More than 180 years of horse racing in Singapore is coming to an end

After years of placing their religion and hard currency connected antithetic horses, seasoned gamblers volition soon bid their last bets and farewells to Singapore's lone racecourse.

The Singapore Turf Club on Monday announced that it volition clasp its last contention connected October 2024, closing a 180-year-old section connected equine racing successful the metropolis state.

"We are saddened by the determination of the Government to adjacent the Club. At the aforesaid time, we recognize the onshore needs of Singapore, including lodging and different imaginable uses specified arsenic leisure and recreation," Turf Club Chairman Niam Chiang Meng said successful a property release. It besides noted that the racecourse has seen a diminution of in-person attendance implicit the past decade.

Demand for lodging successful Singapore has been soaring, pushing 2023's first-quarter backstage residential spot price scale up 11% compared to the same play past year.

"Young radical don't stake connected horses, they spell to casinos now," Jimmy, a 67-year-old avid horserace bettor from Singapore told CNBC, adding that racing takes spot lone erstwhile a week connected Saturdays and astatine 30-minute intervals.

That frequence wouldn't beryllium accelerated capable for immoderate punters, erstwhile compared to the velocity and convenience offered by casinos which run 24/7, helium suggested.

Singapore's 1 and lone equine racing nine was founded successful 1842 and features a 30,000-capacity grandstand, and it's operated crossed 3 venues starting successful Farrer Park, past Bukit Timah, and subsequently successful Kranji. The existent racing nine presently occupies 120 hectares of onshore successful Kranji.

And it was successful these stands that Jimmy met his peers. "I've mislaid much wealth than I've won of course," helium chuckled. "But I made immoderate bully friends there." When asked which is his favourite steed, Jimmy quipped: "If I accidental it retired loud, it won't triumph anymore!" alluding to a betting superstition that suggests sharing which horses you've placed your bets connected volition diminish your chances of winning.

Around 700 horses volition beryllium exported, and much than 300 employees volition beryllium laid disconnected successful phases, according to a Ministry of Finance property release. Racehorse trainers and owners volition besides person enactment for the exporting of the horses, the MOF said.

Contractual obligations volition besides beryllium honored for Singapore Turf Club tenants and livery equine owners. A livery unchangeable is wherever equine owners wage a interest to support their horses.

Singaporean existent property cause Travis Low Jia Meng told CNBC that helium is saddened by the closure of the racetrack. "It links backmost to our British roots. If you spot Hong Kong, Australia, and the United Kingdom, they each person equine racing heritages," Low said. "But I recognize the onshore abstraction it was taking up."