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Following is a speech by the Chief Executive, Mr Tung Chee Hwa, at the Hong Kong International Races Gala Dinner held at the Hong Kong Convention and Exhibition Centre tonight (December 13):
Ron, distinguished guests, ladies and gentlemen,
It is my great pleasure to welcome all of our guests - but particularly our guests from overseas - to this magnificent gala dinner tonight. Ron, you were comparing the job of the patron of the Jockey Club and the Chief Executive of the SAR. I just want to tell you, you can have my job anytime. Ron, you and your team at the Jockey Club, and of course all of your predecessors, have done a tremendous job in making the Hong Kong International Races a highlight of the world's racing calendar. The Hong Kong Jockey Club deserves great credit, and our sincerest appreciation, for developing such an elite event. I certainly cannot think of a more fitting conclusion to the World Series Racing Championships than the Hong Kong Cup.
I am delighted with this year's theme 'World City, World Sport'. The Hong Kong International Races not only keeps the eyes of the racing world firmly focused on Hong Kong, they also help to consolidate our position as Asia's world city - a cosmopolitan, vibrant, free and open city that welcomes people from around the globe to live and work, as well as chance their luck at the races. And with an expected TV audience of over one billion tuning in this weekend, we can proudly showcase the dynamism of our city and the professional excellence of the Hong Kong Jockey Club.
The hosting of international events such as the finale of the World Series Racing Championship, the World Congress of Accountants, the FORTUNE Global Forum and the International Rugby Sevens - just to name a few of the world-class events held this year - underlines Hong Kong's position as Asia's world city.
They also provide us with the opportunity to highlight our unique strengths as the world's freest economy, and the advantages of doing business and living here in Hong Kong. We enjoy unique advantages under the 'One Country, Two Systems' formula that has allowed Hong Kong people to administer our own affairs with a high degree of autonomy since Reunification in 1997. And although we have achieved world-class status in many areas - financial services, professional services, transport and logistics, tourism, trade - we know we must constantly hone and refine these strengths to maintain our attractiveness as the major international business hub serving China and the Asia-Pacific. Like a thoroughbred horse we are blessed with natural talent, but it takes the rigours of competition to bring out the best in us. And, like our four international races, we are determined to maintain Hong Kong's position amongst the best of the best as an 'International Group One' economy and society.
Horse racing is often referred to as the 'sport of kings', but in Hong Kong it is firmly entrenched as the 'king of sports'. No other sport in Hong Kong attracts such considerable support. About two million people each week follow the races - proportionally more than anywhere else in the world. Nowhere else can match the close-quarters energy and excitement of a night at the races at Happy Valley. And there are not many courses like Sha Tin, which consistently attracts crowds of over 30,000 each weekend. We're probably looking for a crowd of 50,000 or more for the fantastic programme this weekend.
Racing has brought enormous benefits to Hong Kong. Each year, the Jockey Club pays betting duties to the Government. In the last financial year, this amounts to about 12 billion Hong Kong dollars. On top of that, about one billion Hong Kong dollars - that's almost 130 million US dollars - is poured back into charity and community causes through Hong Kong Jockey Club Charities Trust. The Academy for Performing Arts, the University of Science and Technology, the Ocean Park are major landmarks in Hong Kong that were funded through the proceeds of the racing. Numerous other community facilities and social welfare programmes have been developed and supported thanks to the Jockey Club's Charities Trust.
We expect that the Trust will be able to provide even more resources to worthy causes in the community now that we have decided to allow soccer betting in Hong Kong. In deciding to legalise soccer betting, my government's prime concern was to tackle the problem of illegal gambling. We have also decided to stick with a proven record of success in asking the Hong Kong Jockey Club to develop and operate an authorised soccer betting system here in Hong Kong. Of course, the Jockey Club has the experience to do this. But much more importantly, in my view, the Jockey Club commands considerable public respect and confidence. The Club has an impeccable record, and maintains the highest standards of integrity, in all of its operations. We are now drawing up the regulatory and licensing conditions needed to implement soccer betting. And we are confident that we will be able to work hand-in-hand with the Jockey Club to ensure that authorized soccer betting operates in the best overall interests of the public.
In addition to the government's efforts to tackle illegal gambling, I am also pleased to see the joint action being taken by the Japan Racing Association and the Jockey Club. Signing just now of the Good Neighbour Policy surely marks an important step in the on-going campaign to protect the welfare of communities, not just in Hong Kong but worldwide.
Ladies and gentlemen, once again, I would like to offer you all a very warm Hong Kong welcome. I know you have a great night ahead of you, and an even greater weekend of racing. And for those of you having a bet on Sunday, good luck to you all.
Thank you very much.
End/Friday, December 13, 2002
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