Some 500 members from 41 countries in attendance at event which was divided into 10 sections and 12 general meetings; keynote speakers led by Chmn. Winfried Engelbrecht-Bresges of Asian Racing Federation and Chmn. Kim Nag-soon of KRA, the official host of
Chairman Kim Nag-soon of the Korea Racing Authority delivers his opening speech at the Asian Racing Conference held on May 14-18 at Coex in Seoul.(Photo: KRA)
The Korea Racing Authority (KRA) hosted the 37th Asian Racing Conference (ARC) on May 13-18 at Coex in Samsung-dong, southern Seoul, with some 500 members from 41 countries attending to take up such issues as cooperation among the horse racing associations in ARC member countries. At the meeting held on May 15 at Coex, ARC discussed such issues as reform, cooperation and change including the ticket sales and doping, divided into 10 sections and 12 general meetings with a number of well-known speakers featuring Chairman Winfried Engelbrecht-Bresges of the Asian Racing Federation and Media CEO Phil Lynch of Manchester United, and Bernard Salt, a founder of an international consulting firm.
Racing authorities around the world should collectively agree to unite behind principles of a ¡°global brand¡± in order to protect the sport in the face of rapidly changing economies and the evolution of consumer tastes and spending patterns throughout the world, speakers at the Asian Racing Conference said during presentations on May 15, the opening day of the international forum.
¡°On behalf of the Organizing Committee, it is my great pleasure and honor to welcome you to the 37th Asian Racing Conference (ARC) to be held in Seoul, Korea from May 13 to 18, 2018,¡± said Chairman Kim Nag-soon, chairman of the Organizing Committee and also Chairman of the Korea Racing Authority (KRA).
Over the recent years, Korea's racing has developed rapidly, however, the challenges we face are not dissimilar to those of the racing industry worldwide.
The Korea Racing Authority (KRA) has vigorously sought to develop a fundamental innovation to cope with the challenges and pressures that the changing environments present, some of which have been very successful while some are still in progress.
¡°We are delighted to be able to exchange our experience and knowledge with participants from all over the world, as we seek solution together,¡± he said.
The term ¡°global brand¡± was first brought up at the conference by Winfried Engelbrecht-Bresges, the chief executive officer of the Hong Kong Jockey Club and the chairman of the Asian Racing Federation, following a detailed look at changing demographics around the world that had been presented by Bernard Salt, a founder of an international consulting firm.
That data suggested racing needs to be fully cognizant of the way that aging populations in advanced economies and the rapid economic advancement of Asian territoriessuch as the country playing host to this year¡¯s conference, South Korea will produce sea changes in how consumers spend their money in a globalized economy.
Engelbrecht-Bresges stressed that racing was in need of unifying around new core principles due to the rapid globalization of racing itself over the past decade, stressing that weaknesses in one jurisdiction can have spillover effects on the reputation of the sport in other territories. And his call for the unification suggested that racing needs to quickly shed its reputation as a ¡°gambling game¡± in favor of an approach that emphasizes the sport as ¡°leisure entertainment¡± based on changing consumer tastes.
Salt, the marketing consultant, said that all industries are coming to terms with the rapid ascent of the Asian nations he called the nexus of emerging economies in the region the ¡°fastest-growing wealth-generation region in history¡± and he said that successful industries would pivot to capitalize on their growth. Specifically, he called attention to the rise in spending on luxury goods over the past several years, a growth category that typically serves as a leading indicator for increased leisure spending in the future.
Anna Seitz Ciannello, who is well known in the U.S. as the founder of the ¡°It¡¯s All About the Girls¡± racing syndicate, gave a presentation on her efforts to get more women involved in racing, and she stressed it is a segment of the market that racing has overlooked to its detriment.
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