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Track Developer Wants Chinese Bookmaking License

WUHAN, China – As reported by the China Business Weekly: "Hong Kong-invested Orient Lucky Horse Co is going to spend 1.5 billion yuan (US$181.2 million), to build an equestrian race track in Wuhan, capital of Central China's Hubei Province.

"The investment is not just for the construction of a venue for horse racing. According to Jacky Hu, president of the company, it is being made with the hope of acquiring the first legal bookmaking licence in China.

"`It is very expensive to maintain a 120,000-square-metre racetrack, usually running around from 10 million yuan (US$1.2 million) to 30 million yuan (US$3.6 million) per year.'[said Hu.]

"…However, bookmaking is a profitable business, according to Hu.

"…Hu believes the central government will give the green light to bookmaking, and in that case his company will not have to operate in the red.

"Hu might be too optimistic about the future of bookmaking in the Chinese mainland, because information from the State Sports General Administration (SSGA) indicates that the central government, at the present time, is not considering such a move.

"…The country does not allow any form of gambling in which customers can control or forecast the results…"

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