[Asia Economy Sejong=Reporter Kim Hyewon] To mark the 100th anniversary of horse racing in Korea, the Korea Racing Authority (KRA) has presented a new vision titled "Vision 2037, a Global Top 5 Leading Horse Industry Company." The ambition is to elevate Korea's horse racing industry to the world’s top 5 within 15 years.
On the 19th, the KRA held a 100th anniversary ceremony for Korean horse racing at the Seoul Race Park, where Chairman Jeong Gi-hwan and Lee Su-a, a new employee and co-chair of the 100-Year Project Promotion Committee, jointly announced this vision. This symbolizes the commitment of both the older generation and the MZ generation to realize the 100-year vision together.
Based on feedback from external committees, horse racing-related organizations, and KRA employees, the slogan to embody the vision was finalized as "100 Years with Horses, KRA Running Again." This reflects the collective will of all members to establish the institution’s unique identity through sharing the achievements of 100 years of horse racing history and to use it as a focal point for a new leap forward.
The four major strategies to achieve the vision include providing high-quality horse racing services with global competitiveness, promoting KRA-style digital transformation, opening a new era of companion horses integrated with citizens’ lives, and advancing ESG (Environmental, Social, and Governance) management that communicates with society.
These will be concretized into 12 practical tasks centered on the core keywords of ▲coexistence and communication ▲collaboration ▲organizational transparency ▲animal welfare ▲growth and sharing.
Korean horse racing began in 1922 with the establishment of the Chosun Racing Club, and since the first race held on May 20 at the Dongdaemun Training Ground in Seoul, it has now reached its 100th year.
Starting from a barren field, Korean horse racing has developed into a popular sport over the past 100 years and has risen to become the 7th largest horse racing country in the world by sales revenue.
Broadcasting live Korean horse racing to 16 countries overseas (517 billion KRW in sales in 2021), exporting horse racing infrastructure to developing countries, and the global triumph of Nix Go have gradually elevated the status of Korean horse racing. Through this, it has contributed to national finances (approximately 1.5 trillion KRW annually), generated income for racehorse breeding farms (about 10 billion KRW annually), and created growth funds for the horse industry through contributions to the Livestock Development Fund (about 100 billion KRW annually). It has also contributed to the national economy as a public institution by creating various jobs (directly and indirectly employing about 10,000 people) and supporting social contribution funds (about 14 billion KRW annually).
However, on the eve of the 100th anniversary of Korean horse racing, the KRA faced its greatest crisis since its founding due to the suspension of horse racing caused by COVID-19 and the collapse of the horse industry’s foundation. Social demands arose for decentralizing horse racing authority and improving horse welfare.
In response, the KRA has designated this year as a turning point for institutional re-leap to rebuild domestic horse racing and the horse industry and fulfill social responsibility. Through the new vision, it has expressed its determination to overcome the crisis and innovate toward the future both internally and externally.
Kim Chun-soon, chairman of the Gambling Industry Supervisory Commission, who read the congratulatory message that day, said, "We will spare no support to ensure that Korean horse racing continues to develop soundly." Chairman Jeong expressed his determination, saying, "Over the past 100 years, we have challenged many limitations and changed our status on the world stage, but there were many areas where we fell short of public expectations. Through the implementation of the new 100-year vision promised to the public, we will realize values beyond horse racing as an industry contributing to the nation and public interest and create a proud K-Racing on the global stage."
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