In an announcement ending months of speculation about the fate of the Macau Jockey Club (MJC), the government said it will terminate the Club’s concession on April 1.
The land presently occupied by the Club and its facilities will be returned to the government. The Club has already settled all the overdue tax payments, added the official.
There were currently 254 local residents and 361 foreign nationals working for the MJC, and they would receive severance pay.
The Secretary for Administration and Justice, Cheong Weng Chon, acknowledged the MJC’s 40-year history but said that the Club had lost its appeal to residents and visitors.
He noted that the MJC had been severely impacted by the economy and the three-year-long Covid pandemic and that it showed no signs of being able to operate effectively.
MJC has been beset by problems over the last two decades and announced accumulated losses of 2.1 billion patacas in 2022.
Cheong stated that horse racing in Macau had been experiencing a “decline in popularity” in recent years.
The Club’s weak financial position meant that it had to substantially cut down the number of races from a peak of 15 per day to just five races per day in recent weeks. It also halted the import of fresh horses, pre-race trackwork, and overseas betting.
The original 24-year lease agreement between the government and the MJC was signed in 2018. In return for the concession, the MJC was required to invest billions of patacas towards refurbishing its infrastructure and expanding its offerings, but failed to do so.
Cheong said that the termination of the concession would not significantly impact the government’s revenue, and there would not be a new public tender for any further concession to run horse racing in Macau.
The Hong Kong Jockey Club said it is saddened to learn that MJC and its racing operation will cease in April.
It added that the Club has established a close working relationship with MJC in promoting horse racing over the years, while MJC is also one of the many commingling partners.
HKJC said horse racing is facing significant challenges in Asia and across the globe amid the global economic downturn and serious threat from illegal bookmakers.
(Staff reporter, Macao News and GGRAsia)
