VOICED : Horse racing: A Hong Kong obsession

The video discusses the Hong Kong Jockey Club, a major player in the city's betting industry and a significant taxpayer. Despite a record $13.9 billion in bets last year, the club faces economic challenges with a slight decline in turnover. The loyalty of core fans remains a strength, as horse racing holds cultural significance in Hong Kong, attracting locals and tourists alike.

What role does the loyalty of core fans play in the racing industry according to the text?

Describe the atmosphere at Happy Valley during race meetings.