Hong Kong horse races canceled over fears of political unrest

Hong Kong (CNN Business)One of Hong Kong’s biggest revenue generators canceled a marquee event on Wednesday, citing ongoing political unrest.

“Our concerns are tied to potential social unrest in the vicinity tonight, the very real threat of a disturbance or possible violence at Happy Valley Racecourse, and uncertainty regarding transportation in and around” the area, a Jockey Club spokesperson said.

Protestors had earlier threatened to disrupt Wednesday’s races, a night set to feature a horse belonging to pro-Beijing lawmaker Junius Ho.

It is the latest blow to Hong Kong’s economy linked to a political crisis that has lasted for months. Pro-democracy protestors in the city have taken to the streets for 15 straight weekends.

The unrest has dragged on other sectors of Hong Kong’s economy,including the city’s restaurant and hotel industry. The international airport was also briefly shut down last month.

The Jockey Club, meanwhile, says it is the largest single taxpayer in Hong Kong. It contributes about 13 billion Hong Kong dollars ($1.7 billion) a year to public revenue through direct and indirect taxes.

“The Club contributes on average 16.3 billion Hong Kong dollars ($2.1 billion) a year to the Hong Kong economy or 1.3% of Hong Kong’s GDP,” the Jockey Club states on its website. “Its contribution to the GDP is over half that of the restaurant and hotel industry and about two-thirds that of the communications industry.”

The Hong Kong protests were originally sparked by a controversial bill that would allow extradition to China, but has since grown to include demands for more democracy and an independent investigation into alleged police brutality against protesters.

The city’s economy was already under pressure from the US-China trade war and slowing consumption in China. The government announced last month that it is pumping billions of dollars into its economy to avert a recession.

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