Finance

Hong Kong’s finance chief rejects calls to legalise basketball betting

Published

2 years ago

March 8, 2024

Hong Kong’s finance chief rejects calls to legalise basketball betting

“[For] legalising additional gambling for the purpose of raising government revenue, I am really hesitant. I don’t think this is the right direction,” he said. “If we legalised that, it would affect our youth, and in a way the signal is that the government doesn’t have enough money and we don’t mind people gambling with it and we take a cut.”

Football betting became the most popular gambling activity last year. Photo Jelly Tse

The Hong Kong Jockey Club earlier said it welcomed the proposal and was happy to explore its feasibility with the government and community, emphasising that it needed to introduce new betting options to counteract illegal bookmakers.

The club has said such expansion could help redirect demand from illegal off-course gambling to legal channels as illegal and overseas betting operators reaped more than HK$15 billion (US$1.91 billion) in profits annually from Hong Kong.

The Democratic Alliance for the Betterment and Progress of Hong Kong was among the groups calling for the finance chief to add legalised basketball betting to his budget.

Lawmaker and party member Frankie Ngan Man-yu said that while increased revenue would be a good “side effect”, the request was made mainly to tackle illegal gambling.

Proposal to raise taxes on betting in Hong Kong to be considered, minister says

“So if the Jockey Club could expand its scope to include other events, such as basketball, then we can legally cater to those who might like to gamble on only this sport, but have no other choice currently apart from illegal gambling, in a controlled manner,” he said.

“Within this group, we can also do some educational work to promote responsible gambling.”

Ngan added while there were no official statistics to show basketball betting was in higher demand, it was one of the more popular sports in Hong Kong outside of football, with the number of fans “far exceeding those of other games”.

He said his party would continue to push the suggestion as a way of tackling illegal gambling.

“Of course, you have the usual ways, like strengthening law enforcement and intelligence,” he said. “But it seems these methods have already been used for many years, and the problem remains rampant.

“There is a need for new, effective ways to solve it. We just need to strike a balance.”

Hong Kong Jockey Club ‘overreacting’ to potential football betting tax raise

The turnover for legal football betting in the city was up by 9.1 per cent to HK$156.9 billion, in the 2022-23 financial year over the previous one. It generated HK$11 billion in income for the club.

Football betting became the most popular gambling activity, beating racing and the Mark Six lottery, last year, which had a combined HK$304.8 billion in turnover in 2022-23, 5.1 per cent higher than the previous year.

In 2022-23, the Jockey Club returned HK$35.9 billion to the community, covering HK$28.6 billion to the government in duty, profits tax and lotteries fund contributions and HK$7.3 billion in approved charity donations.

Last year, the New People’s Party suggested increasing the football betting duty from 50 to 80 per cent of revenue. In a lengthy rebuttal, the club said the proposed raise might result in a deficit in operations, which would “destroy” its business model and jeopardise public interest.

In the neighbouring gambling enclave of Macau, basketball betting is legal.

Finance

Downtown Cincinnati hotel gets final public approval, but private financing still in flux

Published

1 hour ago

March 12, 2026

Press Room

Downtown Cincinnati hotel gets final public approval, but private financing still in flux

CINCINNATI (Cincinnati Business Courier) – The plan to build a new $540 million, 700-room Marriott convention center hotel downtown got its final public approval Wednesday, with the Port of Greater Cincinnati Development Authority agreeing to sell $130 million in tax-exempt bonds to finance the project.

The closing on the financing, however, is not expected for another 60 to 90 days. The private financing is still being finalized, although good progress is being made, said Greg Hahn, vice president of public finance for the Port.

“It’s a tough project to finance,” Hahn said, adding that the city, county, state, the Cincinnati Center City Development Corp. and Atlanta-based private developer Portman Holdings have been working “to bring this to life.”

Read the full story from the Cincinnati Business Courier.

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Finance

How to make your offer stand out in a competitive housing market

Published

13 hours ago

March 11, 2026

Press Room

How to make your offer stand out in a competitive housing market

With the weather finally thawed and kids out of school, spring and summer are the busiest seasons for homebuying. This can mean more options to choose from on the market — but it can also mean more competition.

Going through the work of putting together an offer on a house you are excited about, only to get beat out by other buyers, can feel like a major letdown. So, how can you make your home offer stand out if you are wading into a hot housing market? From having your own affairs in order to being flexible and savvy in the offer you craft, here are some tricks you can implement to improve your odds of winning out.

Have everything in order before bidding

If you are trying to buy in a fast-moving, competitive market, it is vital that you have all your ducks in a row before you get to the point of submitting an offer on a home. This means working with an experienced, knowledgeable real estate agent you can trust, and already having mortgage preapproval in hand, so you have a ballpark idea of how much you will actually be able to borrow.

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The former will help you ensure you are putting your best (and most strategic) foot forward when you make an offer, and the latter will provide peace of mind for the seller, given that “in a competitive market, sellers will likely have multiple offers to choose from and will look for a buyer who is able to close on the sale,” said Zillow.

Understand the market, the property and the seller

When it comes to this, the real estate agent you work with can make all the difference. “Their deep market knowledge allows agents to identify accurate comparable listings and help buyers price offers more strategically,” said USA Today. They will also “know how quickly homes are selling in a given area and can communicate quickly and effectively with listing agents.”

An agent can often get insight into what is most important to a particular seller — whether that is a quick closing timeline, the security of a cash offer or an above-listing price — and help ensure your offer checks those boxes.

Consider ways to sweeten your offer

Depending on what feels reasonable and is doable for you, there are a number of steps you can take to make your offer more enticing, including:

Increase your earnest money deposit. This is a deposit made upfront to demonstrate your seriousness about and ability to purchase the home. Typically, it is “around 1% to 3% of the purchase price,” but “in a competitive market, you may choose to increase this to 5% or higher to stand out and prove your commitment,” said Investopedia.

Add in an escalation clause. With an escalation clause, your offer automatically increases, up to a specified maximum, if another buyer in the running outbids you. This can “help you stay in the running if another offer comes in for slightly more than yours,” said Rocket Mortgage, though it is not always necessary or even allowed in certain markets.

Offer concessions. Offering the seller concessions can “make your offer more attractive,” said Rocket Mortgage, though it is also vital here to ensure what you offer is workable for you. Common examples of concessions include offering to pay certain fees, such as the agents’ commission or the seller’s real estate attorney fees, or purchasing the property as-is.

Finance

By the Numbers: Financial report reveals scale of financial costs, growth

Published

1 day ago

March 11, 2026

Press Room

By the Numbers: Financial report reveals scale of financial costs, growth

Following a year marked by financial turbulence, Northwestern’s financial report for fiscal year 2025 revealed the University’s struggles and growth as they navigated a tumultuous landscape in higher education.

The latest report detailed fiscal year 2025, which began Sept. 1, 2024 and ended Aug. 31, 2025. It did not include the University’s stipulated $75 million payment to the federal government, which was part of the agreement struck in November 2025.

According to the University’s 2025 financial report, net assets sit at $16.2 billion, up from 2024’s $15.6 billion. However, the University spent almost $148 million more than it brought in during fiscal year 2025.

In the last five fiscal years, the University has increased steadily in operating costs for assets without donor restrictions.

Year-to-year increases in operating costs hovered around 10% in the past five fiscal years. Simultaneously, revenue growth has decreased year to year, from 12.8% between 2021 to 2022 to only 3.9% between 2024 to 2025.

Amanda Distel, NU’s chief financial officer, identified “rising benefits expenses, litigation, new labor contracts, and rapidly unfolding federal actions” as key challenges in fiscal year 2025 in the report.

Before the deal, NU invested between $30 to $40 million each month to sustain research impacted by the federal freeze, interim President Henry Bienen confirmed in an Oct. 24 interview with The Daily.

In an attempt to reduce costs, the University announced a switch in July to UnitedHealthcare from Blue Cross Blue Shield as the University’s employee health care administrator, effective Jan. 1. However, faculty and staff have reported increased out-of-pocket costs for certain services like mental health care.

Financial aid increased from $618.3 million in fiscal 2024 to $638.3 million in fiscal year 2025. Among undergraduate students in the 2024-25 school year, 15% are first-generation college students and 22% receive federal Pell Grants. According to the report, most families earning less than $70,000 per year attend at no cost, and most families earning less than $150,000 per year attend tuition-free.

Tuition is the second largest source of revenue behind grants and contracts. By the end of the fiscal year, the University held $778 million in outstanding conditional awards, an increase from fiscal 2024’s $713.5 million, according to the report.

Distel wrote that the number of gift commitments above $100,000 reached its highest in University history, calling it a “strong year of philanthropic support.”

Donor funds are categorized by whether or not restrictions were imposed on the time, use or nature of the donation. In fiscal 2025, University net assets without donor restrictions totaled $9.59 billion, or 59.1%, while net assets with donor restrictions totaled $6.65 billion, or 40.9%, of total net assets.

The University’s investment in construction efforts saw an immense uptick from $275.2 million in fiscal 2024 to $750.5 million in fiscal 2025.

This cost is spread across multiple projects, such as Ryan Field, which started construction in 2024 and is slated to open October 2026. The project operates with a $862 million budget, including a $480 million contribution from the Ryan family.

The Ann McIlrath Drake Executive Center, Cohen Lawn and Jacobs Center renovations also continued during the fiscal year.

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