Macau horseracing to cease in April
Macau Horse Racing Company has been operating at a loss.
The Macau Horse Racing Company has signed an agreement with the Macau Government to terminate the “Concession Contract for the Exclusion Operation of Horse Racing.”
This contract will come to an end on 1 April 2024, at which point horseracing in the region will no longer continue.
Since the introduction of flat horseracing, the Macau Jockey Club, which was previously known as the Macau Trotting Club, has said it suffered severe financial crises and social concerns.
In 1991, in response to the Government’s request, the club went through a restructuring process, led by gaming companies at the time, which allowed it to continue its operations.
It has been reported that Macau Horse Racing Company has been operating at a loss, in excess of MOP$2.5bn (US$310m). The statement relating to the termination of the Concession Contract also mentions that development and growth of horseracing in Macau has been impacted over the years, including by the Covid-19 pandemic, making it difficult to continue operations.
Though all racing-related operations will be ceased, current member facilities will remain available to the Club’s members.
In relation to personnel involved with the company, the statement says: “The Board of Directors and Management of the Macau Horse Racing Company Limited expressed their heartfelt gratitude to all colleagues for their dedication and their valuable contributions to the company.
“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.”
At the start of this year, Macau released its full revenue report for 2023, showing consistent increases in gaming revenue when compared to the year prior, most likely due to the increasing rates of tourism.
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