Representatives of The Hong Kong Jockey Club, including Chief Executive Officer Winfried Engelbrecht-Bresges, attended a hearing of Nevada Gaming Control Board this morning (9 August HK Time) at which details of the proposed one-way betting arrangement between HKJC Horse Race Betting Limited (HRBL) and Las Vegas Dissemination Inc. (LVDC) were presented to Board members.
The Club was pleased to learn that the Board had endorsed its proposal and will now recommend it to the Nevada Gaming Commission for approval, at a hearing to be conducted by the end of August.
Mr Engelbrecht-Bresges was delighted with the result of today's hearing. "The comments of the chairman and other Gaming Control Board members were most complimentary in relation to the Club's governance led by its Board of Stewards, its integrity, and its IT capabilities, as well as the quality of its management team,'' he said.
"The Club is very positive about this arrangement and we look forward to the Commission's approval.'' Mr Engelbrecht-Bresges noted that this was an important step in exporting the Club's world-class racing product and setting a model for commingling its betting pools with overseas gaming organisations.
Both HRBL and LVDC hope that such an arrangement can generate a turnover of HK$1 billion to HK$1.5 billion for the next racing season.
[ Press Release from the HKJC ]
