The Macau SAR Government has extended the horse racing concession of Macau Horse Race Company Ltd, operator of Macau Jockey Club (MJC), for another 24 years and six months after the company pledged to invest MOP$1.5 billion to upgrade facilities.
Secretary for Economy and Finance Leong Vai Tac revealed on Tuesday that the concession extension will now run through to 31 August 2042 – a massive jump on the six-month extension it had previously been granted in August and the two-year extension it was granted in September 2015. Leong said the investment would help Macau achieve its goal of becoming the World Center for Tourism and Leisure.
Macau Horse Race Company has promised to include a number of non-gaming elements in its upgrade including multiple hotels and restaurants. Leong added that it must put the established capital in place at the appointed time or the new contract would be suspended.
It is hoped that the lengthy concession will help the MJC improve its dire financial position, with Macau Horse Racing Co having booked a loss every single year since 2005, reaching accumulated losses of MOP$4.1 billion as of 2016.
The Macau Jockey Club last year transferred its casino operations, under license of SJM, to the newly opened Macau Roosevelt Hotel located nearby.