-
18
WEDNESDAY, DECEMBER 9, 1987
AT PRESENT, ONLY THE MARK SIX IS LICENSED.
DUTY PER
"THE CURRENT PRACTICE IS FOR THE JOCKEY CLUB TO DEDUCT A PROVISIONAL 9.5 PER CENT OF THE PROCEEDS AFTER EACH LOTTERY TO COVER ITS OPERATING EXPENSES. AFTER ACCOUNTING FOR PRIZES AND BETTING AT 59 PER CENT AND 30 PER CENT RESPECTIVELY, THE BALANCE OF 1.5 CENT OF THE PROCEEDS IS PAID INTO THE LOTTERIES FUND. AT THE END OF THE CLUB'S FINANCIAL YEAR WHEN THE ACTUAL OPERATING COSTS ARE
OR INTO, AVAILABLE, THE CLUB IS REQUIRED TO PAY ANY SURPLUS ANY DEFICIENCY, FROM THE LOTTERIES FUND," MR FORD EXPLAINED.
RECOVER
"THIS ELEMENT OF UNCERTAINTY HINDERS THE ACCURATE PLANNING OF THE FUND," HE NOTED.
FORWARD
THERE WERE ALSO INCREASING DIFFICULTIES IN SEPARATING OPERATING COSTS FROM THOSE RELATED TO HORSE-RACE SHARED THE SAME COMPUTER SYSTEM, HE ADDED.
LOTTERY BETTING AS BOTH
"THE BILL THEREFORE PROPOSES ΤΟ FTX THE PERCENTAGE PROCEEDS PAYABLE TO THE CLUB FOR ITS OPERATING CENT. THIS TAKES INTO ACCOUNT THE ACTUAL CENT OF THE PROCEEDS FOR THE 10 YEARS ENDING CONSEQUENTIAL SHARE FOR THE LOTTERIES FUND THIS FIGURE COMPARES FAVOURABLY WITH THE SHARE FOR THE LAST TWO YEARS WHICH WAS 2.42 PER CENT AND 2.96 PER CENT RESPECTIVELY."
OF THE
EXPENSES
AVERAGE
AT 7.5
PER
WILL BE
COST OF
1986. JUNE
PER 3.5
7.88
PER
THE
CENT.
*
HE SAID THAT TO PROVIDE A DEGREE OF STABILITY TO THE PROPOSED
ALLOCATED ARRANGEMENTS, ANY CHANGE TO THE PERCENTAGES
FOR OPERATING
SHOULD BE COSTS AND TO THE FUND
SUBJECT TO A
BY RESOLUTION
THE LEGISLATIVE COUNCIL. THE JOCKEY CLUB WOULD BE ENCOURAGED TO REVIEW THE COST PERCENTAGE PERIODICALLY.
"WE DO NOT, HOWEVER, ENVISAGE ANY CHANGE TO THE PERCENTAGES WITHIN THE FIRST THREE YEARS OF ITS INTRODUCTION," MR FORD SAID.
HE ALSO NOTED THAT THE LOTTERIES BOARD AND THE JOCKEY CLUB HAD
BOARD GIVEN THEIR SUPPORT TO THE PROPOSALS. THE
HAD ALSO GIVEN AN MARK ASSURANCE THAT IT HAD NO PLANS TO INCREASE THE UNIT PRICE OF A SIX ENTRY FOR THE NEXT THREE YEARS.
DEBATE ON THE BILL WAS ADJOURNED
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