Regulators approve betting on Hong Kong horse races

CARSON CITY -- Nevada gambling regulators gave final approval Thursday to a plan to expand betting action on Hong Kong horse races -- touted by operators as among the best in the world -- by allowing bets from Nevada.

The state Gaming Commission voted unanimously to accept the recommendation of its investigative and enforcement arm, the state Gaming Control Board, for the venture involving the Hong Kong Jockey Club and the Las Vegas Dissemination Co.

Gaming Commission Chairman Bill Bernhard praised the applicants for a "first-class, high-class presentation," saying the deal is an opportunity "to jump-start the horse race business."

"Racing has to reinvent itself," said Winfried Engelbrecht-Bresges, chief executive of the Jockey Club, adding that he expects to see more international ventures, with commingled wagering that creates a larger betting pool.

Henry Chan, the jockey club's executive director for betting, has said the link with Nevada will be a model for commingling other pools, starting with places such as Malaysia, Singapore, Australia and New Zealand, where Kong Kong races are now simulcast but where race pools are separate.

Responding to questions from Bernhard, Engelbrecht-Bresges said he didn't expect any interference from the Chinese government given Hong Kong's independent status. He also said rapid expansion of casino gambling in nearby Macau should help rather than hinder the horse-race action.

Bob Faiss, the Nevada attorney for the Jockey Club, said the club, founded in 1884, has a strong reputation for integrity that has stood for "almost as long as Nevada has been a state."

Reports from the Jockey Club say that the deal could increase the club's annual horse race handle, or turnover, by more than $179 million. That's a potential 2.2 percent increase over the club's 2006-2007 season horse-racing turnover of $8.2 billion.

The club's other products, which aren't part of the venture with Las Vegas Dissemination Co., include soccer betting and a lottery. Its total betting turnover in 2006-2007 was $12.8 billion.

Besides providing a way to bet on the Hong Kong races at Nevada casinos and sports books, Las Vegas Dissemination President John Gaughan has said his company is the Jockey Club's agent across the country.

Besides the Nevada venture, Las Vegas Dissemination has announced a similar commingled wagering arrangement with Foxwoods Resort Casino in Connecticut for simulcasts of Jockey Club races.