Bucking Worldwide Trends, HKJC Announces Purse Hikes

Bucking worldwide trends to lowered purses and despite a season beset by social unrest and COVID-19 pandemic restrictions, the Hong Kong Jockey Club will offer substantial purse increases for its 2020-21 season.

The HKJC June 16 announced record prize money of HK$1.4 billion (about US$180.6 million) for next season, with the Longines Hong Kong Sprint (G1) and the BMW Hong Kong Derby the biggest beneficiaries.

The 1,200-meter (about six-furlong) Sprint will regain its position as the world's richest group 1 turf sprint with a HK$2 million boost to HK$22 million, the Club said.

HK$2 million equates to about US$258,000; HK$22 million, to about US$2.84 million.

Five other group 1 races—the Centenary Sprint Cup (1,200 meters), Stewards' Cup (1,600 meters, about one mile), Queen's Silver Jubilee Cup (1,400 meters, about seven furlongs), Hong Kong Gold Cup (2,000 meters, about 1 1/4 miles), and Champions & Chater Cup (2,400 meters, about 1 1/2 miles)—will receive HK$2 million increases, taking their value to HK$12 million or about US$1.55 million.

The HKJC calculated it will leapfrog its Derby into second place among the world's Derbys behind only the Tokyo Yushun (G1) with a HK$4 million hike boosting that purse to HK$24 million (almost US$3.1 million).

Increases will extend throughout the racing program, all the way down to Class 5 events for which purses jump from HK$725,000 to HK$750,000.

"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," said Andrew Harding, HKJC executive director of racing.

"This approach has been a core element in Hong Kong being able to maintain its position as a world leader in providing quality horse racing 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," Harding said.

Unsurprisingly, the announcement was welcomed by owners.

"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," said Hong Kong Racehorse Owners Association president Chew Fook Aun.

During the first half of the current season, Hong Kong racing was impacted negatively by occasionally violent street demonstrations. Those actions forced cancellation of two race programs at the in-town Happy Valley Racecourse, required the closure of most off-track betting shops, and severely held down attendance at the Longines Hong Kong International Races in December.

As that problem eased, the coronavirus pandemic set in and the HKJC has been conducting racing without fans since early in the year. Travel restrictions also have prevented foreign horses from competing in the major group 1 events during the second half of the 2019-20 season.