Hong Kong Edition: $12 billion basketball bet

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In this week's Hong Kong Edition, we look at how basketball could save the Jockey Club and catch up with former NBA star (and local resident) Stephon Marbury. For the Review, we scope out a new Lebanese restaurant in Soho with such authentic flavors you might think you're in Beirut.

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Game On

How do you sell a city on a plan to enable gambling? You don't.

Hong Kong's proposal to legalize basketball betting — or as the government put it, "combatting illegal betting" — is making its way smoothly through the legislature, after a bills committee completed a clause-by-clause examination last week.

Authorities said the idea received overwhelming support during a public consultation. This is no surprise in a city long acquainted with betting on horses and football, the latter of which was legalized in 2003 (to "tackle illegal soccer betting").

The separate efforts, proposed in budgets 23 years apart, have something else in common other than the framing. They were both initiated during a time of fiscal strains, when the government faced a budget deficit and a sputtering housing market. These things are linked, of course, as falling home prices sap tax revenues from property transactions and land sales.

The bill's passage seems like a forgone conclusion. But what's unclear is just how much money this will bring Hong Kong's public coffers.

Game Seven of the 2025 NBA Finals. Photographer: Matthew Stockman/Getty Images North America

Like soccer, basketball betting will be taxed at 50%. The government cites estimates that illegal wagers on the sport amounted to as much as HK$90 billion ($11.5 billion) last year. In a best-case scenario, this illicit activity turns into taxable proceeds. They could make a decent dent in the consolidated deficit of HK$67 billion expected for this year.

The move will also help the Hong Kong Jockey Club, which holds a legal monopoly on gambling and is — surprise — the city's largest taxpayer. The problem is that young people just don't seem that keen on horse racing. Those under 40 and above 18, the legal gambling age, make up less than one in five bettors. The sport accounts for the bulk of the club's wagers at HK$139 billion in the latest season.

In a 2023 blog post, HKJC CEO Winfried Engelbrecht-Bresges acknowledged as much, saying an aging fan base and a struggle for relevance with Gen Z will test the club's financial sustainability. Business is still good, but he could look to the city's neighbor for what could happen if things go wrong. The Macau Jockey Club shut down last year due to operational difficulties after protracted losses.

Younger generations are less interested in horse racing. Photographer: Justin Chin/Bloomberg

The HKJC is offloading as much as $1 billion in funds held with Blackstone and other buyout firms, Bloomberg reported this month. While the reasons behind the decision are not entirely clear, the divestment could provide cash to secure the club's ongoing operations.

Suffice it to say, it is a strong proponent of making basketball betting legal.

The HKJC would want to attract younger members but not worsen gambling problems, which may hurt its image or invite regulatory pressure. The bill has several conditions in hopes of maintaining that balance, including a refusal to accept credit cards. It also only allows gambling on matches played outside the city, which means the NBA will likely be the main focus.

The basketball-betting bill is expected to be passed in about two months. But NBA fans might not be able to place bets until next fall, as it will take time to develop the necessary systems, lawmakers have said.

In the meantime, expect more belt tightening across the government, which looks to "delete" — the financial secretary's word — 10,000 jobs by April 2027. The Hong Kong Monetary Authority plans to cut 5% of its general operating costs in 2026 from this year's budget, the Hong Kong Economic Journal reported this week.

For Hong Kong, the hope is that the move to allow basketball betting is a success — but maybe not a slam dunk. —Venus Feng

Five Minutes With: Starbury

China is abuzz about basketball, with the NBA returning to the country for the first time since a social-media post about Hong Kong triggered a freeze in relations. Macau is getting ready to host a preseason game in October and Chinese rookie Hansen Yang at the Portland Trail Blazers is one of the breakout stars of the summer. We caught up with Stephon Marbury, former NBA All-Star (and three-time champion in China), to discuss his life in the city, the state of the game, the prospects for Yang — and for his former team, the New York Knicks. —Pei Li

What made you decide to settle in Hong Kong after having lived in Beijing?

Hong Kong has been a place I have come to for many years after I first came to China. I thought it was more like New York than any place that I've been to, as far as being an international melting pot. Me being a New York City kid, it's always apparent when you feel the same energy, because you always try to measure other cities against New York.

I've been coming for a long period of time. I've been eating here. I have friends here who are from Hong Kong, people who moved from Beijing to Hong Kong. I'm very familiar with Hong Kong and now being a resident that's always a plus. It's always been a place to go, especially when you think about the international scene.

Stephon Marbury met with fans in Hong Kong. Photographer: Pei Li/Bloomberg

You were beloved in Beijing because you embraced the culture and people saw you as being very down to Earth, hanging out with locals. Can you replicate that lifestyle in Hong Kong?

I work with the NBA, doing activation, going to different events. We had a recent event where we had interaction with some fans, talking about the game and trying to develop our brand. We plan to do more in the community, doing outreach. That's something I'm hugely involved in — trying to give back also by utilizing basketball and giving kids the opportunity to play and learn more about our technology.

The new season is just around the corner and everybody's talking about Hansen Yang. What is your prediction for his NBA adventure?

I definitely think he'll be a player who has that opportunity to heighten his position. Him being picked at 16, that was pretty cool. I thought he would be a first-round pick. Some of my friends in the NBA were like "nah, nah." I told them, "You know, this guy's playing professional basketball already. It's not like he's playing high school ball."

His body, his ability and his awareness — you can see it when he's playing. His passing ability is pretty, pretty extreme for a guy who's so young. It's pretty good to see a guy with his skills to be able to do that in his size.

Hansen Yang Photographer: Candice Ward/Getty Images

The expectations are already high for him. Some people compare him to Nikola Jokic, a three-time MVP. Do you see the similarities?

He has the similarities, his passing ability, his ability to finish with his left hand and right hand, the hook shots, the blocked shots. At 7'2" (218 cm) he is a big body and having played professional basketball in the CBA will prepare him for the NBA. The NBA is dirty as well. Probably not as much as the CBA, but it's definitely dirty. It has some of the strongest guys in the world playing the game. I think for him, playing against guys like Jokic will be a test, but his ability will allow him to be able to play.

What's the outlook for Knicks in the new season? What is your prediction?

Yeah, yeah, go win the championship. That's what we want.

The Review: Authentic Lebanese in Soho

Despite Hong Kong's plethora of international cuisines, the flavors of the Middle East are sorely underrepresented. As someone who grew up in the Persian Gulf, I struggle to find places in town that serve kibbeh, manakeesh, shawarma and other regional staples. So I was especially eager to pay Omnia a visit when I heard a new Lebanese restaurant had recently opened its doors in Soho.

Omnia, which means "wish" in Arabic, is run by chef and culinary entrepreneur Nadim Hamze, formerly of Sumac. Hamze promises to celebrate Lebanese culinary heritage and deliver "soulfully satisfying" food with his latest dining venture, which opened in May. 

Cold mezze selection, including hummus and moutabal. Photographer: Sara Hemrajani/Bloomberg

My guest and I decided to sample the dinner menu on a Tuesday evening. After a friendly greeting at the entrance, we were escorted past the bar area and down to a lower‑level dining room that nods to a souk-inspired hideaway but feels more hotel lobby lounge. The brown leather banquettes, modern chandeliers and neutral color scheme create a comfortable, nondescript atmosphere.

Once we were settled in, we ordered an assortment of cold mezze and for the mains, we chose grilled meats: spicy kafta and lamb chops. Those were plated with roasted tomato and onion as well as the homemade garlic sauce. Our waitress recommended the spicy potatoes as a side dish.

Spicy kafta. Photographer: Sara Hemrajani/Bloomberg

My guest and I agreed that the food was authentic and tasty, very much in keeping with the traditional Levantine restaurants found in Beirut or Dubai. We were happy to finish by sharing a selection of sweet baklava and a pot of mint tea. Our total bill came to HK$1,507.

The vibe: Relaxed with warm hospitality, though the decor felt a bit too muted and would benefit from more artwork and personality. But our ears did pick up on the background music that progressed from oud-led instrumentals to Arabic deep house.

Who's next to you: Despite the stormy summer weather, Omnia was quite busy with couples, friend groups and a post‑work gathering.

Can you conduct a meeting here? It's not the best venue for private conversations as the tables are small and closely arranged, but there are a few corner booths. It's a solid pick for casual hangouts with colleagues.

What we'd order again: The bowls of creamy hummus (HK$105), which struck the right balance of tahini and olive oil, and the smoky moutabal (HK$130), a dip made of eggplant, hit the mark. The dips were scraped clean with freshly baked pita bread — an important barometer of quality in any Middle Eastern eatery. I would also return for the succulent and perfectly seasoned ground lamb kafta (HK$320) and spicy potatoes (HK$90).

Baklava. Photographer: Sara Hemrajani/Bloomberg

Need to know: Omnia is located at 33 Staunton Street in Central. The restaurant is open Monday to Saturday for lunch from noon to 3 p.m. and dinner from 5:30 p.m. It closes at 11 p.m. Monday to Thursday and at midnight Friday and Saturday. Reservations can be made online and by phone at +852 9805 7206. —Sara Hemrajani

Read our other restaurant reviews: Belon, a stylish French bistro under a new chef; Roucou, which introduced Hong Kong to the cheese omakase; and Always Joy, a new izakaya from the Yardbird team.

Are there any restaurants you'd like us to review? Drop us a line at [email protected].

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