Reports SINGAPORE MARKET REPORT


Mid-last year the Ministry of Finance with the Ministry of National Development announced Singapore Turf Club will close its Kranji racecourse by March 2027. The 120 hectares of land will be returned to the government for housing. The last race meeting is scheduled for October this year featuring the 100th Grand Singapore Gold Cup.


SINGAPORE BETTING


Te Singapore Totalisator Board, a statutory board of the Ministry of Finance, was established in 1988 to oversee the operations of the Singapore Turf Club and Singapore Pools which are the two main gambling operators in the country conducting horse racing and betting activities.


Under the changes, STB’s principal activities now include supporting public, social and charitable purposes via grants, working with the GRA to foster responsible gambling and to conduct equine research and racing club improvements via Singapore Turf Club.


Mid-last year the Ministry of Finance with the Ministry of National Development announced Singapore Turf Club will close its Kranji racecourse by March 2027. Te 120 hectares of land will be returned to the government for housing. Te last race meeting is scheduled for October this year featuring the 100th Grand Singapore Gold Cup.


Te club spent S$500m opening the site at Kranji in the year 2000 after moving from the more central Bukit Timah location (which was also earmarked for housing) and this will now be redeveloped for public and private residential needs.


Singapore Turf Club was founded in 1842 and is Singapore’s only horse racing club. In-person attendance at the racecourse has been declining over the past decade at the five-storey 30,000- capacity stadium.


Previously, the turf club saw average crowds of around 6,000 to 11,000, although this has dropped, particularly since Covid hit, to around 2,600 in 2022. Around 700 racehorses will now need to be sent abroad, and there are job losses in terms of trainers and riders.


It is said the government hasn’t helped the racing industry with its restrictive tax and long- standing restrictions preventing the turf club from promoting and marketing the sport to the


P114 WIRE / PULSE / INSIGHT / REPORTS


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