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Angel Hristov January 15, 2024 2 min read
Macau Jockey Club Terminates Concession as Losses Exceed $2.5B
Сpecific details regarding the necessary arrangement for the horses of members will be provided at a later date
Macau Horse Racing Company Limited, the company behind the Macau Jockey Club, announced with regret that it has reached an agreement with the Macau government to terminate its concession contract. Under this agreement, the contract will expire on April 1, 2024.
The Macau Jockey Club was founded through a contract between the Portuguese government and shareholders. However, the introduction of flat horse racing by the Taiwanese consortium in 1989 impacted the club’s business negatively. In 1991, the government requested the club to undergo a restructuring led by the local gambling leaders, which allowed it to continue its operations.
Throughout its history, the Macau Jockey Club has always strived to diversify gaming and racing on horses and support the growth of tourism in the special administrative region. Despite this, Macau Horse Racing Company Limited pointed out that it has been operating at a loss, accumulated in excess of 2.5 billion.
To make matters worse, there has been limited room for the development and growth of the horse racing industry in Macau, the company added. This issue was further exacerbated by the COVID-19 pandemic and China’s Zero-COVID policy, which brought further adverse effects.
As a result, sustaining the Macau Jockey Club’s operations became increasingly difficult.
The Company Thanked Its Supporters
According to the official announcement, the Macau Horse Racing Company Limited’s board of directors eventually decided to cease all racing-related operations. Despite that, the current member facilities will remain available to the Macau Jockey Club’s members, the company added.
It also used the opportunity to thank all colleagues who supported the company throughout the years, lauding their valuable contributions.
You have all served with a high level of professionalism with global recognition. The company will conduct necessary briefing sessions for the staff, provide assistance and job referrals, and comply with the provisions of Macau labor law to provide appropriate compensation.Macau Horse Racing Company Limited statement
The Macau Horse Racing Company also expressed its appreciation of all horse owners and members, thanking them for their ongoing support. It added that specific details regarding the necessary arrangement for their horses will be provided at a later date and no later than March 31.