The MJC has announced a 30 per cent reduction in horse betting prize money.
Macau.- The Macau Jockey Club has announced a 30 per cent reduction in horse betting prize money from Saturday (November 18). The announcement conveyed through a letter addressed to club members and horse owners has been reported by the public broadcaster TDM Canal Macau.
The letter cites the club’s below-expectation betting turnover as the reason behind the adjustment. MJC finances have been declining since 2005. In June, it reported accumulated losses of MOP2.1bn (US$261.4m) for the year 2022.
Challenges were exacerbated by the pandemic. Gross revenue in the first nine months of the current year was MOP32m (US$4m), up 14 per cent from the same period in 2022 but only 43 per cent of pre-pandemic levels in 2019.
In September, the MJC announced that the Gaming Inspection and Coordination Bureau (DICJ) had approved its proposal for the 2023/24 horse racing season. There had been uncertainty after it was announced that the Singapore Turf Club would close by March 2027.