Macau Jockey Club posts loss of US$261.4m for 2022
The club has advanced with renovation work.
Macau.- The Macau Jockey Club has shared its financial results for 2022. Its loss climbed from MOP1.9bn (US$240m) to MOP2.1bn (US$261.4m), with the impact of the Covid-19 pandemic and associated travel restrictions cited as one of the contributing factors. It has also invested in renovations.
The Macau Jockey Club said it remains committed to fulfilling its obligations under the horse racing concession contract signed with the Macau SAR government. The club declared the completion of various renovation works outlined in the contract, including the construction of the MJC horse swimming pool, stables, floors one to five of the racecourse building, computer system replacements, and track improvements.
Looking towards the future, the club’s management expressed optimism amid the relaxation of entry regulations and increased visitor numbers in Macau. It said that it would take advantage of the opportunity and strive to make the Macau Jockey Club a “must-visit tourism and entertainment landmark for both tourists and residents”.
The concession contract awarded to the Macau Horsing Racing Company was initially granted in 1978. The current lease was revised and extended until August 31, 2042 despite criticism from the Legislative Assembly’s Follow-up Committee for Land Affairs and Public Concessions.
To secure the licence renewal, the Macau Jockey Club has committed to investments to enhance facilities, constructing two hotels, smart stables, a horse theme park and a riding school. The company’s investment plan has been presented for evaluation.
