leader in racing and sports betting entertainment businesses and with globalisation we see the importance [of this deal] regarding our brand image,' Engelbrecht-Bresges said.